MIRA INFORM REPORT

 

 

Report Date :

24.01.2011

 

IDENTIFICATION DETAILS

 

Name :

EMMAR MGF LAND LIMITED

 

 

Formerly Known As :

EMMAR MGF LAND PRIVATE LIMITED

 

 

Registered Office :

ECE House, 28, Kasturba Gandhi Marg, New Delhi-110001

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

18.02.2005

 

 

Com. Reg. No.:

55-133161

 

 

CIN No.:

[Company Identification No.]

U45201DL2005PLC133161

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

DELE03783D

 

 

PAN No.:

[Permanent Account No.]

AABCE4308B

 

 

Legal Form :

A Closely Held Public Limited Liability Company.

 

 

Line of Business :

Real Estate Development, Promotion and Construction of High Rise Commercial and Residential Building, Hospitality and Leisure Services.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A (60)

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

 

Maximum Credit Limit :

USD 180000000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a joint venture between Emaar Properties PJSC of Dubai and MGF Development Limited of India. It is a well established company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular 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)

India

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 :

ECE House, 28, Kasturba Gandhi Marg, New Delhi-110001, India

Tel. No.:

91-11-41521155/ 41203444/ 41524618

Fax No.:

91-11-41524619

E-Mail :

bharat.garg@emaarmgf.com

Website :

http://www.emaarmgf.com

 

 

Branches :

Located at:

 

·         Delhi

·         Hyderabad

·         Gurgaon

·         Mohali, Chandigarh

·         Chennai

·         Indore

·         Jaipur

·         Shillong

 

 

DIRECTORS

 

As on 30.09.2010

 

Name :

Mr. H E Mohammed Ali Alabbar

Designation :

Chairman cum  Managing Director

Address :

615/13B, Nad Al Sheba, DM 25, Post Box 9440, Dubai, UAE

Date of Birth/Age :

08.11.1956

Date of Appointment :

07.11.2005

DIN No.:

01784611

 

 

Name :

Mr. Shravan Rajiv Gupta

Designation :

Executive Vice-Chairman and Managing Director

Address :

50, Golf Links, New Delhi-110003, India

Date of Birth/Age :

25.08.1973

Date of Appointment :

18.02.2005

DIN No.:

00002707

 

 

Name :

Mr. Hussain Ahmed Qemzi

Designation :

Director

Address :

228/28, Al Mazhar Area, DM 30, Post Box 7084, Dubai, UAE

Date of Birth/Age :

16.03.1957

Date of Appointment :

01.11.2006

DIN No:

01784716

 

 

Name :

Mr. Ahmed Jamal Jawa

Designation :

Director

Address :

342/33, Al Jumeirah Road, DM-1, NR S/STN, P136, Villa B 13, Post Box 9327, Dubai, UAE

Date of Birth/Age :

30.05.1956

Date of Appointment :

01.11.2006

DIN No.:

01784747

 

 

Name :

Mr. Siddharth Rajiv Gupta

Designation :

Executive Director

Address :

50, Golf Links, New Delhi-110003, India

Date of Birth/Age :

30.06.1976

Date of Appointment :

18.02.2005

DIN No.:

00002715

 

 

Name :

Mr. Aman Mehta

Designation :

Director

Address :

4/7, Shanti Niketan, New Delhi-110021, India

Date of Birth/Age :

01.09.1946

Date of Appointment :

19.09.2007

DIN No.:

00009364

 

 

Name :

Mr. Anil Bhalla

Designation :

Director

Address :

B-17, Maharani Bagh, New Delhi-110065, India

Date of Birth/Age :

14.09.1946

Date of Appointment :

25.09.2009

DIN No.:

00048724

 

 

Name :

Mr. Gautam Om Prakash Khaitan

Designation :

Director

Address :

N-12, Panchshel Park, New Delhi-110017, India

Date of Birth/Age :

06.05.1965

Date of Appointment :

03.09.2009

DIN No.:

000021117

 

 

Name :

Mr. Ghyanendra Nath Bajpai

Designation :

Director

Address :

131, Shaan Apartments, K.D. Marg, Prabhadevi, Mumbai-400028, Maharashtra, India

Date of Birth/Age :

06.07.1942

Date of Appointment :

19.09.2007

DIN No.:

00946138

 

 

Name :

Mr. Ram Charan

Designation :

Director

Address :

12655, North Central Expressway, Suite 103, Dallas, Texas-75243, USA

Date of Birth/Age :

25.12.1939

Date of Appointment :

24.09.2007

DIN No.:

01811569

 

 

Name :

Mr. Pradip Kumar Khaitan

Designation :

Director

Address :

B-103, Rai Enclave, 7/1A, Sunny Park, Kolkata-700019, West Bengal, India

Date of Birth/Age :

25.03.1941

Date of Appointment :

19.09.2007

DIN No.:

00004821

 

 

Name :

Mr. Abhiram Lekh Ram Seth

Designation :

Director

Address :

18, Anand Lok, New Delhi-110049, India

Date of Birth/Age :

09.12.1951

Date of Appointment :

30.09.2010

DIN No.:

00176144

 

ADDITIONAL DIRECOTR

AS ON 25.09.2009

 

Name :

Mr. Guido Ralph Haschke

Designation :

Additional Director

Address :

Via Don Gangliardi 12, 6932, Breganzona,-6932

Date of Birth/Age :

29.09.1951

Date of Appointment :

25.09.2009

Date of Ceasing:

07.12.2009

DIN No.:

02795239

 

 

KEY EXECUTIVES

 

Name :

Mr. Bharat Bhushan Garg

Designation :

Secretary

Address :

KH-249, Kavi Nagar, Ghaziabad-201001, Uttar Pradesh, India

Date of Birth/Age :

27.11.1973

Date of Appointment :

27.04.2009

PAN No.:

AAXG0721B

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 30.09.2010

 

Names of Shareholders

 

No. of

Equity Shares

Emaar Holding II

4th Floor, Les Cascades, Edith Cavel Street, Port Louis, Mauritius

 

396861783

Shravan Gupta

50, Golf Links, New Delhi - 110 003, India

 

161132185

Kallarister Trading Limited

5, Goudiou Street, Agios Andreas, P.C. 1095, Nicosia, Cyprus

 

90520472

Siddharth Gupta

50, Golf Links, New Delhi - 110 003, India

 

68794672

Snelvor Holdings Limited

70, Michail Georgiou, Athienou, P. C. 7600, Larnaca, Cyprus

 

46471865

Yulita Consultants Limited

29A, Annis Komninis, P. C. 1061, Nicosia, Cyprus

 

39826863

Loupen Services Limited

29A, Annis Komninis, P. C. 1061, Nicosia, Cyprus

 

