MIRA
INFORM REPORT
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Report Date : |
21.09.2011 |
IDENTIFICATION DETAILS
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Name : |
HOUSING DEVELOPMENT AND INFRASTRUCTURE
LIMITED (w.e.f 29.08. 2006) |
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Formerly Known As : |
Housing Development and Improvement India
Private Limited |
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Registered Office : |
9-01, Dheeraj Arma, Anant Kanekar Marg, Bandra (East), Mumbai – 400
051, |
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Country : |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
25.07.1996 |
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Com. Reg. No.: |
11-101379 |
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Capital Investment / Paid-up Capital : |
Rs.4150.040 millions |
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CIN No.: [Company
Identification No.] |
L70100MH1996PLC0101379 |
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Legal Form : |
Public Limited Company. The Company's shares are listed on the Stock
Exchange. |
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Line of Business : |
Subject is an infrastructure and Real Estate Company |
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No. of Employees: |
1500 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
A (64) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 39000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having fine track tecords. Financial
position of the company appears to be sound. Trade relations are reported as
fair. Business is active. Payments are reported to regular and as per
commitments. The company can be consider good for normal 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
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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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 PARTED BY
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Name : |
Mr. Preeti |
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Designation : |
Accountant |
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Contact No.: |
91-22-26583500 |
LOCATIONS
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Registered Office : |
9-01, Dheeraj Arma, Anant Kanekar Marg, Bandra (East), Mumbai – 400
051, |
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Tel. No.: |
91-22-
26583500 |
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Fax No.: |
91-22 -
26583636 / 26583535 |
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E-Mail : |
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Website : |
http://www.hdil.in |
DIRECTORS
As on : 31.03.2011
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Name : |
Mr. Rakesh Kumar Wadhawan |
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Designation : |
Executive chairman |
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Name : |
Mr. Sarang Wadhawan |
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Designation : |
Managing Director |
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Name : |
Mr. Waryam Singh |
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Designation : |
Director |
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Name : |
Mr. Ashok Kumar |
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Designation : |
Director |
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Name : |
Mr. Satyapal Talwar |
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Designation : |
Independent Director |
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Name : |
Mr. Lalit Mohan Mehta |
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Designation : |
Independent Director |
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Name : |
Mr. Shyam Sunder Dawra |
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Designation : |
Independent Director |
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Name : |
Mr. Surinder Kumar Soni |
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Designation : |
Independent Director |
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Name : |
Mr. Sunil Behari Mathur |
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Designation : |
Independent Director |
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Name : |
Mr. ramesh Chander
Kapoor |
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Designation : |
Independent Director |
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Name : |
Mr. Raj Kumar Aggarwal |
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Designation : |
Independent Director |
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Name : |
Mr. K P Devassy |
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Designation : |
Chief Financial Director |
KEY EXECUTIVES
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Name : |
Mr. Darshan D Majmudar |
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Designation : |
Company Secretary |
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AUDIT COMMITTEE |
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REMUNERATION
COMMITTEE |
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INVESTOR GRIEVANCES AND SHARE TRANSFER COMMITTEE |
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FINANCE COMMITTEE |
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PROJECT COMMITTEE |
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Name: |
Mr. K P Devassy |
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Designation: |
Chief Financial Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2011
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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(A) Shareholding of Promoter and Promoter Group |
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106678824 |
25.71 |
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53346984 |
12.85 |
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160025808 |
38.56 |
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(B) Public Shareholding |
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858918 |
0.21 |
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652521 |
0.16 |
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314372 |
0.08 |
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174600938 |
42.07 |
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40617027 |
9.79 |
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23826990 |
5.74 |
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9906928 |
2.39 |
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1052741 |
0.26 |
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104955 |
0.03 |
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1071517 |
0.29 |
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13 |
-- |
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1971258 |
0.47 |
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Total |
415003986 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
BUSINESS DETAILS
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Line of Business : |
Subject is an infrastructure and Real Estate Company |
Note : Installed, Licensed and
Actual Capacities
With regard to Clause 3(ii) of Part II of
Schedule VI to the Companies Act, 1956, the Company is of the view that in
respect of its real estate operations, the Company does not fall under the
category of clause 3(ii)(a) “Manufacturing Company” or clause 3(ii)(b) “Trading
Company” or Clause 3(ii)(c) “Company rendering or supplying services”, but
falls under the category of “Other Companies” as given in Clause 3(ii)(e). As
such, quantitative details of opening stock, purchases and closing stock are
not required to be furnished.
