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|
MIRA INFORM REPORT
|
Report No. : |
494493 |
|
Report Date : |
26.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
BELLISSIMO CROWN BUILDMART PRIVATE LIMITED (w.e.f 06.04.2017) |
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Formerly Known
As : |
LODHA CROWN BUILDMART PRIVATE LIMITED |
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Registered
Office : |
412, Floor- 4, 17G Vardhaman Chamber, Cawasji Patel Road, Horniman
Circle, Fort, Mumbai-400001 Maharashtra |
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Tel. No.: |
91-22-23024400 |
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Country : |
India |
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Financials (as
on) : |
31.03.2016 |
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Date of
Incorporation : |
22.03.2007 |
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Com. Reg. No.: |
11-169025 |
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Capital
Investment / Paid-up Capital : |
INR 0.900 Million |
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CIN No.: [Company Identification
No.] |
U45202MH2007PTC169025 |
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IEC No.: |
Not Applicable (As informed by the management that firm
does not have export and import) |
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GSTIN: |
Not Divulged |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
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PAN No.: [Permanent Account No.] |
AABCL3059L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged into Construction
and development of real estate and allied activities (Registered
activity) |
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No. of Employees
: |
Information declined by the management |
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 |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Exist |
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Comments : |
Subject is a wholly owned subsidiary of “Lodha Developers Private Limited” which is a part of “Lodha” group, a well-known real estate developer. It was incorporated on 22nd March 2007. The company is a special purpose vehicle (SVP) of Lodha Group to execute “New Cuff Parade” project located in Wadala. As per Registrar of Companies the date of balance sheet (i.e. financial filed) is shown as 31-03-2017 but the documents related to the financial for the year 2017 are not available from any sources. As per available financials of 2016, the company has sharply declined in its revenue from operations but maintained average profitability margin of 3.70%. Rating takes into consideration sound financial profile of the company marked by healthy networth base. Further, the company also derives strength from its strong holding company support, favourable reputation of the “Lodha Group” in the real estate industry along with positive response of customers towards the project with established track record of business operations and market position. However, rating strength is partially offset by high working capital requirements as well as project execution risk and volatile and slowdown in the real estate industry. Trade relations are fair. Payment terms are reported to be slow but correct. In view of aforesaid, the company can be considered for normal 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Brickworks |
|
Rating |
Long term rating = A |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
18.04.2017 |
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 26.02.2018
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 PARTED BY (GENERAL DETAILS)
Management non-cooperative (Tel
No.:91-22-23024400 / 61334743, Mobile No.:91-9930865761)
LOCATIONS
|
Registered Office : |
412, Floor- 4, 17G, Vardhaman Chamber, Cawasji Patel Road, Horniman
Circle, Fort, Mumbai – 400001, Maharashtra, India |
|
Tel. No.: |
91-22-23024400 |
|
Mobile No.: |
91-9167300490 (Mr. Vijay Sadade) |
|
Fax No.: |
91-22-23024550/ 23000693 |
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E-Mail : |
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Website : |
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Location : |
Owned |
|
Locality : |
Commercial |
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|
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|
Head Office : |
Lodha Excelus, Apollo Mills Compound, N.M. Joshi Marg, Mahalaxmi,
Mumbai – 400011, Maharashtra, India |
DIRECTORS
As on 2017
|
Name : |
Mr. Bharatkumar Babulal Jain |
|
