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MIRA INFORM REPORT
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Report No. : |
489267 |
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Report Date : |
02.02.2018 |
IDENTIFICATION DETAILS
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Name : |
KOLTE-PATIL DEVELOPERS LIMITED (w.e.f. 12.12.2006) |
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Formerly Known
As : |
REGENESIS DEVELOPERS LIMITED (w.e.f. 04.12.2006) KOLTE-PATIL DEVELOPERS LIMITED (w.e.f. 01.04.1995) KOLTE-PATIL DEVELOPERS PRIVATE LIMITED |
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Registered
Office : |
2nd Floor, City Point, Dhole Patil Road, Pune – 411001, Maharashtra |
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Tel. No.: |
91-20-66226622/66226500 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
25.11.1991 |
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Com. Reg. No.: |
11-129428 |
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Capital
Investment / Paid-up Capital : |
INR 757.700 Million |
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CIN No.: [Company Identification
No.] |
L45200PN1991PLC129428 |
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IEC No.: |
Not Divulged |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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GSTIN/UIN : |
Not Divulged |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
The Company is primarily engaged in business of construction of residential, commercial; IT Parks along with renting of immovable properties and providing project management services for managing and developing real estate projects. (Registered Activity) |
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No. of Employees
: |
538 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A+ |
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Credit Rating |
Explanation |
Rating Comments |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Maximum Credit Limit : |
USD 22788000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Kolte-Patil Developers Limited was incorporated in the
year 1991.
Subject, along with its subsidiaries and associate companies, is one of the
largest residential real estate developers in Pune. It has a healthy project
portfolio across residential segments and is expanding into the Bengaluru and
Mumbai markets.
Note: Pursuant to the Scheme of Amalgamation (the Scheme) sanctioned by the National Company Law Tribunal, Mumbai Bench vide its order dated 9 March 2017, Olive Realty Private Limited (Olive Realty), Yashowardhan Promoters and Developers Private Limited (Yashowardhan Promoters), Corolla Realty Limited (Corolla Realty) and Jasmine Hospitality Private Limited (Jasmine Hospitality) have been merged with the Ssubject Company with effect from 1 January 2016 (the appointed date). The Scheme came into effect on 10 April 2017, the day on which the order was delivered to the Registrar of the Companies, and pursuant thereto the entire business and all the assets and liabilities, duties, taxes and obligations of Olive Realty, Yashowardhan Promoters, Corolla Realty and Jasmine Hospitality have been transferred to and vested in the subject Company .The scheme has become effective on 10 April 2017 with effect from the appointed date of 1 January 2016. Olive Realty, Yashowardhan Promoters, Corolla Realty and Jasmine Hospitality were primarily engaged in business of construction of residential, commercial; IT Parks along with renting of immovable properties and providing project management services for managing and developing real estate projects. The business of Olive Realty, Yashowardhan Promoters, Corolla Realty and Jasmine Hospitality was run in trust by them for the subject Company and the business of Olive Realty, Yashowardhan Promoters, Corolla Realty and Jasmine Hospitality will be carried on by the subject Company post the effective date. As the amalgamating companies i.e. Olive Realty, Yashowardhan Promoters, Corolla Realty and Jasmine Hospitality are wholly owned subsidiaries of the subject Company, no consideration is payable on amalgamation with the subject Company. |
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
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
EXTERNAL AGENCY RATING
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Rating Agency Name |
CRISIL |
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Rating |
Long term bank facilities = (A+) |
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Rating Explanation |
Adequate degree of safety and low credit risk. |
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Date |
30.12.2017 |
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
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 02.02.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DENIED
MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-20-66226500)
LOCATIONS
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Registered Office : |
2nd Floor, City Point, Dhole Patil Road, Pune – 411001, Maharashtra, India |
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Tel. No.: |
91-20-66226622/66226500 |
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Fax No.: |
91-20-66226626/66226511 |
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E-Mail : |
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Website : |
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Regional Office 1: |
#121, The Estate Building, 10th Floor, Dickenson Road, Bangalore-560 042, Karnataka, India |
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Tel. No.: |
91-80-46624423/ 46624444/ 22243135/ 22242803 |
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Regional Office 2: |
501, The Capital, G Block, Bandra-Kurla Complex, Bandra, Mumbai- 400052, Maharashtra, India |
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Tel. No.: |
91-84-1190 5000/ 1190 6000 |
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Bengaluru Office : |
22/11, Park West, 1st Floor, Vittal Mallya Road, Bangalore - 560 001, Karnataka, India |
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Tel. No.: |
91-80-4937 4444 / 4662 4444 |
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Fax No.: |
91-80-2212 0652 |
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Goa Office |
3rd Floor, Kamala House, Opposite Magson's Super Centre, Dayanand Bandodkar Road, Campal - Miramar, Panaji, Goa – 403002, India |
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Tel. No.: |
91-832-2464006 |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Rajesh Anirudha Patil |
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Designation : |
Managing Director |
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Address : |
Plot No. 53, Koregaon Park, Pune -411001, Maharashtra, India |
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Date of Appointment : |
15.04.1995 |
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DIN No.: |
00381866 |
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Name : |
Mr. Milind Digambar Kolte |
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Designation : |
