MIRA INFORM REPORT

 

 

Report No. :

355696

Report Date :

22.12.2015

 

IDENTIFICATION DETAILS

 

Name :

SHREENIWAS COTTON MILLS LIMITED

 

 

Registered Office :

412, Floor-4, 17G, Vardhman Chamber, Cawasji Patel Road, Horniman Circle, Fort, Mumbai – 400001, Maharashtra

Tel. No.:

91-22-23024400

 

 

Country :

India

 

 

Financials (as on) :

31.03.2015

 

 

Date of Incorporation :

05.02.1935

 

 

Com. Reg. No.:

11-002249

 

 

Capital Investment / Paid-up Capital :

Rs.99.003 Million

 

 

CIN No.:

[Company Identification No.]

U70104MH1935PLC002249

 

 

IEC No.:

0309086353

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMS69897C

 

 

PAN No.:

[Permanent Account No.]

AAICS9416R

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

Line of Business :

The Company is engaged in developing, constructing residential and commercial properties and selling the immovable properties. [Registered Activity]

 

 

No. of Employees :

Information declined by the management

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (42)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 18000000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Exist

 

 

Comments :

Subject is a step down subsidiary of ‘Lodha Developers Private limited’ Flagship Company of Lodha Group. The company was originally promoted by a textile family but was later taken over by Lodha Group for acquiring mill land. The company owns 2 pieces of land covering a total area of 17 acres in lower parel and constructing 3 residential tower and 2 commercial buildings which would also include retail development with high street retail area.  

 

Revenue of the company during FY 2015 was Rs. 8480.028 million as against the revenue of Rs. 4884.726 million previous year FY 2014.

 

The company possesses sound operating efficiencies supported by its average financial base along with moderate net worth base and sound debt coverage indictors of the company.

 

Rating also takes into consideration strong financial and managerial support that company receives from Lodha Group supported by group project selling ability and dominant position in residential segment in Mumbai.

 

However, rating strength is partially offset by project executional risk marked by Lodha Group relatively high leverage and cyclical in the real estate business. 

 

Trade relations are reported as fair. Payment terms are reported to be slow but correct.

 

In view of aforesaid, the company can be considered for business dealings at usual trade terms and condition.

 

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

Brickwork

Rating

Fund base term loan= A+

Rating Explanation

Adequate degree of safety and low credit risk.

Date

09.11.2015

 

 

Rating Agency Name

Brickwork

Rating

Non fund based (Letter of credit)= A2+

Rating Explanation

Strong degree of safety and low credit risk.

Date

09.11.2015

 

RBI DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

 

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2015.

 

INFORMATION DENIED

 

Management Non-Cooperative (91-22-23024400)

 

 

LOCATIONS

 

Registered Office :

412, Floor-4, 17G, Vardhman Chamber, Cawasji Patel Road, Horniman Circle, Fort, Mumbai – 400001, Maharashtra, India

Tel. No.:

91-22-23024400

Fax No.:

91-22-23024550

E-Mail :

nshu.agarwal@lodhagroup.com

shares@lodhagroup.com

Website :

www.lodhagroup.com

 

 

Head Office :

Lodha Excelus, 8th Floor, Apollo Mills Compound, N. M. Joshi Marg, Mahalaxmi, Mumbai – 400011, Maharashtra, India

 

 

DIRECTORS

 

AS ON 31.03.2015

 

Name :

Mr. Prakash Ganapathi Bhat

Designation :

Director

Address :

K-401, 4th Floor, Lokdarshan Bamandaya Pada, Marol Military Road, Andheri (East), Mumbai - 400059, Maharashtra, India

Date of Appointment :

25.03.2015

DIN No.:

00654992

 

 

Name :

Mr. Santosh Kumar Ojha

Designation :

Director

Address :

SFS Flat No. 69, Pkt. I, Sector-2, Dwarka, New Delhi - 110075, India

Date of Appointment :

25.03.2015

DIN No.:

02494357

 

 

Name :

Mr. Purnima Vikramprasad Pavle

Designation :

Director

Address :

Block No. 6 Arondekar Bhavan, H F Socy Road, Jogeshwari (East), Mumbai - 400060, Maharashtra, India

Date of Appointment :

25.03.2015

DIN No.:

06705133

 

 

Name :

Mr. Rameshchandra Chechani

Designation :

Director

Address :

