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MIRA INFORM REPORT
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Report No. : |
511090 |
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Report Date : |
28.05.2018 |
IDENTIFICATION DETAILS
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Name : |
LODHA DEVELOPERS LIMITED (w. e. f. 14.03.2018) |
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Formerly Known
As : |
LODHA DEVELOPERS PRIVATE LIMITED (w. e. f. 11.01.2013) LODHA DEVELOPERS LIMITED (w. e. f. 10.08.2009) LODHA DEVELOPERS 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) : |
31.03.2017 |
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Date of
Incorporation : |
25.09.1995 |
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Com. Reg. No.: |
11-093041 |
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Capital
Investment / Paid-up Capital : |
INR 1131.080 Million |
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CIN No.: [Company Identification
No.] |
U45200MH1995PLC093041 (New) U45200MH1995PTC093041 (Old) |
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IEC No.: [Import-Export Code No.] |
Not Divulged |
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GSTN : [Goods & Service Tax
Registration No.] |
Not Divulged |
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TIN No: |
Not Divulged |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Divulged |
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PAN No.: [Permanent Account No.] |
AAACL1490J |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Subject is engaged in the business of real estate development. (Registered activity) |
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No. of Employees
: |
25 (Approximately) (At Site Visit) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Maximum Credit Limit : |
USD 33000000 |
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Status : |
Good |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Exists |
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Comments : |
Lodha Developers Private Limited is a part of Lodha Group and was incorporated in the year 1995. It is engaged into real estate business.
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
EXTERNAL AGENCY RATING
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Rating Agency Name |
Not Available |
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Rating |
Not Available |
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Rating Explanation |
Not Available |
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Date |
Not Available |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2018.
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 28.05.2018
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 DENIED BY
|
Name : |
Mr. Aravinth Kanna |
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Designation : |
Assistant General Manager |
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Contact No.: |
91-8758164847 |
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Date : |
24.05.2018 |
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Name : |
Mr. Amit |
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Designation : |
Sales Manager |
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Contact No.: |
91-9987009030 |
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Date : |
24.05.2018 |
91-22-23024400 (Ringing)
LOCATIONS
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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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Fax No.: |
91-22-23024550 |
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E-Mail : |
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Website: |
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Location : |
Owned |
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Locality : |
Commercial |
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Head Office : |
Lodha Excellus Building, Apollo Mills Compound, N.M. Joshi Marg, Mahalaxmi, Mumbai – 400011, Maharashtra, India |
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Tel. No.: |
91-22-23024400 |
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Fax No.: |
91-22-23000693 |
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Locality: |
Commercial (At Site Visit) |
DIRECTORS
As on 2018
|
Name : |
Mr. Abhishek
Mangalprabhat Lodha |
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Designation : |
Managing Director |
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Address : |
9th Floor Lodha
Pavllion, Appolio Mills Compound, N M Joshi Marg, Mahalaxmi, Mumbai – 400011,
Maharashtra, India |
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Date of Appointment : |
09.03.2016 |
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PAN No.: |
ABWPL7723N |
