MIRA
INFORM REPORT
|
Report No. : |
345336 |
|
Report Date : |
19.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
SAMRUDDHI REALTY LIMITED |
|
|
|
|
Registered
Office : |
The Land Mark, No.21/15, 4th floor, M. |
|
Mob. No.: |
91-80-49257111 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
28.11.2003 |
|
|
|
|
Com. Reg. No.: |
08-032934 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 100.944 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L07010KA2003PLC032934 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRS14840A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAHCS8507Q |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Subject is engaged in the Business of Real Estate Development. |
|
|
|
|
No. of Employees
: |
69 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
Maximum Credit Limit : |
USD 414000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a part of Samruddhi Group having moderate track. It was incorporated in 2003, engaged in real estate development and is
offering residential projects. For the financial year ended 2015, company has reported declined in
sales turnover which further led to dip in net profit of the company. Rating further remain constrained on account of company’s moderate
financial risk profile marked by increase in borrowings taken during the
profile the year 2015 and slow down of the infrastructure industry. However, trade relations are reported as fair. Business is active.
Payments are reported to be slow but correct. In view of aforesaid, the company can be considered for business
dealings 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.
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 |
CRISIL |
|
Rating |
Long term bank facilities = BB |
|
Rating Explanation |
Inadequate-credit-quality and high credit risk. |
|
Date |
03.09.2015 |
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 DECLINED
MANAGEMENT NON CO-OPERATIVE
(TEL. NO.:91-80-49257111
MOB. NO.: 91-9663973001)
LOCATIONS
|
Registered/ Corporate Office : |
The Land Mark, No.21/15, 4th floor, M. G Road, Bangalore – 560001,
Karnataka, India |
|
Tel. No.: |
91-80-49257111/ 25592334 |
|
Mobile No.: |
91-9663973001 (Ms. Bindhya) |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr. V. R. Manjunath |
|
Designation : |
Chairman and Whole Time Director |
|
Date of Birth/Age : |
55 Years |
|
Qualification : |
He holds a Bachelor’s degree in Engineering from Bangalore University |
|
Date of Appointment : |
28.11.2003 |
|
|
|
|
Name : |
Mr. Hemang D. Rawal |
|
Designation : |
Managing Director |
|
Date of Birth/Age : |
45 Years |
|
Qualification : |
Chartered Accountant |
|
Date of Appointment : |
01.04.2004 |
|
|
|
|
Name : |
Mr. Ravindra M. Madhudi |
|
Designation : |
Whole Time Director |
|
Date of Birth/Age : |
43 Years |
|
Qualification : |
He has vast experience in the real estate industry and market research for real estate. |
|
Date of Appointment : |
01.04.2004 |
|
|
|
|
Name : |
Mr. Praveen Narayanaswamy |
|
Designation : |
Non-Executive Director |
|
|
|
|
Name : |
Mr. Srinivas Gulur Seshagirirao |
|
Designation : |
Non-Executive Director |
|
|
|
|
Name : |
Ms. Sushma Thirunalpalya Somashekarappa |
|
Designation : |
Non-Executive Director |
KEY EXECUTIVES
|
Name : |
Madhusudhan K |
|
Designation : |
President and Chief Executive Officer |
|
|
|
|
Name : |
Mr. Dharmesh M. Kuvalekar |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Yashodhara K |
|
Designation : |
Chief Financial Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2015
|
Category of Shareholder |
No. of Shares |
Percentage of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
6955201 |
68.90 |
|
|
6955201 |
68.90 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
6955201 |
68.90 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
|
|
|
|
1022720 |
10.13 |
|
|
|
|
|
|
158400 |
1.57 |
|
|
1900479 |
18.83 |
|
|
57600 |
0.57 |
|
|
57600 |
0.57 |
|
|
3139199 |
31.10 |
|
Total Public shareholding (B) |
3139199 |
31.10 |
|
Total (A)+(B) |
10094400 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
10094400 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 Million 
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the Business of Real Estate Development. |
|
|
|
|
Brand Names : |
-- |
|
|
|
|
Agencies Held : |
-- |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
|
|
Selling : |
Not Divulged |
|
|
|
|
Purchasing : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Customers : |
|
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
No. of Employees : |
69 (Approximately) |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Bankers : |
·
State Bank of India Bank of India Karnataka Bank |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
Auditors : |
|
|
Name : |
A. R. Pai and Company Chartered Accountants |
|
Address : |
45, 2nd Floor, Industry House Race Course Road Bangalore – 560001, Karnataka, India |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Associates : |
· Samruddhi Infratech (India) Private Limited Studio 3 Planners Private Limited Samruddhi Real Assets Private Limited |
|
|
|
|
Entities under the control of key management personnel and their
relative : |
· Samruddhi Retail Mart Private Limited Lido Malls Management Private Limited Lido Business Ventures Private Limited Ascent Real Assets Private Limited Elements Constructions Private Limited Ayushi Dwellings Private Limited Shrdi Business Ventures Private Limited Sweet Neem Publications Private Limited Sacred Ash Health Care and Pharmaceuticals Private Limited Hygienic Air systems Private Limited Ayushi Business Enterprises India Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs. 10/- each |
Rs. 200.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10094400 |
Equity Shares |
Rs. 10/- each |
Rs. 100.944
Million |
|
|
|
|
|
The company has only one class of shares, referred to as equity shares having a par value of Rs. 10, per share. Each holder of equity shares is shares is entitled to one vote per share.
