MIRA
INFORM REPORT
|
Report Date : |
24.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
LAVASA CORPORATION LIMITED |
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Registered Office : |
Hincon House, Lal Bahadur Shastri Marg, Vikhroli(W), Mumbai-400083, |
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Country : |
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Financial as on : |
31.03.2010 |
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Date of Incorporation : |
11.02.2000 |
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Com. Reg. No.: |
11-187834 |
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CIN No.: [Company
Identification No.] |
U55101MH2000PLC187834 |
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Legal Form : |
A Closely held Public Limited Liability Company. |
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Line of Business : |
Providing construction services. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 21000000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal
for business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION DENIED BY
|
Name : |
Mr. Bapat |
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Designation : |
Accounts Department |
|
Date : |
23.03.2011 |
LOCATIONS
|
Registered Office : |
Hincon House, Lal Bahadur Shastri Marg, Vikhroli (W), Mumbai-400083, |
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Tel. No.: |
91-22-40256000 |
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Fax No.: |
91-22-40256889 |
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E-Mail : |
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Website : |
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Head Office : |
247 Park, 13th Floor, Tower B, Lal Bahadur Shastri Marg,
Vikroli (West), Mumbai 400 083, |
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Tel. No.: |
91-22-40256000 |
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Branches : |
Viola Business Centre, 'D' Building, S.No. 118, Katraj – |
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Tel. No.: |
91-20-25234460 |
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Lavasa Experience Zone : |
4th Floor, |
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Tel. No.: |
91 20 64731020/21 |
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Site Office : |
Town Hali, At Village
Dasve, Post Patharshet, Taluka Mulshi, Pune – 412107, |
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Tel. No.: |
91-20-66759000 |
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Fax No.: |
91-20-66759009 |
DIRECTORS
As On 07.06.2010
|
Name : |
Ms. Anuradha Jitendra Desai |
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Designation : |
Director |
|
Address : |
Venktesh Farm, S. No. 95/1, Village Mauje-Warje, Taluka Haveli, |
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Date of Birth/Age : |
15.05.1962 |
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Date of Appointment : |
24.02.2003 |
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DIN No. : |
00012212 |
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Name : |
Mr. Ajit Hirachand Gulabchand |
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Designation : |
Director |
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Address : |
94, NCPA Apartments, |
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Date of Birth/Age : |
28.06.1948 |
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Date of Appointment : |
24.02.2003 |
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DIN No. : |
00010827 |
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Name : |
Mr. Surendra Kumar Khandelwal |
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Designation : |
Director |
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Address : |
238, Kailash Hills, East of Kailash, New Delhi-110065, |
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Date of Birth/Age : |
20.02.1946 |
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Date of Appointment : |
07.05.2004 |
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DIN No. : |
00015637 |
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Name : |
Ms. Shalaka Gulabchand Dhawan |
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Designation : |
Director |
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Address : |
172, Venus Apartment Cuffe Parade, Behind President Hotel,
Mumbai-400005, |
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Date of Birth/Age : |
02.08.1977 |
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Date of Appointment : |
28.04.2005 |
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DIN No. : |
00011094 |
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Name : |
Mr. |
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Designation : |
Director |
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Address : |
6, Annapurna Farms, Panch Kutir, Boulevard Road, |
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Date of Birth/Age : |
04.02.1954 |
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Date of Appointment : |
25.10.2005 |
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DIN No. : |
00017995 |
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Name : |
Mr. Gautam Brijmohan Thapar |
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Designation : |
Director |
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Address : |
E-16 Pushpanjali Farms, Bijwasan, New Delhi-110061, |