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Qualification : |
Master’s Degree in
Industrial Engineering |
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DIN No.: |
00266089 |
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Other Directorship:
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Name : |
Mr. Mukund
Manohar Chitale |
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Designation : |
Director |
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Address : |
4/46,
Vishnuprasad Society, Shahaji Raje Marg, Vile Parle (East), Mumbai – 400057,
Maharashtra, India |
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Date of Appointment : |
23.11.2016 |
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DIN No.: |
00101004 |
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Other Directorship:
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Name : |
Mr. Berjis Minoo
Desai |
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Designation : |
Director |
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Address : |
Yezerina-II, Road
No. 5, 740/741 Dadar Parsi Colony, Dadar, Mumbai – 400014, Maharashtra, India |
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Date of Birth/Age : |
02.08.1956 |
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Date of Appointment : |
01.01.2016 |
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DIN No.: |
00153675 |
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Other Directorship:
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Name : |
Mr. Rajendra
Narpatmal Lodha |
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Designation : |
Whole time
Director |
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Address : |
D-001 Zarna Enclave,
Near Sai Dham Mandir, Western Express Highway, Kandivali Mumbai – 400101,
Maharashtra, India |
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Date of Birth/Age : |
06.10.1966 |
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Qualification : |
BE in Civil Engineering |
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Date of Appointment : |
21.06.2016 |
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PAN No.: |
ABPPL4395P |
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DIN No.: |
00370053 |
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Other Directorship:
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Name : |
Mr. Rajinder Pal
Singh |
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Designation : |
Director |
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Address : |
3 B Hudco Place,
New Delhi – 110049, India |
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Date of Appointment : |
01.01.2016 |
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DIN No.: |
02943155 |
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Other Directorship:
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Name : |
Shyamala Gopinath |
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Designation : |
Director |
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Address : |
Flat No 1103, B-Wing, Girnar Heights, Bhakti Park, Wadala (East), Mumbai -400037, Maharashtra, India |
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Date of Appointment : |
16.02.2018 |
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DIN No.: |
02362921 |
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Other Directorship:
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KEY EXECUTIVES
|
Name : |
Mr. Sanjyot
Nilesh Rangnekar |
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Designation : |
Company Secretary |
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Address : |
B-202, Rustomjee
Astraea Majiwade, Near Lodha Paradise, Thane – West, Mumbai – 400601,
Maharashtra, India |
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Date of Appointment : |
21.06.2016 |
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PAN No.: |
AANPR5686C |
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Name : |
Mr. Jayant
Mehrotra |
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Designation : |
Chief Finance
Officer |
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Address : |
B-24, Ashiana
Complex Glaxo Hsg Society, St. John Baptist Road , Bandra West, Mumbai –
400050, Maharashtra, India |
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Date of Birth/Age : |
02.05.1962 |
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Date of Appointment : |
01.01.2016 |
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PAN No.: |
AERPM7001C |
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Name : |
Sharatkumar K. Shetty and Associates |
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Designation : |
Practising Company Secretary |
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Address : |
L-111, Dreams Mall, LBS Marg, Bhandup (West), Mumbai -400078, Maharashtra, India |
