MIPL-Logo

3decades

 

MIRA INFORM REPORT

 

 

Report No. :

508483

Report Date :

10.05.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

KOLTE-PATIL DEVELOPERS LIMITED (w.e.f. 12.12.2006)

 

 

Formerly Known As :

REGENESIS DEVELOPERS LIMITED (w.e.f. 04.12.2006)

 

KOLTE-PATIL DEVELOPERS LIMITED (w.e.f. 01.04.1995)

 

KOLTE-PATIL DEVELOPERS PRIVATE LIMITED

 

 

Registered Office :

2nd Floor, City Point, Dhole Patil Road, Pune – 411001, Maharashtra

Tel. No.:

91-20-66226622/66226500

 

 

Country :

India

 

 

Financials (as on) :

31.03.2017

 

 

Date of Incorporation :

25.11.1991

 

 

Com. Reg. No.:

11-129428

 

 

Capital Investment / Paid-up Capital :

INR 757.700 Million

 

 

CIN No.:

[Company Identification No.]

L45200PN1991PLC129428

 

 

IEC No.:

[Import-Export Code No.]

Not Divulged

 

 

PAN No.:

[Permanent Account No.]

Not Divulged

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Divulged

 

 

GSTN :

[Goods & Service Tax Registration No.]

Not Divulged

 

 

Legal Form :

A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

 

 

Line of Business :

The Company is primarily engaged in business of construction of residential, commercial; IT Parks along with renting of immovable properties and providing project management services for managing and developing real estate projects. (Registered Activity and also Confirmed by management)

 

 

No. of Employees :

538 (Approximately) 

 

 

RATING & COMMENTS

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

 

MIRA’s Rating :

A+

 

Credit Rating

Explanation

Rating Comments

A+

Low Risk

Business dealings permissible with low risk of default

 

Maximum Credit Limit :

USD 22788000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Kolte-Patil Developers Limited was incorporated in the year 1991. Subject, along with its subsidiaries and associate companies, is one of the largest residential real estate developers in Pune. It has a healthy project portfolio across residential segments and is expanding into the Bengaluru and Mumbai markets.


For the financial year 2017, the company has achieved massive revenue growth as compared to the previous year along with 15.85%.


The ratings also factor in a healthy financial risk profile marked by comfortable capital structure and strong debt protection metrics due to negligible debt balance sheet profile.


As per the quarterly unaudited financials of December 2017, the company achieved revenue of INR 1489.800 million along with a profit of INR 213.7 million.


Rating derives strength from the company's strong brand and established market position in the Pune (Maharashtra) real estate market.


These rating strengths are partially offset by geographical concentration in revenue and exposure to risks and cyclicality inherent in the real estate sector.


Payments seems to be regular.


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


Note: Pursuant to the Scheme of Amalgamation (the Scheme) sanctioned by the National Company Law Tribunal, Mumbai Bench vide its order dated 9 March 2017, Olive Realty Private Limited (Olive Realty), Yashowardhan Promoters and Developers Private Limited (Yashowardhan Promoters), Corolla Realty Limited (Corolla Realty) and Jasmine Hospitality Private Limited (Jasmine Hospitality) have been merged with the subject Company with effect from 1 January 2016 (the appointed date). The Scheme came into effect on 10 April 2017, the day on which the order was delivered to the Registrar of the Companies, and pursuant thereto the entire business and all the assets and liabilities, duties, taxes and obligations of Olive Realty, Yashowardhan Promoters, Corolla Realty and Jasmine Hospitality have been transferred to and vested in the subject Company .The scheme has become effective on 10 April 2017 with effect from the appointed date of 1 January 2016.


Olive Realty, Yashowardhan Promoters, Corolla Realty and Jasmine Hospitality were primarily engaged in business of construction of residential, commercial; IT Parks along with renting of immovable properties and providing project management services for managing and developing real estate projects.


The business of Olive Realty, Yashowardhan Promoters, Corolla Realty and Jasmine Hospitality was run in trust by them for the subject Company and the business of Olive Realty, Yashowardhan Promoters, Corolla Realty and Jasmine Hospitality will be carried on by the subject Company post the effective date.


As the amalgamating companies i.e. Olive Realty, Yashowardhan Promoters, Corolla Realty and Jasmine Hospitality are wholly owned subsidiaries of the subject Company, no consideration is payable on amalgamation with the subject Company.

 

 

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List

 

Country Name

Previous Rating

(30.06.2017)

Current Rating

(30.09.2017)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

D

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name       

CRISIL

Rating

Long term bank facilities = (A+)

Rating Explanation

Adequate degree of safety and low credit risk.

Date

30.12.2017

 

 

RBI DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2018.

 

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 10.05.2018

 

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

 

Name :

Mr. Mahesh Rathi

Designation :

Finance Officer

Contact No.:

91-20-66226500

Date :

09.05.2018

 

 

LOCATIONS

 

Registered Office :

2nd Floor, City Point, Dhole Patil Road, Pune – 411001, Maharashtra, India

Tel. No.:

91-20-66226622/66226500

Fax No.:

91-20-66226626/66226511

E-Mail :

Sales_kpdl@vsnl.net

sales@koltepatil.com

Website :

www.koltepatil.com

 

 

Regional Office 1:

#121, The Estate Building, 10th Floor, Dickenson Road, Bangalore-560 042, Karnataka, India

Tel. No.:

91-80-46624423/ 46624444/ 22243135/ 22242803

 

 

Regional Office 2:

501, The Capital, G Block, Bandra-Kurla Complex, Bandra, Mumbai- 400052, Maharashtra, India

Tel. No.:

91-84-1190 5000/ 1190 6000

 

 

Bengaluru Office :

22/11, Park West, 1st Floor, Vittal Mallya Road, Bangalore - 560 001, Karnataka, India

Tel. No.:

91-80-4937 4444 / 4662 4444

Fax No.:

91-80-2212 0652

 

 

