MIRA
INFORM REPORT
|
Report Date : |
24.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
UNITECH LIMITED |
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Registered Office : |
6 Community Centre, Saket, New
Delhi – 110 017 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
02.07.1979 |
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Com. Reg. No.: |
009720 |
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CIN No.: [Company
Identification No.] |
L74899DL1979PLC009720 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELU01155A /
DELU02234B / DELU02655C |
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PAN No.: [Permanent
Account No.] |
AAACU1480H |
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Legal Form : |
Public Limited Liability Company. Company’s shares are listed on the
Stock Exchange. |
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Line of Business : |
Subject
is engaged in civil engineering construction and housing development
projects. |
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 99700000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a
well-established and reputed company having satisfactory track. Directors are
reported as experienced and respectable businessmen. Trade relations are
reported as fair. Business is active. Payments are usually correct and as per
commitments. The company can be considered normal for business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
6 Community Centre, Saket, New
Delhi – 110 017, India |
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Tel. No.: |
91-124-4082020
/ 4086677 / 2383536 / 4083355 / 91-11-26847331
/ 26857330 / 26965169 / 416604040 |
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Fax No.: |
91-11-26857338 |
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E-Mail : |
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Website : |
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Corporate Office : |
Unitech
House, L Block , South City 1 , Gurgaon 122 001, Haryana, India |
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Tel. No.: |
91-124-4125200 |
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Fax No.: |
91-124-2383332 |
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Branch Office
: |
Block
‘C’, 4th floor, 22 Camac Street Kolkata- 700016 |
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Tel. No.: |
91-33
22892000, 23242000 |
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Fax No.: |
91-33
23242009 |
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E-Mail : |
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Branch Office
: |
6
Community Centre, Saket, New Delhi - 17, India |
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Tel. No.: |
91-11-41664040
/ 26857330 / 26857331 / 26965169 |
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Fax No.: |
91-11-26857338 |
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E-Mail : |
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Branch Office
: |
P-7,
Sector - 18, Noida – 201301, Uttar Pradesh , India. |
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Tel. No.: |
91-120-2513609/3780/3776 |
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Fax No.: |
91-120-4348906 |
DIRECTORS
|
Name : |
Mr. Ramesh Chandra |
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Designation : |
Chairman |
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Name : |
Mr. Sanjay Chandra |
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Designation : |
Managing Director |
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Name : |
Mr. Ajay Chandra |
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Designation : |
Managing Director |
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Name : |
Mr. A S Johar |
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Designation : |
Whole time Director |
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Name : |
Ms. Minoti Bahri |
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Designation : |
Director |
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Name : |
Mr. G R Ambwani |
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Designation : |
Director |
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Name : |
Mr. P K Mohanty |
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Designation : |
Director |
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Name : |
Mr. Anil Harish |
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Designation : |
Director |
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Name : |
Mr. Sanjay Bahadur |
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Designation : |
Director |
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Name : |
Mr. Ravinder Singhania |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Tarun V Kotak |
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Designation : |
Company Secretary |
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Name : |
Mr. H D Sharma |
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Designation : |
President |
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Name : |
Col. K Prakash |
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Designation : |
President |
