|
|
|
MIRA INFORM REPORT
|
Report No. : |
485412 |
|
Report Date : |
11.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
PALAVA DWELLERS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
412, Floor-4, 17G, Vardhaman Chamber, Cawasji Patel Road, Horniman
Circle, Fort, Mumbai – 400001, Maharashtra |
|
Tel. No.: |
91-22-23024400 |
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|
|
|
Country : |
India |
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|
|
Financials (as
on) : |
31.03.2016 |
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|
|
|
Date of
Incorporation : |
22.07.2005 |
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|
|
|
Com. Reg. No.: |
11-154993 |
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Capital
Investment / Paid-up Capital : |
INR 2.500 Million |
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|
|
|
CIN No.: [Company Identification
No.] |
U70100MH2005PTC154993 |
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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/UIN : |
Not Divulged |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
|
PAN No.: [Permanent Account No.] |
AABCL1117D |
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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 and also confirmed by management] |
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|
No. of Employees
: |
700 (Approximately) / 4500 [Group] (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 |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Slow but correct |
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|
|
|
Litigation : |
Clear |
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|
|
Comments : |
Palava Dwellers Private Limited operates as a subsidiary of “Lodha
Developers Private Limited”. The company was incorporated in the year 2005
and is based in Mumbai, Maharashtra. It is an established company having good
track record. For the financial year 2016, the company has reported dip in its
revenue by 18.66% as compared to the previous year along with a profit margin
of 0.94%. The sound financial risk profile of the company is marked by strong
networth base along with comfortable debt level and fair liquidity. The company also derives strength from its strong holding “Lodha
Developers” and its experienced management team. However, the rating strength is partially offset by sharp decline in
turnover and profit of the company during the year under a review and
increasing competition in real estate industry. Business is active. Payments terms are reported as slow but correct. In view of aforesaid, the company can be considered for business
dealings at usual trade terms and conditions. NOTE: As per Registrar of companies date of balance sheet (i.e. financial
filed) is shown as 31.03.2017 but documents related to financial for the year
31.03.2017 are not available from any sources. |
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 |
31.03.2017 |
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 11.01.2018
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)
|
Name : |
Mr. Vijay Sadade |
|
Designation : |
Manager |
|
Contact No.: |
91-9167300490 |
|
Date : |
10.01.2018 |
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.: |
91-9967548046 (Mr. Indrajeet Giri) 91-9167300490 (Mr. Vijay Sadade) |
|
Fax No.: |
91-22-23024550 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office : |
Lodha Pavilion, Apollo Mills Compound, N. M. Joshi Marg, Mahalaxmi,
Mumbai – 400018, Maharashtra, India |
|
|
|
|
Site Office : |
Xperia Mall, Palava, Dombivali (East), Mumbai – 421204, Maharashtra,
India |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Shaishav Pankaj Dharia |
|
Designation : |
Managing Director |
|
Address : |
1204, Casa Grande Senapati Bapat Marg,
Lower Parel, Mumbai – 400013, Maharashtra, India |
|
Date of Birth/Age : |
18.10.1973 |
|
Date of Appointment : |
12.09.2016 |
|
DIN No.: |
06405078 |
|
|
|
|
Name : |
Mr. Vishal Mohan Ghadigaonkar |
|
Designation : |
Director |
|
Address : |
Vighnaharta Co-operative Housing Society, B
Wing, 22nd Floor, Flat No. 2202, Mahadev Palav Marg, Curry Road,
Mumbai – 400012, Maharashtra, India |
|
Date of Appointment : |
30.09.2015 |
|
DIN No.: |
06705143 |
KEY EXECUTIVES
|
Name : |
Mr. Vijay Sadade |
|
Designation : |
Manager |
MAJOR SHAREHOLDERS
AS ON 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
Lodha Developers Private Limited, India |
|
9498 |
|
Lodha Developers Private Limited, India |
|
501 |
