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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

489223

Report Date :

05.02.2018

 

 

IDENTIFICATION DETAILS

 

Name :

SOBHA LIMITED (w.e.f. 18.08.2014)

 

 

Formerly Known As :

SOBHA DEVELOPERS LIMITED (w.e.f. 08.05.2006)

 

SOBHA DEVELOPERS PRIVATE LIMITED

 

 

Registered Office :

‘SOBHA’, Sarjapur-Marathahalli, Outer Ring Road (ORR), Devarabisanhalli, Bellandur Post, Bangalore – 560103, Karnataka

Tel. No.:

91-80-49320000

 

 

Country :

India

 

 

Financials (as on) :

31.03.2017

 

 

Date of Incorporation :

07.08.1995

 

 

Com. Reg. No.:

08-018475

 

 

Capital Investment / Paid-up Capital :

INR 963.046 Million

 

 

CIN No.:

[Company Identification No.]

L45201KA1995PLC018475

 

 

IEC No.:

29240327158

 

 

GSTIN :

Not Divulged

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AABCS7723E

 

 

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 construction, development, sale, management and operation of all or any part of townships, housing projects, commercial premises and other related activities.

 

  • The Company is also engaged in manufacturing activities related to interiors, glazing and metal works and concrete products which also provides backward integration to SL’s turnkey projects (Registered Activity)

 

 

No. of Employees :

2698 (Approximately)

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A+

 

Credit Rating

Explanation

Rating Comments

A+

Low Risk

Business dealings permissible with low risk of default

 

Maximum Credit Limit :

USD 71844000

 

 

Status :

Good

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject was incorporated in the year 1995 and it is engaged in real estate development and contract construction business in Bangalore.

 

It has executed 111 real estate projects with an overall development of 39.23 million square feet (MSF) of developed area with major presence in Bangalore and diversification in other cities such as Gurgaon, Chennai, Pune, Thrissur, Coimbatore, Kochi, Calicut and Mysore.

 

As per financials of March 2017, the company has registered a growth of 14.13% in its revenue as compared to its previous year’s revenue and has reported good profit margin of 6.40% under review.

 

Rating takes into consideration the company’s established track record of business operations marked by healthy net worth base along with comfortable debt coverage indicators and good liquidity position.

 

Share are traded high on Stock Exchanges. (Share are traded at a price of INR 572.45 against its face value of INR 10 on BSE.)

 

However, rating strengths are partially offset by exposure to risks relating to aggressive debt-funded land acquisitions and cyclicality in the real estate sector.

 

As per quarterly unaudited financials of September 2017, the company has achieved a revenue of INR 6,080 million and has reported good profit margin of 7.78%.

 

Payments seems to be slow but correct.

 

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

 

 

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

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

D

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CARE

Rating

Long Term Rating A+

Rating Explanation

Adequate degree of safety and low credit risk.

Date

18.09.2017

 

Rating Agency Name

CARE

Rating

Short Term Rating A1+

Rating Explanation

Very strong degree of safety and carry lowest credit risk.

Date

18.09.2017

 

 

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 05.02.2018

 

 

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 BY

 

Name :

Mr. Suresh 

Designation :

Purchase Department

Contact No.:

91-80-49320000

Date :

31.01.2018

 

Name :

Mr. Prabhakaran 

Designation :

Not Divulged

Contact No.:

91-9788859647

Date :

31.01.2018

 

 

LOCATIONS

 

Registered / Corporate Office 1 / Marketing Office 1 :

‘SOBHA’, Sarjapur – Marathahalli, Outer Ring Road (ORR), Devarabisanhalli, Bellandur Post, Bangalore – 560103, Karnataka, India

Tel. No.:

91-80-49320000/ 25594139

Mobile No.:

91-9788859647 (Mr. Prabhakaran)

91-9948590008 (Jeevan Reddy)

91-7757002925 (Mr. Suryakant)

91-9739403803 (Mr. Sudarshan Sahoo)

Fax No.:

91-80-49320444/ 25594138

E-Mail :

investors@sobha.com

kishore.kayarat@sobha.com

roc_filings@sobha.com

sdlsrc@sobha.co.in

roc_filings@yahoo.co.in

investors@sobha.co.in

info@sobha.co.in

mumbai.marketing@sobha.com

punemarketing@sobha.com

sales.ncr@sobha.com

Website :

http://www.sobhadevelopers.com

http://www.sobha.com

 

 

Factories :

Interiors Division

 

Plot No: 9, KIADB Industrial Area, Jigani Bommasandra Link Road, Bommasandra,  Hennagara Post , Anekal Taluk, Bangalore - 560 105, Karnataka, India

 

Tel No.: 91-80-22631700 / 27839012/3/4/5

Fax No.: 91-80-27839017

E-mail: retail.sil@sobha.com

 

Glazing and Metal Works Division

 

Plot No: 10, KIADB Industrial Area, Bommasandra Jigani Link Road, Anekal Taluk, Bommasandra , Bangalore - 560 105 Karnataka, India

 

Tel No.: 91-80-27839018/ 22631702 / 27839019

Fax No.: 91-80-27839021

 

Concrete Products Division

 

Plot No: 329, KIADB Industrial Area, Bommasandra Jigani Link Road, Industrial Area, Jigani Anekal Taluk, Bangalore - 560 105, Karnataka, India

 

Tel No.: 91-80-27825177 / 27825220

Fax No.: 91-80-27825777

E-mail: enquiry@sobhaconcreteproducts.com

 

Restoplus Spring Mattress Division

 

Plot No. 9, Bommasandra, Jigni Link Road, Industrial Area, Hennagara Post, Bommasandra, Bangalore, Karnataka, India.

 

Fax No.: 91-80-22631710

E-mail: sobha.restoplus@sobha.com

 

 

Marketing Office :

Located at:

 

  • India
  • Dubai
  • Singapore

 

 

Regional Offices :

Located at:

 

  • Dubai
  • Singapore
  • Haryana
  • Pune
  • Chennai
  • Thrissur
  • Coimbatore
  • Cochin
  • Kozhikode
  • Mumbai

 

 

DIRECTORS

 

As on 31.03.2017

 

Name :

Mr. Saibal Kanti Gupta

Designation :

Director

Address :

No. 14, Singapore Gardens Kanakapura Road, Doddakallasandra (Po), Bangalore – 560062, Karnataka, India

Qualification :

Metallurgical Engineer with a Ph.D. (Tech.) and D.Sc. (Tech.) from Moscow.