(a) Reconciliation of the number of shares
|
Particulars |
31.03.2015 |
|
|
|
Number |
Million |
|
Equity shares of the year |
8412000 |
84.120 |
|
Share issued during the year |
1682400 |
16.824 |
|
Year |
10094 |
100.944 |
(b)
Shares held by each shareholder more than 5%
shares:
|
Name of Shareholders |
31.03.2015 |
|
|
|
No. of Shares held |
% of Holding |
|
V R Manjuanth |
2304000 |
23% |
|
Hemang D Rawal |
2174400 |
22% |
|
Ravindra Madhudi |
2174401 |
22% |
|
Hem Securities Limited |
1038200 |
10% |
(c) As on the date of the balance sheet,
The company did not issue any equity shares as fully paid shares pursuant to contract (s) without payment being received in cash.
The company has issued an aggregate of 3084400 equity shares of Rs. 10 each as fully paid-up bonus shares during preceding five years of the balance sheet date. However, no buy back of any equity shares has been made as on balance sheet date.
The company has not issued any securities like convertible performance shares, convertible debentures etc which are convertible into equity / preference shares.
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 |
100.944 |
84.120 |
48.300 |
|
(b) Reserves & Surplus |
44.115 |
46.821 |
28.647 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
1.680 |
|
Total
Shareholders’ Funds (1) + (2) |
145.059 |
130.941 |
78.627 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
279.223 |
123.082 |
89.176 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long
term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
2.031 |
1.052 |
2.003 |
|
Total Non-current
Liabilities (3) |
281.254 |
124.134 |
91.179 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
94.268 |
151.577 |
44.452 |
|
(b) Trade
payables |
125.369 |
164.658 |
62.392 |
|
(c)
Other current liabilities |
576.354 |
458.486 |
314.689 |
|
(d) Short-term
provisions |
11.913 |
13.836 |
3.379 |
|
Total Current
Liabilities (4) |
807.904 |
788.557 |
424.912 |
|
|
|
|
|
|
TOTAL |
1234.217 |
1043.632 |
594.718 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
20.619 |
32.067 |
23.459 |
|
(ii)
Intangible Assets |
1.706 |
0.000 |
|
|
(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 |
0.042 |
0.096 |
0.306 |
|
(c) Deferred tax assets (net) |
3.840 |
1.529 |
1.303 |
|
(d) Long-term Loan and Advances |
138.683 |
88.629 |
58.186 |
|
(e) Other
Non-current assets |
|
|
|
|
Total Non-Current
Assets |
164.890 |
122.321 |
83.254 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
583.249 |
442.452 |
219.271 |
|
(c)
Trade receivables |
318.227 |
229.013 |
147.503 |
|
(d) Cash
and cash equivalents |
105.882 |
189.366 |
104.903 |
|
(e)
Short-term loans and advances |
47.556 |
49.279 |
37.536 |
|
(f)
Other current assets |
14.413 |
11.201 |
2.251 |
|
Total
Current Assets |
1069.327 |
921.311 |
511.464 |
|
|
|
|
|
|
TOTAL |
1234.217 |
1043.632 |
594.718 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
497.825 |
508.135 |
268.378 |
|
|
|
Other Income |
16.653 |
8.597 |
4.460 |
|
|
|
TOTAL (A) |
514.478 |
516.732 |
272.838 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Direct project expenses |
454.504 |
502.857 |
249.610 |
|
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(140.797) |
(223.180) |
(118.101) |
|
|
|
Employees benefits expense |
43.592 |
36.206 |
25.137 |
|
|
|
Other expenses |
57.489 |
88.857 |
52.484 |
|
|
|
TOTAL (B) |
414.788 |
404.740 |
209.130 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
99.690 |
111.992 |
63.708 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
54.466 |
52.500 |
32.674 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
45.224 |
59.492 |
31.034 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
12.400 |
7.136 |
3.763 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
32.824 |