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Name : |
Mr. M K Agrawal |
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Designation : |
Executive Vice
President |
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Name : |
Mr. S Ravi Aiyar |
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Designation : |
Executive Vice
President |
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Name : |
Mr. S S Bhowmick |
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Designation : |
Executive Vice
President |
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Name : |
Mr. V K Chadha |
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Designation : |
Executive Vice
President |
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Name : |
Mr. R B Jhalani |
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Designation : |
Executive Vice
President |
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Name : |
Dr. P K Magu |
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Designation : |
Executive Vice
President |
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Name : |
Mr. R S Sharda |
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Designation : |
Executive Vice
President |
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Name : |
Mr. R K Sharma |
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Designation : |
Executive Vice
President |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2007)
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Shareholding of promoter and promoter
group |
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India |
603284353 |
74.32% |
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Foreign |
1911000 |
0.24% |
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Public Shareholding |
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Institutions |
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Mutual Funds /
UTI |
2223373 |
0.27% |
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Financial Institutions
/ Banks |
37520 |
0.01% |
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Foreign
Institutional Investors |
65449666 |
8.06% |
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Any other |
5585 |
0.000% |
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Non Institutions |
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Bodies corporate |
67405505 |
8.31% |
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Individuals |
70644951 |
8.70% |
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Any Other |
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·
NRI |
714947 |
0.09% |
|
·
Foreign National |
10400 |
0.00% |
|
·
OCB |
200 |
0.00% |
|
Total |
811687500 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject
is engaged in civil engineering construction and housing development
projects. |
GENERAL
INFORMATION
|
No. of Employees : |
1133 |
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Bankers : |
Canara Bank |
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Banking
Relations : |
Satisfactory |
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Auditors : |
Goel Garg & Company Chartered
Accountants |
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Associates/Subsidiaries : |
· Aditya Properties Private Limited · Amarprem Estates Private Limited · Arcadia Build Tech Limited ·
Ardent Build Tech Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000000 |
Equity shares |
Rs. 10/- each |
Rs. 5000.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
162337500 |
Equity shares |
Rs. 10/- each |
Rs. 1623.375 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
1623.375 |
124.875 |
124.900 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
18320.376 |
2472.265 |
1614.200 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
19943.751 |
2597.140 |
1739.100 |
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LOAN FUNDS |
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1] Secured Loans |
39499.166 |
10011.757 |
2313.100 |
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2] Unsecured Loans |
306.125 |
437.645 |
945.700 |
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TOTAL BORROWING |
39805.291 |
10449.402 |
3258.800 |
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DEFERRED TAX LIABILITIES |
20.436 |
150.773 |
0.000 |
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DEFERRED TAX
LIABILITIES- Against Land |
15787.412 |
1055.989 |
0.000 |
|
Minority Interest
|
12.535 |
236.801 |
0.000 |
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TOTAL |
75569.425 |
14490.105 |
4997.900 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
5994.875 |
3619.541 |
253.500 |
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Capital work-in-progress |
2153.358 |
1267.576 |
133.100 |
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INVESTMENT |
4547.566 |
144.542 |
1665.700 |
|
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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Goodwill on Consolidated |
1125.899 |
823.719 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
548.490 |
695.587 |
11221.300 |
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Sundry Debtors |
86446.547 |
30173.995 |
571.400 |