Whole Time Director |
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Address : |
118.124, Plot No. 46, Aundh National Society Building Construction, Pune- 411007, Maharashtra, India |
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Date of Appointment : |
17.01.2006 |
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DIN No.: |
00170760 |
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Name : |
Mr. Naresh Anirudha Patil |
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Designation : |
Whole Time Director |
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Address : |
No.978, 12th A Main Hal, 2nd Stage Hal, Indiranagar, Bangalore -560038, Karnataka, India |
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Date of Appointment : |
15.04.1995 |
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DIN No.: |
00881077 |
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Name : |
Ms. Sunita Milind Kolte |
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Designation : |
Director |
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Address : |
118.124, Plot No. 46, National Society Aundh, Pune 411007, Maharashtra, India |
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Date of Appointment : |
15.04.1995 |
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DIN No.: |
00255485 |
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Name : |
Mrs. Vandana Naresh Patil |
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Designation : |
Director |
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Address : |
978, 12th A Main, Hal 2nd Stage, Indiranagar, Bangalore-560038, Karnataka, India |
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Qualification : |
B.Com |
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Date of Appointment : |
16.01.2012 |
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DIN No.: |
00588888 |
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Name : |
Mr. Vishwanath Lakshminarasimha Gundappa |
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Designation : |
Director |
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Address : |
Apt 302, Sai Habitat, No. 45, Market Road, Basavanagudi, Bangalore-560004, Karnataka, India |
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Date of Appointment : |
26.12.2006 |
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DIN No.: |
01758785 |
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Name : |
Mr. Prakash Yashwant Gurav |
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Designation : |
Director |
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Address : |
Mritinjaya Apartments, 3 Rd Floor, 54 Ideal Colony, Kothrud, Pune-411029, Maharashtra, India |
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Date of Appointment : |
13.08.2014 |
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DIN No.: |
02004317 |
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Name : |
Mr. Jayant Gopal Pendse |
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Designation : |
Director |
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Address : |
Pl No 11, Sect 25, PCNTA Nigadi, Pune-411044, Maharashtra, India |
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Date of Appointment : |
29.10.2009 |
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DIN No.: |
02434630 |
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Name : |
Mr. Umesh Madhukar Joshi |
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Designation : |
Director |
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Address : |
Maitra 1219, Shivajinagar, Pune – 411004, Maharashtra, India |
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Date of Appointment : |
28.05.2016 |
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DIN No.: |
02557162 |
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Name : |
Manasa Vishwanath Madugiri Bhujanga Rao |
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Designation : |
Director |
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Address : |
No. 302, Sai Habitat Apartment, 45 Market Road, Basavanagudi, Bangalore -560004, Karnataka, India |
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Qualification : |
B.A., LL.B |
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Date of Appointment : |
17.01.2012 |
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DIN No.: |
05241229 |
KEY EXECUTIVES
|
Name : |
Mr. Vinod Eknath Pati |
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Designation : |
Company Secretary |
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Address : |
D-26, Vatsalya Nagari, Guruganesh Nagar, New DP Road, Near Ashish Garden, Kothrud, Servicema, Pune-411038, Maharashtra, India |
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Date of Appointment : |
17.05.2013 |
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PAN No.: |
AIHPP8229P |
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Name : |
Mr. Atul Surendrakumar Bohra |
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Designation : |
Chief Finance Officer |
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Address : |
Flat No 704, Building No. D, Gangadham, Bibwewadi, Market Yard Pune- 411037, Maharashtra, India |
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Date of Appointment : |
05.11.2015 |
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PAN No.: |
AIYPB2120Q |
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Name : |
Mr. Gopal Girdharilalji Sarda |
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Designation : |
Chief Executive Officer |
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Address : |
3C-A2-3 New Ajanta Avenue Socy Off Paud Road, Near Krishna Hospital, Koth Rud, Pune – 411029, Maharashtra, India |
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Date of Appointment : |
15.06.2016 |
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PAN No.: |
BDDPS2371D |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2017
|
Category of
shareholder |
No. of fully
paid up equity shares held |
Shareholding as
a % of total no. of shares (calculated as per SCRR, 1957)As a % of |
|
|
(A) Promoter and Promoter
Group |
56479095 |
74.54 |
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(B) Public |
19295814 |
25.46 |
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Grand
Total |
75774909 |
100.00 |
Statement showing
shareholding pattern of the Promoter and Promoter Group
|
Category of
shareholder |
No. of fully
paid up equity shares held |
Shareholding as a
% of total no. of shares (calculated as per SCRR, 1957)As a % of |
|
|
A1) Indian |
0.00 |
||
|
Individuals/Hindu
undivided Family |
56479095 |
74.54 |
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SUNITA RAJESH PATIL |
7021861 |
9.27 |
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RAJESH ANIRUDHA PATIL |
15486031 |
20.44 |
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NARESH ANIRUDHA PATIL |
14949148 |
19.73 |
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MILIND DIGAMBAR KOLTE |
6442156 |
8.50 |
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SUNITA MILIND KOLTE |