Goa Office

3rd Floor, Kamala House, Opposite Magson's Super Centre, Dayanand Bandodkar Road, Campal - Miramar, Panaji, Goa – 403002, India

Tel. No.:

91-832-2464006

 

 

DIRECTORS

 

As on 31.03.2017

 

Name :

Mr. Rajesh Anirudha Patil

Designation :

Managing Director

Address :

Plot No. 53, Koregaon Park, Pune -411001, Maharashtra, India

Date of Appointment :

15.04.1995

DIN No.:

00381866

 

 

Name :

Mr. Milind Digambar Kolte

Designation :

Whole Time Director

Address :

118.124, Plot No. 46, Aundh National Society Building Construction, Pune- 411007, Maharashtra, India

Date of Appointment :

17.01.2006

DIN No.:

00170760

 

 

Name :

Mr. Naresh Anirudha Patil

Designation :

Whole Time Director

Address :

No.978, 12th A Main Hal, 2nd Stage Hal, Indiranagar, Bangalore -560038, Karnataka, India

Date of Appointment :

15.04.1995

DIN No.:

00881077

 

 

Name :

Ms. Sunita Milind Kolte

Designation :

Director

Address :

118.124, Plot No. 46, National Society Aundh, Pune 411007, Maharashtra, India

Date of Appointment :

15.04.1995

DIN No.:

00255485

 

 

Name :

Mrs. Vandana Naresh Patil

Designation :

Director

Address :

978, 12th A Main, Hal 2nd Stage, Indiranagar, Bangalore-560038, Karnataka, India

Qualification :

B.Com

Date of Appointment :

16.01.2012

DIN No.:

00588888

 

 

Name :

Mr. Vishwanath Lakshminarasimha Gundappa

Designation :

Director

Address :

Apt 302, Sai Habitat, No. 45, Market Road, Basavanagudi, Bangalore-560004, Karnataka, India

Date of Appointment :

26.12.2006

DIN No.:

01758785

 

 

Name :

Mr. Prakash Yashwant Gurav

Designation :

Director

Address :

Mritinjaya Apartments, 3 Rd Floor, 54 Ideal Colony, Kothrud, Pune-411029, Maharashtra, India

Date of Appointment :

13.08.2014

DIN No.:

02004317

 

 

Name :

Mr. Jayant Gopal Pendse

Designation :

Director

Address :

Pl No 11, Sect 25, PCNTA Nigadi, Pune-411044, Maharashtra, India

Date of Appointment :

29.10.2009

DIN No.:

02434630

 

 

Name :

Mr. Umesh Madhukar Joshi

Designation :

Director

Address :

Maitra 1219, Shivajinagar, Pune – 411004, Maharashtra, India

Date of Appointment :

28.05.2016

DIN No.:

02557162

 

 

Name :

Manasa Vishwanath Madugiri Bhujanga Rao

Designation :

Director

Address :

No. 302, Sai Habitat Apartment, 45 Market Road, Basavanagudi, Bangalore -560004, Karnataka, India

Qualification :

B.A., LL.B

Date of Appointment :

17.01.2012

DIN No.:

05241229

 

 

KEY EXECUTIVES

 

Name :

Mr. Vinod Eknath Pati

Designation :

Company Secretary

Address :

D-26, Vatsalya Nagari, Guruganesh Nagar, New DP Road, Near Ashish Garden, Kothrud, Servicema, Pune-411038, Maharashtra, India

Date of Appointment :

17.05.2013

PAN No.:

AIHPP8229P

 

 

Name :

Mr. Atul Surendrakumar Bohra

Designation :

Chief Finance Officer

Address :

Flat No 704, Building No. D, Gangadham, Bibwewadi, Market Yard Pune- 411037, Maharashtra, India

Date of Appointment :

05.11.2015

PAN No.:

AIYPB2120Q

 

 

Name :

Mr. Gopal Girdharilalji Sarda

Designation :

Chief Executive Officer

Address :

3C-A2-3 New Ajanta Avenue Socy Off Paud Road, Near Krishna Hospital, Koth Rud, Pune – 411029, Maharashtra, India

Date of Appointment :

15.06.2016

PAN No.:

BDDPS2371D

 

 

Name :

Mr. Mahesh Rathi

Designation :

Finance Officer

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on March, 2018

 

Category of shareholder

No. of fully paid up equity shares held

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

(A) Promoter & Promoter Group

56479095

74.51

(B) Public

19319314

25.49

Grand Total

75798409

100.00

 

 

Statement showing shareholding pattern of the Promoter and Promoter Group

 

Category of shareholder

No. of fully paid up equity shares held

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

A1) Indian

Individuals/Hindu undivided Family

56479095

74.51

RAJESH ANIRUDHA PATIL

15486031

20.43

NARESH ANIRUDHA PATIL

14949148

19.72

MILIND DIGAMBAR KOLTE

6442156

8.50

SUNITA RAJESH PATIL

7021861

9.26

VANDANA NARESH PATIL

7039319

9.29

SUNITA MILIND KOLTE

5539553

7.31

ANKITA RAJESH PATIL

1027

0.00

Sub Total A1

56479095

74.51

A2) Foreign

0.00

A=A1+A2

56479095

74.51

 

 

Statement showing shareholding pattern of the Public shareholder

 

Category & Name of the Shareholders

No. of fully paid up equity shares held

Shareholding % calculated as per SCRR, 1957 As a %

B1) Institutions

 

 

Foreign Portfolio Investors

9067135

11.96

GOLDMAN SACHS INDIA LIMITED

3256579

4.30

THE PABRAI INVESTMENT FUND II, LP

1227502

1.62

THE PABRAI INVESTMENT FUND IV, LP

1085488

1.43

Financial Institutions/ Banks

27855

0.04

Any Other (specify)

293049

0.39

Sub Total B1

9388039

12.39

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

0

0.00

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

7439

0.01

Sub Total B2

7439

0.01

B3) Non-Institutions

0

0.00

Individual share capital upto INR 0.200 million

5594753

7.38

Individual share capital in excess of INR 0.200 million

1993092

2.63

NBFCs registered with RBI

3189

0.00

Any Other (specify)

2332802

3.08

Bodies Corporate

1074755

1.42

Clearing Members

142999

0.19

Employees

40324

0.05

Non-Resident Indian (NRI)

1074680

1.42

Trusts

44

0.00

Sub Total B3

9923836

13.09

B=B1+B2+B3

19319314

25.49

 

 

BUSINESS DETAILS

 

Line of Business :

The Company is primarily engaged in business of construction of residential, commercial; IT Parks along with renting of immovable properties and providing project management services for managing and developing real estate projects. (Registered Activity and also Confirmed by management)

 

 

Products/ Services :

NIC Code No.