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Cash & Bank Balances |
1458.130 |
1032.484 |
1948.900 |
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Other Current Assets |
10227.279 |
3899.408 |
0.000 |
|
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Loans & Advances |
18396.565 |
2859.847 |
3107.600 |
|
Total
Current Assets |
117077.011
|
38661.321 |
16849.200 |
|
|
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|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
49550.637 |
29159..814 |
13626.800 |
|
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Sundry Creditors |
0.000 |
0.000 |
0.000 |
|
|
Provisions |
5779.923
|
872.274
|
276.800 |
|
Total
Current Liabilities |
55330.560
|
30032.088 |
13903.600 |
|
|
Net Current Assets |
61746.451 |
8629.233 |
2945.600 |
|
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MISCELLANEOUS EXPENSES |
1.276 |
5.494 |
0.000 |
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TOTAL |
75569.425 |
14490.105 |
4997.900 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
63999.019 |
15228.481 |
5093.300 |
|
|
Other Income |
236.332 |
147.269 |
204.900 |
|
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Total Income |
64235.351 |
15375.750 |
5298.200 |
|
|
|
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|
|
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Profit/(Loss) Before Tax |
17918.506 |
1389.202 |
433.800 |
|
|
Provision for Taxation |
4863.522 |
512.742 |
134.600 |
|
|
Profit/(Loss) After Tax |
13054.984 |
876.460 |
299.200 |
|
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Expenditures : |
|
|
|
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Manufacturing Expenses |
27880.580 |
6100.993 |
|
|
|
Salaries, Wages, Bonus, etc. |
568.313 |
365.510 |
|
|
|
Managerial Remuneration |
52.865 |
13.369 |
|
|
|
Payment to Auditors |
11.702 |
4.688 |
|
|
|
Interest |
3020.114 |
464.917 |
|
|
|
Depreciation & Amortization |
80.009 |
112.206 |
4864.400 |
|
|
Other Expenditure |
14703.261 |
6924.519 |
|
|
|
Total
Expenditure |
|
|
|
|
Total
Expenditure |
46316.844 |
13986.202 |
4864.400 |
|
QUARTERLY /
SUMMARISED RESULTS
|
PARTICULARS |
30.06.2007 |
30.09.2007 |
31.12.2007 |
|
Type |
1st Quarter |
2nd Quarter |
3rd Quarter |
|
Sales Turnover |
7636.600 |
5295.400 |
8185.100 |
|
Other Income |
250.700 |
430.600 |
302.300 |
|
Total Income |
7887.300 |
5726.000 |
8487.400 |
|
Total Expenditure |
2724.800 |
2911.500 |
2860.400 |
|
Operating Profit |
5162.500 |
2814.500 |
5627.000 |
|
Interest |
688.600 |
867.700 |
981.500 |
|
Gross Profit |
4473.900 |
1946.800 |
4645.500 |
|
Depreciation |
13.400 |
12.700 |
14.100 |
|
Tax |
982.500 |
533.500 |
953.000 |
|
Reported PAT |
3478.300 |
1380.900 |
3689.200 |
KEY RATIOS
|
Year |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
Debt-Equity Ratio |
3.10 |
2.55 |
1.41 |
|
Long Term
Debt-Equity Ratio |
1.61 |
1.59 |
1.21 |
|
Current Ratio |
1.31 |
1.12 |
1.18 |
|
TURNOVER
RATIOS |
|||
|
Fixed Assets |
27.36 |
9.75 |
11.05 |
|
Inventory |
0.80 |
0.44 |
0.58 |
|
Debtors |
28.77 |
9.77 |
8.56 |
|
Interest Cover
Ratio |
7.94 |
3.91 |
2.98 |
|
Operating Profit
Margin(%) |
61.62 |
22.71 |
13.24 |
|
Profit Before
Interest And Tax Margin(%) |
61.44 |
22.23 |
12.82 |
|
Cash Profit
Margin(%) |
39.46 |
11.13 |
6.29 |
|
Adjusted Net
Profit Margin(%) |
39.28 |
10.66 |
5.87 |
|
Return On Capital
Employed(%) |
54.16 |
20.56 |
16.70 |
|
Return On Net
Worth(%) |
141.97 |
34.96 |
18.44 |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY
Engaged in civil engineering construction
and housing development projects, Subject has undertaken the construction of
thermal power, steel and petrochemical plants and public utility buildings for
a number of reputed public and private sector companies.
It went public in Sep.'92 to part-finance two housing projects. Behind its
present solid status is its strategic planning which deserves mention. The
decision to enter Libya during the oil boom in the mid-seventies and strengthen
its base in a country where competition was less than other Arab nations,
helped it forge ahead, untroubled by the Iran-Iraq war. Moreover, a diversified
project-mix, which includes projects in a wide variety of industries, helps
reduce risks arising from dependence on a few industries. The decision to enter
into real estate and housing development in 1986 helped it sustain its growth,
in spite of drastic cuts in government expenditure in the early nineties.
It has signed a MoU with a Singapore consortium and Haryana Urban Development
Authority (HUDA), to set up a technology park at Gurgaon. The company is also
setting up a ready-mix concrete and concrete blocks plant at Taloja.
During 1995-96, the company launched its prestigious
mini-township-SouthCity-II-on Sohna-Gurgaon Road. The company successfully
completed several projects including hydrocracker project of UP petro chemical
complex at Etawah, educational media facilities at IGNOU, New Delhi, 100 mtr
chimney for captive power plant at Panipat, construction of 1048 flats and
infrastructure for CIDCO, Bombay, modernisation of air control services at
Bombay airport, construction of August Kranti Bhavan, New Delhi, casting shop
in SMS-2 of RSP, modernisation at Rourkela and indoor sports stadium at Madras.