Designation : |
Director |
|
Address : |
A-1902, Gurukul Co-Operative Housing Society Limited, J.S. Road, Near Jain Mandir, Dahisar (West), Mumbai-400068, Maharashtra, India |
|
Date of Birth/Age : |
15.02.1979 |
|
Date of Appointment : |
30.09.2016 |
|
PAN No.: |
AHKPJ0352K |
|
DIN No.: |
06705168 |
|
|
|
|
Name : |
Mr. Chirag Bharatkumar Sarvaiya |
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Designation : |
Additional Director |
|
Address : |
D-601, Pushp Classic, Modi Park Iraniwadi No.3, Kandivali (West), Mumbai- 400067, Maharashtra, India |
|
Date of Birth/Age : |
17.02.1983 |
|
Date of Appointment : |
13.10.2017 |
|
DIN No.: |
06708475 |
MAJOR SHAREHOLDERS
As on 31.03.2017
|
Names of Shareholders |
No. of Shares |
|
Lodha Developers Private Limited, India |
89999 |
|
Palava Dwellers Private Limited - Bellissimo Hi-Rise Builders Private Limited, India |
1 |
|
Total |
90000 |
Equity Share Break up (Percentage of Total Equity)
As on 13.09.2017
|
Category |
Percentage |
|
Promoters (Body corporate) |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged into Construction
and development of real estate and allied activities (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 Available |
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Imports : |
Not Available |
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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 : |
Information declined by the management |
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Bankers : |
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Facilities : |
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Financial Institution: |
IDBI Trusteeship Services Limited, Asian Building, Ground Floor,
17 R. Kamani Marg, Ballard Estate, Mumbai-400001, Maharashtra, India |
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Auditors : |
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|
Name : |
Shanker and Kapani Chartered Accountants |
|
Address : |
N.T.C. House, 2nd Floor, 15, Narottam Morarjee Marg, Ballard Estate, Mumbai – 400038, Maharashtra, India |
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Income-tax
PAN of auditor or auditor's firm : |
AAKFS6521L |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding Company: |
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Ultimate Holding
Company: |
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Subsidiary: |
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Fellow
Subsidiaries: |
(Merged with Sarvavasa Buildtech and Farms Private Limited w.e.f. 08-April-2016, Appointed date being 01-November-14)
(Merged with Lodha Developers Private Limited w.e.f 20-June-16, Appointed date being 01-April-15)
(Merged with Shree Sainath Enterprises Construction and Developers Private Limited w.e.f 25-May-16, Appointed date being 01-November-15)
(Merged with Shree Sainath Enterprises Construction and Developers Private Limited w.e.f 25-May-16,
(Merged with Suryakrupa Constructions Private Limited w.e.f 08-June-16, Appointed date being 15-March-15)
(Merged with Lodha Developers Private Limited w.e.f 20-June-16, Appointed date being 01-April-15)
(Merged with Lodha Developers Private Limited w.e.f 20-June-16, Appointed date being 01-April-15)
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Associate: |
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Limited Liability
Partnership under control: |
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Partnership Firms
under control: |
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Others (Enterprises
owned/controlled by controlling shareholder and/or his relatives with whom
Company had transactions): |
|
CAPITAL STRUCTURE
As on 13.09.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000 |
Equity Shares |
INR 10/- each |
INR 1.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
90000 |
Equity Shares |
INR 10/- each |
INR 0.900 Million |
|
|
|
|
|
As on 31.03.2016
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000 |
Equity Shares |
INR 10/- each |
INR 0.100 Million |
|
90000 |
Preference shares |
INR 10/- each |
INR 0.900 Million |
|
|
Total |
|
INR 1.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000 |
Equity Shares |
INR 10/- each |
INR 0.100 Million |
|
80000 |
Preference shares |
INR 10/- each |
INR 0.800 Million |
|
|
Total |
|
INR 0.900 Million
|
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
0.900 |
0.900 |
0.900 |
|
(b) Reserves & Surplus |
4843.738 |
4638.919 |
2561.353 |
|
(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) |
4844.638 |
4639.819 |
