MIRA
INFORM REPORT
|
Report Date : |
16.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
HCC REAL ESTATE LIMITED (w.e.f. 08.08.2006) |
|
|
|
|
Formerly Known
As : |
HINCON REALTY LIMITED |
|
|
|
|
Registered
Office : |
Hincon House, Lal Bahadur Shastri Marg, Vikhroli (W), Mumbai – 400
083, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
15.06.2005 |
|
|
|
|
Com. Reg. No.: |
11-154004 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.441.288 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U70100MH2005PLC154004 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMH09630F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCH6060P |
|
|
|
|
Legal Form : |
A closely held public limited liability company. |
|
|
|
|
Line of Business
: |
Services Provider of Builders Developers and Real Estate Agent. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 12000000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. There appears
some accumulated losses recorded by the company. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow but
correct. The company can be considered for business dealings with some
caution. |
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 |
LOCATIONS
|
Registered Office : |
Hincon House, Lal Bahadur Shastri Marg, Vikhroli (W), Mumbai – 400
083, |
|
Tel. No.: |
91-22-42386512 / 42386000 |
|
Fax No.: |
91-22-25774413 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 06.06.2011
|
Name : |
Mr. Ajit H Gulabchand |
|
Designation : |
Chairman |
|
Address : |
94 NCPA Apartments, |
|
Date of Birth/Age : |
28.06.1948 |
|
Qualification : |
B.Com, Hons. |
|
Experience : |
30 Years |
|
Date of Appointment : |
15.06.2005 |
|
Other Directorship : |
·
Hindustan Construction Co.
Limited ·
Hincon Finance Limited ·
Hincon Technoconsult
Limited ·
Hincon Holdings Limited ·
HCC Infrastructure Limited ·
HCC Construction Limited ·
Lavasa Corporation Limited ·
Western Securities Limited ·
The Indian Hume Pipe Co.
Limited ·
Bajaj Electricals Limited ·
RPG Life Sciences Limited ·
Motorsports Association of ·
Charosa Wineries Limited ·
Highbar Technologies
Limited |
|
DIN No. : |
00010827 |
|
|
|
|
Name : |
Ms. Shalaka Gulabchand Dhawan |
|
Designation : |
Director |
|
Address : |
172 Venus Apartments, Cuffe Parade, Behind Presidency Hotel, Mumbai –
400 005, |
|
Date of Birth/Age : |
02.08.1977 |
|
Date of Appointment : |
29.09.2005 |
|
DIN No. : |
00011094 |
|
|
|
|
Name : |
Mr. Krishna G Tendulkar |
|
Designation : |
Director |
|
Address : |
6 Tendulakar Lake, |
|
Date of Birth/Age : |
04.02.1954 |
|
Qualification : |
B.Com, BGL and FCA has wide experience in the
fields of taxation, audit systems, finance, MIS and contract management. |
|
Date of Appointment : |
15.06.2005 |
|
Other Directorship : |
·
Hindustan Construction Co.
Limited ·
Hincon Finance Limited ·
Hincon Holdings Limited ·
Pune Paud Toll Road Co.