|
Shaishav Dharia – Nominee of
Lodha Developers Private Limited, India |
|
1 |
|
|
|
|
|
Total |
|
10000 |
Equity Share Break up (Percentage of Total Equity)
AS ON 13.09.2017
|
Category |
Percentage |
|
Promoters [Bodies
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 and also confirmed by management] |
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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 : |
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Selling : |
L/C, Cheque and Credit (30 / 60 / 90 Days) |
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Purchasing : |
L/C, Cheque and Credit (30 / 60 / 90 Days) |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
700 (Approximately) / 4500 [Group] (Approximately) |
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Bankers : |
·
ICICI Bank Limited, Landmark Race Cource
Circle, Alkapuri, Vadodara – 390015, Gujarat, India |
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Facilities : |
|
|
Auditors : |
|
|
Name : |
Shanker and Kapani Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
|
PAN No.: |
AAKFS6521L |
|
|
|
|
Memberships : |
Not Available |
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|
|
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Collaborators : |
Not Available |
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|
Ultimate Holding
Company : |
· Sambhavnath Infrabuild and Farms Private Limited |
|
|
|
|
Holding Company : |
· Lodha Developers Private Limited |
|
|
|
|
Subsidiary
Companies : |
· Aanant Developers Private Limited · Gandhar Builders Private Limited (merged with the Company w.e.f. 4-May-15, Appointed date being 1-April-14) · Hi-class Buildcon Private Limited · Lodha Pinnacle Buildtech and Farms Private Limited (merged with the Company w.e.f. 4-May-15, Appointed date being 1-April-14) · Palava City Management Private Limited |
|
|
|
|
Fellow Subsidiaries
: |
· Adinath Builders Private Limited · Ajitnath Hi–Tech Builders Private Limited (Demerged with Shri Kaiilas Properties and Agrofarms Private Limited w.e.f. 02-April-16, Appointed date being 01-April-15) · Anantnath Constructions and Farms Private Limited · Arihant Premises Private Limited (Demerged with Lodha Developers Private Limited w.e.f. 30-June-16, Appointed date being 01-April-15) · Bellissimo Hi–Rise Builders Private Limited (Formerly known as Lodha Hi–Rise Builders Private Limited) · Cowtown Land Development Private Limited · Dalhousie Leasing and Financial Services Private Limited · Hotel Rahat Palace Private Limited · Ishwer Realty and Technologies Private Limited · Jawala Real Estate Private Limited · Kidderpore Holdings Limited · Krona Realties Private Limited (merged with Sarvavasa Buildtech and Farms Private Limited w.e.f. 08-April-2016, Appointed date being 01-November-14) · Kundan Realtors Private Limited · Lodha Aviation Private Limited · Lodha Buildcon Private Limited · Lodha Building and Construction Private Limited (Merged with Lodha Developers Private Limited w.e.f. 20-June-16, Appointed date being 01-April-15) · Lodha Crown Buildmart Private Limited · Lodha Designer Construction Private Limited (merged with Shree Sainath Enterprises Construction and Developers Private Limited w.e.f 25-May-16, Appointed date being 01-November-15) · Lodha Developers 1GSQ Limited · Lodha Developers 48CS Limited · Lodha Developers Dorset Close Limited · Lodha Developers International (Jersey) I Holdings Limited · Lodha Developers International (Jersey) III Limited · Lodha Developers International (Netherlands) B. V. · Lodha Developers International Holding Limited · Lodha Developers International Limited · Lodha Developers UK Limited · Lodha Elevation Buildcon Private Limited · Lodha Estate Private Limited · Lodha Home Developers Private Limited (merged with Shree Sainath Enterprises Construction and Developers Private Limited w.e.f 25-May-16, Appointed date being 01-November-15) · Lodha Ideal Buildcon Private Limited (merged with Suryakrupa Construction Private Limited w.e.f. 08-June-16, Appointed date being 15-March-15) · Lodha Impression Real Estate Private Limited · Lodha Land Developers Private Limited(MergedwithLodha Developers Private Limited w.e.f. 20-June-16, Appointed date being 01-April-15) · Lodha Properties Development Private Limited · Mahavir Premises Private Limited (Merged with Lodha Developers Private Limited w.e.f. 20-June-16, Appointed date being 01-April-15) · Microtec Constructions Private Limited · Nabhiraja Software Design Private Limited · National Standard (India) Limited · Odeon Theatres and Properties Private Limited · Odeon Theatres Private Limited · Roselabs Finance Limited · Sanathnagar Enterprises Limited · Sarvavasa Buildtech and Farms Private Limited · Shree Sainath Enterprises Construction and Developers Private Limited · Shreeniwas Cotton Mills Limited · Siddhnath Residential Paradise Private Limited · Simtools Private Limited · Sitaldas Estate Private Limited · Suryakrupa Constructions Private Limited · Tropical Adventures Limited |