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Date of Birth/Age : |
07.12.1960 |
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Date of Appointment : |
27.02.2007 |
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DIN No. : |
00012289 |
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Name : |
Mr. Vithaldas Badrinarayan Maniar |
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Designation : |
Director |
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Address : |
F-10, Modibaug, |
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Date of Birth/Age : |
19.10.1939 |
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Date of Appointment : |
09.06.2008 |
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DIN No. : |
00023045 |
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Name : |
Mr. Shyamkant Kalidas Dharmadhikari |
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Designation : |
Director |
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Address : |
F-403, Great Eastern Gardens, Lal Bahadur Shastri Marg, Bhandup
(West), Mumbai-400078, |
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Date of Birth/Age : |
27.02.1951 |
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Date of Appointment : |
09.06.2008 |
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DIN No. : |
00613343 |
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Name : |
Mr. Sharad Madhav Kulkarni |
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Designation : |
Director |
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Address : |
161 A, 16th Floor, |
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Date of Birth/Age : |
09.01.1939 |
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Date of Appointment : |
24.03.2009 |
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DIN No. : |
00003640 |
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Name : |
Mr. Gaj Hanwant Singh |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
13.01.1948 |
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Date of Appointment : |
30.07.2010 |
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DIN No. : |
00061278 |
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Name : |
Mr. Ajay Baburao Shirke |
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Designation : |
Director |
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Address : |
1205, |
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Date of Birth/Age : |
26.04.1958 |
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Date of Appointment : |
30.07.2010 |
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DIN No. : |
00006807 |
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Name : |
Mr. Ram Pravinchandra Gandhi |
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Designation : |
Director |
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Address : |
Amalfi, 6th Floor, 15, L.D. Ruparel Marg, Malbar Hill,
Mumbai – 400006, |
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Date of Birth/Age : |
15.03.1952 |
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Date of Appointment : |
30.07.2010 |
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DIN No. : |
00050625 |
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Name : |
Mr. Sam Peshotan Bhadha |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
04.05.1948 |
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Date of Appointment : |
30.07.2010 |
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DIN No. : |
03146389 |
KEY EXECUTIVES
|
Name : |
Mr. Rajgopal Jaikishan Nogja |
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Designation : |
Manager |
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Address : |
32, Deepti Apartments, |
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Date of Birth/Age : |
29.05.1972 |
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Date of Appointment : |
21.04.2008 |
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Pan No.: |
ABKPN3168K |
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Name : |
Mr. Vendatesan Arunachalam |
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Designation : |
Company Secretary |
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Address : |
302, |
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Date of Birth/Age : |
05.05.1968 |
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Date of Appointment : |
07.05.2007 |
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Pan No.: |
AFTPA1515N |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 07.06.2010
|
Names of Shareholders |
|
No. of Equity
Shares |
|
Hindustan Construction Company Limited – |
|
134 |
|
Hincon Holdings Limited – |
|
134 |
|
Hincon Finance Limited – |
|
9448 |
|
HCC Real Estate Limited – |
|
30705203 |
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Avantha Realty Limited – |
|
7678305 |
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Venkateshwara Hatcheries Private Limited – |
|
6041602 |
|
Vinay Vittal Maniar |
|
2809380 |
|
Vitthal Badrinarayan Maniar |
|
374 |
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Bennett Coleman and Company Limited – |
|
10 |
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Axis Bank Limited – |
|
1 |
|
Total |
|
47244591 |
|
Names of 6%Redeemable Preference Shares |
|
No. of Shares |
|
Avantha Realty Limited – |
|
3975198 |
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Venkateshwara Hatcheries Private Limited – |
|