Subject maintained steady progress at different project sites including the 220
mtr chimney at Kothagudam, AP and 190 mtr chimney at Kutch, Gujarat,
hydrocracker lab at Faridabad, corporate office and exchange building of MTNL
at New Delhi and spinning unit at Baroda.
During 1995-96, Hyundai Unitech
Electrical Transmission became a subsidiary of the company. The company signed
a joint venture agreement with Haryana Urban Development Authority (HUDA) and
First Capital Property Ventures Pte Limited, Singapore, to develop a technology
park at Gurgaon which will house the high technology industries proposed to be
set up by domestic and international companies of repute.
It is implementing large scale real estate and housing development projects on
the Delhi-Gurgoan road and at Lucknow, multi-storeyed apartments at Connaught
Place, New Delhi, a housing complex at Virar, Bombay and at various prime
locations in Bangalore, Lucknow, Shimla, Indore, Goa, etc.
The company plans to set up amusement parks and urban entertainment centres and
also plans to commence a B.Sc.(Honours) Degree Course in Information Technology
duly validated by Oxford Brookes University, UK in 2001.
The total income of the Company
for the year was Rs.6747.5 Millions as against Rs.5271.800 Millions in the
previous year. The Company earned a Profit after tax of Rs.696.500 Millions as
against Rs. 299.100 Millions in the previous year registering a growth of
almost 133%.
The total income for the year was Rs. 9545.000 Millions as against Rs. 6649.000
in the previous year and the profit after tax of Rs. 87.65 against Rs. 348.000
Millions in the previous year registering a growth of over 150%.
Real Estate Projects:
Real Estate Division of the
Company has been growing at a rapid pace during the last year. They have many
ongoing projects in Gurgaon, Noida, Greater Noida, Bangalore and Kolkata. In
the coming year; they will be starting operations in various other cities in
India.
Residential Projects
Ongoing Projects:
Unitech Cascades
Location:
Greater Noida Area: 9 acres No. of apartments: 350
* Fresco, Nirvana Country Location: Gurgaon Area: 16.9 acres No. of apartments:
864
* Gardens at Uniworld City Location: Kolkata Area: 13 acres No. of apartments:
404
* Horizons at Uniworld City Location: Kolkata Area: 12 acres No. of apartments:
366
* Heights at Uniworld City Location: Kolkata Area: 10 acres No. of apartments:
682
* The Close, Nirvana Country
Location: Gurgaon Area: 40 acres (Close North - 20 acres and Close South - 20
acres) No. of apartments: 1381
Possessions:
In the last financial year, they have started handing over units to their
customers in Uniworld City, and as per, Greens and Birch Court in Nirvana
Country.