5539553 |
7.31 |
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VANDANA NARESH PATIL |
7039319 |
9.29 |
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ANKITA RAJESH PATIL |
1027 |
0.00 |
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Sub Total A1 |
56479095 |
74.54 |
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A2) Foreign |
0.00 |
||
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A=A1+A2 |
56479095 |
74.54 |
Statement showing
shareholding pattern of the Public shareholder
|
Category &
Name of the Shareholders |
No. of fully
paid up equity shares held |
Shareholding %
calculated as per SCRR, 1957 As a % of |
|
|
B1) Institutions |
0 |
0.00 |
|
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Foreign Portfolio
Investors |
8095402 |
10.68 |
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|
Goldman Sachs India
Limited |
3256579 |
4.30 |
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The Pabrai Investment
Fund II, LP |
1085653 |
1.43 |
|
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The Pabrai Investment
Fund IV, LP |
1069091 |
1.41 |
|
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Financial Institutions/
Banks |
25091 |
0.03 |
|
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Any Other (specify) |
189474 |
0.25 |
|
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Sub Total B1 |
8309967 |
10.97 |
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B2) Central Government/
State Government(s)/ President of India |
0 |
0.00 |
|
|
Central Government/ State
Government(s)/ President of India |
7439 |
0.01 |
|
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Sub Total B2 |
7439 |
0.01 |
|
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B3) Non-Institutions |
0 |
0.00 |
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Individual share capital
upto INR 0.200 Million |
5754554 |
7.59 |
|
|
Individual share capital
in excess of INR 0.200 Million |
2277560 |
3.01 |
|
|
NBFCs registered with RBI |
3725 |
0.00 |
|
|
Any Other (specify) |
2942569 |
3.88 |
|
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Bodies Corporate |
1479268 |
1.95 |
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Clearing Members |
450255 |
0.59 |
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Employees |
41265 |
0.05 |
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NRI – Non- Repat |
48309 |
0.06 |
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NRI |
872010 |
1.15 |
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NRI – Non- Repat |
51374 |
0.07 |
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Trusts |
88 |
0.00 |
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Sub Total B3 |
10978408 |
14.49 |
|
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B=B1+B2+B3 |
19295814 |
25.46 |
BUSINESS DETAILS
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Line of Business : |
The Company is primarily engaged in business of construction of residential, commercial; IT Parks along with renting of immovable properties and providing project management services for managing and developing real estate projects. (Registered Activity) |
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Products/ Services : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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 : |
538 (Approximately) |
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Bankers : |
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Facilities : |
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Auditors : |
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Name : |
Deloitte Haskins and Sells LLP Chartered Accountants |
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Address : |
Firm Registration No. 117366W/W-100018, 706, B Wing, 7th Floor, ICC Trade Tower, International Convention Centre, Senapati Bapat Road, Pune – 411016, Maharashtra, India |
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Tel. No.: |
91-20-66244600 |
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Fax No.: |
91-20-66244605 |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Subsidiaries : |
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CAPITAL STRUCTURE
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
149450000 |
Equity Shares |
INR 10/- each |
INR 1494.500 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
75774909 |
Equity Shares |
INR 10/- each |
INR 757.700
Million |
|
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|
Terms, rights &
restrictions attached to equity shares
The Company has only one class of equity shares having a face value of INR 10 per share. Accordingly, all equity shares rank equally with regards to dividends and share in the Company's residual assets. The equity shares are entitled to receive dividend as declared from time to time. Each holder of equity shares is entitled to one vote per share. In the event of liquidation of the Company, the holder of equity shares will be entitled to receive the remaining assets of the Company, after distribution of all preferential amount. The distribution will be in proportion to the number of equity shares held by the shareholders.
Reconciliation of the
number of shares and amount outstanding at the beginning and at the end of the
reporting
Year
|
PARTICULARS |
As at 31 March 2017 |
|
|
Number of shares |
Amount In Million |
|
|
Shares at the beginning of the year |
75774909 |
757.700 |
|
Issued during the year |
-- |
-- |
|
Outstanding at the
end of the year |
75774909 |
757.700 |
Details of shares held
by each shareholder holding more than 5% equity shares:
|
PARTICULARS |
As at 31 March 2017 |
|
|
Number of shares held |
% holding in that class of shares |
|
|
Rajesh Anirudha Patil |
15486031 |
20.44% |
|
Naresh Anirudha Patil |
14949148 |
19.73% |
|
Milind Digambar Kolte |
6442156 |
8.50% |
|
Sunita Milind Kolte |
5539553 |
7.31% |
|
Sunita Rajesh Patil |
7021861 |
9.27% |
|
Vandana Naresh Patil |
7039319 |
9.29% |
|
Goldman Sachs India Fund Limited |
3979837 |
5.25% |
Information regarding
issue of shares in the last five years:
- The Company has not issued any shares without payment being received in cash.
- The Company has not issued any bonus shares.
- The Company has not undertaken any buy-back of shares.
Equity Share Capital
The Company declares and pays dividend in Indian Rupees. The shareholders at the Annual General Meeting held on 17 September 2016 approved a dividend of INR 1.50 per share for the year ended 31 March 2016 which was subsequently paid during the year ended 31 March 2017. The amount was recognised as distributions to equity shareholders during the year ended 31 March 2017 and the total appropriation was INR 114.800 Million including dividend distribution tax. A final dividend of INR 1.60 per share has been recommended by the Board of Directors in their meeting held on 30 May 2017 for the financial year 2016- 17 subject to the approval of shareholders in the ensuing Annual General Meeting. The proposed dividend of INR 121.200 Million and dividend distribution tax theron, of INR 24.700 Million have not been recognised as liablities.