3873905 |
|
Vinay Vittal Maniar |
|
3500000 |
|
HCC Real Estate Limited – |
|
15900897 |
|
Total |
|
27250000 |
|
Names of 0.001%Compulosry Convertible Preference Shares |
|
No. of Shares |
|
Axis Bank Limited – |
|
25000000 |
As On 08.06.2010
|
List of Allottees |
|
No. of Equity
Shares |
|
Hindustan Construction Company Limited – |
|
1072 |
|
Hincon Holdings Limited – |
|
1072 |
|
Hincon Finance Limited – |
|
75584 |
|
HCC Real Estate Limited – |
|
245641624 |
|
Avantha Realty Limited – |
|
61426440 |
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Venkateshwara Hatcheries Private Limited – |
|
48332816 |
|
Vinay Vittal Maniar |
|
22475040 |
|
Vitthal Badrinarayan Maniar |
|
2992 |
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Bennett Coleman and Company Limited – |
|
80 |
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Axis Bank Limited – |
|
8 |
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Total |
|
377956728 |
As on 30.06.2010
|
List of Allottees |
|
No. of Equity
Shares |
|
Hindustan Construction Company Limited – |
|
172 |
|
Hincon Holdings Limited – |
|
172 |
|
Hincon Finance Limited – |
|
12147 |
|
HCC Real Estate Limited – |
|
39478118 |
|
Avantha Realty Limited – |
|
9872106 |
|
Venkateshwara Hatcheries Private Limited – |
|
7767774 |
|
Vinay Vittal Maniar |
|
3612060 |
|
Vitthal Badrinarayan Maniar |
|
481 |
|
Bennett Coleman and Company Limited – |
|
13 |
|
Axis Bank Limited – |
|
1 |
|
Total |
|
60743044 |
As On 07.06.2010
|
Category |
Percentage |
|
Bodies corporate |
94.05 |
|
Directors or relatives of Directors |
5.95 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing construction services. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
Information not divulged by management |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Financial Institute : |
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Auditors : |
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|
Name : |
K.S. Aiyar and Company Chartered Accountant |
|
Address : |
# F 7, Laxmi Mills, Shakti Mills Lane, Off Dr. E Moses Road,
Mahalaxmi, Mumbai-400011, Maharashtra, India. |
|
Pan No.: |
AAAFK6843P |
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Holding Company : |
CIN: U70100MH2005PLC154004 |
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Parent Company/Subsidiaries/Fellow Subsidiaries : |
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Ultimate Holding Company : |
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Other Related Parties : |
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CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
60000000 |
Equity Share |
Rs.10/- Each |
Rs. 600.000 Millions |
|
40000000 |
Cumulative Redeemable Preference Shares |
Rs.10/- Each |
Rs. 400.000 Millions |
|
25000000 |
Compulsory Convertible Preferences Shares |
Rs.10/- Each |
Rs. 250.000 Millions |
|
|
Total |
|
Rs. 1250.000
Millions |
Issued, Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
47244591 |
Equity Share |
Rs.10/- Each |
Rs. 472.446
Millions |
|
28000000 |
6% Cumulative Redeemable Preference Shares |
Rs.10/- Each |
Rs. 280.000 Millions |
|
25000000 |
0.001% Compulsory Convertible Preferences Shares |
Rs.10/- Each |
Rs. 250.000
Millions |
|
|
Total |
|
Rs. 1002.446 Millions |
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
47244591 |
Equity Share |
Rs.10/- Each |
Rs. 472.446
Millions |
|
27250000 |
6% Cumulative Redeemable Preference Shares |
Rs.10/- Each |
Rs. 272.500
Millions |
|
25000000 |
0.001% Compulsory Convertible Preferences Shares |
Rs.10/- Each |
Rs. 250.000
Millions |
|
|
Total |
|
Rs. 994.946 Millions |
Note:
Of the above
37,50,000 (previous
year 37,50,000) Equity Shares of Rs. 10/- each have been allotted as fully paid
up to the shareholders of amalgamating company pursuant to the scheme of
amalgamation without payment being received in cash
Of the above
3,07,05,203
(Previous year 3,07,05,203) equity shares are held by HCC Real Estate
Limited134 (Previous year - 134) equity Shares are held by Hindustan
Construction Company Limited
Of the above
80,00,000 (Previous
Year 80,00,000) 6% Cumulative Redeemable Preference Shares of Rs. 10/- each
have been allotted to the shareholders of amalgamating company pursuant to the
scheme of amalgamation without payment being received in cash
Of the above
1,59,00,897 (Previous
Year 1,59,00,897) Preference shares are held by HCC Real Estate Limited
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
994.946 |
994.946 |
625.898 |
|
|
2] Share Warrants |
81.250 |
81.250 |
0.000 |
|
|
3] Reserves & Surplus |
4357.346 |
2974.582 |
1624.178 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
(152.012) |
|
|
NETWORTH |
5433.542 |
4050.778 |
2098.064 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
15759.503 |
9797.822 |
4970.000 |
|
|
2] Unsecured Loans |
2000.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
17759.503 |
9797.822 |
4970.000 |
|
|
DEFERRED TAX LIABILITIES |
808.426 |
115.736 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
24001.471 |
13964.336 |
7068.064 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
3231.126 |
2623.404 |
238.151 |
|
|
Capital work-in-progress |
8573.300 |
5942.333 |
24.266 |
|
|
|
|
|
|
|
|
INVESTMENT |
3795.940 |
842.326 |
7.994 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
6286.495
|
4302.235
|
7251.477 |
|
|
Sundry Debtors |
3179.487
|
1007.869
|
0.000 |
|
|
Cash & Bank Balances |
609.291
|
236.381
|
236.112 |
|
|
Other Current Assets |
72.928
|
46.632
|
0.000 |
