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|
MIRA INFORM REPORT
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Report No. : |
509844 |
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Report Date : |
22.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
LODHA ESTATE PRIVATE LIMITED |
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Registered
Office : |
412, Floor - 4, 17G Vardhaman Chamber, Cawasji Patel Road, Horniman Circle, Fort, Mumbai-400001, Maharashtra |
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Tel. No.: |
91-22-23024400 |
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Country : |
India |
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Financials (as
on) : |
31.03.2016 |
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Date of
Incorporation : |
04.03.1994 |
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|
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Com. Reg. No.: |
11-076937 |
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Capital
Investment / Paid-up Capital : |
INR 0.199 Million |
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CIN No.: [Company Identification
No.] |
U99999MH1994PTC076937 |
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IEC No.: [Import-Export Code No.] |
Not Divulged |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACL1723E |
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GSTN : [Goods & Service Tax
Registration No.] |
Not Divulged |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged into Construction and Real Estate Development and Allied activities. [Registered Activity and also Confirmed by Management] |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
D |
|
Credit Rating |
Explanation |
Rating Comments |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
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Status : |
Amalgamated |
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Payment Behaviour : |
-- |
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Litigation : |
-- |
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Comments : |
As per Registrar of Companies the status of the company is shown as “Amalgamated”. However, management denied parting any information and the same could not be confirmed from any other sources 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. No other information could be made available from any other sources regarding scheme of amalgamation As per available financials of 2016, the company is continuously incurring losses from its operational activities. In view of amalgamations, we do not recommend any business dealings Note : Site visit conducted at the registered address: Site visit was conducted at the address which you have
provided. Our executive has successfully traced the company at the given address.
(Given address is a registered address of the company) . As per our executive observation, it is a five storey building and given address is located on the fourth floor of the building. Locality of the premises appears to be commercial and area seems to be upmarket. Name board of “Lodha Group” was sighted at the given premises instead of “Lodha Estate Private Limited”
Note : Site visit conducted at the corporate office address. Site visit was conducted at the corporate office address of the company i.e., Lodha Excelus Apollo Mills Compound, N. M. Joshi Marg, Mahalaxmi Mumbai 400011 Maharashtra. Our executive has successfully traced the company at the address At the premises, our executive met receptionist (Name not divulged) who denied to part any information about the company As per our executive observation, it is a 14th storey building and address is located on the 8th floor of the building. Locality of the premises appears to be commercial and area seems to be upmarket. Name board of “Lodha Group” was sighted at the given premises instead of “Lodha Estate Private Limited” |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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 22.05.2018
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 DECLINED BY
|
Name : |
Mr. Vijay |
|
Designation : |
Deputy Manager |
|
Contact No.: |
91-22-23024400/ 9167300490 |
|
Date : |
27.10.2017 |
MANAGEMENT NON-COOPERATIVE [91-22-61334000]
LOCATIONS
|
Registered Office : |
412, Floor - 4, 17G Vardhaman Chamber, Cawasji Patel Road, Horniman Circle, Fort, Mumbai-400001, Maharashtra, India |
|
Tel. No.: |
91-22-23024400/ 61334000 |
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Mobile No.: |
91-9167300490 [Mr. Vijay] |
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Fax No.: |
91-22-23024550 |
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E-Mail : |
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Website : |
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Head/ Corporate 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 : |
