MIRA
INFORM REPORT
|
Report Date : |
23.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
HUBTOWN LIMITED (w.e.f. 15.11.2011) |
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Formerly Known
As : |
ACKRUTI CITY LIMITED |
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Registered
Office : |
Hubtown Solaris, 2nd Floor, N.S. Phadke Marg, Opposite
Telli Gully, Near Hotel Regency, Andheri (East), Mumbai – 400069, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
16.02.1989 |
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Com. Reg. No.: |
11-050688 |
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Capital
Investment / Paid-up Capital : |
Rs.727.359 Millions |
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|
|
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CIN No.: [Company Identification
No.] |
L45200MH1989PLC050688 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA19170E |
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PAN No.: [Permanent Account No.] |
AAACA6101D |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
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Line of Business
: |
The Company is engaged in the business of Real Estate Development. |
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No. of Employees
: |
208 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (58) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 65000000 |
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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 a well established company having fine track record. There
appears sharp dip in the profitability recorded by the company. However, financial
appears to be strong. Liquidity position appears to be good. Trade relations
are reported to be fair. Business is active. Payments are reported to be
regular and as per commitment. The company can be considered for business dealing at usual trade
terms and condition. |
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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
INDIAN ECONOMIC OVERVIEW
|
Source
: CIA |
EXTERNAL AGENCY RATING
CARE Rating as on July 2012
Suspended due to lack of information
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office / Head Office: |
Hubtown Solaris, 2nd Floor, N.S. Phadke Marg, Opposite
Telli Gully, Near Hotel Regency, Andheri (East), Mumbai – 400069,
Maharashtra, India |
|
Tel. No.: |
91-22-67037500/ 61238200 / 67037400 |
|
Fax No.: |
91-22-61238333 / 67037403 / 28218230 |
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E-Mail : |
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Website : |
DIRECTORS
As on 31.03.2012
|
Name : |
Mr. Hemant M. Shah |
|
Designation : |
Executive Chairman |
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Name : |
D. R. Kaarthikeyan |
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Designation : |
Independent Director |
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Name : |
Mr. Abhijit Datta |
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Designation : |
Independent Director |
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Name : |
Mr. Arvind Kumar Joshi |
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Designation : |
Independent Director |
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Name : |
Mr. Shailesh H. Bathiya |
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Designation : |
Independent Director |
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Name : |
Mr. Vyomesh M. Shah (Vimal M. Shah) |
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Designation : |
Managing Director |
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Name : |
Mr. Madhukar B. Chobe |
|
Designation : |
Executive Director |
KEY EXECUTIVES
|
Name : |
Mr. Chetan S. Mody |
|
Designation : |
Company Secretary |
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AUDIT AND COMPLIANCE COMMITTEE : |