Date of Appointment :

28.06.2006

DIN No.:

00011138

 

 

Name :

Mr. Ramachandra Venkatasubba Rao

Designation :

Director

Address :

332/6, Guru Kripa 14th Main, Rmv-Sadashivanagar, Bangalore – 560080, Karnataka, India

Qualification :

University of Mysore and a bachelor’s degree in law from Bangalore University.

Date of Appointment :

28.06.2006

DIN No.:

00061599

 

 

Name :

Mr. Anup Sanmukh Shah

Designation :

Director

Address :

129,6th Main, P and T Colony, Sanjay Nagar, Bangalore – 560094, Karnataka, India

Qualification :

Degree in commerce from HR College, Mumbai and a degree in law from Government Law College, Mumbai.

Date of Appointment :

28.06.2006

DIN No.:

00317300

 

 

Name :

Mr. Jagdish Chandra Sharma

Designation :

Managing Director

Address :

B - 2, 291, Sobha Ivory, 7/1, St. Johns Road, Bangalore – 560042, Karnataka, India

Date of Birth/Age :

56 Years

Qualification :

Bachelor of Commerce (Honours) from St. Xavier’s College, Calcutta.

Experience :

30 Years

Date of Appointment :

11.06.2010

DIN No.:

01191608

 

 

Name :

Mr. Ravi PNC Menon

Designation :

Wholetime Director

Address :

Villa No. 1A, Sobha Lotus, Behind Ryan International School, Kundanahalli, Vart Hur Hobli, Bangalore - 560037, Karnataka, India

Qualification :

Degreee in Bachelor of Science in Civil Engineering from Purdue University, USA

Date of Appointment :

08.06.2004

DIN No.:

02070036

 

 

Name :

Mr. Punita Kumar Sinha

Designation :

Director

Address :

51 Gate House Road, Newton Ma Massachusetts - 024671320 US

Date of Appointment :

15.07.2015

DIN No.:

05229262

 

 

KEY EXECUTIVES

 

Name :

Mr. Subhash Mohan Bhat

Designation :

Chief Finance Officer

Address :

Sri Ram Nilaya, 1405, 11th Cross, 21st Main, HSR Layout, Sector 1, Bangalore -  560102, Karnataka, India

Date of Appointment :

16.02.2015

PAN No.:

AAAPB6132G

 

 

Name :

Mr. Vighneshwar G Bhat

Designation :

Company Secretary and Compliance officer

Date of Appointment :

10.09.2016

PAN No.:

AICPB2229G

 

 

Audit Committee :
  • Mr. R V S Rao – Chairman
  • Mr. M Damodaran – Member
  • Mr. Anup Shah – Member
  • Mr. J C Sharma – Member

 

 

Stakeholders Relationship Committee
  • Dr. S K Gupta – Chairman
  • Mr. Ravi PNC Menon- Member
  • Mr. J C Sharma – Member

 

 

Nomination, Remuneration and Governance Committee :
  • Mr. Anup Shah - Chairman
  • Dr. S K Gupta - Member
  • Mr. R V S Rao - Member
  • Mr. Ravi PNC Menon - Member

 

 

Risk Management Committee:
  • Mr. Anup Shah - Chairman
  • Mr. Ravi PNC Menon- Member
  • Mr. J C Sharma - Member

 

 

Corporate Social Responsibility Committee :
  • Mr. Anup Shah - Chairman
  • Mr. J C Sharma - Member
  • Mr. P Ramakrishnan - Member

 

 

MAJOR SHAREHOLDERS

 

As on 31.12.2017

 

Category of shareholder

Total nos. shares held

Shareholding as a % of total no. of shares (calculated as per SCRR, 1957)As a % of

(A) Promoter & Promoter Group

53054683

55.94

(B) Public

41791170

44.06

Grand Total

94845853

100.00

 

 

STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PROMOTER AND PROMOTER GROUP

 

Category of shareholder

Total nos. 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

45000

0.05

P N Haridas

45000

0.05

Sub Total A1

45000

0.05

A2) Foreign

0.00

Individuals (Nonresident Individuals/ Foreign Individuals)

53009683

55.89

Sobha Menon

35626420

37.56

Pnc Menon

17350313

18.29

Ravi Pnc Menon

32950

0.03

Sub Total A2

53009683

55.89

A=A1+A2

53054683

55.94

 

STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PUBLIC SHAREHOLDER

 

Category & Name of the Shareholders

Total no. shares held

Shareholding % calculated as per SCRR, 1957 As a % of

B1) Institutions

0.00

Mutual Funds/

9544613

10.06

Franklin Templeton Mutual Fund A/C Franklin Build India Fund (Fbif)

6615143

6.97

L And T Mutual Fund Trustee Ltd-L And T Monthly Income Plan

1537870

1.62

Icici Prudential Balanced Advantage Fund

1332185

1.40

Foreign Portfolio Investors

27725862

29.23

Nordea 1 Sicav - Emerging Markets Focus Equity Fund

6891027

7.27

Adawi Investments (Holdings) Ltd

4160000

4.39

Schroder International Selection Fund Emerging Asia

2493027

2.63

Financial Institutions/ Banks

565090

0.60

Insurance Companies

53272

0.06

Sub Total B1

37888837

39.95

B2) Central Government/ State Government(s)/ President of India

0.00

Central Government/ State Government(s)/ President of India

2470

0.00

Sub Total B2

2470

0.00

B3) Non-Institutions

0.00

Individual share capital upto INR 0.200 Million

2250497

2.37

Individual share capital in excess INR 0.200 Million

228017

0.24

Any Other (specify)

1421349

1.50

Trusts

479

0.00

HUF

76817

0.08

NRI – Non- Repat

43056

0.05

Director or Director's Relatives

19315

0.02

Employees

17576

0.02

Overseas corporate bodies

11

0.00

Clearing Members

308731

0.33

Bodies Corporate

803039

0.85

NRI – Repat

152325

0.16

Sub Total B3

3899863

4.11

B=B1+B2+B3

41791170

44.06

 

 

BUSINESS DETAILS

 

Line of Business :

·         Subject is engaged in the business of construction, development, sale, management and operation of all or any part of townships, housing projects, commercial premises and other related activities.