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Name : |
Mr. Aravinth Kanna |
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Designation : |
Assistant General Manager |
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Name : |
Mr. Amit |
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Designation : |
Sales Manager |
MAJOR SHAREHOLDERS
As 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
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Sambhavnath Infrabuild and Farms Private Limited, India |
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143371520 |
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Mangal Prabhat Lodha Manju Lodha Abhishek Lodha Trustees of mangal Prabhat Lodha
Family Discretionary Trust |
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73474560 |
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Lodha Leading
Builders Private Limited, |
|
5600000 |
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Ganeshji Reality
and Agro Private Limited, |
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2800000 |
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Bellissimo
Realtors Private Limited (earlier known as Loadha Finstock Private Limited) |
|
969920 |
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Total |
|
226216000 |
Equity Share Break up (Percentage of Total Equity)
As on: 29.09.2017
|
Category |
Percentage |
|
Promoters (Body corporate) |
63.38 |
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Promoters (Others - Trust) |
32.48 |
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Public/Other than promoters (Body corporate) |
4.14 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business
: |
Subject is engaged in the business of real estate development. (Registered activity) |
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Products / Services: |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Available |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
25 (Approximately) (At Site Visit) |
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Bankers : |
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Facilities : |
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Auditors : |
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Name : |
MSKA and Associates Chartered Accountants |
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Address : |
Kapashera Najafgarh Road, Roshanpura, Najafgarh, Delhi-110043, India |
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Income-tax
PAN of auditor or auditor's firm : |
AACFK3470E |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Ultimate Holding
company |
· Sambhavnath Infrabuild and Farms Private Limited, India (CIN No.U45200MH2007PTC173517) |
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Subsidiary
companies : |
·
Adinath
Builders Private Limited ·
Ajitnath
Hi–Tech Builders Private Limited ·
Aanant
Developers Private Limited ·
Anantnath
Constructions And Farms Private Limited ·
Arihant
Premises Private Limited ·
Bellissimo
Crown Buildmart Private Limited (Formerly known as Lodha Crown Buildmart
Private Limited) ·
Bellissimo
Hi-Rise Builders Private Limited (Formerly known as Lodha Hi–Rise Builders
Private Limited) ·
Bellissimo
Facilities Management Limited (Formerly known as Lodha Facilities Management
Limited) ·
Cowtown
Infotech Services Private Limited (Formerly known as Cowtown Land Development
Private Limited) ·
Dalhousie
Leasing And Financial Services Private Limited ·
Hotel
Rahat Palace Private Limited ·
Hi-Class
Buildcon Private Limited ·
Lodha
Developers Thane Private Limited (Formerly known as Ishwer Realty And
Technologies Private Limited) ·
Jawala
Real Estate Private Limited ·
Jineshwer
Real Estate and Farms Private Limited ·
Kundan
Realtors Private Limited ·
Kidderpore
Holdings Limited (upto 26-March-17) ·
Lodha
Aviation Private Limited ·
Lodha
Buildcon Private Limited ·
Lodha
Developers International (Jersey) III Limited ·
Lodha
Developers International Limited ·
Lodha
Developers UK Limited ·
Lodha
Elevation Buildcon Private Limited ·
Lodha
Estate Private Limited ·
Lodha
Impression Real Estate Private Limited ·
Microtec
Constructions Private Limited ·
Marutinandan
Real Estate Dovelopers Private Limited ·
Nabhiraja
Software Design Private Limited ·
National
Standard (India) Limited ·
Odeon
Theatres And Properties Private Limited ·
Odeon
Theatres Private Limited ·
Palava
City Management Private Limited ·
Palava
Dwellers Private Limited ·
Roselabs
Finance Limited ·
Samvara
Buildtech Private Limited ·
Sanathnagar
Enterprises Limited ·
Sarvavasa
Buildtech and Farms Private Limited ·
Shree
Sainath Enterprises Construction And Developers Private Limited ·
Shreeniwas
Cotton Mills Limited ·
Siddhnath
Residential Paradise Private Limited ·
Simtools
Private Limited ·
Sitaldas
Estate Private Limited ·
Shri