Upcoming Projects:
Unitech
Habitat, Greater Noida (a 23.7 acres Group Housing project with 902 apts)
Escape, Nirvana Country, Gurgaon (a 10.1 acres Group Housing project with 400
apts)
Unitech Karma
Lakelands, a golf community, consisting of 300 odd villas spread across a 9
hole golf course
* A Group
Housing project in Gurgaon (10.5 acres, with around 280 apts)
* A Group Housing project in Greater Noida (8.75 Acres, with around 300
apts)
* Uniworld Resorts (230 acres)
* Uniworld Gardens-II - Gurgaon (11.1 acres - Group Housing) * Downtown,
Uniworld City, Kolkata, with around 277 apts
* Air,
Uniworld City, Kolkata, with around 136 apts
* Cascades, Uniworld City, Kolkata, with around 490 apts
* Oasis at Chennai, a 45 acres residential project, with 1500 apts
* Oasis, a residential township project at Alwal, Hyderabad, spread across 120
acres, with 2300 apts and villas
* A 10 acres residential project in Banjara Hills, Hyderabad, spread across 10
acres
* The Cove, a 250 acres residential township in Kochi
* A 12 acres residential project in Bangalore
Commercial Projects:
Ongoing Projects
* Unitech Cyber Park, Gurgaon
Possessions:
a. The below companies have shifted Unitech Cyber Park, in the last year
* Hewitt International Services Private Limited
* Bharti Televentures
* Fidelity Business Services, India
* Sun Life India
* Evalueserve.com Private Limited
* Vertex Customer Service
* Yatra Online
* Brocade
b. Ciena Telecom have shifted to their commercial building at Sector 32,
Gurgaon
c. Shri Ram Fibres have started operation in Unitech Crest, at Greenwood City,
Gurgaon, last year
d. HCL Technologies have started operations in Info Centre, Gurgaon, last
year
Upcoming Projects:
* Infospace, Noida (20 acres and 1.3 mill sq ft)
* Corporate Office, Saket (1.33 acres and 0.6 mill sq ft)
* Nirvana Courtyard, Gurgaon (2.4 acres and 0.18 mill sq ft)
* Infospace, Kolkata (50 acres)
* Infospace, Gurgaon (28 acres and 2.5 mill sq ft)
* A 4 acres project in Bangalore
Hospitality:
They are
partnering Marriott Hospitality in 4 projects so far, to operate hotels for the
company: 1. Marriott Courtyard, Gurgaon, with 199 rooms
Marriott Courtyard, Noida, with 210 rooms
Marriott Courtyard, Kolkata, with 250 rooms
Marriott Executive Apartments, Gurgaon, with 173 rooms
Construction Project
Highway Projects:
The Company has successfully
completed one World Bank funded State Highway Project in Uttar Pradesh within
the scheduled time. The two highway projects - one in the state of Madhya
Pradesh and one in Karnataka (peripheral expressway around Bangalore city a
part of the Bangalore Mysore Infrastructure Corridor Project) are proceeding
well. Two Flyover Projects at Punjabi Bagh Club intersection and Motinager
intersection on Ring Road have been completed in record time and handed over to
the client.
The Company has also been awarded two World Bank funded Road Projects in the
state of Uttar Pradesh and another State highway ADB funded project in the
state of Madhya Pradesh.
Industrial Projects:
The Company has successfully
completed and handed over the National Board of Examination (NBE) building,
Chimney project at Parichha, Thermal Power Station for Reliance Energy Limited
and Structural work for Jindal Stainless Limited at Hissar.
Progress of work on Employees Provident Fund Organization (EPFO) Building is
progressing satisfactorily and is expected to be completed as per schedule. All
Chimney projects located at Bhatinda for Punjab State Electricity Board (PSEB),
Bhilai for Bhilai Electricity Supply Company Private Limited, Dist-Durg,
Chattisgarh and at Mejia for Mejia Thermal Power Station, West Bengal are
proceeding as per schedule and shall be handed over well in time. 'Cardiology
and Neurology Tower' (C. N. Tower) at AIIMS, New Delhi is also proceeding
well.
The Company has secured a prestigious 'IT Park' Building project from Delhi
Metro. The Company has also secured 275 Meter high chimney project at
Yamunanagar and Civil Work for Water System at Yamunanagar. All these three projects
are progressing as per schedule.
Overseas Projects:
The Company has successfully
completed Oil Movement Control Building for Zueitina Oil Company within the
scheduled completion time. The quality of the construction has been appreciated
by the client. 220 KV and 66 KV Transmission line projects for General Electric
Company are also progressing well.
The company has secured a 66 KV Electricity Transmission line project from
Siemens on a Turnkey basis. Great Man Made River Authority is the owner of the
project. The Company is also expecting 66KV, 220KV and 400KV Transmission line
projects from oil Companies and International Companies.