 

  • The Company is also engaged in manufacturing activities related to interiors, glazing and metal works and concrete products which also provides backward integration to SL’s turnkey projects (Registered Activity)

 

 

Products / Services :

NIC Code No.

Products/Services Description

410 - Construction of buildings

Development and construction of properties

 

 

Brand Names :

Not Divulged

 

 

Agencies Held :

Not Divulged

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

PRODUCTION STATUS – (NOT AVAILABLE)

 

 

GENERAL INFORMATION

 

Suppliers :

 

Reference :

Not Divulged

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark:

--

 

 

Customers :

 

Reference :

Not Divulged

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark:

--

 

 

No. of Employees :

2698 (Approximately)

 

 

Bankers :

Banker Name :

The Catholic Syrian Bank Limited

Branch :

Head Office, "Csb Bhavan", Post Box No.502, St. Mary's College Road, Thrissur -680020, Kerala, India

Person Name (With Designation) :

--

Contact Number :

--

Name of Account Holder :

--

Account Number :

--

Account Since (Date/Year of Account Opening) :

--

Average Balance Maintained :

--

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

--

Account Operation :

--

Remark :

--

 

  • Aditya Birla Finance Limited
  • Andhra Bank
  • Axis Bank
  • Bank of India
  • DCB Bank Limited
  • Dhanlaxmi Bank
  • HDFC Limited
  • ICICI Bank
  • IDBI Bank Limited
  • Karur Vysya Bank Limited
  • Oriental Bank of Commerce
  • PNB Housing Finance Limited
  • South Indian Bank Limited
  • Standard Chartered Bank
  • State Bank of Hyderabad
  • State Bank of India
  • Syndicate Bank
  • Tata Capital Financial Services Limited
  • Tata Capital Housing Finance Limited
  • Union Bank of India

 

 

Facilities :

Secured Loan

31.03.2017

(INR in Million)

31.03.2016

(INR in Million)

Long-term Borrowings

 

 

Secured debentures (A)

32500 (March 31, 2016 - 32500; April 1, 2015 - Nil) redeemable non-convertible debentures of INR 0.10 million each

3183.620

3153.300

 

 

 

Term loans from banks

673.210

492.680

Term loans from financial institutions

246.650

733.420

Equipment loans

0.190

0.190

Total (B)

920.05

1226.290

Less: other current financial liabilities

(424.340)

(449.870)

Total (C)

495.710

776.420

Short-term borrowings

 

 

Term loans from banks

10764.170

9614.180

Term loans from financial institutions

4036.990

5161.330

Cash credit from banks

2060.630

339.990

Total (D)

16861.790

15115.500

Grand Total (A+C+D)

3848.120

19045.220

 

 

Auditors :

 

Name :

S.R. Batliboi and Associates LLP

Chartered Accountants

Address :

UB City, Canberra Block 12th and 13th Floor No.24, Vittal Mallya Road Bangalore - 560 001, Karnataka, India

Tel. No.:

91-80-67275000

Fax No.:

91-80-22106000

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Associates/Subsidiaries :

Direct Subsidiaries

 

  • Sobha City
  • Sobha Highrise Ventures Private Limited
  • Sobha Developers (Pune) Limited
  • Sobha Assets Private Limited
  • Sobha Tambaram Developers Limited
  • Sobha Nandambakkam Developers Limited

 

Subsidiaries of Sobha City :

 

  • Vayaloor Properties Private Limited
  • Vayaloor Builders Private Limited
  • Vayaloor Developers Private Limited
  • Vayaloor Real Estate Private Limited
  • Vayaloor Realtors Private Limited
  • Valasai Vettikadu Realtors Private Limited

 

 

Joint Venture :
  • Sobha Highrise Ventures Private Limited [upto January 30, 2017]

 

 

Other Related Parties [Enterprise owned or significantly influenced by key management personnel] :
  • Al Barakah Financial Services Limited
  • Allapuzha Fine Real Estate Private Limited
  • Architectural Metal Works FZCO
  • Bikasa Properties Private Limited
  • Bikasa Realtors Private Limited
  • Chikmangaloor Realtors Private Limited
  • Chikmangaloor Properties Private Limited
  • Cochin Cyber City Private Limited
  • Cochin Cyber Golden Properties Private Limited
  • Cochin Cyber Value Added Properties Private Limited
  • Cochin Super City Developers Private Limited
  • Daram Cyber Developers Private Limited
  • Daram Cyber Properties Private Limited
  • Daram Land Real Estate Private Limited
  • Divyakaushal Properties LLP
  • Greater Cochin Cyber City Private Limited
  • Greater Cochin Developers Private Limited
  • Greater Cochin Properties Private Limited
  • Greater Cochin Realtors Private Limited
  • HBR Consultants Private Limited
  • Hill and Menon Securities Private Limited
  • Kilai Builders Private Limited
  • Kilai Properties Private Limited
  • Kilai Super Developers Private Limited
  • Kuthavakkam Developers Private Limited
  • Kuthavakkam Properties Private Limited
  • Mannur Real Estate Private Limited
  • Mapedu Realtors Private Limited
  • Mapedu Real Estates Private Limited
  • Moolamcode Traders Private Limited
  • Oman Builders Private Limited
  • Padmalochana Enterprises Private Limited
  • Pallavur Projects Private Limited
  • Perambakkam Builders Private Limited
  • PNC Technologies Private Limited
  • Punkunnam Builders and Developers Private Limited
  • Puzhakkal Developers Private Limited
  • Red Lotus Realtors Private Limited
  • Royal Interiors Private Limited
  • Rusoh Fine Builders Private Limited
  • Rusoh Marina Properties Private Limited
  • Rusoh Modern Properties Private Limited
  • SBG Housing Private Limited
  • Sengadu Builders Private Limited
  • Sengadu Developers Private Limited
  • Sengadu Properties Private Limited
  • Services and Trading Co. LLC
  • Sobha Aviation and Engineering Services Private Limited
  • Sobha Contracting LLC, Dubai
  • Sobha Engineering and Contracting LLC, Dubai
  • Sobha Electro Mechanical Private Limited
  • Sobha Glazing & Metal Works Private Limited
  • Sobha Innercity Technopolis Private Limited
  • Sobha Interiors Private Limited
  • Sobha Jewellery Private Limited
  • Sobha Maple Tree Developers Private Limited
  • Sobha Nandambakkam Developers Limited [upto March 15, 2015]
  • Sobha Projects & Trade Private Limited
  • Sobha Puravankara Aviation Private Limited
  • Sobha Renaissance Information Technology Private Limited
  • Sobha Space Private Limited
  • Sobha Technocity Private Limited
  • Sobha Tambaram Developers Limited [upto March 15, 2015]
  • Sobha Ventures Limited
  • Sri Durga Devi Property Management Private Limited
  • Sri Kanakadurga Property Developers Private Limited
  • Sri Kurumba Trust
  • Sri Parvathy Land Developers Private Limited
  • Sunbeam Projects Private Limited
  • Technobuild Developers Private Limited
  • Thakazhi Developers Private Limited
  • Thakazhi Realtors Private Limited
  • Tirur Cyber Real Estates Private Limited