52.356 |
27.271 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
12.477 |
20.161 |
8.954 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
20.347 |
32.195 |
18.317 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.19 |
4.17 |
6.14 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term borrowing |
106.206 |
96.957 |
139.724 |
|
|
|
|
|
|
Cash Generated from Operations |
(124.419) |
(0.334) |
99.220 |
|
|
|
|
|
|
Net Cash Flow from used in Operations |
(136.124) |
(20.721) |
89.717 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
4.09 |
6.34 |
6.83 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
20.03 |
22.04 |
23.74 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.67 |
5.02 |
4.60 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.23 |
0.40 |
0.35 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.57 |
2.10 |
1.70 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.32 |
1.17 |
1.20 |
STOCK
PRICES
|
Face Value |
Rs.10/- |
|
|
|
|
Market Value |
Rs.32/- |
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 |
48.300 |
84.120 |
100.944 |
|
Reserves & Surplus |
28.647 |
46.821 |
44.115 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
1.680 |
0.000 |
0.000 |
|
Net
worth |
78.627 |
130.941 |
145.059 |
|
|
|
|
|
|
Long-term borrowings |
89.176 |
123.082 |
279.223 |
|
Short term borrowings |
44.452 |
151.577 |
94.268 |
|
CURRENT MATURITIES OF LONG-TERM
DEBTS |
139.724 |
96.957 |
106.206 |
|
Total
borrowings |
273.352 |
371.616 |
479.697 |
|
Debt/Equity
ratio |
3.477 |
2.838 |
3.307 |
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 |
268.378 |
508.135 |
497.825 |
|
|
|
89.336 |
(2.029) |
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 |
268.378 |
508.135 |
497.825 |
|
Profit |
18.317 |
32.195 |
20.347 |
|
|
6.83% |
6.34% |
4.09% |
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 |
Yes |
|
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 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10596269 |
29/09/2015 |
53,800,000.00 |
BAJAJ
FINANCE LIMITED |
AKURDI PUNE-,
PUNE - 411035, MAHARASHTRA, INDIA |
C66885336 |
|
2 |
10579702 |
09/07/2015 |
110,000,000.00 |
RELIANCE
CAPITAL LTD |
"H"
BLOCK 1ST FLOOR, DHIRUBHAI AMBANI KNOWLEDGE CITY, KOPARKHAIRNE, NAVI MUMBAI -
400710, MAHARASHTRA, INDIA |
C58777392 |
|
3 |
10573191 |
30/12/2014 |
60,000,000.00 |
RELIANCE
HOME FINANCE LIMITED |
570,
RECTIFIER HOUSE, 3RD FLOOR, NAIGAUM CROSS ROAD, WADALA, MUMBAI - 400031,
MAHARASHTRA, INDIA |
C55583140 |
|
4 |
10535311 |
26/11/2014 |
600,000,000.00 |
IL AND FS
TRUST COMPANY LIMITED |
IL AND
FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRA, KURLA COMPLEX BANDRA (EAST),
MUMBAI - 400051, MAHARASHTRA , INDIA |
C35240019 |
|
5 |
10472036 |
31/12/2013 |
80,000,000.00 |
TATA
CAPITAL HOUSING FINANCE LIMITED |
ONE FORBES,
DR V B GANDHI MARG, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA |
B94186624 |
|
6 |
10404065 |
04/02/2013 |
75,000,000.00 |
RELIANCE
HOME FINANCE LIMITED |
570,
RECTIFIER HOUSE, 3RD FLOOR, NAIGAUM CROSS ROAD, WADALA, MUMBAI - 400031, MAHARASHTRA,
INDIA |
B68534148 |
UNSECURED LOANS
|
PARTICULARS |
31.03.2015 (Rs.
In Million) |
31.03.2014 (Rs.
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
From Others |
19.647 |
0.000 |
|
From Related Parties |
37.238 |
37.238 |
|
|
|
|
|
SHORT TERM BORROWINGS |
|
|
|
Loans from related parties |
0.000 |
9.822 |
|
|
|
|
|
Total |
56.885 |
47.060 |
NATURE OF BUSINESS
The Company is engaged in the business of Real Estate Development. The Company develops residential projects. There was no change in the nature of the business of the Company during the year under review. During the year under review the Company finalised development of two projects one at Kanakapura and another one at Nandi Hills.