Product/ Services Description

70

Real Estate Activities

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Available

 

 

Imports :

Not Divulged

 

 

Terms :

 

Selling :

Advance Payment, L/C, Cheque, Credit (90 Days), Others (RTGS)

 

 

Purchasing :

Advance Payment, L/C, Cheque, Credit (90 Days), Others (RTGS)

 

PRODUCTION STATUS NOT AVAILABLE

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark:

--

 

 

Customers :

Reference :

Not Divulged

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark:

--

 

 

No. of Employees :

538 (Approximately) 

 

 

Bankers :

Banker Name :

HDFC Bank Limited

Branch :

Not Divulged

Person Name (With Designation) :

--

Contact Number :

--

Name of Account Holder :

--

Account Number :

--

Account Since (Date/Year of Account Opening) :

--

Average Balance Maintained :

--

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

--

Account Operation :

--

Remark :

--

 

  • IDBI Bank Limited
  • Axis Bank Limited
  • State Bank of India
  • Vijaya Bank
  • ICICI Bank Limited
  • IndusInd Bank Limited

 

 

Facilities :

Secured Loan

31.03.2017

(INR in Million)

31.03.2016

(INR in Million)

Long-term Borrowings

 

 

Non Convertible Debentures

 

 

700 (31 March 2016 - 700) (1 April 2015 - 700) 12.25% Non-Convertible Redeemable Debentures of INR 1000000 each.

0.000

700.000

120 (31 March 2016 - 120) (1 April 2015 - Nil) 15% Non-Convertible redeemable Debentures of INR 10000000 each.

0.000

1200.000

Loans

 

 

From Banks

1129.300

1465.600

From Financial Institution / Others

231.900

226.900

Vehicle Loan

 

 

from Banks

9.600

2.900

from Financial Institution / Others

0.700

0.200

Total

1371.500

3595.600

 

Auditors :

 

Name :

Deloitte Haskins and Sells LLP

Chartered Accountants

Address :

Firm Registration No. 117366W/W-100018, 706, B Wing, 7th Floor, ICC Trade Tower, International Convention Centre, Senapati Bapat Road, Pune – 411016, Maharashtra, India

Tel. No.:

91-20-66244600

Fax No.:

91-20-66244605

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Subsidiaries :
  • Kolte-Patil Real Estate Private Limited
  • Tuscan Real Estate Private Limited
  • Bellflower Properties Private Limited
  • Corolla Realty Limited (upto 31 December 2015)
  • Snowflower Properties Private Limited
  • Jasmine Hospitality Private Limited (Up to 31 December 2015)
  • Olive Realty Private Limited (Up to 31 December 2015)
  • Sylvan Acres Realty Private Limited
  • Yashowardhan Promoters and Developers Private Limited (Up to 31 December 2015)
  • Regenesis Facility Management Company Private Limited
  • Kolte Patil Redevelopment Private Limited (Formerly know as PNP Retail Private Limited)
  • PNP Agrotech Private Limited
  • Kolte-Patil I-Ven Townships (Pune) Limited
  • Ankit Enterprises
  • Kolte-Patil Homes
  • KP-Rachana Real Estate LLP
  • Sanjivani Integrated Township LLP
  • Bouvardia Developers LLP
  • KP-SK Project Management LLP
  • Carnation Landmarks LLP
  • Regenesis Project Management LLP
  • Lilac Hospitality LLP (Up to 14 November 2016)
  • Ruturang Developers LLP (Up to 22 December 2015)

 

 

CAPITAL STRUCTURE

 

As on 31.03.2017

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

149450000

Equity Shares

INR 10/- each

INR 1494.500 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

75774909

Equity Shares

INR 10/- each

INR 757.700 Million

 

 

 

 

 

Terms, rights & restrictions attached to equity shares

 

The Company has only one class of equity shares having a face value of INR 10 per share. Accordingly, all equity shares rank equally with regards to dividends and share in the Company's residual assets. The equity shares are entitled to receive dividend as declared from time to time. Each holder of equity shares is entitled to one vote per share. In the event of liquidation of the Company, the holder of equity shares will be entitled to receive the remaining assets of the Company, after distribution of all preferential amount. The distribution will be in proportion to the number of equity shares held by the shareholders.

 

Reconciliation of the number of shares and amount outstanding at the beginning and at the end of the reporting

Year

 

PARTICULARS

As at 31 March 2017

Number of

shares

Amount

In Million

Shares at the beginning of the year

75774909

757.700

Issued during the year

--

--

Outstanding at the end of the year

75774909

757.700

 

Details of shares held by each shareholder holding more than 5% equity shares:

 

PARTICULARS

As at 31 March 2017

Number of

shares held

% holding in

that class of

shares

Rajesh Anirudha Patil

15486031

20.44%

Naresh Anirudha Patil

14949148

19.73%

Milind Digambar Kolte

6442156

8.50%

Sunita Milind Kolte

5539553

7.31%

Sunita Rajesh Patil

7021861

9.27%

Vandana Naresh Patil

7039319

9.29%

Goldman Sachs India Fund Limited

3979837

5.25%

 

Information regarding issue of shares in the last five years:

 

  • The Company has not issued any shares without payment being received in cash.

 

  • The Company has not issued any bonus shares.