Kaiilas Properties and Agro Farms Private Limited |
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|
Fellow Subsidiaries |
·
Bellissimo
Properties Development Private Limited (Formerly known as Lodha Properties
Development Private Limited ·
New
Court Developers Limited ·
New
Court Holdings Limited ·
PCL
Developers (Mauritius) Limited (w.e.f 7-April-16) · Lodha Group UK Limited |
||
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||
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Person having Control or joint
control or significant Influence Person in control |
· Mangal Prabhat Lodha (MPL) · Close members of MPL family |
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|
||
|
Entities controlled by person having
control or joint control |
·
Bellissimo
Realtors Private Limited (Formerly known as Lodha Finstock Private Limited) ·
Bellissimo
Facilities Management Limited (Formerly known as Lodha Facilities Management
Limited) (upto 01-September-16) ·
Dormous
Development and Technology Private Limited (Formerly known as Bellissimo
Development and Technology Private Limited) (upto 29-March-17) ·
Jineshwer
Real Estate and Farms Private Limited (upto 14-September-16) ·
Laxmiben
Chedda Charitable Trust ·
Lodha
and Shah Builders ·
Lodha
Builders Private Limited ·
Lodha
Charitable Trust ·
Lodha
Construction Private Limited ·
Lodha
Family Discretionary Trust (w.e.f January-17) ·
Lodha
Global Limited ·
Lodha
Healthy Constructions and Developers Private Limited ·
Mumbai
Mile Regeneration Association ·
Pangea
Holdings Limited ·
Piramal
Chaturbhuj Trust · Sitaben Shah Memorial Trust |
||
|
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||
|
Associates |
·
Kora
Construction Private Limited ·
Lodha
Developers International (Netherlands) B. V. ·
Lodha
Developers International (Jersey) I Holdings Limited ·
Lodha
Developers 48 CS Ltd (Subsidiary of 3 above ) ·
Lodha
Developers 1 GSQ Ltd (Subsidiary of 2 above ) ·
Lodha
Developers International Holding Limited ·
Lodha
Developers Dorset Close Ltd (Subsidiary of 5 above ) 8 Tropical Adventures
Limited |
||
|
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|
||
|
Partnership Firms and LLP |
·
Vivek
Enterprises ·
Mahavir
Associates ·
Lodha
Fincorp Distribution Services LLP |
||
CAPITAL STRUCTURE
After 29.09.2017
Authorised Capital : INR 10319.425 million
Issued, Subscribed & Paid-up Capital : INR 3958.780
million
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
300720440 |
Equity Shares |
INR 5/- each |
INR 1503.602 Million |
|
21040000 |
Preference Shares |
INR 5/- each |
INR 105.200 Million |
|
|
Total |
|
INR 1608.802
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
226216000 |
Equity Shares |
INR 5/- each |
INR 1131.080
Million |
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET (STADALONE)
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
1131.080 |
1081.080 |
1181.080 |
|
(b) Reserves &
Surplus |
10304.528 |
9521.065 |
7776.324 |
|
(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) |
11435.608 |
10602.145 |
8957.404 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
1685.590 |
880.803 |
7.081 |
|
(b) Deferred tax
liabilities (Net) |
374.650 |
139.209 |
505.717 |
|
(c) Other long term
liabilities |
4.837 |
4.797 |
191.863 |
|
(d) long-term provisions |
128.053 |
39.056 |
108.073 |
|
Total Non-current
Liabilities (3) |
2193.130 |
1063.865 |
812.734 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
38167.274 |
60739.105 |
69948.507 |
|
(b) Trade payables |
2325.371 |
4020.109 |
1236.194 |
|
(c) Other current
liabilities |
8.381 |
0.550 |
9124.462 |
|
(d) Short-term provisions |
9970.145 |
11620.765 |
248.292 |
|
Total Current Liabilities
(4) |
50471.171 |
76380.529 |
80557.455 |
|
|
|
|
|
|
TOTAL |
64099.909 |
88046.539 |
90327.593 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
150.786 |
80.803 |
231.498 |
|
(ii) Intangible Assets |
1.855 |
4.594 |
7.817 |
|
(iii) Capital
work-in-progress |
0.000 |
95.320 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(v) Goodwill |
786.448 |
1051.993 |
0.000 |
|
(b) Non-current
Investments |
12966.288 |
12166.232 |
9530.353 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
969.427 |
1029.757 |
737.409 |
|
(e) Other Non-current
assets |
1433.449 |
938.358 |
330.733 |
|
Total Non-Current Assets |
16308.253 |
15367.057 |
10837.810 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
102.406 |
101.959 |
101.774 |
|
(b) Inventories |
14721.621 |
17127.621 |
15938.094 |
|
(c) Trade receivables |
1152.839 |
1668.376 |
2746.967 |
|
(d) Cash and cash
equivalents |
347.926 |
581.537 |
1367.267 |
|
(e) Short-term loans and
advances |
20668.470 |
44630.194 |
57083.294 |
|
(f) Other current assets |
10798.394 |
8569.795 |
2252.387 |
|
Total Current Assets |
47791.656 |
72679.482 |
79489.783 |
|
|
|
|
|
|
TOTAL |
64099.909 |
88046.539 |
90327.593 |
PROFIT
& LOSS ACCOUNT (STADALONE)
