MIRA
INFORM REPORT
|
Report Date : |
12.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
LAVASA CORPORATION LIMITED |
|
|
|
|
Registered
Office : |
Hincon House, Lal Bahadur Shastri Marg, Vikhroli (W), Mumbai-400083, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
11.02.2000 |
|
|
|
|
Com. Reg. No.: |
11-187834 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.994.946
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U55101MH2000PLC187834 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEPO3242B / MUML07279G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCT4435E |
|
|
|
|
Legal Form : |
A Closely held Public Limited Liability Company. |
|
|
|
|
Line of Business
: |
Providing Construction Services. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 21000000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to be
usually correct and as per commitments. The company can be considered normal
for business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Bapat |
|
Designation : |
Accounts Department |
LOCATIONS
|
Registered Office : |
Hincon House, Lal Bahadur Shastri Marg, Vikhroli (W), Mumbai-400083, |
|
Tel. No.: |
91-22-40256000 |
|
Fax No.: |
91-22-40256889 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office : |
247 Park, 13th Floor, Tower B, Lal Bahadur Shastri Marg,
Vikroli (West), Mumbai 400 083, |
|
Tel. No.: |
91-22-40256000 |
|
|
|
|
Branches : |
Viola Business Centre, 'D' Building, S.No. 118, Katraj – |
|
Tel. No.: |
91-20-25234460 |
|
|
|
|
Lavasa Experience Zone : |
4th Floor, |
|
Tel. No.: |
91 20 64731020/21 |
|
|
|
|
Site Office : |
Town Hali, At Village Dasve, Post Patharshet, Taluka
Mulshi, Pune-412107, |
|
Tel. No.: |
91-20-66759000 |
|
Fax No.: |
91-20-66759009 |
DIRECTORS
As on 06.06.2011
|
Name : |
Ms. Anuradha Jitendra Desai |
|
Designation : |
Director |
|
Address : |
Venktesh Farm, S. No. 95/1, Village Mauje-Warje, Taluka Haveli, |
|
Date of Birth/Age : |
15.05.1962 |
|
Date of Appointment : |
24.02.2003 |
|
DIN No. : |
00012212 |
|
|
|
|
Name : |
Mr. Ajit Hirachand Gulabchand |
|
Designation : |
Director |
|
Address : |
94, NCPA Apartments, |
|
Date of Birth/Age : |
28.06.1948 |
|
Date of Appointment : |
24.02.2003 |
|
DIN No. : |
00010827 |
|
|
|
|
Name : |
Mr. Surendra Kumar Khandelwal |
|
Designation : |
Director |
|
Address : |
238, Kailash Hills, East of Kailash, New Delhi-110065, |
|
Date of Birth/Age : |
20.02.1946 |
|
Date of Appointment : |
07.05.2004 |
|
DIN No. : |
00015637 |
|
|
|
|
Name : |
Ms. Shalaka Gulabchand Dhawan |
|
Designation : |
Director |
|
Address : |
172, Venus Apartment Cuffe Parade, Behind President Hotel,
Mumbai-400005, |
|
Date of Birth/Age : |
02.08.1977 |
|
Date of Appointment : |
28.04.2005 |
|
DIN No. : |
00011094 |
|
|
|
|
Name : |
Mr. |
|
Designation : |
Director |
|
Address : |
6, Annapurna Farms, Panch Kutir, Boulevard Road, |
|
Date of Birth/Age : |
04.02.1954 |
|
Date of Appointment : |
25.10.2005 |
|
DIN No. : |
00017995 |
|
|
|
|
Name : |
Mr. Gautam Brijmohan Thapar |
|
Designation : |
Director |
|
Address : |
E-16 Pushpanjali Farms, Bijwasan, New Delhi-110061, |
|
Date of Birth/Age : |
07.12.1960 |
|
Date of Appointment : |
27.02.2007 |
|
DIN No. : |
00012289 |
|
|
|
|
Name : |
Mr. Vithaldas Badrinarayan Maniar |
|
Designation : |
Director |
|
Address : |
F-10, Modibaug, |
|
Date of Birth/Age : |
19.10.1939 |
|
Date of Appointment : |
09.06.2008 |
|
DIN No. : |
00023045 |
|
|
|
|
Name : |
Mr. Shyamkant Kalidas Dharmadhikari |
|
Designation : |
Director |
|
Address : |
F-403, Great Eastern Gardens, Lal Bahadur Shastri Marg, Bhandup
(West), Mumbai-400078, |
|
Date of Birth/Age : |
27.02.1951 |
|
Date of Appointment : |
09.06.2008 |
|
DIN No. : |
00613343 |
|
|
|
|
Name : |
Mr. Sharad Madhav Kulkarni |
|
Designation : |
Director |
|
Address : |
161 A, 16th Floor, |
|
Date of Birth/Age : |
09.01.1939 |
|
Date of Appointment : |
24.03.2009 |