Limited ·
Highbar Technologies
Limited ·
Charosa Wineries Limited ·
Lavasa Corporation Limited ·
HCC Construction Limited ·
HCC Infrastructure Limited |
|
DIN No. : |
00017995 |
|
|
|
|
Name : |
Mr. Sharad M Kulkarni |
|
Designation : |
Director |
|
Address : |
161A, |
|
Date of Birth/Age : |
09.01.1939 |
|
Date of Appointment : |
29.09.2005 |
|
DIN No. : |
00003640 |
|
|
|
|
Name : |
Mr. Subhash D Dandekar |
|
Designation : |
Director |
|
Address : |
81 Kshitij, |
|
Date of Birth/Age : |
03.08.1938 |
|
Date of Appointment : |
24.04.2007 |
|
DIN No. : |
00167875 |
KEY EXECUTIVES
|
Name : |
Ms. Pooja Shrinivas Ghate |
|
Designation : |
Company Secretary |
|
Address : |
Block No. 12, Sadhana Building, Adarsh Colony, Near Kopri Post Office,
Thane – East, Thane – 400 603, Maharashtra, India |
|
Date of Birth/Age : |
29.05.1979 |
|
Date of Appointment : |
19.01.2009 |
|
PAN No. : |
AKQPG1378M |
|
|
|
|
Name : |
Mr. Rajgopal Jaikishan Nogja |
|
Designation : |
Manager |
|
Address : |
32, Deepti Apartments, |
|
Date of Birth/Age : |
29.05.1972 |
|
Date of Appointment : |
13.01.2009 |
|
PAN No. : |
ABKPN3168K |
|
|
|
|
Name : |
Mr. Manchekar Devendra Y |
|
Designation : |
VP - Regulatory Affairs |
|
|
|
|
Name : |
Mr. Mengde Dattatray |
|
Designation : |
AVP – Facility Management Service |
|
|
|
|
Name : |
Mr. Mukherjee Rajiv * |
|
Designation : |
AVP - Land Acquisition |
|
|
|
|
Name : |
Mr. Negandhi Narendra L |
|
Designation : |
VP- Finance and Accounts |
|
|
|
|
Name : |
Mr. Pillai Sukumar * |
|
Designation : |
AVP – Legal |
|
|
|
|
Name : |
Mr. Shimpi Amol |
|
Designation : |
VP - Business Development |
|
|
|
|
Name : |
Mr. Shirodkar Subhash S |
|
Designation : |
VP – Legal |
|
|
|
|
Name : |
Mr. Singh Arunkumar Harimurat |
|
Designation : |
AVP - Projects |
|
|
|
|
Name : |
Mr. Manoj Govindram Raichandani |
|
Designation : |
Secretary |
|
Address : |
511-B, Samartha Deep, Indradarshan, Phase-3, Oshiwara, Andheri – West,
Mumbai – 400 053, |
|
Date of Birth/Age : |
04.09.1967 |
|
Date of Ceasing : |
16.01.2009 |
* Employed for
Part of the year.
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 06.06.2011
|
Names of Shareholders |
|
No. of Shares |
|
Hindustan Construction Company Limited, |
|
66193179 |
|
Ajit H Gulabchand |
|
1 |
|
Shalaka Gulabchand Dhawan |
|
1 |
|
|
|
1 |
|
Rajgopal Jaikishan Nogja |
|
1 |
|
Vithal P Kulkarni |
|
1 |
|
Shekhar B Patil |
|
1 |
|
Total |
|
66193185 |
As on 06.06.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Services Provider of Builders Developers and Real Estate Agent. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
·
IDBI Bank Limited ·
Union Bank of ·
Kotak Mahindra Bank Limited |
||||||||||||||||||||||||
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||||||||||||||||||||||||
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Facilities : |
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Banking
Relations : |
-- |
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|
|
|
Financial Institution : |
Housing Development Finance Corporation Limited Ramon House, 169 Backbay Reclamation, H T Parekh Marg, Mumbai – 400
020, |
|
|
|
|
Auditors : |
|
|
Name : |
Raghuvir M Aiyar Chartered Accountant |
|
Address : |
F-7, Laxmi Mills, |
|
|
|
|
Subsidiaries : |
·
HRL Township Developers Limited CIN No. : U45201MH2006PLC163478 ·
HRL (Thane) Real Estate Limited CIN No. : U45201MH2006PLC163515 ·
Nashik Township Developers Limited CIN No. : U45200MH2007PLC167416 ·
Maan Township Developers Limited CIN No. : U45200MH2007PLC167462 ·
Charosa Wineries Limited CIN No. : U52208MH2007PLC176631 ·
Powai Real Estate Developers Limited CIN No. : U70102MH2009PLC189760 ·
HCC Realty Limited ·
Lavasa Corporation Limited CIN No. : U55101MH2000PLC187834 ·
Lavasa Hotel Limited (Subsidiary of Lavasa
Corporation Limited) CIN No. : U55100MH2007PLC173728 ·
Warasgaon Lake View Hotels Limited (Formerly
