MIRA INFORM REPORT
|
Report No. : |
332302 |
|
Report Date : |
17.07.2015 |
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 |
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|
|
|
Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of Incorporation
: |
05.02.1935 |
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Com. Reg. No.: |
11-002249 |
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Capital
Investment / Paid-up Capital : |
Rs.99.003 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U70104MH1935PLC002249 |
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|
|
|
IEC No.: |
Not Available |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS69897C |
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|
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PAN No.: [Permanent Account No.] |
AAICS9416R |
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|
Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
The Company is engaged in developing, constructing residential and commercial properties and selling the immovable properties. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of “ADINATH BUILDERS PRIVATE LIMITED”. It is
an established company having moderate track record. For the financial year ended 2014, sales turnover of the company has
declined which has resulted into dip in profit of the company during a year
under a review. Ratting further constrained on account of company’s moderate financial
risk profile marked by modest networth along with huge borrowings and
leverage balance sheet profile of the company. However, trade relations are reported as fair. Payments are reported
to be slow but correct. In view of moderate operational profile backed by huge borrowing, the
company can be considered for business dealing with some caution. |
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
31-03-2013.
INFORMATION DENIED
Management Non Co-operative (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.: |
Not Available |
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E-Mail : |
DIRECTORS
AS ON 26.12.2014
|
Name : |
Mr. Venkateshwer Somani |
|
Designation : |
Director |
|
Address : |
131, Laxmi Vilas, 87, L.J. Jagmohandas Marg, Mumbai - 400006,
Maharashtra, India |
|
Date of Birth/Age : |
22.02.1928 |
|
Date of Appointment : |
10.10.1980 |
|
DIN No.: |
00314683 |
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|
|
|
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. 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 |
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|
Name : |
Mr. Kishore Purushottam Tidke |
|
Designation : |
Additional Director |
|
Address : |
7 / 4, Adityman, Kanti Nagar Andheri East, Mumbai - 400059, Maharashtra, India |
|
Date of Appointment : |
09.09.2014 |
|
DIN No.: |
02070198 |
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|
|
|
Name : |
Mr. Hariharan Jayakumar |
|
Designation : |
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 |
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|
|
|
Name : |
Mr. Babusingh Bhoorsinghji Rajguru |
|
Designation : |
Nominee Director |
|
Address : |
Flat No 702/B Wing, Iris Building Majiwada, Lodha Paradise, Thane West
- 400601, Maharashtra, India |
|
Date of Birth/Age : |
10.08.1958 |
|
Date of Appointment : |
17.01.2013 |
|
DIN No.: |
02696937 |
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|
|
|
Name : |
Mr. Sandeep Krishna Saxena |
|
Designation : |
Nominee Director |
|
Address : |
Flat No.1803, 18th Floor, Elitis, Lodha Aurum, Kanjurmarg (East), Mumbai 400042, Maharashtra, India |
|
Date of Birth/Age : |
25.12.1964 |
|
Date of Appointment : |
26.10.2010 |
|
DIN No.: |
02754303 |
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|
|
|
Name : |
Mr. Pramod Kumar Kathuria |
|
Designation : |
Nominee Director |
|
Address : |
A-301, Krishna Society, Shantivan Complex, Borivili East, Mumbai -
400066, Maharashtra, India |
|
Date of Birth/Age : |
29.11.1975 |
|
Date of Appointment : |
17.01.2013 |
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DIN No.: |
03197953 |
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|
|
|
Name : |
Mr. Deepak Balvant Chitnis |
|
Designation : |
Additional Director |
|
Address : |
Flat-901,9th Floor, Grandis Bldg, Lodha Aurum,, Nr Crompton And
Greaves, Kanjumarg East, Mumbai, 400042, Maharashtra, India |
|
Date of Birth/Age : |
25.02.1963 |
|
Date of Appointment : |
14.04.2014 |
|
DIN No.: |
06711033 |
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|
Name : |
Mr. Rajeev Kumar |
|
Designation : |
Alternate Director |
|
Address : |
Flat No.302, Preeti Building, Doctor Co-Op.Hsg, Society Limited., K.C.
