MIRA
INFORM REPORT
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Report Date : |
01.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
JONES LANG LASALLE MEGHRAJ BUILDING OPERATIONS PRIVATE LIMITED ( w. e.
f. 13.08.2007) |
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Formerly Known As : |
WORKPLACE MANAGEMENT AND CONSULTANTS PRIVATE LIMITED |
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Registered Office : |
1109-1110, Ashoka Estate, Barakhamba Road, Connaught Place, New Delhi
– 110 01 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
01.11.2002 |
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Com. Reg. No.: |
55-117573 |
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CIN No.: [Company
Identification No.] |
U74140dl2002ptc117573 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMW02731B |
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PAN No.: [Permanent
Account No.] |
AAACW4495Q |
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Legal Form : |
Private Limited Liability Company
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Line of Business : |
Real Estate Developer |
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 17000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a part of Jones Lang Lasalle, USA, a large real estate
consultants. Trade relations are
fair. Payments are correct and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
1109-1110, Ashoka Estate, Barakhamba Road, Connaught Place, New Delhi
– 110 01, India |
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Tel. No.: |
91-124-4605076 |
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E-Mail : |
pawan834@yahoo.co.in |
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Website : |
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Corporate Office |
Level 6, Amar Avinash Corporate plaza, 11 Bund Gaeden Road, Pune – 411
001, Maharashtra, India |
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Head Office : |
6th Floor, Amar Avinash
Corporate Plaza, Bund Garden Road (Near Inox) Pune - 411 001, Maharashtra,
India |
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Tel. No.: |
91-20-40196100 |
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Fax No.: |
91-20-40196101 |
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Branches : |
Mumbai ·
1st Floor 2 Brady Glady’s Plaza ·
3rd floor Khanna Construction House ·
Level 13 Express Tower Pune 6th
Floor, Amar Avinash Corporate Plaza, Bund Garden Road (Near Inox) Pune - 411
001, Maharashtra, India Tel. No.:91-20-40196100 Fax No.:91-20-40196101 New Delhi 1108-1110 Ashoka
Estate, Barakhamba Road Connaught Place, New Delhi – 110 001, India Tel. No.:91-11-43317070 Fax No.:91-11-43317071 |
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Head Quarters: |
Level 9, Tower A, Global Business Park, Sector 26, Mehrauli Gurgaon
Road, Gurgaon Haryana, India |
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Tel No.: |
91-124-4605000 |
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Fax No.: |
91-124-4605001 |
DIRECTORS
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Name : |
Mr. Lt Col (Retired) Ashutosh Kumar Beri |
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Designation : |
Director |
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Address : |
E -35, South Extention I, New Delhi – 110 049, India |
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Date of Birth/Age : |
22.09.1952 |
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Date of Appointment : |
01.11.2002 |
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Name : |
Mr. Anuj Puri |
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Designation : |
Director |
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Address : |
43/12, East Patel Nagar, New Delhi – 110 008, India |
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Date of Birth/Age : |
19.06.1966 |
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Date of Appointment : |
05.10.2005 |
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Name : |
Mr. Alex Darragh |
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Designation : |
Director |
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Address : |
3040, Payne Street, Evanston IL, 60201, USA |
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Date of Birth/Age : |
07.02.1955 |
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Date of Appointment : |
05.10.2005 |
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Date of Cessation : |
06.06.2007 |
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Name : |
Mr. Charles Henry Arundel |
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Designation : |
Director |
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Address : |
50/A, Taman Nakhoda , Singapore 25776 |
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Date of Birth/Age : |
27.02.1964 |
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Date of Appointment : |
05.10.2005 |
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Name : |
Mr. Rohin Raja Shah |
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Designation : |
Director |
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Address : |
Sonar, 38, Gresham Garden London, NW 118, PD, London |
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Date of Birth/Age : |
22.09.1965 |
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Date of Appointment : |
05.10.2005 |
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Name : |
Mr. Sahel Pramendra |
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Designation : |
Regional Managing Director – North |
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Tel No.: |
91-124-460 5000 |
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E-Mail: |
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Name : |
Mr. Pankaj Renjhen |
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Designation : |
Managing Director – Mumbai |
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Tel No.: |
91-22- 2482 8400 |
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E-Mail: |
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Name : |
Mr. Karun Varma |
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Designation : |