|
|
Loans & Advances |
3072.482
|
1099.802
|
411.650 |
|
Total
Current Assets |
13220.683
|
6692.919
|
7899.239 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
583.771 |
64.748 |
436.227 |
|
|
Other Current Liabilities |
4185.001
|
1939.896
|
658.579 |
|
|
Provisions |
50.806
|
132.002
|
6.780 |
|
Total
Current Liabilities |
4819.578
|
2136.646
|
1101.586 |
|
|
Net Current Assets |
8401.105
|
4556.273
|
6797.653 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
24001.471 |
13964.336 |
7068.064 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4786.302 |
2120.413 |
0.000 |
|
|
|
Other Income |
29.252 |
0.482 |
0.073 |
|
|
|
TOTAL (A) |
4815.554 |
2120.895 |
0.073 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Land and Construction Expenses |
3189.467 |
6047.108 |
(1013.181) |
|
|
|
Employees Remuneration and Benefits |
486.596 |
487.807 |
217.810 |
|
|
|
Office and Site Establishment Expenses |
548.895 |
413.665 |
325.205 |
|
|
|
Transferred to fixed asset / capital work in
progress |
(3355.222) |
(8317.703) |
0.000 |
|
|
|
TOTAL (B) |
869.736 |
(1369.123) |
(470.166) |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3945.818 |
3490.018 |
470.239 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1814.944 |
2132.251 |
524.532 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2130.874 |
1357.767 |
(54.293) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
36.274 |
6.844 |
3.372 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2094.600 |
1350.923 |
(57.665) |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
692.741 |
117.954 |
3.607 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
1401.859 |
1232.969 |
(61.272) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
753.318 |
(152.012) |
(90.739) |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Preference Share Dividend |
16.375 |
95.325 |
0.000 |
|
|
|
Tax on Proposed Shares Dividend |
2.720 |
16.200 |
0.000 |
|
|
|
Capital Redemption Reserve |
0.000 |
216.114 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
2136.082 |
753.318 |
(152.012) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
- Basic |
29.27 |
26.60 |
(2.29) |
|
|
|
- Diluted |
28.93 |
26.60 |
(2.29) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
29.11
|
58.13 |
(83934.24) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
43.76
|
63.71 |
(0.00) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.73
|
14.24 |
(0.71) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.39
|
0.34 |
(0.03) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.16
|
3.15 |
2.89 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.74
|
2.98 |
7.17 |
LOCAL AGENCY FURTHER INFORMATION
The Details of
Sundry Creditors:
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
|
|
|
|
i) Micro, small and medium enterprises |
-- |
-- |
|
|
ii) others |
583.771 |
64.748 |
|
|
Total |
583.771 |
64.748 |
436.227 |
Note:
The registered office of the company has been shifted from Viola
Business Centre D Building No. 118 Katraj – Dehu Road Bypass (NH4) Warje,
Pune-411052,
Operations and
Outlook
According to the Economic Survey presented to Parliament, the Indian
economy has in the Financial Year 2009-10 bounced back from the global economic
slowdown and is on its way to the growth path of 9 per cent. The Central
Statistical Organisation (CSO) estimate of 7.2 per cent Gross Domestic Product
(GDP) growth for 2009-10 reflects the fast paced recovery given the Index of
Industrial Production (IIP) posting a record 16.8 per cent year-on-year growth
during the month of December 2009. The economy has also responded well to the
policy measures undertaken in the wake of the global financial crisis. The
broad based nature of the recovery creates scope for a gradual roll back, in
due course, of some of the measures undertaken over the last 15 to 18 months to
put the economy back on the growth path of 9 per cent.
The Company has been able to steer clear of the economic slowdown and
continues to reflect an upward trend. The company has kept its rationale of
building a city for all and is tailoring partnerships and tie ups with all
global leaders in their respective sectors. The Company continued to enjoy
healthy sales and has seen record closures on each sale opening. Earlier units
sold have progressed as per plan with the handover of the first apartment units
commencing in the second quarter of 2010. Institutional sales have also made
progress with a number of training institutes and corporate entities entering
into MoUs for Mugaon. In the hospitality space, Accor Hospitality is geared to
launch its three brands of hotels i.e. Mercure, Novotel and
The Company continued the focus on branding and communication activities
through 2009-10. A thought leadership platform – Lavasa Future Cities was
launched in association with the Times of India group. The key objective was to
trigger a thought process amongst public as well as key decision makers on not
only the need to push for creation of more urban centres for the rapidly
migrating Indian populace but also to push forth the need for better and more
workable governance structures. This intensive 5 month campaign was planned and
executed across various media (print, radio, internet, on-ground events) and
included a pan
The Company has completed purchase of 10,000 acres of land and is
processing completion of another 2196 acres, for which agreements were signed
in the past. Further steps to reach the overall land purchase target of 18,000
acres is in progress.