Joint Ventures:
Amusement Parks:
Noida Amusement Park:
International Recreation Parks Private Limited, a 50:50 joint venture between
Unitech Investments Limited and International Amusement Limited, is setting up
a project comprising of a themed amusement park, shopping malls, food courts,
multiplexes etc. in an area of more than 145 acres of land allotted at Sector
38A, Noida by the Noida Authority. It is the first themed amusement park of the
country and will soon become a unique and unparallel destination for amusement
and entertainment in India.
The Park would feature world class rides and has been designed by Forrec, world
renowned theme park designers from Canada.
Rohini Amusement Park:
Unitech Amusement Parks Limited
(UAPL), a 50:50 joint venture between Subject and International Amusement Limited
is setting up a project comprising of a shopping mall, amusement park and a
waterpark in a area of more than 62 acres of land allotted to the Company at
Sector -10 in Rohini. The Park has been designed by Forrec, world renowned
theme park designers from Canada. The consultants commissioned for Noida
Amusement Park are also consulting for the Rohini Amusement Park with respect
to Operations, Food and Beverage, Safety, Lighting, Audio etc. Five out of
fourteen rides have been installed and commissioned by TUV. Rest of the eight
rides viz,. Maverick, Air Force 5, Spring Ride, Side Winder, Train Ride, Safari
Cars, Crazy Fire Chief, Bumper Cars and Food Court Carousel are expected to be
ready by September, 2006. The Soft opening of the Park is scheduled for the
first week of August. After which the Park will be opened for NGO children and
corporate on special invitation. The commercial opening of the park will be in
the first week of November after which the public will be allowed into the
Park.
Turner International and UAPL have tied up to use Turner 'POGO' Branding
exclusively around the Children Zone in the Rohini Park. It will be an area of
about 3.5 acres, themed completely around the POGO theme with LIVE ACTION as
the focus. Large format screens, live cameras and interactive
theatre/activities give it a completely different feel from Noida and provides
it with a brand identity, never been done before.
ADDITIONAL
INFORMATION:
FINANCIAL HIGHLIGHTS AND OPERATIONS
The total income of the company
for the year increased to Rs.25996.45 million from Rs.6747.53 million in the
previous year at a growth rate of 285.3%. The real estate division contributed
Rs.22076.5 million in the revenues of the company for the year as against
Rs.4225.2 million during the previous year, whereas the construction division
put in Rs.2554.4 million for the same against Rs.1984.0 million in the previous
year. The revenues from consultancy for the year were Rs.408.8 million against
Rs.323.8 million during the previous year. Profit before tax (PBT) stood at
Rs.13448.32 million as against Rs.1081.26 million in the previous year,
recording a jump of 1143.7%. Profit after tax (PAT) of Rs.9835.58 million
showed an impressive growth of 1312.1% over the previous year figure of
Rs.696.43 million.
On consolidated basis, the total income of the company and its subsidiaries
rose by 255% to Rs.33883.65 million, as against Rs.9545.04 million during the
previous year. Further, the consolidated profit after tax (PAT) jumped by 1390%
to Rs.13054.98 million, as compared to Rs.876.46 million in the previous year
ended March 31, 2006. Earning Per Share (EPS) of face value Rs.2.00 stands at
Rs.16.09 on an equity base of Rs. 1623.38 million.
During the year, the company successfully issued three tranches of secured
redeemable non-convertible debentures to LIC Mutual Fund Asset Management Co.
Ltd. on private placement basis, thereby raising a sum of Rs.6,000 million in
aggregate.
The key highlights pertaining to the business of the company, including its
subsidiaries and joint venture companies, for the year 2006-07 are given
hereunder:
* The company opened its first
retail malls in Delhi and Noida. Total leasable area of approximately 1,200,000
square feet has been fully let out.
* Mall in Noida, The Great India Place, spread across nearly a million square
feet, was open to public on March 22,2007. Within two months of its launch, the
footfall has reached 600,000 per month on an average, with around 55,000 on
weekends.
* Mall in Rohini, Delhi named Metro Walk having an area of approximately
200,000 square feet opened to public in November 2006 and has been receiving
accolades from both the retailers and customers for its unique design.
* The company also opened its first Amusement Park in Delhi.
