MIRA
INFORM REPORT
|
Report Date : |
24.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
TATA HOUSING DEVELOPMENT COMPANY LIMITED (w.e.f. 10.10.2007) |
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Formerly Known
As : |
THDC LIMITED |
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Registered
Office : |
12th Floor, Times Tower, Kamala Mills Compound, Senapati
Bapat Marg, Lower Parel – West, Mumbai – 400013, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
19.03.1942 |
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Com. Reg. No.: |
11 - 003573 |
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Capital
Investment / Paid-up Capital : |
Rs.1154.999
Millions |
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CIN No.: [Company Identification
No.] |
U99999MH1942PLC003573 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMT05934F |
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PAN No.: [Permanent Account No.] |
AAACT0191Q |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Real Estate Development. |
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No. of Employees
: |
450 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 9000000 |
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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 a subsidiary of Tata Sons Limited, 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.
INFORMATION DECLINED BY
|
Name : |
Mr. Amit Shah |
|
Designation : |
Company Secretary |
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Contact No.: |
91-22-66614444 |
|
Date : |
23.04.2012 |
LOCATIONS
|
Registered Office : |
12th Floor, Times Tower, Kamala Mills Compound, Senapati
Bapat Marg, Lower Parel – West, Mumbai – 400013, Maharashtra, India |
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Tel. No.: |
91-22-66614444 |
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Fax No.: |
91-22-66614452 |
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E-Mail : |
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Website : |
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Regional Sales
Office : |
Located At: ·
Mumbai ·
Pune ·
Kolkata ·
New Delhi ·
Bangalore ·
Mohali |
DIRECTORS
As on 06.09.2011
|
Name : |
Mr. Brotin Banerjee |
|
Designation : |
Managing Director |
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Address : |
601, Sanghi Residency, Opposite Twin Towers, 77 Palki, Gali, Prabhadevi,
Mumbai – 400025, |
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Date of Birth/Age : |
13.04.1973 |
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Date of Appointment : |
17.04.2008 |
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DIN No.: |
01522816 |
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|
Name : |
Mr. Suresh Ramrao Borkar |
|
Designation : |
Director |
|
Address : |
C Wing, 1706, |
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Date of Birth/Age : |
19.12.1936 |
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Date of Appointment : |
30.10.1984 |
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DIN No.: |
00396614 |
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Name : |
Mr. Sankaran Santhanakrishnan |
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Designation : |
Director |
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Address : |
24, Unnamalai Ammal Street, T. Nagar, Chennai-600017, Tamilnadu, India
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|
Date of Birth/Age : |
01.11.1950 |
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Date of Appointment : |
13.09.2010 |
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DIN No.: |
00032049 |
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Name : |
Mr. |
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Designation : |
Director |
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Address : |
213 – B, NCPA Apartments, Nariman Point, Mumbai – 400021, |
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Date of Birth/Age : |
24.04.1956 |
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Date of Appointment : |
22.09.2004 |
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DIN No.: |
00027941 |
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Name : |
Mr. Raghavan Ramchandra Shastri |
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Designation : |
Director |
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Address : |
Flat No. A 61/62, Meherzin, 109 A Wodehouse Road, Coloba,
Mumbai-400005, Maharashtra, India |
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Date of Birth/Age : |
26.09.1952 |
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Date of Appointment : |
13.09.2010 |
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DIN No.: |
00027418 |
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Name : |
Mr. Sanjay Ganesh Ubale |
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Designation : |
Additional DirectorDirector |
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Address : |
32, Quest End, 47, Cuffe Parade, Mumbai – 400005, |
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Date of Birth/Age : |