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET (STANDALONE)
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
757.700 |
757.700 |
757.700 |
|
(b) Reserves & Surplus |
7218.100 |
6481.900 |
7034.700 |
|
(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) |
7975.800 |
7239.600 |
7792.400 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
1371.500 |
3595.600 |
1044.800 |
|
(b) Deferred tax liabilities (Net) |
7.100 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
32.300 |
19.800 |
10.800 |
|
(d) Long-term
provisions |
32.400 |
30.100 |
28.300 |
|
Total Non-current
Liabilities (3) |
1443.300 |
3645.500 |
1083.900 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
0.000 |
745.500 |
|
(b) Trade
payables |
724.400 |
795.600 |
617.900 |
|
(c) Other
current liabilities |
6359.900 |
4340.100 |
3502.800 |
|
(d) Short-term
provisions |
27.100 |
24.000 |
244.400 |
|
Total Current
Liabilities (4) |
7111.400 |
5159.700 |
5110.600 |
|
|
|
|
|
|
TOTAL |
16530.500 |
16044.800 |
13986.900 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
120.200 |
129.400 |
154.900 |
|
(ii)
Intangible Assets |
140.600 |
135.600 |
75.700 |
|
(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 |
2723.800 |
2631.200 |
4038.600 |
|
(c) Deferred tax assets (net) |
0.000 |
6.400 |
7.000 |
|
(d)
Long-term Loan and Advances |
45.300 |
34.000 |
2359.100 |
|
(e) Other
Non-current assets |
2438.200 |
2197.400 |
167.000 |
|
Total Non-Current
Assets |
5468.100 |
5134.000 |
6802.300 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
43.900 |
25.800 |
56.200 |
|
(b)
Inventories |
8315.600 |
8687.300 |
5381.700 |
|
(c) Trade
receivables |
1110.800 |
636.200 |
379.200 |
|
(d) Cash
and cash equivalents |
327.700 |
448.700 |
162.700 |
|
(e)
Short-term loans and advances |
0.000 |
0.000 |
1022.100 |
|
(f) Other
current assets |
1264.400 |
1112.800 |
182.700 |
|
Total
Current Assets |
11062.400 |
10910.800 |
7184.600 |
|
|
|
|
|
|
TOTAL |
16530.500 |
16044.800 |
13986.900 |
PROFIT
& LOSS ACCOUNT (STANDALONE)
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
5344.800 |
2157.800 |
1683.700 |
|
|
Other Income |
422.300 |
532.800 |
427.800 |
|
|
TOTAL |
5767.100 |
2690.600 |
2111.500 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of construction/development, land, plots and development rights |
3346.600 |
954.500 |
646.100 |
|
|
Purchases of
Stock-in-Trade |
0.000 |
0.000 |
0.000 |
|
|
Employees benefits
expense |
273.600 |
290.800 |
283.500 |
|
|
Other expenses |
421.900 |
420.600 |
325.200 |
|
|
TOTAL |
4042.100 |
1665.900 |
1254.800 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
1725.000 |
1024.700 |
856.700 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
428.300 |
399.700 |
316.00 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
1296.700 |
625.000 |
540.700 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
62.200 |
47.600 |
39.200 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
1234.500 |
577.400 |
501.500 |
|
|
|
|
|
|
|
Less |
TAX |
387.400 |
129.700 |
65.200 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
847.100 |
447.700 |
436.300 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
11.18 |
5.91 |
5.76 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
2131.100 |
211.700 |
697.300 |
|
Cash generated from operations |
1232.300 |
411.000 |
(135.100) |
|
Net cash flow from operating activity |
1024.400 |
345.000 |
(262.600) |
QUARTERLY RESULTS
|
Particulars |
30.06.2017 |
30.09.2017 |
|
Unaudited |
1st Quarter |
2nd Quarter |
|
Net Sales |
1538.600 |
1465.400 |
|
Total Expenditure |
1181.200 |
935.300 |
|
PBIDT (Excl OI) |
357.400 |
530.100 |
|
Other Income |
128.900 |
63.400 |
|
Operating Profit |
486.300 |
593.500 |
|
Interest |
106.600 |
131.700 |
|
Exceptional Items |
NA |
NA |
|
PBDT |
379.700 |
461.800 |
|
Depreciation |
15.700 |
17.000 |
|
Profit Before Tax |
364.000 |
444.800 |
|
Tax |
112.300 |
179.000 |
|
Provisions and contingencies |
NA |
NA |
|
Profit After Tax |
251.700 |
265.800 |
|
Extraordinary Items |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
|
Other Adjustments |
NA |
NA |
|
Net Profit |
251.700 |
265.800 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
75.86 |
107.62 |
82.20 |
|
|
|
|
|
|
Account Receivables Turnover ( Income / Sundry Debtors) |
4.81 |
3.39 |
4.44 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
79.01 |
304.24 |
349.07 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.21 |
0.12 |
0.16 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
6.61 |
3.87 |
3.72 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.64 |
0.56 |
0.49 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.44 |
0.53 |
0.32 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.89 |
0.71 |
0.66 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.03 |
0.04 |
0.03 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
4.03 |
2.56 |
2.71 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin [(PAT / Sales)
* 100] |
% |
15.85 |
20.75 |
25.91 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
5.12 |
2.79 |
3.12 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
10.62 |
6.18 |
5.60 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.56 |
2.11 |
1.41 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.39 |
0.43 |
0.35 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.48 |
0.45 |
0.56 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
4.62 |
5.02 |
3.28 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.56 |
2.11 |
1.41 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 10.00/- |
|
Market Value |
INR 375.80/- |
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR In Million |
INR In Million |
INR In Million |
|
Share Capital |
757.700 |
757.700 |
757.700 |
|
Reserves & Surplus |
7034.700 |
6481.900 |
7218.100 |
|
Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
7792.400 |
7239.600 |
7975.800 |
|
|
|
|
|
|
long-term borrowings |
1044.800 |
3595.600 |
1371.500 |
|
Short term borrowings |
745.500 |
0.000 |
0.000 |
|
Current Maturities of
Long term debt |
697.300 |
211.700 |
2131.100 |
|
Total borrowings |
2487.600 |
3807.300 |
3502.600 |
|
Debt/Equity ratio |
0.319 |
0.526 |
0.439 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR In Million |
INR In Million |
INR In Million |
|
Sales |
1683.700 |
2157.800 |
5344.800 |
|
|
|
28.158 |
147.697 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR In Million |
INR In Million |
INR In Million |
|
Sales |
1683.700 |
2157.800 |
5344.800 |
|
Profit/(Loss) |
436.300 |
447.700 |
847.100 |
|
|
25.91% |
20.75% |
15.85% |
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
757.700 |
757.700 |
|
(b) Reserves &
Surplus |
|
7880.200 |
7066.300 |