·
Mr. Shailesh H. Bathiya, Chairman ·
D. R. Kaarthikeyan ·
Mr. Arvind Kumar Joshi ·
Mr. Vyomesh M. Shah |
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|
|
|
REMUNERATION COMMITTEE : |
·
Mr. Abhijit Datta Chairman ·
D. R. Kaarthikeyan ·
Mr. Arvind Kumar Joshi |
|
|
|
|
SHAREHOLDERS’/
INVESTORS’ GRIEVANCES COMMITTEE : |
·
Mr. Abhijit Datta Chairman ·
Mr. Hemant M. Shah ·
Mr. Madhukar B. Chobe |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2012
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
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|
59400000 |
79.48 |
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|
600000 |
0.80 |
|
|
60000000 |
80.28 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
60000000 |
80.28 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
56937 |
0.08 |
|
|
1314598 |
1.76 |
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|
1371535 |
1.84 |
|
|
|
|
|
|
6163838 |
8.25 |
|
|
|
|
|
|
1399025 |
1.87 |
|
|
3893147 |
5.21 |
|
|
1908326 |
2.55 |
|
|
400091 |
0.54 |
|
|
1288247 |
1.72 |
|
|
11 |
0.00 |
|
|
219977 |
0.29 |
|
|
13364336 |
17.88 |
|
Total Public shareholding (B) |
14735871 |
19.72 |
|
Total (A)+(B) |
74735871 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
74735871 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is engaged in the business of Real Estate Development. |
GENERAL INFORMATION
|
No. of Employees : |
208 (Approximately) |
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Bankers : |
·
Canara Bank ·
Central Bank of ·
Dena Bank ·
HDFC Bank Limited ·
ICICI Bank Limited ·
IDBI Bank Limited ·
Kotak Mahindra Bank ·
Punjab National Bank ·
State Bank of ·
UCO Bank ·
Union Bank of |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
-- |
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Statutory Auditors 1 : |
Sudit K. Parekh and Company Chartered Accountants |
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Statutory Auditors 2 : |
Doshi Doshi and Associates Chartered Accountants |
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Internal Auditors 1
: |
Mahajan and Aibara Chartered Accountants |
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|
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Internal Auditors 2 : |
Axis Risk Consulting Services Private Limited |
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Subsidiaries : |
·
ABP Realty Advisors Private Limited ·
Ackruti Safeguard Systems Private Limited ·
Ackruti Campus of Research and Education Private
Limited (upto December 28, 2011) ·
Ackruti City Magnum Limited (upto June 30, 2011) ·
Adhivitiya Properties Limited ·
Arnav Gruh Limited ·
Citygold Education Research Limited ·
Citygold Farming Private Limited ·
Devkrupa Build Tech Limited ·
Diviniti Projects Private Limited ·
Gujarat Akruti - TCG Biotech Limited ·
Halitious Developer Limited (Formerly known as
Halitious Warehousing Limited) ·
Harmony Erectors Private Limited (upto December
28, 2011) ·
Headland Farming Private Limited ·
Heddle Knowledge Private Limited ·
Heeler Hospitality Private Limited ·
Heet Builders Private Limited ·
Holiac Realty Limited ·
India Development and Construction Venture
Capital Private Limited ·
Jihant Housing Private Limited (upto December 28,
2011) ·
Merrygold Buildcon Private Limited ·
Nova Realty Private Limited (upto December 28,
2011) ·
Pushpak Healthcare Services Private Limited ·
Sheshan Housing and Area Development Engineers
Limited ·
Sunmist Builders Private Limited (upto December
27, 2011) ·
Superaction Realty Private Limited (upto December
28, 2011) ·
Upvan Lake Resorts Private Limited ·
Urvi Build Tech Limited ·
Vama Housing Limited ·
Vega Developers Private Limited ·
Vishal Nirman (India) Limited ·
Vishal Techno Commerce Limited ·
Yantti Buildcon Private Limited |
|
|
|
|
Associates : |
·
Ackruti City Bus Terminal (Surat) Private Limited
(upto February 18, 2012) ·