Additional Director |
|
Address : |
8/49, Vishwas Niwas, 3rd Floor Acharya Donde Marg, Parel, Mumbai-400012, Maharashtra, India |
|
Date of Appointment : |
05.11.2016 |
|
DIN No.: |
06703485 |
|
|
|
|
Name : |
Mr. Udal Sarda Mishra |
|
Designation : |
Nominee Director |
|
Address : |
198 A Adenwalla Bunglow, Mukund, Jadhav Marg, Parel, Mumbai-400012, Maharashtra, India |
|
Date of Birth/Age : |
03.05.1974 |
|
Qualification : |
CA |
|
Date of Appointment : |
20.12.2013 |
|
PAN No.: |
AMKPM8911A |
|
DIN No.: |
06705155 |
KEY EXECUTIVES
|
Name : |
Mr. Vijay |
|
Designation : |
Deputy Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
Lodha Developers Private Limited, India |
|
1989 |
|
Palava Dwellers Private Limited (Nominee of Lodha Developers Private
Limited) |
|
01 |
|
|
|
|
|
Total |
|
1990 |
AS ON: 14.09.2017
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Promoters (Bodies corporate) |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged into Construction and Real Estate Development and Allied activities. [Registered Activity and also Confirmed by Management] |
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Products : |
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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 : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS: [NOT AVAILABLE]
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
J K Somani Building, British Hotel Lane, Fort, Mumbai, Mumbai - 400023, Maharashtra, India
V. P. Road Branch,, 136, Ishwar Niwas, Vithalbhai Patel Road, Mumbai - 400004, Maharashtra, India
Ramon House 169 Backbay Reclamation, H T Parekh Marg, Mumbai - 400020, Maharashtra, India |
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Facilities : |
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Financial Institution : |
Asian Building, Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai-400001, Maharashtra, India |
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|
|
|
Auditors : |
|
|
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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PAN No.: |
AAKFS6521L |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding company : |
Lodha Developers Private Limited [U45200MH1995PTC093041] |
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Fellow Subsidiary
companies: |
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Related Parties : |
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CAPITAL STRUCTURE
AS ON: 31.03.2016
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000 |
Equity Shares |
INR 100/- each |
INR 10.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1990 |
Equity Shares |
INR 100/- each |
INR 0.199
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
0.199 |
0.199 |
0.199 |
|
(b) Reserves and Surplus |
637.317 |
695.064 |
768.160 |
|
(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) |
637.516 |
695.263 |
768.359 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long-term
liabilities |
21.024 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.096 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
21.120 |
0.000 |
0.000 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
7760.793 |
5205.160 |
2331.906 |
|
(b) Trade
payables |
132.272 |
116.589 |
30.762 |
|
(c) Other current
liabilities |
3989.415 |
1081.827 |
75.277 |
|
(d) Short-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Current
Liabilities (4) |
11882.480 |
6403.576 |
2437.945 |
|
|
|
|
|
|
TOTAL |
12541.116 |
7098.839 |
3206.304 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
0.266 |
0.350 |
0.910 |
|
(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 |
501.281 |
501.281 |
501.281 |
|
(c) Deferred tax assets (net) |
71.648 |
40.091 |
4.403 |
|
(d)
Long-term loans and advances |
105.486 |
81.964 |
75.615 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
678.681 |
623.686 |
582.209 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
770.487 |
234.653 |
100.897 |
|
(c) Trade
receivables |
153.469 |
4.881 |
13.519 |
|
(d) Cash and
bank balances |
97.882 |
84.883 |
143.430 |
|
(e)
Short-term loans and advances |
10444.689 |
5876.069 |
2345.614 |
|
(f) Other
current assets |
395.908 |
274.667 |
20.635 |
|
Total Current
Assets |
11862.435 |
6475.153 |
2624.095 |
|
|
|
|
|
|
TOTAL |
12541.116 |
7098.839 |
3206.304 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
182.847 |
4.068 |
21.247 |
|
|
Other Income |
0.000 |
4.641 |
9.275 |
|
|
TOTAL |
182.847 |
8.709 |
30.522 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
4.366 |
0.000 |
0.000 |
|
|
Purchases of
Stock-in-Trade |
146.151 |
0.000 |
20.376 |
|
|
Employee benefit expense |
16.188 |
4.046 |
7.003 |
|
|
Other expenses |
62.711 |
110.811 |
13.912 |
|
|
TOTAL |
229.416 |
114.857 |
41.291 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION |