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
13210.556 |
11817.012 |
8246.994 |
|
|
Other Income |
112.195 |
223.925 |
(12.146) |
|
|
TOTAL |
13322.751 |
12040.937 |
8234.848 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
8116.967 |
9059.416 |
5643.628 |
|
|
Purchases of
Stock-in-Trade |
0.000 |
0.000 |
3.768 |
|
|
Employees benefits
expense |
400.746 |
423.804 |
304.085 |
|
|
Other expenses |
1209.168 |
1067.356 |
1351.930 |
|
|
TOTAL |
9726.881 |
10550.576 |
7303.411 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
3595.870 |
1490.361 |
931.437 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
1172.922 |
1211.718 |
112.937 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
2422.948 |
278.643 |
818.500 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
337.632 |
320.836 |
25.115 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
2085.316 |
(42.193) |
793.385 |
|
|
|
|
|
|
|
Less |
TAX |
881.618 |
(210.445) |
510.305 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
1203.698 |
168.252 |
283.080 |
|
|
|
|
|
|
|
SHARE OF PROFIT
(LOSS) OF ASSOCIATES AND JOINT VENTURES |
(366.3652) |
(66.757 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL PROFIT (LOSS)
FOR PERIOD |
837.346 |
101.495 |
283.080 |
|
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
3.81 |
0.42 |
1.31 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
6085.182 |
4702.207 |
2829.811 |
|
Cash generated from operations |
1699.473 |
5793.904 |
4352.641 |
|
Net cash flows from (used in) operating activity |
1571.707 |
5572.793 |
4127.853 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
31.85 |
51.53 |
121.58 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
11.46 |
7.08 |
3.00 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
104.57 |
161.97 |
79.90 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
0.24 |
0.09 |
0.06 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
3.83 |
1.21 |
3.89 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.91 |
0.93 |
0.92 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
4.02 |
6.26 |
8.13 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
4.41 |
7.20 |
8.99 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.08 |
0.12 |
0.03 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
3.07 |
1.23 |
8.25 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
6.34 |
0.86 |
3.43 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
1.31 |
0.12 |
0.31 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
7.32 |
0.96 |
3.16 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
0.95 |
0.95 |
0.99 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
0.66 |
0.73 |
0.79 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.18 |
0.12 |
0.10 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
40.61 |
61.35 |
61.63 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
0.95 |
0.95 |
0.99 |
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 |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
1181.080 |
1081.080 |
1131.080 |
|
Reserves & Surplus |
7776.324 |
9521.065 |
10304.528 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
8957.404 |
10602.145 |
11435.608 |
|
|
|
|
|
|
long-term borrowings |
7.081 |
880.803 |
1685.590 |
|
Short term borrowings |
69948.507 |
60739.105 |
38167.274 |
|
Current maturities of
long-term debts |
2829.811 |
4702.207 |
6085.182 |
|
Total
borrowings |
72785.399 |
66322.115 |
45938.046 |
|
Debt/Equity
ratio |
8.126 |
6.256 |
4.017 |
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 |
8246.994 |
11817.012 |
13210.556 |
|
|
|
43.289 |
11.793 |
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 |
8246.994 |
11817.012 |
13210.556 |
|
Profit /(Loss) |
283.080 |
101.495 |
837.346 |
|
|
3.43% |
0.86% |
6.34% |
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
(1)Shareholders' Funds |
|
|
|
(a) Share Capital |
1131.080 |
1081.080 |
|
(b) Reserves &
Surplus |
43543.244 |
38479.316 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
|
|
|
|
|
(d) Share Application
money pending allotment |
0.000 |
0.000 |
|
(2) Minority Interest |
1344.140 |
1657.849 |
|
Total Shareholders’ Funds
(1) + (2) |
46018.464 |
41218.245 |
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
(a) long-term borrowings |
14670.244 |
19214.627 |
|
(b) Deferred tax
liabilities (Net) |
6318.233 |
5702.018 |
|
(c) Other long term
liabilities |
1333.364 |
1377.989 |
|
(d) long-term provisions |
226.569 |
213.706 |
|
Total Non-current
Liabilities (3) |
22548.410 |
26508.340 |
|
|
|
|
|
(4) Current Liabilities |
|
|
|
(a) Short term borrowings |
145538.749 |
118190.783 |
|
(b) Trade payables |
23878.296 |
22585.615 |
|
(c) Other current
liabilities |
106525.902 |
100724.770 |
|
(d) Short-term provisions |
91.621 |
66.081 |
|
Total Current Liabilities
(4) |
276034.568 |
241567.249 |
|
|
|
|
|
TOTAL |
344601.442 |
309293.834 |
|
|
|
|
|
II.