Managing Director – Bangalore/Kochi |
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Tel No.: |
91-80-4118 2983 |
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E-Mail: |
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Name : |
Mr. Ramesh Nair |
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Designation : |
Managing Director – Chennai/Coimbatore |
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Tel No.: |
91-44-4299 3010 |
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E-Mail: |
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Name : |
Mr. Mohammed Aslam |
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Designation : |
City Lead – Pune |
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Tel No.: |
91-202-4019 6110 |
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E-Mail: |
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Name : |
Mr. Abhijit Das |
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Designation : |
Managing Director – Kolkata |
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Tel No.: |
91-33-2227 3293 |
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E-Mail: |
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Name : |
Mr. George Johnson |
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Designation : |
City Head – Hyderabad |
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Tel No.: |
91-40-4040 9111 |
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E-Mail: |
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Name : |
Mr. Manish Kala |
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Designation : |
Director |
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Address : |
L-3/33, DLF, Phase II, Gurgaon, Haryana, India |
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Date of Appointment : |
16.09.2003 |
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Date of Cessation : |
16.09.2003 |
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Name : |
Mr. Divesh Asawa |
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Designation : |
Director |
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Address : |
119, Gyan Ghand IV, Hig Flats, Indira Puram, Ghaziabad , Uttar Pradesh, India |
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Date of Appointment : |
16.09.2003 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Lt Col (Retd) Ashutosh Kumar Beri |
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1 |
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Jones Lang LaSalle Meghraj Property Consultants Private Limited |
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34999 |
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Trammell Crow Company (Singapore) Pte Limited |
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15000 |
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Total
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50000 |
Equity Share Breakup (Percentage of Total Equity):-
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Category (As on 31.03.2007) |
Percentage |
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Foreign Holdings (Foreign Institutional
Investor(s), Foreign Companie(s), Foreign Financial Institution(s), Non – Resident
Indian(s) or Overseas Corporate Bodies or Others |
30.00 |
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Bodies Corporate |
70.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Real Estate Developer |
GENERAL
INFORMATION
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No. of Employees : |
Around 250 |
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Bankers : |
Not Available |
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Banking
Relations : |
---- |
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Auditors : |
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Name : |
D M Narang and Company Chartered Accountants |
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Address : |
A-10/3, LGF Vasant Vihar, New Delhi -110 057, India |
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Group Companies: |
· Jones Lang LaSalle Meghraj Building Operations (NCR) Private Limited · Jones Lang LaSalle Meghraj Building Operations Private Limited |
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Holding Company : |
· Jones Lang LaSalle Meghraj Property Consultants Private Limited · Trammell Crow Meghraj Property Consultants Private Limited |
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Associates/Subsidiaries : |
NIL |
CAPITAL STRUCTURE
(As on
31.03.2007):-
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs. 10/- Each |
Rs. 5.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs. 10/- Each |
Rs. 0.500
Million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
0.500 |
0.500 |
0.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
2.801 |
2.792 |
1.138 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
3.301 |
3.292 |
1.638 |
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LOAN FUNDS |
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1] Secured Loans |
0.739 |
0.296 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.500 |
1.500 |
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TOTAL BORROWING |
0.739 |
0.796 |
1.500 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.052 |
0.027 |
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TOTAL |
4.040 |
4.140 |
3.165 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.532 |
1.126 |
0.414 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
1.250 |
1.250 |
1.250 |
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DEFERREX TAX ASSETS |
0.631 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000
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0.000 |
0.000 |
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Sundry Debtors |
47.436
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33.456 |
6.499 |
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Cash & Bank Balances |
3.254
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2.539 |
2.169 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
8.475
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2.834 |
1.953 |