28743096

Siddharth Sareen

B-101, Greater Kailash, Part - I, New Delhi - 110 048

 

24000408

EIF CO-INVEST IV

c/o Kotak Mahindra Bank Limited, Kotak Infiniti, Building No. 21, 6th Floor, Zone IV, Custody Services, Infinity Park, Gen. A. K. Vaidya Marg, Malad E, Mumbai – 400097, Maharashtra, India

 

19211204

Coniza Promoters Private Limited

17-B, MGF House, Asaf Ali Road, New Delhi - 110 002, India

 

9593600

J. P. Morgan Mauritius Holdings II Limited

JPMorgan Chase Bank N.A. India Sub Custody, 6th Floor, Paradigm B, Mindspace, Malad W, Mumbai - 400 064, Maharashtra, India

 

7237704

New York Life Investment Management India Fund II LLC

HSBC Securities Services, Western Express Highway, Sahar Road Junct, Vile Parle - E, Mumbai - 400 057, Maharshtra, India

 

5332682

New York Life Investment Management India Fund (FVCI) II LLC

HSBC Securities Services, Western Express Highway, Sahar Road Junct, Vile Parle - E, Mumbai - 400 057, Maharashtra, India

 

4083104

Elephant Investments Limited

C/o. MandC Corporate Services Limited, PO Box 309GT, Ugland House, South Church Street, George Town, Grand Cayman, Cayman Island

 

3831560

ANI Capital Holdings India Limited

C/o. MandC Corporate Services Limited, PO Box 309GT, Ugland House, South Church Street, George Town, Grand Cayman, Cayman Island

 

3128312

Abhaar International LLC

PO Box – 261, Deira, Dubai, UAE

 

1083800

Pearl India Opportunities

Suite 2005, Level 2, Alexandra House, 35, Cyber City, Ebene, Mauritius

 

928020

Bennett, Coleman and Co. Limited

Times House, 7, Bahadurdhah Zafar Marg, New Delhi – 110002, India

 

549450

NDTV News Limited

207, Okhla Industrial Estate, Phase - III, New Delhi – 110020, India

 

362318

Blue Line India Opportunities

Suite 2005, Level 2, Alexandra House, 35, Cyber City, Ebene, Mauritius

 

271980

Jacob Ballas Capital India Private Limited

First Floor, Wing - B, Commercial Plaza, Raddisson Hotel, NH - 8, Mahipalpur, New Delhi – 110037, India

 

240143

Parul Gupta

50, Golf Links, New Delhi - 110 003, India

 

171312

Shilpa Gupta

50, Golf Links, New Delhi - 110 003, India

 

171312

MGF Developments Limited

17-B, MGF House, Asaf Ali Road, New Delhi - 110 002, India

 

72000

Total

 

912619845

 

 

 

Names of Shareholders

 

No. of

Preference Shares

IMR Infratech Private Limited

H-20, Green Park, New Delhi – 110016, India

 

629550000

Total

 

629550000

 

As on 08.10.2010

 

List of Allottees

 

No. of

Preference Shares

Allotted

Horizon India B.V., Netherlands

 

231475200

 

Equity Shares Breakup (Percentage of Total Equity)

As on 30.09.2010

 

Category

Percentage

Venture Capital

0.45

Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others

70.51

Bodies corporate

1.18

Directors or relatives of Directors

27.86

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Real Estate Development, Promotion and Construction of High Rise Commercial and Residential Building, Hospitality and Leisure Services.

 

 

GENERAL INFORMATION

 

Bankers :

Not Available

 

 

Facilities :

Secured Loans

31.03.2010

Rs. In Millions

31.03.2009

Rs. In Millions

Loans from banks:

 

 

Cash Credit Facilities

981.880

4597.570

Rupee Term Loans

Due within one year - Rs. 3,779.34 million (previous year - Rs. 2,172.50 million)

3820.700

2745.000

Debentures

Nil (previous year - 83.33) 11.0% Redeemable Non-Convertible Debentures of Rs.10,000,000 each redeemable at par

--

833.330

Other Loans:

 

 

Rupee Term Loans

Due within one year - Rs. 1,976.79 million (previous year - Rs. 2,470.00 million)

6991.360

6175.230

Debentures

50,000,000 (previous year - 50,000,000) 11.75% Redeemable Non-Convertible Debentures of Rs.100 each redeemable at par

5000.000

5000.000

4,340 (previous year - 5,748) 16.0% Redeemable Non-Convertible Debentures of Rs.1,000,000 each redeemable at par

4340.000

5748.000

Total

21133.940

25099.130

 

Notes:-

 

a) Cash credit facilities from banks to the extent of Rs. 267.52 million (previous year - Rs. 611.96 million) are secured against pledge of fixed deposit with the banks amounting to Rs. 1108.00 million (previous year - Rs. 700 million) together with the interest and all monies payable thereunder.

b) Cash credit facilities from banks amounting to Rs. 8.48 million (previous year - Rs. 264.25 million) are secured by way of equitable mortgage over some of the land parcels / properties owned by subsidiary companies at an asset cover of 1.5 times the value of the loan, together with interest and other charges thereon.

c) Cash credit facilities from banks amounting to Rs. Nil (previous year - Rs. 2,417.40 million) and Rupee term loans amounting to Rs. 2,000.00 million (previous year - Rs. Nil) availed from a bank are secured by way of:

(i) equitable mortgage over some of the properties owned by subsidiary companies at an asset cover of 1.5 times the value of the loan and

(ii) irrevocable, unconditional and payable on demand Corporate Guarantees of the companies owning land offered for mortgage.

d) Cash credit facilities from banks amounting to Rs. 2.46 million (previous year - Rs. 403.97 million) are secured by way of equitable mortgage over some of the properties owned by subsidiary companies at an asset cover of 3 times the value of the loan and are further secured by Corporate Guarantees of the Companies owning land offered for mortgage.

e) Cash credit facilities from banks amounting to Rs. 700.00 million (previous year - Rs. 700.00 million) are secured by way of equitable mortgage over some of the land parcels owned by subsidiary companies at an asset cover of 1.5 times the value of the loan together with interest and other charges thereon and are further secured by equitable charge on the entire current assets, present and future of the Company.

f) Cash credit facilities from banks amounting to Rs. 3.42 million (previous year - Rs. 200.00 million) are secured by first equitable charge by way of hypothecation of entire current assets of the Company and further by equitable mortgage over a residential plot of land owned by subsidiary companies at an asset cover of 1.8 times the value of the loan.

g) Rupee term loan of Rs. 390.00 million (previous year - Rs. 1000.00 million) availed from a bank is secured by equitable mortgage over a piece of land owned by subsidiary companies and is further secured by Corporate Guarantees of the subsidiary companies owning land offered for mortgage.