|
|
|
|
Limited Liability
Partnership under control : |
· Lodha Fincorp Distribution Services LLP |
|
|
|
|
Partnership Firms
under control : |
· Mahavir Associates · Vivek Enterprises |
|
|
|
|
Others – Enterprises owned / controlled
by controlling shareholder or his relatives (with whom the company had transactions)
: |
· Dharmanath Buildtech and Farms Private Limited(merged with Lodha Constructions Private Limited W.e.f. 25-May-16, Appointed date being 01-November-15) · Lodha Builders Private Limited · Lodha Charitable Trust · Lodha Foundation · Lodha Facilities Management Limited · Lodha Healthy Constructions and Developers Private Limited · Lodha Finstock Private Limited · Lodha Global Limited · Sitaben Shah Memorial Trust · Lodha Development Management Private Limited · Lodha Dwellerz LLP |
CAPITAL STRUCTURE
AS ON 13.09.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
31000 |
Equity Shares |
INR 100/- each |
INR 3.100 Million |
|
24000 |
Preference Shares |
INR 100/- each |
INR 2.400 Million |
|
|
|
|
|
|
|
Total |
|
INR 5.500
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000 |
Equity Shares |
INR 100/- each |
INR 1.000 Million |
|
|
|
|
|
AS ON 16.09.2016
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7000 |
Equity Shares |
INR 100/- each |
INR 0.700 Million |
|
48000 |
Preference Shares |
INR 100/- each |
INR 4.800 Million |
|
|
|
|
|
|
|
Total |
|
INR 5.500
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000 |
Equity Shares |
INR 100/- each |
INR 0.100 Million |
|
24000 |
Preference Shares |
INR 100/- each |
INR 2.400 Million |
|
|
|
|
|
|
|
Total |
|
INR 2.500
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 |
2.500 |
2.500 |
2.500 |
|
(b) Reserves & Surplus |
10304.286 |
10170.877 |
8470.995 |
|
(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) |
10306.786 |
10173.377 |
8473.495 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
6.555 |
7.078 |
4.238 |
|
(b) Deferred tax liabilities (Net) |
1948.288 |
1965.950 |
1211.067 |
|
(c) Other long term
liabilities |
565.679 |
500.102 |
370.953 |
|
(d) Long-term
provisions |
0.892 |
17.946 |
20.039 |
|
Total Non-current
Liabilities (3) |
2521.414 |
2491.076 |
1606.297 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
35825.702 |
23068.632 |
11037.240 |
|
(b) Trade
payables |
8197.643 |
7299.598 |
6564.849 |
|
(c) Other
current liabilities |
21748.506 |
21495.686 |
16404.575 |
|
(d) Short-term
provisions |
0.003 |
6.901 |
7.176 |
|
Total Current
Liabilities (4) |
65771.854 |
51870.817 |
34013.840 |
|
|
|
|
|
|
TOTAL |
78600.054 |
64535.270 |
44093.632 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
243.763 |
377.110 |
267.102 |
|
(ii)
Intangible Assets |
38.869 |
37.685 |
9.796 |
|
(iii)
Capital work-in-progress |
2791.313 |
832.731 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
8520.252 |
7954.617 |
8295.808 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term Loan and Advances |
9861.220 |
957.012 |
694.573 |
|
(e) Other
Non-current assets |
436.367 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
21891.784 |
10159.155 |
9267.279 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
51028.661 |
44569.824 |
29544.800 |
|
(c) Trade
receivables |
1182.871 |
2626.043 |
1323.377 |
|
(d) Cash
and cash equivalents |
412.211 |
708.557 |
876.319 |
|
(e) Short-term
loans and advances |
2878.485 |
5909.333 |
2778.438 |
|
(f) Other
current assets |
1206.042 |
562.358 |
303.419 |
|
Total
Current Assets |
56708.270 |
54376.115 |
34826.353 |
|
|
|
|
|
|
TOTAL |
78600.054 |
64535.270 |
44093.632 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
||
|
|
SALES |
|
|
|
||
|
|
|
Income |
14225.256 |
17488.588 |
17081.308 |
|
|
|
|
Other Income |
67.790 |
57.205 |
127.481 |
|
|
|
|
TOTAL |
14293.046 |
17545.793 |
17208.789 |
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
Cost of Materials Consumed |
7422.182 |
7531.586 |
9975.610 |
|
|
|
|
Purchase of Stock-in-trade |
4670.815 |
5324.276 |
2846.424 |
|
