MIRA
INFORM REPORT
|
Report Date : |
27.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
LAVASA CORPORATION LIMITED |
|
|
|
|
Registered
Office : |
Hincon House, 11th Floor, 247 Park, Lal Bahadur Shastri
Marg, Vikhroli (West), Mumbai – 400083, Maharashtra |
|
|
|
|
Country : |
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|
|
|
|
Financials (as
on) : |
31.03.2011 |
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|
|
|
Date of
Incorporation : |
11.02.2000 |
|
|
|
|
Com. Reg. No.: |
11-187834 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs.5381.944
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U55101MH2000PLC187834 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEPO3242B / MUML07279G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCT4435E |
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|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
|
|
Line of Business
: |
The Company is primarily engaged in the business of
'Comprehensive Urban Development and Management' |
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|
|
|
No. of Employees
: |
Information denied by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 26000000 |
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|
|
|
Status : |
Good |
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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 good 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.
INFORMATION DECLINED BY
|
Name : |
Mr. Amit Jain |
|
Designation : |
Finance Executive |
|
Date : |
24.03.2012 |
LOCATIONS
|
Registered Office : |
Hincon House, 11th Floor, 247 Park, Lal Bahadur Shastri
Marg, Vikhroli (West), Mumbai – 400083, Maharashtra |
|
Tel. No.: |
91-22-40256000 |
|
Fax No.: |
91-22-40256889 |
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E-Mail : |
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|
Website : |
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|
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|
Head Office : |
247 Park, 13th Floor, Tower B, Lal Bahadur Shastri Marg,
Vikroli (West), Mumbai 400 083, |
|
Tel. No.: |
91-22-40256000 |
|
|
|
|
Branch Office : |
Viola Business Centre, 'D' Building, S.No. 118, Katraj – |
|
Tel. No.: |
91-20-25234460 |
|
|
|
|
Lavasa Experience Zone : |
4th Floor, |
|
Tel. No.: |
91 20 64731020/21 |
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|
|
|
Site Office : |
Town Hali, At Village Dasve, Post Patharshet, Taluka
Mulshi, Pune-412107, |
|
Tel. No.: |
91-20-66759000 |
|
Fax No.: |
91-20-66759009 |
DIRECTORS
(AS ON 06.06.2011)
|
Name : |
Ms. Anuradha Jitendra Desai |
|
Designation : |
Director |
|
Address : |
Venktesh Farm, S. No. 95/1, Village Mauje-Warje, Taluka Haveli, |
|
Date of Birth/Age : |
15.05.1962 |
|
Date of Appointment : |
24.02.2003 |
|
DIN No.: |
00012212 |
|
|
|
|
Name : |
Mr. Ajit Hirachand Gulabchand |
|
Designation : |
Director |
|
Address : |
94, NCPA Apartments, |
|
Date of Birth/Age : |
28.06.1948 |
|
Date of Appointment : |
24.02.2003 |
|
DIN No.: |
00010827 |
|
|
|
|
Name : |
Ms. Shalaka Gulabchand Dhawan |
|
Designation : |
Director |
|
Address : |
172, Venus Apartment Cuffe Parade, Behind President Hotel,
Mumbai-400005, |
|
Date of Birth/Age : |
02.08.1977 |
|
Date of Appointment : |
28.04.2005 |
|
DIN No.: |
00011094 |
|
|
|
|
Name : |
Mr. Gautam Brijmohan Thapar |
|
Designation : |
Director |
|
Address : |
E-16 Pushpanjali Farms, Bijwasan, New Delhi-110061, |
|
Date of Birth/Age : |
07.12.1960 |
|
Date of Appointment : |
27.02.2007 |
|
DIN No. : |
00012289 |
|
|
|
|
Name : |
Mr. Vithaldas Badrinarayan Maniar |
|
Designation : |
Director |
|
Address : |
F-10, Modibaug, |
|
Date of Birth/Age : |
19.10.1939 |
|
Date of Appointment : |
09.06.2008 |
|
DIN No. : |
00023045 |
|
|
|
|
Name : |