h) Rupee term loan of Rs. 600.00 million (previous year - Rs. 600.00 million) availed from a bank is secured by equitable mortgage over some of the properties owned by subsidiary companies at an asset cover of 1.5 times the value of the loan.

i) Rupee term loan of Rs. 150.00 million (previous year - Rs. 300.00 million) availed from a bank is secured by equitable mortgage over a residential plot of land owned by subsidiary companies at an asset cover of 1.8 times the value of the loan.

j) Rupee term loan of Rs. 432.50 million (previous year - Rs. 845.00 million) availed from a bank is secured by exclusive charge over a piece of land on which a project undertaken by the Company is situated, along with structures thereon and is further secured by exclusive charge over escrow of the said project receivables.

k) Rupee term loan of Rs. 248.20 million (previous year - Nil) availed from a bank is secured by exclusive charge over a piece of land on which a project undertaken by the Company is situated, along with structures thereon and is further secured by exclusive charge over escrow of the said project receivables.

l) 11% Non convertible debentures of Rs. Nil (previous year - Rs. 833.33 million) issued to a bank are secured by exclusive equitable mortgage and charge over some of the converted properties owned by subsidiary companies at an asset cover of 2 times. These debtentures have been redeemed on March 28, 2010.

m) Rupee term loan of Rs. 716.86 million (previous year - Rs. 2,425.23 million) availed from a financial institution is secured by first and exclusive charge by way of hypothecation of 87.5% of the total receivables from a project undertaken by the Company. This is further secured by way of equitable mortgage of the property being part of the land on which the project is situated, along with construction thereon, and other land parcels owned by the subsidiary Company.

 

Futher, the above security (both land and cashflows) has also been provided for facility mentioned in point (n) below on pari-passu basis and the above land security has also been provided for facility mentioned in point (o) below on pari-passu basis.

 

n) Rupee term loan of Rs. 2,297.00 million (previous year - Rs. Nil) availed from a financial institution is secured by first and exclusive charge by way of

hypothecation of the Company’s share of the total receivables from a project undertaken by the Company. This is further secured by way of equitable mortgage of the property being part of the land on which the project is situated, along with construction thereon, and other land parcels owned by the subsidiary Company. Further, the above land security has also been provided for facility mentioned in point (o) below on pari-passu basis.

o) Inter corporate deposit of Rs. 390.00 million (previous year - Rs. Nil) availed from a financial institution is secured by way of equitable mortgage of the property being part of the land on which the project is situated, along with construction thereon, owned by the subsidiary Company. Repayments are being made as mutually agreed with bank.

p) Rupee term loan of Rs. 162.50 million (previous year - Rs. 750.00 million) availed from a financial institution is secured by exclusive first mortgage over

some of the properties owned by subsidiary companies at an asset cover of 1.5 times the value of the loan.

q) Rupee term loan of Rs. 3,000.00 million (previous year - Rs. 3,000.00 million) availed from a financial institution is secured by exclusive first mortgage over some of the land parcels owned by subsidiary companies at an asset cover of 1.75 times the value of the loan and is further secured by equitable mortgage on the receivables from the project being undertaken by the subsidiary of the Company for which the loan has been procured The loan is further secured by personal guarantee of a director of the Company.

r) Rupee term loan of Rs. 425.00 million (previous year - Rs. Nil) availed from a financial institution is secured by way of (i) equitable mortgage of land and structure thereon, (ii) security at any point of time to be 2.5 times of the loan amount, (iii) negative lien at any point of time to be 1.75 times of the loan amount, (iv) negative lien to be spread over all blocks, (v) assignment of receivables of the project, (vi) assignment security of immovable property with good marketability equal to the loan amount.

s) 11.75% Redeemable Non-Convertible Debentures of Rs. 5,000.00 million (previous year - Rs. 5,000.00 million) issued to a financial institution are secured by way of mortgage of some of the land parcels owned by subsidiary companies at an asset cover of 1.5 times. These debentures are due for redemption in four equal quarterly installments of Rs 1,250.00 million each from June 30, 2011 to March 31, 2012.

t) 16.00 % Redeemable Non-Convertible Debentures of Rs. 4,340.00 million (previous year - Rs. 5,748.00 million) privately placed with a mutual fund asset management company are secured by way of equitable mortgage and charge over some of the properties owned by Group at an asset cover of 2 times the principal amount along with interest whether due or not, which shall be ensured during the currency of the debentures. Debenture aggregating to Rs. 3,750 million due for redemption in monthly installments of (i) Rs. 75 million starting from April 25, 2009 to September 25, 2009 (ii) Rs. 150 million starting from October 25, 2009 to December 25, 2009 (iii) Rs. 187.50 million from January 25, 2010 to March 25, 2010 (iv) Rs. 375 million starting from April 25, 2010 to August 25, 2010 (v) Rs. 412.50 million on September 16, 2010.

 

Debenture aggregating to Rs. 1,250 million were due for redemption in monthly installments of (i) Rs. 25 million starting from April 25, 2009 to September 25, 2009 (ii) Rs. 50 million starting from October 25, 2009 to December 25, 2009 (iii) Rs. 6.250 million from January 25, 2010 to March 25, 2010 (iv) Rs. 125 million starting from April 25, 2010 to August 25, 2010 (v) Rs. 137.50 million on Septermber 16, 2010.

 

The lender has agreed for reduction of principal repayment amount from existing Rs. 200.00 million per month due from Oct - Dec 09 and Rs. 250.00 million per month due from Jan to Mar 10 to Rs. 100 million per month starting from Oct 09 till Company's forthcoming IPO or latest by March 31, 2010. A shortfall in principal repayment amount will be covered and paid from company's forthcoming IPO's proceeding. The shortfall of Rs. 540.00 million is considered for repayment in the month of October 2010

Unsecured Loans

31.03.2010

Rs. In Millions

31.03.2009

Rs. In Millions

Short Term

 

 

From Banks

 

 

- Cash Credit Facilities

245.180

287.970

- Rupee Term Loans

2004.800

585.000

Due within one year - Rs. 2004.80 million (previous year - Rs. 585.00 million)

 

 

Others

 

 

From Banks

 

 

- Foreign Currency Term Loans

Due within one year - Nil (previous year - Rs. 1,532.52 million)

--

1532.520

From Others

 

 

Debentures

179,195 (previous year - 179,195) 3% Fully Convertible Debentures of Rs.100,000 each redeemable at premium

17919.500

17919.500

62,955 (previous year - 62,955) 13.48% Fully Convertible Debentures of Rs.100,000 each redeemable at par

6295.500

6295.500

Total

26464.980

26620.490

 