22.08.1961 |
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Date of Appointment : |
30.09.2008 |
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DIN No.: |
02040738 |
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Name : |
Mr. Arunkumar Ramanlal Gandhi |
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Designation : |
Director |
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Address : |
Akruti Ashtha Building, 9th Floor, 23 Dongerst Road,
Mumbai-400006, Maharashtra, India |
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Date of Birth/Age : |
15.03.1943 |
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Date of Appointment : |
13.09.2010 |
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DIN No.: |
00007597 |
KEY EXECUTIVES
|
Name : |
Mr. Amit Shah |
|
Designation : |
Company Secretary |
|
Address : |
12th Floor, Times Tower, Senapati Bapat Marg, Kamala Mills Compound,
Lower Parel (West), Mumbai-400013, Maharashtra, India |
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Date of Birth/Age : |
27.04.1979 |
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Date of Appointment : |
16.11.2008 |
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PAN.: |
ASNPS1268F |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 06.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Tata Sons Limited, |
|
113219558 |
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Tata Industries Limited, |
|
284338 |
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Pallonji Shapoorji Mistry |
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288 |
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Fali Ardeshir Poncha |
|
288 |
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Ratan Naval Tata |
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71 |
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Tata Sons Limited, |
|
25 |
|
Tata Sons Limited, |
|
25 |
|
Tata Sons Limited, |
|
23 |
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Tata Sons Limited, |
|
25 |
As on 13.02.2012
|
Names of Allottees |
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No. of Shares |
|
Tata Sons Limited, India |
|
2000000 |
As on 06.09.2011
|
Equity Share Breakup |
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Percentage of Holding |
|
Category |
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Directors
or relatives of directors |
|
99.99 |
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Other
top fifty shareholders |
|
0.01 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Real Estate Development. |
GENERAL INFORMATION
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No. of Employees : |
450 (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 : |
Deloitte Haskins and Sells Chartered Accountant |
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Address : |
12, |
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Tel. No.: |
91-22-66679000 |
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Fax No.: |
91-22-66679100 |
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PAN.: |
AACFD4815A |
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Holding Company: |
Tata Sons Limited |
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Subsidiaries: |
·
Concept Marketing and Advertising Limited ·
Smart Value Homes Limited (earlier known as Smart
Value Homes Private Limited) (from 08/09/2009) ·
Apex Realty Private Limited (from 28/02/2011) |
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Fellow Subsidiaries: |
·
Infiniti Retail Limited ·
Tata AIG General Insurance Company Limited ·
Tata AIG Life Insurance Company Limited ·
Tata Realty and Infrastructure Limited ·
Tata Sky Limited ·
Tata Teleservices (Maharashtra) Limited ·
Tata Teleservices Limited ·
Tata Consultancy Services Limited ·
Tata Consulting Engineers Limited ·
Tata Capital Limited ·
VIOM Infra Networks (Maharashtra) Limited (formerly
21st Century Infra Tele Limited) ·
Tata Investment Corporation Limited ·
Tata Trustee Company Limited ·
CMC Limited ·
Tata Industries Limited ·
TC Travel And Services Limited ·
Tata Capital Markets Limited ·
Drive India Enterprise Solutions Limited ·
Landscape Structures Private Limited ·
Ardent Properties Private Limited ·
Gurgaon Infratech Private Limited |
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Joint Ventures: |
·
Technopolis Knowledge Park Limited ·
Casa Décor Private Limited (from 21/07/2009) |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
120000000 |
Equity Shares |
Rs.10/- each |
Rs.1200.000 Millions |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
115499954 |
Equity Shares |
Rs.10/- each |
Rs.1155.000
Millions |
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
115499929 |
Equity Shares |
Rs.10/- each |
Rs.1154.999
Millions |
NOTE: Represents Ordinary Shares 284,338 Ordinary Shares are held by Tata Industries
Limited, Subsidiary of Tata Sons Limited. 7,499,954Ordinary Shares issued as
Bonus Shares by capitalization of Reserves. 115,214,944 Ordinary Shares are
held by the Holding Company, Tata Sons Limited.