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Total
Current Assets |
59.165
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38.829 |
10.621 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
58.538
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37.065 |
9.123 |
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Provisions |
0.000
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0.000 |
0.000 |
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Total
Current Liabilities |
58.538
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37.065 |
9.123 |
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Net Current Assets |
0.627
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1.764 |
1.498 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.002 |
0.003 |
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TOTAL |
4.040 |
4.140 |
3.165 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
121.906 |
88.881 |
28.490 |
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Other Income |
0.282 |
1.465 |
0.355 |
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Total Income |
122.188 |
90.346 |
28.845 |
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Profit/(Loss) Before Tax |
0.457 |
4.458 |
1.424 |
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Provision for Taxation |
0.000 |
2.803 |
0.597 |
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Profit/(Loss) After Tax |
0.457 |
1.655 |
0.827 |
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Expenditures : |
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Depreciation & Amortization |
NA |
0.185 |
0.050 |
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Other Expenditure |
NA |
85.703 |
27.371 |
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Total Expenditure |
121.731 |
85.888 |
27.421 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
0.37
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1.83 |
2.87 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.37
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5.02 |
4.99 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.73
|
10.82 |
11.59 |
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Return on Investment (ROI) (PBT/Networth) |
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0.14
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1.35 |
0.87 |
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Debt Equity Ratio (Total Liability/Networth) |
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17.96
|
11.50 |
6.48 |
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Current Ratio (Current Asset/Current Liability) |
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1.01
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1.05 |
1.16 |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY:-
The subject was originally incorporated on November 1, 2000 as
“Workplace Management and Consultants Private Limited” and changed in to
“Trammell Crow Meghraj Building Operations Private Limited” with effect from
August 20, 2006, Subsequently the subject has further changed to its present
names as “Jones Lang LaSalle Meghraj Building Operations Private Limited with
effect from August 13, 2007 as per registry records.
notes:-
The Registered Office of the company was
changed from B-4/97, Safdarjung Enclave, New Delhi to 1109, 1110, Ashoka
Estate, Barakhamba Road, New Delhi with effect from 13.12.2003
WEBSITE DETAILs:-
Business
They are in business to create and deliver real value for clients, shareholders and their own people in a complex world that is constantly changing.
Subject is the Indian operations of subject
(NYSE: JLL), the only real estate money management and services firm named to
FORTUNE magazine's "100 Best Companies to Work For" and Forbes
magazine's "400 Best Big Companies". It is the premiere and largest
real estate services company in India, with an extensive geographic footprint
across ten cities (Delhi, Mumbai, Bangalore, Pune, Chennai, Hyderabad, Kolkata,
Kochi, Chandigarh and Coimbatore) and a staff strength of over 3800. The company
provides investors, developers, local corporates and multinational companies
with a comprehensive range of services including research, consultancy,
transactions, project and development services, integrated facility management,
property management, capital markets, residential, hotels and retail advisory.
Globally, subject is a professional services firm specializing in real estate . The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2007 global revenue of USD2.7 billion, Subject has approximately 180 offices worldwide and operates in more than 700 cities in 60 countries. The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 1.2 billion square feet worldwide. LaSalle Investment Management, the company’s investment management business, is one of the world’s largest and most diverse in real estate with more than USD54 billion of assets under management.
Subject has over 50 years of experience in Asia Pacific, with over 16,000 employees operating in more than 70 offices in 13 countries across the region.
Corporate Social
Responsibility
As part of their commitment to create real value in a world that is constantly changing, they are determined to be a good corporate citizen in every corner of their global community. They hold their selves accountable for the social, environmental and economic impact of their operations. They design their policies and business practices to reflect the highest standards of corporate governance, transparency and ethics. They support all aspects of the corporate social responsibility agenda, but one area is particularly relevant for them. They have the skills and opportunity to help minimize the significant impacts that real estate has on the environment. Their goal is to be the unquestioned leader in the real estate industry in environmental sustainability and energy management.
Environment
They are committed to being the real estate industry leader in environmental sustainability and energy management, both for their clients and their selves. Their capabilities give them the opportunity to drive change that minimizes the impact of commercial real estate on the environment.
