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|
|
MIRA
INFORM REPORT
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Report No. : |
500894 |
|
Report Date : |
30.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
LODHA IMPRESSION REAL ESTATE PRIVATE LIMITED |
|
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|
|
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 : |
08.01.2007 |
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|
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Com. Reg. No.: |
11-166830 |
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Capital
Investment / Paid-up Capital : |
INR 1.000 Million |
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CIN No.: [Company Identification
No.] |
U45200MH2007PTC166830 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
Not Divulged |
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TIN No.: |
27160700685 |
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PAN No.: [Permanent Account No.] |
AABCL2713K |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Divulged |
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GSTN : [Goods & Service Tax
Registration No.] |
27AABCL2713K1ZL |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is providing Construction and development of real estate and allied activities (Registered activity) |
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No. of Employees
: |
Information denied 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 |
|
Status : |
Satisfactory |
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|
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a wholly owned subsidiary of ‘Lodha Crown Buildmart Private Limited” which is a part of “Lodha” group, a well-known real estate developer. It was incorporated in the year 2007. It is having satisfactory track records. 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 achieved decent revenue from its operation and reported average profit margin of 2.71%. Rating takes into consideration sound financial profile of the company marked by adequate 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 with established track record of business operations and market position. However, rating strength is partially offset by high working capital requirements along with 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 good 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 |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
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 30.03.2018
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 DECLINED
Management non-cooperative (Tel No.: 91-22-23024400)
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) |
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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 31.03.2017
|
Name : |
Mr. Kunal Mahesh Modi |
|
Designation : |
Director |
|
Address : |
8/49, Vishwas Niwas, 3rd Floor, Acharya Donde Marg, Parel, Mumbai
400012, Maharashtra, India |
|
Date of Birth/Age : |
23.05.1985 |
|
Date of Appointment : |
05.11.2016 |
|
DIN No.: |
06703485 |
|
|
|
|
Name : |
Mr. Govind Agarwal |
|
Designation : |
Nominee Director |
|
Address : |
A-701, Sheetal Arcade, Indralok-Phase III, New Golden Nest Road, 100 FT
Road, Bhayander (East), Thane-401105, Maharashtra, India |
|
Date of Birth/Age : |
17.07.1980 |
|
Qualification : |
C.A |
|
Date of Appointment : |
20.06.2014 |
|
DIN No.: |
06706747 |
KEY EXECUTIVES
|
Name : |
Mr. Vijay Sadade |
|
Designation : |
Manager |
MAJOR SHAREHOLDERS
As on 12.09.2017
|
Names of Shareholders |
|
No. of Shares |
|
Bellissimo Crown Buildmart Private Limited, India |
|
99999 |
|
Palava Dwellers Private Limited, India (Nominee of Bellissimo Crown Buildmart Private Limited) |
|
1 |
|
Total |
|
100000 |
Equity Share Break up (Percentage of Total Equity)
As on 12.09.2017
|
Category |
Percentage |
|
Promoters (Body corporate) |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is providing 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 Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information denied by the management |
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Bankers (As on 2016): |
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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
(2017) : |
Bellissimo Crown Buildmart Private Limited CIN No.:
U45202MH2007PTC169025 |
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Holding company (As
on 31.03.2016): |
· Lodha Developers Private Limited (Holding Company of LCBPL) · Lodha Crown Buildmart Private Limited |
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Ultimate Holding
Company (As on 31.03.2016): |
· Sambhavnath Infrabuild and Farms Private Limited (Holding Company of LDPL) |
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Associate (As on
31.03.2016): |
· Shreeniwas Abode and House Private Limited |
|
|
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Fellow Subsidiary
companies (As on 31.03.2016): |
