MIRA INFORM REPORT
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Report No. : |
306568 |
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Report Date : |
06.02.2015 |
IDENTIFICATION DETAILS
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Name : |
LODHA ESTATE PRIVATE LIMITED |
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Registered
Office : |
216, Shah and Nahar Industrial Estate, Dr. E. Moses Road, Worli, Mumbai – 400018, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
04.03.1994 |
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Com. Reg. No.: |
11-076937 |
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Capital
Investment / Paid-up Capital : |
Rs.0.199 Million |
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CIN No.: [Company Identification
No.] |
U99999MH1994PTC076937 |
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TIN No.: |
Not Available |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACL1723E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Construction Activity. |
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No. of Employees
: |
Information denied by management |
RATING & COMMENTS
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MIRA’s Rating : |
B (32) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate financial
risk profile and losses that company has incurred from its operational activities. However, trade relations are fair. Business is active. Payments are
reported to be slow but correct. The company can be considered for business dealings with some caution.
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NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
NOT AVAILABLE
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
31-03-2014.
INFORMATION DENIED BY
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Name : |
Not Divulged |
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Designation : |
Operator |
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Contact No.: |
91-22-23024400 |
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Date : |
04.02.2015 |
LOCATIONS
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Registered Office : |
216, Shah and Nahar Industrial Estate, Dr. E. Moses Road, Worli, Mumbai – 400018, Maharashtra, India |
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Tel. No.: |
91-22-23024400 / 24961757 |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
DIRECTORS
As on 29.09.2014
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Name : |
Mr. Udal Sarda Mishra |
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Designation : |
Nominee Director |
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Address : |
198 A Adenwalla Bunglow, Mukund, Jadhav Marg, Parel, Mumbai - 400012,
Maharashtra, India |
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Date of Birth/Age : |
03.05.1974 |
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Date of Appointment : |
20.12.2013 |
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DIN No.: |
06705155 |
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Name : |
Mr. Amit Nandkumar Kadwe |
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Designation : |
Nominee Director |
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Address : |
B502, Building 22, Tilakdham CHS Building, Tilak Nagar, Chembur,
Mumbai - 400089, Maharashtra, India |
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Date of Birth/Age : |
18.08.1977 |
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Date of Appointment : |
04.10.2013 |
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DIN No.: |
06705160 |
MAJOR SHAREHOLDERS
As on 29.09.2014
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Names of Shareholders |
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No. of Shares |
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Lodha Developers Private Limited, India |
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1989 |
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Sahajanand Hi-tech Constructions Private Limited, India (Nominee of
Lodha Developers Private Limited, India) |
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1 |
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Total |
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1990 |
Equity Share Break up (Percentage of Total Equity)
As on 29.09.2014
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Category |
Percentage |
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Bodies corporate |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Construction Activity. |
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Products : |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS – NOT APPLICABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information denied by management |
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Bankers : |
Punjab and Sind Bank, J. K. Somani Building, British Hotel Lane, Fort, Mumbai - 400023, Maharashtra, India |
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Facilities : |
-- |
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Financial Institution : |
IDBI Trusteeship Services Limited, Asian Bldg., Ground Floor, 17, R.Kamani Marg, Ballard Estate, Mumbai - 400001, Maharashtra, India |
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Auditors : |
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Name : |
Shanker and Kapani Chartered Accountants |
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Address : |
Mumbai, Maharashtra, India |
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PAN No.: |
AAKFS6521L |
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Memberships : |
-- |
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Collaborators : |
-- |
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Holding Company : |
CIN No.: U45200MH1995PTC093041 |
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Ultimate Holding
Company : |
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Fellow Subsidiary
Companies : |
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Limited Liability
Partnerships Under Control : |
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Partnership Firms
Under Control: |
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Others : |
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Entities added
during the year : |
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Entities ceased / Struck off during the
year Fellow Subsidiaries : |
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CAPITAL STRUCTURE
As on 29.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
100000 |
Equity Shares |
Rs.100/- each |
Rs.10.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
1990 |
Equity Shares |
Rs.100/- each |
Rs.0.199 Million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
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(1)Shareholders' Funds |
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(a) Share Capital |
0.199 |
0.199 |
0.199 |
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(b) Reserves & Surplus |
768.160 |
774.739 |
778.673 |
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(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
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(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
768.359 |
774.938 |
778.872 |
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(3)
Non-Current Liabilities |
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(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
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(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
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(c) Other long term
liabilities |
0.000 |
0.779 |
2.760 |
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(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
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Total Non-current
Liabilities (3) |
0.000 |
0.779 |
2.760 |
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(4)
Current Liabilities |
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(a) Short
term borrowings |
2,331.906 |
52.945 |
35.099 |
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(b) Trade
payables |
30.692 |
65.012 |
53.108 |
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(c) Other
current liabilities |
75.347 |
2.409 |
37.991 |
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(d) Short-term
provisions |
0.000 |
0.000 |
0.000 |
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Total Current
Liabilities (4) |
2,437.945 |
120.366 |
126.198 |
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TOTAL |
3,206.304 |
896.083 |
907.830 |
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II.