|
(c) Money received
against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
0.000 |
0.000 |
|
Non Controlling Interest |
|
2666.000 |
3042.100 |
|
Total Shareholders’ Funds
(1) + (2) |
|
11303.900 |
10866.100 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
3706.600 |
6442.900 |
|
(b)Trade payable |
|
65.000 |
53.900 |
|
(c) Deferred tax
liabilities (Net) |
|
103.200 |
96.100 |
|
(d) Other long term
liabilities |
|
32.300 |
77.700 |
|
(d) long-term provisions |
|
45.000 |
42.000 |
|
Total Non-current Liabilities
(3) |
|
3952.100 |
6712.600 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
296.300 |
796.900 |
|
(b) Trade payables |
|
1760.600 |
1537.800 |
|
(c) Other current
liabilities |
|
10875.600 |
7831.000 |
|
(d) Short-term provisions |
|
42.800 |
37.400 |
|
Total Current Liabilities
(4) |
|
12975.300 |
10203.100 |
|
|
|
|
|
|
TOTAL |
|
28231.300 |
27781.800 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
896.100 |
966.500 |
|
(ii) Intangible Assets |
|
165.300 |
170.200 |
|
(iii) Capital
work-in-progress |
|
22.200 |
18.500 |
|
(iv) Intangible assets
under development |
|
0.000 |
0.000 |
|
(v) Goodwill |
|
211.000 |
211.000 |
|
(b) Non-current
Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
|
127.800 |
70.900 |
|
(d) Long-term Loan and Advances |
|
0.000 |
0.000 |
|
(e) Other Non-current
assets |
|
1662.200 |
1689.300 |
|
Total Non-Current Assets |
|
3084.600 |
3126.400 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
44.100 |
27.800 |
|
(b) Inventories |
|
20607.300 |
20389.500 |
|
(c) Trade receivables |
|
1770.100 |
1468.100 |
|
(d) Cash and cash
equivalents |
|
797.000 |
848.800 |
|
(e) Short-term loans and
advances |
|
0.000 |
0.000 |
|
(f) Other current assets |
|
1928.200 |
1921.200 |
|
Total Current Assets |
|
25146.700 |
24655.400 |
|
|
|
|
|
|
TOTAL |
|
28231.300 |
27781.800 |
PROFIT
& LOSS ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Income |
|
9656.100 |
7537.500 |
|
|
Other Income |
|
82.000 |
165.100 |
|
|
TOTAL |
|
9738.100 |
7702.600 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of construction/development, land, plots and development rights |
|
6081.500 |
4251.900 |
|
|
Purchases of
Stock-in-Trade |
|
0.000 |
0.000 |
|
|
Employees benefits
expense |
|
422.000 |
480.400 |
|
|
Other expenses |
|
752.500 |
821.000 |
|
|
TOTAL |
|
7256.000 |
5553.300 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
|
2482.100 |
2149.300 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
|
860.400 |
840.100 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
|
1621.700 |
1309.200 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
148.500 |
151.800 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
|
1473.200 |
1157.400 |
|
|
|
|
|
|
|
Less |
TAX |
|
624.400 |
534.800 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
|
848.800 |
622.600 |
|
|
|
|
|
|
|
|
Other comprehensive
income |
|
|
|
|
|
Items that will not be reclassified subsequently to profit or loss |
|
|
|
|
|
-Remeasurements of the defined benefit liabilities / (asset) |
|
4.700 |
12.300 |
|
|
Income Tax relating to items that will not be reclassified to Profit or Loss |
|
(1.600) |
(3.400) |
|
|
Total Other
Comprehensive Income |
|
3.100 |
8.900 |
|
|
Total Comprehensive
income for the year |
|
851.900 |
631.500 |
|
|
Profit for the year
attributable to: |
|
|
|
|
|
- Owners of the Company |
|
871.800 |
589.000 |
|
|
- Non-controlling interest |
|
(23.000) |
33.600 |
|
|
|
|
848.800 |
622.600 |
|
|
Other Comprehensive
Income for the year attributable to: |
|
|
|
|
|
- Owners of the Company |
|
3.200 |
6.500 |
|
|
- Non-controlling interest |
|
(0.100) |
2.400 |
|
|
|
|
3.100 |
8.900 |
|
|
Total Comprehensive
Income for the year attributable to: |
|
|
|
|
|
- Owners of the Company |
|
875.000 |
595.500 |
|
|
- Non-controlling interest |
|
(23.100) |
36.000 |
|
|
|
|
851.900 |
631.500 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
11.51 |
7.77 |
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 |
Yes |
|
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 |
CORPORATE INFORMATION
The Company is a Company registered under the Companies Act, 1956. It was incorporated on 25 November 1991. The Company is primarily engaged in business of construction of residential, commercial; IT Parks along with renting of immovable properties and providing project management services for managing and developing real estate projects.
MANAGEMENT DISCUSSION
AND ANALYSIS
ECONOMIC OVERVIEW AND
OUTLOOK
India’s economy grew at 7.1% in 2016- 17, moderating from 7.8% in 2015-16. The slowdown was primarily caused by the impact of the demonetization on various industry sectors. In addition to the note-ban effect, restricted lending from banks, weak Balance Sheets due to overinvestment and excess production capacity relative to demand impacted the economic growth. A strong monsoon helped agricultural growth rise to 4.4% and food grain production to a record 8.1%. The industrial sector shrunk to 5.8% as compared to 8.2% in the previous year. Manufacturing value added moderated to 7.7%, helped in part by lower input costs. Construction grew by a modest 3.1%, as demonetization affected real estate activity. Services growth moderated to 7.9% as finance, real estate, trade, hotels, transportation and communication services witnessed a slowdown. Inflation was kept in check for the second consecutive year at 4.7%, mostly in line with the government target of containing it within 5%. Going forward, the economy is expected to grow by 7.6% in 2017-18 and 7.8% in 2018-19 as per ADB, while the International Monetary Fund (IMF) has forecast India’s GDP to grow at 7.2% in 2017-18.
INDIAN REAL ESTATE
OVERVIEW
2016-17 was a landmark year for the country and for the real estate industry seeing some of the biggest policy changes in decades. The demonetization move caused temporary turmoil; however, along with the Benami Transactions Act, it promises to bring greater transparency in the real estate sector.
Further, the Goods and Services Tax (GST) and Real Estate Regulations Act (RERA) cleared hurdles, and have been fully implemented. Much like the transitory pains caused by demonetization, these policy changes could trigger momentary disturbances but augur well for the industry in the long run. RERA is set to bring about a sea change in the realty landscape of the country by attracting new investors and customers. From anecdotal evidence, they have seen how regulators in sectors like telecom, insurance and financial sectors have helped enhance efficiency and transparency. The Act will facilitate information sharing in a systematic manner leading to accessibility and transparency.