GENERAL INFORMATION
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No. of Employees : |
1500 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
---- |
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Auditors : |
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Name : |
Thar and Company Chartered Accountants |
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Address : |
203, Capri, anant Kanekar Marg, |
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Subsidiaries : |
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Associates : |
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CAPITAL STRUCTURE
As on: 31.03.2011
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000000 |
Equity Shares |
Rs. 10/- each |
Rs.5000.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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415003986 |
Equity Shares |
Rs. 10/-
each |
Rs.4150.040
millions |
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NoteS:
(Of the above 23,12,20,595 Equity shares of Rs.10A each were
allotted as fully paid-up bonus shares by way of capitalization of General
Reserve and Securities Premium)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
4150.040 |
3588.427 |
2754.927 |
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2] Share Warrant |
2592.000
|
780.000 |
0.000 |
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3] Reserves & Surplus |
89628.845 |
66809.008 |
41921.528 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
96370.885 |
71177.435 |
44676.455 |
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LOAN FUNDS |
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1] Secured Loans |
41953.943 |
40517.169 |
40933.197 |
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2] Unsecured Loans |
0.000 |
0.000 |
500.000 |
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TOTAL BORROWING |
41953.943 |
40517.169 |
41433.197 |
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DEFERRED TAX LIABILITIES |
65.694 |
53.332 |
24.016 |
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TOTAL |
138390.522 |
111747.936 |
86133.668 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1777.164 |
1807.001 |
580.348 |
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Capital work-in-progress |
910.737 |
22.804 |
147.161 |
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INVESTMENT |
7859.526 |
5964.764 |
3029.193 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
100864.832
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80336.624
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64416.959
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Sundry Debtors |
3428.483
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2007.176
|
1653.974
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Cash & Bank Balances |
2260.073
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7873.879
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751.653
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Other Current Assets |
25.528
|
27.907
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0.000
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Loans & Advances |
41411.671
|
22053.163
|
21850.137
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Total
Current Assets |
147990.587
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112298.749
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88672.723
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
4365.274 |
2756.046 |
3035.323 |
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Current Liabilities |
14403.085
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5266.702
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3079.486
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Provisions |
1379.133
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322.634
|
180.948
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Total
Current Liabilities |
20147.492
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8345.382
|
6295.757
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Net Current Assets |
127843.095
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103953.367
|
82376.966
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
138390.522 |
111747.936 |
86133.668 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
18026.263 |
14919.917 |
17192.904 |
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Other Income |
1201.333 |
1075.907 |
952.840 |
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TOTAL (A) |
19227.596 |
15995.824 |
18145.744 |
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Less |
EXPENSES |
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Increase/(Decrease) in Stock in Trade |
(198.432) |
(391.507) |
(1373.110) |
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Increase/(Decrease) in Work in progress |
(23953.382) |
(15528.158) |
(12015.367) |
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Transfer to Investment / Fixed assets |
(1052.469) |
(690.717) |
(61.870) |
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Cost of construction, Land and development expenses |
26955.958 |
19147.669 |
16537.165 |
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Project Specific Interest |
4961.501 |
4366.496 |
0.000 |