|
DIN No. : |
00003640 |
|
|
|
|
Name : |
Mr. Gaj Hanwant Singh |
|
Designation : |
Director |
|
Address : |
|
|
Date of Birth/Age : |
13.01.1948 |
|
Date of Appointment : |
30.07.2010 |
|
DIN No. : |
00061278 |
|
|
|
|
Name : |
Mr. Ajay Baburao Shirke |
|
Designation : |
Director |
|
Address : |
1205, |
|
Date of Birth/Age : |
26.04.1958 |
|
Date of Appointment : |
30.07.2010 |
|
DIN No. : |
00006807 |
|
|
|
|
Name : |
Mr. Ram Pravinchandra Gandhi |
|
Designation : |
Director |
|
Address : |
Amalfi, 6th Floor, 15, L.D. Ruparel Marg, Malbar Hill, Mumbai
– 400006, |
|
Date of Birth/Age : |
15.03.1952 |
|
Date of Appointment : |
30.07.2010 |
|
DIN No. : |
00050625 |
|
|
|
|
Name : |
Mr. Sam Peshotan Bhadha |
|
Designation : |
Director |
|
Address : |
|
|
Date of Birth/Age : |
04.05.1948 |
|
Date of Appointment : |
30.07.2010 |
|
DIN No. : |
03146389 |
KEY EXECUTIVES
|
Name : |
Mr. Rajgopal Jaikishan Nogja |
|
Designation : |
Manager |
|
Address : |
32, Deepti Apartments, |
|
Date of Birth/Age : |
29.05.1972 |
|
Date of Appointment : |
21.04.2008 |
|
Pan No.: |
ABKPN3168K |
|
|
|
|
Name : |
Mr. Vendatesan Arunachalam |
|
Designation : |
Company Secretary |
|
Address : |
302, |
|
Date of Birth/Age : |
05.05.1968 |
|
Date of Appointment : |
07.05.2007 |
|
Pan No.: |
AFTPA1515N |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 06.06.2011
|
Names of Shareholders |
No. of
Preferences Shares |
No. of Equity
Shares |
|
Hindustan Construction Company Limited – |
28 |
1378 |
|
Hincon Holdings Limited – |
28 |
1378 |
|
Hincon Finance Limited – |
2000 |
97179 |
|
HCC Real Estate Limited – |
22400097 |
315824945 |
|
Avantha Realty Limited – |
5600422 |
78976851 |
|
Venkateshwara Hatcheries Private Limited – |
5152697 |
62142192 |
|
Vinay Vittal Maniar |
4094646 |
28896480 |
|
Vitthal Badrinarayan Maniar |
79 |
3847 |
|
Bennett Coleman and Company Limited – |
-- |
103 |
|
Axis Bank Limited – |
25000000 |
10 |
|
|
|
|
|
Total |
62249997 |
485944363 |
As on 06.06.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
94.05 |
|
Directors
or relatives of directors |
|
5.95 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Construction Services. |
GENERAL INFORMATION
|
Bankers : |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Financial Institution: |
Axis Trustee Services Limited, Maker Towers, ‘F’ 13th Floor,
Cuffe Parade, Colaba, Mumbai-400005, Maharashtra, India |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
K.S. Aiyar and Company Chartered Accountant |
|
Address : |
# F 7, Laxmi Mills, Shakti Mills Lane, Off Dr. E Moses Road, Mahalaxmi,
Mumbai-400011, Maharashtra, India. |
|
Pan No.: |
AAAFK6843P |
|
|
|
|
Holding Company: |
HCC Real Estate Limited [U70100MH2005PLC154004] |
|
|
|
|
Associates/Subsidiaries : |
|
|
|
|
|
Parent Company and its Subsidiary
Companies and Fellow Subsidiaries: |
|
|
|
|
|
Ultimate Holding Company and its
Subsidiaries |
|
CAPITAL STRUCTURE
As on 06.06.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
800000000 |
Equity Shares |
Rs.10/- each |
Rs.8000.000 Millions |
|
65000000 |
Preferences Shares |
Rs.10/- each |
Rs.650.000 Millions |
|
|
Total |
|
Rs.8650.000
Millions |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
485944363 |
Equity Shares |
Rs.10/- each |
Rs.4859.444
Millions |
|
63000000 |
Preferences Shares |
Rs.10/- each |
Rs.630.000
Millions |
|
|
Total |
|
Rs.5489.444 Millions |
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
485944363 |
Equity Shares |
Rs.10/- each |
Rs.4859.444
Millions |
|
62249997 |
Preferences Shares |
Rs.10/- each |
Rs.622.499
Millions |
|
|
Total |
|
Rs.5481.943 Millions |
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
60000000 |
Equity Share |
Rs.10/- Each |
Rs.600.000 Millions |
|
40000000 |
Cumulative Redeemable Preference Shares |
Rs.10/- Each |
Rs.400.000 Millions |
|
25000000 |
Compulsory Convertible Preferences Shares |
Rs.10/- Each |