B-602, Lata Co-Operative Housing Society Limited, Kulupwadi Road, Above Axis Bank, Borivali (East), Mumbai - 400066, Maharashtra, India

Date of Appointment :

01.09.2015

DIN No.:

05179363

 

 

Name :

Mr. Naresh Manohar Nadkarni

Designation :

Nominee Director

Address :

602, 6th Floor Godrej La Vista,132, M.B Raut Road Shivaji Park Dadar, Mumbai - 400028, Maharashtra, India

Date of Birth/Age :

14.07.1962

Date of Appointment :

28.09.2010

DIN No.:

00448178

 

 

Name :

Mr. Keyur Sanat Shah

Designation :

Nominee Director

Address :

Flat No: 11, I Floor Beach Towers Condominium, P. Balu Marg, Tata Press Road, Prabhadevi-VI, Mumbai - 400025, Maharashtra, India

Date of Birth/Age :

11.01.1971

Date of Appointment :

28.09.2010

DIN No.:

00332145

 

 

Name :

Mr. Hariharan Jayakumar

Designation :

Nominee Director

Address :

59, Avenue Des Talipots, Quatre Borns, Mauritius, 00, Mauritius

Date of Birth/Age :

06.04.1949

Date of Appointment :

28.09.2010

DIN No.:

02259797

 

 

Name :

Mr. Babusingh Bhoorsinghji Rajguru

Designation :

Nominee Director

Address :

Flat No 702/B Wing, Iris Building Majiwada, Lodha Paradise, Thane (West), Mumbai - 400601, Maharashtra, India

Date of Birth/Age :

10.08.1958

Date of Appointment :

17.01.2013

DIN No.:

02696937

 

 

Name :

Mr. Kishore Purushottam Tidke

Designation :

Director

Address :

7/4, Adityman, Kanti Nagar Andheri (East), Mumbai - 400059, Maharashtra, India Nominee

Date of Birth/Age :

09.09.2014

Date of Appointment :

09.09.2014

DIN No.:

02070198

 

 

Name :

Mr. Rajeev Kumar

Designation :

Alternate Director

Address :

Flat No.302, Preeti Building, Doctor Co-Operative Housing Society Limited, K.C. Marg, Bandra Reclamation, Bandra (West), Mumbai - 400050, Maharashtra, India

Date of Birth/Age :

18.02.1980

Date of Appointment :

04.11.2015

DIN No.:

03225780

 

 

KEY EXECUTIVES

 

Name :

Mr. Anshu Arvind Agarwal

Designation :

Secretary

Address :

B/7, Vikas Housing Society, Ramchandra Lane, Near Witty Kids High School, Malad, Mumbai - 400064, Maharashtra, India

Date of Birth/Age :

01.11.1976

Date of Appointment :

01.07.2014

PAN No.:

ACPPM0083J

 

 

MAJOR SHAREHOLDERS

 

AS ON 26.12.2014

 

SHAREHOLDING DETAILS FILE ATTACHED.

 

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON 26.12.2014

 

Category

 

Percentage

Nationalized or other banks

0.01

Foreign holdings [Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others]

0.01

Bodies corporate

99.20

Other top fifty shareholders

0.40

Others

0.38

Total

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

The Company is engaged in developing, constructing residential and commercial properties and selling the immovable properties. [Registered Activity]

 

 

Products / Services:

Product and Services Description

 

Item Code No. (ITC Code)

Multi-dwelling residential buildings N.E.C.

99531129

 

 

Brand Names :

Not Divulged

 

 

Agencies Held :

Not Divulged

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

 

Selling :

Not Divulged

 

 

Purchasing :

Not Divulged

 

 

PRODUCTION STATUS – NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Company Name :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark :

Not Divulged

 

 

Customers :

Company Name :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark :

Not Divulged

 

 

No. of Employees :

Information declined by the management

 

 

Bankers :

Banker Name :

Punjab and Sind Bank

Branch :

J K Somani Building, British Hotel Lane, Fort, Mumbai 400023, Maharashtra, India

Person Name (With Designation) :

Not Divulged

Contact Number :

Not Divulged

Name of Account Holder :

Not Divulged

Account Number :

Not Divulged

Account Since (Date/Year of Account Opening) :

Not Divulged

Average Balance Maintained :

Not Divulged

Credit Facilities Enjoyed (CC/OD/Term Loan) :