Mr. Sharad Madhav Kulkarni |
|
Designation : |
Director |
|
Address : |
161 A, 16th Floor, |
|
Date of Birth/Age : |
09.01.1939 |
|
Date of Appointment : |
24.03.2009 |
|
DIN No. : |
00003640 |
|
|
|
|
Name : |
Mr. Gaj Hanwant Singh |
|
Designation : |
Director |
|
Address : |
|
|
Date of Birth/Age : |
13.01.1948 |
|
Date of Appointment : |
30.07.2010 |
|
DIN No. : |
00061278 |
|
|
|
|
Name : |
Mr. Ajay Baburao Shirke |
|
Designation : |
Director |
|
Address : |
1205, |
|
Date of Birth/Age : |
26.04.1958 |
|
Date of Appointment : |
30.07.2010 |
|
DIN No. : |
00006807 |
|
|
|
|
Name : |
Mr. Ram Pravinchandra Gandhi |
|
Designation : |
Director |
|
Address : |
Amalfi, 6th Floor, 15, L.D. Ruparel Marg, Malbar Hill, Mumbai –
400006, |
|
Date of Birth/Age : |
15.03.1952 |
|
Date of Appointment : |
30.07.2010 |
|
DIN No. : |
00050625 |
|
|
|
|
Name : |
Mr. Sam Peshotan Bhadha |
|
Designation : |
Director |
|
Address : |
|
|
Date of Birth/Age : |
04.05.1948 |
|
Date of Appointment : |
30.07.2010 |
|
DIN No. : |
03146389 |
KEY EXECUTIVES
|
Name : |
Mr. Amit Jain |
|
Designation : |
Finance Executive |
|
|
|
|
Name : |
Mr. Rajgopal Jaikishan Nogja |
|
Designation : |
Manager |
|
Address : |
32, Deepti Apartments, |
|
Date of Birth/Age : |
29.05.1972 |
|
Date of Appointment : |
21.04.2008 |
|
Pan No.: |
ABKPN3168K |
|
|
|
|
Name : |
Mr. Vendatesan Arunachalam |
|
Designation : |
Company Secretary |
|
Address : |
302, |
|
Date of Birth/Age : |
05.05.1968 |
|
Date of Appointment : |
07.05.2007 |
|
Pan No.: |
AFTPA1515N |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 06.06.2011
|
Names of Shareholders |
|
No. of Equity
Shares |
|
|
|
|
|
Hindustan Construction Company Limited, |
|
1378 |
|
Hincon Holdings Limited, |
|
1378 |
|
Hincon Finance Limited, |
|
97179 |
|
HCC Real Estate Limited, |
|
315824945 |
|
Avantha Realty Limited, |
|
78976851 |
|
Venkateshwara Hatcheries Private Limited, |
|
62142192 |
|
Vinay Vittal Maniar |
|
28896480 |
|
Vitthal Badrinarayan Maniar |
|
3847 |
|
Bennett Coleman and Company Limited, |
|
103 |
|
Axis Bank Limited, |
|
10 |
|
|
|
|
|
Total |
|
485944363 |
Details of 6% Cumulative Redeemable Preference Shares
|
Names of Shareholders |
|
No. of
Preferences Shares |
|
|
|
|
|
Avantha Realty Limited, |
|
5600422 |
|
Venkateshwara Hatcheries Private Limited, |
|
5152697 |
|
Vinay Vittal Maniar |
|
4094646 |
|
Vitthal Badrinarayan Maniar |
|
79 |
|
HCC Real Estate Limited, India |
|
22400097 |
|
Hindustan Construction Company Limited, India |
|
28 |
|
Hincon Holdings Limited, |
|
28 |
|
Hincon Finance Limited, |
|
2000 |
|
|
|
|
|
Total |
|
37249997 |
Details of 0.001% Compulsory Convertible Preference Shares
|
Names of Shareholders |
|
No. of
Preferences Shares |
|
|
|
|
|
Axis Bank Limited, |
|
25000000 |
|
|
|
|
|
Total |
|
25000000 |
AS ON 13.03.2012
|
Names of Allottee |
|
No. of Equity
Shares Allottee |
|
|
|
|
|
Hindustan Construction Company Limited, |
|
293 |
|
Hincon Holdings Limited, |
|
293 |
|
Hincon Finance Limited, |
|
20638 |
|
HCC Real Estate Limited, |
|
67069622 |
|
Ajit Gulabchgand |
|
3 |
|
Avantha Realty Limited, India |
|
15322943 |
|
Gautam Thapar |
|
1448840 |
|
Vithal B. Maniar |
|
817 |
|
Vinay V. Maniar Joint with Ruchira Maniar |
|
6136551 |
|
|
|
|
|
Total |
|
90000000 |
AS ON 06.09.2011
Equity Shares Break – up
|
Category |
|
Percentage |
|
|
|
|
|
Bodies
corporate |
|
94.05 |
|
Directors
or relatives of directors |
|
5.95 |
|
|
|
|
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Construction Services. The Company is primarily engaged in the business of 'Comprehensive
Urban Development and Management' |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by the management. |
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Bankers : |
·