Rs.250.000 Millions |
|
|
Total |
|
Rs.1250.000
Millions |
Issued, Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
47244591 |
Equity Share |
Rs.10/- Each |
Rs.472.446
Millions |
|
28000000 |
6% Cumulative Redeemable Preference Shares |
Rs.10/- Each |
Rs.280.000
Millions |
|
25000000 |
0.001% Compulsory Convertible Preferences Shares |
Rs.10/- Each |
Rs.250.000
Millions |
|
|
Total |
|
Rs.1002.446 Millions |
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
47244591 |
Equity Share |
Rs.10/- Each |
Rs.472.446
Millions |
|
27250000 |
6% Cumulative Redeemable Preference Shares |
Rs.10/- Each |
Rs.272.500
Millions |
|
25000000 |
0.001% Compulsory Convertible Preferences Shares |
Rs.10/- Each |
Rs.250.000
Millions |
|
|
Total |
|
Rs.994.946 Millions |
Note:
Of the above
37,50,000 (previous
year 37,50,000) Equity Shares of Rs. 10/- each have been allotted as fully paid
up to the shareholders of amalgamating company pursuant to the scheme of
amalgamation without payment being received in cash
Of the above
3,07,05,203
(Previous year 3,07,05,203) equity shares are held by HCC Real Estate
Limited134 (Previous year - 134) equity Shares are held by Hindustan
Construction Company Limited
Of the above
80,00,000 (Previous
Year 80,00,000) 6% Cumulative Redeemable Preference Shares of Rs. 10/- each
have been allotted to the shareholders of amalgamating company pursuant to the
scheme of amalgamation without payment being received in cash
Of the above
1,59,00,897
(Previous Year 1,59,00,897) Preference shares are held by HCC Real Estate
Limited
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
994.946 |
994.946 |
625.898 |
|
|
2] Share Application Money |
81.250 |
81.250 |
0.000 |
|
|
3] Reserves & Surplus |
4357.346 |
2974.582 |
1624.178 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
(152.012) |
|
|
NETWORTH |
5433.542 |
4050.778 |
2098.064 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
15759.503 |
9797.822 |
4970.000 |
|
|
2] Unsecured Loans |
2000.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
17759.503 |
9797.822 |
4970.000 |
|
|
DEFERRED TAX LIABILITIES |
808.426 |
115.736 |
0.000 |
|
|
OTHERS |
|
|
|
|
|
|
24001.471 |
13964.336 |
7068.064 |
|
|
TOTAL |
|
|
|
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
3231.126 |
2623.404 |
238.151 |
|
|
Capital work-in-progress |
8573.300 |
5942.333 |
24.266 |
|
|
|
|
|
|
|
|
INVESTMENT |
3795.940 |
842.326 |
7.994 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
6286.495
|
4302.235
|
7251.477 |
|
|
Sundry Debtors |
3179.487
|
1007.869
|
0.000 |
|
|
Cash & Bank Balances |
609.291
|
236.381
|
236.112 |
|
|
Other Current Assets |
72.928
|
46.632
|
0.000 |
|
|
Loans & Advances |
3072.482
|
1099.802
|
411.650 |
|
Total
Current Assets |
13220.683
|
6692.919
|
7899.239 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
583.771 |
64.748 |
436.227 |
|
|
Other Current Liabilities |
4185.001
|
1939.896
|
658.579 |
|
|
Provisions |
50.806
|
132.002
|
6.780 |
|
Total
Current Liabilities |
4819.578
|
2136.646
|
1101.586 |
|
|
Net Current Assets |
8401.105
|
4556.273
|
6797.653 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
24001.471 |
13964.336 |
7068.064 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4786.302 |
2120.413 |
0.000 |
|
|
|
Other Income |
29.252 |
0.482 |
0.073 |
|
|
|
TOTAL (A) |
4815.554 |
2120.895 |
0.073 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Land and Construction Expenses |
3189.467 |
6047.108 |
(1013.181) |
|
|
|
Employees Remuneration and Benefits |
486.596 |
487.807 |
217.810 |
|
|
|
Office and Site Establishment Expenses |
548.895 |
413.665 |
325.205 |
|
|
|
Transferred to fixed asset / capital work in
progress |
(3355.222) |
(8317.703) |
0.000 |
|
|
|
TOTAL (B) |
869.736 |
(1369.123) |
(470.166) |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3945.818 |
3490.018 |
470.239 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1814.944 |
