Few doubts
The company doesn’t seem to be having any land holding. As per BS Mar 2015, Tangible assets of about 2 cr and i can’t find any freehold land.
As per their presentation, some of the projects , it is mentioned DA-Arvind land. I assume the land belongs to either Arvind ltd or another group company. But i don’t understand then why the percentage ownership is 100%.
The long term and short term advances are very high.
Understand that the company intends to develop 14 m sq ft of space. And it is expected that the cost of construction will come from sales proceeds ( advance from customers ) but as of 31 mar 15 advance from customers is mentioned as only 2.75 cr ( 4 cr in mar 2014) which seems pretty low.
In order to execute the projects the company needs to sell heavily in advance and same should reflect in Balance sheet.
Also need to monitor inventories. Mar 15 it stands at abt 76 cr.
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