Workplace
They focus on creating and maintaining a rewarding and welcoming workplace for their people around the world. They strive to attract and retain the most talented individuals, encouraging and enabling them to succeed.
Diversity
They foster an inclusive environment that values the richness of their differences and reflects the diverse world in which they work. By cultivating a dynamic mix of people and ideas, they enrich their service capabilities and the communities in which they operate.
Community and Society
They endeavor to be good citizens wherever they live and work.
Ethics and Corporate Governance
They are proud of their global reputation for uncompromising integrity, ethical conduct and corporate governance. Their Code of Business Ethics and Vendor Code of Conduct are followed by their own employees and everyone who does business on behalf of their firm. They are also proud of the rigor and quality of the firm’s corporate governance and the benefits these policies produce for their stakeholders.
Code of Business Ethics:
Their Code of Business Ethics helps their people better understand the duties and responsibilities associated with conducting business on behalf of Subject. The Code contains sections that address their responsibilities to clients, business partners, shareholders, and the communities and governments in the countries in which they do business. Members of their Board of Directors fully support and mandate their compliance with the Code. Reports of possible violations can be made to their global Ethics Hotline 24 hours a day, seven days a week.
Vendor Code of Conduct:
They trust that their vendors, including firms and individuals who provide direct service to or directly to their clients, will honor their commitment to integrity. While vendors are viewed as independent entities, their business practices can reflect upon their brand and reputation. They expect all vendors to embrace and adhere to their Vendor Code of Conduct.
History
A Tale of Two Cities and Global Expansion
1783: Richard Winstanley sets up shop as an auctioneer in London and is succeeded by his son James in 1806.
1939: Through partnerships and mergers too numerous to mention, the Winstanley firm is now known by the last names of its three principal members: Jones Lang Wootton (JLW) and Sons.
1945: In a London devastated by World War II bombings that destroyed property records, JLW takes on the enormous job of documenting boundaries and ownerships of thousands of land parcels. JLW secures licenses for development and agency appointments, which places it in an enviable position as the city begins to rebuild in 1954.
1957: JLW begins its global expansion by opening offices in Australia, overcoming an initial prognosis of "outlook favorable but problems formidable." Working from this base, the company expands into New Zealand, Singapore, Kuala Lumpur, Hong Kong and Tokyo. Meanwhile, back in the Europe, JLW extends its activities into Scotland, Ireland and continental Europe.
1968: Across the Atlantic, in El Paso, Texas, a small group of professionals forms IDC Real Estate with the goal of bringing much-needed professionalism to the marketplace. IDC quickly outgrows its local market, moves to Chicago, eventually changes its name to LaSalle Partners and becomes one of America’s leading real estate service firms. The firm becomes known for its longstanding client relationships.
1975: JLW opens its first U.S. office in New York. Throughout the 1970s and 80s, both JLW and LaSalle Partners extend their presence in new markets throughout Asia Pacific, Europe and the Americas.
1997: LaSalle Partners completes its initial public offering of the company’s common stock.
1999: In the largest international real estate industry merger to date, JLW and LaSalle Partners join forces and form the company. The resulting company was—and still is—the leading global commercial real estate services and investment management firm.
2006: The firm begins a period of strong growth both organically and through acquisitions, which continues to this day. Among four new firms joining the fold in 2006 is Spaulding and Slye, a major real estate player on America’s east coast, plus other strong firms in England, Spain and markets in the Middle East.
Subject is also named for the first of three consecutive years to Forbes magazine’s list of the 400 Best Big Companies, the only real estate services firm to attain that honor. In subsequent years they are recognized by Fortune magazine and publications in many of their local markets as one of the best places to work.
2007: Another busy expansion year sees 15 mergers and acquisitions including the transaction that created Subject, the largest real estate firm in India. They also acquire Upstream, the leading sustainability consultancy in the UK, and a leading property advisor in the Netherlands. The awards continue as well, highlighted by a top honor for their energy and sustainability work from the U.S. Environmental Protection Agency.