 

  • The Company has not undertaken any buy-back of shares.

 

Equity Share Capital

 

The Company declares and pays dividend in Indian Rupees. The shareholders at the Annual General Meeting held on 17 September 2016 approved a dividend of INR 1.50 per share for the year ended 31 March 2016 which was subsequently paid during the year ended 31 March 2017. The amount was recognised as distributions to equity shareholders during the year ended 31 March 2017 and the total appropriation was INR 114.800 Million including dividend distribution tax. A final dividend of INR 1.60 per share has been recommended by the Board of Directors in their meeting held on 30 May 2017 for the financial year 2016- 17 subject to the approval of shareholders in the ensuing Annual General Meeting. The proposed dividend of INR 121.200 Million and dividend distribution tax theron, of INR 24.700 Million have not been recognised as liablities.

 

FINANCIAL DATA

[all figures are in INR Million]

 

ABRIDGED BALANCE SHEET (STANDALONE)

 

SOURCES OF FUNDS

 

31.03.2017

31.03.2016

31.03.2015

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

757.700

757.700

757.700

(b) Reserves & Surplus

7218.100

6481.900

7034.700

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

0.000

Total Shareholders’ Funds (1) + (2)

7975.800

7239.600

7792.400

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) Long-term borrowings

1371.500

3595.600

1044.800

(b) Deferred tax liabilities (Net)

7.100

0.000

0.000

(c) Other long term liabilities

32.300

19.800

10.800

(d) Long-term provisions

32.400

30.100

28.300

Total Non-current Liabilities (3)

1443.300

3645.500

1083.900

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

0.000

0.000

745.500

(b) Trade payables

724.400

795.600

617.900

(c) Other current liabilities

6359.900

4340.100

3502.800

(d) Short-term provisions

27.100

24.000

244.400

Total Current Liabilities (4)

7111.400

5159.700

5110.600

 

 

 

 

TOTAL

16530.500

16044.800

13986.900

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

120.200

129.400

154.900

(ii) Intangible Assets

140.600

135.600

75.700

(iii) Capital work-in-progress

0.000

0.000

0.000

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

2723.800

2631.200

4038.600

(c) Deferred tax assets (net)

0.000

6.400

7.000

(d) Long-term Loan and Advances

45.300

34.000

2359.100

(e) Other Non-current assets

2438.200

2197.400

167.000

Total Non-Current Assets

5468.100

5134.000

6802.300

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

43.900

25.800

56.200

(b) Inventories

8315.600

8687.300

5381.700

(c) Trade receivables

1110.800

636.200

379.200

(d) Cash and cash equivalents

327.700

448.700

162.700

(e) Short-term loans and advances

0.000

0.000

1022.100

(f) Other current assets

1264.400

1112.800

182.700

Total Current Assets

11062.400

10910.800

7184.600

 

 

 

 

TOTAL

16530.500

16044.800

13986.900

 

 

PROFIT & LOSS ACCOUNT (STANDALONE)

 

 

PARTICULARS

31.03.2017

31.03.2016

31.03.2015

 

SALES

 

 

 

 

Income

5344.800

2157.800

1683.700

 

Other Income

422.300

532.800

427.800

 

TOTAL

5767.100

2690.600

2111.500

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of construction/development, land, plots and development rights

3346.600

954.500

646.100

 

Purchases of Stock-in-Trade

0.000

0.000

0.000

 

Employees benefits expense

273.600

290.800

283.500

 

Other expenses

421.900

420.600

325.200

 

TOTAL

4042.100

1665.900

1254.800

 

 

 

 

 

 

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

1725.000

1024.700

856.700

 

 

 

 

 

Less

FINANCIAL EXPENSES

428.300

399.700

316.00

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

1296.700

625.000

540.700

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

62.200

47.600

39.200

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

1234.500

577.400

501.500

 

 

 

 

 

Less

TAX

387.400

129.700

65.200

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

847.100

447.700

436.300

 

 

 

 

 

 

Earnings / (Loss) Per Share (INR)

11.18

5.91

5.76

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2017

31.03.2016

31.03.2015

Current Maturities of Long term debt

2131.100

211.700

697.300

Cash generated from operations

1232.300

411.000

(135.100)

Net cash flow from operating activity

1024.400

345.000

(262.600)

 

 

QUARTERLY RESULTS

 

Particulars

30.06.2017

 

30.09.2017

31.12.2017

Unaudited

1st Quarter

2nd Quarter

3rd Quarter

Net Sales

1538.600

1465.400

1489.800

Total Expenditure

1181.200

935.300

1127.200

PBIDT (Excl OI)

357.400

530.100

362.600

Other Income

128.900

63.400

71.100

Operating Profit

486.300

593.500

433.700

Interest

106.600

131.700

112.000

Exceptional Items

NA

NA

NA

PBDT

379.700

461.800

321.700

Depreciation

15.700

17.000

13.300

Profit Before Tax

364.000

444.800

308.400

Tax

112.300

179.000

94.700

Provisions and contingencies

NA

NA

NA

Profit After Tax

251.700

265.800

213.700

Extraordinary Items

NA

NA

NA

Prior Period Expenses

NA

NA

NA

Other Adjustments

NA

NA

NA

Net Profit

251.700

265.800

213.700

 

 

KEY RATIOS

 

EFFICIENCY RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Average Collection Days

(Sundry Debtors / Income * 365 Days)

75.86

107.62

82.20

 

 

 

 

Account Receivables Turnover

( Income / Sundry Debtors)

4.81

3.39

4.44

 

 

 

 

Average Payment Days

(Sundry Creditors / Purchases * 365 Days)

79.01

304.24

349.07

 

 

 

 

Inventory Turnover

(Operating Income / Inventories)

0.21

0.12

0.16

 

 

 

 

Asset Turnover

(Operating Income / Net Fixed Assets)

6.61

3.87

3.72

 

LEVERAGE RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Debt Ratio

((Borrowing + Current Liabilities) / Total Assets)

0.64

0.56

0.49

 

 