(46.569) |
(106.148) |
(10.769) |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
40.910 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(87.479) |
(106.148) |
(10.769) |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1.843 |
0.162 |
0.213 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(89.322) |
(106.310) |
(10.982) |
|
|
|
|
|
|
|
Less |
TAX |
(31.575) |
(33.476) |
(4.403) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(57.747) |
(72.834) |
(6.579) |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
(29018.44) |
(36599.42) |
(3306.22) |
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 |
|
|
|
|
|
|
Net cash flows from (used in) operations |
(2530.208) |
(2677.688) |
(1037.605) |
|
|
|
|
|
|
Net cash flows from (used in) operating activities |
(2530.208) |
(2677.688) |
(1038.730) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
306.36 |
437.95 |
232.24 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
1.19 |
0.83 |
1.57 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
320.76 |
0.00 |
551.05 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
(0.06) |
(0.45) |
(0.11) |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
(175.07) |
(303.28) |
(11.83) |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.95 |
0.90 |
0.76 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
12.17 |
7.49 |
3.03 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
18.64 |
9.21 |
3.17 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
(1.14) |
0.00 |
0.00 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
(31.58) |
(1790.41) |
(30.96) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
(0.46) |
(1.03) |
(0.21) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
(9.06) |
(10.48) |
(0.86) |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.00 |
1.01 |
1.08 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.93 |
0.97 |
1.03 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.05 |
0.10 |
0.24 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
38998.96 |
26156.58 |
11718.12 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.00 |
1.01 |
1.08 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Share Capital |
0.199 |
0.199 |
0.199 |
|
Reserves & Surplus |
768.160 |
695.064 |
637.317 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
768.359 |
695.263 |
637.516 |
|
|
|
|
|
|
Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
2331.906 |
5205.160 |
7760.793 |
|
Total
borrowings |
2331.906 |
5205.160 |
7760.793 |
|
Debt/Equity
ratio |
3.035 |
7.487 |
12.173 |
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 |
21.247 |
4.068 |
182.847 |
|
|
|
(80.854) |
4394.764 |
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 |
21.247 |
4.068 |
182.847 |
|
Profit/ (Loss) |
(6.579) |
(72.834) |
(57.747) |
|
|
(30.96
%) |
(1790.41
%) |
(31.58
%) |
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 |
Yes |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
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 |
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 |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
CHARGES REGISTERED |
||||||||
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G73041766 |
10513400 |
IDBI TRUSTEESHIP SERVICES LIMITED |
15/07/2014 |
- |
28/12/2017 |
5000000000.0 |
Asian Bldg., Ground Floor, 17, R.Kamani Marg,Ballard Estate,MUMBAIMH400001IN |
|
2 |
G73018269 |
10470068 |
Punjab & Sind Bank |
27/12/2013 |
- |
27/12/2017 |
3000000000.0 |
J K Somani Building, British Hotel LaneFort, MumbaiMumbaiMH400023IN |
|
3 |
B92426873 |
10333884 |
IDBI TRUSTEESHIP SERVICES LIMITED |
23/01/2012 |
10/02/2012 |
20/12/2013 |
8250000000.0 |
Asian Bldg., Ground Floor, 17, R.Kamani Marg,Ballard Estate,MUMBAIMH400001IN |
|
4 |
B90197369 |
10181823 |
Punjab & Sind Bank |
29/09/2009 |
18/04/2012 |
26/11/2013 |
1900000000.0 |
J K Somani Building,British Hotel Lane, FortMumbaiMH400023IN |
|
5 |
B59691089 |
10198682 |
Punjab & Sind Bank |
18/01/2010 |
- |
09/10/2012 |
26300000.0 |
J. K. Somani Bldg.British Hotel Lane, FortMumbaiMH400023IN |
|
6 |
B32254138 |
10079712 |
IDBI TRUSTEESHIP SERVICES LIMITED |
18/09/2007 |
23/01/2012 |
10/02/2012 |
16180000000.0 |
Asian Bldg., Ground Floor, 17, R.Kamani Marg,Ballard Estate,MUMBAIMH400001IN |
|
7 |
A51356285 |
10108424 |
HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED |
15/06/2006 |
- |
10/11/2008 |
145000000.0 |
RAMON HOUSE 169BACKBAY RECLAMATIONH T PAREKH MARGMUMBAIMH400020IN |
|
8 |
A26330860 |
80011410 |
BANK OF BARODA |
03/06/2005 |
16/08/2006 |
22/10/2007 |
42500000.0 |
V. P. ROAD BRANCH,136, ISHWAR NIWAS, VITHALBHAI PATEL ROAD,MUMBAIMH400004IN |
CHANGE OF ADDRESS:
The Registered address of the company has been shifted from “216, Shah and Nahar Industrial Estate, Dr. E. Moses Road, Worli, Mumbai-400018, Maharashtra, India to the present address.