As on 06.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000000 |
Equity Shares |
Rs.10/- each |
Rs.2000.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
117499929 |
Equity Shares |
Rs.10/- each |
Rs.1174.999
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1154.999 |
1135.049 |
1114.999 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
1110.474 |
496.949 |
199.072 |
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|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2265.473 |
1631.998 |
1314.071 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2754.381 |
1346.706 |
880.228 |
|
|
2] Unsecured Loans |
600.000 |
2000.000 |
1835.000 |
|
|
TOTAL BORROWING |
3354.381 |
3346.706 |
2715.228 |
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DEFERRED TAX LIABILITIES |
336.408 |
0.000 |
0.000 |
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|
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|
|
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TOTAL |
5956.262 |
4978.704 |
4029.299 |
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APPLICATION OF FUNDS |
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|
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|
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FIXED ASSETS [Net Block] |
94.838 |
94.996 |
64.893 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
|
|
|
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|
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INVESTMENT |
852.573 |
30.955 |
217.781 |
|
|
DEFERREX TAX ASSETS |
0.000 |
11.192 |
8.332 |
|
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|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1899.193
|
1697.254 |
1268.662 |
|
|
Sundry Debtors |
1969.156
|
1571.849 |
150.628 |
|
|
Cash & Bank Balances |
1460.371
|
160.631 |
184.973 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
4155.220
|
3317.170 |
2403.976 |
|
Total
Current Assets |
9483.940
|
6746.904 |
4008.239 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1327.914
|
1168.571 |
109.845 |
|
|
Other Current Liabilities |
2964.624
|
574.118 |
142.732 |
|
|
Provisions |
182.551
|
162.654 |
18.305 |
|
Total
Current Liabilities |
4475.089
|
1905.343 |
270.882 |
|
|
Net Current Assets |
5008.851
|
4841.561 |
3737.357 |
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|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.936 |
|
|
|
|
|
|
|
|
TOTAL |
5956.262 |
4978.704 |
4029.299 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
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|
SALES |
|
|
|
|
|
|
|
Income |
5437.115 |
3135.180 |
1211.050 |
|
|
|
Other Income |
169.487 |
18.308 |
32.160 |
|
|
|
TOTAL (A) |
5606.602 |
3153.488 |
1243.210 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employee Related Expenses |
221.554 |
166.602 |
|
|
|
|
Administrative Selling Other Expenses |
447.971 |
287.570 |
1115.477 |
|
|
|
Consumption Materials Changes Inventories |
3667.479 |
2150.907 |
|
|
|
|
TOTAL (B) |
4337.004 |
2605.079 |
1115.477 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1269.598 |
548.409 |
127.733 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
153.927 |
101.154 |
55.706 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1115.671 |
447.255 |
72.027 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
20.405 |
11.091 |
10.056 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
1095.266 |
436.164 |
61.971 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
347.504 |
39.020 |
7.456 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
747.762 |
397.144 |
54.515 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
391.512 |
93.635 |
39.120 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
|
85.129 |
0.000 |
|
|
|
Tax on Dividend |
|
14.138 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
817.537 |
391.512 |
93.635 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
6.50 |
3.49 |
0.48 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
13.34
|
12.59 |
4.38 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
20.14
|
13.91 |
5.12 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.43
|
6.37 |
1.52 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.48
|
0.27 |
0.05 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.69
|
3.22 |
2.27 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.12
|
3.54 |
14.80 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
|
Particulars |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
|
SUNDRY CREDITORS |
|
|
|
|
Due small micro
enterprises |
0.000 |
0.688 |
|
|
Due others |
1327.914 |
1167.883 |
|
|
Total |
1327.914 |
1168.571 |
109.845 |
|
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
Yes |
|
8) No. of employees |
Yes |
|
9) Name of person contacted |
Yes |
|
10) Designation of contact person |
Yes |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter involved in |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
Yes |
OPERATIONS
During the year, the total income has increased to Rs.5606.600 Millions as against Rs.3153.500 Millions in the previous year registering a growth of 78%. Profit before tax is Rs.1095.300 Millions as against Rs.436.100 Millions in the previous year registering an impressive growth of 151%. Further, Profit after tax is Rs.747.800 Millions as against Rs.397.100 Millions in the previous year witnessing an increase of 88%. The Company could achieve substantial improvement in its performance primarily due to the increase in sales turnover with increased number of projects and delivery of innovative products at the right prices to cater to the demands of various product segments ranging from value homes to ultra-premium luxury villas and apartments. The Company aims to be a provider of premium realty products by leveraging the strength of their brand, project execution skills and maintaining their competitive advantage through judicious choice of location and international quality of their projects. As on March 31, 2011, the Company was developing 14 projects with about 23 million square feet as against the 7 projects with about 11 million square feet last year. Towards creating a sustainable pipeline of projects, the Company (including through its SPVs) has grown and marked its presence at 20 locations in 9 states and one international location wherein the Company is executing the PPP Project awarded by the Government of Republic of Maldives through a SPV.