Bigcity Developers Private Limited (upto December
27, 2011) ·
Forefront Realty Private Limited (upto December
28, 2011) ·
Citywood Builders Private Limited ·
Comral Realty Private Limited ·
Gallant Infotech Private Limited ·
Glamorous Properties Private Limited (upto July
31, 2011) ·
Harbinger Developers Private Limited ·
Joynest Premises Private Limited ·
Pristine Developers Private Limited ·
Sunstream City Private Limited ·
Trans Gulf MEP Engineers Private Limited (from
September 8, 2011) ·
Whitebud Developers Limited ·
Vinca Developer Private Limited ·
Leading Work Properties Private Limited ·
Yellowcity Builders Private Limited |
|
|
|
|
Jointly Controlled
Entities : |
· Ackruti City Bus Terminal (Vadodara) Private Limited · Ackruti City Bus Terminal (Mehsana) Private Limited · Ackruti City Bus Terminal (Adajan) Private Limited · Ackruti City Bus Terminal (Ahmedabad) Private Limited · Ackruti City Magnum Limited (from July 01, 2011) · Quadron Business Park Limited (Formerly known as DLF Ackruti Info Parks (Pune) Limited (upto December 28, 2011) · Hoary Realty Limited · Joyous Housing Limited · Rare Townships Private Limited · Aarti Projects and Constructions · Akruti Jay Chandan JV · Primeria JV (Formerly known as Akruti Forefront JV) · Akruti GM JV · Akruti Jay Developers · Akruti Kailash Constructions · Akruti Realty Forefront Combine · Akruti Steelfab Corporation · Hiranandani Akruti JV · Shreenath Realtors · Akruti SMC JV · Gandhi Adhivitiya Combine · Sole Builders (formerly known as Commercial Construction Corporation) · Panama JV (from April 01, 2011) · Gulati Estate Joint Venture (from February 22, 2012) |
|
|
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|
Enterprises Where
Key Managerial Personnel or Their Relatives Exercise Significant Influence (Where Transactions Have Taken Place) : |
· Ackruti Campus of Research and Education Private Limited (from December 28, 2011) · Bigcity Developers Private Limited (from December 28, 2011) · Buildbyte. Com. (India) Private Limited · Citygold Management Services Private Limited · Forefront Realty Private Limited (from December 28, 2011) · Harmony Erectors Private Limited (from December 28, 2011) · Helik Advisory Limited (Formerly known as Helik Consultancy Limited) · Ichha Constructions Private Limited · Saicharan Consultancy Private Limited · Sanskriti Developers Private Limited |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
125000000 |
Equity Shares |
Rs.10/- each |
Rs.1250.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
72735871 |
Equity Shares |
Rs.10/- each |
Rs.727.359 Millions |
|
|
|
|
|
Reconciliation of the
number of equity shares outstanding at the beginning and at the end of the year
|
Particular |
31.03.2012 |
|
Number of shares at the beginning of the year |
72735871 |
|
Add/(Less) : Issued during the year |
-- |
|
Buyback during the year |
-- |
|
Conversion during the year |
-- |
|
At the end of the
year (Nos.) Total |
72735871 |
Equity shareholders holding more than five percent shares in the Company
|
Particular |
Nos. |
% of Holding |
|
Hemant M. Shah |
5,800,000 |
7.97% |
|
Vyomesh M. Shah |
7,540,000 |
10.37% |
|
Mahipatray V. Shah (HUF) |
9,600,000 |
13.20% |
|
Hemant M. Shah (HUF) |
6,892,000 |
9.48% |
|
Vyomesh M. Shah (HUF) |
4,100,000 |
5.64% |
|
Kunjal H. Shah |
5,308,000 |
7.30% |
|
Falguni V. Shah |
6,360,000 |
8.74% |
|
Others |
27,135,871 |
37.30% |
Terms / rights
attached to Equity Shares :
The Company has a single class of equity shares having a par value of Rs.10/- per share. Each holder of equity share is entitled to one vote per share. The Company declares and pays dividend in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of shareholders in the ensuing annual general meeting. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company in proportion to the number of equity shares held by each shareholder, after settlement of all preferential obligations.