2008: Acquisitions increase their presence in China, make them the largest retail advisor in Germany, and allow them to expand their presence in Australia and Scotland. They are now the leading real estate firm in Germany and the Netherlands, the two largest real estate markets in Continental Europe. Their string of acquisitions supports their strategy of being a consolidator within a consolidating industry. And they’re still winning awards, including recognition from the Ethisphere Institute, a leading think-tank on ethics best practices.
Services
· Agency Leasing
· Consulting
· Capital Markets
· Facility Management
· Hotels
· International Business
· Investment Sales and Acquisitions
· Land
· Occupier Services
· Project and Development Services
· Property Management
· Real Estate Intelligence Service
· Research
· Retail
· Tenant Representation
· Transaction Management
PRESS RELEASES :-
Jones Lang LaSalle announces regional CEO management
changes
Alastair Hughes to become CEO of Asia Pacific; Christian Ulbrich to lead in
EMEA; Peter Barge to take new strategic development role
London, Singapore, Chciago 9th September 2008 - Jones Lang LaSalle today announced three management changes that will take effect in January 2009. Alastair Hughes, currently CEO for EMEA, has been named CEO for Asia Pacific, succeeding Peter Barge who will become Chairman for Asia Pacific. Christian Ulbrich, who currently leads the firm in Germany, will become CEO for EMEA and join the Global Executive Committee (GEC). In his new role as Chairman for Asia Pacific, Mr. Barge will provide strategic oversight of global business line development, while also continuing as Chairman of Jones Lang LaSalle Hotels until his retirement in 2010.
Announcing these changes, Jones Lang LaSalle’s Global CEO, Colin Dyer, commented: “These appointments recognise the outstanding contributions that Alastair, Christian and Peter have made to the firm and provide a clear demonstration of their depth of outstanding talent which ensures that their leadership changes are made smoothly and efficiently. Alastair, Christian and Peter will provide fresh perspectives and ideas in their new roles while maintaining the high levels of client service and focus on growth for which they are known.”
Since he became regional CEO in 2005, Alastair Hughes (42) has guided EMEA through a period of unprecedented expansion across all countries and business lines. Profits rose more than threefold and revenues nearly doubled in the three years to 2007, with both robust organic growth and 13 key acquisitions. During this time, Jones Lang LaSalle’s established western European businesses strengthened and increased their market positions, while its Russian and central and eastern European businesses and its new offices in the Middle East delivered exponential growth. Mr. Hughes will relocate to Singapore.
Christian Ulbrich (42) joined the firm in early 2005 after a 20 year career in real estate banking and finance. As leader of Jones Lang LaSalle in Germany, he has overseen impressive organic growth, as well as the acquisition of Kemper’s Group, Brune Consulting and other highly regarded businesses, allowing Jones Lang LaSalle to gain a clear market leadership position. During this time, Germany’s revenues have more than tripled, and it has been transformed from losses into a profitable, dynamic operation. Four new offices have been added since 2007, bringing the total in Germany to ten. A process is currently under way to select Mr. Ulbrich’s successor in Germany.
Peter Barge (58) who has previously stated his intention to retire in 2010, in addition to his role as Chairman of Asia Pacific, will remain a member of the firm’s GEC with an expanded remit for strategic oversight of global business line development. Under Mr. Barge’s management the Asia Pacific business has tripled revenue in the last five years while profits grew at an average annual rate of over 100%, staff numbers doubled to 16,000, corporate office locations and project offices increased to 56 and over 500 respectively. Peter has driven the rapid development of market-leading operations in the booming economies of India and China, ensuring the firm’s powerful regional business is exceptionally well positioned in both developing and mature markets.
Colin Dyer emphasised the continuity underpinning these leadership changes. He said: “Across Jones Lang LaSalle, we are building the strongest director group in the real estate advisory and investment management world. That is exciting and essential, because we expand their company by building around great people and great people are the keys that allow us to grow with confidence.”