AWARDS AND
ACCREDITATIONS
Their innovative efforts, during the period, have enabled us to excel in various spheres which has been recognized by the industry as well. The details of awards and recognitions won by the Company are as under:
Sr. No. Name of the
Award Winner Category Award Level
1. CW Architects and Builders Award, 2010. Corporate - TATA Housing Development Company Limited Among Top Ten Developers National
2. GIREM Leadership Awards, 2010 Corporate - TATA Housing Development Company Limited Company of the Year – Global initiative for restructuring Environment and Management National
3. Accommodation Times’ National Real Estate Award New Haven – Boisar Affordable Housing Project of the year National
4. CNBC Awaaz CRISIL CREDIA Real Estate Award Corporate - TATA Housing Development Company Limited Integrated Sub Urban Developer of the year 2011 National
5. Realty Plus New Haven – Vasind* Affordable Housing Project of the year National
6. Asia Pacific Property Awards, 2011 La Montana, Talegaon* Architecture Multiple Residences International
7. Asia Pacific Property Awards, 2011 ShubhGriha – Vasind* Development (Multiple Units) International
8. Asia Pacific Property Awards, 2011 New Haven – Vasind* Development Marketing International
9. Asia Pacific Property Awards, 2011 Crescent Lake Homes, Chennai* Apartment International
*Award won by M/s Smart Value Homes Limited, a 100% subsidiary of the Company.
GENERAL ECONOMIC
SCENARIO
Despite cautious outlook, the recovery in the world economy gathered momentum in the latter half of the year 2010 reflecting higher liquidity and more disposable incomes apart from the overall economic development. The growth of global economies, initiated on broader developments in the year 2010, is further expected to continue into 2011 and 2012.
The Indian economy has shown an impressive resilience to both external and domestic setbacks. It is expected that the economy will improve its GDP growth of around 8.50% -9% in the year 2011-12.
INDUSTRY OUTLOOK
The outlook for the Indian real estate sector in the year 2011 is stable. The overall demand in the Indian real estate sector improved during 2010, and is likely to remain stable during 2011. The demand for residential units, driven by the high growth rate in the Indian economy and rapid urbanisation, is expected to be the main driver of the industry in the medium-term. However, the absorption rate is likely to witness a slowdown over the near-term on account of the strong increase in residential unit prices witnessed in the second half of calendar year 2010. The withdrawal of teaser interest rate schemes by financing institutions and the increase in interest rates are also likely to depress sales velocity in the short term.
The real estate demand which rose growing from mid-2009 and has shown no signs of deterioration, although there are some dips in certain parts of India. It is expected that the year 2011 will see over 100 deals with a value over Rs.200000.000 Millions. The World Economic Outlook of IMF in October 2010 has projected an improved outlook for the world economy. If India maintains its GDP close to 9 per cent with overall growth across all other sectors, the same will positively affect the real estate demand. Further, there will be stable to growing sales velocities in the affordable segment, for projects which are priced competitively. The residential property rates are slated to continue to grow upward, albeit at a slower pace than 2010.
According to REIS Jones Lang LaSalle, absorption of office space, across the top seven cities of India, is expected to grow from 19.6 million sqft recorded in 2009 to 35.7 million sqft in 2011. A suitable long term strategy in this segment can reap benefits when the commercial market picks up in the next 2-3 years.
The real estate market stabilized to some extent in 2010 and witnessed positive indicators during the year. After a dip last year, there was improvement in demand, with an increase in absorption, encouraging developers to launch new projects in the market. However, the market is still suffering from liquidity issues and a substantial improvement in consumer behavior is yet to be witnessed. Hence, the turnaround is not equally visible across all asset types, markets and developers. The Residential segment witnessed an increased focus on mid segment end usersas well as a renewed impetus on premium and integrated housing projects. Transaction volumes did see an increase in the office sector, with IT and SEZ segment dominating the bulk of market enquiries.
The outlook for the residential sector in 2011 seems brighter. There is liquidity available for certain typologies and formats, especially in the luxury and affordable housing segment. Several markets have already shown signs of cautious optimism, with strengthening of demand for office space as well as an increase in capital market transactions. The year 2011 should see more wealth being created across industries in India, which will trickle down as demand for real estate. In the commercial office space, several markets which were dormant during 2010 in terms of property rates, will register an appreciation in valuations. The emphasis will be on projects launched by established brand names that show sufficient potential for good and quality product with on-time delivery.