UNSECURED LOANS
|
PARTICULARS |
31.03.2016 (INR
In Million) |
31.03.2015 (INR
In Million) |
|
SHORT TERM BORROWINGS |
|
|
|
Loans and advances from related parties |
3760.793 |
2204.960 |
|
Other loans and advances |
0.000 |
0.200 |
|
|
|
|
|
Total |
3760.793 |
2205.160 |
OBSERVATION POINTS
SITE VISIT 1
|
Name of Company : |
LODHA ESTATE PRIVATE LIMITED |
|
|
|
|
Address : |
412, Floor - 4, 17G Vardhaman Chamber, Cawasji Patel Road, Horniman Circle, Fort, Mumbai-400001, Maharashtra, India |
|
Contact No.: |
91-22-61334000 |
|
|
|
|
Person to whom we met: |
Office Executive [Name not divulged] |
|
|
|
|
Name Board : |
Not Sighted |
|
|
|
|
Location: |
Easy |
|
|
|
|
Total Floors of the Building : |
5 Floors |
|
|
|
|
Subject situated on: |
4th Floor |
|
|
|
|
Locality: |
Commercial |
|
|
|
|
Area : |
Upmarket |
|
|
|
|
Proof of visit: |
Photos |
SITE
VISIT 2
|
Name of Company : |
LODHA ESTATE PRIVATE LIMITED |
|
|
|
|
Address : |
Lodha Excelus Apollo Mills Compound, N M Joshi Marg, Mahalaxmi,
Mumbai-400011, Maharashtra, India |
|
|
|
|
Person to whom we met: |
Receptionist [Name not divulged] |
|
|
|
|
Name Board : |
Not Sighted |
|
|
|
|
Location: |
Easy |
|
|
|
|
Total Floors of the Building : |
14 Floors |
|
|
|
|
Subject situated on: |
8th Floor |
|
|
|
|
Locality: |
Commercial |
|
|
|
|
Area : |
Upmarket |
|
|
|
|
Proof of visit: |
Photos |
RESULTS OF OPERATIONS
AND THE STATE OF THE COMPANY’S AFFAIRS
During
the financial year 2015-16, total income increased to INR 182.800 million.
Total expenses increased to INR 272.200 million as compared to INR 115.000
million for the financial year 2014-15.
The net loss after tax for the financial year 2015-16 reduced by 20.74% to INR 57.700 million as compared to the net loss of INR 72.800 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
The Company is constructing “Codename the Centre” with its lavish & modern amenities, set up by the Company is the Centre of the Palava city with a world class university, a vibrant centre for arts and culture, an Olympic size stadium, a waterfront and plaza, high street retail and entertainment centre and a 100 acre central park.
It
has 1/2/3 BHK air conditioned luxurious flats with lavish internal and external
amenities around it.
The
Company has also launched “Downtown” which offers 1, 2 & 3 bed homes with
lavish internal and external amenities in Palava city, Dombivali.
FIXED ASSETS:
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Motor vehicles
- Office equipment
- Computer equipments
PRESS RELEASE
20.07.2016
LODHA GROUP CLOCKS
INR 23500.000 MILLION IN HOME SALES IN JUNE QUARTER
Premium projects contributed significantly,
with newly launched Lincoln’s Inn Fields in London and Lodha Altamount in
Mumbai selling well
Bengaluru: Lodha Developers Private Limited, the country’s largest realty firm, has clocked INR 23500.000 million in sales from its residential projects in the April-June quarter, in line with the recovery in the sector that analysts have indicated.