 

 

CAPITAL STRUCTURE

 

As on 31.03.2017

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

150000000

Equity Shares

INR 10/- each

INR 1500.000 Million

5000000

7% Redeemable Preference Shares

INR 100/- each

INR 500.000  Million

 

 

 

INR 2000.000 Million

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

96304676

Equity Shares

INR 10/- each

INR 963.050 Million

 

 

 

 

 

(a)   Reconciliation of the shares outstanding at the beginning and end of the reporting year

 

Particulars

 

31-March-2017

Equity shares

No of Shares

INR In Million

At the beginning of the year

98063868

980.640

Issued during the year -

-

--

Shares bought back during the year

(1759192)

(17.590)

Outstanding at the end of the year

96304676

963.050

 

 

(b) Terms/ rights attached to equity shares

 

The Company has only one class of equity shares having a par value of INR 10 per share.

 

Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividend in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in ensuing Annual General Meeting.

 

In event of liquidation of the Company, the holders of equity shares would be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

 

(b)   Details of shareholders holding more than 5% shares in the Company

 

Name of shareholders

 

31-March 2017

Equity shares of INR 10 each fully paid up

No of Shares in Million

Holding Percentage

Mrs. Sobha Menon

40.35

41.89%

Mr. P.N.C. Menon

17.58

18.26%

Platinum Asia Fund

6.77

7.03%

Nordea 1 Sicav - Emerging Stars Equity Fund

4.40

4.57%

 

Note : As per records of the Company, including its register of shareholders/ members and other declaration received from shareholders regarding beneficial interest, the above shareholding represent both legal and beneficial ownership of shares.

 

 

 

 

 

 

FINANCIAL DATA

[all figures are 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

963.050

980.640

980.640

(b) Reserves & Surplus

24182.630

23573.780

22477.700

(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

25145.680

24554.420

23458.340

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

3679.330

4771.130

1956.800

(b) Deferred tax liabilities (Net)

2231.670

2250.000

1576.020

(c) Other long term liabilities

1.520

101.720

177.620

(d) long-term provisions

161.370

147.470

46.960

Total Non-current Liabilities

6073.890

7270.320

3757.400

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

17715.820

15915.200

16146.540

(b) Trade payables

7716.610

3148.370

4874.810

(c) Other current liabilities

30624.760

110.060

9033.620

(d) Short-term provisions

110.880

28603.030

1408.770

Total Current Liabilities

56168.070

47776.660

31463.740

 

 

 

 

TOTAL

87387.640

79601.400

58679.480

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

3166.260

3718.600

3058.770

(ii) Intangible Assets

1.920

4.630

12.920

(iii) Capital work-in-progress

799.060

454.300

524.450

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

3907.970

3569.570

2486.240

(c) Deferred tax assets (net)

4201.570

62.960

0.000

(d)  Long-term Loan and Advances

0.000

0.000

4399.460

(e) Other Non-current assets

665.140

4911.500

108.230

Total Non-Current Assets

12741.920

12721.560

10590.070

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

48551.840

40911.400

22834.150

(c) Trade receivables

1952.670

2438.320

2068.370

(d) Cash and cash equivalents

1161.970

1135.030

1195.410

(e) Short-term loans and advances

0.000

0.000

17898.750

(f) Other current assets

22979.240

22395.090

4092.730

Total Current Assets

74645.720

66879.840

48089.410

 

 

 

 

TOTAL

87387.640

79601.400

58679.480

 

 

PROFIT & LOSS ACCOUNT (STANDALONE)

 

 

PARTICULARS

31.03.2017

31.03.2016

31.03.2015

 

SALES

 

 

 

 

Income

21920.380

19206.600

23823.800

 

Other Income

27.890

62.330

192.670

 

Finance Income

325.450

252.470

0.000

 

TOTAL

22273.720

19521.400

24016.470

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Land purchase cost

7129.360

6094.110

1560.6

 

Cost of Materials Consumed

1980.420

1605.450

1881.760

 

Purchases of Stock-in-Trade

5462.050

3745.250

6327.290

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

(7526.820)

(6505.540)

(2385.850)

 

Employees benefits expense

1779.350

1761.830

1977.270

 

Other expenses

3101.970

3027.590

2834.750

 

excise duty on sale

170.850

133.570

0.000

 

Subcontractor and other charges

5848.490

5233.050

6615.37

 

TOTAL

17945.670

15095.310

18811.190

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

4328.050

4426.090

5205.280

 

 

 

 

 

Less

FINANCIAL EXPENSES

1478.620

1529.220

1522.860

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

2849.430

2896.870

3682.420

 

 

 

 

 

Less

DEPRECIATION/ AMORTISATION

599.880

585.840

688.600

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

2249.550

2311.030

2993.820

 

 

 

 

 

Less

TAX

847.410

1063.360

1002.970

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

1402.140

1247.670

1990.850

 

 

 

 

 

 

IMPORTS

 

 

 

 

Raw Materials

 0.000

255.100

333.990

 

Capital Goods

 0.000

574.670

144.810

 

TOTAL IMPORTS

0.000

829.770

478.800

 

 

 

 

 

 

Earnings / (Loss) Per Share (INR)

14.470

12.730

20.300

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2017

31.03.2016

31.03.2015

Current Maturities of Long term debt

424.340

824.870

441.150

Cash generated from operations

4094.910

2365.530

(2785.170)

Net cash flows from (used in) operations

3520.250

1917.750

(3381.990)

 

 

QUARTERLY RESULTS

 

Particulars

 