Shares allotted as
fully paid up by way of bonus shares (during five years immediately preceding
31 March, 2012)
12,000,000 equity shares have been allotted as fully paid-up bonus shares, by way of capitalisation of General Reserve and Surplus in the Statement of Profit and Loss, for the financial year 2006-2007.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
727.359 |
727.359 |
727.359 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
15622.001 |
15308.057 |
13805.280 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
16349.360 |
16035.416 |
14532.639 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
4577.726 |
7998.355 |
8234.327 |
|
|
2] Unsecured Loans |
3122.620 |
1993.216 |
1745.216 |
|
|
TOTAL BORROWING |
7700.346 |
9991.571 |
9979.543 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
24049.706 |
26026.987 |
24512.182 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
296.599 |
271.903 |
150.934 |
|
|
Capital work-in-progress |
0.000 |
155.587 |
12.554 |
|
|
|
|
|
|
|
|
INVESTMENT |
6887.851 |
6352.379 |
5011.703 |
|
|
DEFERREX TAX ASSETS |
89.261 |
47.781 |
51.052 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
6994.086
|
5491.890 |
5178.011 |
|
|
Sundry Debtors |
1038.169
|
1501.913 |
787.041 |
|
|
Cash & Bank Balances |
415.933
|
590.802 |
792.645 |
|
|
Other Current Assets |
1719.606
|
2278.059 |
1842.372 |
|
|
Other Non- Current Assets |
964.229
|
188.382 |
0.000 |
|
|
Loans & Advances |
18677.990
|
17510.479 |
12842.168 |
|
Total
Current Assets |
29810.013
|
27561.525 |
21442.237 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1052.987
|
826.468 |
477.387 |
|
|
Other Current Liabilities |
11881.671
|
7319.494 |
937.268 |
|
|
Provisions |
99.360
|
216.226 |
741.643 |
|
Total
Current Liabilities |
13034.018
|
8362.188 |
2156.298 |
|
|
Net Current Assets |
16775.995
|
19199.337 |
19285.939 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
24049.706 |
26026.987 |
24512.182 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2648.596 |
2879.448 |
4410.323 |
|
|
|
Other Income |
1723.472 |
1351.858 |
320.058 |
|
|
|
Share of Profit from Joint Ventures and Partnership Firms (Net) |
(44.227) |
1381.618 |
409.879 |
|
|
|
TOTAL (A) |
4327.841 |
5612.924 |
5140.260 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Construction / Development |
1776.707 |
1812.576 |
2980.396 |
|
|
|
Changes in inventories of work-in-progress, finished properties and FSI |
(1961.676) |
(1048.403) |
(1907.978) |
|
|
|
Employee benefits expense |
210.915 |
199.025 |
121.447 |
|
|
|
Other expenses |
1094.297 |
724.788 |
332.536 |
|
|
|
Extraordinary item |
35.000 |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
1155.243 |
1687.986 |
1526.401 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3172.598 |
3924.938 |
3613.859 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2809.470 |
2320.085 |
1196.846 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
363.128 |
1604.853 |
2417.013 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
70.264 |
48.391 |
31.068 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
292.864 |
1556.462 |
2385.945 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(105.616) |
(158.355) |
647.997 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
458.950 |
1712.568 |
1765.162 |
|
|
|
|
|
|
|
|
|
Less/ Add |
Prior period adjustments (Net) |
(60.470) |
2.249 |
0.314 |
|
|
|
|
|
|
|
|
|
Add/ (Less) |
Short Provision for Taxation in respect of earlier year |
0.000 |
0.000 |
(27.528) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
6536.945 |
5970.668 |
5083.206 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Equity Dividend |
72.700 |
181.840 |
363.679 |
|
|
|
Tax on Proposed Dividend |
11.800 |
30.201 |
61.807 |
|
|
|
Debenture Redemption Reserve |
300.000 |
747.500 |
250.000 |
|
|
|
General Reserve |
0.000 |
189.000 |
175.000 |
|
|
BALANCE CARRIED
TO THE B/S |
6550.925 |
6536.945 |
5970.668 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
47.327 |
NA |
6.234 |
|
|
TOTAL IMPORTS |
47.327 |
NA |
6.234 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
5.48 |
23.58 |
24.81 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2012 |
|
Type |
|
|
1st
Quarter |
|
Net Sales |
|
|
661.800 |
|
Total Expenditure |
|
|
(92.100) |
|
PBIDT (Excl OI) |
|
|
753.900 |
|
Other Income |
|
|
503.400 |
|
Operating Profit |
|
|
1257.300 |
|
Interest |
|
|
768.700 |
|
Exceptional Items |
|
|
0.000 |
|
PBDT |
|
|
488.600 |
|
Depreciation |
|
|
13.100 |
|
Profit Before Tax |
|
|
475.500 |
|
Tax |
|
|
21.000 |
|
Provisions and contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
454.500 |
|
Extraordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
454.500 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
10.60
|
30.51 |
34.34 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
11.06
|
54.05 |
54.09 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.97
|
5.59 |
11.05 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
0.10 |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.50
|
1.14
|
0.84 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.29
|
10.80
|
9.94 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
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 |
No |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
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 |
No |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
OPERATIONAL
HIGHLIGHTS :
The year was a very difficult year for the world economy
including the Indian economy, the real estate sector and the Company, with
stagnancy/slowdown having permeated the global and Indian economy, resulting in
a kind of economic downturn with decreased sales and pressure on profit margins.