The roll-out of the GST has been the single largest tax reform in the country since Independence. The intention of GST is to bring efficiency into the entire tax system. Under the proposed GST system, current multiple state and central levies will be replaced by GST. A uniform rate will be applicable to developers and buyers of underconstruction physical properties across states and Union Territories of India. Overall, there could be new sales slowdown in the near term in view of uncertainties regarding GST implementation and its likely impact on property prices. However, in the medium to long term, they expect demand to remain unaffected as demand for residential units is driven by urbanization, nuclearization of families, new job creation, salary hikes and overall growth in the economy.
The Union Budget 2017-18 provided strong impetus to the real estate sector with the most notable announcement
being the award of Infrastructure Status to Affordable housing, which is expected to drive a recovery in the residential sector and is aligned with the government’s agenda of ‘Housing for All by 2022’. This will allow easier access to capital for developers, at a much lower rate with a longer amortization period. In addition, it will allow developers access to viability gap funding and tax incentives. For affordable housing purpose instead of the built up area of 30 and 60 sqm, the carpet area of 30 and 60 sqm will be counted. The 30 sqm limit will apply only in case of municipal limits of four metropolitan cities while for the rest of the country, including the peripheral areas of metros, a limit of 60 sqm will apply.
Affordable housing will come into a sharper focus now than in previous years, and REITs promise to open up the real estate market to smaller investors in the coming year. The country’s real estate markets are definitely poised for growth in the medium-to-long term on the back of structural reforms, liberalization of the foreign direct investment (FDI) policy, higher transparency and consolidation. Further, with banks cutting down home loan interest rates and an uptick in buyer sentiment could lead to strong demand and increase sales volumes.
COMPANY OUTLOOK
Initiatives like demonetization and implementation of RERA and GST will lead to a level playing field and bring about a consolidation in the sector and benefit organized developers like KPDL, though some short-term uncertainty may persist and consumer behavior will have to be watched
The Company is looking to consolidate its dominant presence in Pune, leveraging its strong brand name, through the execution of ongoing projects and launch of subsequent phases of existing projects
In addition to Pune, the Company has a strong pipeline of projects in Mumbai of over 1.2 msf, which will facilitate PAT and ROCE expansion for the Company going forward, while providing synergies to the existing Pune operations
Bengaluru is expected to be an additional growth engine with the launch of the Kormangala project in IR\NR 2 FY18, in addition to the launch of Exente, Hosur Road in Q1 FY18
To play on the Government’s affordable stimulus theme, the Company is also evaluating an expansion into the affordable housing in subsequent phases of existing projects, which could help drive presales growth
The Company will continue to focus on execution, collections and given the Company’s asset light approach, is expected to generate strong free cash flows over the next few years which will be utilized to strengthen its Balance Sheet further
SCHEME OF AMALGAMATION
Pursuant to the Scheme of Amalgamation (the Scheme) sanctioned by the National Company Law Tribunal, Mumbai Bench vide its order dated 9 March 2017, Olive Realty Private Limited (Olive Realty), Yashowardhan Promoters and Developers Private Limited (Yashowardhan Promoters), Corolla Realty Limited (Corolla Realty) and Jasmine Hospitality Private Limited (Jasmine Hospitality) have been merged with the Company with effect from 1 January 2016 (the appointed date). The Scheme came into effect on 10 April 2017, the day on which the order was delivered to the Registrar of the Companies, and pursuant thereto the entire business and all the assets and liabilities, duties, taxes and obligations of Olive Realty, Yashowardhan Promoters, Corolla Realty and Jasmine Hospitality have been transferred to and vested in the Company .The scheme has become effective on 10 April 2017 with effect from the appointed date of 1 January 2016.
Olive Realty, Yashowardhan Promoters, Corolla Realty and Jasmine Hospitality were primarily engaged in business of construction of residential, commercial; IT Parks along with renting of immovable properties and providing project management services for managing and developing real estate projects.
The business of Olive Realty, Yashowardhan Promoters, Corolla Realty and Jasmine Hospitality was run in trust by them for the Company and the business of Olive Realty, Yashowardhan Promoters, Corolla Realty and Jasmine Hospitality will be carried on by the Company post the effective date.
As the amalgamating companies i.e. Olive Realty, Yashowardhan Promoters, Corolla Realty and Jasmine Hospitality are wholly owned subsidiaries of the Company, no consideration is payable on amalgamation with the Company.
The amalgamation is accounted under the ‘pooling of interest’ method in terms of the scheme sanctioned by the National Company Law Tribunal, Mumbai bench as under:
• All assets and liabilities and reserves of Olive Realty, Yashowardhan Promoters, Corolla Realty and Jasmine Hospitality have been recorded in the books of account of the Company at their respective carrying amounts and in the same form.
• Difference between amount of Share capital of the transferor companies and gross value recorded as investments is adjusted and the difference is adjusted in ‘Reserves’ in accordance with the Scheme.