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Employees, remuneration-and welfare 'expenses'' |
417.294 |
260.282 |
198.883 |
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Administrative expenses |
620.919 |
638.890 |
886.014 |
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Preliminary Expenses Written off |
0.000 |
0.000 |
15.351 |
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Share of loss from Partnership firm |
0.304 |
0.000 |
0.000 |
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Exceptional Items |
44.957 |
0.000 |
0.000 |
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TOTAL (B) |
7796.650 |
7802.955 |
4187.066 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
11430.946 |
8192.869 |
13958.678 |
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Less |
INTEREST (D) |
818.130 |
788.999 |
5781.850 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
10612.816 |
7403.870 |
8176.828 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
72.492 |
51.028 |
23.562 |
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PROFIT BEFORE
TAX (E-F) (G) |
10540.324 |
7352.842 |
8153.266 |
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Less |
TAX (H) |
1576.173 |
1329.885 |
941.189 |
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PROFIT AFTER TAX
(G-I) (I) |
8964.151 |
6022.957 |
7212.077 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
5829.241 |
6054.235 |
5736.707 |
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Add: |
Deferred Tax Assets (F.Y. 06-07) |
0.000 |
0.000 |
0.000 |
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Add: |
MAT Credit Entitlement |
0.000 |
0.000 |
336.604 |
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Add: |
Excess Provision for taxation no longer required |
9.496 |
(56.351) |
755.554 |
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Less |
APPROPRIATIONS |
|
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|
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Transfer to General Reserve |
5829.241 |
0.000 |
5736.707 |
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Transfer to Debenture Redemption Reserve |
4333.400 |
6191.600 |
2250.000 |
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BALANCE CARRIED
TO THE B/S |
4640.247 |
5829.241 |
6054.235 |
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Basic and
Diluted Earnings Per Share (Rs.) |
22.88 |
18.23 |
30.14 |
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QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 |
|
Type |
1st
Quarter |
|
Sales Turnover |
5237.100 |
|
Total Expenditure |
2681.300 |
|
PBIDT (Excl
OI) |
2555.800 |
|
Other Income |
239.200 |
|
Operating
Profit |
2795.000 |
|
Interest |
180.900 |
|
Exceptional
Items |
0.000 |
|
PBDT |
2614.100 |
|
Depreciation |
22.300 |
|
Profit
Before Tax |
2591.800 |
|
Tax |
618.600 |
|
Reported PAT |
1973.200 |
|
Extraordinary Items |
0.000 |
|
Prior Period Expenses |
0.000 |
|
Other Adjustments |
0.000 |
|
Net Profit |
1973.200 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
46.62 |
37.65 |
39.75 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
58.47 |
49.28 |
47.42 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
70.42 |
6.44 |
8.82 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.10 |
0.10 |
0.18 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
0.64 |
0.69 |
1.07 |
|
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|
Current Ratio (Current Asset/Current Liability) |
|
7.34 |
13.45 |
14.08 |
LOCAL AGENCY FURTHER INFORMATION
history
The company was incorporated as Housing Development and Improvement
India Private Limited under the companies act, 1956 on July 25th,
1996. On February 3rd, 2005. The
company was converted into a public limited company and on January 12th,
2005, the name of the company was changed pursuant to change in the status of
the company from private to public limited company. On August 29th,
2006, the name was changed to Housing development and Infrastructure Limited.
At the time of Incorporation, the registered office address of the company was
Karim Mahal, St. alexiuos
Road, (Off) Perry Road, Bandra (West),
Mumbai – 400 050, which was changed on June 16, 1997 to Dheeraj Apartment, P.P.
Dias Compound, Natwar Nagar road, No. 1, W.E Highway, Jogeshwari (east), Mumbai – 400 060. With effect
from April 1, 2006 it was changed to 09-01. Dheeraj Arma, anant
Kanekar Marg,
OPERATIONS
The Turnover of the Company increased by 20.20% and stood at Rs.
19227.600 as against Rs.15995.800 millions in the previous year. The Company’s
Profit from Operations for the year ended 31st March, 2011 increased by 43.35 %
to Rs.10540.300 millions as against Rs. 7352.800 millions in the corresponding
period of the previous year. Company launched Residential as well as Commercial
projects admeasuring 57,40,218 sq. ft. of saleable area. Details of Projects
forms part of the Management’s Discussion and Analysis forming part of the
report appearing separately in the annual report. During the year there was
accidental fire on 18th November, 2010 at the office premises due to this, the
equipments, computer systems, statutory, registers, correspondence and drawing
plans were extensively damaged. Exceptional loss of Rs.45.000 millions
represents net write off to Profit and Loss Account on account of accidental
fire. There was no casualty in the said mishap.