Axis Bank Limited, Central Office, Capital Market Department, 11th Floor, ‘F’ Wing
Maker Towers, Cuffe Parade, Mumbai-400005, Maharashtra, India ·
Union Bank of ·
Bank of ·
Punjab National Bank ·
Corporation Bank ·
Oriental Bank of Commerce ·
UCO Bank ·
Karnataka Bank Limited ·
Bank of ·
Allahabad Bank ·
ICICI Bank Limited ·
United Bank of ·
Andhra Bank ·
The Jammu and Kashmir Bank Limited ·
State Bank of ·
Induslnd Bank Limited ·
State Bank of ·
State Bank of ·
IDBI Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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|
Financial
Institution: |
· Axis Trustee Services Limited, Axis House, 2nd Floor, Bombay Dyeing Mills Compound,
Pandurang Budhkar Marg, Worli, Mumbai – 400025, Maharashtra, India · Axis Trustee Services Limited – |
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|
|
|
Auditors : |
|
|
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 |
|
|
|
|
Holding Company: |
· HCC Real Estate Limited [U70100MH2005PLC154004] |
|
|
|
|
Subsidiaries : |
· Apollo Lavasa Health Corporation Limited · Lavasa Hotel Limited · Lakeshore Watersports Company Limited · Ecomotel Hotel Limited (Upto 1st September 2010) · Dasve Convention Center Limited · Dasve Business Hotel Limited · Lakeview Clubs Limited · Dasve Hospitality Institutes Limited · Dasve Retail Limited · Full Spectrum Adventure Limited · Warasgaon Lake View Hotels Limited (Upto 30th December 2010) · Lavasa Bamboocrafts Limited · Knowledge Vistas Limited (up to 22nd April 2010 ) · Spotless Laundry Services Limited · Reasonable Housing Limited · My City Technology Limited · Future City Multiservices SEZ Limited (Formerly known as Minfur Interior Technologies Limited) · Verzon Hospitality Limited (Upto 30th December 2010) · Rhapsody Commercial Space Limited (Formerly known as Rhapsody Hospitality Limited) · Valley View Entertainment Limited · Andromeda Hotels Limited. · Sirrah Palace Hotels Limited. · Whistling Thrush Facilities Services Limited · Green Hills Residences Limited · Warasgaon Tourism Limited · Warasgaon Power Supply Limited · Sahyadri City Management Limited · Our Home Service Apartments Limited · Hill City Service Apartments Limited · Warasgaon Infrastructure Providers Limited · Kart Racers Limited · Nature Lovers Retail Limited · Mugaon Luxury Hotels Limited · Osprey Hospitality Limited · Starlit Resort Limited · Rosebay Hotels Limited ·
Warasgaon Valley Hotels Limited |
|
|
|
|
Parent/Holding
Companies and their subsidiaries: |
· Hindustan Construction Company Limited (HCC) · HCC Real Estate Limited (HREL) · Hincon Technoconsult Limited · Western Securities Limited · Pune Paud Toll Road Company Limited · Nirmal BOT Limited · HCC Singapore Enterprises PTE. Limited · HCC Mauritius Enterprises PTE. Limited · HCC Concessions Limited (Previously known as HCC Infrastructure Limited) · HCC Aviation Limited · Badarpur Faridabad Tollways Limited · HCC Construction Limited · Highbar Technologies Limited · Baharampore-Farakka Highways Limited · Farakka-Raiganj Highways Limited · Raiganj-Dalkhola Highways Limited · HRL (Thane) Real Estate Limited · HRL Township Developers Limited · Panchkutir Developers Limited · Maan Township Developers Limited · Charosa Wineries Limited · Nashik Township Developers Limited · Powai Real Estate Developers Limited · HCC Realty Limited · Klemanor Investments Limited · Vikhroli Corporate Park Private Limited ( Upto 21st July 2010)* · Karl Steiner AG, Switzerland · Steiner Promotions et Paricipations SA · Eurohotel SA · VM+ST AG · Steiner (Deutschland) GmbH · Steiner Lman SAS · SNC Valleiry Route de Bloux · Highbar Technologies FZLLC(100%) ·
HCC Infrastructure Company Limited |
|
|
|
|
Other Related Parties : |