2132.251 |
524.532 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2130.874 |
1357.767 |
(54.293) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
36.274 |
6.844 |
3.372 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2094.600 |
1350.923 |
(57.665) |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
692.741 |
117.954 |
3.607 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
1401.859 |
1232.969 |
(61.272) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
753.318 |
(152.012) |
(90.739) |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Preference Share Dividend |
16.375 |
95.325 |
0.000 |
|
|
|
Tax on Proposed Shares Dividend |
2.720 |
16.200 |
0.000 |
|
|
|
Capital Redemption Reserve |
0.000 |
216.114 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
2136.082 |
753.318 |
(152.012) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
- Basic |
29.27 |
26.60 |
(2.29) |
|
|
|
- Diluted |
28.93 |
26.60 |
(2.29) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
29.11
|
58.13 |
(83934.24) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
43.76
|
63.71 |
(0.00) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.73
|
14.24 |
(0.71) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.39
|
0.34 |
(0.03) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.16
|
3.15 |
2.89 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.74
|
2.98 |
7.17 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS AND
OUTLOOK
According to the Economic Survey presented to Parliament, the Indian
economy has in the Financial Year 2009-10 bounced back from the global economic
slowdown and is on its way to the growth path of 9 per cent. The Central
Statistical Organisation (CSO) estimate of 7.2 per cent Gross Domestic Product
(GDP) growth for 2009-10 reflects the fast paced recovery given the Index of
Industrial Production (IIP) posting a record 16.8 per cent year-on-year growth
during the month of December 2009. The economy has also responded well to the
policy measures undertaken in the wake of the global financial crisis. The
broad based nature of the recovery creates scope for a gradual roll back, in
due course, of some of the measures undertaken over the last 15 to 18 months to
put the economy back on the growth path of 9 per cent.
The Company has been able to steer clear of the economic slowdown and
continues to reflect an upward trend. The company has kept its rationale of
building a city for all and is tailoring partnerships and tie ups with all
global leaders in their respective sectors. The Company continued to enjoy
healthy sales and has seen record closures on each sale opening. Earlier units
sold have progressed as per plan with the handover of the first apartment units
commencing in the second quarter of 2010. Institutional sales have also made
progress with a number of training institutes and corporate entities entering
into MoUs for Mugaon. In the hospitality space, Accor Hospitality is geared to
launch its three brands of hotels i.e. Mercure, Novotel and
The Company continued the focus on branding and communication activities
through 2009-10. A thought leadership platform – Lavasa Future Cities was
launched in association with the Times of India group. The key objective was to
trigger a thought process amongst public as well as key decision makers on not
only the need to push for creation of more urban centres for the rapidly
migrating Indian populace but also to push forth the need for better and more
workable governance structures. This intensive 5 month campaign was planned and
executed across various media (print, radio, internet, on-ground events) and
included a pan
The Company has completed purchase of 10,000 acres of land and is
processing completion of another 2196 acres, for which agreements were signed
in the past. Further steps to reach the overall land purchase target of 18,000
acres is in progress.