SUBSIDIARY
COMPANIES
As at 31st March, 2011, the Company had 10 subsidiaries as listed below:
1. Blue Star Realtors Private Limited
2. BKC Developers Private Limited
3. Excel Arcade Private Limited
4. Guruashish Construction Private Limited
5. HDIL Commercial Properties Private Limited (formerly known as HDIL
Leisure Private Limited)
6. HDIL Entertainment Private Limited
7. Lashkaria Construction Private Limited (w.e.f. 12th October, 2010)
8. Mazda Estates Private Limited
9. Privilege Power and Infrastructure Private Limited and
10. Ravijyot Finance and Leasing Private Limited
All the above companies are non-material, non-listed subsidiary
companies as defined under Clause 49 of the Listing Agreements entered into
with the stock exchanges.
The Ministry of Corporate Affairs (MCA) vide its Circular No. 5/12/2007
– CL-III dated 8th February, 2011 has granted general exemption under Section
212(8) of the Companies Act, 1956 to companies from attaching the accounts of
their subsidiaries in their annual reports subject to fulfillment of certain
conditions prescribed. The Board of Directors of the Company at its Meeting
held on 27th May, 2011 noted the provisions of the circular of MCA and passed
the necessary resolution granting the requisite approvals for not attaching the
Balance Sheet, Profit and Loss Account, report of the board of directors and
report of the auditors of each of the subsidiary companies to the accounts of
the Company for fiscal 2011. The Company will make available these documents/details
upon request by any Member of the Company at its Registered Office and also at
the registered offices of the concerned subsidiaries. As required by Accounting
Standard–21 (AS – 21) issued by the Institute of Chartered Accountants of
India, the Company’s consolidated financial statements included in this Annual
Report incorporate the accounts of its subsidiaries. A summary of key
financials of the HDIL Subsidiaries is also included in this Annual Report.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
GENERAL
PERFORMANCE REVIEW
India continues to be the second fastest growing economy in the Asia
Pacific region. Despite the global meltdown effect of the past two years, the
growth rate of Indian economy is estimated to be around 8% and it is expected to
sustain the same until year 2020. Infrastructure development integrated with
real estate development has been the backbone of such sustained growth and
continues to be the focal point for our economy. The Company has sustained
growth and aspires to do so in the coming years.
The Central Statistics Office pegged the GDP growth rate for 2010-11 at
8.6%, indicative of higher growth levels achieved during the year. Agriculture
is estimated to grow at 5.4% while Industry and Services sector at 8.1% and
9.6% respectively. The Reserve Bank of India (RBI) has hiked the interest rate
during the quarter to deflate the rising inflation and further hike in the
interest rate is also anticipated. The Institute of Economic Growth has
projected that the inflation rate is expected to dip to 6.5% by mid-year 2011.
Despite the strengthening interest rate, the RBI expects the GDP rate for the
current financial year to remain at the estimated 8.6% level.
INDUSTRY OVERVIEW
Real Estate sector witnessed a turnaround with signs of economic
stabilization and moderate growth in global economic performance during the
fiscal year. Property markets in India began to exhibit for a short while signs
of revival during this time. With the return of liquidity in the real estate
sector and firm prices in the recent months, cash flows of realty players
improved resulting in resumption of construction of stalled projects and a few
new launches as well. Presently industry is facing lack of direction and
confidence, and is in a consolidation phase. Post subprime crisis in the west
and melt down in Middle east, Asia continues to be growth area of the global
economy.
Reserve Bank of India’s recent increase in lending rates will invariably
lead to higher cost of funds for both developers as well as end users. This
coupled with slowdown in demand and a tightening liquidity situation will keep
capital values under pressure. However, many developers believe that positive
economic environment together with good increase in salaries will improve demand
over the next 3 to 6 months. On the other hand rental values are expected to
witness some increase owing to rise in demand particularly in north and far
north suburbs. A slow-down in the economy from both consumers and retailers
lead to supply lag in the retail real estate sector. Low leasing activities and
high vacancy rates all added to the sector witnessing reduced investment
interests too
By the end of year 2010, fresh supply of retail space across major
cities in India stood at approximately 6 million sq. ft. This was almost a 40%
decline from the previous years supply. However it is expected that retail
market would be back on track following which demand for quality retail space
would improve.