The Company has obtained final approval from the Ministry of Environment
and Forests for widening of Tamhini to Mugaon Zilla Parishad road passing
through a
On the infrastructure front, the Company has accelerated work on the
infrastructure for Mugaon which is in the advanced stage of completion.New
internal roads at Mugaon towards the Space World area (5.2 kms) have been taken
up and excavation and crest (3.5 kms) has been completed. Utilities like water,
sewer and power and data lines are in progress and the approach road to NSHM (3
kms) is currently in progress. The improvement to the existing Mugaon-Tamhini
Zilla Parishad road is in progress and is expected to be completed by 2010. The
portion of this Mugaon Tamhini road will also form part of the approach road
for the proposed tunnel between Tamhini and Mugaon. The work on the inter
village road Mugaon to Gadle (6 kms) is also in progress and is expected to be
completed by June 2010. The Company has in addition rehabilitated villagers and
commenced work on new Gaothans and by year end there will be 50 units ready to
be accommodated by villagers along with social infrastructure like school,
temple, community centre, etc. This rehabilitation will also help to commence
the construction of first phase of waterfront apartments in Mugaon. The basic infrastructure
like access roads, internal roads, water treatment plant, sewage treatment
plant, telecom tower, etc. is also in place.
The company has completed Hydroseeding on 150 acres around Dasve and
Mugaon and mass plantation (approximately 6 lakh trees) has already been
completed till date. Disturbed slopes are being treated / stabilized using Soil
Bioengineering technique. The landscaping work around areas like Town Hall,
Fortune Select Dasve hotel, a part of the
Beginning April 2010, apartments and villas are being handed over to
owners at Dasve (first town at Lavasa) who will begin living in their new homes
or rent them to others. With these new residents, Dasve begins its final
transition from a construction site to a living, breathing city. All this would
not have been possible without the efficient City Management Services (CMS).
The City Management Services Department is currently divided into five
divisions:
1. Property Management - This department oversees customer services, the
citizen call centre, coordinates real estate handovers and transfers, and the
enforcement of development regulations.
2. Public Safety and Security: This department combines law and order
services, fire and disaster prevention, suppression and response, traffic
control, parking management and perimeter access control.
3.
4. Public Works: This department maintains streets, promenades,
footpaths, parks, drainage channels and other public realm areas and runs the
city’s solid waste management program.
5. Administration and Finance: The financial transactions of the City
Management Services are coordinated by this department, including bills issued
to citizens and businesses in Lavasa. This department also facilitates
provision of other services such as transit buses, communication and guest
assistance.
Right from the inception of the project, the Company has undertaken
initiatives to enhance the standard of living of the locals at Lavasa. A
full-fledged ‘Community Development Department’ is dedicated to this purpose.
The philosophy of the project is to make the locals selfreliant. To begin with,
the Corporate Responsibility department aims at developing close rapport with
the community by organizing various activities - creation of Gaothans,
providing employment opportunities and a better standard of living for the
villagers of the region, creation of healthcare, education and child-care
facilities for the locals and conducting personality development and health
camps.
Bankers Charges Report
as per Registry
|
Name of the company |
LAVASA CORPORATION LIMITED |
|
Presented By |
Shri Narendra
Ochani (Company Secretary) |
|
1) Date and description of instrument creating the change |
Deed of
hypothecation dated 30.06.2004 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Term loan of
Rs.26.000 millions |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Exclusive first
charge on the equipment as listed in the Collateral Schedule of the deed of
hypothecation dated 30.06.2004 |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