 

 

Debt Equity Ratio

(Total Liability / Networth)

0.44

0.53

0.32

 

 

 

 

Current Liabilities to Networth

(Current Liabilities / Net Worth)

0.89

0.71

0.66

 

 

 

 

Fixed Assets to Networth

(Net Fixed Assets / Networth)

0.03

0.04

0.03

 

 

 

 

Interest Coverage Ratio

(PBIT / Financial Charges)

4.03

2.56

2.71

 

PROFITABILITY RATIOS

 

PARTICULARS

 

 

31.03.2017

31.03.2016

31.03.2015

Net Profit Margin

[(PAT / Sales) * 100]

%

15.85

20.75

25.91

 

 

 

 

 

Return on Total Assets

((PAT / Total Assets) * 100)

%

5.12

2.79

3.12

 

 

 

 

 

Return on Investment (ROI)

((PAT / Networth) * 100)

%

10.62

6.18

5.60

 

SOLVENCY RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Current Ratio

(Current Assets / Current Liabilities)

1.56

2.11

1.41

 

 

 

 

Quick Ratio

((Current Assets – Inventories) / Current Liabilities)

0.39

0.43

0.35

 

 

 

 

G-Score Ratio Financial

(Networth / Total Assets)

0.48

0.45

0.56

 

 

 

 

G-Score Ratio Debt

(Debts / Equity Capital)

4.62

5.02

3.28

 

 

 

 

G-Score Ratio Liquidity

(Total Current Assets / Total Current Liabilities)

1.56

2.11

1.41

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

 

STOCK PRICES

 

Face Value

INR 10.00/-

Market Value

INR 322.50/-

 

 

FINANCIAL ANALYSIS

[all figures are in INR Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2015

31.03.2016

31.03.2017

 

INR In Million

INR In Million

INR In Million

Share Capital

757.700

757.700

757.700

Reserves & Surplus

7034.700

6481.900

7218.100

Net worth

7792.400

7239.600

7975.800

 

 

 

 

long-term borrowings

1044.800

3595.600

1371.500

Short term borrowings

745.500

0.000

0.000

Current Maturities of Long term debt

697.300

211.700

2131.100

Total borrowings

2487.600

3807.300

3502.600

Debt/Equity ratio

0.319

0.526

0.439

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2015

31.03.2016

31.03.2017

 

INR In Million

INR In Million

INR In Million

Sales

1683.700

2157.800

5344.800

 

 

28.158

147.697

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2015

31.03.2016

31.03.2017

 

INR In Million

INR In Million

INR In Million

Sales

1683.700

2157.800

5344.800

Profit/(Loss)

436.300

447.700

847.100

 

25.91%

20.75%

15.85%

 

 

 

ABRIDGED BALANCE SHEET (CONSOLIDATED)

 

SOURCES OF FUNDS

 

31.03.2017

31.03.2016

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

 

757.700

757.700

(b) Reserves & Surplus

 

7880.200

7066.300

(c) Money received against share warrants

 

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

 

0.000

0.000

Non Controlling Interest

 

2666.000

3042.100

Total Shareholders’ Funds (1) + (2)

 

11303.900

10866.100

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

 

3706.600

6442.900

(b)Trade payable

 

65.000

53.900

(c) Deferred tax liabilities (Net)

 

103.200

96.100

(d) Other long term liabilities

 

32.300

77.700

(d) long-term provisions

 

45.000

42.000

Total Non-current Liabilities (3)

 

3952.100

6712.600

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

 

296.300

796.900

(b) Trade payables

 

1760.600

1537.800

(c) Other current liabilities

 

10875.600

7831.000

(d) Short-term provisions

 

42.800

37.400

Total Current Liabilities (4)

 

12975.300

10203.100

 

 

 

 

TOTAL

 

28231.300

27781.800

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

 

896.100

966.500

(ii) Intangible Assets

 

165.300

170.200

(iii) Capital work-in-progress

 

22.200

18.500

(iv) Intangible assets under development

 

0.000

0.000

(v) Goodwill

 

211.000

211.000

(b) Non-current Investments

 

0.000

0.000

(c) Deferred tax assets (net)

 

127.800

70.900

(d)  Long-term Loan and Advances

 

0.000

0.000

(e) Other Non-current assets

 

1662.200

1689.300

Total Non-Current Assets

 

3084.600

3126.400

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

 

44.100

27.800

(b) Inventories

 

20607.300

20389.500

(c) Trade receivables

 

1770.100

1468.100

(d) Cash and cash equivalents

 

797.000

848.800

(e) Short-term loans and advances

 

0.000

0.000

(f) Other current assets

 

1928.200

1921.200

Total Current Assets

 

25146.700

24655.400

 

 

 

 

TOTAL

 

28231.300

27781.800

 

 

PROFIT & LOSS ACCOUNT (CONSOLIDATED)

 

 

PARTICULARS

 

31.03.2017

31.03.2016

 

SALES

 

 

 

 

Income

 

9656.100

7537.500

 

Other Income

 

82.000

165.100

 

TOTAL

 

9738.100

7702.600

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of construction/development, land, plots and development rights

 

6081.500

4251.900

 

Purchases of Stock-in-Trade

 

0.000

0.000

 

Employees benefits expense

 

422.000

480.400

 

Other expenses

 

752.500

821.000

 

TOTAL

 

7256.000

5553.300

 

 

 

 

 

 

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

 

2482.100

2149.300

 

 

 

 

 

Less

FINANCIAL EXPENSES

 

860.400

840.100

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

 

1621.700

1309.200

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

 

148.500

151.800

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

 

1473.200

1157.400

 

 

 

 

 

Less

TAX

 

624.400

534.800

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

 

848.800

622.600

 

 

 

 

 

 

Other comprehensive income

 

 

 

 

Items that will not be reclassified subsequently to profit or loss

 

 

 

 

-Remeasurements of the defined benefit liabilities / (asset)

 

4.700

12.300

 

Income Tax relating to items that will not be reclassified to Profit

or Loss

 