Not Divulged

Account Operation :

Not Divulged

Remark :

Not Divulged

 

 

Facilities :

SECURED LOANS

31.03.2015

Rs. In Million

31.03.2014

Rs. In Million

Long Term Borrowings

 

 

Term loans from others

0.000

193.455

Other loans and advances

0.905

1.060

 

 

 

Short Term Borrowings

 

 

Rupee term loans from banks

12251.347

12537.524

Rupee term loans from others

18.214

529.622

 

 

 

Total

12270.466

13261.661

 

 

Auditors :

 

Name :

Shaker and Kapani

Chartered Accountant

Address :

Shanker and Kapani, NTC House, 2nd Floor, 15, Narottam Morarjee Marg, Ballard Estate, Mumbai - 400038, Maharashtra, India

PAN No.:

AAKFS6521L

 

 

Memberships :

Not Divulged

 

 

Collaborators :

Not Divulged

 

 

Ultimate Holding Company :

·         Sambhavnath Infrabuild and Farms Private Limited (Holding Company of LDPL w.e.f. 17-July-2013)

 

 

Holding Companies :

·         Lodha Developers Private Limited (LDPL) (Holding Company of ABPL)

·         Adinath Builders Private Limited (ABPL)

 

 

Subsidiary :

·         Kidderpore Holdings Limited

 

 

Fellow Subsidiaries :

·         Aasthavinayak Estate Company Private Limited

·         Aasthavinayak Real Estate Private Limited

·         Ajitnath Hi-Tech Builders Private Limited

·         Anantnath Constructions and Farms Private Limited

·         Arihant Premises Private Limited

·         Cowtown Land Development Private Limited

·         Dalhousie Leasing and Financial Services Private Limited

·         Galaxy Premises Private Limited

·         Gandhar Builders Private Limited

·         Hi-Class Buildcon Private Limited

·         Hotel Rahat Palace Private Limited

·         International Airport Builders and Management Services Private Limited

·         Ishwer Realty and Technologies Private Limited

·         Jawala Real Estate Private Limited

·         Krona Realties Private Limited

·         Kundan Realtors Private Limited

·         Lodha Attentive Developers and Farms Private Limited

·         Lodha Aviation Private Limited

·         Lodha Buildcon Private Limited

·         Lodha Building and Construction Private Limited

·         Lodha Buildtech Private Limited

·         Lodha Crown Buildmart Private Limited

·         Lodha Designer Construction Private Limited

·         Lodha Developers International Ltd. Lodha Developers UK Ltd.

·         Lodha Elevation Buildcon Private Limited

·         Lodha Estate Private Limited

·         Lodha Glowing Construction Private Limited

·         Lodha Hi–Rise Builders Private Limited

·         Lodha Home Developers Private Limited

·         Lodha Home Styles Private Limited

·         Lodha Impression Real Estate Private Limited

·         Lodha Land Developers Private Limited

·         Lodha Pinnacle Buildtech and Farms Private Limited

·         Lodha Pranik Landmark Developers Private Limited

·         Lodha Prime Buildfarms Private Limited

·         Lodha Strategic Development Private Limited

·         Mahavir Build Estate Private Limited

·         Mahavir Premises Private Limited

·         Manan Finserve Private Limited

·         Microtec Constructions Private Limited

·         Nabhiraja Software Design Private Limited

·         Naminath Builders and Farms Private Limited

·         National Standard (India) Limited

·         Odeon Theatres and Properties Private Limited

·         Palava City Management Private Limited

·         Palava Dwellers Private Limited

·         Proficient Buildwell Private Limited

·         Roselabs Finance Limited

·         Sahajanand Hi–Tech Constructions Private Limited

·         Sai Ishwer Finvest Private Limited

·         Sambhavnath Reality and Farms Private Limited

·         Samvara Buildtech Private Limited

·         Sanathnagar Enterprises Limited

·         Sarvavasa Buildtech and Farms Private Limited

·         Shantinath Designer Construction Private Limited

·         Shree Sainath Enterprises Construction and Developers Private Limited

·         Shreeniwas Abode and House Limited

·         Shri Nakoda Bhirav Realtors Private Limited

·         Shri Vardhvinayak Builders Private Limited

·         Siddhnath Residential Paradise Private Limited

·         Simtools Private Limited

·         Sitaldas Estate Private Limited

·         Suryakrupa Constructions Private Limited

 