known Lavasa Star Hotel Limited) (Subsidiary of Lavasa Corporation Limited) CIN No. : U55100MH2007PLC173733 ·
Apollo Lavasa Health Corporation Limited
(Subsidiary of Lavasa Corporation Limited) CIN No. : U85100MH2007PLC176736 ·
Lakeshore Watersports Company Limited (Subsidiary
of Lavasa Corporation Limited) CIN No. : U92400MH2008PLC185314 ·
Ecomotel Hotel Limited (Subsidiary of Lavasa
Corporation Limited) CIN No. : U55101MH2008PLC185873 ·
Dasve Convention Center Limited (Subsidiary of
Lavasa Corporation Limited) CIN No. : U70101MH2008PLC185945 ·
Dasve Business Hotel Limited (Subsidiary of Lavasa
Corporation Limited) U55101MH2008PLC185939 ·
Dasve Hospitality Institutes Limited (Subsidiary
of Lavasa Corporation Limited) CIN No. : U55100MH2008PLC186901 ·
Lakeview Clubs Limited (Subsidiary of Lavasa
Corporation Limited) CIN No. : U55101MH2008PLC186900 ·
Dasve Retail Limited (Subsidiary of Lavasa
Corporation Limited) CIN No. : U51109MH2008PLC187367 ·
Full Spectrum Adventure Limited (Subsidiary of
Lavasa Corporation Limited) CIN No. : U74990MH2008PLC188519 ·
Spotless Laundry Services Limited (Subsidiary of
Lavasa Corporation Limited) CIN No. : U74990MH2009PLC189732 ·
Knowledge Vistas Limited (Formerly known as GDST
Oxford International School Limited) (Subsidiary of Lavasa Corporation
Limited) CIN No. : U80301MH2009PLC190552 ·
Lavasa Bamboocrafts Limited (Subsidiary of Lavasa
Corporation Limited) CIN No. : U74990MH2009PLC190551 ·
Green Hills Residences Limited (Subsidiary of
Lavasa Corporation Limited) CIN No. : U55101MH2009PLC192224 ·
My City Technology Limited (Subsidiary of Lavasa
Corporation Limited) CIN No. : U72900MH2009PLC194613 ·
Reasonable Housing Limited (Subsidiary of Lavasa
Corporation Limited) CIN No. : U70102MH2009PLC195985 ·
Minfur Interior Technologies Limited (Subsidiary
of Lavasa Corporation Limited) CIN No. : U45400MH2009PLC197467 ·
Verzon Hospitality Limited (Subsidiary of Lavasa
Corporation Limited) ·
Rhapsody Hospitality Limited (Subsidiary of
Lavasa Corporation Limited) ·
Valley View Entertainment Limited (Subsidiary of
Lavasa Corporation Limited) ·
Andromeda Hotels Limited (Subsidiary of Lavasa
Corporation Limited) ·
Sirrah Palace Hotels Limited (Subsidiary of
Lavasa Corporation Limited) ·
Whistling Thrush Facilities Services Limited
(Subsidiary of Lavasa Corporation Limited) ·
Warasgaon Tourism Limited (Subsidiary of Lavasa
Corporation Limited) ·
Our Home Service Apartments Limited (Subsidiary
of Lavasa Corporation Limited) ·
Warasgaon Power Supply Limited (Subsidiary of
Lavasa Corporation Limited) ·
Sahyadri City Management Limited (Subsidiary of
Lavasa Corporation Limited) ·
Hill City Service Apartments Limited (Subsidiary
of Lavasa Corporation Limited) |
|
|
|
|
Fellow Subsidiaries : |
·
Hincon Technoconsult Limited ·
Western Securities Limited ·
Pune-Paud Toll Road Company Limited ·
Nirmal BOT Limited ·
HCC ·
HCC Mauritius Enterprises Limited ·
HCC Aviation Limited ·
HCC Infrastructure Limited ·
Badarpur Faridabad Tollway Limited ·
Panchkutir Developers Limited ·
HCC Construction Limited ·
Highbar Technologies Limited ·
Baharampore-Farakka Highways Limited ·
Farakka-Raiganj Highways Limited ·
Raiganj-Dalkhola Highways Limited |
|
|
|
|
Other Related Party : |
·
Hincon Holdings Limited ·
Hincon Finance Limited ·
Dhule Palesner Tollway Limited |
|
|
|
|
Holding Company : |
Hindustan Construction Company Limited CIN No. : L45200MH1926PLC001228 |
CAPITAL STRUCTURE
As on 06.06.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
70000000 |
Equity Shares |
Rs.10/- each |
Rs.700.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
66193185 |
Equity Shares |
Rs.10/- each |
Rs.661.932
millions |
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
70000000 |
Equity Shares |
Rs.10/- each |
Rs.700.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
44128790 |
Equity Shares |
Rs.10/- each |
Rs.441.288
millions |
Note:
1.