 (1.600)

 (3.400)

 

Total Other Comprehensive Income

 

3.100

8.900

 

Total Comprehensive income for the year

 

851.900

631.500

 

Profit for the year attributable to:

 

 

 

 

- Owners of the Company

 

871.800

589.000

 

- Non-controlling interest

 

(23.000)

33.600

 

 

 

848.800

622.600

 

Other Comprehensive Income for the year attributable to:

 

 

 

 

- Owners of the Company

 

3.200

6.500

 

- Non-controlling interest

 

(0.100)

2.400

 

 

 

3.100

8.900

 

Total Comprehensive Income for the year attributable to:

 

 

 

 

- Owners of the Company

 

875.000

595.500

 

- Non-controlling interest

 

(23.100)

36.000

 

 

 

851.900

631.500

 

 

 

 

 

 

Earnings / (Loss) Per Share (INR)

 

11.51

7.77

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report (Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

No

5

Buyer visit details

--

6

Contact numbers

Yes

7

Name of the person contacted

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

Yes

26

Turnover of firm for last three years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

No

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

Yes

32

Litigations that the firm/promoter involved in

--

33

Market information

--

34

Payments terms

Yes

35

Negative Reporting by Auditors in the Annual Report

No

 

 

CORPORATE INFORMATION

 

The Company is a Company registered under the Companies Act, 1956. It was incorporated on 25 November 1991. The Company is primarily engaged in business of construction of residential, commercial; IT Parks along with renting of immovable properties and providing project management services for managing and developing real estate projects.

 

MANAGEMENT DISCUSSION AND ANALYSIS

 

ECONOMIC OVERVIEW AND OUTLOOK

 

India’s economy grew at 7.1% in 2016- 17, moderating from 7.8% in 2015-16. The slowdown was primarily caused by the impact of the demonetization on various industry sectors. In addition to the note-ban effect, restricted lending from banks, weak Balance Sheets due to overinvestment and excess production capacity relative to demand impacted the economic growth. A strong monsoon helped agricultural growth rise to 4.4% and food grain production to a record 8.1%. The industrial sector shrunk to 5.8% as compared to 8.2% in the previous year. Manufacturing value added moderated to 7.7%, helped in part by lower input costs. Construction grew by a modest 3.1%, as demonetization affected real estate activity. Services growth moderated to 7.9% as finance, real estate, trade, hotels, transportation and communication services witnessed a slowdown. Inflation was kept in check for the second consecutive year at 4.7%, mostly in line with the government target of containing it within 5%. Going forward, the economy is expected to grow by 7.6% in 2017-18 and 7.8% in 2018-19 as per ADB, while the International Monetary Fund (IMF) has forecast India’s GDP to grow at 7.2% in 2017-18.

 

INDIAN REAL ESTATE OVERVIEW

 

2016-17 was a landmark year for the country and for the real estate industry seeing some of the biggest policy changes in decades. The demonetization move caused temporary turmoil; however, along with the Benami Transactions Act, it promises to bring greater transparency in the real estate sector.

 

Further, the Goods and Services Tax (GST) and Real Estate Regulations Act (RERA) cleared hurdles, and have been fully implemented. Much like the transitory pains caused by demonetization, these policy changes could trigger momentary disturbances but augur well for the industry in the long run. RERA is set to bring about a sea change in the realty landscape of the country by attracting new investors and customers. From anecdotal evidence, they have seen how regulators in sectors like telecom, insurance and financial sectors have helped enhance efficiency and transparency. The Act will facilitate information sharing in a systematic manner leading to accessibility and transparency.

 

The roll-out of the GST has been the single largest tax reform in the country since Independence. The intention of GST is to bring efficiency into the entire tax system. Under the proposed GST system, current multiple state and central levies will be replaced by GST. A uniform rate will be applicable to developers and buyers of underconstruction physical properties across states and Union Territories of India. Overall, there could be new sales slowdown in the near term in view of uncertainties regarding GST implementation and its likely impact on property prices. However, in the medium to long term, they expect demand to remain unaffected as demand for residential units is driven by urbanization, nuclearization of families, new job creation, salary hikes and overall growth in the economy.

 

 

The Union Budget 2017-18 provided strong impetus to the real estate sector with the most notable announcement

being the award of Infrastructure Status to Affordable housing, which is expected to drive a recovery in the residential sector and is aligned with the government’s agenda of ‘Housing for All by 2022’. This will allow easier access to capital for developers, at a much lower rate with a longer amortization period. In addition, it will allow developers access to viability gap funding and tax incentives. For affordable housing purpose instead of the built up area of 30 and 60 sqm, the carpet area of 30 and 60 sqm will be counted. The 30 sqm limit will apply only in case of municipal limits of four metropolitan cities while for the rest of the country, including the peripheral areas of metros, a limit of 60 sqm will apply.

 

Affordable housing will come into a sharper focus now than in previous years, and REITs promise to open up the real estate market to smaller investors in the coming year. The country’s real estate markets are definitely poised for growth in the medium-to-long term on the back of structural reforms, liberalization of the foreign direct investment (FDI) policy, higher transparency and consolidation. Further, with banks cutting down home loan interest rates and an uptick in buyer sentiment could lead to strong demand and increase sales volumes.

