MIRA
INFORM REPORT
|
Report Date : |
03.05.2007 |
IDENTIFICATION DETAILS
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Name : |
DLF UNIVERSAL
LIMITED |
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Registered Office : |
Shopping Mall, 3rd Floor, Arjun Marg Phase-I |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
04.12. 1963 |
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Com. Reg. No.: |
05-2484 |
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CIN No.: [Company
Identification No.] |
L70101HR1963PLC002484 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELD03625G / DELD00023C |
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Legal Form : |
A public limited
liability company. The company’s shares
are listed on the Stock Exchanges. |
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Line of Business : |
Real Estate
Developers |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 25000000 |
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Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Unknown |
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Comments : |
Subject is a well
known and established real estate developers in The company can
be considered good for normal business dealings at usual trade terms and
conditions. |
LOCATIONS
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Registered
Office : |
Shopping Mall, 3rd Floor, Arjun Marg Phase-I |
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Tel.
No.: |
91-124-6350341
/ 4334200 |
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Fax
No.: |
91-124-6350431 |
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Website
: |
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Corporate
Office : |
Sansad Marg, |
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Fax
No.: |
91-11-42102030 |
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Office/ Commercial (sale/rent/lease) |
Corporate Marketing, DLF Shopping Mall Complex, Arjun
Marg, |
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Tel.
No.: |
91-124-4057410 / 4334200 |
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Fax
No.: |
91-124-4057414 |
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Hotels |
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Tel.
No.: |
91-124-4376511 |
DIRECTORS
|
Name : |
Mr.
K. P. Singh |
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Designation : |
Chairman |
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Name : |
Mr.
Rajiv Singh |
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Designation : |
Vice
Chairman |
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Name : |
Mr.
T. C. Goyal |
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Designation : |
Managing
Director |
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Name : |
Mr.
J. K. Chandra |
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Designation : |
Director |
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|
Name : |
Mr. Rajinder
Singh Sahni |
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Designation : |
Director |
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Name : |
Mr.
B. Bhushan |
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Designation : |
Director |
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Name : |
Mr.
N. P. Singh |
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Designation : |
Director |
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Name : |
Ms.
Renuka Talwar |
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Designation : |
Director |
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|
Name : |
Ms. Pia Singh |
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Designation : |
Director |
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|
Name : |
Mr. Kameshwar Swarup |
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Designation : |
Director |
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Name : |
G |
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Designation : |
Director |
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Name : |
Mr. D V Kapur |
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Designation : |
Director |
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Name : |
Mr. M M Sabharwal |
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Designation : |
Director |
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Name : |
Mr. K N Memani |
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Designation : |
Director |
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Name : |
Mr. S. Prakash |
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Designation : |
Director |
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Address : |
35/9 Langford Cross, |
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Mobile
No.: |
91-9945685592 |
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Name : |
Mr.Shakti Singh |
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Designation : |
Director |
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Tel.
No.: |
91-124-4376510 |
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OTHER
PERSONNEL |
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Name : |
Mr.