• Accordingly, the assets and liabilities of Olive Realty, Yashowardhan Promoters, Corolla Realty and Jasmine Hospitality are accounted at the following summarized values:
(INR in Million)
|
Particulars |
Olive Realty |
Yashowardhan Promoters |
Corolla Realty |
Jasmine Hospitality |
Total |
|
Property Plant and Equipment (Including Capital Work-in-Progress) |
- |
0.100 |
7.400 |
- |
7.500 |
|
Intangible assets |
- |
- |
12.900 |
- |
12.900 |
|
Taxes |
2.500 |
6.000 |
27.300 |
- |
35.800 |
|
Inventories |
205.000 |
21.100 |
1814.800 |
395.300 |
2436.200 |
|
Trade Receivables |
44.800 |
3.000 |
47.800 |
- |
95.600 |
|
Cash and Bank Balances |
0.200 |
2.000 |
113.100 |
0.100 |
115.400 |
|
-Financial assets -Investments , loans, & others (Non-current & Current) and -Other Non-current and current assets |
26.400 |
0.900 |
81.500 |
- |
108.800 |
|
Non-current and current liabilities |
0.200 |
5.300 |
1188.300 |
0.100 |
1193.900 |
|
Share Capital |
10.000 |
1.800 |
5.800 |
301.700 |
319.300 |
|
Gross value recorded as investments |
10.000 |
83.100 |
1750.800 |
552.000 |
2395.900 |
|
To be adjusted against reserves |
- |
(81.300) |
(1745.000) |
(250.300) |
(2076.600) |
As the appointed date of merger is 1 January 2016 therefore previous year’s numbers reported are not comparable.
The Company has initiated the name change formalities to transfer the title in respect of the contracts, agreements, etc. of Olive Realty, Yashowardhan Promoters, Corolla Realty and Jasmine Hospitality.
INDEX
OF CHARGES
|
Charges Registered |
|||||||
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Amount |
Address |
|
1 |
G53401337 |
100123739 |
ICICI BANK LIMITED |
31/08/2017 |
- |
4940000.0 |
ICICI Bank Tower, Near Chakli Circle, Old Padra Road Vadodara GUJARAT 390007 INDIA |
|
2 |
G51260628 |
100118493 |
PNB HOUSING FINANCE LIMITED |
22/07/2017 |
- |
1500000000.0 |
9TH FLOOR ANTRIKSH BHAWAN 22 K G MARG NEW DELHI 110001 INDIA |
|
3 |
G53919312 |
100123736 |
VOLKSWAGEN FINANCE PRIVATE LIMITED |
21/07/2017 |
- |
931000.0 |
3rd Floor, Wing - A, Silver Utopia Cardinal Gracious Road, Chakala, Andheri Mumbai MAHARASHTRA 400099 INDIA |
|
4 |
G40670788 |
100089516 |
ICICI BANK LIMITED |
28/02/2017 |
- |
13775000.0 |
ICICI Bank Tower, Near Chakli Circle, Old Padra Road Vadodara GUJARAT 390007 INDIA |
|
5 |
G73133290 |
100069640 |
INDUSIND BANK LTD. |
16/12/2016 |
25/10/2017 |
1750000000.0 |
2401 GEN THIMMAYYA ROAD CONTONMENT PUNE MAHARASHTRA 411001 INDIA |
|
6 |
G13379227 |
100052633 |
TATA CAPITAL HOUSING FINANCE LIMITED |
17/09/2016 |
- |
350000000.0 |
One Forbes, Dr. V. B. Gandhi Marg Fort Mumbai MAHARASHTRA 400001 INDIA |
|
7 |
G10842318 |
100048049 |
TOYOTA FINANCIAL SERVICES INDIA LIMITED |
19/08/2016 |
- |
1469000.0 |
No. 21 Centropolis, First Floor, 5th Cross Langford Road, Shanti Nagar Bangalore KARNATAKA 560025 INDIA |
|
8 |
C75143925 |
10611490 |
Aditya Birla Finance Limited |
30/12/2015 |
- |
450000000.0 |
Indian Rayon Compound Veralal Veralal GUJARAT 362266 INDIA |
|
9 |
C70374855 |
10603031 |
ADITYA BIRLA FINANCE LIMITED |
31/10/2015 |
- |
200000000.0 |
Indian Rayon Compound, Veraval GUJARAT 362266 INDIA |
|
10 |
G41471434 |
10601795 |
State Bank of India |
14/10/2015 |
22/03/2017 |
1000000000.0 |
INDUSTRIAL FINANCE BRANCH, WAKADEWADI Pune MAHARASHTRA 411003 INDIA |
STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30.09.2017
(INR in
million)
|
Particulars |
Quarter ended |
Half Year Ended |
|
|
|
30.09.2017 |
30.06.2017 |
30.09.2017 |
|
|
Unaudited |
Unaudited |
Unaudited |
|
INCOME FROM OPERATIONS |
|
|
|
|
Revenue From Operations |
1465.400 |
1538.600 |
3004.000 |
|
Other Income |
63.400 |
128.900 |
192.300 |
|
Total
Income from Operations |
1528.800 |
1667.500 |
3196.300 |
|
|
|
|
|
|
EXPENSES |
|
|
|
|
Cost of construction/development, land, plots and development rights |
774.800 |
1000.500 |
1775.300 |
|
Employee benefits expense |
71.500 |
59.500 |
131.000 |
|
Finance Cost |
131.700 |
106.600 |
238.300 |
|
Depreciation and Amortization expenses |
17.000 |
15.700 |
32.700 |
|
Other Expenditure |
89.000 |
121.200 |
210.200 |
|
Total
Expenses |
1084.000 |
1303.500 |
2387.500 |
|
|
|
|
|
|
Profit
before tax |
444.800 |
364.000 |
808.800 |
|
Tax
Expense |
|
|
|
|
-Current Tax |
185.000 |
110.200 |
295.200 |
|
-Deferred Tax |
(6.000) |
2.100 |
(3.900) |
|
Total
Tax expenses |
179.000 |
112.300 |
291.300 |
|
Net
profit after tax |
265.800 |
251.700 |
517.500 |
|
Other
Comprehensive Income |
|
|
|
|
Items that will not be reclassified to profit or loss |
2.200 |
(4.500) |
(2.300) |
|
Total
Comprehensive Income |
268.000 |
247.200 |
515.200 |
|
Paid-up Equity Share Capital (Face value INR 10/- per
share) |
757.700 |
757.700 |
757.700 |
|
Reserves (excluding Revaluation Reserve) |
|
|
|
|
Earnings
per Share (EPS) - INR |
|
|
|
|
Basic
and Diluted |
3.51 |
3.32 |
6.83 |
Notes:
- The above unaudited standalone financial results were reviewed by the Audit Committee at its meeting held on 07th November, 2017 and were approved by the Board of Directors at its meeting held on 7th November, 2017.