 

(Unaudited)

Quarter Ended 30.06.2017

(Unaudited)

Quarter Ended 30.09.2017

 

 

1ST Quarter

2ND Quarter

Net Sales

 

6407.000

6080.000

Total Expenditure

 

5265.000

4882.000

PBIDT (Excl OI)

 

1142.000

1198.000

Other Income

 

95.000

108.000

Operating Profit

 

1237.000

1306.000

Interest

 

446.000

511.000

Exceptional Items

 

NA

NA

PBDT

 

791.000

795.000

Depreciation

 

125.000

127.000

Profit Before Tax

 

666.000

668.000

Tax

 

218.000

223.000

Provisions and contingencies

 

NA

NA

Profit After Tax

 

448.000

445.000

Extraordinary Items

 

NA

NA

Prior Period Expenses

 

NA

NA

Other Adjustments

 

NA

NA

Net Profit

 

448.000

445.000

 

 

KEY RATIOS

 

EFFICIENCY RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Average Collection Days

(Sundry Debtors / Income * 365 Days)

32.51

46.34

31.69

 

 

 

 

Account Receivables Turnover

(Income / Sundry Debtors)

11.23

7.88

11.52

 

 

 

 

Average Payment Days

(Sundry Creditors / Purchases * 365 Days)

378.44

214.77

216.75

 

 

 

 

Inventory Turnover

(Operating Income / Inventories)

0.09

0.11

0.23

 

 

 

 

Asset Turnover

(Operating Income / Net Fixed Assets)

1.09

1.06

1.45

 

LEVERAGE RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Debt Ratio

((Borrowing + Current Liabilities) / Total Assets)

0.69

0.67

0.58

 

 

 

 

Debt Equity Ratio

(Total Liability / Networth)

0.87

0.88

0.79

 

 

 

 

Current Liabilities to Networth

(Current Liabilities / Net Worth)

2.23

1.95

1.34

 

 

 

 

Fixed Assets to Networth

(Net Fixed Assets / Networth)

0.16

0.17

0.15

 

 

 

 

Interest Coverage Ratio

(PBIT / Financial Charges)

2.93

2.89

3.42

 

PROFITABILITY RATIOS

 

PARTICULARS

 

 

31.03.2017

31.03.2016

31.03.2015

Net Profit Margin

((PAT / Sales) * 100)

%

6.40

6.50

8.36

 

 

 

 

 

Return on Total Assets

((PAT / Total Assets) * 100)

%

1.60

1.57

3.39

 

 

 

 

 

Return on Investment (ROI)

((PAT / Networth) * 100)

%

5.58

5.08

8.49

 

SOLVENCY RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Current Ratio

(Current Assets / Current Liabilities)

1.33

1.40

1.53

 

 

 

 

Quick Ratio

((Current Assets – Inventories) / Current Liabilities)

0.46

0.54

0.80

 

 

 

 

G-Score Ratio Financial

(Networth / Total Assets)

0.29

0.31

0.40

 

 

 

 

G-Score Ratio Debt

(Debts / Equity Capital)

22.66

21.94

18.91

 

 

 

 

G-Score Ratio Liquidity

(Total Current Assets / Total Current Liabilities)

1.33

1.40

1.53

 

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

 

STOCK PRICES

 

Face Value

INR 10.00/-

Market

INR 572.45/-

 

 

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

980.640

980.640

963.050

Reserves & Surplus

22477.700

23573.780

24182.630

Money received against share warrants

0.000

0.000

0.000

 Share Application money pending allotment

0.000

0.000

0.000

Net worth

23458.340

24554.420

25145.680

 

 

 

 

long-term borrowings

1956.800

4771.130

3679.330

Short term borrowings

16146.540

15915.200

17715.820

Current maturities of long-term debts

441.150

824.870

424.340

Total borrowings

18544.490

21511.200

21819.490

Debt/Equity ratio

0.791

0.876

0.868

 

 

 

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

23823.800

19206.600

21920.380

 

 

(19.381)

14.129

 

 

 

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

23823.800

19206.600

21920.380

Profit

1990.850

1247.670

1402.140

 

8.36%

6.50%

6.40%

 

 

 

ABRIDGED BALANCE SHEET (CONSOLIDATED)

 

SOURCES OF FUNDS

 

31.03.2017

31.03.2016

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

 

963.050

980.640

(b) Reserves & Surplus

 

25481.730

24667.490

(c) Money received against share warrants

 

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

 

0.000

0.000

Total Shareholders’ Funds

 

26444.780

25648.130

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

 

4423.330

4771.130

(b) Deferred tax liabilities (Net)

 

2283.450

2273.680

(c) Other long term liabilities

 

1.520

101.720

(d) long-term provisions

 

161.370

147.470

Total Non-current Liabilities

 

6869.670

7294.000

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

 

17371.820

16206.870

(b) Trade payables

 

7693.290

3182.440

(c) Other current liabilities

 

30408.560

28245.780

(d) Short-term provisions

 

142.260

110.060

Total Current Liabilities

 

55615.930

47745.150

 

 

 

 

TOTAL

 

88930.380

80687.280

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

 

3171.530

3724.650

(ii) Intangible Assets

 

1.920

4.630

(iii) Capital work-in-progress

 

799.060

454.300

(iv) Intangible assets under development

 

0.000

0.000

(b) Non-current Investments

 

0.180

293.830

(c) Deferred tax assets (net)

 

0.000

62.960

(d)  Long-term Loan and Advances

 

0.000

0.000

(e) Other Non-current assets

 

6839.450

6885.320

Total Non-Current Assets

 

10812.140

11425.690

 

 

 

 

(2) Current assets

 

0.000

 

(a) Current investments

 

0.000

0.000

(b) Inventories

 

50959.930

42648.940

(c) Trade receivables

 

2266.780

2521.690

(d) Cash and cash equivalents

 

1468.250

1185.430

(e) Short-term loans and advances

 

0.000

0.000

(f) Other current assets

 

23423.280

22905.530

Total Current Assets

 

78118.240

69261.590

 

 

 

 

TOTAL

 

88930.380

80687.280

 

 

PROFIT & LOSS ACCOUNT (CONSOLIDATED)

 

 

PARTICULARS

 

31.03.2017

31.03.2016

 

SALES

 

 

 

 

Income

 

22461.420

19565.550

 

Other Income

 