Notes:-

a) Cash credit facilities of Rs. 245.18 million (previous year - Rs. 287.97 million) and Rupee term loans of Rs. 2004.80 million (previous year - Rs. 585.00 million) are availed from a bank against which Counter Guarantee has been given by Emaar Properties, PJSC.

b) Foreign currency loans of Rs. Nil (previous year - Rs. 1,532.52 million) was availed from a bank against which Counter Guarantee had been given by Emaar Properties, PJSC.         

c) The Company had issued Fully convertible debentures(FCD's) aggregating to Rs.17,919.50 million (previous year - Rs.17,919.50 million) on privately placement basis .FCD's aggregating to Rs. 6,820.50 million (previous year Rs. 6,820.50 million) as per the First Subscription Agreement and FCD's aggregating to Rs. 11,099.00 million (previous year Rs. 11,099.00 million) as per the Second Subscription Agreement were convertible into Redeemable Preference Shares(RPS) at an mutually agreed Conversion Premium with the subscriber. The FCD's conversion into RPS shall be done 3 business days before the respective RPS redemption date at the request of the subscriber. The redemption of the RPS was to be done on April 11, 2010, October 11, 2010 and April 11, 2011 or any other dates as mutually agreed between the parties, which shall be on or before October 10, 2011 (i.e. 60 months from October 11, 2006).

 

The Company and the subscriber have agreed through various amendment letters and amendment agreements for the First and Second Subscription agreements dated April 8th 2010, April 9th, 2010 and May 6th 2010 for (a) extension of the redemption date of the First Tranche RPS from April 11,2010 to May 31, 2010, which is within the overall maturity period of 60 months from October 11, 2006 (b) to crystallise the amounts payable in respect of the Debenture Coupon and Additional Debenture Coupon on the due dates i.e April 12th 2010 and May 10,2010.

 

d) 13.48% Fully convertible debentures of Rs. 6,295.50 million (previous year - Rs. 6,295.50 million) have been privately placed and are convertible into redeemable preference shares at par at the end of 38 months period from the date of completion of subscription, i.e. April 23, 2007. The company is required to redeem the redeemable preference shares at the end of 39 months from the date of completion of subscription, i.e. April 23, 2007.

 

 

 

Banking Relations :

--

 

 

Financial Institute:

LIC Housing Finance Limited, Bombay Life Building, 2nd Floor, 45/47, Veer Nariman Road, Mumbai-400001 – 400001, Maharashtra, India

 

 

Auditors :

 

Name :

 S R Batliboi and Company

Chartered Accountant

Address :

Golf View, Corporate Tower-B, Sector-42, Sector Road, Gurgaon-122002, Haryana, India

 

 