|
|
|
Employee Benefits Expenses |
543.828 |
763.927 |
605.902 |
|
|
|
|
CSR expenditure |
50.820 |
0.000 |
0.000 |
|
|
|
|
Other Expenses |
968.074 |
1021.786 |
789.326 |
|
|
|
|
TOTAL |
13655.719 |
14641.575 |
14217.262 |
|
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
637.327 |
2904.218 |
2991.527 |
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES |
80.609 |
61.997 |
82.401 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
556.718 |
2842.221 |
2909.126 |
||
|
|
|
|
|
|
||
|
Less |
DEPRECIATION/
AMORTISATION |
174.607 |
136.261 |
57.012 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX |
382.111 |
2705.960 |
2852.114 |
||
|
|
|
|
|
|
||
|
Less |
TAX |
248.699 |
1080.724 |
1080.566 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
AFTER TAX |
133.412 |
1625.236 |
1771.548 |
||
|
|
|
|
|
|
||
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
||
|
|
|
Earnings on interest |
305.578 |
0.000 |
0.000 |
|
|
|
|
Earnings on other income |
5.905 |
5.388 |
6.634 |
|
|
|
TOTAL EARNINGS |
311.483 |
5.388 |
6.634 |
||
|
|
|
|
|
|
||
|
|
IMPORTS |
|
|
|
||
|
|
|
Raw Materials |
95.348 |
94.807 |
232.872 |
|
|
|
|
Capital Goods |
4.192 |
1.066 |
2.851 |
|
|
|
TOTAL IMPORTS |
99.540 |
95.873 |
235.723 |
||
|
|
|
|
|
|
||
|
|
Earnings /
(Loss) Per Share (INR) |
133409.24 |
1625232.72 |
1771.487.00 |
||
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Maturities of Long term debt |
2.475 |
2.269 |
1.071 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
(1614.263) |
4642.848 |
581.494 |
|
Net cash flows from (used in) operating activities |
(3246.953) |
3002.926 |
(122.067) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
30.35 |
54.81 |
28.28 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
12.03 |
6.66 |
12.91 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
247.43 |
207.25 |
186.88 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.01 |
0.07 |
0.10 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.21 |
2.33 |
10.80 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.84 |
0.80 |
0.77 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
3.48 |
2.27 |
1.30 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
6.38 |
5.10 |
4.01 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.30 |
0.12 |
0.03 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
7.91 |
46.84 |
36.30 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
PAT to Sales ((PAT
/ Sales) * 100) |
% |
0.94 |
9.29 |
10.37 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
0.17 |
2.52 |
4.02 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
1.29 |
15.98 |
20.91 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Ratio (Current
Assets / Current Liabilities) |
0.86 |
1.05 |
1.02 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.09 |
0.19 |
0.16 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.13 |
0.16 |
0.19 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
14333.89 |
9231.19 |
4417.02 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
0.86 |
1.05 |
1.02 |
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 |
2.500 |
2.500 |
2.500 |
|
Reserves & Surplus |
8470.995 |
10170.877 |
10304.286 |
|
Net
worth |
8473.495 |
10173.377 |
10306.786 |
|
|
|
|
|
|
Long Term borrowings |
4.238 |
7.078 |
6.555 |
|
Short Term borrowings |
11037.240 |
23068.632 |
35825.702 |
|
Current maturities of long term debt |
1.071 |
2.269 |
2.475 |
|
Total
borrowings |
11042.549 |
23077.979 |
35834.732 |
|
Debt/Equity
ratio |
1.303 |
2.268 |
3.477 |
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
|
17081.308 |
17488.588 |
14225.256 |
|
|
|
2.384 |
(18.660) |
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
|
17081.308 |
17488.588 |
14225.256 |
|
Profit/(Loss) |
1771.548 |
1625.236 |
133.412 |
|
|
10.37% |
9.29% |
0.94% |
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 |
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 |
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 |
-- |
|
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 financial year 2015-16, total income decreased by 18.54% to INR 14293.046 million from INR 17545.793 million for the financial year 2014-15. Total expenses decreased by 6.26% to INR 13910.935 million for the financial year 2015-16 from INR 14839.833 million for the financial year 2014-15.
The net profit after tax for the financial year 2015-16 has decreased by 91.79% to INR 133.412 million as compared to the net profit of 1625.236 million during the financial year 2014-15.