· Aanant Developers Private Limited · 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 · 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 · Hi-class Buildcon 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-2016, Appointed date being 1-April-15) · 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 · Lodha Land Developers Private Limited (merged with Lodha Developers Private Limited w.e.f 20-June-2016, Appointed date being 1-April-15) · Lodha Properties Development Private Limited · Mahavir Premises Private Limited (merged with Lodha Developers Private Limited w.e.f 20-June-2016, Appointed date being 1-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 · Palava City Management Private Limited · Palava Dwellers Private Limited · Roselabs Finance Limited · Samvara Buildtech Private 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 · Shri Kaiilas Properties and Agro Farms Private Limited |
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Limited Liability
Partnership under control (As on 31.03.2016): |
· Lodha Fincorp Distribution Services LLP |
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Partnership Firms
under control (As on 31.03.2016): |
· Mahavir Associates · Vivek Enterprises |
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|
Others Related
Parties (As on 31.03.2016): |
· Sitaben Shah Memorial Trust · Lodha Charitable Trust · Lodha Global Limited |
CAPITAL STRUCTURE
As on 12.09.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000 |
Equity Shares |
INR 10/- each |
INR 1.000 Million |
|
10000 |
Preference shares |
INR 10/- each |
INR 0.100 Million |
|
|
Total |
|
INR 1.100
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000 |
Equity Shares |
INR 10/- each |
INR 1.000 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 |
1.000 |
1.000 |
1.000 |
|
(b) Reserves and Surplus |
52.221 |
29.606 |
44.781 |
|
(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) |
53.221 |
30.606 |
45.781 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
40.761 |
26.398 |
27.629 |
|
(c) Other long-term
liabilities |
1.342 |
0.025 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.728 |
0.521 |
|
Total Non-current
Liabilities (3) |
42.103 |
27.151 |
28.150 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
5237.508 |
2418.909 |
1862.325 |
|
(b) Trade
payables |
493.091 |
729.346 |
36.552 |
|
(c) Other
current liabilities |
1674.491 |
459.025 |
513.905 |
|
(d) Short-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Current
Liabilities (4) |
7405.090 |
3607.280 |
2412.782 |
|
|
|
|
|
|
TOTAL |
7500.414 |
3665.037 |
2486.713 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
10.266 |
6.702 |
10.113 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Tangible assets
capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.848 |
0.848 |
0.848 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term loans and advances |
46.241 |
41.947 |
42.153 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
57.355 |
49.497 |
53.114 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
3928.851 |
3277.770 |
2275.002 |
|
(c) Trade
receivables |
112.796 |
0.000 |
41.951 |
|
(d) Cash and
bank balances |
36.715 |
10.583 |
28.404 |
|
(e)
Short-term loans and advances |
2874.979 |
325.524 |
13.934 |
|
(f) Other
current assets |
489.718 |
1.663 |
74.308 |
|
Total
Current Assets |
7443.059 |
3615.540 |
2433.599 |
|
|
|
|
|
|
TOTAL |
7500.414 |
3665.037 |
2486.713 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
|
SALES |
|
|
|
|
|
Revenue
from operations |
834.675 |
150.218 |
180.267 |
|
|
Other Income |
2.011 |
0.162 |
0.005 |
|
|
TOTAL |
836.686 |
150.380 |
180.272 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
163.054 |
109.854 |
197.194 |
|
|
Purchases of
Stock-in-Trade |
547.827 |
0.000 |
0.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
0.000 |
0.000 |
0.000 |
|
|
Employee benefit expense |
0.794 |
12.279 |
13.352 |
|
|
Other expenses |
56.849 |
24.135 |
20.984 |
|
|
TOTAL |
768.524 |
146.268 |
231.530 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
68.162 |
4.112 |
(51.258) |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
23.877 |
13.800 |
51.402 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
44.285 |
(9.688) |
(102.660) |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
7.202 |
3.627 |
8.798 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
37.083 |
(13.315) |
(111.458) |
|
|
|
|
|
|
|
Less |
TAX |
14.468 |
1.860 |
(35.877) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
22.615 |
(15.175) |
(75.581) |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
226.16 |
(151.75) |
(755.81) |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
790.737 |
(286.915) |
(376.473) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
49.33 |
0.00 |
84.94 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
7.40 |
0.00 |
4.30 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
253.18 |
2423.32 |
67.66 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
0.02 |
0.00 |
(0.02) |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
6.64 |
0.61 |
(5.07) |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.99 |
0.98 |
0.97 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
98.41 |
79.03 |
40.68 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
139.14 |
117.86 |
52.70 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.19 |
0.22 |