Notes to Editors
CEO Biographies
Alastair Hughes
Alastair Hughes joined the Jones Lang Wootton graduate training scheme in 1988 and then gained experience working in Property Management and Fund Management. In 1991, he joined the Capital Markets team advising clients on buying and selling commercial property investments outside Central London and took on the leadership of the National team in 1996. After successfully running the English Business between 2000-2005 he became Chief Executive Officer for Europe, Middle East and Africa (EMEA) and a member of the Global Executive Committee (GEC) of Jones Lang LaSalle.
Christian Ulbrich
Christian Ulbrich has a senior university degree in Business Administration and is trained as a banker. After senior appointments with two international banking groups he joined the Executive Committee of a Northern German private bank. Subsequently, he was in charge of the real estate activities of M. M. Warburg Bank which is consolidated within HIH group of companies. Mr. Ulbrich joined Jones Lang LaSalle as CEO for Germany and a member of the EMEA Board in 2005.
Peter Barge
As part of his career in the hotels business, Peter Barge spent four years lecturing on hotel management. In 1979, he established his own consulting firm in Australia, where, through mergers, the firm expanded throughout Asia Pacific, North America, and Europe, and ultimately merged and became part of Jones Lang Wootton. Mr. Barge oversaw the expansion of the firm’s highly successful Hotels business, of which he is still Chairman today. In 2001, he relocated to Chicago to run Jones Lang LaSalle’s corporate real estate business. He returned to Asia Pacific in 2003 as the region’s Chief Executive Officer, a member of the Jones Lang LaSalle Global Executive Committee and the global Chairman of Jones Lang LaSalle Hotels. He is also on the Board of Tatweer, the Dubai-based conglomerate, and member of Dubai Holdings Group.
Company Facts
EMEA
24 countries, 60 offices
Revenue in 2007 was $926 million
13 acquisitions in the last two years including more recently Churston Heard (UK) and Alkas Consulting (Turkey)
Germany
10 offices
Revenue increased in 2007 by 53% year on year
Acquired Camilli Veiel, Brune and Kemper’s in the last two years
Asia Pacific
13 countries, 56 offices
Revenue in 2007 was $602 million
Six acquisitions in the last two years including Trammell Crow Meghraj
Micro Markets – The new growth engine for 2008
According to latest 2Q 2008 Asia Pacific Property Digest research from Jones
Lang LaSalle
India, 20 August 2008 - The office property markets have continued to post growth over the past few years. However, the last few quarters, have witnessed a polarization of office markets in terms of growth in demand across the country, reports Jones Lang LaSalle Meghraj in its second quarter 2008 Asia Pacific Property Digest (APPD), a comprehensive quarterly report providing market update, significant trends in office markets in India.
The office markets, across six Indian cities including Mumbai, Delhi NCR, Bangalore, Chennai, Hyderabad and Kolkata, can categorized into three broad segments first segment includes markets which are likely to be “susceptible” in terms of retarded demand growth for the remaining half year of 2008. second segment includes micro markets which are “strong” in terms of maintaining demand growth for the next two quarters, and third set includes micro markets which have “high potential” in terms of improving demand growth for the rest of the year.
Anuj Puri, Chairman and Country Head, Jones Lang LaSalle Meghraj says, “It is interesting to note that the “high potential” office micro markets, anticipated to clock increased growth in demand, would do so essentially on the back of affordable product values, improving infrastructure and enhanced product being delivered. It is expected that over the next 8-10 quarters, such markets could witness strong pre-leasing commitments by occupiers despite robust supply pipelines, which are in place.”