I) The Charge
Operates As Security, Inter Alia, For Due Repayment By The Company To GECSI
Of Its Term Loan Of Rs.26.000 Millions, Together With Interest, Additional
Interest, Liquidated Damages, Premia On Prepayment Or On Redemption (If Any),
Costs, Charges, Expenses And All Other Moneys Payable By The Company To GECSI
In Terms To The Said Loan. II) Repayment In
36 Equal Monthly Installments In Arrears. Interest 8.5% P.
A. Monthly In Arrears (Exclusive Of Interest Tax) III) Covenants As
Specified In The Master Equipment And Loan Agreement Dated June 30, 2004 IV) Extent Of
Charge Is 100% |
|
5) Name and Address and description of the person entitled to the charge. |
GE Capital
Services |
|
6) Date and brief description of instrument modifying the charge |
Not Applicable |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Not Applicable |
|
Corporate
identity number of the company |
U55101MH2000PLC187834 |
|
Name of the
company |
LAVASA CORPORATION LIMITED |
|
Address of the
registered office or of the principal place of business in |
Hincon House, Lal Bahadur Shastri Marg, Vikhroli (W), Mumbai-400083, |
|
This form is for |
Modification of
charge |
|
Type of charge |
Immovable
Property Book Debts Movable Property
(not being pledge) Project assets, accounts,
receivables etc. |
|
Particular of
charge holder |
Axis Trustee
Services Limited - E-mail id: kirtikant.kaviji@axisbank.com |
|
Nature of
description of the instrument creating or modifying the charge |
Deed of
Substitution dated 02.11.2010 for substitution of part of mortgage premises
being land admeasuring 65.10 acres situated at Villages Mugaon and Dhamanohol,
Dist Pune, Maharashtra more particularly described in Third Schedule of Deed
of Substitution dated 02.11.2010 with the new property being land admeasuring
65.10 acres situated at Village Dhamanohol, Taluka Mulshi, Dist Pune, more
particularly described in fourth schedule of Deed of Substitution dated
02.11.2010 |
|
Date of
instrument Creating the charge |
02.11.2010 |
|
Amount secured by
the charge |
Rs.11930.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Extent and
Operation of the charge First pari passu
charge on land admeasuring 6881.62 acres as described in the Fifth Schedule
of Deed of Substitution dated 0.11.2010, operative till entire loan amount is
repaid. |
|
Short particulars
of the property charged |
First pari passu
charge on 6881.62 acres of immovable property situated at Village Dasve,
Dhamanohol, Gadle, Wadavali, Sakhari, Bhoini, Admal, Mugaon, Palse,
Patharshet, Padalghar, Koloshi, gavali, Bembatmal, Mose BK, Saiv BK, Bhode,
Taluka Mulshi, Dist. Pune and more particularly mentioned in fifth schedule
of Deed of Substitution dated 02.11.2010. First pari passu charge on the
entire immovable fixed assets of the Mortgagor both present and future on the
aforesaid 6881.62 acres of land; First pari passu charge on the entire
movable fixed assets and current assets both present and future. First Pari
Passu charge over / assignment of all project agreements, all guarantees,
performance guarantees of bonds, letters of credit provided by any party,
counter-party to any Project Agreement, or otherwise in respect of Phase-I of
the project in favour of the Company and all clearances Trademarks and patent
rights, brands, titles, approvals, etc. First pari passu
charge over / assignment of all the Company's right, title, interest, benefit
and claim. First pari passu
charge over all intangible assets of the Company including but not limited to
goodwill. First pari passu
charge over all bank account of the Company including without limitation, the
Trust and Retention Account (or any account in substitution thereof) and all
other accounts. First pari
passu charge over all revenues and receivables of the Company from the
Project or otherwise. |
|
Date of last
modification prior to the present modification |
10.06.2010 |
|
Particulars of
the present modification |
Vide the Deed of
Substitution dated 02.11.2010 (i) the trustees have reconveyed, released,
retransferred, reassigned and reassured to the Company the land admeasuring 65.10
acres (described in Third Schedule), (ii) the Company has granted, conveyed,
assured, assigned and transferred to the trustees the land admeasuring 65.10
acres. Consequently, this facility shall continued to be secured by the land
admeasuring 6881.62 acres |
FIXED ASSETS:
- Land
- Building
- Plant and Machinery
- Office Equipments
- Furniture and Fixtures
- Computers
- Vehicles
- Boats
- Software
- Trademarks and Designs
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.96 |
|
|
1 |
Rs.73.57 |
|
Euro |
1 |
Rs.63.68 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.