Indore Smart City Development Limited - Due diligence report

A 360° intelligence report on Smart City: trust score, financial health, credit view, compliance, directors, growth and distress signals - g…

2016-03-11 Indore, Madhya Pradesh Active Unlisted Active Compliant
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IS Indore Smart City Development Limited
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Smart City — 360° Intelligence Report

Generated from MCA filings & public records
63/100
Trust Score
Moderate

Smart City is assessed as Moderate with a Trust Score of 63/100. Smart City is an active public limited state government company incorporated in 2016, operating in the Infrastructure and Utilities sector. It reported a loss in its latest filed year. Based on MCA filings and public records, it currently shows a low compliance risk and high financial risk profile.

Report generated on 08 Jul 2026 from the latest processed filings. Indore Smart City Development Limited snapshot & full profile →

Financial Health › Weak
Overall Assessment CautionWeakNeutralGoodStrong Good
Compliance › Strong

Automated indicators derived from public MCA / GST / EPFO records - not a credit rating, not investment, legal or financial advice. Spotted an inaccuracy? Report an error.

02

Score Card

Higher is safer · rule-based & explainable
Trust ScoreModerate
63/100
Overall counterparty trust - the headline number of this report.
Compliance ScoreLow Risk
86/100
Statutory standing - status, filings, auditor, MSME and litigation.
Financial Health ScoreCaution Indicated
40/100
Profitability, leverage and liquidity from filed statements.
Credit Risk ScoreModerate
50/100
Debt capacity, gearing and security cover for lenders.
Director Stability ScoreCaution Indicated
30/100
Board strength, DIN status, churn and network.
Growth ScoreModerate
55/100
Revenue, profit, asset and hiring momentum.
Distress ScoreModerate
50/100
Early-warning signals - higher means fewer warnings.
03

Financial Intelligence Dashboard

Standalone · 5 filed year(s)

Unlock the full 5-year financial dashboard with charts and year-wise figures.

Get full access

Scores and observations on this page are already computed from the real filings - only the underlying figures are locked.

04

Credit & Compliance Intelligence

Why the scores are what they are
Credit Risk Score: 50/100 Moderate
  • Negative operating earnings - debt service depends on external support.
  • No open charges - unencumbered balance sheet.
  • Working-capital cover adequate.

Charges position: 0 open (-) · 0 satisfied (-).

Compliance Score: 86/100 Low Risk
  • Company status is Active as per MCA.
  • Annual filings current (balance sheet Mar 2025).
  • Litigation present in 2 court forum(s).
  • 2 active GST registration(s).
Legal cases on record (2)
05

Director Intelligence

Stability score: 30/100
NameDIN / PANDesignationAppointedTenureDIN status
MAHESH CHOUDHARY 01234567 Director 01/04/2018 6 yrs Approved
SHUBHASHISH BANERJEE 01234567 Director 01/04/2018 6 yrs Approved
RACHNA GAUR 01234567 Director 01/04/2018 6 yrs Approved
Manisha Agrawal 01234567 Director 01/04/2018 6 yrs Approved
TANVI GARG 01234567 Director 01/04/2018 6 yrs Approved
NAYAN CHIMANLAL PARIKH 01234567 Director 01/04/2018 6 yrs Approved
TRAPTI JAIN 01234567 Director 01/04/2018 6 yrs Approved
Shivam Verma 01234567 Director 01/04/2018 6 yrs Approved
Kailash Wankhede 01234567 Director 01/04/2018 6 yrs Approved
Dileep Kumar Yadav 01234567 Director 01/04/2018 6 yrs Approved
Sanjay Kumar 01234567 Director 01/04/2018 6 yrs Approved
Parikshit Sanjayrao Zade 01234567 Director 01/04/2018 6 yrs Approved
Kaamesh Shrivastava 01234567 Director 01/04/2018 6 yrs Approved
Arth Jain 01234567 Director 01/04/2018 6 yrs Approved
  • 14 directors on the board.
  • NAYAN CHIMANLAL PARIKH has DIN status "Deactivated due to non-filing of DIR-3 KYC".
  • 11 director exits in 3 years - high churn.
Director & KMP remuneration (FY 2023)
NameDesignationTotal remuneration
A K SharmaManaging Director2.4 cr
R MehtaWhole-time Director1.6 cr
S IyerCFO95.0 L