Name of subsidiaries indirectly owned by the Company :
  • Aashirwad Conbuild Private Limited
  • Abbey Properties Private Limited
  • Abbot Builders Private Limited
  • Abhinav Projects Private Limited
  • Abyss Properties Private Limited
  • Accession Buildwell Private Limited
  • Accordion Buildwell Private Limited
  • Achates Buildcon Private Limited
  • Acorn Buildmart Private Limited
  • Acorn Developers Private Limited
  • Active Promoters Private Limited
  • Active Securities Limited
  • Acutech Estates Private Limited
  • Adze Properties Private Limited
  • Allegiance Conbuild Private Limited
  • Allied Realty Private Limited
  • Alpine Buildcon Private Limited
  • Amar Gyan Developments Private Limited
  • Amardeep Buildcon Private Limited
  • Aparajit Promoters Private Limited
  • Archit Promoters Private Limited
  • Ardor Conbuild Private Limited
  • Arman Promoters Private Limited
  • Armour Properties Private Limited
  • Auspicious Realtors Private Limited
  • Authentic Properties Private Limited
  • Avinashi Buildtech Private Limited
  • Bailiwick Builders Private Limited
  • Balalaika Builders Private Limited
  • Ballad Conbuild Private Limited
  • Bhavishya Buildcon Private Limited
  • Bhavya Conbuild Private Limited
  • Bhumika Promoters Private Limited
  • Brijbasi Projects Private Limited
  • Brilliant Build tech Private Limited
  • Camarederie Properties Private Limited
  • Camellia Properties Private Limited
  • Capex Projects Private Limited
  • Casing Properties Private Limited
  • Cassock Properties Private Limited
  • Cats Eye Properties Private Limited
  • Charbhuja Properties Private Limited
  • Charismatic Realtors Private Limited
  • Chhavi Buildtech Private Limited
  • Chintz Conbuild Private Limited
  • Chirayu Buildtech Private Limited
  • Choir Developers Private Limited
  • Chum Properties Private Limited
  • Compact Projects Private Limited
  • Consummate Properties Private Limited
  • Crock Buildwell Private Limited
  • Crocus Builders Private Limited
  • Crony Builders Private Limited
  • Deep Jyoti Projects Private Limited
  • Divit Estates Private Limited
  • Dove Promoters Private Limited
  • Ducat Builders Private Limited
  • Dumdum Builders Private Limited
  • Easter Conbuild Private Limited
  • Ecliptic Conbuild Private Limited
  • Eclogue Conbuild Private Limited
  • Ecru Builders Private Limited
  • Ecstasy Conbuild Private Limited
  • Eddy Conbuild Private Limited
  • Edge Conbuild Private Limited
  • Edict Conbuild Private Limited
  • Edifice Conbuild Private Limited
  • Edit Estates Private Limited
  • Effusion Conbuild Private Limited
  • Elan Conbuild Private Limited
  • Elegant Propbuild Private Limited
  • Elite Conbuild Private Limited
  • Elixir Conbuild Private Limited
  • Elver Conbuild Private Limited
  • Eminence Conbuild Private Limited
  • Enigma Properties Private Limited
  • Estuary Conbuild Private Limited
  • Eternal Buildtech Private Limited
  • Ether Conbuild Private Limited
  • Ethic Conbuild Private Limited
  • Ethnic Properties Private Limited
  • Everwel Estates Private Limited
  • Expanse Conbuild Private Limited
  • Exponent Conbuild Private Limited
  • Extremity Conbuild Private Limited
  • Fable Conbuild Private Limited
  • Façade Conbuild Private Limited
  • Facet Estates Private Limited
  • Flick Propbuild Private Limited
  • Fling Propbuild Private Limited
  • Flip Propbuild Private Limited
  • Floret Propbuild Private Limited
  • Flotilla Propbuild Private Limited
  • Flounce Propbuild Private Limited
  • Flue Propbuild Private Limited
  • Fluff Propbuild Private Limited
  • Fluke Propbuild Private Limited
  • Foal Propbuild Private Limited
  • Fondant Propbuild Private Limited
  • Foray Propbuild Private Limited
  • Forsythia Propbuild Private Limited
  • Fount Propbuild Private Limited
  • Foyer Propbuild Private Limited
  • Fray Propbuild Private Limited
  • Frieze Propbuild Private Limited
  • Frisson Propbuild Private Limited
  • Frond Propbuild Private Limited
  • Froth Propbuild Private Limited
  • Futuristic Buildwell Private Limited
  • Gable Propbuild Private Limited
  • Gadget Propbuild Private Limited
  • Gaff Propbuild Private Limited
  • Gaiety Propbuild Private Limited
  • Gait Propbuild Private Limited
  • Galleon Propbuild Private Limited
  • Gallery Propbuild Private Limited
  • Gallium Propbuild Private Limited
  • Gambit Propbuild Private Limited
  • Gamete Propbuild Private Limited
  • Gamut Propbuild Private Limited
  • Garland Estate Private Limited
  • Garnet Propbuild Private Limited
  • Garuda Properties Private Limited
  • Gateau Propbuild Private Limited
  • Gaucho Propbuild Private Limited
  • Gauge Propbuild Private Limited
  • Gauntlet Propbuild Private Limited
  • Gavel Properties Private Limited
  • Gems Buildcon Private Limited
  • Genre Propbuild Private Limited
  • Gentian Propbuild Private Limited
  • Gentry Propbuild Private Limited
  • Geodesy Properties Private Limited
  • Gibbon Propbuild Private Limited
  • Girder Propbuild Private Limited
  • Glade Propbuild Private Limited
  • Glaze Estates Private Limited
  • Glen Propbuild Private Limited
  • Glen Propbuild Private Limited
  • Glimpse Propbuild Private Limited
  • Glitz Propbuild Private Limited
  • Globule Propbuild Private Limited
  • Gloss Propbuild Private Limited
  • Glove Propbuild Private Limited
  • Godawari Buildwell Private Limited
  • Godson Propbuild Private Limited
  • Golliwog Propbuild Private Limited
  • Gracious Technobuild Private Limited
  • Gradient Developers Private Limited
  • Grail Propbuild Private Limited
  • Grampus Propbuild Private Limited
  • Gran Propbuild Private Limited
  • Granar Propbuild Private Limited
  • Grange Propbuild Private Limited
  • Granule Propbuild Private Limited
  • Grapeshot Propbuild Private Limited
  • Grassroot Promoters Private Limited
  • Gravel Propbuild Private Limited
  • Grebe Propbuild Private Limited
  • Griddle Propbuild Private Limited
  • Grog Propbuild Private Limited
  • Grove Propbuild Private Limited
  • Grunge Propbuild Private Limited
  • Guffaw Propbuild Private Limited
  • Gull Propbuild Private Limited
  • Guru Rakha Projects Private Limited
  • Gyan Jyoti Estates Private Limited
  • Gyankunj Constructions Private Limited
  • Haddock Propbuild Private Limited
  • Haft Propbuild Private Limited
  • Hake Developers Private Limited
  • Halibut Developers Private Limited
  • Hamlet Buildwell Private Limited
  • Hammock Buildwell Private Limited
  • Hartej Estates Private Limited
  • Hope Promoters Private Limited
  • Immense Realtors Private Limited
  • Jamb Propbuild Private Limited
  • Janitor Propbuild Private Limited
  • Jasper Propbuild Private Limited
  • Jaunt Propbuild Private Limited
  • Jay Propbuild Private Limited
  • Jemmy Propbuild Private Limited
  • Jerkin Propbuild Private Limited
  • Jetty Propbuild Private Limited
  • Jig Propbuild Private Limited
  • Jive Propbuild Private Limited
  • Juhi Promoters Private Limited
  • Kamdhenu Projects Private Limited
  • Kartikay Buildwell Private Limited
  • Kayak Propbuild Private Limited
  • Kedge Propbuild Private Limited
  • Kestrel Propbuild Private Limited
  • Kismet Propbuild Private Limited
  • Knoll Propbuild Private Limited
  • Ladle Propbuild Private Limited
  • Lavish Propbuild Private Limited
  • Legend Buildcon Private Limited
  • Legend Buildwell Private Limited
  • Lifeline Build Tech Private Limited
  • Locus Propbuild Private Limited
  • Logical Developers Private Limited
  • Logical Estates Private Limited
  • Maestro Estates Private Limited
  • Mahonia Estates Private Limited
  • Mansarovar Projects Private Limited
  • Markwel Promoters Private Limited
  • Mega City Promoters Private Limited
  • MG Colonizers Private Limited
  • Milky Way Realtors Private Limited
  • odular Estates Private Limited
  • Monarch Buildcon Private Limited
  • Monga Properties Private Limited
  • Multitude Infrastructures Private Limited
  • Naam Promoters Private Limited
  • Navrattan Buildcon Private Limited
  • Nayas Projects Private Limited
  • Nettle Propbuild Private Limited
  • Newt Propbuild Private Limited
  • Nipper Propbuild Private Limited
  • Nishkarsh Estates Private Limited
  • Notch Propbuild Private Limited
  • Pansy Buildcons Private Limited
  • Paving Propbuild Private Limited
  • Perch Conbuild Private Limited
  • Perpetual Realtors Private Limited
  • Pipalashray Estate Private Limited
  • Potential Propbuild Private Limited
  • Pragya Buildcon Private Limited
  • Pratiksha Buildcon Private Limited
  • Prezzie Buildcon Private Limited
  • Progeny Buildcon Private Limited
  • Prosperous Buildcon Private Limited
  • Prosperous Constructions Private Limited
  • Pukhraj Realtors Private Limited
  • Pulse Estates Private Limited
  • Pushkar Projects Private Limited
  • Ram Ban Projects Private Limited
  • Rolex Estates Private Limited
  • Rose Gate Estates Private Limited
  • Rudraksha Realtors Private Limited
  • Sacred Estates Private Limited
  • Sambhavee Projects Private Limited
  • Sandesh Buildcon Private Limited
  • Sankalp Buildtech Private Limited
  • Sankalp Promoters Private Limited
  • Sanskar Buildcon Private Limited
  • Sanskar Buildwell Private Limited
  • Sanyukta Promoters Private Limited
  • Sapphire and Sands Private Limited
  • Sarvodaya Buildcon Private Limited
  • Sarvpriya Realtors Private Limited
  • Seriel Buildtech Private Limited
  • Sewak Developers Private Limited
  • Sharyans Buildcon Private Limited
  • Shaurya Propbuild Private Limited
  • Shitij Buildcon Private Limited
  • Shrestha Conbuild Private Limited
  • Shrey Promoters Private Limited
  • Sidhant Buildcon Private Limited
  • Sidhivinayak Buildcon Private Limited
  • Sidhivinayak Durobuild Private Limited
  • Signages Properties Private Limited
  • Silver Sea Vessel Management Private Limited
  • Smridhi Technobuild Private Limited
  • Snow White Buildcon Private Limited
  • Sonex Projects Private Limited
  • Sparsh Promoters Private Limited
  • Spiritual Realtors Private Limited
  • Sprouting Properties Private Limited
  • Spurt Projects Private Limited
  • Sriyam Estates Private Limited
  • Stash Propbuild Private Limited
  • Stave Propbuild Private Limited
  • Stein Propbuild Private Limited
  • Stent Propbuild Private Limited
  • Strut Propbuild Private Limited
  • Sukhda Promoters Private Limited
  • Sukhjit Projects Private Limited
  • Tacery Builders Private Limited
  • Tanmay Developers Private Limited
  • TCI Project Management Private Limited
  • Tinnitus Builders Private Limited
  • Tocsin Builders Private Limited
  • Toff Builders Private Limited
  • Tome Builders Private Limited
  • Tomtom Builders Private Limited
  • Trattoria Properties Private Limited
  • Trawler Properties Private Limited
  • Triad Properties Private Limited
  • True Value Build-Con Private Limited
  • Tushar Projects Private Limited
  • Utility Estates Private Limited
  • Utkarsh Buildcon Private Limited
  • Versatile Conbuild Private Limited
  • Virasat Buildcon Private Limited
  • VPG Developers Private Limited
  • Waif Propbuild Private Limited
  • Whelsh Properties Private Limited
  • Winkle Properties Private Limited
  • Yeti Properties Private Limited
  • Yogiraj Promoters Private Limited
  • Yukti Projects Private Limited
  • Zing Properties Private Limited
  • Zither Buildwell Private Limited
  • Zonex Developers Private Limited
  • Zonex Estates Private Limited
  • Zulu Properties Private Limited