FINANCIAL PERFORMANCE
During the year the Company earned a profit before tax of Rs. 32.800 Million as compared to Rs. 52.400 Million in the corresponding previous year representing a decrease of 37.40%. The Company earned a profit after tax of Rs. 20.300 Million as compared to Rs. 32.200 Million in the previous year representing a decrease of 36.95%.
MANAGEMENT DISCUSSION
& ANALYSIS
INDUSTRY
STRUCTURE AND DEVELOPMENT
The Indian real estate sector is one of the most globally recognized sectors. The real estate sector has transformed from being unorganized to a dynamic and organized sector over the past decade. It has a huge multiplier effect on the economy and therefore, is a big driver of economic growth. It is the second-largest employment generating sector after agriculture. The housing sector alone contributes 5-6 percent to the country's GDP. The market size of this sector is expected to increase at a tremendous Annual Growth Rate. According to a study by ICRA, the construction industry ranks third among the 14 major sectors in terms of direct, indirect and induced effects in all sectors of the economy.
The real estate sector in India is being recognized as an infrastructure service that is driving the economic growth engine of the country. The Foreign Direct Investment (FDI) in this sector is expected to grow to US $ 25 billion in the next 10 years from present US $ 4 billion. The real estate is not only the biggest contributor to GDP of the country but is also the fourth largest sector in terms of Foreign Direct Investment (FDI) inflows in the country.
The residential real estate segment is the major contributor of the total turnover of the Indian real estate sector and accounts for majority of the market share. The residential real estate comprises of residential buildings and integrated townships.
Demand for residential units is driven by a combination of factors like property prices, interest rates, economic conditions, income levels, urbanization rate, rise in nuclear families, greater access to formal credit and supportive government policies, etc.
The new Government's thrust on smart cities, housing for all and urban renewal is expected to give a boost to the growth of the residential sector. Its efforts are likely to create an adequate demand, but implementation remains the key. The country has been witnessing a sharp decline in absorption since 2011, with potential buyers deferring their purchases. These buyers are now gradually returning to the market. This may raise sales volume in the near future (primarily in the mid income and affordable segment).
SEGMENTWISE PERFORMANCE
The Company has mainly one reportable business segment. Hence no further disclosure is required under Accounting Standard (AS) 17 on Segment Reporting.
OUTLOOK
The real estate and construction sectors play a crucial role in the overall development of India's core infrastructure. The real estate industry's growth is linked to developments in various other sectors of the economy.
A stable Government at the Centre and a strong leadership will improve sentiments and lead to economic reforms, which will augur well for the real estate industry. The Indian Government has recently announced its vision of “Housing for all by 2022,” the year in which India will celebrate 75 years of its independence. To achieve this ambitious target, the Government will need to come up with an optimum mix of budgetary support and policies to strengthen investors' sentiments and make housing projects, especially in the affordable segment, financially accessible to people from all walks of life.
The winds of change are now blowing more perceptibly. Inflation, including the house price component, has now been reduced to the lowest level in recallable history. Property buyers are back in force in most cities as enquiries have rebounded, and developers are coming in with the kind of supply that is relevant to demand.
Encouragingly, India's economic conditions are moving forward as policy makers are vigorous in strengthening the economic pillars of the country to augment the GDP growth. 2015-16 will definitely be a good year for the real estate sector on three counts:
The threat of inflation has completely submerged, and borrowing rates are sure to go down from the current levels. This will encourage potential buyers planning to avail of home loans to finally take the plunge. Also, with property prices staying stable and good deals being offered by developers in order to clear their inventory, buyers will be encouraged to buy the properties
Economic activity is gradually picking up, and the Central Bank anticipates GDP growth to reach 6.5 per cent in the next financial year (FY 2015-16). Corporate India has already made it clear that there will be more hiring of talent to help tackle rising business activity. Put together, this means a rise in jobs and incomes, which in turn is very favourable for residential real estate.
The market has witnessed a re-orientation and developers are now largely focusing on affordable homes. This will go a long way in bridging the existing wide gap between demand and supply of affordable homes.
FIXED ASSETS:
Tangible
Assets
· Plant and Equipment
Office
Equipment
Computer
Equipment
Furniture’s
and Fixtures
Vehicles
Intangible Assets
Software
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 records 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.64.97 |
|
|
1 |
Rs.100.55 |
|
Euro |
1 |
Rs.73.99 |
INFORMATION DETAILS
|
Information
Gathered by : |
PPT |
|
|
|
|
Analysis Done by
: |
HNA |
|
|
|
|
Report Prepared
by : |
ARC |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
28 |
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.