ASSETS |
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(1)
Non-current assets |
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(a) Fixed
Assets |
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(i)
Tangible assets |
0.910 |
1.123 |
1.450 |
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(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
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(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
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(b) Non-current Investments |
501.281 |
0.000 |
0.000 |
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(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
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(d) Long-term Loan and Advances |
4.403 |
0.000 |
0.000 |
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(e) Other
Non-current assets |
75.616 |
74.490 |
72.169 |
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Total Non-Current
Assets |
582.210 |
75.613 |
73.619 |
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(2)
Current assets |
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(a)
Current investments |
0.000 |
0.000 |
0.000 |
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(b)
Inventories |
100.897 |
101.753 |
150.081 |
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(c) Trade
receivables |
13.519 |
85.009 |
14.615 |
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(d) Cash
and cash equivalents |
143.430 |
53.464 |
233.277 |
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(e)
Short-term loans and advances |
2,345.613 |
579.488 |
425.904 |
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(f) Other
current assets |
20.635 |
0.756 |
10.334 |
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Total
Current Assets |
2,624.094 |
820.470 |
834.211 |
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TOTAL |
3,206.304 |
896.083 |
907.830 |
PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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SALES |
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Income |
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Other Income |
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TOTAL |
44.615 |
112.054 |
115.574 |
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Less |
EXPENSES |
55.597 |
113.861 |
91.983 |
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PROFIT/(LOSS)
BEFORE TAX |
(10.982) |
(1.807) |
23.591 |
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Less |
TAX |
(4.403) |
2.127 |
4.020 |
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PROFIT/(LOSS)
AFTER TAX |
(6.579) |
(3.934) |
19.571 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
764.938 |
768.872 |
749.301 |
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BALANCE CARRIED
TO THE B/S |
758.359 |
764.938 |
768.872 |
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Earnings /
(Loss) Per Share (Rs.) |
(3306.03) |
NA |
NA |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(0.41) |
(0.20) |
2.60 |
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Return on Investment (ROI) (PBT/Networth) |
|
(0.01) |
0.00 |
0.03 |
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Debt Equity Ratio (Total Debt /Networth) |
|
3.03 |
0.07 |
0.05 |
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Current Ratio (Current Asset/Current Liability) |
|
1.08 |
6.82 |
6.61 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
0.199 |
0.199 |
0.199 |
|
Reserves & Surplus |
778.673 |
774.739 |
768.160 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
778.872 |
774.938 |
768.359 |
|
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|
Long Term borrowings |
0.000 |
0.000 |
0.000 |
|
Short Term borrowings |
35.099 |
52.945 |
2331.906 |
|
Total
borrowings |
35.099 |
52.945 |
2331.906 |
|
Debt/Equity
ratio |
0.045 |
0.068 |
3.035 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Total Income |
115.574 |
112.054 |
44.615 |
|
|
|
(3.046) |
(60.184) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Total Income |
115.574 |
112.054 |
44.615 |
|
Profit |
19.571 |
(3.934) |
(6.579) |
|
|
16.93% |
(3.51%) |
(14.75%) |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS NOT AVAILABLE
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
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2] |
Locality of the firm |
Yes |
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3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if
applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
UNSECURED LOANS:
|
Particulars |
31.03.2014 Rs. In Millions |
31.03.2013 Rs. In Millions |
|
SHORT TERM BORROWINGS |
|
|
|
From Related Party Repayable on demand and Interest at @12% per annum, (previous year @ 15.50% per annum) |
2,331.906 |
52.945 |
|
Total |
2,331.906 |
52.945 |
FINANCIAL RESULTS AND
OVERVIEW
The total income of the Company has decreased from Rs.112.054 Millions in the financial year 2012-13 to Rs.44.615 Millions in the financial year 2013-14. Correspondingly, there has also been decrease in Company’s total expenditure from Rs.113.861 Millions for the financial year 2012-13 to Rs.55.597 Millions for the financial year 2013-14. The Company has incurred a net loss of Rs.6.579 Millions for the financial year as compared to loss of Rs.3.934 Millions incurred for the financial year 2012-13.