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, the construction development sector in India has received Foreign Direct Investment 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 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 Company has planned a fully integrated, self-contained and development of a city spread over 4,500 acres with offices, shopping malls, schools, medical facilities, sports and recreational facilities. The target client profile of the residential project is the middle income and upper middle income segments of the market. The vision is to develop a sustainable city by the name of Palava with world class infrastructure at Dombivali along with developing an ecosystem of thriving commercial, IT and ITES SEZ centers.
Under the first phase of development which is currently underway five residential projects has been launched namely Casa Bella, Casa Bella Gold, Casa Rio, Casa Rio Gold and Golflinks which is the aspirational segment of the project comprising of Golf villas and Golf apartments.
First phase with 19,000 units, mall, schools and other amenities will be delivered in the course of next financial year. The second phase of the township has already been launched in 2014 under the brand name of Lakeshore Greens.
UNSECURED LOANS:
|
PARTICULARS |
31.03.2016 INR In Million |
31.03.2015 INR In Million |
|
SHORT TERM BORROWINGS |
|
|
|
Loans repayable on demand from others |
22719.007 |
12819.821 |
|
Other loans and advances |
1000.000 |
1442.013 |
|
|
|
|
|
Total |
23719.007 |
14261.834 |
INDEX OF CHARGES:
|
S No |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G55132906 |
100125760 |
IDBI Trusteeship Services Limited |
04/10/2017 |
- |
- |
5000000000.0 |
Asian Building, Ground Floor, 17 R. Kamani Marg, Ballard Estate, Mumbai 400001, Maharashtra, India |
|
2 |
G55495436 |
100126269 |
Vistra ITCL (India) Limited |
28/09/2017 |
- |
- |
1000000000.0 |
The IL & FS Finance Centre, Plot No. C-22G-Block, Bandra Kurla Complex , Bandra East, Mumbai 400051, Maharashtra, India |
|
3 |
G53745501 |
100123432 |
ICICI Bank Limited |
12/09/2017 |
- |
- |
1000000000.0 |
ICICI Bank Tower, Near Chakli Circle, Old Padra Road, Vadodara 390007, Gujarat, India |
|
4 |
G54372156 |
100124667 |
STCI Finance Limited |
11/09/2017 |
- |
- |
800000000.0 |
A/B1- 802, "A" Wing,8 Floor, Marathon Innova, Marathon Next gen Compound, Lower Parel (West), Mumbai 400013, Maharashtra, India |
|
5 |
G58005950 |
100129216 |
Indian Bank |
29/08/2017 |
- |
- |
2000000000.0 |
210, Mittal Tower B Wing, Nariman Point, Mumbai 421301, Maharashtra, India |
|
6 |
G52849940 |
100121441 |
IFCI Limited |
18/08/2017 |
- |
- |
1500000000.0 |
9th Floor, Earnest House, Nariman Point, Mumbai 400021, Maharashtra, India |
|
7 |
G52847902 |
100121439 |
IDBI Trusteeship Services Limited |
14/08/2017 |
- |
- |
1500000000.0 |
Asian Building, Ground Floor, 17 R. Kamani Marg, Ballard Estate, Mumbai 400001, Maharashtra, India |
|
8 |
G45434867 |
100101645 |
IDBI Trusteeship Services Limited |
29/05/2017 |
- |
- |
1500000000.0 |
Asian Building, Ground Floor, 17 R. Kamani Marg, Ballard Estate, Mumbai 400001, Maharashtra, India |
|
9 |
G51584332 |
100108198 |
IDBI Trusteeship Services Limited |
28/04/2017 |
27/07/2017 |
- |
18350000000.0 |
Asian Building, Ground Floor, 17 R. Kamani Marg, Ballard Estate, Mumbai 400001, Maharashtra, India |
|
10 |
G56781966 |
100127834 |
JM Financial Credit Solutions Limited |
23/03/2017 |
- |
- |
1060000000.0 |
7th Floor, Cnergy, Appasaheb Marathe Marg, Prabhadevi, Mumbai 400025, Maharashtra, India |
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Furniture and Fixture
·
Office Equipment
·
Computer
·
Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No 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 63.74 |
|
|
1 |
INR 86.01 |
|
Euro |
1 |
INR 76.14 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
PRY |
|
|
|
|
Report Prepared
by : |
NKT |
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)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.