2562.253 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
1.446 |
|
(b) Deferred tax liabilities (Net) |
1823.366 |
1881.281 |
738.278 |
|
(c) Other long term
liabilities |
40.822 |
20649.341 |
27660.375 |
|
(d) long-term
provisions |
0.000 |
0.432 |
30.010 |
|
Total Non-current
Liabilities (3) |
1864.188 |
22531.054 |
28430.109 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
22701.768 |
25978.841 |
19048.312 |
|
(b) Trade
payables |
1401.232 |
981.240 |
779.421 |
|
(c) Other
current liabilities |
31944.260 |
14327.001 |
12903.768 |
|
(d) Short-term
provisions |
0.000 |
0.157 |
13.180 |
|
Total Current Liabilities
(4) |
56047.260 |
41287.239 |
32744.681 |
|
|
|
|
|
|
TOTAL |
62756.086 |
68458.112 |
63737.043 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
374.768 |
518.698 |
504.983 |
|
(ii)
Intangible Assets |
916.082 |
959.034 |
999.554 |
|
(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 |
1553.774 |
253.774 |
252.012 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
304.634 |
660.371 |
138.814 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
3149.258 |
2391.877 |
1895.363 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
49413.588 |
47755.245 |
47023.044 |
|
(c) Trade
receivables |
736.007 |
615.394 |
496.663 |
|
(d) Cash
and cash equivalents |
284.078 |
419.194 |
253.242 |
|
(e) Short-term
loans and advances |
5968.373 |
14893.725 |
13374.243 |
|
(f) Other
current assets |
3204.782 |
2382.677 |
694.488 |
|
Total
Current Assets |
59606.828 |
66066.235 |
61841.680 |
|
|
|
|
|
|
TOTAL |
62756.086 |
68458.112 |
63737.043 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
|
SALES |
|
|
|
|
|
Revenue
from operations |
5291.685 |
10198.117 |
7685.749 |
|
|
Other Income |
34.288 |
17.653 |
3.140 |
|
|
TOTAL |
5325.973 |
10215.770 |
7688.889 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
3806.814 |
5810.863 |
4649.958 |
|
|
Employee benefit expense |
195.894 |
186.436 |
1.902 |
|
|
CSR expenditure |
5.486 |
0.000 |
0.000 |
|
|
Other expenses |
440.694 |
717.519 |
304.525 |
|
|
TOTAL |
4448.888 |
6714.818 |
4956.385 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
877.085 |
3500.952 |
2732.504 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
133.713 |
73.873 |
47.383 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
743.372 |
3427.079 |
2685.121 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
132.532 |
119.493 |
107.395 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
610.840 |
3307.586 |
2577.726 |
|
|
|
|
|
|
|
Less |
TAX |
414.854 |
1230.020 |
917.815 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
195.986 |
2077.566 |
1659.911 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
13.734 |
30.485 |
22.158 |
|
|
TOTAL EARNINGS |
13.734 |
30.485 |
22.158 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
137.391 |
21.406 |
4.264 |
|
|
Capital Goods |
0.000 |
50.746 |
4.645 |
|
|
TOTAL IMPORTS |
137.391 |
72.152 |
8.909 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
2177.62 |
23084.06 |
18443.45 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Maturities of Long term debt |
0.000 |
6999.983 |
4975.280 |
|
Net cash flows from (used in) operations |
(1478.970) |
(4240.491) |
(6240.729) |
|
Net cash flows from (used in) operating activities |
(2010.265) |
(5223.970) |
(6299.577) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
50.77 |
22.03 |
23.59 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
7.19 |
16.57 |
15.47 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
134.35 |
61.64 |
61.18 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
0.02 |
0.07 |
0.06 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.68 |
2.37 |
1.82 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.89 |
0.71 |
0.59 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
4.69 |
7.11 |
9.38 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
11.57 |
8.90 |
12.78 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.27 |
0.32 |
0.59 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
6.56 |
47.39 |
57.67 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
3.70 |
20.37 |
21.60 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
0.31 |
3.03 |
2.60 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
4.05 |
44.78 |
64.78 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Ratio (Current Assets / Current Liabilities) |
1.06 |
1.60 |
1.89 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
0.18 |
0.44 |
0.45 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.08 |
0.07 |
0.04 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