COMPANY OUTLOOK
Given the Indian Economy’s large domestic consumption base, there exists a potential opportunity for future growth. This economic growth will have a cascading positive impact on the demand for real estate products particularly in the residential segments and select commercial segments. The Company, is therefore, focused on selective approach for launching of new projects across all categories of residential segments. However, there will be a specific focus on strengthening margins across all projects. The huge housing requirement in the affordable segment will help the Company to mitigate and balance its business risks. Currently, in line with their vision to achieve a turnover of USD 1 Billion by FY 2015, the Company has acquired land/development rights at 20 locations in 9 States in India and one outside India (Maldives) with total development potential of about 44 million square feet. With this base, the revenues and profits of the Company are expected to grow and expand at the same pace. While the Company will continue to focus on the ‘Value Homes’ formats through SPVs, it will also increase its presence in the higher margin premium and luxury segments. The Company is focusing on keytop cities of India where most of the projects will be located. The Company has also ventured into the international market by bagging PPP project in Maldives and plans to spread its the portfolio to other countries. The Company has recorded one of the highest growth rates in the industry in this year. In reinforcing its business strategy and based on trust that the Tata Companies inspire, the Company has entered and plans to expand by entering re-development market, which will help the Company in doing projects within the city limits of Mumbai and thereby do a few iconic projects in Mumbai city. The Company is also investing in technology which will facilitate faster and/or cheaper construction that will help in satisfying the larger housing needs of India and consequently enable the faster growth of the Company. The Company after gaining this growth levels and expertise is aggressively planning to invest in larger projects on outright/JV basis which will increase the revenue and profitability of those projects.
SUBSIDIARY COMPANIES
Pursuant to the provisions of Section 212 of the Companies Act 1956, the statement of the Company’s interests in its subsidiaries as at March 31, 2011 as well as the Annual Report together with the financial statements of Smart Value Homes Limited and Concept Marketing and Advertising Limited
Further, the Company has promoted a new subsidiary - Apex Realty Private Limited, in Maldives during the year i.e. in the month of February, 2011. Pursuant to the provisions of Section 212 of the Companies Act 1956, the Annual Report together with the financial statements of Apex Realty Private Limited
SHARE CAPITAL
During the year, the Company, at its Board Meeting held on September 13, 2010, has issued and allotted 1,995,000 Ordinary Shares of Rs.10/- each at par on a preferential basis to its Holding Company – Tata Sons Limited, in accordance with the special resolution passed at the Extra-Ordinary General Meeting held on August 20, 2010.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10220468 |
|
Corporate
identity number of the company |
U99999MH1942PLC003573 |
|
Name of the
company |
TATA HOUSING
DEVELOPMENT COMPANY LIMITED |
|
Address of the
registered office or of the principal place of business in |
12th Floor, Times Tower, Kamala Mills Compound, Senapati
Bapat Marg, Lower Parel – West, Mumbai – 400013, Maharashtra, India |
|
Type of charge |
Book Debts Movable Property
[not being pledge] Floating Charge |
|
Particular of
charge holder |
HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel,
Mumbai – 400013, Maharashtra, India |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
Letter of
Hypothecation of Stocks and Book Debts |
|
Date of
instrument Creating the charge |
06.07.2011 |
|
Amount secured by
the charge |
Rs.350.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest ROI as may be
mutually agreed between the company and the bank. Terms of
Repayment For Cash Credit
facility - on demand For WCDL - upto 1
year. For Letter of Credit
(Loc) - Upto 1 year with a limit of Rs. 100.000 Millions For BG (as
sub-limit of Loc) - Full amount upto 2 years and for BG upto Rs. 20.000
Millions - tenor upto 5 years. Margin 20% on Stocks and
Debtors Extent and
Operation of the charge First pari passu
charge on all current assets of the company both present and future along
with IDBI Bank. |
|
Short particulars
of the property charged |
First pari passu
charge on all current assets of the company both present and future along
with IDBI Bank. |
|
Particulars of
the present modification |
Facility amount
is enhanced by Rs. 270.000 Millions from Rs. 80.000 Millions to Rs. 350.000
Millions. |
FIXED ASSETS:
- Buildings
- Leasehold Improvements
- Construction Equipment
- Office Equipments
- Computers
- Furniture and Fixture
- Electrical Fittings
- Motor Vehicles
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.52.23 |
|
|
1 |
Rs.84.16 |
|
Euro |
1 |
Rs.68.84 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--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 |
|
50 |
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.