Premium projects contributed significantly to the developer’s sales, with the newly launched Lincoln’s Inn Fields at Lincoln Square in London and Lodha Altamount on Mumbai’s Altamount Road selling well.
During the June quarter, the Lincoln Square project, launched in May, generated about INR 1500.000 million in sales. Its luxury project Lodha Altamount sold INR 2750.000 million of inventory in June alone, when it sold residential units to three high net-worth individuals (HNIs).
“In the current scenario, when many are finding it challenging to sell, their focus is to ensure that we maximize the sales in our projects. We also do extensive research on what buyers want, and the good thing is they are selling in every project, at various price points in the last few months,” said Prashant Bindal, chief sales officer, Lodha Group.
Compared with the January-March quarter, Bindal said sales have picked up April onwards. “In June, they crossed INR 10000.000 million in gross sales, touching INR 11000.000 million,” he said.
In 2015-16, Lodha generated about INR 8,0000.000 million of gross sales, higher than any other developer, but fell short of its own ambitious sales forecast of INR9,0000.000 million. This year, the developer has again set a target to hit the gross sales mark of INR 90000.000 million.
The June quarter sales number indicates that it has been a fairly good start for the firm in the current financial year.
Most real estate developers struggled to meet their residential sales guidance for the year 2015-16 due to tepid consumer sentiment and delays in securing project approvals.
Unable to launch projects and sell in line with expectations, some realty firms even revised or downsized their sales targets in the March quarter. High-end, or luxury project, launches have shrunk on the back of poor sales in most projects.
Bindal said that there are enough takers for such homes, where discerning buyers and investors are looking at the right brand and product before taking a decision. For instance, in its Trump Tower project in central Mumbai, the developer recently added six penthouses on the top floor, based on customer demand, though it was not a part of the original design. At 3,600 sq. ft, each penthouse is priced at INR 250.000 million, almost double the price of a regular apartment in the project, and Lodha has sold all of them.
While Lodha has restricted new project launches to focus on the existing projects, it will selectively launch new inventory this year.
Lodha Azzuro, in central Mumbai, is a brand new residential tower that will be launched in August. The project, which was earlier designed to have only three-bedroom homes, has now included a combination of two, three and four-bedroom homes, again based on customer demand and feedback.
Over the last three years, even when India’s real estate sector was in the grip of its worst ever crisis, what has emerged is that buyers are increasingly attracted towards larger, organized, so-called branded developers.
A July report by property advisory Knight Frank India said that the sector is on the path to recovery, citing better home sales and lower unsold inventory. Between January and June, project launches grew by 29% on a year-on-year basis and absorption or sales increased by 23% during the same period in the Mumbai Metropolitan Region (MMR), the report said.
Demand in the premium residential segment, too, rose 15%, compared with the first six months of 2015. “The Mumbai property market has seen good growth this year, though it is still not at the 2010-11 level, particularly in the sub INR 70.000-80.000 million price category. Within the premium segment, central Mumbai continues to see degrowth in sales, while south Mumbai, where inventory is limited, has seen good improvement in sales,” said Samantak Das, chief economist and national director at Knight Frank India.
LODHA GROUP LOOKS TO
BUY UP TO 15% IN PUNE'S VASCON
26.04.2017
MUMBAI: The Lodha Group, a Mumbai-based property developer, may acquire as much as 15% of Projects Company, Vascon Engineers BSE 4.01 %, seeking to tap into the expanding demand for affordable housing in India.
The board of Pune-based Vascon Engineers will meet on Thursday to consider
issuing compulsory convertible debentures through private placement. Lodha
Finserve, the investment arm of Lodha Ventures, will subscribe to the
convertible debentures, according to two people familiar with the structuring
of the deal.
“Lodha Finserve is acquiring about 12-15% of Vascon at a premium to the
current market price, and it will be a strategic investment," a
person familiar with the development told ET. “The proposed investment is
essentially a bet on the affordable housing and the EPC (engineering
procurement and construction) segments, which should expand as the Indian
economy prospers."