25224.19 |
36643.14 |
26694.49 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
1.06 |
1.60 |
1.89 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Share Capital |
0.900 |
0.900 |
0.900 |
|
Reserves & Surplus |
2561.353 |
4638.919 |
4843.738 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
2562.253 |
4639.819 |
4844.638 |
|
|
|
|
|
|
Long-term borrowings |
1.446 |
0.000 |
0.000 |
|
Short term borrowings |
19048.312 |
25978.841 |
22701.768 |
|
Current maturities of
long-term debts |
4975.280 |
6999.983 |
0.000 |
|
Total
borrowings |
24025.038 |
32978.824 |
22701.768 |
|
Debt/Equity
ratio |
9.377 |
7.108 |
4.686 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
7685.749 |
10198.117 |
5291.685 |
|
|
|
32.689 |
(48.111) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
7685.749 |
10198.117 |
5291.685 |
|
Profit/ (Loss) |
1659.911 |
2077.566 |
195.986 |
|
|
21.60
% |
20.37
% |
3.70
% |
LEGAL CASES
|
Cae Details Bench:- Bombay |
|||||||||||||
|
Presentation Date:- 19/08/2016 |
|||||||||||||
|
|||||||||||||
|
Petitioner:- |
COMMISSIONER OF INCOME TAX – TDS – 1 - |
Respondent:- |
LODHA CROWN BUILD MART PRIVATE LIMITED |
||||||||||
|
Petn.Adv:- |
SURESH KUMAR (I2100) |
||||||||||||
|
District:- |
MUMBAI |
||||||||||||
|
Bench:- |
SINGLE |
|
|
||||||||||
|
Status:- |
Pre-Admission |
Category:- |
TAX APPEALS |
||||||||||
|
Next Date:- |
02/03/2017 |
||||||||||||
|
Coram:- |
ACCORDING TO SITTING LIST ACCORDING TO SITTING LIST |
||||||||||||
|
Act. : |
Income Tax Act, 1961 |
||||||||||||
|
Under Section:- |
260A |
||||||||||||
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 |
Yes |
|
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 |
No |
|
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 |
Yes |
|
33] |
Market information |
-- |
|
34] |
Payments terms |
Yes |
|
35] |
Negative Reporting by Auditors in the
Annual Report |
No |
RESULTS OF OPERATIONS
AND THE STATE OF THE COMPANY’S AFFAIRS
During the year, revenue from operations stood at INR 5291.685 million as compared to INR 10198.117 million during the previous year. Other income increased to INR 34.288 million. The net profit after tax for the financial year was INR 195.986 million as compared to INR 2077.566 million during the previous financial year.
BUSINESS AND SECTOR
REVIEW
Industry review
The Indian real estate sector has witnessed high growth in recent times with the rise in demand for office as well as residential spaces. According to data released by Department of Industrial Policy and Promotion (DIPP), the construction development sector in India has received Foreign Direct Investment (FDI) equity inflows to the tune of US$ 24.156 billion in the period April 2000-September 2015. Real estate is currently the fourth-largest sector in the country in terms of Foreign Direct Investment (FDI) inflows
Mumbai Real Estate
MMR market showed signs of revival in 2HFY16 with residential sales volume increasing by 5% y-o-y; though full year volumes were down 7% y-o-y. Also, 35% decline in new launches led to improvement in demand-supply scenario; inventory levels improved to 11 quarters compared to 12 quarters last year. While inventory of unsold units in MMR is higher than cities such as Bangalore and Pune, it is much below NCR having inventory level of 17 quarters. Prices remained stable or increased marginally across most of the micro-markets. Prices in MMR grew 3% in FY16, higher than NCR (flat y-o-y) and Pune (2%) but were marginally below Bangalore (4%).
Business Overview
The Group has recorded the biggest land deal in India till date, buying a plot for INR 40530.000 million from the Mumbai Metropolitan Region Development Authority (MMRDA) in 2010, where it is developing New Cuffe Parade, a world class mixed use development set to become the new city centre of Mumbai.
The Company has undertaken one of the largest residential cum office development under the name of New Cuffe Parade (NCP) in Wadala, a series of 45-storey residency towers, designed by globally renowned names like WOHA and Sitectonix. It is spread across 23 acres with over 15 acres dedicated exclusively to open spaces and greens. This project will offer more than 5000 apartments in various unit sizes with proximity to commercial offices in south Mumbai and a major transportation hub with metro and monorail connectivity and free Expressway.
The Evoq collection features uber-sized, customizable residences, some of Mumbai‘s largest, with bareshell interiors. The Aria project, a series of 16 storey towers comprising 3 bed residences was delivered in Nov’10 in 2 ½ years.