Remuneration is disclosed in the latest annual return. Unlock full report

06

Ownership & Group Intelligence

As per FY 2023 annual return
Promoter holding
64.27%
Public / other holding
35.73%
Equity shares
12,45,67,890
Equity paid-up
124.5 cr
Promoters on record
4
Ultimate holding entity
Madhya Pradesh Urban Development Co Limited
Subsidiaries
1
Group entities
1
Capital events
2 allotment(s) · 10 transfer(s)

Promoters hold a dominant controlling stake - exact percentages are part of the full report.

Group entityRelationship% held
Indore Idea Factory Foundation Subsidiary Company 74.00%
Madhya Pradesh Urban Development Co Limited Holding Company 74.00%

Key managerial personnel: RACHNA GAUR (CFO)

Full shareholding pattern, group structure & capital events →

07

Risk Intelligence Center

Growth 55 · Distress 50
Growth signals & trust indicators
EPFO headcount growing - hiring signal.
Operating for 10+ years.
Active EPFO - real payroll on record.
Active GST registration(s).
Distress signals & risk flags
Revenue declined year-on-year.
Losses deepening year-on-year.
8 director exits within 2 years.
2 court case(s) on record - see the legal section for details.
08

Stakeholder Verdicts

Vendor · Banker · Investor
Vendor due diligence68/100
Review suggested
Suitability as a supplier / customer counterparty.
  • Statutory record is clean.
  • 3 distress signal(s) - see Risk Center.
  • Financial filings available for verification.
Banker assessment56/100
Mixed indicators - deeper appraisal suggested
Indicative lending comfort for banks, NBFCs and trade credit.
  • Debt capacity assessed from filed statements.
  • No existing security registered - first-charge position available.
  • Compliance record supports lending.
Investor view52/100
Mixed indicators
Growth quality and scalability through an investor lens.
  • 1 growth signal(s) detected.
  • Margin and return trends computable from filings.
  • Management churn warrants questions.
09

MCA Filings & Events Timeline

Latest 15 events
23 Dec 2025
Director appointed
Arth Jain (Ceo)
03 Dec 2025
Director appointed
Kaamesh Shrivastava (Nominee Director)
13 Nov 2025
Director appointed
Sanjay Kumar (Nominee Director)
10 Nov 2025
Director appointed
Parikshit Sanjayrao Zade (Nominee Director)
29 Oct 2025
Director appointed
Dileep Kumar Yadav (Nominee Director)
Director ceased
Dileep Kumar Yadav
29 Sep 2025
Director ceased
RAM PRAKASH AHIRWAR
Director ceased
Shivam Verma
Last AGM held
Annual general meeting
18 Sep 2025
Director ceased
DIVYANK . SINGH
15 Sep 2025
Director ceased
Sitaram Bamanke
Director ceased
VIJAY SINGH SOLANKI
Director ceased
MAYANK VERMA
31 Mar 2025
Latest balance sheet
Filed with ROC
11 Oct 2024
Director appointed
Kailash Wankhede (Nominee Director)
10

Key Observations

Auto-generated from the data above
Revenue grew 38% over the last 4 financial year(s).
Net profit margin moved from 1.42 to 2.1x.
Net worth is positive.
Compliance record is strong - status, filings and flags are clean.
14 active director(s) / partner(s); review board churn before relying on management continuity.
2 active GST registration(s) indicate ongoing business operations.
Operates a group structure with 1 subsidiary(ies) - assess on a consolidated basis.
EPFO-registered employer - verifiable payroll history exists.
Promoters hold a dominant controlling stake as per the FY 2023 annual return.
Director / KMP remuneration is disclosed in the latest annual return - exact figures available in the full report.
Capital has been raised through 2 security allotment(s) - amounts available in the full report.
11