ASSETS |
|
|
|
(1) Non-current assets |
|
|
|
(a) Fixed Assets |
|
|
|
(i) Tangible assets |
11214.678 |
5498.970 |
|
(ii) Intangible Assets |
35.850 |
56.273 |
|
(iii) Capital
work-in-progress |
1094.305 |
1756.706 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
|
(v) Goodwill
Consolidation |
9785.450 |
13279.229 |
|
(b) Non-current
Investments |
29237.530 |
20201.453 |
|
(c) Deferred tax assets (net) |
501.252 |
475.103 |
|
(d) Long-term Loan and
Advances |
13194.903 |
8095.590 |
|
(e) Other Non-current
assets |
1448.919 |
2038.718 |
|
Total Non-Current Assets |
66512.887 |
51402.042 |
|
|
|
|
|
(2) Current assets |
|
|
|
(a) Current investments |
354.050 |
178.704 |
|
(b) Inventories |
220523.403 |
209647.572 |
|
(c) Trade receivables |
6042.809 |
6858.830 |
|
(d) Cash and cash
equivalents |
2723.634 |
3046.820 |
|
(e) Short-term loans and
advances |
4544.161 |
4469.414 |
|
(f) Other current assets |
43900.498 |
33690.452 |
|
Total Current Assets |
278088.555 |
257891.792 |
|
|
|
|
|
TOTAL |
344601.442 |
309293.834 |
PROFIT
& LOSS ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
Income |
80079.680 |
83136.727 |
|
|
Other Income |
665.627 |
485.666 |
|
|
TOTAL |
80745.307 |
83622.393 |
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
Cost of Materials
Consumed |
53362.347 |
51843.237 |
|
|
Exceptional Items |
156.544 |
342.248 |
|
|
Employees benefits
expense |
4569.510 |
4069.037 |
|
|
Other expenses |
6225.179 |
6306.810 |
|
|
TOTAL |
64313.580 |
62561.332 |
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
16431.727 |
21061.061 |
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
1695.825 |
5086.380 |
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
14735.902 |
15974.681 |
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
4600.791 |
4498.482 |
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
10135.111 |
11476.199 |
|
|
|
|
|
|
Less |
TAX |
4086.159 |
4663.079 |
|
|
|
|
|
|
|
TOTAL PROFIT (LOSS)
FOR PERIOD |
6048.952 |
6813.120 |
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
27.66 |
31.51 |
CASE DETAILS
|
Bench:- Bombay |
||||||
|
Presentation Date: 16.08.2017 |
||||||
|
Lodging No:- |
ITXAL/2041/2017 |
Failing Date:- |
16.08.2017 |
|
||
|
Petitioner:- |
PR. COMMISSIONER OF INCOME TAX. CEN |
Respondent:- |
LODHA DEVELOPER PRIVATE LIMITED |
|||
|
Petn.Adv:- |
PADMA DIVAKAR (I3287) |
|
||||
|
District:- |
MUMBAI |
|||||
|
Bench:- |
SINGLE |
Category: |
TAX APPEALS |
|||
|
Status:- |
Pre-Admission |
Stage:- |
FOR REJECTION
[ORIGINAL SIDE MATTEINR] |
|||
|
Last Date:- |
16.11.2014 |
|||||
|
Last Coram:- |
REGISTRAR (OS)/PROTHONOTARY AND SR. MASTER |
|||||
|
Act : |
Income Tax Act, 1961 |
Under Section :- |
260A |
|||
|
CASE DETAILS |
|||||||
|
Bench:- Bombay |
|||||||
|
Presentation Date:- 22.01.2016 |
|||||||
|
Stamp No:- |
WPST/9752/2017 |
Failing Date:- |
05.04.2017 |
Reg. No.:- |
W/4098/2017 |
Reg. Date:- |
06.04.2017 |
|
|
|||||||
|
Petitioner:- |