0.22 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
2.85 |
0.30 |
(1.00) |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
2.71 |
(10.10) |
(41.93) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
0.30 |
(0.41) |
(3.04) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
42.49 |
(49.58) |
(165.09) |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Ratio (Current Assets / Current Liabilities) |
1.01 |
1.00 |
1.01 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
0.47 |
0.09 |
0.07 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.01 |
0.01 |
0.02 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
5237.51 |
2418.91 |
1862.33 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
1.01 |
1.00 |
1.01 |
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 |
1.000 |
1.000 |
1.000 |
|
Reserves & Surplus |
44.781 |
29.606 |
52.221 |
|
Net
worth |
45.781 |
30.606 |
53.221 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
1862.325 |
2418.909 |
5237.508 |
|
Total
borrowings |
1862.325 |
2418.909 |
5237.508 |
|
Debt/Equity
ratio |
40.679 |
79.034 |
98.411 |
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 |
180.267 |
150.218 |
834.675 |
|
|
|
(16.669) |
455.642 |
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 |
180.267 |
150.218 |
834.675 |
|
Profit/ (Loss) |
(75.581) |
(15.175) |
22.615 |
|
|
(41.93%) |
(10.10%) |
2.71% |
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 |
No |
|
17] |
Details of sister concerns |
Yes |
|
18] |
Major suppliers |
No |
|
19] |
Major customers |
No |
|
20] |
Banking Details |
Yes |
|
21] |
Banking facility details |
Yes |
|
22] |
Conduct of the banking account |
-- |
|
23] |
Financials, if provided |
Yes |
|
24] |
Capital in the business |
Yes |
|
25] |
Last accounts filed at ROC, if applicable |
Yes |
|
26] |
Turnover of firm for last three years |
Yes |
|
27] |
Reasons for variation <> 20% |
-- |
|
28] |
Estimation for coming financial year |
No |
|
29] |
Profitability for last three years |
Yes |
|
30] |
Major shareholders, if available |
Yes |
|
31] |
External Agency Rating, if available |
No |
|
32] |
Litigations that the firm/promoter
involved in |
-- |
|
33] |
Market information |
-- |
|
34] |
Payments terms |
Yes |
|
35] |
Negative Reporting by Auditors in the
Annual Report |
No |
RESULTS OF OPERATIONS
AND THE STATE OF THE COMPANY’S AFFAIRS (AS ON 31.03.2016)
During the financial year 2015-16, total income increased by 456.38% to INR 836.686 Million from INR 150.380 Million for the financial year 2014-15. Total expenses were Rs 799.603 Million for the financial year 2015-16 as compared to INR 163.695 Million for the financial year 2014-15.
Net profit after tax for the financial year 2015-16 has increased by 109.85% to INR 22.615 Million as compared to the net loss of INR 15.175 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 (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
Lodha Eternis is a prestigious residential project in Andheri (E) with 2 & 3 bedroom residences. The project offers complete home automation solutions and sophisticated lifestyle features private elevators, walk-in wardrobes, Italian marble flooring and integrated security system. The target client profile of this project is the high/upper middle income segment of the market. The project is designed by Sitetectonix of Singapore, a renowned architectural firm.
UNSECURED LOAN
|
PARTICULARS |
31.03.2016 (INR
in Million) |
31.03.2015 (INR
in Million) |
|
Long-term
Borrowings |
|
|
|
Loans and advances from related parties |
5237.508 |
2418.909 |
|
Total |
5237.508 |
2418.909 |
INDEX OF CHARGES
|
S No |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Satisfaction |
Amount |
Address |
|
1 |
G09835026 |
100045487 |
ICICI BANK LIMITED |
16/08/2016 |
- |
1750000000.0 |
ICICI BANK TOWERS, BANDRA KURLA COMPLEX MUMBAI MAHARASHTRA 400051 INDIA |
|
2 |
G09832403 |
10448852 |
IDBI TRUSTEESHIP SERVICES LIMITED |
12/09/2013 |
23/08/2016 |
1900000000.0 |
ASIAN BLDG., GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI MAHARASHTRA 400001 INDIA |
|
3 |
B36885663 |
10184251 |
KOTAK MAHINDRA BANK LIMITED |
28/10/2009 |
09/04/2012 |
550000000.0 |
36-38A, NARIMAN BHAVAN, 227,D,NARIMAN POINT, MUMBAI MAHARASHTRA 400021 INDIA |
|
4 |
A71233761 |
10128584 |
Punjab & Sind Bank |
23/10/2008 |
15/10/2009 |
550000000.0 |
J K SOMANI BUILDING,BRITISH HOTEL LANE, FORT MUMBAI MAHARASHTRA 400023 INDIA |
|
5 |
A49627714 |
10115052 |
KOTAK MAHINDRA PRIME LIMITED |
09/07/2008 |
29/10/2008 |
300000000.0 |
36-38A, NARIMAN BHAVAN, 227,D,NARIMAN POINT, MUMBAI MAHARASHTRA 400021 INDIA |
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2016 (INR
in Million) |
31.03.2015 (INR
in Million) |
|
Guarantees |
1900.000 |
1900.000 |
|
Other money for which company is contingently liable |
40.210 |
0.000 |
|
Total |
1940.210 |
1900.000 |
FIXED ASSETS
- Plant and equipment
- Vehicles
- Furniture and fixtures
- Computer equipments
- 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 65.04 |
|
UK Pound |
1 |
INR 92.28 |
|
Euro |
1 |
INR 80.62 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
PRA |
|
|
|
|
Report Prepared
by : |
JYTK |
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.
·