The
Union Budget for 2010-11 promised several initiatives to reduce fiscal deficit
and look towards an accelerated development of high quality physical
infrastructure to sustain economic growth. Special Economic Zones (SEZ’s) have
too attracted significant flows of domestic and foreign investments with government
committed to their growth for the year ahead. Low cost housing is likely to
witness a demand boost with the extension of interest subvention for another
year. A complete market recovery, marked by revival in rents, increased
absorption and reduced vacancy is likely to occur by the year end.
BUSINESS OVERVIEW
In 1st Quarter of 2011, Mumbai’s residential market was characterized by
slowdown in sales, inventory pile up, cautious investor activity and hardening
home loan interest rates. As a result, residential property registrations in
the city – a key indicator to assess demand – recorded a drop in sales as
compared to corresponding period in 2010. To stimulate demand, developers
refrained from any increase in capital values. Housing Development and Infrastructure
Limited (HDIL) is one of the premier real estate development companies in India
and is actively pursuing on the development of real estate and slum
rehabilitation projects in Mumbai Metropolitan region.
During the year 2010-2011, the Company launched 57,40,218 sq. ft. of
saleable area in suburbs as well as the extended suburbs (Palghar) with
encouraging response. Work has already started in all the projects and is
expected to be completed as scheduled. Projects include Rehabilitation as well
as sale buildings. MMRDA has started the process of shifting of eligible slum
dwellers from Mumbai International Airport slums (MIAL) to Kurla Premiere
compound and have issued Allotment letters to the eligible slum dwellers for
the 1st phase.
OPPORTUNITIES AND
THREATS
The improvement in the global economic and liquidity situation coupled
with more stable commodity prices, the stimulus packages by the Indian
Government and various Governments globally provides an opportunity for growth
for the infrastructure sector. At the same time, the real estate market has
been affected by depressed prices during the year and there could be a
spill-over effect
Fixed assets:-
·
· Buildings
· Office Equipments
· vehicles
· Computers
· Plant and Machinery
RESIDENTIAL PROJECTS
- Project Premier
Located at Kurla (West), Project Premier was launched in March- 2009. Comprising of 11 wings, there are ~ 1050 units being offered for sale. Project received tremendous response with more than 70% booking within a week
of launch. Saleable Area is approx. 1 million sq. ft.
- Project Galaxy Project Galaxy located
at
Kurla (East) was launched in April, 2009 at a price of Rs. 4,251 sq. ft. It offers 450 units comprising of 1 and 2 BHK apartments. Saleable Area is approx. 0.4 million sq. ft. project is on course of scheduled completion.
- Project Metropolis
This project was launched Rs. 7,65V sq. ft Located in March-2009 at a in one of the prime price of areas of Mumbai Suburbs- Andheri (West), Project Metropolis offers 414 units spread over 3 wings comprising of 2, 3 and 4 BHK apartments. Saleable Area is approx. 0.6 million sq. ft. The project is completely sold off.
- Project Majestic
Located at Bhandup (West), this project was launched in
October-2009. Offering 1,000 units, it was launched at a price of Rs. 5,75V sq.
ft. It offers 1,000 units for sale with — 40% of sales being done as on March
31, 2010. It offers 2 and 3 BHK apartments with an average size of 1,110 sq.
ft. Saleable Area of the project is approx. 13,00,000 sq.
- Project Harmony
Located in Goregaon (West), this project was launched recently in the month of May. Launched at a rate of Rs.8,45V sq. ft., over 95% of the project has already been sold. The average size of units offered is 1160-1180 sq. ft. Saleable Area of this project is approximately 0.65 million sq. ft.