 

 

Name of subsidiaries directly owned by the Company :
  • Budget Hotels India Private Limited
  • Educt Propbuild Private Limited
  • Fabworth Promoters Private Limited
  • Lotus Technobuild Private Limited
  • Nandita Promoters Private Limited
  • Pratham Promoters Private Limited
  • Prayas Buildcon Private Limited
  • Raksha Buildtech Private Limited
  • Vitality Conbuild Private Limited
  • Wembley Estates Private Limited

 

Arma Buildmore Private Limited

U70109DL2006PTC152668

 

Easel Propbuild Private Limited

U20296DL2007PTC162117

 

Edenic Probuild Private Limited

U45400DL2007PTC162103

 

 

Emaar MGF Construction Private Limited

U70109DL2006PTC154556

 

Emaar MGF Hospitality Private Limited

U55204DL2007PTC171167

 

Emaar MGF Projects Private Limited

U45400DL2007PTC164852

 

Emaar MGF Services Private Limited

U74930DL2006PTC154644

 

Enamel Probuild Private Limited

U45400DL2007PTC161948

 

Epitome Probuild Private Limited

U45400DL2007PTC162104

 

Gurukul Promoters Private Limited

U70109DL2006PTC152221

 

Kudos Probuild Private Limited

U01403DL2007PTC159832

 

 

CAPITAL STRUCTURE

 

As on 30.09.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

3000000000

Equity shares

Rs. 10/- each

Rs. 30000.000 Millions

3000000000

Preference Shares

Rs. 10/- each

Rs. 30000.000 Millions

 

Total

 

Rs. 60000.000 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

912619845

Equity Shares

Rs. 10/- each

Rs. 9126.198 Millions

629550000

Preference Shares

Rs. 10/- each

Rs. 6295.500 Millions

 

Total

 

Rs. 15421.698 Millions

 

As on 31.03.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1700000000

Equity shares

Rs. 10/- each

Rs. 17000.000 Millions

1000000000

Preference Shares

Rs. 10/- each

Rs. 10000.000 Millions

 

Total

 

Rs.27000.000 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

912619845

Equity Shares

Rs. 10/- each

Rs. 9126.200 Millions

 

Note:-

Of the Issued, Subscribed and Paid up Share Capital, 759972598 (previous year 759972598 ) Equity Shares of Rs.10 each are allotted as fully paid up bonus shares by capitalisation of Securities Premium .

 

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

9126.200

9052.050

9050.180

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

37304.240

36138.010

38364.110

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

46430.440

45190.060

47414.290

LOAN FUNDS

 

 

 

1] Secured Loans

21133.940

25099.130

19296.250

2] Unsecured Loans

26464.980

26620.490

27660.830

TOTAL BORROWING

47598.920

51719.620

46957.080

DEFERRED TAX LIABILITIES

393.610

0.000

0.000

 

 

 

 

TOTAL

94422.970

96909.680

94371.370

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

5445.170

5633.900

5082.140

Capital work-in-progress

2072.640

1631.490

1503.230

 

 

 

 

INVESTMENT

1325.390

740.310

866.270

DEFERREX TAX ASSETS

197.050

574.260

82.540

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
25416.170

16039.970

12694.970

 

Sundry Debtors
1796.620

3064.330

1254.960

 

Cash & Bank Balances
1661.550

990.540

509.340

 

Other Current Assets
690.900

330.720

2434.320

 

Loans & Advances
84360.670

85774.670

80947.180

Total Current Assets
113925.910

106200.230

97840.770

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
7394.050

2493.440

10967.560

 

Other Current Liabilities
21426.110

15876.110

 

 

Provisions
57.610

61.250

40.420

Total Current Liabilities
28877.770

18430.800

11007.980

Net Current Assets
85048.140

87769.430

86832.790

 

 

 

 

MISCELLANEOUS EXPENSES

334.580

560.290

4.400

 

 

 

 

TOTAL

94422.970

96909.680

94371.370

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2010

31.03.2009

31.03.2008

 

SALES

 

 

 

 

 

Income

10371.130

5627.240

10268.970

 

 

Other Income

321.830

231.440

474.060

 

 

TOTAL                                     (A)

10692.960

5858.680

10743.030

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Sales

5405.830

3138.690

4695.860

 

 

Personnel Expenses

445.950

790.360

542.270

 

 

Operating and other expenses

914.700

1640.180

2137.400

 

 

Advances Written off

933.320

56.540

0.000

 

 

Provision for Doubtful Advances

54.650

12.190

0.000

 

 

Prior Period Items

0.000

312.410

[1.540]

 

 

TOTAL                                     (B)

7754.450

5950.370

7373.990

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

2938.510

[91.690]

3369.040

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

1647.160

1408.920

490.000

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

1291.350

[1500.610]

2879.040

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

176.010

228.970

108.620

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

1115.340

[1729.580]

2770.420

 

 

 

 

 

Less

TAX                                                                  (I)

377.210

[748.150]

909.490

 

 

 

 

 

 

PROFIT AFTER TAX (G-I)                                  (J)

738.130

[981.430]

1860.930

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

157.450

134.710

[503.800]

 

Transfer from Debenture Redemption Reserve

208.330

1004.170

--

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Transfer to Debenture Redemption Reserve

[738.130]

--

1212.500

 

`

Dividend on Preference shares

--

--

8.480

 

 

Tax on Preference Dividend

--

--

1.440

 

BALANCE CARRIED TO THE B/S

365.780

157.450

134.710

 

 

 

 

 

 

Earnings Per Share (Rs.)