The Company has obtained final approval from the Ministry of Environment
and Forests for widening of Tamhini to Mugaon Zilla Parishad road passing
through a
On the infrastructure front, the Company has accelerated work on the
infrastructure for Mugaon which is in the advanced stage of completion.New
internal roads at Mugaon towards the Space World area (5.2 kms) have been taken
up and excavation and crest (3.5 kms) has been completed. Utilities like water,
sewer and power and data lines are in progress and the approach road to NSHM (3
kms) is currently in progress. The improvement to the existing Mugaon-Tamhini
Zilla Parishad road is in progress and is expected to be completed by 2010. The
portion of this Mugaon Tamhini road will also form part of the approach road
for the proposed tunnel between Tamhini and Mugaon. The work on the inter
village road Mugaon to Gadle (6 kms) is also in progress and is expected to be
completed by June 2010. The Company has in addition rehabilitated villagers and
commenced work on new Gaothans and by year end there will be 50 units ready to
be accommodated by villagers along with social infrastructure like school,
temple, community centre, etc. This rehabilitation will also help to commence
the construction of first phase of waterfront apartments in Mugaon. The basic
infrastructure like access roads, internal roads, water treatment plant, sewage
treatment plant, telecom tower, etc. is also in place.
The company has completed Hydroseeding on 150 acres around Dasve and
Mugaon and mass plantation (approximately 6 lakh trees) has already been
completed till date. Disturbed slopes are being treated / stabilized using Soil
Bioengineering technique. The landscaping work around areas like Town Hall,
Fortune Select Dasve hotel, a part of the
Beginning April 2010, apartments and villas are being handed over to
owners at Dasve (first town at Lavasa) who will begin living in their new homes
or rent them to others. With these new residents, Dasve begins its final
transition from a construction site to a living, breathing city. All this would
not have been possible without the efficient City Management Services (CMS).
The City Management Services Department is currently divided into five
divisions:
1. Property Management - This department oversees customer services, the
citizen call centre, coordinates real estate handovers and transfers, and the
enforcement of development regulations.
2. Public Safety and Security: This department combines law and order
services, fire and disaster prevention, suppression and response, traffic
control, parking management and perimeter access control.
3.
4. Public Works: This department maintains streets, promenades,
footpaths, parks, drainage channels and other public realm areas and runs the
city’s solid waste management program.
5. Administration and Finance: The financial transactions of the City
Management Services are coordinated by this department, including bills issued
to citizens and businesses in Lavasa. This department also facilitates
provision of other services such as transit buses, communication and guest
assistance.
Right from the inception of the project, the Company has undertaken
initiatives to enhance the standard of living of the locals at Lavasa. A
full-fledged ‘Community Development Department’ is dedicated to this purpose.
The philosophy of the project is to make the locals selfreliant. To begin with,
the Corporate Responsibility department aims at developing close rapport with
the community by organizing various activities - creation of Gaothans,
providing employment opportunities and a better standard of living for the
villagers of the region, creation of healthcare, education and child-care
facilities for the locals and conducting personality development and health
camps.
MANAGEMENT DISCUSSION AND ANALYSIS
An Overview of the Indian Economy
Marketing and Branding
The focus on branding and communication activities continued with
momentum through 2009-10. The communication activities were targeted at the
various stakeholders and clearly positioned Lavasa as a city in the making.
Various facets of the city were communicated at regular intervals during the
course of the year through dailies and magazines.
A thought leadership platform – Lavasa Future Cities was launched in
association with the Times of India group. The key objective was to trigger a
thought process amongst the public as well as key decision makers on not only
the need to push for creation of more urban centres and cities for the rapidly
migrating Indian population but also to push forth the need for better and more
workable governance structures. This intensive 5 month campaign was planned and
executed across various media (print, radio, internet, on-ground events) and
included a pan
In the quest for making Indian cities more liveable and creating better
future cities, a City Planning and Governance Summit titled ‘Modeling the New
Urban India’ was organized on 20th January 2010 at
Along with the Lavasa Future Cities campaign, advertising of various
facets and activities of Lavasa continued in mass media. Outdoor advertising
was increased along the Mumbai– Pune Expressway and hoardings communicating
facts about brand Lavasa and specific Special Purpose Vehicles (SPV) launches
like the
Brand identities were created for the different SPV’s; these included
creation of logos, brochures, leaflets, posters, websites, etc. Some of the
collaterals that were created during the course of the year included the EHL
brochure, Bamboosa posters, Dasvino collaterals, Xthrill leaflet, Education
brochure, Tourism leaflet, etc.