Susceptible micro markets
· Gurgaon and NOIDA (Delhi NCR Suburbs)
· Whitefield and Electronic City (Bangalore Suburbs)
· OMR (Chennai Suburb)
· Hitec City (Hyderabad Suburb)
· Thane and Navi Mumbai (Mumbai Suburbs)
· Rajarhat (Kolkata Suburb)
Strong micro markets
· Delhi CBD
· Mumbai CBD
· Mumbai SBD’s - Bandra Kurla Complex, Worli & Powai
· Chennai CBD
· Hyderabad CBD
· Hyderabad SBD – Banjara Hills & Jubilee Hills
· Kolkata CBD
· Bangalore CBD
High potential micro markets
· Outer Ring Road (Bangalore SBD)
· Mount Poonamallee, Guindy (Chennai SBD’s)
· Gachibowli (Hyderabad Suburb)
· Andheri, Vikhroli and Kanjurmarg
· Sector V Salt Lake (Kolkata Suburb)
Source: Jones Lang LaSalle Meghraj 2Q 2008 APPD; CBD-Central Business District; SBD-Secondary Business District
In case of the susceptible markets, demand from occupiers in the IT/ITES segment, could be rationalized on the back of economic slowdown in the US. This coupled with the strong supply pipeline in many of these markets could lead to a potential consolidation in the respective markets, leading to relatively higher vacancies, although, this may not immediately manifest itself in any marked rental consolidation in such markets.
If the global economic slowdown sustains, they foresee the vacancies to rise in these micro-markets due to strong supply volumes. This might put some pressure on the rental values next year. Rental values are consolidating across all vulnerable markets, however, no major rental fall is expected in these markets this year.
Moreover, it is increasingly becoming evident over the last two quarters that micro markets which are dependent on demand from IT/ ITES occupiers, are likely to be more sensitive to the occupation cost variations as compared to those micro markets which derive demand from non IT/ITES occupiers.
This is evident from the fact that many of the CBD areas in cities such as Delhi, Mumbai, Chennai, Hyderabad, Bangalore and Kolkata continue to enjoy captive demand from corporate occupiers mainly from BFSI, Consulting, and other service industries. The consistency in most of these office markets is also attributable in part to the relatively limited growth in the supply pipeline over the last few years.
Supply Trends
In terms of new office supply completions in the first half year 2008 as compared to same period in the previous year (2007), it is interesting to note that the cities (including all micro markets) that have clocked the highest positive growth rate in terms of delivered supply on a year-on-year are Kolkata, Chennai, Mumbai and Delhi. In fact, Bangalore and Hyderabad are two cities which have actually posted negative growth in terms of stock completion in first half of 2008 vis-a-vis same period 2007.
Outlook
A remarkable insight to note is that Hyderabad, Delhi, Mumbai, Chennai and Bangalore have more than half of the total expected office stock completions planned to be delivered in the remaining half of 2008. Whereas, in Kolkata the situation is just reverse, where about a third of the total stock completions are due to be delivered in the remaining half of 2008.
On the demand front, the second half of 2008 is expected to witness high pre-leasing activity in most IT SEZs and, IT parks developed by blue chip developers. While the slowdown in the IT/ITES sector is a known story, the slowdown has been only in terms of a deceleration in the estimated growth rate to 21-24% for 2008-09 vis-a-vis the recorded 28.2% growth in FY 2008. Further demand from emerging industries like pharma, biotech, semiconductor, R & D operations and logistics will top this IT/ITES demand. Thus, taking cognizance of the supply-demand scenario, the next two years will witness strengthening of the real estate office market fundamentals in terms of market behaviour, rationalisation of demand-supply, and increased consolidation.
About Jones Lang
LaSalle
Jones Lang LaSalle (NYSE:JLL) is a professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2007 global revenue of USD2.7 billion, Jones Lang LaSalle has approximately 180 offices worldwide and operates in more than 700 cities in 60 countries. The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 1.2 billion square feet worldwide. LaSalle Investment Management, the company’s investment management business, is one of the world’s largest and most diverse in real estate with more than USD54 billion of assets under management. For further information, please visit our website, www.joneslanglasalle.com.
Jones Lang LaSalle has over 50 years of experience in Asia Pacific, with over 16,000 employees operating in more than 70 offices in 13 countries across the region.