Hindustan Construction Company Limited and its nominees
hold all the Shares of the Company.
2.
Of the above shares 9,419,193 shares are allotted
as fully paid-up pursuant to certain agreements without payments being received
in cash including premium of 847.700 millions.
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 |
441.288 |
441.288 |
294.192 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2603.385 |
2603.385 |
1747.727 |
|
|
4] (Accumulated Losses) |
(100.342) |
(112.373) |
(36.439) |
|
|
NETWORTH |
2944.331 |
2932.300 |
2005.480 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
2117.998 |
806.256 |
1277.207 |
|
|
TOTAL BORROWING |
2117.998 |
806.256 |
1277.207 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
5062.329 |
3738.556 |
3282.687 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
5.520 |
9.990 |
4.948 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.375 |
|
|
|
|
|
|
|
|
INVESTMENT |
2743.253 |
2746.739 |
2116.779 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.621 |
0.621 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
0.000
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
18.633
|
17.190 |
30.558 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
2316.324
|
989.336 |
1147.055 |
|
Total
Current Assets |
2334.957
|
1006.526 |
1177.613 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
16.746
|
12.696 |
16.000 |
|
|
Other Current Liabilities |
0.000
|
9.797 |
0.000 |
|
|
Provisions |
4.655
|
2.827 |
1.649 |
|
Total
Current Liabilities |
21.401
|
25.320 |
17.649 |
|
|
Net Current Assets |
2313.556
|
981.206 |
1159.964 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
5062.329 |
3738.556 |
3282.687 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income from Operations |
0.000 |
0.000 |
0.000 |
|
|
|
Other Income |
56.589 |
5.968 |
0.000 |
|
|
|
TOTAL (A) |
56.589 |
5.968 |
0.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employees’ Remuneration and Benefits
|
12.802 |
6.125 |
6.034 |
|
|
|
Administrative and Other Expenditure |
15.403 |
7.582 |
4.613 |
|
|
|
Share of Loss in Partnership Firm |
3.986 |
36.561 |
3.545 |
|
|
|
Provision for Doubtful Advances
|
0.000 |
0.000 |
2.000 |
|
|
|
TOTAL (B) |
32.191 |
50.268 |
16.192 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
24.398 |
(44.300) |
(16.192) |
|
|
|
|
|
|
|
|
|
Less |
FINANCE
COST (D) |
8.920 |
28.751 |
0.045 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
15.478 |
(73.051) |
(16.237) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2.826 |
2.572 |
1.407 |
|
|
|
|
|
|
|
|
|
|
PROFIT/LOSS
BEFORE TAX (E-F) (G) |
12.652 |
(75.623) |
(17.644) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.621 |
0.311 |
0.771 |
|
|
|
|
|
|
|
|
|
|
PROFIT/LOSS
AFTER TAX (G-H) (I) |
12.031 |
(75.934) |
(18.415) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(112.373) |
(36.439) |
(18.024) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(100.342) |
(112.373) |
(36.439) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.27 |
(2.14) |
(0.63) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
21.26
|
(1272.35) |
0.00 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.00
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.54
|
(7.44) |
(1.49) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.00
|
(0.03) |
(0.01) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.73
|
0.28 |
0.65 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
109.11
|
39.75 |
66.72 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL HIGHLIGHTS
During the current
year the company received dividend of Rs.55.623 millions on cumulative
Preference shares invested in Lavasa Corporation Limited. After accounting for
the administrative and other operating expenses, interest, depreciation and
company share of loss in partnership firm resulting in Profit before tax of
Rs.12.652 millions and Profit After Tax of Rs.12.031 millions. After taking
into account the losses brought forward from previous year of Rs.112.373
millions, the balance carried to Balance Sheet is loss of Rs.100.42 millions.