A new corporate film titled ‘The Making of a City ‘ was created. The
film was directed by Mr. Zafar Hai, a reputed documentary film maker who has
won several awards and accolades at the national and international level.
Events continued to be a key focal point and the year saw a multitude of events
that increased the salience of the brand and helped engage with the consumer
on-ground. These included the launch of
The foray into the digital space was also increased in 2010. Along with
a more interactive website for Lavasa, a website www.lavasafuturecities.com was
specifically created for the initiative. A microsite for events and websites
for specific SPV’s like EHL,
The year also saw a lot of key dignitaries visit the city of
To inculcate brand behavior amongst employees and to percolate the brand
ethos and values in the organization, a number of brand induction programs were
arranged for new employees. The Friday wear concept (Lavasa branded Tshirts)
and Monday Corporate Dressing (Lavasa branded ties and stoles) was
re-emphasized. A number of brand
guidelines were created and shared. Updation of all the initiatives at
key customer touch points at the site via interactive touch screen kiosks was
also continued this year. This enabled visitors to the site to understand
Lavasa better.
Business Development
The tie ups continued though 2009 - 10. The tie-ups and partnerships are
well in place and all these projects are fast moving towards completion.
In the hospitality space, Accor Hospitality is geared to launch its
three brands of hotels i.e. Mercure, Novotel and
The first quarter of 2010 also witnessed the first successful year of
Fortune Select Dasve hotel. The
On the retail front, a significant area has been already leased.
Restaurants like American Diner, Granma’s Homemade Patisserie, Brewberrys - the
coffee bar and Chor Bizzare have already commenced operations. More Fand B
outlets like Subway, Oriental Octopus, Café Coffee Day, etc. will commence
operations this year. Some of the other tie ups in the retail segment include
FunStar cinema, Future Group for retail outlets like Food Bazaar, Hometown and
Tommy Hilfiger for a signature showroom at Lavasa city.
An equal amount of progress was made in the education space. Ecole Hoteliere
Lavasa that started its first batch in July 2009 has now opened admissions for
its 2nd batch. Next in the pipeline this year for opening is Educomp with an IB
school and EuroKids with a primary and pre-primary school.
Professional and Executive Education has also taken off at Lavasa in a
big way with Massachusetts Institute of Technology having conducted their first
program on Airport and Airline Systems, Planning and Management. This has
successfully laid the foundation to conduct similar specialized programmes at
Lavasa in the future. In addition, The Biomimicry Guild,
Other educational partners like The Institute of International Business
Relations (
Sales
The Company continued to enjoy healthy sales and has seen record
closures on each sale opening. Earlier units sold have progressed as per plan
with the handover of the first apartment units commencing in the second quarter
of 2010. Institutional sales have also
made progress with a number of training institutes and corporate entities
entering into MoUs for Mugaon.
Operations
Infrastructure:
Dasve -
The basic infrastructure like access roads, internal roads, water
treatment plant, sewage treatment plant, telecom tower, etc. is in place.
Hydroseeding has been completed on 150 acres around Dasve (and Mugaon) and mass
plantation (approximately 6 lakh trees) has already been completed to date. Disturbed
slopes are being treated / stabilised using Soil Bioengineering technique. The
landscaping work around areas like Town Hall, Fortune Select Dasve hotel, a
part of the
LIVE:
530 detached units (villas) of different floor areas ranging from 2000
sq. ft. to 4000 sq. ft. are under construction, of these 400 units will be
handed over to the residents by December 2010. The work on 380
ranging from studio apartments to 3 BHK apartments is also in progress
and all of these will be handed over in phases to the customer from April 2010
to December 2010.
In addition to the
Staff housing (work force housing of approximately 2 lakh sq. ft.) has
commenced. Part of these are operational and are currently being used by the
staff of various SPVs; the remaining will be ready for occupancy this year.