COMMERCIAL PROJECTS
This was launched in September-2009 at the rate of Rs. 2,100/ sq. ft. offers around 1,068 units of which 90-95% has already been sold. This project is located in Virar (West). Saleable Area of this project is approximately 1.5 million sq.ft.
- Project Metropolis
Being a Lease Model, the average rent charged for this
project is around Rs. 140 sq.
- Project Harmony
Situated in Goregaon (West), this project is a sale model with approx. 75% of it already sold. Launched in the month of May-2010, it offers 163 units for sale. Saleable Area of this project is approximately 0.04 million sq. ft.
MUMBAI INTERNATIONAL
AIRPORT LIMITED (MIAL) PROJECT
This project is a part of one of the largest Slum
Rehabilitation Scheme in
ENTERTAINMENT
Our multiplex business is operated under the brand name "Kulraj Broadway". Currently there are three multiplexes operational –
- A three screen multiplex at Vasai having capacities
- A four screen multiplex at Kandivali having seating capacity of 636 persons and
- A six screen multiplex at Bhandup having seating capacity of 1334 persons
The Vasai multiplex and the Kandivali multiplex commenced operations in February 2008 and June 2009, respectively. The Bhandup multiplex was launched in December, 2009. All the multiplexes have gaming and food court zones.
LEISURE AND
HOSPITALITY
DIL Leisure, a wholly owned subsidiary of HDIL, was created with the vision to explore opportunities in the Hospitality industry. With HDIL's legacy, HDIL Leisure intends to explore opportunities within the land banks and see exponential growth.
KEY BUSINESS
HIGHLIGHTS 2009-2010
JUHU PROJECT:
The first hotel project in Mumbai is at Juhu. It is proposed to be a 5 start hotel accommodating approx 250 rooms.
The operator identified and finalised for this hotel is the Hilton group and the brand is Conrad.
We have already executed a letter of Intent and are in the final stages of the Management Agreement which should be executed shortly.
We have successfully managed to secure the construction funding for this project from YES Bank.
The Key consultants have been appointed, WATG (US) is the principle architect, who is working on the concept and planning along with other core consultants already appointed.
FINE DINNING SEGMENT:
HDIL Leisure has signed a term sheet for franchising the fine dinning concept (B-Bar).
The concept plan has been finalised and the location identified is near Juhu beach. All initial plans have been
finalised and will be submitted for approvals.
We propose to begin the operations of the restaurant within 16 months.
HYDERABAD:
HDIL Leisure is in the process of acquiring stake in a 90
room budget hotel in
The formalities of the said acquisition should be completed within this year.
CONTINGENT
LIABILITIES NOT PROVIDED FOR
(Rs In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
|
Claims against the Company not acknowledged as debts represented suits filed by the parties in the High Court, Bombay and disputed by the Company |
2024.735 |
2155.000 |
|
In the opinion of the management the above claims are not sustainable |
|
|
|
Guarantees provided by the bank |
302.420 |
293.365 |
|
Against demand promissory note executed as security for performance |
2750.000 |
2750.000 |
|
Corporate guarantee issued on behalf of wholly owned subsidiary Company |
0.000 |
2200.000 |
AS PER WEBSITE
Overview:
They are known as one of
Housing Development and Infrastructure Limited (HDIL) has established
itself as one of India’s premier real estate development companies, with
significant operations in the Mumbai Metropolitan Region. HDIL is a public
listed real estate company in India with shares traded on the BSE and NSE Stock
Exchanges. HDIL group has completed more than 100 million sq.ft of construction
in all verticals of real estate and has rehabilitated around 30,000 families in
last one decade.
With operations spanning every aspect of the real estate business, from
residential, commercial and retail projects, to slum rehabilitation to land
development, HDIL was ranked as India’s fastest growing real estate company by
Construction World-NICMAR in October 2007. The residential projects range from
apartment complexes to towers to townships. The commercial projects comprise
premium office spaces as well as multiplex cinemas. In retail, they focus on
building world-class shopping malls.
They also handle slum rehabilitation projects under a Government scheme
administered by the Slum Rehabilitation Authority (SRA), offering development
rights in exchange for clearing and redeveloping slum lands, while providing
replacement housing for the displaced slum dwellers.