· Gulabchand Foundation (Formed under section 25 of the Companies Act, 1956) · Bona Sera Hotels Limited · Palmetto Hospitality Limited · Ecomotel Hotel Limited (From 2nd September 2010) · Warasgaon Lake View Hotels Limited (From 31st December 2010) · Verzon Hospitality Limited (From 31st December 2010) · Vikhroli Corporate Park Private Limited ( From 22nd July 2010)* · Hincon Holdings Limited · SOL Hospitality Limited · Knowledge Vistas Limited (From 23rd April, 2010) · Nathapa Jhakri Joint Venture (NJJV) · HCC Pati Joint Venture · Kumagai Skanska HCC Itouch Group (Kshi Jv) · HCC L and T Purulia Joint Venture · Alpine Samsung HCC Joint Venture · Alpine Hcc Joint Venture · Evostate AG · MCR Managing Corp Real Estate · Projektentwicklungsges.Parking Kunstmuseum AG · ARGE Prime Tower · Dhule Palesner Tollway Limited |
CAPITAL STRUCTURE
AFTER - AS ON
06.06.2011
Authorised Capital : Rs.11250.000 Millions
Issued, Subscribed & Paid-up Capital : Rs.8331.944
Millions
AS ON 06.06.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
800000000 |
Equity Shares |
Rs.10/- each |
Rs.8000.000 Millions |
|
40000000 |
6% Preferences Shares |
Rs.10/- each |
Rs.400.000 Millions |
|
25000000 |
0.001% Preferences Shares |
Rs.10/- each |
Rs.250.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.8650.000
Millions |
Issued Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
485944363 |
Equity Shares |
Rs.10/- each |
Rs.4859.444
Millions |
|
38000000 |
6% Preferences Shares |
Rs.10/- each |
Rs.380.000 Millions |
|
25000000 |
0.001% Preferences Shares |
Rs.10/- each |
Rs.250.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.5489.444 Millions |
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
485944363 |
Equity Shares |
Rs.10/- each |
Rs.4859.444
Millions |
|
37249997 |
6% Preferences Shares |
Rs.10/- each |
Rs.372.499
Millions |
|
25000000 |
0.001% Preferences Shares |
Rs.10/- each |
Rs.250.000
Millions |
|
|
|
|
|
|
|
Total |
|
Rs.5481.943 Millions |
(AS ON 31.03.2011)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
800000000 |
Equity Share |
Rs.10/- Each |
Rs.8000.000 Millions |
|
65000000 |
6% Cumulative Redeemable Preference shares and 0.001% Compulsory convertible
Preference shares |
Rs.10/- Each |
Rs.650.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.8650.000
Millions |
Issued, Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
485944400 |
Equity Share |
Rs.10/- Each |
Rs.4859.444 Millions |
|
63000000 |
6% Cumulative Redeemable Preference shares and 0.001% Compulsory
convertible Preference shares |
Rs.10/- Each |
Rs.630.000
Millions |
|
|
|
|
|
|
|
Total |
|
Rs.5489.444 Millions |
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
485944400 |
Equity Share |
Rs.10/- Each |
Rs.4859.444
Millions |
|
52250000 |
6% Cumulative Redeemable Preference shares and 0.001% Compulsory
convertible Preference shares |
Rs.10/- Each |
Rs.522.500 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.5381.944 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 |
5381.944 |
994.946 |
994.946 |
|
|
2] Share Application Money |
81.250 |
81.250 |
81.250 |
|
|
3] Reserves & Surplus |
1069.876 |
4357.346 |
2974.582 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
6533.070 |
5433.542 |
4050.778 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
17407.015 |
15759.503 |
9797.822 |
|
|
2] Unsecured Loans |
4525.958 |
2000.000 |
0.000 |
|
|
TOTAL BORROWING |
21932.973 |
17759.503 |
9797.822 |
|
|
DEFERRED TAX LIABILITIES |
1323.730 |
808.426 |
115.736 |
|
|
|
|
|
|
|
|
TOTAL |
29789.773 |
24001.471 |
13964.336 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
5328.112 |
3231.126 |
2623.404 |
|
|
Capital work-in-progress |
8854.005 |
8573.300 |
5942.333 |
|
|
|
|
|
|
|
|
INVESTMENT |
1281.891 |
3795.940 |
842.326 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
6767.700
|
6286.495
|
4302.235