Marg, Bandra Reclamation, Bandra West, Mumbai - 400050, Maharashtra, India |
|
Date of Birth/Age : |
18.02.1980 |
|
Date of Appointment : |
11.11.2014 |
|
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. |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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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 AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Facilities : |
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Auditors : |
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Name : |
Shaker and Kapani Chartered Accountant |
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Address : |
Shanker and Kapani, NTC House, 2nd Floor, 15, Narottam Morarjee Marg, Ballard Estate, Mumbai - 400038, Maharashtra, India |
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PAN No.: |
AAKFS6521L |
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Memberships : |
Not Divulged |
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Collaborators : |
Not Divulged |
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Ultimate Holding
Company : |
· Sambhavnath Infrabuild and Farms Private Limited (Holding Company of LDPL w.e.f. 17-July-2013) |
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Holding Companies : |
· Lodha Developers Private Limited (LDPL) (Holding Company of ABPL) · Adinath Builders Private Limited (ABPL) |
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Subsidiary : |
· Kidderpore Holdings Limited |
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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 & 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 & Management Services Private Limited · Jawala Real Estate Private Limited · Krona Realties Private Limited · Lodha Attentive Developers and Farms Private Limited · Lodha Buildcon Private Limited · Lodha Building and Construction Private Limited · Lodha Crown Buildmart Private Limited · Lodha Designer Construction Private Limited · Lodha Developers UK Limited. · 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 Prime Buildfarms Private Limited · Macrotech Constructions Private Limited (Merged with Lodha Hi-Rise Builders Private Limited w.e.f. 31st July, 2014) · 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 Dwellers Private Limited (Formerly known as Lodha Dwellers Private Limited) · Palava Utilities Private Limited · Proficient Buildwell Private Limited · Sahajanand Hi–Tech Constructions Private Limited · Sai Ishwer Finvest Private Limited · Samvara Buildtech Private Limited · Sanathnagar Enterprises Limited · Sarvavasa Buildtech and Farms Private Limited · Shantinath Designer Construction Private Limited · Shreeniwas Abode and House Private Limited · Shri Kailash Properties and Agrofarms Private 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 (Formerly known as Suryakrupa Farms and Constructions Private Limited) |
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Limited Liability
Partnerships under control : |
· Ajeethnath Hi – Tech Buildtech LLP · Lodha Dwellerz LLP · Lodha Fincorp Distribution Services LLP |
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Partnership Firms
under control : |
· Lodha Construction (Dombivli) · Lodha Palazzo · Shree Sainath Enterprises · Vivek Enterprises |
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|
Others - Enterprises owned / controlled
by controlling shareholder and / or his relatives (with whom the company had
transactions): |
· Dharmanath Buildtech and Farms Private Limited · Lodha Facilities Management Limited · Lodha Family Discretionary Trust · Lodha Healthy Constructions and Developers Private Limited |
CAPITAL STRUCTURE
AS ON 26.12.2014
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2250000 |
Equity Shares |
Rs.100/- each |
Rs.225.000 Million |
|
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Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
990026 |
Equity Shares |
Rs.100/- each |
Rs.99.003 Million |
|
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FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
99.003 |
99.003 |
99.003 |
|
(b) Reserves & Surplus |
3851.321 |
3153.832 |
1712.278 |
|
(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) |
3950.324 |
3252.835 |
1811.281 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
5243.440 |
4998.818 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
233.191 |
145.881 |
29.757 |
|
(c) Other long term
liabilities |
141.790 |
73.991 |
16.239 |
|
(d) long-term
provisions |
0.000 |
4.428 |
0.000 |
|
Total Non-current
Liabilities (3) |
5618.421 |
5223.118 |
45.996 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
13905.423 |
9565.285 |
6800.267 |
|
(b) Trade
payables |
634.189 |
585.718 |
452.205 |
|
(c) Other
current liabilities |
8831.952 |
6327.869 |
6879.552 |
|
(d) Short-term
provisions |
90.873 |
414.499 |
95.332 |
|
Total Current
Liabilities (4) |
23462.437 |
16893.371 |
14227.356 |
|
|
|
|
|
|
TOTAL |
33031.182 |
25369.324 |
16084.633 |
|
|
|
|
|
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II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
611.233 |
684.048 |
134.413 |
|
(ii)
Intangible Assets |
3.278 |
4.428 |
4.559 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
376.288 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
31.594 |
266.056 |
3500.256 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
3.270 |
2.861 |
30.981 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
649.375 |
957.393 |
4046.497 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
11906.138 |
10387.752 |
10476.795 |
|
(c) Trade
receivables |
676.112 |
328.341 |
103.980 |
|
(d) Cash
and cash equivalents |
301.509 |
742.881 |
120.914 |
|
(e)
Short-term loans and advances |
18231.955 |
12120.668 |
1299.940 |
|
(f) Other
current assets |
1266.093 |
832.289 |
36.507 |
|
Total
Current Assets |
32381.807 |
24411.931 |
12038.136 |
|
|
|
|
|
|
TOTAL |
33031.182 |
25369.324 |