Hari Haran |
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Designation : |
Company
Secretary |
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Name : |
Mr. Vinay Verma |
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Designation : |
Chief Executive |
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Email : |
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Name : |
Mr. Amit Grover |
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Designation : |
Chief Manager Mktg |
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Email : |
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Name : |
Mr. Subramanian |
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Designation : |
Chief Executive |
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Email : |
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Name : |
Mr.Yogesh Verma |
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Designation : |
Chief Executive |
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Email : |
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Name : |
Mr. Goutam Karmakar |
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Designation : |
General
manager Marketing |
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Email : |
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Name : |
Mr. Y. K. Tyagi |
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Designation : |
Chief Executive |
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Email : |
BUSINESS DETAILS
|
Line of Business : |
Real Estate
Developers |
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Products : |
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GENERAL INFORMATION
|
Bankers : |
Not Divulged |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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|
Name : |
Walker Chandiok
and Company Chartered
Accountants |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
Not Available |
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|
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|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
37800000 |
Equity Shares |
Rs. 10/- each |
Rs. 378.000 Millions |
|
|
|
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|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share Capital |
378.000 |
35.100 |
35.100 |
|
|
2] Share
Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves &
Surplus |
6056.000 |
3804.200 |
3143.100 |
|
|
4] (Accumulated
Losses) |
0.000 |
0.000 |
0.000 |
|
NETWORTH
|
6434.000 |
3839.300 |
3178.200 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
30109.000 |
6301.500 |
5579.200 |
|
|
2] Unsecured
Loans |
30.000 |
29.300 |
31.400 |
|
TOTAL BORROWING
|
30139.000 |
6330.800 |
5610.600 |
|
|
DEFERRED TAX
LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
36573.000 |
10170.100 |
8788.800 |
|
|
|
|
|
|
|
APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block]
|
781.000 |
4786.400 |
593.400 |
|
Capital work-in-progress
|
4567.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
INVESTMENT
|
13973.000 |
1746.300 |
1772.700 |
|
DEFERREX TAX ASSETS
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS &
ADVANCES
|
|
|
|
|
|
|
Inventories
|
4721.000
|
7184.800
|
11957.700 |
|
|
Sundry Debtors
|
266.000
|
34.600
|
1055.500 |
|
|
Cash & Bank Balances
|
1270.000
|
220.000
|
107.200 |
|
|
Other Current Assets
|
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances
|
24628.000
|
9664.500
|
4933.200 |
Total Current Assets
|
30885.000
|
17103.900
|
18053.600 |
|
Less :
CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
11937.000
|
12872.300
|
11350.200 |
|
|
Provisions
|
1696.000
|
594.200
|
280.700 |
Total Current Liabilities
|
13633.000
|
13466.500
|
11630.900 |
|
Net Current Assets
|
17252.000
|
3637.400
|
6422.700 |
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
36573.000 |
10170.100 |
8788.800 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
Sales Turnover [including other
income]
|
11450.000 |
4964.900 |
4895.100 |
|
|
|
|
|
Profit/(Loss) Before Tax
|
3478.000 |
971.100 |
480.700 |
Provision for Taxation
|
1204.000 |
294.100 |
125.900 |
Profit/(Loss) After Tax
|
2274.000 |
677.000 |
354.800 |
|
|
|
|
|
Total Expenditure
|
6472.000 |
3993.800 |
4414.400 |
KEY RATIOS
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Debt Equity Ratio |
3.19 |
1.70 |
0.97 |
|
Long Term Debt Equity Ratio |
2.69 |
1.70 |
0.95 |
|
Current Ratio |
1.58 |
1.40 |
1.33 |
|
TURNOVER RATIOS |
|
|
|
|
Fixed Assets |
9.47 |
1.39 |
6.91 |
|
Inventory |
2.34 |
0.43 |
0.41 |
|
Debtors |
65.41 |
7.56 |
7.17 |
|
Interest Cover Ratio |
3.38 |
3.92 |
6.11 |
|
Operating Profit Margin (%) |
50.57 |
32.24 |
13.43 |
|
Profit Before Interest and Tax Margin (%) |
50.17 |
31.63 |
12.82 |
|
Cash Profit Margin (%) |
23.50 |
17.03 |
8.53 |
|
Adjusted Net Profit Margin (%) |
23.10 |
16.42 |
7.91 |
|
Return on Capital Employed (%) |
20.62 |
13.76 |
9.70 |
|
Return on Net Worth (%) |
39.81 |
19.29 |
11.79 |
STOCK PRICES
|
Face Value |
Rs. 10.00/- |
|
High |
Rs. 175.00/- |
|
Low |
Rs. 175.00/- |
LOCAL AGENCY FURTHER INFORMATION
REVIEW OF OPERATIONS
The Company is pleased to inform that it
has made a significant progress in implementing its plans of having a leading
presence in residential, retail, and commercial business segments. Capitalizing
on the goodwill that the Company
commands as well as on positive market sentiment, the Company has registered an impressive growth
in its residential property business through successful launch and progress in
its premium condominium projects such as 'The Aralias', 'West end Heights',
'The Pinnacle', 'The Royalton Tower' and the recently launched 'Icon'. The
focus is to provide the consumer with high-end international quality
residential opportunities. The sunrise industry of retail business have been
targeted for growth by your company. Subsequent to the success of the City
Centre Mall, Mega Mall has been completed and DT Cinemas operations have been
successfully launched with a three screen multiplex. Construction on the Grand
Mall, South Point as well as the Star Mall are progressing
satisfactorily.