 

Limited Liability Partnerships under control :

·         Lodha Fincorp Distribution Services LLP

 

 

Partnership Firms under control :

·         Lodha Construction (Dombivli)

·         Lodha Palazzo

·         Mahavir Associates

·         Vivek Enterprises

 

 

Others - Enterprises owned / controlled by controlling shareholder and / or his relatives (with whom the company had transactions):

·         Lodha Charitable Trust

·         Lodha Facilities Management Limited

·         Lodha Family Discretionary Trust

·         Lodha Global Limited

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2015

 

Authorised Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

2240000

Equity Shares

Rs.100/- each

Rs.224.000 Million

10000

Preference Shares

Rs.100/- each

Rs.1.000 Million

 

 

 

 

 

Total

 

Rs.225.000 Million

 

Issued, Subscribed & Paid-up Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

990026

Equity Shares

Rs.100/- each

Rs.99.003 Million

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2015

31.03.2014

31.03.2013

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

99.003

99.003

99.003

(b) Reserves & Surplus

6030.983

3851.321

3153.832

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

0.000

Total Shareholders’ Funds (1) + (2)

6129.986

3950.324

3252.835

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

5115.067

5243.440

4998.818

(b) Deferred tax liabilities (Net)

177.732

233.191

145.881

(c) Other long term liabilities

176.559

141.790

73.991

(d) long-term provisions

0.000

0.000

4.428

Total Non-current Liabilities (3)

5469.358

5618.421

5223.118

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

12750.544

13905.423

9565.285

(b) Trade payables

962.915

634.189

585.718

(c) Other current liabilities

9602.919

8831.952

6327.869

(d) Short-term provisions

999.633

90.873

414.499

Total Current Liabilities (4)

24316.011

23462.437

16893.371

 

 

 

 

TOTAL

35915.355

33031.182

25369.324

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

459.551

611.233

684.048

(ii) Intangible Assets

2.039

3.278

4.428

(iii) Capital work-in-progress

0.000

0.000

0.000

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

31.602

31.594

266.056

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

3.270

3.270

2.861

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

496.462

649.375

957.393

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

12923.367

11906.138

10387.752

(c) Trade receivables

1512.935

676.112

328.341

(d) Cash and cash equivalents

298.430

301.509

742.881

(e) Short-term loans and advances

19178.685

18231.955

12120.668

(f) Other current assets

1505.476

1266.093

832.289

Total Current Assets

35418.893

32381.807

24411.931

 

 

 

 

TOTAL

35915.355

33031.182

25369.324

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2015

31.03.2014

31.03.2013

 

SALES

 

 

 

 

 

Income

8422.087

4777.789

6949.278

 

 

Other Income

57.941

106.937

60.097

 

 

TOTAL                                              (A)

8480.028

4884.726

7009.375

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Materials Consumed

0.000

21.962

3896.562

 

 

Purchase of Stock-in-trade

0.000

0.000

8.416

 

 

Changes in Inventories of finished goods, work-in-progress and stock-in-trade

4.605

1.331

-5.936

 

 

Employee Benefits Expenses

233.388

211.271

155.169

 

 

Other Expenses

4751.721

3352.559

553.700

 

 

TOTAL                                              (B)

4989.714

3587.123

4607.911

 

 

 

 

 

 

PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)     (C)

3490.314

1297.603

2401.464

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

0.000

32.910

162.841

 

 

 

 

 

 

PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                (E)

3490.314

1264.693

2238.623

 

 

 

 

 

Less

DEPRECIATION/ AMORTISATION                     (F)

122.759

103.576

31.208

 

 

 

 

 

 

PROFIT/(LOSS) BEFORE TAX (E-F)                  (G)     

3367.555

1161.117

2207.415

 

 

 

 

 

Less

TAX                                                                  (H)

1187.531

463.628

765.861

 

 

 

 

 

 

PROFIT/(LOSS) AFTER TAX (G-H)                    (I)

2180.024

697.489

1441.554

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Other Earnings

5.562

6.624

16.524

 

TOTAL EARNINGS

5.562

6.624

16.524

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

59.718

137.553

0.000

 

 

Capital Goods

0.000

23.198

32.985

 

TOTAL IMPORTS

59.718

160.751

32.985

 

 

 

 

 

 

Earnings Per Share (Rs.)