|
|
|
Sundry Debtors |
5542.419
|
3179.487
|
1007.869
|
|
|
Cash & Bank Balances |
725.156
|
609.291
|
236.381
|
|
|
Other Current Assets |
44.021
|
72.928
|
46.632
|
|
|
Loans & Advances |
4984.998
|
3072.482
|
1099.802
|
|
Total
Current Assets |
18064.294
|
13220.683
|
6692.919
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
706.420
|
583.771 |
64.748 |
|
|
Other Current Liabilities |
3006.394
|
4185.001
|
1939.896
|
|
|
Provisions |
68.974
|
50.806
|
132.002
|
|
Total
Current Liabilities |
3781.788
|
4819.578
|
2136.646
|
|
|
Net Current Assets |
14282.506
|
8401.105
|
4556.273
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
43.259 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
29789.773 |
24001.471 |
13964.336 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
5336.791 |
4786.302 |
2120.413 |
|
|
|
Other Income |
72.826 |
29.252 |
0.482 |
|
|
|
TOTAL (A) |
5409.617 |
4815.554 |
2120.895 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption Materials Changes Inventories |
1631.227 |
1649.294 |
|
|
|
|
Manufacturing Services Costs |
29.516 |
39.987 |
|
|
|
|
Employees Related Expenses |
502.645 |
226.792 |
(1369.123) |
|
|
|
Administrative, Selling and Other Expenses |
811.955 |
340.000 |
|
|
|
|
TOTAL (B) |
2975.343 |
2256.073 |
(1369.123) |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2434.274 |
2559.481 |
3490.018 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
765.649 |
428.607 |
2132.251 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1668.625 |
2130.874 |
1357.767 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
34.722 |
36.274 |
6.844 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1633.903 |
2094.600 |
1350.923 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
515.371 |
692.741 |
117.954 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1118.532 |
1401.859 |
1232.969 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2136.082 |
753.318 |
(152.012) |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Preference Share Dividend |
16.353 |
16.375 |
95.325 |
|
|
|
Tax on Proposed Shares Dividend |
2.653 |
2.720 |
16.200 |
|
|
|
Capital Redemption Reserve |
304.642 |
0.000 |
216.114 |
|
|
BALANCE CARRIED
TO THE B/S |
2930.966 |
2136.082 |
753.318 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
- Basic |
2.26 |
2.85 |
-- |
|
|
|
- Diluted |
2.26 |
2.84 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
20.68
|
29.11
|
58.13 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
30.62
|
43.76
|
63.71 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.98
|
12.73
|
14.24 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.25
|
0.39
|
0.34 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.94
|
4.16
|
3.15 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.78
|
2.74
|
2.98 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
(Rs. In Millions) |
||
|
|
|
|
|
|
Sundry Creditors |
|
|
|
|
Creditors Due
Others |
706.420 |
583.771 |
64.748 |
|
|
|
|
|
|
Total |
706.420 |
583.771 |
64.748 |
OPERATIONS AND
OUTLOOK
India, an emerging economy, has witnessed unprecedented levels of economic expansion in the last few years.
According to the Economic Survey presented to the Parliament, the economy has, in the Financial Year 2009 -10 bounced back from the effects of the global economic slowdown and is on the growth path with a, projected growth of 9 per cent for the year 2011-12. The Central Statistical Organisations (CSO) estimated growth of 8.6 per cent in the Gross Domestic Product (GDP) for 2010-11 indicates the fast paced recovery.
The Company has been able to steer clear of the economic slowdown and has kept its rationale of building a city for all and is tailoring partnerships and tie ups with global leaders in their respective sectors.