WORK:
Work on the
LEARN:
Necessary infrastructure for Ecole Hoteliere Lavasa (EHL) like class
room, work shop, kitchen, etc. are commissioned in the Incubation Centre and
sessions are presently being held there. The construction of the independent
building of EHL is in progress and will be completed in 2 phases (July 2010 and
December 2010) Work on residential school of approx. 1 lakh sq. ft. is
scheduled to be completed by June 2010. The work on
PLAY:
The work of the
Mugaon -
Work on the infrastructure for Mugaon has been accelerated and is in the
advanced stage of completion. New internal roads at Mugaon towards the Space
World area (5.2 kms) have been taken up and excavation and crest (3.5 kms) has
been completed. Utilities like water, sewer and power and data lines are in
progress and the approach road to NSHM (3 kms) is currently in progress. The
improvement to the existing Mugaon-Tamhini Zilla Parishad road is in progress
and is expected to be completed by 2010. The portion of this Mugaon Tamhini
road will also form part of the approach road for the proposed tunnel between
Tamhini and Mugaon. The work on the inter village road Mugaon to Gadle (6 kms)
is also in progress and is expected to be completed by June 2010. To facilitate
the water required during construction at Mugaon, the construction of Gadle Dam
is underway and all work except the bridge over dam is likely to be completed
by June 2010. The balance is expected to be completed by December 2010. In
addition, work on another 1 lakh cum. reservoir is also underway at Mugaon. In
addition to rehabilitate villagers, work on new Gaothans has commenced and by
year end there will be 50 units ready to accommodate villagers along with other
city infrastructure like school, temple, community centre, etc. This
rehabilitation will also help to commence the construction of first phase of
waterfront apartments in Mugaon.
City Management Services – CMS
Simply stated, the role of the City Management Services Department is to
manage the organization in a manner that focuses primary attention on providing
top quality municipal services to citizens in accordance with the expectations
of lawfully constituted authorities, to fashion an organization that is
ethically and financially sound, all driven by the pursuit of performance
outcomes that achieve “customer delight.” Clear performance and service
outcomes enable Lavasa to evaluate people as well as programs more
consistently— because citizens care less about level of effort, and more about
whether outcomes are achieved.
Although “live, work, learn, play” is Lavasa’s mantra, the city’s
distinctiveness lies in its strategies to deliver a unique value proposition to
Indian urban life:
- Good
governance
- Community
sustainability
- Value-added
features not found in the average city such as higher quality medical
care, cutting edge technology, and ready access to quality education
- Enhanced
quality of community expressed in the basic services provided by the
municipal organization and the intrinsic value of the social relationships
fostered by the city
Each month subject looks, feels and acts more like a city— not just
another township or real estate scheme. The city of Lavasa now has a new post
office, hospital, six food and beverage
establishments open for business, three operating hotels with three more under
construction, a petrol station, bank, pharmacy, rental housing, an arcade,
water sports facility, club and transit system. In the months ahead it will
open a grocery, public safety centre, convention centre, several schools and
additional retail shops. The city’s drinking water is fit for consumption
straight from the tap without the need for filtration; its sewerage is treated
to nearly drinking water standards before being reused for irrigation and other
non-potable uses; its power distribution grid is nearly 99% reliable and the
young city is already on the cutting edge of urban environmental sustainability
initiatives. The organization plans to have its e-Governance portal and a
citizen call centre to maintain its focus on the needs of residents and
visitors, and it has already opened parks and play areas to the public.
Beginning April 2010, apartments and villas are being handed over to owners at
Dasve (the first town at Lavasa) who will begin living in their new homes or
rent them to others. With these new residents, Dasve begins its final
transition from a construction site to a living, breathing city. The City
Management Services Department must be equally dynamic to coordinate services
in this rapidly changing setting. It is currently divided into five divisions:
1. Property Management - This department oversees customer services, the
citizen call centre, coordinates real estate handovers and transfers, and the
enforcement of development regulations.
2. Public Safety and Security:
This department combines law and order services, fire and disaster prevention,
suppression and response, traffic control, parking management and perimeter
access control.
3.
4. Public Works: This department maintains streets, promenades,
footpaths, parks, drainage channels and other public realm areas and runs the
city’s solid waste management program.