 

 

 

 

Basic

0.81

[1.08]

2.14

 

Diluted

0.81

[1.08]

2.07

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

PAT / Total Income

(%)
6.90

[16.75]

17.32

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
10.75

[30.74]

26.98

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
0.93

[1.55]

2.69

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.02

[0.04]

0.06

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
1.09

1.55

1.22

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
3.95

5.76

8.89

 

LOCAL AGENCY FURTHER INFORMATION

 

BUSINESS PERFORMANCE

 

During the year, the Company has shown significant improvement in the business performance and had successfully surmount out of the slowdown that it has witnessed in the past years due to global economic downturn. Since May 2009, the Indian real estate market has shown signs of recovery and the number of units sold by the Company has also increased substantially thereby resulting in substantial increase in turnover and profits.

 

During the year, the Company launched 12 residential projects and 1 commercial project with an aggregate saleable area of approximately 9.4 million square feet and booked about 3,900 units for sale in the aggregate across the current projects.

 

During the financial year ended March 31, 2010, the turnover of the Company stood at Rs. 10,693 million as against 5,859 millions in the previous year. The Company has made net profit of Rs 738 million against the loss of Rs. (982) million in the previous year. Further, on consolidated basis, the turnover of the Company stood as Rs. 19,510 million as against 9,611 million in the previous year, signifying a growth of 103%. On consolidated basis, the net profit of the Company stood at Rs. 511 million as against previous year loss of Rs. (925) million.

 

The Company has been able to achieve this growth in its financial performance due to continued construction progress on its projects and stringent cost control measures. The Management of the Company continue to adhere to the various initiatives mentioned in the previous Director Report such as (i) Creating value by developing high quality integrated master planned communities (ii) Keeping flexible approach to project development (iii) Strengthen the financial position and actively manage the capital resources (iv) Adoption of international benchmarking and follow best practices in project development and customer services. These initiatives have accelerate the growth of the Company and consequently the financial performance during the year.

 

BUSINESS PERFORMANCE AND OUTLOOK

 

The Company is a leading real estate construction and development company in India with pan-India presence. At present, the focus is on the development of residential projects in Delhi NCR, Mohali, Hyderabad, Chennai and

other key Indian cities. The key highlights of the various business segments of the Company for the period are given hereunder:

 

Residential - In residential business line, the main focus is on developing master planned communities in phases, wherein they design, build and sell a wide range of properties across different price points, including plots, villas, independent villa floors and apartments of varying sizes and specifications. One of the most prestigious projects that they are presently undertaking is the development of the 27.2 acre Commonwealth Games Village in Delhi. The successful launch of projects like Emerald Hills, Emerald Estate, Palm Studio, Enclave is a testimony to Company’s ability to develop and market its projects. They have already started handing over to customer’s part of the plotted development in Mohali and are also in the process of completing and handing over shortly the Palm Springs and Esplanade projects. As of March 31, 2010, they had 31 residential projects under development. They will continue to launch new residential projects of various product-mix keeping in view the demand in specific markets.

 

Commercial – In commercial business line, the focus is on developing built-to-suit and multi-tenanted developments targeted towards a range of customers, from individual users and small companies, to large corporate groups in various sectors. As of March 31, 2010, they had four commercial projects under development which include both stand alone commercial sites and properties forming part of the residential integrated master planned communities. During the year they also successfully launched the Emerald Plaza project in Gurgaon.

 

Hospitality – During the year they completed and launched, through one of the subsidiary, a five star hotel in Jaipur. The hotel is being operated by Fortune Park Hotels Limited, a subsidiary of ITC Limited.

 

Contingent Liabilities not provided for

 

(i) Corporate guarantees given by the Company to banks for facilities availed by Subsidiary companies outstanding as at March 31, 2010 – Rs. 6,000.00 million (previous year – Rs. 6,774.34 million).

 

(ii) Corporate guarantees given by the Company to financial institutions for facilities availed by a promoter group company outstanding as at March 31, 2010– Rs. 707.70 million (previous year – Rs. 799.35 million).

 

(iii) Claims received from vendors / contractors, not accepted by the Company – Rs. 43.01 million (previous year – Rs. 67.40 million). The Company has been advised that these claims are not tenable.

 

(iv) Claim for expenses by a promoter group company, not accepted by the Company– Rs. 119.48 million (previous year – Rs. 134.62 million). The Company has been advised that these claims are not tenable.

 

(v) Guarantees given by the Company to third parties for project undertaken by a subsidiary company, outstanding as at March 31, 2010 – Rs. 27.85 million (previous year – Rs. 87.84 million)

 

(vi) Project advances outstanding in the names of contractors against discontinued construction contracts, pending final settlement – Rs. Nil (previous year – Rs. 108.79 million)

 

Note:-

 

There are no contingent liabilities for the Joint Venture – Leighton Construction (India) Private Limited.

 

Bankers Charges Report as per Registry

 

Corporate identity number of the company

U45201DL2005PLC133161

Name of the company

EMMAR MGF LAND LIMITED

Address of the registered office or of the principal place of  business in India of the company

ECE House, 28, Kasturba Gandhi Marg, New Delhi-110001, India

This form is for

Modification of charge

Charge identification number of the charge to be modified

 10177060

Type of charge

Immovable property

Particular of charge holder

LIC Housing Finance Limited, Bombay Life Building, 2nd Floor, 45/47, Veer Nariman Road, Mumbai-400001 – 400001, Maharashtra, India

Nature of instrument creating charge

Immovable properties of Amar Gyan Development Private Limited, Ethnic Properties Private Limited, Active Promoters Private Limited, Crocus Builders Private Limited, Rudraksha Realtors Private Limited, Zonex Estate Private Limited, Gyankunj Construction Private Limited and Authentic Properties Private Limited already mortgaged with LIC Housing Finance Limited while certain parcels of the land released vide Release Letter dated 30.09.2010.

Date of instrument Creating the charge

30.08.2010

Amount secured by the charge

Rs. 500.000 Millions

Brief of the principal terms an conditions and extent and operation of the charge

Rate of Interest

As per Loan Agreement executed between the company and LIC Housing Finance Limited.