About Jones Lang LaSalle Meghraj
Jones Lang LaSalle Meghraj, the Indian operations of Jones Lang LaSalle, is the premiere and largest real estate professional services firm in India. With an extensive geographic footprint across ten cities (Delhi, Mumbai, Bangalore, Pune, Chennai, Hyderabad, Kolkata, Kochi, Chandigarh and Coimbatore) and a staff strength of over 3300, the firm provides investors, developers, local corporate and multinational companies with a comprehensive range of services including research, consultancy, transactions, project and development services, integrated facility management, property management, capital markets, residential, hotels and retail advisory. For further information, please visit www.jllm.co.in
Jones Lang LaSalle Meghraj widens Senior Management team
Leading real estate services company makes strategic appointments to drive growth in India
India, 18 June 2008 – Jones Lang LaSalle Meghraj, leading real estate professional services firm and the Indian operations of Jones Lang LaSalle Incorporated (NYSE: JLL), announced today key senior level appointments in line with its strategy and growth plans for India.
Sudeep Jain has been appointed as Executive Vice President of Jones Lang LaSalle Hotels, the world’s leading hotel investment group. He will spearhead the strategy, operations, and marketing and will be responsible for introducing key differentiators and innovative concepts. Sudeep joins us from Starwood Hotels and Resorts New York, where he was vice president for marketing and planning. With over 16 years of experience, he has held various positions in the real estate and consulting field across Sydney, Singapore, Boston, and New York.
Yash Kapila has been brought on board to bolster the capabilities of Integrated Facilities Management (IFM) as part of its continued commitment to provide high-quality professional services. Yash is a professionally qualified director with a proven track record to lead over GBP 100 million worth of facilities management services in the UK. At Jones Lang LaSalle Meghraj, Yash will lead a team of highly capable professionals to deliver high-quality integrated facilities management solutions relating to commercial, retail, residential, and industrial properties, adopting the latest international standards and best practice.
Parikshat Suri has been appointed as the Chief Financial Officer (CFO), Jones Lang LaSalle Meghraj. In his new
role, he would be responsible for establishing efficient control mechanisms and financial management systems.
Parikshat has over 15 years of experience in financial and business accounting. Prior to joining us, he has worked with multinationals such as Citi Technology Services Ltd (a captive subsidiary of Citigroup) and Motorola in India and the US. He is a CPA from Illinois and a chartered accountant from the Institute of Chartered Accountants of India.
Anuj Puri, Chairman and Country Head, Jones Lang LaSalle Meghraj said, “We are excited to welcome Sudeep, Yash, and Parikshat on board. Their addition to our already strong management team will allow us to further strengthen our footprints across geographies and enhance our leadership position in the fast-growing Indian market. With their proven track records and extensive experience, they will have a very positive impact on the company and will contribute significantly to our increasing growth and success. More importantly, the expertise that they bring on board will ensure we continue to create real value for our clients in today’s changing world.”
Jones Lang LaSalle Meghraj is all set to capitalize on India’s robust real estate boom with the new appointments in place.
About Jones Lang LaSalle
Jones Lang LaSalle (NYSE: JLL) is a professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2007 global revenue of USD2.7 billion, Jones Lang LaSalle has approximately 170 offices worldwide and operates in more than 700 cities in 60 countries. The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 1.2 billion square feet worldwide. LaSalle Investment Management, the company's investment management business, is one of the world's largest and most diverse in real estate with approximately USD50 billion of assets under management.
Jones Lang LaSalle has over 50 years of experience in Asia Pacific, with over 16,000 employees operating in more than 70 offices in 13 countries across the region.
About Jones Lang LaSalle Meghraj
Jones Lang LaSalle Meghraj, the Indian operations of Jones Lang LaSalle, is the premiere and largest real estate professional services firm in India. With an extensive geographic footprint across ten cities (Delhi, Mumbai, Bangalore, Pune, Chennai, Hyderabad, Kolkata, Kochi, Chandigarh and Coimbatore) and a staff strength of over 3300, the firm provides investors, developers, local corporates and multinational companies with a comprehensive range of services including research, consultancy, transactions, project and development services, integrated facility management, property management, capital markets, residential, hotels and retail advisory.
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.46.94 |
|
UK Pound |
1 |
Rs.85.57 |
|
Euro |
1 |
Rs.67.79 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
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 |
|