OPERATIONS
Lavasa Corporation Limited
Development at
Lavasa is progressing rapidly. The infrastructural work as well as construction
of residential units in Dasve is nearing completion. They expect to commence
handover the residential units in Dasve in 2010-11.
Various tie ups
have been signed with reputed organization in different sectors. In Hospitality
(Accor, ITC, Hilton), Health and
Wellness (Apollo Hospitals) and Education (Ecole hôteličre de Lausanne -
Switzerland, International Business Relations (IBR) - Germany, NSHM Knowledge
Park - Kolkatta, Symbiosis, Christ University – Bangalore and Christel House)
have already been tied up. SpaceWorld, a 65-acre edutainment park powered by
technology
from USSRC will
offer a space-like experience to visitors and will be operational soon.
In the hospitality
space partners such as Accor Hospitality with three brands - Mercure, Novotel
and
Professional and
Executive Education has also taken off in Lavasa in a big way with MIT having
conducted their pilot program based on Airport and Airline Systems, Planning
and Management. This has prepared a platform for them to conduct similar
programmes at Lavasa in the future. In addition, The Biomimicry Guild,
Branding and
communication activities continued through 2009-10. The communication activities
were targeted at the various stakeholders and clearly positioned Lavasa as a
future city in the making. Various facets of the city were communicated at
regular intervals during the course of the year across dailies and magazines. A
concept of “Lavasa Future Cities” was launched in association with the Times of
India group. A City Planning and Governance Summit titled ‘Modeling the New
Urban India’ was also organized.
Work at Phase 1A
of Mugaon has been accelerated and requisite infrastructure especially in the
following upcoming areas - Space World, MGM and
247 Park
247 Park developed
by
Charosa
Company’s project
for developing vineyard and winery project unit in Nashik District under the
subsidiary namely Charosa Wineries Limited, has been progressing
satisfactorily. The company’s vineyard on 85 acres is already in its first year
of plantation. They expect to complete the construction and commissioning of
winery by March 2011. Company has already completed substantial part of the
infrastructural requirements of the project. For the other projects in the
areas of Thane, Pune and Nashik, Company is consolidating its position in
respect of land titles and related documentation. The progress on this front is
satisfactory.
Dholera Project
HCC Limited,
holding Company of the Company has received an extension of two years to the
MOU with Gujarat Government to develop a
Infrastructure
Development Board (GIDB) the nodal agency for Dholera SIR by June 2010.
During the
previous year, Company has formed a 100% subsidiary under the name of Powai
Real Estate Developers Limited. In addition, during the year company has formed
another 100% subsidiary i.e. HCC Realty Limited.
FUTURE OUTLOOK
The Economic
recovery in
MANAGEMENT
DISCUSSION AND ANALYSIS
After the global
economic meltdown in the financial year 2008-09, wherein the real estate sector
in the major parts of the world got adversely affected, Indian economy started
showing early signs of recovery by the second quarter of 2009-10. Due to the
Government support by way of easy liquidity situation and monetary stimulus,
the industry in general appeared to be recovering, resulting improved IPP.
Nevertheless, the real estate market continued to face the after-effects of the
liquidity crunch as well as lack of consumer confidence. By the last quarter of
2009-10, even these signs of weakness have started fading and the real estate
market has now improved substantially, particularly in the residential sector.
In this scenario, Subject continued to move forward towards the completion of
existing projects taken up under various subsidiaries.