The Company continued to enjoy healthy sales and has seen
record closures on each sale opening.
Institutional sales
have also made progress with a number of training institutes and corporate
entities entering into Memorandum of Understanding (MoUs).
In the hospitality
space, Accor Hospitality is geared to launch its two brands of hotels namely
Novotel and Pullman.
On the retail
front, a significant area has already been leased. Restaurants like American
Diner, Granmas Homemade Patisserie, Subway, Oriental Octopus Brewberrys - The Coffee
Bar and Chor Bizzare have already commenced operations. More food and beverages
outlets like, Caf Coffee Day, will commence operations this year. Some of the
other tie ups in the retail segment include Tommy Hilfiger, FunStar Cinema and
deals with Future Group for retail outlets like Food Bazaar and Hometown, for a
signature showroom at Lavasa.
Significant
progress was made in the education space. Ecole Hoteliere Lavasa started its
first batch in July 2009, has now opened admissions for its second batch. Le
Mont High School, Lavasa, an IB school, powered by Educomp, EuroKids and Birla
Edutech are in talks for primary and pre-primary school.
Professional and
executive education has also begun at Lavasa in a big way. Massachusetts
Institute of Technology conducted their first program on Airport and Airline
Systems, Planning and Management in Lavasa. This has successfully laid the
foundation to conduct similar specialized programmes in Lavasa in the future.
Other educational
partners like The Institute of International Business Relations, Germany, NSHM
Knowledge Campus, Kolkata, Symbiosis Institute, Pune and Christ University,
Bangalore are in the process to launch their programs.
The Company
continued the focus on branding and communication activities through 2010 - 11.
A thought leadership platform Lavasa Future Cities, in association with The
Times of India Group was launched in 2009. The key objective was to trigger a
thought process amongst public, as well as key decision makers, on not only the
need for creation of more urban centres for the migrating Indian populace but
also to push forth the need for better and more workable governance. A
television series called Urban Longings was aired to highlight the need for
planned new cities. The 6 episode TV series had eminent personalities like Mr.
Narayan Murthy, Dr. Abad Ahmed, Ms. Kiran Bedi, Mr. Arun Shourie, sharing their
vision for building, managing and governing future cities. The article series
by the same name in The Times of India and Maharashtra Times, had prominent
personalities like Dr. APJ Abdul Kalam, and 13 others, echoing their idea of a
future city. In the quest for making Indian cities more liveable and creating
better future cities, a City Planning and Governance Summit was also organized.
Events continued to
be the focal point and the year saw a multitude of events that increased the
salience of the brand and helped engage with the consumer on ground. These
included the inauguration of hotel Mercure Lavasa and Christel House School, Lavasa,
Rock n Hills Music Festival, Wildlife Week Celebrations, Lavasa Utsav,
Literature Live, Lavasa MIFTA Awards, Lavasa Womens Drive and sponsorship of
Pantaloons Femina Miss India Pageant along with events like the New Year
Celebrations and Italian Food Festival. The third Lavasa Womens Drive was
flagged of from Mumbai and Pune simultaneously. Over 750,000 women from 78
countries voted for the 2011 participants, making it Indias largest womens
drive with a mention in the Limca Book of Records.
The Company has
collaborated with information technology leaders like Wipro and Cisco to plan,
implement and manage information and communication technology (ICT) services
across Lavasa. The strategic partnership is focused on providing integrated and
effective solutions for enhancing technology leadership. The Company founded as
a result of this venture is named My City Technology. This joint venture is
currently deploying a futuristic telecom infrastructure to offer its residents
and visitors a life changing technology experience.
The Company has
completed purchase of 10,428 acres of land and is processing the purchase of
another 2,186 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 the final approval from the Ministry of Environment and Forests for
the widening of Tamhini to Mugaon Zilla Parishad road passing through a forest.
The Zilla Parishad has allowed the Company to widen and improve the road. The
Company has also received a fresh certificate of eligibility under the Tourism
Policy 2006 and obtained an exemption from the payment of stamp duty on
purchase of land for the project.