The consolidated turnover of the Company was lower by 26.16 % at Rs.5904.900 Millions as against Rs. 7997.600 Millions in the previous year. The consolidated net profit stood at Rs.236.900 Millions as against Rs. 1761.800 Millions in the previous year.
On a standalone basis the total income of the Company was lower by 22.89 % at Rs.4327.900 Millions as against Rs. 5612.900 Millions in the previous year. A significant increase in cost of funds has had an impact on Profit before Tax which stood at Rs.292.900 Millions as against Rs.1556.400 Millions in the previous year, The net profit stood at Rs.398.500 Millions as against Rs.1714.800 Millions in the previous year.
The performance of the Company was impacted by reduced turnover combined with the burden of fixed overheads like finance cost and personnel cost. The inflationary trend in the economy increased the input costs, thereby putting pressure on margins.
On the other hand, affordability was the biggest concern for the buyers. During the year 2011, Reserve Bank of India continued its stance of keeping the policy rates high and announced 7 rate hikes in the year. The banks responded with similar hikes in lending rates. The increase in prime lending rates at commercial banks and other housing finance institutions alongwith charges such as Stamp Duty, Service Tax and VAT became a major deterrent for home buyers to take loans for buying residential real estate, as a result of which residential sales slumped markedly.
MANAGEMENT DISCUSSION
AND ANALYSIS (MD AND A)
THE BUSINESS :
The Company is one of the leading real estate development companies in India and currently operates both - on its own and through its subsidiaries / joint ventures / associate companies, partnerships firms and public private partnerships encompassing the construction and development of Residential and Commercial Premises, SEZs, IT Park, Biotech Park and Build Operate Transfer (BOT) Projects. Operations of the Company include identification of projects, acquisition of land / development rights, architectural and engineering designing, project management including obtaining necessary approvals, planning, execution and marketing of the projects.
The Company has a Western India focus with presence in major cities such as Mumbai, Thane, Pune, Surat, Ahmedabad, Vadodara, and Mehsana and in Bengaluru in the South.
The Company’s presence in Mumbai is well distributed amongst western suburbs, eastern suburbs, the island city and Mumbai Metropolitan Region (MMR).
The construction and development of projects at various locations is currently in progress.
The Company has already initiated steps for sustaining growth through cost optimization, process improvement and efficient management of working capital. Tools of innovation are employed for any new project / marketing initiative, the purpose being to constantly stay ahead in terms of ideas.
OVERVIEW OF THE
COMPANY’S PROJECTS
Residential:
Ongoing Projects:
Hubtown Sunmist - Andheri (East)
Hubtown Countrywoods Phase I – Kondhwa, Pune
Hubtown Shikhar – Andheri (East)
Hubtown Gardenia – Mira Road
Hubtown Greenwoods – Thane
Hubtown Jewell – Andheri (West)
Hubtown Vedant – Sion (East)
Hubtown Harmony - Matunga (East)
Rising City – Ghatkopar Mankhurd Link Road
Commercial:
Ongoing Projects
Hubtown Solaris – Andheri (East)
Hubtown Viva – Andheri (East)
Hubtown Central – Surat
Hubtown Central – Ahmedabad
Hubtown Central – Mehsana
Hubtown Central - Vadodara
ECONOMIC OVERVIEW :
After suffering a major setback during 2011, global prospects are gradually strengthening again, but downside risks remain elevated. Improved activity in the US during the second half of 2011 and better policies in the Euro area in response to its deepening economic crisis have reduced the threat of a sharp global slowdown. Accordingly, weak recovery will likely resume in the major advanced economies, and activity is expected to remain relatively solid in most emerging and developing economies. Global growth is projected to drop from about 4 percent in 2011 to about 3V2 percent in 2012 because of weak activity during the second half of 2011 and the first half of 2012. The reacceleration of activity during the course of 2012 is expected to return global growth to about four percent in 2013. Real GDP growth in the emerging and developing economies is projected to slow down from 6% per cent in 2011 to 5% percent in 2012 but then to reaccelerate to 6 percent in 2013, helped by easier macroeconomic policies and strengthening foreign demand. But the risk of things turning bad again in Europe is high.