LODHA IMPEIA CO-OPERATIVE HOUSING |
Respondent:- |
LODHA DEVELOPER PRIVATE LIMITED |
||||
|
Petn.Adv:- |
PRADEEP DATTAJIRAO DALVI (I2562) |
Resp.Adv:- |
GOVERNMENT PLEADER WRIT CELL (I2390) |
||||
|
District:- |
MUMBAI |
||||||
|
Bench:- |
SINGLE |
||||||
|
Status:- |
Pre-Admission |
|
|||||
|
Next Date : |
22.01.2018 |
Stage:- |
FOR ADMISSION |
||||
|
Coram:- |
ACCORDING TO SITTING LIST |
||||||
|
Last Date:- |
01.08.2017 |
Stage:- |
FOR ADMISSION |
||||
|
Last Coram:- |
HON’BLE SHRI JUSTICE K.K. TATED |
||||||
|
Act:- |
Mah. Co-operative, Society Act |
||||||
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 |
No |
|
8 |
Designation of contact person |
No |
|
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 |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter involved
in |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
|
OBSERVATION POINTS |
|
Name of Company : |
LODHA DEVELOPERS LIMITED |
|
|
|
|
Address : |
Lodha Excelus Building, Apollo Mills Compound, N.M. Joshi Marg, Mahalaxmi, Mumbai – 400011, Maharashtra, India |
|
|
|
|
Mobile No.: |
91-8758164847 |
|
|
|
|
Person to whom we met: |
Mr. Aravinth Kanna Designation
: Assistant General Manager |
|
|
|
|
Name Board : |
Not Sighted (Sighted name board of “Lodha Group”) |
|
|
|
|
Location: |
Easy |
|
|
|
|
Landmark : |
Apollo Mills Compound |
|
|
|
|
Total Floors of the building: |
14 Floor |
|
|
|
|
Subject situated on: |
8th Floor |
|
|
|
|
Locality: |
Commercial |
|
|
|
|
Area : |
Upmarket |
|
|
|
|
No. of employees seen at premises: |
25 (Approximately) |
|
|
|
|
Visibility of
Items: |
·
Telephone ·
Computer ·
Office Equipment ·
Air Conditioner ·
Furniture |
|
|
|
|
Furniture items
sighted : |
Yes |
|
|
|
|
Proof of visit: |
Photograph |
NOTE: Registered office of the company has been
shifted from 412 Vardhaman Chambers, Cawasji Patel Street Fort, Mumbai –
400001, Maharashtra India to the present
address w.e.f. 02.12.2003.
COMPANY'S BACKGROUND
The Company is a private limited company domiciled and incorporated in India under the Companies Act, 1956. The Company’s registered office is located at 412 , Floor - 4, 17 G Vardhaman Chamber, Cawasji Patel Road, Horniman Circle, Fort, Mumbai - 400001.The Company is primarily engaged in the business of real estate development.
BUSINESS & INDUSTRY REVIEW
MACRO- ECONOMIC OVERVIEW
India has
emerged as the fastest growing major economy in the world as per the Central
Statistics Organisation and International Monetary Fund. With an annual growth
of 7.1% during the year 2017, the Indian economy is one of the most resilient
and among the fastest growing economies in the world. As per the Economic
Survey 2016-17, the Indian economy is expected to grow between 6.75 and 7.5% in
FY 2017-18. Moody's has affirmed the Government of India's Baa3 rating with a
positive outlook stating that the reforms by the government will enable the
country perform better compared to its peers over the medium term.