57.650

88.570

 

Finance Income

 

328.450

254.260

 

TOTAL

 

22847.520

19908.380

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Land purchase cost

 

7129.510

6094.110

 

Cost of Materials Consumed

 

1980.420

1605.450

 

Purchases of Stock-in-Trade

 

5462.050

3745.250

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

 

-7440.250

-6309.310

 

Employees benefits expense

 

1779.350

1761.830

 

Other expenses

 

3293.970

3131.490

 

excise duty on sale

 

170.850

133.570

 

Subcontractor and other charges

 

5888.190

4973.910

 

TOTAL

 

18264.090

15136.300

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

 

4583.430

4772.080

 

 

 

 

 

Less

FINANCIAL EXPENSES

 

1496.700

1636.570

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

 

3086.730

3135.510

 

 

 

 

 

Less

DEPRECIATION/ AMORTISATION

 

638.230

596.890

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE share of profit / (loss) joint venture and tax

 

2448.500

2538.620

 

 

 

 

 

 Add

Share of profit / (loss) joint venture

 

129.250

30.290

 

 

 

 

 

 

Profit before tax

 

2577.750

2568.910

 

 

 

 

 

Less

TAX

 

970.220

1188.260

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

 

1607.530

1380.650

 

 

 

 

 

 

Earnings / (Loss) Per Share (INR)

 

16.590

14.080

 

 

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

Yes

5]

Buyer visit details

--

6]

Contact numbers

Yes

7]

Name of the person contacted

Yes

8]

Designation of contact person

Yes

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

No

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 was incorporated on August 07, 1995. SL is a leading real estate developer engaged in the business of construction, development, sale, management and operation of all or any part of townships, housing projects, commercial premises and other related activities. The Company is also engaged in manufacturing activities related to interiors, glazing and metal works and concrete products which also provides backward integration to SL’s turnkey projects.

 

The Company is a public limited Company domiciled in India and incorporated under the provisions of the Indian Companies Act. The registered office is located at Bangalore. Its shares are listed on Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).

 

The standalone financial statements are approved for issue by the Company’s Board of Directors on May 16, 2017.

 

BUSINESS AND OPERATIONS

 

  1. Business Overview

The Company is operating in the following two segments.

• Construction and development of residential and commercial projects

• Contractual projects

 

A summary of completed and ongoing projects as on March 31, 2017 has been detailed in the Management Discussion and Analysis Report titled Management Report forming part of the Annual Report

 

  1. Financial Overview

 

Standalone During the financial year 2016-17, the Company on a standalone basis, earned total revenues of ` 22,273.72 million as compared to ` 19,521.40 million in the previous year, an increase of 14.10 percent y-o-y. The Profit before Tax was ` 2,249.55 million as against ` 2,311.03 million during the year (decreased by 2.66 percent) and Profit after Tax was ` 1,402.14 million as against ` 1,247.67 i.e. increased by 12.38 percent.

 

  1. Operational Overview

 

Completed Projects

 

During the year, the Company executed and handed over seven real estate projects covering 3.21 Million Square Feet of developable area and 10 contractual projects covering an area of 1.88 million square feet resulting in an aggregate development of 5.09 million square feet.

 

The Company has completed 118 real estate projects and 288 contractual projects covering about 86.73 million square feet of area since its inception.

 

Ongoing Projects

 

The Company currently has 37 ongoing residential projects aggregating 40.55 million square feet of developable area. It has 30 ongoing contractual projects aggregating 8.81 million square feet under various stages of construction.

 

The Company has a geographic presence in 26 cities and 13 states across India.

 

MARKETS AND OPERATING ENVIRONMENT

 

Macroeconomic Overview

 

Financial year 2016-17 has witnessed many ups and downs in the Indian economy. With an annual growth of 7.1 percent during the year, the Indian economy is one of the resilient and among the fastest growing economies in the world. The nation will continue to benefit from low global commodity prices which have helped rein in inflation and encouraged consumer spending. Focus on urbanisation, smart city programmes, improvement in infrastructure along with implementation of policy reforms to iron out regulatory issues and approval related functions need to be prioritised by the government. This will encourage private sector investments, creating the right platform for utilising the country’s demographic potential and laying the foundations for GDP growth.

 

Sector Overview

 

The Parliament has approved the Real Estate (Regulation and Development) Act, 2016 which is bound to have a huge transformational impact on the real estate sector. Goods and Service Tax is another significant reform which will subsume all indirect taxes and pave the way for a single market across India. The real estate sector should see some benefits on absorbed costs like those on cement, steel and other building materials.

 

Demonetization in the third quarter lapped out 86% of the cash from the public circulation. This had profound impact on the economy, especially in the real estate sector. The performance of the sector during the year bears testimony to the same.

 

The Union Budget has put special emphasis on the affordable housing segment. Infrastructure status for this segment will certainly help real estate entities with flawless governance practices to raise funds at substantially better interest rates. Practical amendments for availing Income tax benefits on higher Carpet area in the Union Budget for the affordable housing segment is a welcome step. The credit linked subsidy scheme for first-time homebuyers under the Pradhan Mantri Awas Yojana (PMAY) should push real estate demand in the midincome group.

 

UNSECURED LOAN

 

PARTICULARS

31.03.2017

(INR in Million)

31.03.2016

(INR in Million)

Long-term Borrowings

 

 

Term loans from financial institutions

0.000

1216.410

Less: other current financial liabilities

0.000

(375.000)

Total(A)

0.000

841.410

Short-term borrowings

 

 

Term loans from banks

110.030

799.700

Loan and advances from related parties repayable on demand

744.000

0.00

Total (B)

854.030

799.700

GRAND TOTAL (A+B)

854.030

1641.110

 

 

INDEX OF CHARGES

 