- The Company is engaged in the business of Real Estate .Thus there are no separate reportable operating segments in accordance with Ind AS 108.
- Pursuant to the Regulation 52(4) of SEBf (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Listed Redeemable Non-Convertible Debentures of INR 700.000 Million are as follows:
a) Credit rating continues as A+ stable by CRI5IL,
b) The listed Redeemable Non-Convertible Debentures (NCDs) of the Company aggregating to INR 700.000 Million as on 30th September, 2017 are secured by way of mortgage over land and project assets of Jaz; 2("Project") located at Pimple Nilakh to which clear and marketable title Is held by Issuer, charge on all cash flows and receivable pertaining to the project (Receivables") and Charge of Escrow Account of the Project.
The definitions of Coverage Ratios are as under:
- Interest Service Coverage Ratio = Profit before Interest and tax /Interest
- Debt Service Coverage Ratio = Profit before Interest and tax / (Interest + Principle repayments)
- Debt Equity Ratio = Debt / Equity
- Pursuant to the Scheme of Amalgamation (the Scheme} sanctioned by the National Company Law Tribunal, Mumbai Bench vide Its order dated 9th March 2017, Olive Realty Private Limited (Olive Realty), Yashowardhan Promoters and Developers Private Limited (Yashowardhan Promoters), Corolla Realty Limited (Corolla Realty) and Jasmine Hospitality Private Limited (Jasmine Hospitality) have been merged with the Company with effect from 1st January, 2016 (the appointed date). The Scheme came into effect on 10th April, 2017, the day on which the order was delivered to the Registrar of the Companies, and pursuant thereto the entire business and all the assets and liabilities, duties, taxes and obligations of Olive Realty, Yashowardhan Promoters, Corolla Realty and Jasmine Hospitality have been transferred to and vested In the Company .The scheme has become effective on 10th April, 2017 with effect from the appointed date of 1st January, 2016. The amount of Share capital of the transferor companies and gross value recorded as Investments is adjusted and the difference Is debited to Reserves in accordance with the Scheme. As the appointed date of merger is 1st January, 2016, therefore previous years' numbers reported in the above results are accordingly restated after giving merger impact.
- The figures for the previous period have been regrouped and re-arranged, wherever necessary, to make them comparable with the current period.
STATEMENT OF ASSETS AND LIABILITIES AS ON 30.09.2017
(INR In Million)
|
SOURCES OF FUNDS |
30.09.2017 (Unaudited) |
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
(1)Shareholders' Funds |
|
|
(a) Share Capital |
757.700 |
|
(b) Reserves &
Surplus |
7598.000 |
|
(c) Money received
against share warrants |
0.000 |
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
8355.700 |
|
|
|
|
(3) Non-Current
Liabilities |
|
|
(a) long-term borrowings |
2481.200 |
|
(b) Deferred tax
liabilities (Net) |
2.000 |
|
(c) Other long term
liabilities |
30.300 |
|
(d) long-term provisions |
31.600 |
|
Total Non-current
Liabilities (3) |
2545.100 |
|
|
|
|
(4) Current Liabilities |
|
|
(a) Short term borrowings |
0.000 |
|
(b) Trade payables |
1157.700 |
|
(c) Other current
liabilities |
5314.200 |
|
(d) Short-term provisions |
39.300 |
|
Total Current Liabilities
(4) |
6511.200 |
|
|
|
|
TOTAL |
17412.000 |
|
|
|
|
II.
ASSETS |
|
|
(1) Non-current assets |
|
|
(a) Fixed Assets |
|
|
(i) Tangible assets |
108.800 |
|
(ii) Intangible Assets |
120.900 |
|
(iii) Capital
work-in-progress |
0.000 |
|
(iv) Intangible assets
under development |
0.000 |
|
(b) Non-current
Investments |
2686.300 |
|
(c) Deferred tax assets
(net) |
0.000 |
|
(d) Long-term Loan and Advances |
61.300 |
|
(e) Other Non-current
assets |
1718.300 |
|
Total Non-Current Assets |
4695.600 |
|
|
|
|
(2) Current assets |
|
|
(a) Current investments |
10.100 |
|
(b) Inventories |
8681.300 |
|
(c) Trade receivables |
1329.500 |
|
(d) Cash and cash
equivalents |
389.400 |
|
(e) Short-term loans and
advances |
0.000 |
|
(f) Other current assets |
2306.100 |
|
Total Current Assets |
12716.400 |
|
|
|
|
TOTAL |
17412.000 |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
Claims against the Company not acknowledged as debt* |
|
|
|
Claims not acknowledged as debts represent cases filed in Civil Court and High Court |
213.500 |
213.600 |
|
Claims in respect of Income Tax matters (pending in Appeal) |
114.200 |
114.200 |
|
Claims in respect of Value Added Tax |
4.300 |
0.000 |
|
Guarantees issued by the Company on behalf of Subsidiaries** |
2350.000 |
1700.000 |
|
Total |
2682.000 |
2027.800 |
Notes:
- *in the opinion of the management the above claims are not sustainable and the Company does not expect any outflow of economic resources in respect of above claims and therefore no provision is made in respect thereof.
- **The Company does not expect any outflow of resources in respect of the Guarantees issued.
FIXED ASSETS
- Freehold Buildings
- Plant and Equipment
- Furniture and Fixtures
- Office Equipment
- Vehicles
- Computers
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 records 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
|
INR |
|
US Dollar |
1 |
INR 63.61 |
|
|
1 |
INR 90.17 |
|
Euro |
1 |
INR 78.94 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
PRI |
|
|
|
|
Report Prepared
by : |
SUD |
SCORE FACTORS
|
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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.