On the commercial side, the company has successfully executed some
prestigious projects including world class 'Ericsson Forum', IBM's
FUTURE OUTLOOK
The aim is to establish a leadership position for the Group across its
area of activities.
The Company will endeavour to establish a leadership role as a national
player in its areas of operations given its demonstrable strength as a
developer of repute with significant skills in the development, operations,
maintenance and management of international quality complexes.
The recent budget has also emphasised the real estate industry through
its positive emphasis for growth including policy initiatives for individuals
as well as institutions. All these should help the Company capitalise its opportunities and
achieve its growth objectives.
Website Details
Attached:
The DLF Group is founded on the
strengths of a strong lineage and history. This spans a period of almost
six decades. DLF has developed 21 urban colonies in and around
20 million sq.ft. of Residential,
3 million sq.ft. of Commercial and
1 million sq.ft. of Retail space.
DLF has also
launched projects of over one million sq.ft workspace both in
DLF Retail, in association with DT Cinemas, the group's entertainment unit, is
developing shopping arcades and multiplexes. These will provide retail,
entertainment, leisure and shopping avenues across Gurgaon,
DLF is more than just a Developer. It also provides assistance and consultancy
to corporate Houses on their workplace requirements. As a comprehensive
solution provider, DLF has main framed its leadership position by adopting new technology
and International norms in Real Estate Development and Management.
PRESS RELEASES:
'
The
PHD Chamber of Commerce and Industry which started operations in 1905 had it
centenary celebrations commemorating its 100 years existence on 10 September,
2005. Smt. Sheila Dikshit, Hon’ble, Hon’ble Chief Minister of
On
this occasion, Shri K.P. Singh, Chairman, DLF Group was presented the `Delhi
Ratna’ award by the Chief Minister for his valuable contribution to
The DLF Group is now on its way to replicating this successful model by
developing high-end projects in the residential, office and retail business
segments across various cities and towns in the Country to establish a National
leadership position.
'DLF to create a significant retail and entertainment centre in Mumbai '
DLF Universal Limited (DLF),
DLF
is now going to be a key player in the Mumbai property scene and is committed
to undertaking several projects which will have a landmark impact in Mumbai in
terms of quality, design, aesthetics, urban planning and lifestyle.
The Mumbai Mills (a National Textile Mills property) in Parel,
According
to the company, the entire theme of the development is to ensure the creation
of a true Mumbai ethos and to gear up to take the urban cosmopolitan lifestyle
of the city to a new threshold of development.
DLF has in the past completed commercial projects of close to 5 million sq.ft.,
over 4 million sq.ft. in retail in addition to over 20 million residential
projects. DLF now intends to capture close to 25% of the high-end retail growth
market of the 40 million sq.ft. expected to come up nationally over the next
2-3 years.
Going
forward, DLF Retail Developers will roll out major plans in Mumbai,
'The
DLF Universal Limited (DLF), has recently launched `The Summit’ in Gurgaon. The complex
is located on the 24 metre wide
Each
apartment comprises of 4 bedroom unit, available in three sizes. The area for
these apartments ranges from 2950, 3300 and 3500 sq.ft. The air-conditioned
apartment complex integrates exclusive club with a party room, swimming pool,
and well-equipped gymnasium within the premises.
The
safety is assured through round the clock security, access cards for the
residents and CCTV for surveillance. The safety against fire is assured through
the well-equipped fire fighting equipments and sprinkler systems. The
structures are robust enough to withstand the natural calamities through its
architecture, which incorporates additional steel reinforcements to make it
seismic zone-v compliant – a level above the mandatory compliance for the
Gurgaon region. All this is well backed by 100% power back up. The project is
expected to be complete in over a two and a half-year period.