On the infrastructure front, the Company has accelerated work on the infrastructure for Mugaon. New internal roads at Mugaon towards the Space World area (5.2 kms) have been taken up and the 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 2011. The portion of Mugaon Tamhini road will also form a part of the approach road for the proposed tunnel between Tamhini and Mugaon. The work for inter village road between Mugaon and Gadle (6 kms) is expected to be completed by December 2011.
The Company has, in addition, rehabilitated villagers and commenced work on new gaothans. It is expected that 50 units will be ready by the year end. This along with creation of social infrastructure like school and community centre.
The basic infrastructure like access roads, internal roads, water treatment plant, sewage treatment plant, telecom network and services is also in place.
The company has completed hydroseeding on 200 acres around
Dasve and Mugaon. Mass tree plantation of approximately 6 lakh trees has
already been completed till date. Disturbed slopes are being treated using soil
bioengineering technique. The landscaping work around areas like Town Hall,
Fortune Select Dasve hotel, a part of the Portofino Street, Apollo Lavasa
hospital, Dasvino Town and Country Club is completed. A major part of the
promenade is open for the public and the balance is planned to be completed by
December 2011.
Lavasa now has a new post office, a police station, a public safety centre, a hospital, six food and beverage establishments, three operational hotels with three more under construction, a fuel station, bank, pharmacy, rental housing, an arcade, watersports facility, club and transit system. In the months ahead, a grocery shop, several schools and additional retail shops will be open. The citys drinking water is fit for consumption straight from the tap without the need for filtration; its sewerage is treated to nearly drinking water standards before being reused for irrigation and other non-potable uses; its power distribution grid is nearly 99% reliable and the young city is already on the cutting edge of urban environmental sustainability initiatives. The organization plans to have its e-governance portal and a citizen call centre to maintain its focus on the needs of residents and visitors, and it has already opened parks and play areas to the public.
In the current year, subject to the requisite clearance of Ministry of Environment and Forests, apartments and villas are being proposed to be handed over to owners at Dasve, the first town at Lavasa. They 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. Enterprise Utilities: This department will arrange to provide
uninterrupted power to all customers with minimal surges, deliver high quality
drinking water throughout the city, collect and treat sanitary sewage to
standards substantially exceeding government requirements.
4. Public Works: This department maintains streets, promenades,
footpaths, parks, drainage channels and other public realm areas and runs the
solid waste management program.
5. Administration and Finance: The financial transactions of the City
Management Services are coordinated by this department, including issue of
bills 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 self reliant. To begin with,
the Corporate Social Responsibility department aims at developing a close
rapport with the community by organizing various activities like creation of
gaothans, providing employment opportunities and a better standard of living
for the villagers. Creation of healthcare, education and child-care facilities
for the locals and conducting personality development programmes and organizing
health camps, too is on the agenda.
CONTINGENT
LIABILITIES INCLUDE (AS ON 31.03.2011)
a) Guarantee given by banks on behalf of the Company Rs.26.513 Millions (previous year Rs.50.268 Millions),
b) Corporate Guarantee Outstanding Rs.950.000 Millions (Previous Year Rs.1760.000 Millions)
c) Claims not acknowledged as debt Rs.9.697 Millions (Previous year Rs.9.697 Millions)
d) The Company has filed petitions against the orders / notices of various authorities demanding Rs.177.552 Millions (Previous Year Rs. Nil) towards payment of royalty / penalty on materials excavated. In view of these demands being legally unjustifiable, the Company does not expect any liability in these matters.
e) Guarantee Given on Behalf of Subsidiary company Rs.3.667
Millions (Previous year Rs Nil)
BANKERS CHARGES
REPORT AS PER REGISTRY
|
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 (West), Mumbai-400083,
|
|
This form is for |
Modification of
charge |
|
Charge
identification (ID) number of the charge to be modified |
10135616 |
|
Type of charge |
Immovable
Property Book Debts Movable Property
(not being pledge) Others - Project
assets, accounts, receivables etc. |
|
Particular of
charge holder |
Axis Trustee
Services Limited – CIN No.:
U74999MH2008PLC182264 |
|
Email |
|
|
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,
Distrit 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 02.11.2010, 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, Ugavali, Bembatmal, Mose BK, Saiv BK, Bhode, Taluka
Mulshi, Dist. Pune 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.51.31 |
|
|
1 |
Rs.81.37 |
|
Euro |
1 |
Rs.67.98 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
51 |
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.