SNo

SRN

Charge Id

Charge Holder Name

Date of Creation

Amount

Address

1

G72828387

100144757

THE CATHOLIC SYRIAN BANK LTD

03/01/2018

500000000.0

HEAD OFFICE, "CSB BHAVAN", POST BOX NO.502, ST. MARY'S COLLEGE ROAD, THRISSUR- 680020IN

2

G59643858

100130645

BANK OF BARODA

19/10/2017

1500000000.0

NITESH LEXINGTON AVENUE,1ST FLOOR, NO. 72, BRIGADE ROAD, BANGALORE

3

G54352828

100124636

UNIVERSAL TRUSTEESHIP SERVICES LIMITED

27/09/2017

1100000000.0

D-214, KANAKIA ZILLION, L.B.S MARG, KURLA BEST BUS DEPOT, BKC ANNEXE, KURLA (WEST), MUMBAI-682313IN

4

G48461305

100109890

THE KARUR VYSYA BANK LIMITED

27/06/2017

1000000000.0

NO 230/2, 15TH CROSS, SAMPIGE ROAD, MALLESWARAM BANGALORE -560003IN

5

G49031685

100111638

LAKSHMI VILAS BANK LIMITED

22/06/2017

2300000000.0

SHOP NO.460/20, 38TH CROSS ROAD, 8TH B MAIN ROAD, JAYANAGAR, BANGALORE-560011IN

6

G40169476

100087905

KARUR VYSYA BANK LIMITED

30/03/2017

500000000.0

NO 230/2, 15TH CROSS, SAMPIGE ROAD, MALLESWARAM BANGALORE -560003IN

7

G39232319

100085607

UNIVERSAL TRUSTEESHIP SERVICES LIMITED

24/03/2017

1000000000.0

A-902 MARATHON FUTUREX, N. M. JOSHI MARG, LOWER PAREL MUMBAI 400013.MUMBAI MA400013IN

8

G38935177

100084883

IDBI TRUSTEESHIP SERVICES LIMITED

02/03/2017

3200000000.0

ASIAN BUILDING, GROUND FLOOR, 17. R. KAMANI MARG, BALLARD ESTATE, BALLARD ESTATE-400001IN

9

G33466541

100072318

DCB BANK LIMITED

26/12/2016

600000000.0

601 & 602, PENINSULA BUSINESS PARK, 6TH FLOOR,TOWER A, SENAPATI BAPAT MARG, LOWER PAREL,MUMBAIMA400013IN

10

G33466616

100072321

TATA CAPITAL FINANCIAL SERVICES LIMITED

26/12/2016

250000000.0

ONE FORBES, DR V B GANDHI MARG, FORT, MUMBAI - 400001IN

 

 

CONTINGENT LIABILITIES:

 

(INR in million)

PARTICULARS

31.03.2017

31.03.2016

i Guarantees given by the Company

2887.870

2753.000

ii Income tax matters in dispute

1449.010

1250.900

iii Sales tax matters in dispute

804.440

618.220

iv Service tax matters in dispute

2303.240

2303.240

v Excise duty matters in dispute

10.750

6.670

 

Note : The Company does not expect any reimbursement in respect of the above contingent liability and it is not practicable to estimate the timings of the cash outflows, if any, in respect of matters above pending resolution of the arbitration/ appellate proceedings and it is not probable that an outflow of resources will be required to settle the above obligations/claims.

 

Other litigations

 

(a) Claims have been levied on the Company by Bruhat Bengaluru Mahanagara Palike ('BBMP') towards certain statutory charges which includes betterment charges, ground rent charges, etc. on certain real estate projects undertaken by the Company, the impact of which is not quantifiable. These claims are pending with various courts and are scheduled for hearings. Based on internal assessment, the management is confident that the matter would be decided in its favour, accordingly no provisions has made in this regard.

 

(b) The Company is subject to legal proceedings and claims, which have arisen in the ordinary course of business, including certain litigation for lands acquired by it for construction purposes, either through joint development agreements or through outright purchases, the impact of which is not quantifiable. These cases are pending with various courts and are scheduled for hearings. After considering the circumstances and legal advice received, management believes that these cases will not adversely effect its financial statements. Service tax matters in dispute includes demands raised for joint development agreements, the tax impact of which for future years is not ascertainable. The Company has evaluated such arrangements for tax compliance and based on experts opinion, the management is of the view that the tax positions are appropriate.

 

STATEMENT OF UNAUDITED FINANCIAL RESULT FOR THE QUARTER ENDED AND SIX MONTH ENDED ON 30.09.2017

 

Particulars

Quarter ended

Quarter ended

Six Month ended

 

30.09.2017

30.06.2017

30.09.2017

INCOME FROM OPERATIONS

 

 

 

Net Sales

6080.000

6407.000

12487.000

Other Income

28.000

13.000

41.000

Finance Income

80.000

87.000

167.000

Total Revenue

6188.000

6507.000

12695.000

 

 

 

 

EXPENSES

 

 

 

Land Purchase cost

64.000

8.000

72.000

Cost of materials consumed

596.000

633.000

1229.000

Purchase of Stock in Trade

1555.000

1601.000

3156.000

Changes in inventories of finished goods and work-in-progress

(13.000)

(63.000)

(76.000)

Excise duty on sale of goods

0.000

40.000

40.000

Subcontractor and other charges

1462.000

1532.000

2994.000

Employee benefits expense

495.000

491.000

986.000

Finance Costs

511.000

446.000

957.000

Depreciation and Amortization expenses

127.000

125.000

252.000

Other Expenditure

723.000

1028.000

1751.000

Total Expenses

5520.000

5841.000

11361.000

 

 

 

 

Profit before exceptional items and tax

668.000

666.000

1334.000

Exceptional  Items

--

--

--

Profit before tax

668.000

666.000

1334.000

Tax Expenses

 

 

 

Current Tax

118.000

132.000

250.000

Deferred Tax

213.000

86.000

299.000

MAT credit entitlement

(108.000)

--

(108.000)

Total Tax Expenses

223.000

218.000

441.000

 

 

 

 

Profit/(Loss) for the period

445.000

448.000

893.000

 

 

 

 

Other Comprehensive Income for the period

 

 

 

a)     Re-measurement gains on defined benefit plan

(1.000)

(7.000)

(8.000)

Total Comprehensive Income for the period

(1.000)

(7.000)

(8.000)

Total Comprehensive Income for the period [Comprising Profit for the period (after tax) and other Comprehensive Income (After tax)]

444.000

441.000

885.000

Paid-up equity share capital

963.000

963.000

963.000

Paid up debt capital

2506.000

3000.000

2506.000

Debenture redemption reserve

378.000

446.000

378.000

Earnings Per Share

 

 

 

Basic

4.62

4.65

9.27

Diluted

4.62

4.65

9.27

Debt Equity ration

0.96

0.84

0.96

Debt service coverage ratio

0.29

0.31

0.29

Interest service coverage ratio

2.39

2.49

2.39

 