The stake will not provide Lodha Finserve any representation on Vascon's board,
he said.
Abhinandan Lodha, MD of Lodha Ventures, declined to comment. An email query
sent to Vascon did not elicit any response.
Shares of Vascon Engineers gained 2.5% to close at Rs 51.95 on Tuesday. The
promoters own about 37% of the company, while UTI Mutual Fund holds a
2.5% stake. Vallabh Bhansali and Aakash Bhansali of Enam Holding own about 7%
of the company.
LODHA GROUP LAUNCHES
STARTUP INVESTMENT FUND FOR REALTY, SMART CITY TECHNOLOGIES
04.01.2017
MUMBAI: Realty developers Lodha Group has launched its maiden investment fund for startups focused on smart city solutions and overall real estate sector. With an initial investment corpus of INR 500.000 million, the company will provide angel funding or venture capital along with business opportunities, industry contacts and mentor support.
Lodha Group’s Startup Investment Fund will invest in startups at all stages of the development cycle, including early stage startups, which are focused on creating value in the real estate and smart city space in India, the developer said in a release.
Within real estate, the company will look at all aspects of the value chain including digital marketing, analytics, Customer Relationship Management (CRM) and smart city services.
"Their fund's philosophy is in line with Prime Minister Narendra Modi's three core campaigns - Startup India, Housing for All and Demonetisation. Real estate sector is unarguably an important sector for India’s economy being the second largest employer in the country after agriculture. As India ushers in a new era on the back of path-breaking policy changes such as demonetisation, RERA and GST, the sector too will reap its benefits in the long run," said Abhishek Lodha, MD, Lodha Group.
Lodha also added that the company has been working in a focused manner to
establish this platform over the last few months. The fund has already vetted
two-three business ideas and the first round of investments will be completed
by March 2017.
He expects demonetisation and decline in interest rates alongside the
government's new incentives for low-cost housing will boost the overall growth
of the real estate sector.
LODHA GROUP'S SALES
BOOKING UP 60% IN JANUARY-MARCH QUARTER AT INR 24000.000 MILLION
03.04.2017
NEW DELHI: Realty major Lodha group sold properties worth about INR 24000.000 million in the January-March quarter of last fiscal as its sales improved post demonetisation.
"Sales have recovered after demonetisation. They sold about INR 3850.000
million worth properties in January and Rs 800 crore in February. In March, we
have sold properties of INR 1,2360.000 million which is our highest monthly
sales performance ever," Lodha Group Chief Sales Officer Prashant Bindal
told.
The company's sales bookings stood at about INR 1,5000.000 million in the
year-ago period, he added.
Bindal said the company's total sales bookings in 2016-17 are likely to cross
about INR 64000.000 million that was achieved in the previous year. The total
sales number would be finalised soon.
Sales bookings of the Mumbai-based group declined to about INR 4000.000 million
level in November and December due to adverse impact of demonetisation, he
said.
Two residential projects, World Towers and Palava, in the Mumbai Metropolitan
region contributed the most to overall sales bookings.
Bindal said housing sales have picked up, especially in low-cost
homes category, after the government's announcement of infrastructure status to
the affordable housing and other tax and interest subvention incentives.
"They have handed over more than 7,100 homes to customers in 2016-17. They
spent almost INR 4,0000.000 million on construction, which is the equivalent of
completing construction of 2 crore sq ft in one year," he said.
Privately held Lodha Group is a leading real estate developer with presence in
India and the United Kingdom.
The company is currently developing around 41 million sq ft of prime residential real estate. It has 31 ongoing projects across London, Mumbai Metropolitan Region, Pune and Hyderabad.
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 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
|
Indian Rupees |
|
US Dollar |
1 |
INR 68.09 |
|
|
1 |
INR 91.41 |
|
Euro |
1 |
INR 79.93 |
INFORMATION DETAILS
|
Information
Gathered by : |
SHR |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
RUP |
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.