* Spread over 62 acres, Rohini Amusement Park was open to public on November
14, 2006, to commemorate Children's Day. The park, called the Adventure Island
has 18 operational rides at present.
* Noida Amusement Park, Entertainment City, is spread over an area of 147 acres
and is due to open in a couple of months.
* Subject also recently won the tender to develop an amusement park in
Chandigarh over an area of 73 acres.
* The company successfully launched several high-quality residential and
commercial projects like Habitat, Verve, Harmony, Fresco, Escape, Air,
Downtown, Infospace, Business Zones, Arcadia, South City Gardens, Capella
etc.
* The company forays into development of hotels, by entering into the
Management Agreement with Marriott for managing four Courtyard hotels in
Gurgaon, Noida and Kolkata, and with Carlson Group for managing a Country Inn
in Gurgaon.
* The company has received an in-principle approval for development of
Multi-Product SEZ at Kundii, Haryana over nearly 10,000 acres.
More details about the business and operations of the company are provided in
the Report on Management's Discussion and Analysis forming part of the Annual
Report.
SUBSIDIARIES
During the year, 67 companies were
added as the subsidiaries of the company, thereby taking the total number of
subsidiary companies to 135 as on March 31, 2007. The financial details of the
subsidiary companies as well as the extent of holdings therein are provided in
a separate section of the Annual Report.
CHANGES IN CAPITAL STRUCTURE
Authorised Share Capital
During the year, the authorised share capital of the company was increased from
Rs.350 million divided into 125000000 equity shares of Rs.2/- each (post sub-division
of share from the face value of Rs.10/- to 5 shares of Rs.2/- each) and 1000000
preference shares of Rs.100/- each to Rs.2100 million divided into 1000000000
equity shares of Rs.2/- each and 1000000 preference shares of Rs.100/- each.
Further, the Board of Directors of the company in its meeting held on May
28,2007 has proposed, subject to the shareholders' approval, to cancel the
existing 1,000,000 preference shares of Rs.100/- each of authorised share
capital and thereafter, to increase the authorised share capital of the company
to Rs.5,000 million divided into 2500000000 equity shares of Rs.2/- each.
Issued and Paid-up Share Capital
During the year, one equity share of
Rs.10/- was sub-divided into five equity shares of Rs.2/- each on the record
date of June 30, 2006. Further, on July 1, 2006, the Board of Directors of the
company allotted 749250000 equity shares of Rs.2/- each as Bonus Shares to the
shareholders/beneficial owners, in the proportion of sixty equity shares of
Rs.2/- each for every one equity share of Rs.10/- each held by them on the
record date of June 30, 2006.
Accordingly, as on March 31, 2007, the issued and paid-up share capital of the
company was Rs. 1623.375 millions year: Rs.124.875 millions) comprising
811687500 equity shares of Rs.2/- each fully paid-up (previous year: 12487500
equity shares of Rs.10/- each fully paid-up).
Further, the Board of Directors of the company in its meeting held on May 28,
2007 has recommended, subject to the shareholders' approval, issue of bonus
shares to the equity shareholders in the ratio of 1:1.
|
Contingent
Liabilities |
31.03.2007 Rs. in millions |
|
Claims Against the company not acknowledged as debts |
36.400 |
|
Outstanding bank guarantee |
5002.500 |
|
Capital Commitments |
2050.400 |
|
Corporate Guarantee |
16405.100 |
PRESS RELEASES:
Unitech Limited., India’s leading real estate major presents India’s first ultra luxurious residential project – Unitech Grande. Grande will be spread across 347 acres at the land acquired by Unitech in NOIDA in May 2006 for a record sum of Rs. 15820.000 millions, India’s largest land deal.
Grande will be path breaking in several ways, with the most important
being the finest array of global talent that has come together for the first
time in India to conceive a
project that is slated to become the Indian location of choice. The Grande Dream Team comprises architectural
firms like Callison Inc and RMJM, designers like HOK, landscape architects like
SWA and EDAW and project planners like AECOM Maunsell. A Greg Norman designed
Signature Golf Course forms the centerpiece of the Grande.