16084.633 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
||
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SALES |
|
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|
|
|
Income |
4777.789 |
6949.278 |
1630.718 |
|
|
|
|
Other Income |
106.937 |
60.097 |
42.690 |
|
|
|
|
TOTAL (A) |
4884.726 |
7009.375 |
1673.408 |
|
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|
Less |
EXPENSES |
|
|
|
||
|
|
|
Cost of Materials Consumed |
2768.962 |
3896.562 |
2903.862 |
|
|
|
|
Purchase of Stock-in-trade |
21.962 |
8.416 |
11.389 |
|
|
|
|
Changes in Inventories of finished goods, work-in-progress and
stock-in-trade |
1.331 |
(5.936) |
(2259.206) |
|
|
|
|
Employee Benefits Expenses |
211.271 |
155.169 |
0.000 |
|
|
|
|
Other Expenses |
583.597 |
553.700 |
245.722 |
|
|
|
|
TOTAL (B) |
3587.123 |
4607.911 |
901.767 |
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PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1297.603 |
2401.464 |
771.641 |
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES (D) |
114.327 |
162.841 |
67.580 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
1183.276 |
2238.623 |
704.061 |
||
|
|
|
|
|
|
||
|
Less |
DEPRECIATION/
AMORTISATION (F) |
103.576 |
31.208 |
13.557 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
1079.700 |
2207.415 |
690.504 |
||
|
|
|
|
|
|
||
|
Less |
TAX (H) |
382.211 |
765.861 |
255.120 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
697.489 |
1441.554 |
435.384 |
||
|
|
|
|
|
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||
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
||
|
|
|
Other Earnings |
6.624 |
16.524 |
33.828 |
|
|
|
TOTAL EARNINGS |
6.624 |
16.524 |
33.828 |
||
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|
|
|
|
||
|
|
IMPORTS |
|
|
|
||
|
|
|
Raw Materials |
137.553 |
0.000 |
28.574 |
|
|
|
|
Capital Goods |
23.198 |
32.985 |
73.608 |
|
|
|
TOTAL IMPORTS |
160.751 |
32.985 |
102.182 |
||
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|
|
|
|
|
||
|
|
Earnings Per
Share (Rs.) |
704.52 |
1456.08 |
439.77 |
||
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
41.251 |
0.000 |
0.000 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flow from (used in) operations |
512.597 |
546.689 |
4248.406 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin PAT / Sales |
(%) |
14.60 |
20.74 |
26.70 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
27.16 |
34.56 |
47.32 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets) |
(%) |
3.27 |
8.79 |
5.66 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.27 |
0.68 |
0.38 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
4.86 |
4.48 |
3.75 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.38 |
1.45 |
0.85 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Share Capital |
99.003 |
99.003 |
99.003 |
|
Reserves & Surplus |
1712.278 |
3153.832 |
3851.321 |
|
Net
worth |
1811.281 |
3252.835 |
3950.324 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
4998.818 |
5243.440 |
|
Short term borrowings |
6800.267 |
9565.285 |
13905.423 |
|
Current Maturities of Long term debt |
0.000 |
0.000 |
41.251 |
|
Total
borrowings |
6800.267 |
14564.103 |
19190.114 |
|
Debt/Equity
ratio |
3.754 |
4.477 |
4.858 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Sales |
1630.718 |
6949.278 |
4777.789 |
|
|
|
326.148 |
-31.248 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Sales
|
1630.718 |
6949.278 |
4777.789 |
|
Profit |
435.384 |
1441.554 |
697.489 |
|
|
26.70% |
20.74% |
14.60% |
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 |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
FINANCIAL RESULTS AND
OVERVIEW
For the year, the
Company's total income was Rs. 4884.726 million as compared to Rs. 7009.375
million in the previous financial year. Correspondingly, the Company's total
expenditure has also reduced from Rs. 4801.960 million for the financial year
2012-13 to Rs. 3805.026 million for the financial year 2013-14. Accordingly the
Net Profit of the Company for the financial year 2013-14 also dropped to
Rs.697.489 million from Rs. 1441.554 million 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 poised post 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.
BUSINESS OVERVIEW
The Company has
planned a large residential cum office development in Upper Worli which includes
two ongoing super luxury towers i.e. ‘World One’ 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. The other tower launched at Lodha Place is
World Crest which is again a super-luxury tower. The Company is partnering with
legendary names like Pei Cobb Freed and Partners (Architecture), Ken Smith
(Landscape), Six Senses (Club and Spa), Quintessentially (Concierge) and Casa
Armani (Interior Design) to create India’s most premium project.
Apart from its
real estate endeavour, the Company has invested significant resources over the
span of three years to revive its textile mill operations. The Company had
commenced the production of cotton yarn and consequently, the revenue from
sales has started to flow to The Company. Although the production and sales
have been slow, the Company is continuously gaining expertise in this filed and
is hopeful of success in the near future.
UNSECURED LOANS:
|
Particulars |
31.03.2014 Rs. In Million |
31.03.2013 Rs. In Million |
|
Long Term Borrowings |
|
|
|
Fully convertible debentures others |
4998.818 |
4998.818 |
|
Term loans from others |
50.107 |
0.000 |
|
|
|
|
|
Short Term Borrowings |
|
|
|
Loans and advances from related parties |
838.277 |
838.353 |
|
|
|
|
|
Total |
5887.202 |
5837.171 |
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,
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.63.50 |
|
|
1 |
Rs.99.17 |
|
Euro |
1 |
Rs.69.39 |
INFORMATION DETAILS
|
Information
Gathered by : |
PPT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILITY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
30 |
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.