5. Administration and Finance: The financial transactions of the City
Management Services are coordinated by this department, including bills issued
to citizens and businesses in Lavasa. This department also facilitates
provision of other services such as transit buses, communication and guest assistance.
The City Management Services Department meets new service demands and
high expectations using continuous improvement strategies and a mission-driven
focus. In the final analysis, however, the department seeks to provide
municipal services so seamlessly and efficiently that citizens can go about
their normal lives without having to consciously think about the mechanisms of
the city organization, but instead can focus on their families, their
vocational goals and their personal satisfaction rather than whether utility
services are available, streets are clean and smooth, or public areas are safe
to walk through.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U55101MH2000PLC187834 |
|
Name of the
company |
LAVASA CORPORATION LIMITED |
|
Address of the
registered office or of the principal place of business in |
Hincon House, Lal Bahadur Shastri Marg, Vikhroli (W), Mumbai-400083, |
|
This form is for |
Modification of charge
|
|
Type of charge |
Immovable
Property Book Debts Movable Property
(not being pledge) Project assets,
accounts, receivables etc. |
|
Particular of
charge holder |
Axis Trustee
Services Limited - E-mail id: kirtikant.kaviji@axisbank.com |
|
Nature of
description of the instrument creating or modifying the charge |
Deed of Substitution
dated 02.11.2010 for substitution of part of mortgage premises being land
admeasuring 65.10 acres situated at Villages Mugaon and Dhamanohol, Dist
Pune, Maharashtra more particularly described in Third Schedule of Deed of
Substitution dated 02.11.2010 with the new property being land admeasuring
65.10 acres situated at Village Dhamanohol, Taluka Mulshi, Dist Pune, more
particularly described in fourth schedule of Deed of Substitution dated
02.11.2010 |
|
Date of
instrument Creating the charge |
02.11.2010 |
|
Amount secured by
the charge |
Rs.11930.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Extent and
Operation of the charge First pari passu charge
on land admeasuring 6881.62 acres as described in the Fifth Schedule of Deed
of Substitution dated 0.11.2010, operative till entire loan amount is repaid. |
|
Short particulars
of the property charged |
First pari passu
charge on 6881.62 acres of immovable property situated at Village Dasve,
Dhamanohol, Gadle, Wadavali, Sakhari, Bhoini, Admal, Mugaon, Palse,
Patharshet, Padalghar, Koloshi, gavali, Bembatmal, Mose BK, Saiv BK, Bhode,
Taluka Mulshi, Dist. Pune and more particularly mentioned in fifth schedule
of Deed of Substitution dated 02.11.2010. First pari passu charge on the
entire immovable fixed assets of the Mortgagor both present and future on the
aforesaid 6881.62 acres of land; First pari passu charge on the entire
movable fixed assets and current assets both present and future. First Pari
Passu charge over / assignment of all project agreements, all guarantees,
performance guarantees of bonds, letters of credit provided by any party,
counter-party to any Project Agreement, or otherwise in respect of Phase-I of
the project in favour of the Company and all clearances Trademarks and patent
rights, brands, titles, approvals, etc. First pari passu
charge over / assignment of all the Company's right, title, interest, benefit
and claim. First pari passu
charge over all intangible assets of the Company including but not limited to
goodwill. First pari passu
charge over all bank account of the Company including without limitation, the
Trust and Retention Account (or any account in substitution thereof) and all
other accounts. First pari
passu charge over all revenues and receivables of the Company from the
Project or otherwise. |
|
Date of last
modification prior to the present modification |
10.06.2010 |
|
Particulars of
the present modification |
Vide the Deed of
Substitution dated 02.11.2010 (i) the trustees have reconveyed, released,
retransferred, reassigned and reassured to the Company the land admeasuring
65.10 acres (described in Third Schedule), (ii) the Company has granted,
conveyed, assured, assigned and transferred to the trustees the land
admeasuring 65.10 acres. Consequently, this facility shall continued to be
secured by the land admeasuring 6881.62 acres |
FIXED ASSETS:
- Land
- Building
- Plant and Machinery
- Office Equipments
- Furniture and Fixtures
- Computers
- Vehicles
- Boats
- Software
- Trademarks and Designs
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No 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.45.27 |
|
|
1 |
Rs.73.34 |
|
Euro |
1 |
Rs.64.58 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.