D S Kulkarni Developers Limited
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BSE Code:
523890
NSE Code:
DSKULKARNI
Business Profile
Business Profile
DS Kulkarni Developers (DSKULKAR) is a real estate developer. It was incorporated on Sept. 20, 1991.
The company has developed real estate projects in and around Pune and Mumbai. Completed projects in Pune include Vanashree, Om-Ganesh Cooperative Housing Society, Ashwini Apartments, Surya Lok Nagari, Dnyaneshwar Nagari, Amit Apartments, Hariyali and Saraswati Vinayak. The Mumbai projects include Kalyan Nagari, DSK Trilok, DSK Sahil, DSK Saraswati and DSK Harita. Projects under construction include DSK Garden Enclave, DSK Vishwa-IV, DSK Madhuban, DSK Vishwa-Villa, DSK Sundarban, DSK Frangipani, DSK Vishwa-Sayantara, DSK Rohan, DSK Vishwa-Designer Bunglow and DSK Vishwa-IT Park (under development).
Certified with ISO 9001:2000, ISO 14001:2004 and OHSAS 18001:1999 certifications, the company has been awarded with the Hind Ratan Sword of Honor. In FY07, the company incorporated DSK Developers Corporation (DSKDC) in Delaware, USA as its subsidiary for property development in New Jersey and New York. The subsidiary acquired six properties in New Jersey and will develop these properties further in 2007-2008. DSKDC has in turn incorporated a subsidiary, DSK Woods, LLC in New Jersey, USA, which has acquired one property in New Jersey and is developing the land for construction of houses. The company has executed a term sheet to form a special purpose vehicle company with GTC Real Estate NV of Netherlands for joint development of a 250-acre multi services SEZ in Pune.
The subsidiaries have started marketing the projects under development in USA. The registered office of the company is located in 1187/60, DSK House, J.M. Road, Shivaji Nagar, Pune-411005.
Financials
The company reported a steep drop in standalone net profit for the quarter ended December 2008. During the quarter, the profit of the company declined 76.08% to Rs 24.64 million from Rs 103.02 million in the same quarter last year. Net sales for the quarter declined 23.19% to Rs 607.13million, while total income for the quarter dipped 23.35% to Rs 609.29 million, when compared with the prior year period. It posted earnings of Rs 0.96 a share during the quarter, registering 79.49% decline over previous year period.
Recent Developments
11-JUN-09
The company`s share subscription and shareholders agreement executed on Jul. 3, 2008 between GTC Cyprus Holding Pune and the company for joint development of Special Economic Zone (SEZ) project has been annulled and terminated on Jun. 10, 2009 night at Israel but it will however continue with the development of the proposed SEZ.
12-JAN-09
The company has announced that the board of approvals of ministry of commerce & industry, department of commerce (SEZ Section) has granted a formal approval to the company`s multi service special economic zone (SEZ) at Fursungi, Pune as on Dec.08, 2008
24-OCT-08
The company has announced that DSK Global Education & Research (P) has become a subsidiary of the company after the acquisition of 51% of shareholding in DSK Global Education & Research (P) by the company.
Future Plans
DS Kulkarni Developers is expanding its footprints in Mumbai, Hyderabad, Banglore, Delhi, Middle East and Australia. The company aimed to complete total construction of 170 million square feet of realty by 2012. It has raised funds from a composite share issue, comprising a public offer and a rights issue, to fund its ongoing and new residential and commercial real estate development projects.