THE YEAR GONE
BY
INDIAN ECONOMY
According to the World Bank Report, India with large current account and fiscal deficits and weaker growth, was hit particularly hard by a withdrawal of portfolio capital (resulting in steep currency depreciation) in the middle of the year, stemming from apprehensions of tapering of US quantitative easing. The GDP growth in Financial Year 2014 was around 5%. That’s technically a recovery from 4.5% GDP growth in Financial Year 2013 on the back of a monsoon boost for agricultural sector and an improvement in services sector. The World Bank expects the pace of India’s economic growth to pick up and stand at 6.2 per cent in Financial Year 2015 and at 7.1 per cent in Financial Year 2016.
The economy has stabilised in recent quarters, though GDP growth remains well below potential. Downside risks have receded. The rupee is less vulnerable to the US Fed tapering than it was in Calendar Year 2013. The economy will slowly improve across Calendar Year 2014 but not hit potential until well into Calendar Year 2015. Exports have already started to pick up, helping to narrow the CAD and on the home front, fewer downside risks, a more competent central bank governor, and the prospect of better government after the May elections have boosted business and investor confidence.
MUMBAI REAL ESTATE
The Mumbai real estate market has been going through a sluggish phase due to the uncertain economic conditions prevalent in the country for the last couple of years. The past two years have seen the launches plummeting over 40% compared to peak levels in Calendar Year 2010. Most of the launches have been at a discount to the average market prices to attract volumes. New product launches at attractive prices with discounts and schemes have attracted buyers and have been moderately successful. Though the residential inventory level has been increasing over the years, the residential market has been able to maintain the price strength. The city’s realty scenario is interestingly poisedpost outcome of General Elections leading to a strong majority Government at the Centre. A number of projects which were stuck up at the approval stage in the last couple of years are likely to be cleared, paving way for a large number of launches hitting the market.
The Mumbai office absorption for Calendar Year 2013 was lower by 20% than in Calendar Year 2012. Uncertain economic environment has continued leading to reduced employment growth and therefore lower the fresh commercial property absorption. The tighter lending standard for commercial construction has not helped either. On the brighter note these market conditions continue to favour tenants in most of Mumbai’s micro-markets by ways of a larger bunch of options, rational pricing and various concessions. The real estate market conditions are optimal for consolidation and relocation and many Mumbai-based occupiers will avail of this option throughout Financial Year 2015.
REVIEW OF OPERATIONS AND FUTUREOUTLOOK
The Company is planning development of project in Palava, Mumbai’s Sister city situated at the centre of economic triangle of Navi Mumbai, Thane and Kalyan.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10513400 |
15/07/2014 |
5,000,000,000.00 |
IDBI Trusteeship Services Limited |
Asian Bldg., Ground Floor, 17, R.Kamani Marg,, Ballard Estate,, MUMBAI, Maharashtra - 400001, India |
C15365372 |
|
2 |
10470068 |
27/12/2013 |
3,000,000,000.00 |
Punjab & Sind Bank |
J K Somani Building, British Hotel Lane, Fort, Mumbai, Mumbai, Maharashtra - 400023, India |
B93467678 |
*Date of modification Charges
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.61.87 |
|
UK Pound |
1 |
Rs.94.07 |
|
Euro |
1 |
Rs.70.19 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILITY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--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 |
|
32 |
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 |
||
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.