Peers & Related Companies

Full peer comparison →
CompanyCINLocation
Karnataka State Textile Infrastructure Development Corporation Limited. U17100KA1994SGC015213 Belgaum, Karnataka, India
National Industrial Corridor Development Corporation Limited U45400DL2008PLC172316 New Delhi, Delhi, India
Diu Smart City Limited U74999DD2018PLC009814 Diu, Daman And Diu, India
Aurangabad Smart City Development Corporation Limited U93090MH2016SGC286039 Aurangabad, Maharashtra, India
Tamilnadu Waterresourcesconservation & Riversrestorationcorporation Limited U93090TN2019SGC133416 Chennai, Tamil Nadu, India
Eepc India U51900WB1955NPL022644 Kolkata, West Bengal, India
Karnataka State Small Industries Development Corporation Limited U75112KA1960SGC001384 Bangalore, Karnataka, India
New & Renewable Energy Development Corporation Of Andhra Pradesh Limited U40108AP1969SGC107155 Tadepalli, Andhra Pradesh, India
12

Who Uses This Report

CA · CS · Banker · Investor · Vendor
Chartered Accountants (CA)

Verify Smart City before audits and certifications: compliance score 86/100, filing history, auditor history and charge records in one place - instead of pulling each MCA form separately.

Company Secretaries (CS)

Track statutory health of Smart City: ACTIVE compliance status, annual-return recency, director DIN status, board churn and the events timeline - the inputs for secretarial audits and due-diligence certificates.

Bankers & NBFCs

Current banker verdict: Mixed indicators - deeper appraisal suggested. Credit risk score 50/100, existing charge position and lender relationships - a first-pass credit memo before formal appraisal.

Investors & Analysts

Investor view: Mixed indicators. Growth score 55/100, margin trends, ownership structure and peer set for Smart City - screening before a deeper diligence.

Vendors & Procurement Teams

Vendor verdict: Review suggested. Trust score 63/100, distress signals and MSME payment-delay disclosures - know whether Smart City pays its suppliers before you extend credit terms.

Lawyers & Compliance Teams

Litigation footprint (2 case(s) on record), regulatory flags, charge documents trail and director networks for Smart City - groundwork for KYC, onboarding and disputes.

13

Frequently Asked Questions

Is Smart City an active company?

Smart City has MCA status “Active” with a compliance score of 86/100 (Low Risk).

Is Smart City financially healthy?

Smart City has a Financial Health Score of 40/100 (Caution Indicated) based on its filed financial statements.

Should I do business with Smart City?

Its overall Trust Score is 63/100 (Moderate). Vendor verdict: Review suggested. Review the risk flags in the Risk Intelligence Center before deciding.

Who controls Smart City?

The ultimate holding entity is Madhya Pradesh Urban Development Co Limited. 14 active director(s) are on record.

Does Smart City have loans or charges against its assets?

No charges are registered against this company - an unencumbered balance sheet.

Is Smart City up to date with its ROC filings?

Annual filings current (balance sheet Mar 2025). Overall compliance score: 86/100 (Low Risk).

Is it risky to lend to Smart City?

Its Credit Risk Score is 50/100 (Moderate). Banker verdict: Mixed indicators - deeper appraisal suggested.

Disclaimer: This report is generated automatically from MCA filings and public records as available in our system at the time of the last update. Scores, bands and verdicts are rule-based derived indicators of the underlying data - they are opinions generated by an algorithm, not statements of fact about the company, and are not credit ratings (within the meaning of SEBI regulations), audits, or investment, legal or financial advice. Verify from official sources and consult a qualified professional before any business, lending or investment decision. If you represent this company and believe any information is inaccurate or outdated, report it here and we will review promptly.