2201.99

704.52

1456.08

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2015

31.03.2014

31.03.2013

Current Maturities of Long term debt

46.683

41.251

0.000

Cash generated from operations

NA

NA

NA

Net cash flow from (used in) operations

2238.010

512.597

546.689

Net cash flows from (used in) operating activities

1903.863

(104.680)

214.871

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2015

31.03.2014

31.03.2013

Net Profit Margin

PAT / Sales

(%)

25.88

14.60

20.74

 

 

 

 

 

Operating Profit Margin

(PBDIT/Sales)

(%)

41.44

27.16

34.56

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets)

(%)

9.38

3.52

8.79

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.55

0.29

0.68

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

2.92

4.86

4.48

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.46

1.38

1.45

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2013

31.03.2014

31.03.2015

 

Rs. In Million

Rs. In Million

Rs. In Million

Share Capital

99.003

99.003

99.003

Reserves & Surplus

3153.832

3851.321

6030.983

Net worth

3252.835

3950.324

6129.986

 

 

 

 

long-term borrowings

4998.818

5243.440

5115.067

Short term borrowings

9565.285

13905.423

12750.544

Current Maturities of Long term debt

0.000

41.251

46.683

Total borrowings

14564.103

19190.114

17912.294

Debt/Equity ratio

4.477

4.858

2.922

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2013

31.03.2014

31.03.2015

 

Rs. In Million

Rs. In Million

Rs. In Million

Sales

6949.278

4777.789

8422.087

 

 

(31.248)

76.276

 

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2013

31.03.2014

31.03.2015

 

Rs. In Million

Rs. In Million

Rs. In Million

Sales

6949.278

4777.789

8422.087

Profit

1441.554

697.489

2180.024

 

20.74%

14.60%

25.88%

 

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report (Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

No

5

Buyer visit details

--

6

Contact numbers

Yes

7

Name of the person contacted

No

8

Designation of contact person

No

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

No

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

No

16

No. of employees

No

17

Details of sister concerns

Yes

18

Major suppliers

No

19

Major customers

No

20

Banking Details

Yes

21

Banking facility details

Yes

22

Conduct of the banking account

--

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last three years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

No

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

Yes

32

Litigations that the firm/promoter involved in

Yes

33

Market information

--

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

 

 

LITIGATION DETAILS:

 

 

Case Details

 

Bench:-Bombay

 

Lodging No.:-

SL/2247/2012

Filing Date:-

22/08/2012

Reg. No.:-

S/2375/2012

Reg. Date:-

26/09/2012

 

 

Petitioner:-

ZIM INTEGRATED SHIPPING SERVICES LTD.

Respondent:-

SHREENIWAS COTTON MILLS LTD.

 

Petn.Adv.:-

MULLA AND MULLA AND C.B. AND C (0)

Resp.Adv.:-

VERITAS LEGAL (I13416)

 

District:-

MUMBAI

 

Bench:-

SINGLE

Status:-

Admitted(Ready)

Category:-

MONETARY SUITS

 

Next Date:-

29/01/2016

Stage:-

FOR DIRECTION [ORIGINAL SIDE MATTERS]

 

Coram:-

HON'BLE SHRI JUSTICE S.J. KATHAWALLA

 

Last Date:-

08/12/2015

Stage:-

FOR ADMISSION/DENIAL OF DOCUMENTS

 

Last Coram:-

HON'BLE SHRI JUSTICE S.J. KATHAWALLA

 

 

Act :-

Code of Civil Procedure 1908

 

 

RESULTS OF OPERATIONS AND THE STATE OF COMPANY’S AFFAIRS

 

The turnover of the Company during the current financial year was Rs. 8480.028 million (growth of 73.60%) as against the turnover of Rs.4884.726 million for the financial year 2014. The total expenses of the Company increased by 37.30%to Rs. 5112.473 million for the financial year 2015 from Rs. 3723.609 million for the financial year 2014.

 

Profit before Tax (PBT) increased by 190.02% to Rs. 3367.555 million for the financial year 2015 from Rs.1161.117 million for the financial 2014. PBT Margin improved to 39.71 % in financial year 2015 from 23.77% in financial year 2014.

 

Net Profit of the Company increased by 212.55% to Rs. 2180.024 million for the financial year 2015 from Rs.697.489 million for the financial year 2014.