UNSECURED LOAN
|
PARTICULAR |
31.03.2016 (INR
in Million) |
31.03.2015 (INR
in Million) |
|
Short-term
borrowings |
|
|
|
Loans and advances from related parties |
7521.305 |
11407.311 |
|
|
|
|
|
Total |
7521.305 |
11407.311 |
INDEX
OF CHARGES
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of
Modification |
Date of
Satisfaction |
Amount |
Address |
|
1 |
G55131585 |
100125756 |
IDBI TRUSTEESHIP SERVICES LIMITED |
04/10/2017 |
- |
- |
5000000000.0 |
ASIAN BUILDING, GROUND FLOOR, 17 R. KAMANI MARG,BALLARD ESTATE MUMBAI-400001, MAHARASHTRA, INDIA |
|
2 |
G52848819 |
100121443 |
IFCI LIMITED |
18/08/2017 |
- |
- |
1500000000.0 |
9TH FLOOR, EARNEST HOUSE, NARIMAN POINT MUMBAI -400021, MAHARASHTRA, INDIA |
|
3 |
G50218643 |
100115325 |
IDBI TRUSTEESHIP SERVICES LIMITED |
12/07/2017 |
- |
- |
6000000000.0 |
ASIAN BUILDING, GROUND FLOOR,17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI-400001, MAHARASHTRA, INDIA |
|
4 |
G35529403 |
100076896 |
IDBI TRUSTEESHIP SERVICES LIMITED |
03/02/2017 |
- |
- |
5000000000.0 |
ASIAN BUILDING, GROUND FLOOR,17, R. KAMANI MARG, BALLARD ESTATE MUMBAI-400001, MAHARASHTRA, INDIA |
|
5 |
C75791665 |
10602723 |
JM FINANCIAL PRODUCTS LIMITED |
14/10/2015 |
18/12/2015 |
- |
2700000000.0 |
7TH FLOOR, CNERGY, APPASAHEB MARATHE MARG PRABHADEVI MUMBAI-400025, MAHARASHTRA, INDIA |
|
6 |
G47565114 |
10484007 |
IDBI TRUSTEESHIP SERVICES LIMITED |
10/03/2014 |
17/06/2017 |
- |
11840045910.0 |
ASIAN BUILDING, GROUND FLOOR,17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI-400001, MAHARASHTRA, INDIA |
|
7 |
C00587147 |
10386792 |
CENTRAL BANK OF INDIA |
29/10/2012 |
- |
10/03/2014 |
2500000000.0 |
CORPORATE FINANCE BRANCH, 1ST FLOOR, MMO BUILDING FORT MUMBAI-400023, MAHARASHTRA, INDIA |
|
8 |
C00518852 |
10334902 |
HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED |
01/02/2012 |
25/10/2012 |
10/03/2014 |
5000000000.0 |
RAMON HOUSE 169BACKBAY RECLAMATIONH T PAREKH MARG MUMBAI-400020, MAHARASHTRA, INDIA |
|
9 |
C00556548 |
10390786 |
LIC HOUSING FINANCE LTD |
04/12/2012 |
- |
10/03/2014 |
2500000000.0 |
BOMBAY LIFE BLDG., 2ND FLOOR,45/47, VEER NARIMAN ROAD, MUMBAI- 400001, MAHARASHTRA, INDIA |
|
10 |
B39008867 |
10284121 |
STATE BANK OF INDIA |
09/03/2011 |
- |
24/04/2012 |
200000000.0 |
COMMERCIAL BRANCH ADVANCES,N.G.N VAIDYA MARG,BANK STREET,HORNIMAN CIRCLE POSTBOX 10141 MUMBAI-400001, MAHARASHTRA, INDIA |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
Claims against company not acknowledged as debt |
78.248 |
8.392 |
|
Guarantees |
23149.980 |
21885.500 |
|
Other money for which company is contingently liable |
1413.649 |
625.00 |
|
Total |
24641.877 |
22518.892 |
FIXED ASSETS
- Plant and equipment
- Vehicles
- Furniture and fixtures
- Computer equipment’s
- Motor vehicles
- 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,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or anti-terrorism
sanction laws or whose assets were seized, blocked, frozen or ordered forfeited
for violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is or
was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
INR |
|
US Dollar |
1 |
INR 64.82 |
|
|
1 |
INR 79.94 |
|
Euro |
1 |
INR 90.66 |
INFORMATION DETAILS
|
Information
Gathered by : |
SAV |
|
|
|
|
Analysis Done by
: |
PSD |
|
|
|
|
Report Prepared
by : |
RKI |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.