Lavasa
Lavasa is free
India's first planned hill city and is planned for a permanent population of
around 3 lakh residents and a tourist inflow that is envisaged at 20 lakh per
annum. It aims to provide a perfect work-life balance with a unique combination
of technology and infrastructure advancements. The city will have a 365-day
economy with a host of nonpolluting industries being the main economic driver;
these include R and D and training centres, IT and biotech industries, KPOs and
those related to art, fashion and animation.
A complement of
global leaders in Hospitality (Accor, ITC, Hilton), Health and Wellness (Apollo
Hospitals) and Education (Ecole hôteličre de Lausanne - Switzerland, International
Business Relations (IBR) - Germany, NSHM Knowledge Park - Kolkata, Symbiosis,
Christ University - Bangalore and Christel House) have already been tied up.
SpaceWorld, a 65- acre edutainment park powered by technology from USSRC will
offer a space-like experience to visitors and will be operational soon.
The focus on
branding and communication activities with the consumer continued with greater
momentum through 2009-10. A thought leadership platform - Lavasa future cities
was launched in association with the Times of India Group 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
Citizen Connect Initiative.
The tie-ups
continued though 2009-10. In the hospitality space, partners such as Accor
Hospitality with three brands - Mercure, Novotel and
An equal amount of
progress has been made in the education space with the Ecole Hoteliere Lavasa
opening in July, 2009, followed by Educomp with an IB school and Euro kids with
a primary and pre-primary school.
The
Professional and
Executive Education has also taken off in Lavasa in a big way with MIT having
conducted their pilot programme based on Airport and Airline Systems and
Planning and Management. In addition, The Biomimicry Guild,
Brand identities
were created for different SPV; these included creation of logos, brochures,
leaflets, posters, websites, etc. for different SPV such as EHL,
Events at Lavasa
included the launch of
Consistent
branding continued to be the main driver of Lavasa and was bought alive in every
aspect; be it collaterals, websites, brochures or the on-ground experience at
the site.
Work at Phase 1-A
of Mugaon has been accelerated and requisite infrastructure especially in the
following upcoming areas - Space World, MGM and
Hydroseeding has
been completed on 150 acres around Dasve and Mugaon, and mass plantation
(approximately 6 lakh trees) in 65 acres of land has already been completed
till date. Disturbed slopes due to various construction activities around
villas are being treated / stabilised using Soil Bioengineering technique. The
landscaping work around areas such as Town Hall, Fortune Select Dasve Hotel, a
part of the Portofino Street, Apollo Hospital, Dasvino Town and Country Club,
etc. is completed. A major part of the promenade is open for public and the
balance will be completed by December, 2010.
Most of the work
of building Dasve (Lavasa’s first town) completed in 2011. Beginning in April,
2010, apartments and villas are being turned over to owners. With all urban
advantages in a natural setting, Lavasa is envisioned to be a more liveable
city of the future where residents can live, work, learn and play in harmony
with nature.
247park
During the
financial year 2009-10, 247 Park at Vikhroli (West) has been completed. In
spite of a recessionary period, 247 Park has got a good response from various
clients and is now leased to the extent of more than 75% of the overall
leasable area. During the year, 247 Park was awarded the prestigious “LEAD”
certification for Green Buildings. It was also awarded by CNBC Awaaz-CRISIL in
association with CREDAI as “The Best Commercial Property in Western Region”.
Considering the interest expressed by potential clients, we are confident of
leasing out the balance area during the quarter.
Charosa Wineries
Limited
Charosa Wineries
which was established in 2008-09, for setting up a world-class vineyard and
ultra-modern winery in Nashik district has already acquired more than 200 acres
of land. All infrastructural work for the vineyard is already completed. The
first crop of wine grapes has already been cultivated for captive use. The
Company plans to complete the construction and commission the winery during the
year 2010-11. The Company has also plans to develop wine tourism for this
project considering the increasing wine consumption in the region.
Township projects
at Thane, Pune and Nashik
For the projects
in the areas of Thane, Pune and Nashik,
the Company is consolidating its position in respect of land titles and other
documentation. The progress on this front is satisfactory.