INDIAN ECONOMY :
According to the Advance estimates released by the Central Statistics Office (CSO) GDP growth for 2011-2012 is pegged at 6.9% from earlier forecast of 7%, but only marginally higher than the 6.7% growth seen in 2008-2009, the year of global economic crisis. Investment which was worse affected, underwent a mild contraction in April - December 2011 in year-on-year terms, relative to a growth of 8.9% in the same months of 2010-2011, reflecting a dampening of business sentiments and the pace of execution of various projects.
Uncertainty about demand conditions given the global outlook and its likely contagion effect; regulatory issues including environmental clearances and land acquisition; as well as sector specific factors like availability of coal and iron ore have impacted investment. Other contributory factors included an increase in interest rates to dampen high inflation and a slow-down in decision-making in various crucial areas. At the same time, while the fiscal policy remains expansionary, higher outgo towards items of non-plan revenue expenditure such as subsidies limited the fiscal space available for boosting infrastructure spending by the public sector. Investment growth is likely to remain sluggish in 2012-2013 as well, unless policy issues are addressed and there is a substantial pick-up in the pace of implementation of big ticket economic reforms.
INDUSTRY OVERVIEW :
The real estate sector is a major driver of economic growth and is the second largest employer after agriculture contributing a significant portion of GDP the health of the nation's real estate sector is often seen as indicative of its overall economic health. The real estate sector's backward and forward linkages with the housing and construction industry, and more than 250 ancillary industries including cement, steel and other building materials, place this sector as the epic center of India's growth story. The sector provides a means of livelihood for millions of household in India, next only to agriculture and acts as a catalyst for adding momentum to the growth of the Indian economy.
The real estate sector has evolved quite well over the past few years, while also witnessing a period of recession, which rather provided an opportunity to retrospect, resurrect and consolidate. As per the Department of Industrial Policy and Promotion data, the sector attracted investment to the tune of USD 708 million between April 2011 - February 2012. Real Estate Sector is the fifth largest sector in terms of cumulative FDI inflows in the country having attracted investment to the tune of USD 11,089 between April 2000 to February 2012.
OPPORTUNITIES:
Residential
Housing shortage still remains one of the biggest challenges for India. Residential property market in India from 2011-2015 is likely to witness a demand of 3.94 million housing units, growing at a steady pace of 11% compounded annual growth rate. Of this, 2.3 million units will be the demand from the top seven cities alone.
The Low Income Group and Economically Weaker Section Housing segments will continue to see a high demand-supply gap in the next five years. Several policy reforms by the Government of India and the State Governments are expected to have an impact on the demand supply scenario.
The housing demand and supply scenario and the resulting gap is likely to reduce in the next five years. Of the total demand in the top 7 cities, the mid-range housing segment is expected to drive the maximum demand. On the other hand, the affordable segment of the property market which is likely to register approximately 3 times more demand than supply might see gap increasing during the next five years.
Commercial
The cumulative pan India demand for commercial office space in next five years (2011-2015) is expected to be 267 million sq. ft. Availability of talent pool for IT/ITES Sector, quality supply at comparatively lower prices and supporting government policies are a few factors which drive demand in the top 7 cities. As per the research, the supply will be exceeding the demand for commercial office spaces in the next five years at the prevailing economic conditions. However, with an improvement in the overall situation, the demand may accelerate. On the contrary, if the pace of growth is slow, during the next five years, it may lead to increasing vacancy. Having analysed the trend in major seven cities, it is noted that the demand by the end of 2015 is still not likely to exceed or meet the pre-recessionary time indicating a gradual recovery mode.