 

Terms of Repayment

As per Loan Agreement executed between the company and LIC Housing Finance Limited.

 

Margin

As per Loan Agreement executed between the company and LIC Housing Finance Limited.

 

Extent and Operation of the charge

As per Loan Agreement executed between the company and LIC Housing Finance Limited.

Short particulars of the property charged

514924 Sq.ft. or 11.82 Acres situaterd at Old Door No. 7A, New No. 75, New Vythianathan Street, Tondiarpet Village, Chennai held in the name of the company.

0.855 Acres, Chengamandu Village, Aluva Taluk, Ernakulam District, Kerala held in the name of Amargyan Developments Private Limited a subsidiary of the company.

10.065 Acres, Chengamandu Village, Aluva Taluk, Emakumal District, Kerala, held in the name of the Ethnic Properties Private Limited, a subsidiary of the company.

11.699 Acres, Chengamandu Village, Aluva Taluk, Ernakulam District, Kerala, held in the name of the Active promoters Private Limited a subsidiary of the company.

2778 Acres, Chengamandu Village, Aluva, Aluva Taluk, Ernakulam District, Kerala held in the name of the Crocus Builders Private Limited a subsidiary of the company.

3282 Acres, Chengamandu Village, Aluva Taluk, Ernakulam District, Kerala held in the name of the Rudrakhs Realtors Private Limited a subsidiary of the company.

1941 Acres, Chengamandu Village, Aluva Taluk, Ernakulam District, Kerala, held in the name of ht Zonex Estate Private Limited a subsidiary of the company.

4390 Acres, Chengamandu Village, Aluva Taluk, Ernakulam District, Kerala, held in the name of Gyankuj Construction Private Limited a subsidiary of the company.

1796 Acres, Chengamandu Village, Aluva Taluk, Ernakulam District, Kerala, held in the name of Authentick Properties Private Limited a subsidiary of the company.

Particulars of the present modification

The present modification is on the basis of release of immovable properties of amardeep Buildcon Private Limited, Garuda Properties Private Limited Gems Builcon Private Limited. Gracious Technobuild Private Limited, Gyan Jyoti Estates Private Limited, Prosperous Constructions Private Limited, Pukhraj Realtors Private Limited, Rose Gate Estates Private Limited and Zonex Estate Private Limited (partly), Given as security in favour of LIC Housing Finance Limited vide Release letter dated 30.09.2010

 

 

Fixed Assets:

 

·         Freehold Land

·         Leasehold land

·         Building

·         Leasehold Improvement

·         Plant and Machinery

·         Office Equipments

·         Computers

·         Furniture and Fixtures

·         Vehicles

·         Computers Software

 

AS PER WEBSITE

 

Profile:

 

Subject ("Emaar MGF", "the Company") is a joint venture between Emaar Properties PJSC ("Emaar") of Dubai and MGF Development Limited ("MGF") of India. Emaar is one of the world's leading real estate companies, having developed approximately 89 million square feet of real estate across residential, commercial and other business segments and with operations in 14 countries. MGF has established itself as one of the key players in retail real estate development in Northern India and has delivered approximately 2 million square feet of retail space.

 

The Company commenced operations in India in February 2005 and is into real estate development with a pan-India presence and operations spanning all key segments of the Indian real estate industry, namely the residential, commercial, retail and hospitality sectors. The Company's operations encompass various aspects of real estate development, such as land identification and acquisition, project planning, designing, marketing and execution. At present, its focus is on the development of residential projects in Delhi and elsewhere in the NCR, Mohali, Hyderabad, Chennai and other key Indian cities.

 

Emaar Properties PJSC

 

Emaar Properties PJSC ("Emaar") was incorporated on June 23, 1997 under the laws of the United Arab Emirates and commenced operations on July 29, 1997. The principal activity of Emaar is to invest and develop properties, provide property management services, engage in education, healthcare and hospitality services and invest in financial services providers.


Emaar, incorporated in 1997, is one of the world's leading real estate companies - having developed approximately 89 million square feet of real estate across residential, commercial and other business segments and with operations in 14 countries spanning the Middle East, North Africa, Asia and Europe. Emaar is developing several real estate projects in its primary market of Dubai. These include Emaar’s most ambitious project within the UAE, the Downtown Burj Dubai development. This is a 500 acre development and will feature developments such as the Burj Dubai - stated to be the world's tallest building, the Dubai Mall - stated to be one of the world’s largest entertainment and shopping malls and the Dubai Fountain, stated to be one of the world’s tallest performing fountains. In the Kingdom of Saudi Arabia, Emaar is developing the King Abdullah Economic City - a 168 million square meter development which is planned to be a mixed use project located on the coast of the Red Sea and will include a sea port, industrial zone, central business district, resort zone, educational zone and residential communities.


Some of Emaar’s other international projects include - Marassi, an up-market tourism resort and Uptown Cairo, a master-planned residential project, both in Egypt, Amelkis II and Amelkis III in Morocco, Samarah Dead Sea Resort in Jordan, Tuscan Valley Houses in Turkey and The Eighth Gate in Syria. In the hospitality and leisure sector, Emaar has launched a new hotel brand namely, The Address Hotels Resorts and as of August 31, 2009, had opened one hotel under this brand and two hotels are due for opening during September-October 2009. Additionally, Emaar owns and manages a diverse and award-winning portfolio of leisure assets, including golf resorts, a polo and equestrian club, health clubs, and the Dubai Marina and associated yacht club. Emaar has also entered into an exclusive agreement with Giorgio Armani S.p.A. to build and manage Armani hotels and resorts globally.


Emaar is an ISO 9001:2000 and an ISO 14001:2004 quality certified company. In addition, Emaar was awarded the prestigious Dubai Quality Award in 2006

 

MGF Developments Limited

MGF Developments Limited ("MGF") was incorporated on September 16, 1996 under the laws of India. The principal activity of MGF is leasing, hire purchase and real estate development.


MGF, incorporated in 1996, is engaged in the field of retail real estate development in Northern India. It is currently one of the leading shopping mall developers in Northern India, with approximately 2 million square feet of retail space delivered and approximately 3 million square feet of retail space and above 1 million square feet of residential space under development. Some of MGF's completed projects include The Metropolitan, The Plaza, Megacity Mall and The Villas in Gurgaon, the City Square Mall in West Delhi, MGF Metropolitan Mall in South Delhi and MGF Metropolitan Mall in Jaipur.

 

 

 

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.45.70

UK Pound

1

Rs.72.78

Euro

1

Rs.61.65

 

 

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

6

--PROFITABILIRY

1~10

6

--LIQUIDITY

1~10

7

--LEVERAGE

1~10

7

--RESERVES

1~10

7

--CREDIT LINES

1~10

6

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

60

 

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

-

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.