The
residential group has been a trendsetter in contemporary urban development and
housing infrastructure. It has evolved with changing consumer trends therefore,
from 21 premier colonies in
DLF Universal
Limited, Gurgaon, Buys It's Way Into Haryana Govt; Influence Peddling Out In
Open Now
By Sanjay Sharma, Section Gurgaon
News
Posted on Mon Nov 8th, 2004 at 09:06:37 PM EST
The Haryana government has admitted violation of norms in the land
acquisition proceedings that it initiated without telling the true purpose of
the acquisition. The Haryana Govt. had earlier said that it was buying land for
public purposes, but actually the Govt. was buying the land on behalf of the
provate developer DLF Universal Limited It has also admitted that the
notifications issued on January 3, 2003 and June 12, 2003 mentioned the land
was being acquired for public purpose and not for a private coloniser.
"The land being strategically located cannot be handed over to a private
coloniser, DLF, at such a low price. The matter is in fact afflicted with legal
infirmities," an official said.
The government had been adamant on
handing over the land, acquired at an extremely low price, to DLF Universal
Limited for a "cyber city project" till the move was stalled after
the issue came out in open. The Town and Country Planning Department recommended transfer of the
land back to the panchayat, saying the Gurgaon authorities did not announce the
award for the land as per the decision of the Council of Ministers. "The
land was acquired from the panchayat at the collector rate of Rs 14 lakh per
acre whereas it was decided by the Council of Ministers that the land would be
acquired and compensation paid to the panchayat at the market rate," said
an official. The Information Technology Department of Haryana acquired the land
last year after the Cabinet on August 8, 2002, approved the acquisition and
grant of land to DLF in order "to fill up infrastructural gaps". The
proposal for acquiring the land was moved by the Town and Country Planning
Department after a representation was made by DLF.
·
Meanwhile
it is back to dirty business for the Don of Private Developers - DLF Universal
Limited, Gurgaon. Many believe that the delay in auction of the Sector 57,
Gurgaon, residential plots was also caused by the underhand dealings of DLF
though no proof has yet come to light. Chief executive of DLF, K.K.
Bhattacharya, now says that the cyber city project was going on smoothly and
the corporate office of a leading company, Ericsson, was already functioning. A
company spokesperson said the total land for the cyber city project was
approximately 125 acres, including 19.5 acres given by the state government. He
said if the government took back the land, it would not affect the project. He
said the DLF had not yet constructed any building on the land given by the
government.`
·
Now,
bowing to stiff opposition, the Chautala government has decided to de-notify
the controversial acquisition of 19.5 acres of prime land at Nathupur village
in Gurgaon, paving the way for restoring its ownership rights to the panchayat.
A decision to this effect was taken at a meeting of the Council of Ministers on
Saturday.
DLF Limited files DRHP with SEBI
Thursday, February 01, 2007
New
NEW DELHI: DLF Limited, India’s one of the largest
real estate developer engaged in the primary business of development of
residential, commercial and retail properties, filed its DRHP with SEBI today.
DLF Limited proposes to enter the capital market with a
public issue of 175,000,000 equity shares of Rs 2 each through 100% book
building process.
Kotak
Mahindra Capital Co. Limited and DSP Merrill Lynch Limited are the global
coordinators and BRLMs for the Issue. Citigroup Capital Markets India Private
Limited, ICICI Securities Limited, Lehman Brothers Securities Private Limited,
UBS Securities India Private Limited and Deutsche Equities India Private
Limited are the BRLMs. SBI Capital Market Limited is the co-BRLM for the Issue.
Karvy Computershare Private Limited is the registrar to the Issue.
Disclaimer:
"These
materials are not an offer for sale of securities. The securities of DLF
Limited have not been registered under the U.S. Securities Act of 1933, as
amended (the "Securities Act") and may not be offered or sold in the
For further information, please contact:
Ms. Shalini Vig Wadhwa,
Gen. Manager, Corporate Communications,
DLF Limited,
Tel: 91-11-42102030
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 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 |
Rs.41.18 |
|
|
1 |
Rs.82.02 |
|
Euro |
1 |
Rs.56.07 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
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 |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
57 |
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 and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|