UNSECURED LOAN
|
Unsecured Loan |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Short-term
borrowings |
|
|
|
Loans and advances from related parties |
16746.676 |
46344.098 |
|
|
|
|
|
Total |
16746.676 |
46344.098 |
INDEX
OF CHARGES
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G82667619 |
100165990 |
IDBI TRUSTEESHIP SERVICES LIMITED |
23/03/2018 |
- |
- |
2500000000.0 |
Asian Building, Ground Floor, 17 R. Kamani Marg,Ballard EstateMumbaiMH400001IN |
|
2 |
G83442715 |
100168237 |
Bank of India |
22/03/2018 |
- |
- |
2000000000.0 |
Star House, C-5, G Block, Bandra Kurla Complex,Bandra EastMumbaiMH400051IN |
|
3 |
G77547925 |
100156081 |
IDBI TRUSTEESHIP SERVICES LIMITED |
21/02/2018 |
- |
- |
3400000000.0 |
Asian Building, Ground Floor, 17 R. Kamani Marg,Ballard EstateMumbaiMH400001IN |
|
4 |
G78414984 |
100158012 |
IDBI TRUSTEESHIP SERVICES LIMITED |
29/01/2018 |
- |
- |
6300000000.0 |
Asian Building, Ground Floor, 17 R. Kamani Marg,Ballard EstateMumbaiMH400001IN |
|
5 |
G86747078 |
100174703 |
Indian Bank |
19/01/2018 |
- |
- |
59744538.0 |
210, ?B? Wing, Mittal Tower,Nariman Point,MumbaiMH400021IN |
|
6 |
G86753043 |
100174714 |
Indian Bank |
19/01/2018 |
- |
- |
58247534.0 |
210, ?B? Wing, Mittal Tower,Nariman Point,MumbaiMH400021IN |
|
7 |
G73993859 |
100147805 |
PNB HOUSING FINANCE LIMITED |
20/12/2017 |
- |
- |
8000000000.0 |
9TH FLOOR ANTRIKSH BHAWAN22 K G MARGNEW DELHIDe110001IN |
|
8 |
G73061061 |
100145421 |
PIRAMAL TRUSTEESHIP SERVICES PRIVATE LIMITED |
16/12/2017 |
- |
- |
3500000000.0 |
4TH FLOOR, PIRAMAL TOWER ANNEXE,GANPATRAO KADAM MARG, LOWER PARELMUMBAIMH400013IN |
|
9 |
G72944598 |
100147389 |
PIRAMAL TRUSTEESHIP SERVICES PRIVATE LIMITED |
16/12/2017 |
- |
- |
3500000000.0 |
4TH FLOOR, PIRAMAL TOWER ANNEXE,GANPATRAO KADAM MARG, LOWER PARELMUMBAIMH400013IN |
|
10 |
G68945138 |
100137796 |
State Bank of India |
22/11/2017 |
- |
- |
1500000000.0 |
N.G.N Vaidya Marg Bank Street, Horniman Circle,Post Box -10141, Fort,MumbaiMH400001IN |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
|
|
|
|
Claims against company not acknowledged as debt |
1009.953 |
283.483 |
|
Guarantees |
121053.140 |
103925.441 |
|
Other money for which company is contingently liable |
24.534 |
145.869 |
|
Total |
122087.627 |
104354.793 |
FIXED ASSETS
- Buildings
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Office equipment
- Computer equipments
WEBSITE DETAILS:
PRESS RELEASES/ NEWS
:
LODHA DEVELOPERS FILES IPO PAPER WITH SEBI
Lodha Developers will sell new shares worth INR 37500.000 million
($561.8 million) in the IPO, while its shareholders will sell up to 18 million
shares
Apr 26 2018: Bengaluru: Real estate firm Lodha Developers Ltd on Thursday filed for an initial public offering (IPO), expected to be one of the biggest stock market debuts in India this year.
The company will sell new shares worth INR 37500.000 million ($561.8 million) in the IPO, while its shareholders will sell up to 18 million shares, a regulatory filing showed.
Kotak Mahindra Capital, CLSA India, JM Financial and Morgan Stanley India are the global co-ordinators for the IPO.
Indian firms have raised about $2.8 billion from IPOs so far this year, following a record of more than $11 billion in 2017.
Kolkata-based Bandhan Bank, which debuted in the market late March, was the biggest IPO in India this year, raising as much as $691 million.
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
|
INR |
|
US Dollar |
1 |
INR 68.26 |
|
|
1 |
INR 91.23 |
|
Euro |
1 |
INR 79.88 |
INFORMATION DETAILS
|
Information
Gathered by : |
SLK |
|
|
|
|
Analysis Done by
: |
PYK |
|
|
|
|
Report Prepared
by : |
MTN |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.