As India’s largest slum rehabilitation company, HDIL has been awarded
the Mumbai International Airport Slum Rehabilitation project in October 2007, a
critical component of the modernisation and expansion plan for Mumbai airport
and one of the largest urban rehabilitation projects in India.
HDIL has also diversified into energy, hospitality and the development
of SEZs.
LEADERSHIP:
Mr. Rakesh
Kumar Wadhawan is Executive Chairman, founder and one of the promoters of the HDIL
Group. He has over 30 years of experience in the real estate and infrastructure
industry. He is a member of many industry organisations and has actively
participated in international housing-related seminars. His vision and
expertise has steered HDIL’s growth in residential, commercial and
infrastructure projects.
Mr. Sarang
Wadhawan is Managing Director and one of the company’s promoters. He has a MBA
from Clarks University, Worcester, U.S.A. and a B.Comm degree from Mumbai
University. Mr. Sarang Wadhawan has considerable experience in the real estate
and housing finance industry. With ambitious plans for the growth and expansion
of the company, he is actively involved in setting and executing its strategic
objectives.
Mr. Waryam
Singh is a non executive director of the company. He has over 25 years of
experience in banking, finance, civil construction and land development. He was
the chairman of Punjab and Maharashtra Co-operative Bank Limited from 1999 to
2005 and was instrumental in achieving the "Scheduled Status" for the
bank.
Mr. Ashok Kumar
Gupta is a director of the company. He is renowned for his experience in
corporate law and finance, which spans more than 25 years. He currently serves
on the board of various companies. He is a qualified Chartered Accountant and
also holds a LL.B degree from Government Law College, Mumbai.
Mr. Satya Pal
Talwar is an independent director of the company. He has more than 40 years of
experience in banking, finance and planning. He was the Deputy Governor of the
Reserve Bank of India from November 1994 to June 200 I. Prior to that, he was
also the Chairman and Managing Director of three public sector banks. He
currently serves on the board of directors of various companies. Mr. Talwar
holds B.A. and LL.B degrees. He is also a Certified Associate Member of the
Indian Institute of Bankers ("CAIIB").
Mr. Shyam
Sunder Dawra is an independent director of the company. He is a retired Indian
Administrative Service officer and has served the Government of India and the
Government of Punjab in various capacities. He retired as the Secretary
(Department of Personnel and Training), Government of India. He is presently
Chairman of the Punjab Revenue Commission and a Director of the Food
Corporation of India. Mr. Dawra has a Masters in English from Punjab University
and a Masters in Business Administration from the University of Leeds, England.
Mr. Lalit Mohan
Mehta is an independent director of the company. He is a retired Indian
Administrative Service officer. His experience in government service spans
urban affairs, planning, fiscal issues, public affairs and personnel relations.
He retired as the Secretary (Urban Development), Government of India. He holds
a B.A. degree from Punjab University and has a post graduate degree in
development studies, a course comprising aspects of economics, political
science and sociology, from the University of Bath in the United Kingdom.
Mr. Sunil
Behari Mathur is an independent director of the company. He has more than 40 years of
experience in insurance and housing finance. He was the chairman of Life
Insurance Corporation of India from August 2002 to October 2004. He is
currently on the board of directors of various companies and is also chairman
of the National Stock Exchange. He is a qualified chartered accountant. He has
also been sponsored by the United States Agency for International Development
("USAID") for a training program on housing finance at the Wharton
Business School.
Mr. Surinder
Kumar Soni is an independent director of the company and has over 40 years of
experience in the banking and finance industry. He was Chairman of the Oriental
Bank of Commerce and was appointed as the ombudsman for the banking industry by
the Reserve Bank of India, on his retirement from this post. He currently
serves on the board of directors of various companies. He has a Bachelors
degree in science and a LL.B from Delhi University. He is also a Certified
Associate of the Indian Institute of Bankers ("CAIIB").