 

 

THE YEAR GONE BY

 

INDIAN ECONOMY

 

Post May, 2014 elections, the global outlook on Indian economy and business confidence improved significantly. Effective actions in speed and effectiveness of governance has kick started investments in certain sectors like coal, road and infrastructure. Falling global commodity prices including oil and fossil fuels have fortunately reduced the pressure on balance of payments. This coupled with better management of food supply chain and moderated minimum support prices has given headroom to Central Bank to moderate interest rate. Though, Reserve Bank of India has cautiously started moderating the rates, the benefits have not been passed to the users by the banks completely due to pressures on NPAs of the past lending. We expect this process to continue in the next fiscal.

 

Benign inflation and larger disposable incomes have improved discretionary consumer spending as well as household savings. The GDP growth trajectory has shifted from the one witnessed in last five years. GDP growth estimates by experts like CSO, RBI, Crisil and other private organisations range from 6.8% to 7.4%.Political and legislative logjam remains a risk to major policy reformslike landandlabour as well as GST.

 

 

MUMBAI REAL ESTATE

 

While the housing sales continued shrinking in MMR market, the number of launches also went down materially improving the supply-demand balance in the market. Except for Central Suburbs, the no of new units launched went down compared to FY. 2013-14. Average inventory of unsold units (including under construction) of around 12 Qtrs is higher than cities like Pune & Bangalore but much lower than NCR (19 Qtrs).

 

The inventory replicates a typical construction cycle of three years in MMR. In most of the micro-markets the price appreciation has been muted. The office market on the other hand is seeing an uptick due to absorption levels overtaking the new deliveries. Although the vacancy has remained high during last few years, there is a dearth of quality large size office spaces. The rental levels which were flat or declining for past few years have inched up at a single digit rate in F.Y. 2014-15.

 

 

BUSINESS OVERVIEW

 

The Company is developing a project known as World Towers at Upper Worli, which comprises three towers viz, World One, World View and World Crest. Catering to the super-luxury segment, World One at Lodha Place is slated to be the tallest residential structure in the World with a total saleable area of 1.33 million square feet with approximately 283 no of apartments in it and is scheduled for completion in December 2015.

 

The other towers launched at Lodha Place is World Crest and World View which is again a super-luxury tower with a total saleable area of 0.72 and 0.86 million square feet with approximately 244 and 333 no of apartments in it and is scheduled for completion /completed in April 2015 and March 2020 respectively. The interiors for World One and World Crest are designed by Armani/CASA, the towers are designed by Pei Cobb Freed and Partners Architects LLP, the landscape is designed by Workshop Ken Smith Landscape Architect and the resort and spa partners are Six Senses Spas.

 

 

UNSECURED LOANS:

 

Particulars

31.03.2015

Rs. In Million

31.03.2014

Rs. In Million

Long Term Borrowings

 

 

Fully convertible debentures others

4998.818

4998.818

Term loans from others

115.344

50.107

 

 

 

Short Term Borrowings

 

 

Loans and advances from related parties

480.983

838.277

 

 

 

Total

5595.145

5887.202

 

 

INDEX OF CHARGE:

 

Sr. No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10422076

18/04/2014 *

142,440,577.00

PNB Housing Finance Limited

PNB Housing Finance Limited, 22 K G Marg, New Delhi - 110001, India

C03419967

2

10253018

29/06/2015 *

18,500,000,000.00

IDBI Trusteeship Services Limited

Asian Bldg, Ground Floor, 17, R.Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India

C58222944

 

*Date of modification Charges

 

 

FIXED ASSETS:

 

·         Land

·         Building

·         Plant and Machinery

·         Furniture and Fixture

·         Office Equipment

·         Computer

·         Vehicles

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                                       None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                        None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                        None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency

 
Unit

Indian Rupees

US Dollar

1

Rs.66.32

UK Pound

1

Rs.98.99

Euro

1

Rs.72.13

 

 

INFORMATION DETAILS

 

Information Gathered by :

PPT

 

 

Analysis Done by :

KAR

 

 

Report Prepared by :

NKT

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILITY

1~10

5

--LIQUIDITY

1~10

4

--LEVERAGE

1~10

4

--RESERVES

1~10

5

--CREDIT LINES

1~10

4

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

YES

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

 

 

 

TOTAL

 

42

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                  Payment record (10%)

Credit history (10%)                   Market trend (10%)                                Operational size (10%)

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

NB

NEW BUSINESS

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.