During the year,
the Company formed a 100% subsidiary under the name HCC Realty Limited.
FORM 8
|
Corporate identity number of the company |
U70100MH2005PLC154004 |
|
Name of the company |
HCC Real Estate Limited |
|
Address of the registered office or of the principal place of business in |
Hincon House, Lal Bahadur Shastri Marg, Vikhroli (W), Mumbai – 400
083, |
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the charge to be modified |
10089938 |
|
Type of charge |
·
Immovable property ·
Any interest in immovable property ·
Book debts |
|
Particular of charge holder |
Housing Development Finance Corporation Limited Ramon House, 169 Backbay Reclamation, H T Parekh Marg, Mumbai – 400
020, |
|
Nature of instrument creating charge |
Special Disbursement Request Letter for an amount of Rs.130.464 millions.
|
|
Date of instrument Creating the charge |
03.12.2008 |
|
Amount secured by the charge |
Rs.3900.000 millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of Interest The applicable interest rate on the said amount of Rs.130.464 millions
is 17% per annum payable on a monthly basis. at the end of each month, from
the date of disbursement. Terms of Repayment The tranche of Rs.130.464 millions of Loan will be repaid in one
bullet payment of Rs.130.464 millions at the end of the 6th month from
03.12.2008 i.e. 04.06.2009 or earlier as per Housing Development Finance
Corporation Limited's (HDFC) option. The said amount cannot be prepaid. Margin NIL Extent and Operation of the charge First and exclusive charge over the development rights of the Company
(being Mortgagor-2) to the extent of 3,10,000 square feet in respect of the
portion admeasuring 30865.90 square meters out of the larger property
described in Schedule I and II, situated at village Hariyali, Taluka Kurla,
Bombay Suburban District, situated at Lal Bahadur Shastri Marg, Mumbai
400083. Others The Company and Hindustan Construction Company Limited have jointly mortgaged
their rights in the portion admeasuring 30865.90 square meters out of the
property mentioned in Schedule I and II of the Mortgage Deed and of this
Company's the security is created in favour of HDFC Limited for the Loan
granted to the partnership firm, Vikhroli Corporate Park, formed by the
Company (HCC Real Estate Limited) and Hindustan Construction Company Limited. |
|
Short particulars of the property or asset(s) charged (including
complete address and location of the property) |
Portion admeasuring 30865.90 square meters bearing CTS No. 105, 105/1
to 105/38, 105/39 (part), 105/40, 105/41, 105/42 (part), 105/44 and 107, out
of the property described in Schedule I and II, situated at village Hariyali,
Taluka Kurla, Bombay Suburban District, situated at Lal Bahadur Shahstri
Marg, Mumbai 400083. |
|
Particulars of the present modification |
The modification is change in the rate of interest on the amount of
Rs.130.464 millions from CPLR i.e. presently @ 16.25% per annum to 17% per
annum and repayment of this tranche of disbursement will be at the end of six
months from 03.12.2008 i.e. 04.06.2009 and the said amount cannot be prepaid. |
FIXED ASSETS
·
Computers
·
Furniture, Fixtures and Fittings
·
Office Equipments
·
ERP (SAP) Software
WEB DETAILS
Subject
is a 100% subsidiary of Hindustan Construction Company Limited (HCC).
With
inherent skills and resources to develop and execute high-value real estate
projects within stringent compliances, Subject is helping build communities
across
Subject
believes in investing for the future - world class quality and innovative
technology that create trends through value engineering. The Company strongly
believes in striking a balance between efficient engineering and thoughtful
design for sustained development across all project sites in
247
Park is the Company ' s maiden initiative. A 1.8 million sq.ft. Business
Destination, 247 Park is located in the heart of Vikhroli on LBS Marg, an
upcoming business hub in Mumbai.
Subject
assures the highest standards.
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.45.37 |
|
|
1 |
Rs.73.53 |
|
Euro |
1 |
Rs.64.37 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
29 |
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.