Unitech Grande will be extremely
well located; just a short ten-minute drive from South Delhi. The unique
feature of the Grande’s majestic
skyline will be the 8 iconic
towers and the 4 gateway towers which will
have between 36 and 45 floors. Every tower in the project will be unique, and in an effort to
bring further uniqueness, style and a touch of competitive edge to the project,
Unitech have allotted the design
of the towers to different firms. Each renowned international architectural
firm will design a pair of the
iconic towers. This is expected to bring out the best contemporary designs from
the firms as each tries to outdo the other.
Each tower will have a range of apartments, including duplex and pent houses, overlooking the Greg Norman Signature Golf Course, in a supremely aesthetic and architecturally superior setting. Another first in Indian architecture, personal plunge pools in select apartments will add to the opulence of these towers. The size of the apartments will be between 2200 sq. ft. and 5500 sq. ft.
With over 100 acres of fascinating and diversified landscaping encompassing 12 theme gardens, the Unitech Grande will fulfill the desire of those who want to live in the most serene natural surroundings with all the modern & premium amenities at their fingertips. The host of on-site and nearby amenities in & around Unitech Grande will add to the unique point of appeal to the address.
The Signature Golf Course designed by world renowned Greg Norman will form the focal point of Grande. Besides the golf course, Grande will boast of a Habitat Centre comprising a 1000-seater convention centre, a 400-seater auditorium, several fully-equipped, conference rooms, F & B outlets, multi-cuisine food courts, bowling alleys and a library among other facilities. An integrated Sports Complex – a first of its kind in India - including a Gymnasium, Spa, Squash Courts, Indoor all weather swimming pool, Indoor jogging track etc. has been planned to provide residents of India’s dream project myriad activities to give expression to their various talents. Unitech Grande will also have various clubs and fitness centers comprising lounge bars, cafeterias, theatres etc. and state of the art security features in addition to innumerous other facilities that will position it as the ultimate expression of luxury in India.
The Grande will have all the amenities for an
unmatched lifestyle, including state-of-the-art healthcare facilities with a
full-fledged hospital and attached clinics, most modern education facilities
comprising international schools, Shopping complexes and Entertainment
facilities. With superior accessibility to the National Capital, through the
only Wi-Fi enabled express highway in India,
the Grande will make a unique contribution to the
growth and beauty of the Noida.
Given its large tracts of landscaped gardens and open areas, Grande will be one of the lowest density projects in the entire region.
Speaking at the launch function, Mr. Sanjay Chandra, MD – Unitech Limited. said, “Unitech has always been committed to uncompromising quality and innovation. Grande redefines prestige, opulence, pride and a modern & ultra luxurious lifestyle that one can only imagine of and with this landmark project, we are creating an address to aspire for”
“India is fast being recognized as one of the world’s fastest growing economies and a market for a large number of international luxury brands. Indian consumers are increasingly developing a flair for lifestyle and luxury based goods, an outcome of growing affluence and increasing disposable income among urbanites. The World Wealth Report 2007 identifies India as a country with one of the fastest multiplying High Net Worth Individuals. Grande symbolizes & targets this emerging India, exceeding the expectations of ultra-luxury lifestyles. The initial response of the market has also been overwhelming and Grande’s launch is easily the most eagerly awaited launch across India”, further added Mr. Chandra.
Mr. Ro Shroff, Principal Architect, Callison Inc., Seattle – renowned
international architects and design consultants – said, “We worked on one
simple mission statement – Unitech
Grande embraces the cycle of
life as changes of seasons and events in life present constant movement in
every aspect of this contemporary architectural destination. Unitech Grande exemplifies how each of its features is interlinked and its
inherent kinetic nature offers the most unique and
original lifestyle experience”.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.97 |
|
UK Pound |
1 |
Rs.84.72 |
|
Euro |
1 |
Rs.66.99 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
59 |
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. |
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 |
|