 

COMPANY OUTLOOK

 

Initiatives like demonetization and implementation of RERA and GST will lead to a level playing field and bring about a consolidation in the sector and benefit organized developers like KPDL, though some short-term uncertainty may persist and consumer behavior will have to be watched

 

The Company is looking to consolidate its dominant presence in Pune, leveraging its strong brand name, through the execution of ongoing projects and launch of subsequent phases of existing projects

 

In addition to Pune, the Company has a strong pipeline of projects in Mumbai of over 1.2 msf, which will facilitate PAT and ROCE expansion for the Company going forward, while providing synergies to the existing Pune operations

 

Bengaluru is expected to be an additional growth engine with the launch of the Kormangala project in IR\NR 2 FY18, in addition to the launch of Exente, Hosur Road in Q1 FY18

 

To play on the Government’s affordable stimulus theme, the Company is also evaluating an expansion into the affordable housing in subsequent phases of existing projects, which could help drive presales growth

 

The Company will continue to focus on execution, collections and given the Company’s asset light approach, is expected to generate strong free cash flows over the next few years which will be utilized to strengthen its Balance Sheet further

 

SCHEME OF AMALGAMATION

 

Pursuant to the Scheme of Amalgamation (the Scheme) sanctioned by the National Company Law Tribunal, Mumbai Bench vide its order dated 9 March 2017, Olive Realty Private Limited (Olive Realty), Yashowardhan Promoters and Developers Private Limited (Yashowardhan Promoters), Corolla Realty Limited (Corolla Realty) and Jasmine Hospitality Private Limited (Jasmine Hospitality) have been merged with the Company with effect from 1 January 2016 (the appointed date). The Scheme came into effect on 10 April 2017, the day on which the order was delivered to the Registrar of the Companies, and pursuant thereto the entire business and all the assets and liabilities, duties, taxes and obligations of Olive Realty, Yashowardhan Promoters, Corolla Realty and Jasmine Hospitality have been transferred to and vested in the Company .The scheme has become effective on 10 April 2017 with effect from the appointed date of 1 January 2016.

 

Olive Realty, Yashowardhan Promoters, Corolla Realty and Jasmine Hospitality were primarily engaged in business of construction of residential, commercial; IT Parks along with renting of immovable properties and providing project management services for managing and developing real estate projects.

 

The business of Olive Realty, Yashowardhan Promoters, Corolla Realty and Jasmine Hospitality was run in trust by them for the Company and the business of Olive Realty, Yashowardhan Promoters, Corolla Realty and Jasmine Hospitality will be carried on by the Company post the effective date.

 

As the amalgamating companies i.e. Olive Realty, Yashowardhan Promoters, Corolla Realty and Jasmine Hospitality are wholly owned subsidiaries of the Company, no consideration is payable on amalgamation with the Company.

 

The amalgamation is accounted under the ‘pooling of interest’ method in terms of the scheme sanctioned by the National Company Law Tribunal, Mumbai bench as under:

 

• All assets and liabilities and reserves of Olive Realty, Yashowardhan Promoters, Corolla Realty and Jasmine Hospitality have been recorded in the books of account of the Company at their respective carrying amounts and in the same form.

 

• Difference between amount of Share capital of the transferor companies and gross value recorded as investments is adjusted and the difference is adjusted in ‘Reserves’ in accordance with the Scheme.

 

• Accordingly, the assets and liabilities of Olive Realty, Yashowardhan Promoters, Corolla Realty and Jasmine Hospitality are accounted at the following summarized values:

 

(INR in Million)

Particulars

Olive

Realty

Yashowardhan

Promoters

Corolla

Realty

Jasmine

Hospitality

Total

Property Plant and Equipment

(Including Capital Work-in-Progress)

-

0.100

7.400

-

7.500

Intangible assets

-

-

12.900

-

12.900

Taxes

2.500

6.000

27.300

-

35.800

Inventories

205.000

21.100

1814.800

395.300

2436.200

Trade Receivables

44.800

3.000

47.800

-

95.600

Cash and Bank Balances

0.200

2.000

113.100

0.100

115.400

-Financial assets -Investments , loans,

& others (Non-current & Current) and

-Other Non-current and current assets

26.400

0.900

81.500

-

108.800

Non-current and current liabilities

0.200

5.300

1188.300

0.100

1193.900

Share Capital

10.000

1.800

5.800

301.700

319.300

Gross value recorded as investments

10.000

83.100

1750.800

552.000

2395.900

To be adjusted against reserves

-

(81.300)

(1745.000)

(250.300)

(2076.600)

 

As the appointed date of merger is 1 January 2016 therefore previous year’s numbers reported are not comparable.

 

The Company has initiated the name change formalities to transfer the title in respect of the contracts, agreements, etc. of Olive Realty, Yashowardhan Promoters, Corolla Realty and Jasmine Hospitality.

 

 

 

CONTINGENT LIABILITIES:

 

(INR in million)

PARTICULARS

31.03.2017

31.03.2016

Claims against the Company not acknowledged as debt*

 

 

Claims not acknowledged as debts represent cases filed in Civil Court and High Court

213.500

213.600

Claims in respect of Income Tax matters (pending in Appeal)

114.200

114.200

Claims in respect of Value Added Tax

4.300

0.000

Guarantees issued by the Company on behalf of Subsidiaries**

2350.000

1700.000

Total

2682.000

2027.800

 

Notes:

 

  • *in the opinion of the management the above claims are not sustainable and the Company does not expect any outflow of economic resources in respect of above claims and therefore no provision is made in respect thereof.

 

  • **The Company does not expect any outflow of resources in respect of the Guarantees issued.

 

 

INDEX OF CHARGES

 

SNo

SRN

Charge Id

Charge Holder Name

Date of Creation

Date of Modification

Date of Satisfaction

Amount

Address

1

G81448250

100164713

KOTAK MAHINDRA PRIME LIMITED

28/02/2018

-

-

1932000.0

27BKC, C 27, G BlockBandra Kurla Complex, Bandra (E),MumbaiMa400051IN

2

G78718277

100158940

TOYOTA FINANCIAL SERVICES INDIA LIMITED

09/02/2018

-

-

1973000.0

No. 21 Centropolis, First Floor,5th Cross Langford Road, Shanti NagarBangaloreKa560025IN

3

G78330255

100158087

DAIMLER FINANCIAL SERVICES INDIA PRIVATE LIMITED

07/02/2018

-

-

5500000.0

Unit 202, 2nd Floor, Campus 3B,RMZ MillenniaBusiness Park, No.143, Dr. M.G.R.Road,PerungudiChennaiTa600096IN