FUTURE OUTLOOK :
Going forward, the sector is expected to be in the grip of slowdown atleast till the first half of the current fiscal 2012-13. Things may improve only in the latter half if the economy improves and political stability is back to push key reforms
The Government's initiative through the Lok Pal Bill and the proposed Land Acquisition, Rehabilitation and Resettlement Bill exhibit the country's attempt to have a consistent, progressive and dynamic socio economic environment, conducive for growth.
Further, much depends on the improvement of sentiments in the European market. The depreciation of rupee is going to benefit companies which are heavily dependent on international trade like IT, ITES and export-oriented companies. They are also the major contributors to the demand of commercial as well as residential spaces. If there is an improvement in the European market, sentiments will improve further which in turn will have a positive impact on the Indian realty market.
Presently, the need of the hour is to focus on achieving operational efficiencies to improve construction productivity, delivery of the projects on hand with the help of technological advances and commitment to improve delivery capabilities including up-skilling of existing manpower. Therefore, efficiency, innovation and cutting edge technology may well be the keys to success, in addition to improved project delivery and execution skills and addressing the rampant capacity constraints across the built environment.
The Finance Minister in his Budget for 2012-13 announced budgetary support in the form of extension of the scheme of interest subvention of 1 % on housing loan upto Rs.1.500 Millions; provision under rural housing of Rs.40000.000 Millions; setting up Credit Guarantee Trust Fund to ensure better flow of institutional credit for housing loans; and allowing ECBs for low cost housing projects will also act as a catalyst for boosting growth. The fundamentals of the Sector are good and its growth should continue in the foreseeable future. Overall, the sentiment for 2012 is expected to be one of cautious optimism.
CORPORATE INFORMATION
Subject (formerly known as Ackruti City Limited) is a listed public limited company domiciled in India, incorporated under the Companies Act, 1956. The Company is engaged in real estate business of construction and development of Residential and Commercial Premises, SEZs, Biotech Park and Build Operate Transfer (BOT) Projects, etc. through both - on its own and through its subsidiaries / joint ventures / associate companies.
CONTINGENT
LIABILITIES (NOT PROVIDED FOR) :
Rs. In Millions
|
Particular |
31.03.2012 |
31.03.2011 |
|
(A) Claims against the Company not acknowledged as debts on account of : |
|
|
|
1) Income tax matters under appeal |
117.991 |
607.837 |
|
2) Demand notice issued by Brihanmumbai Mahanagar Palika for land construction charges (property tax |
54.819 |
54.714 |
|
3) Development permission from forest department |
15.622 |
15.622 |
|
B) On account of corporate guarantees issued by the Company to bankers on behalf of other companies and joint ventures for facilities availed by them (amounts outstanding there against.) |
7296.849 |
7129.712 |
|
Further, interest / penalty that may accrue on original demands are not ascertainable, at present. The Company has taken necessary steps to protect its position with respect to the above referred claims, which in its opinion, based on professional / legal advice are not sustainable |
|
|
UNAUDITED STANDALONE
FINANCIAL RESULTS FOR THE FIRST QUARTER ENDED JUNE 30, 2012
Rs. In Millions
|
Sr. |
Particulars |
Quarter ended |
|
|
No. |
|
30.06.2012 |
|
|
|
|
Unaudited |
|
|
1. |
Income from
Operations |
|
|
|
|
a. Income from sale of properties, rights, etc. |
641.700 |
|
|
|
b. Other operating income |
20.100 |
|
|
|
Total Income from operations (Net) (a + b) |
661.800 |
|
|
2. |
Expenses |