STATEMENT OF UNAUDITED STANDALONE ASSETS AND LIABILITIES AS ON 30.09.2017

 

SOURCES OF FUNDS

 

 

30.09.2017 

 

 

Unaudited 

I.              EQUITY AND LIABILITIES

 

 

 

(1) Shareholders' Funds

 

 

 

(a) Share Capital

 

 

963.000

(b) Reserves & Surplus

 

 

24777.000

(c) Money received against share warrants

 

 

0.000

 

 

 

 

(d) Share Application Money Pending Allotment

 

 

0.000

Total Shareholders’ Funds

 

 

25740.000

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

 

 

2888.000

(b) Deferred tax liabilities (Net)

 

 

2531.000

(c) Other long term liabilities

 

 

2.000

(d) long-term provisions

 

 

172.000

Total Non-current Liabilities

 

 

5593.000

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

 

 

21479.000

(b) Trade payables

 

 

6418.000

(c) Other current liabilities

 

 

32004.000

(d) Short-term provisions

 

 

126.000

Total Current Liabilities

 

 

60027.000

 

 

 

 

TOTAL

 

 

91360.000

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

 

 

2946.000

(ii) Intangible Assets

 

 

2.000

(iii) Capital work-in-progress

 

 

904.000

(iv) Intangible assets under development

 

 

0.000

(b) Non-current Investments

 

 

5075.000

(c) Deferred tax assets (net)

 

 

0.000

(d) Long-term Loan and Advances

 

 

0.000

(e) Other Non-current assets

 

 

4778.000

Total Non-Current Assets

 

 

13705.000

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

 

 

0.000

(b) Inventories

 

 

48692.000

(c) Trade receivables

 

 

2716.000

(d) Cash and cash equivalents

 

 

1510.000

(e) Short-term loans and advances

 

 

0.000

(f) Other current assets

 

 

24737.000

Total Current Assets

 

 

77655.000

 

 

 

 

TOTAL

 

 

91360.000

 

 

SEGMENT WISE REVENUE, RESULTS AND SEGMENT ASSETS AND SEGMENT LIABILITIES FOR THE QUARTER ENDED AND HALF YEAR ENDED AS ON 30TH SEPTEMBER 2017.

 

Particulars

Quarter Ended

30.09.2017

Quarter Ended

30.06.2017

Half Year Ended

( Unaudited)

 

 

 

30.09.2017

Segment revenue

 

 

 

Real Estate 

4468

4378

8846

Contractual and Manufacturing 

1836

2325

4161

Total

6304

6703

13007

Less: Inter segment revenues

(287)

(364)

(651)

Less: Other operating Income

63

68

131

Net Income from operations

6080

6407

12487

 

 

 

 

Segment results

 

 

 

Real Estate 

1261

1084

2345

Contractual and Manufacturing 

195

322

517

Profit/(Loss) before other adjustment

1456

1406

2862

Less:

 

 

 

Less: Finance cost

(510)

(446)

(956)

Less: Other un – allocable expenditure

(447)

(462)

(909)

Add: Share of profits / (losses) in a subsidiary partnership firm

62

48

130

Add: Other Income

107

100

207

Profit before tax

668

646

1334

 

 

 

 

Segment Assets 

 

 

 

Real Estate 

75846

75402

75846

Contractual and Manufacturing 

4357

4114

4357

Unallocated capital

11157

8179

11157

Total Assets

91360

87695

91360

 

 

 

 

Segment Liabilities  

 

 

 

Real Estate 

31338

33388

31338

Contractual and Manufacturing 

4720

2724

4720

Unallocated capital

29561

26296

29561

Total Liabilities  

65619

62408

65619

 

1.     The unaudited standalone financial results for the quarter and six months ended September 30, 2017 have been reviewed by the Audit Committee and taken on record by the Board of Directors of the Company at its meeting held on November 10, 2017. The statutory auditors, 

B S R & Co. LLP have expressed an unqualified review opinion. Amounts for the quarter and six months ended September 30, 2016 and quarter ended June 30, 2017 were reviewed by previous auditors and amounts for the year ended March 31, 2017 were audited by previous auditors - S. R. Batliboi & Associates LLP. The information presented above is prepared in accordance with the Indian Accounting Standards (Ind AS) as prescribed under Section 133 of the Companies Act, 2013 read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and Companies (Indian Accounting Standards) Amendment Rules, 2016. The above quarterly unaudited standalone financial results are filed with Stock Exchanges under Regulation 33 of the SEBI (Listing and Other Disclosure 


Requirements) Regulations, 2015 and are available on the Stock Exchange websites, www.nseindia.com and on the Company's


2. DSCR represents profit before finance cost and exceptional items / finance cost incurred plus principal repayment of loan funds during the period. ISCR represents profit before finance cost and exceptional items / finance cost. 


3. Debt-equity ratio represents debt [non-current borrowings, current borrowings and current maturities of non-current borrowings] / equity [equity share capital plus other equity, including debenture redemption reserve]. 

4. As disclosed in Note 2.2(a) of the Annual Report for the year ended March 31, 2017, for projects executed through joint development arrangements, the revenue from the development and transfer of constructed area in exchange of development rights/ land is being accounted on gross basis on launch of the project. Revenue is measured at the fair value of the estimated construction service rendered to the land owner. 

There is diversity in real estate industry’s practice of presenting gross revenues and corresponding gross costs in such transactions. Over the period of the contract, there is no impact on profits arising from the above accounting treatment. Due to the diversity in practice for presentation of the above, the Company is in the process of consulting with relevant bodies / committee dealing with clarifying matters relating to Ind AS. 

5. The figures of the previous year/ period have been regrouped/ reclassified, wherever necessary.

 

 

FIXED ASSETS

  • Freehold Land
  • Factory buildings
  • Plant and
  • Machinery
  • Scaffolding Items
  • Furniture and fixtures
  • Vehicles
  • Computers
  • Office equipment

 

 

 

 

 

 

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

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

 

1]         INFORMATION ON DESIGNATED PARTY

No 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 64.08

UK Pound

1

INR 91.33

Euro

1

INR 80.03

 

 

INFORMATION DETAILS

 

Information Gathered by :

SHW

 

 

Analysis Done by :

VIV

 

 

Report Prepared by :

TRUP

 

 

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

NO

--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)

 

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

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