4

G53401337

100123739

ICICI BANK LIMITED

31/08/2017

-

-

4940000.0

ICICI Bank Tower, Near Chakli Circle,Old Padra RoadVadodaraGu390007IN

5

G51260628

100118493

PNB HOUSING FINANCE LIMITED

22/07/2017

-

-

1500000000.0

9TH FLOOR ANTRIKSH BHAWAN22 K G MARGNEW DELHIDe110001IN

6

G53919312

100123736

VOLKSWAGEN FINANCE PRIVATE LIMITED

21/07/2017

-

-

931000.0

3rd Floor, Wing - A, Silver UtopiaCardinal Gracious Road, Chakala, AndheriMumbaiMa400099IN

7

G40670788

100089516

ICICI BANK LIMITED

28/02/2017

-

-

13775000.0

ICICI Bank Tower, Near Chakli Circle,Old Padra RoadVadodaraGu390007IN

8

G73133290

100069640

INDUSIND BANK LTD.

16/12/2016

25/10/2017

-

1750000000.0

2401 GEN THIMMAYYA ROADCONTONMENTPUNEMa411001IN

9

G13379227

100052633

TATA CAPITAL HOUSING FINANCE LIMITED

17/09/2016

-

-

350000000.0

One Forbes, Dr. V. B. Gandhi MargFortMumbaiMH400001IN

10

G10842318

100048049

TOYOTA FINANCIAL SERVICES INDIA LIMITED

19/08/2016

-

-

1469000.0

No. 21 Centropolis, First Floor,5th Cross Langford Road, Shanti NagarBangaloreKa560025IN

 

 

 

 

 

STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31.12.2017

 

(INR in million)

Particulars

Quarter ended

 

Nine Months Ended

 

31.12.2017

30.09.2017

31.12.2017

 

Unaudited

Unaudited

Unaudited

INCOME FROM OPERATIONS

 

 

 

Revenue From Operations

1489.800

1465.400

4493.800

Other  Income

71.100

63.400

263.400

Total Income from Operations

1560.900

1528.800

4757.200

 

 

 

 

EXPENSES

 

 

 

Cost of construction/development, land, plots and development rights

905.100

774.800

2680.400

Employee benefits expense

70.700

71.500

201.700

Finance Cost

112.000

131.700

350.300

Depreciation and Amortization expenses

13.300

17.000

46.000

Other Expenditure

151.400

89.000

361.600

Total Expenses

1252.500

1084.000

3640.000

 

 

 

 

Profit before tax

308.400

444.800

1117.200

Tax Expense

 

 

 

-Current Tax

98.700

185.000

393.900

-Deferred Tax

(4.000)

(6.000)

(7.900)

Total Tax expenses

94.700

179.000

386.000

 

 

 

 

Net profit after tax

213.700

265.800

731.200

 

 

 

 

Other Comprehensive Income

 

 

 

Items that will not be reclassified to profit or loss

(1.100)

2.200

(3.400)

Total Comprehensive Income

212.600

268.000

727.800

Paid-up Equity Share Capital (Face value INR 10/- per share)

757.700

757.700

757.700

Reserves (excluding Revaluation Reserve)

 

 

 

Earnings per Share (EPS) - INR

 

 

 

Basic and Diluted

2.82

3.51

9.65

 

Notes:

 

1. The above standalone unaudited financial results were reviewed by the Audit Committee at its meeting held on 13th February 2018 and were approved by the Board of Directors at its meeting held on 13th February 2018.

2. The Company is predominantly engaged in the business of Real Estate. Thus there are no separate reportable operating segments in accordance with Ind AS 108.


3. Pursuant to the Regulation 54(2) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Listed Redeemable Non-Convertible Debentures of INR 300.000 Million are Secured by way of mortgage over land and project assets of Jazz 2 (Project) located at Pimple Nilakh to which clear and marketable title is held by company, charge on all cash flows and receivables pertaining to the project (Receivables) and Charge of Escrow Account of the Project. During the quarter and nine months ended 31st December 2017, NCDs of INR 400.000 Million were redeemed on 11th December 2017. Further, NCDs of INR 300.000 Million were redeemed on 16th January 2018.


4. The company ceased as a partner from Sanjivani Integrated Township LLP with effect from 5th December 2017. 

5. Pursuant to the Scheme of Amalgamation (the Scheme) sanctioned by the National Company Law Tribunal, Mumbai Bench vide its order dated 9th March 2017, Olive Realty Private Limited (Olive Realty), Yashowardhan Promoters and Developers Private Limited (Yashowardhan Promoters), Corolla Realty Limited (Corolla Realty) and Jasmine Hospitality Private Limited (Jasmine Hospitality) have been merged with the Company with effect from 1st January 2016 (the appointed date). The Scheme came into effect on 10th April 2017, the day on which the order was delivered to the Registrar of the Companies, and pursuant thereto the entire business and all the assets and liabilities, duties, taxes and obligations of Olive Realty, Yashowardhan Promoters, Corolla Realty and Jasmine Hospitality have been transferred to and vested in the Company. The scheme has become effective on 10th April 2017 with effect from the appointed date of 1st January 2016. The amount of Share capital of the transferor companies and gross value recorded as investments is adjusted and the difference is debited to Reserves in accordance with the Scheme. As the appointed date of merger is 1st January 2016, therefore previous years' numbers reported in the above results are accordingly restated after giving merger impact.

6. The figures for the previous period have been regrouped and rearranged, wherever necessary, to make them comparable with the current Period.

 

 

FIXED ASSETS

 

  • Freehold Buildings
  • Plant and Equipment
  • Furniture and Fixtures
  • Office Equipment
  • Vehicles
  • Computers

 

 

 

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

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

 

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 67.08

UK Pound

1

INR 91.14

Euro

1

INR 80.01

 

 

INFORMATION DETAILS

 

Information Gathered by :

TEJ

 

 

Analysis Done by :

PRI

 

 

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

YES

--OTHER MERIT FACTORS

YES/NO

YES

 

 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

 

 

 

 

 

 

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

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