Mr. Ramesh
Chander Kapoor is an independent director of the company. He was Chairman and Managing
Director of United Bank of India and Executive Director of Oriental Bank of
Commerce. He was appointed Ombudsman of the Reserve Bank Of India for three
years, from 1996 to 1999. He holds a B.SC degree and is a member of the CAIIB.
Mr. Raj Kumar
Aggarwal is an independent director of the company. A practising Chartered
Accountant since 1980, he has been the President of C.A. Welfare Association
and the Director of SEBI Gilts Limited, a subsidiary of State Bank of India..
Currently, he serves on the board of BOB Capital Market Limited, a subsidiary
of Bank of Baroda, and is also a member of the audit committee of the Board.
Additionally, he serves as a trustee with Canara Rebeco Mutual Fund, a joint
venture of Rebeco Group N.V. Netherlands and Canara Bank a leading Nationalised
Bank of India. He is also Chairman of the audit committee of the Trust.
UN-AUDITED
FINANCIAL RESULTS (PROVISIONAL) FOR THE QUARTER ENDED 30TH JUNE,
2011
(Rs. In millions)
|
Particulars |
Quarterly Ended 30.06.2011 (Unaudited) |
|
(a) Net Sales/ Income from
operation |
5021.800 |
|
(b) Other Operating Income |
0.000 |
|
Total Income |
5021.800 |
|
2. Expenditure |
|
|
a. Increase(-) /Decrease(+) in Stock in trade and W.I.P. |
(1432.100) |
|
b. Code of Construction and developments |
2401.600 |
|
c. Purchase of traded goods |
0.000 |
|
d. Transfer of investments |
0.000 |
|
e. Project of Specific Interest |
1183.600 |
|
f. Consumption of Raw-Materials |
98.800 |
|
g Employees Cost |
20.900 |
|
h. Depreciation |
111.600 |
|
i. Other Expenditure |
0.000 |
|
g. Total |
2384.400 |
|
3. Profit(+)/ Loss(-) from Operations before other Income Interest and
Exceptional Item(1-2) |
2637.400 |
|
4. Other Income-Foreign Exchange Fluctuation-Gain/(Loss) |
372.600 |
|
5. Profit(+)/ Loss(-) before Interest and Exceptional Item |
3010.000 |
|
6. Interest |
180.700 |
|
7. Profit(+)/ Loss(-) after Interest but before Exceptional Item (5-6) |
2829.300 |
|
8. Exceptional Items |
0.000 |
|
9. Profit(+)/ Loss
(-) from ordinary activities before
Tax (7-8) |
2829.300 |
|
10. Tax Expenses |
738.600 |
|
11. Net Profit(+)/ Loss (-) from ordinary activities after Tax (9-10) |
2090.700 |
|
12. Extraordinary Items |
0.000 |
|
13. Net Profit (+)/ Loss(-) for the period (11-12) |
2090.700 |
|
14. Paid Up Equity Share Capital (Face Value of Rs.10 Per Share) |
4150.000 |
|
15. Reserves excluding Revaluation Reserves as per Balance Sheet of
Previous Accounting Year |
0.000 |
|
16. Earning per Share (EPS) |
|
|
a) Basic and diluted EPS before extraordinary items for the period,
for the year to date and for the previous year (not annualised) |
5.04 |
|
b) Basic and diluted EPS after extraordinary items for the period,for
the year to date and for the previous year (not annualised) |
4.93 |
|
17. Public Shareholding |
|
|
Number of Shares |
254978178 |
|
% of Share holding |
61.44 |
|
18. Promoters and promoter group Shareholding |
|
|
a) Pledged/Encumbered |
|
|
- Number of shares |
NA |
|
- Percentage of shares (as a % of the total
shareholding of promoter and promoter
group) |
NA |
|
b) Non-encumbered |
NA |
|
- Number of shares |
160025808 |
|
- Percentage of shares (as a % of the total
shareholding of promoter and promoter
group) |
36.56 |
|
- Percentage of shares (as a
% of the total share capital of the
company) |
36.56 |
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. 48.82 |
|
|
1 |
Rs. 75.48 |
|
Euro |
1 |
Rs. 66.10 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
64 |
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.