|
|
|
|
a. Cost of materials consumed |
383.900 |
|
|
|
b. Purchases of stock-in-trade |
-- |
|
|
|
c. Changes in inventories of finished goods, work-in-progress |
(599.900) |
|
|
|
d. Share of loss from Joint Ventures |
-- |
|
|
|
e. Employee benefits expense |
41.900 |
|
|
|
f. Depreciation and amortization expense |
13.100 |
|
|
|
g. Other expenses: |
|
|
|
|
i) Legal and Professional fees |
213.600 |
|
|
|
ii) Interest on delayed payment charges |
28.900 |
|
|
|
iii) Project expenses amortised |
-- |
|
|
|
iv) Amortisation of expenditure incurred in Joint venture projects |
-- |
|
|
|
v) Other expenses |
31.500 |
|
|
|
h. Total other expenses |
82.000 |
|
|
|
Total Expenses (a+b+c+d+e+f+h) |
(79.000) |
|
|
3. |
Profit / (Loss)
from operations before other income, finance costs and exceptional items
(1-2) |
740.800 |
|
|
4. |
Other Income |
503.400 |
|
|
5. |
Profit from
ordinary activities before finance costs and exceptional items (3 + 4) |
1244.200 |
|
|
6. |
Finance costs |
768.700 |
|
|
7. |
Profit / (Loss) from
ordinary activities after finance costs but before exceptional items (5 - 6) |
475.500 |
|
|
8. |
Exceptional items |
-- |
|
|
9. |
Profit / (Loss)
from ordinary activities before tax (7 + 8) |
475.500 |
|
|
10. |
a. Tax expense / (credit) |
21.000 |
|
|
|
b. Excess provision for taxation in respect of earlier year |
-- |
|
|
11. |
Net Profit from
ordinary activities after tax (9-10a+10b) |
454.500 |
|
|
12. |
Extraordinary Items (net of tax) |
-- |
|
|
13. |
Net Profit for the
period (11-/+12) |
454.500 |
|
|
14. |
Paid-up equity share capital (face value of ? 10 per share) |
727.400 |
|
|
15. |
Reserves excluding Revaluation Reserves |
|
|
|
16 A. |
Earnings per Share before extraordinary items (EPS) |
|
|
|
|
Basic EPS (not annualized) (Rs.) |
6.25 |
|
|
|
Diluted EPS (not annualized) (Rs.) |
6.25 |
|
|
16 B. |
Earnings per Share after extraordinary items (EPS) |
|
|
|
|
Basic EPS (not annualized) (Rs.) |
6.25 |
|
|
|
Diluted EPS (not annualized) (Rs.) |
6.25 |
|
|
|
|
|
|
|
1. |
Public Shareholding |
|
|
|
|
- Number of shares |
1,27,35,871 |
|
|
|
- Percentage of shareholding |
17.51 % |
|
|
2. |
Promoter and Promoter Group shareholding |
|
|
|
|
a. Pledged /Encumbered |
|
|
|
|
- number of shares |
4,66,64,000 |
|
|
|
- percentage of shares (as a % of the total shareholding of promoter and promoter group) |
77.73 % |
|
|
|
- percentage of share (as a % of the total share capital of the Company) |
64.16% |
|
|
|
b. Non-encumbered |
|
|
|
|
- number of shares |
1.33.36.000 |
|
|
|
- percentage of shares (as a % of the total shareholding of promoter and promoter group) |
22.23 % |
|
|
|
- percentage of share (as a % of the total share capital of the Company) |
18.33% |
|
|
|
|
|
|
|
B |
INVESTOR COMPLAINTS |
|
|
|
|
Fending at the beginning of the quarter |
Nil |
|
|
|
Received during the quarter |
2 |
|
|
|
Disposed off during the quarter |
2 |
|
|
|
Remaining unresolved at the end of the quarter |
Nil |
|
Note:
1. The above financial results were reviewed by the Audit and Compliance Committee and thereafter approved by the Board of Directors at their respective meetings held on August 14, 2012.
2. The Company operates in the business of real estate development which as per Accounting Standard AS - 17 is presently its only reportable business segment. The Company is primarily operating in India, which is considered as a single geographical segment.
3. The figures of the quarter ended March, 2012 are the balancing figures between audited figures in respect of the full financial year 2011-12 and the published year to date figures upto the third quarter of the respective financial year.
4. During the quarter: the Company (i) sold 10,000 Class 'A equity shares of Pushpak Healthcare Services Private Limited (HSPL), consequent to which HSPL ceased to be a subsidiary of the Company; (ii) sold 16,500 equity shares of Ackruti City Magnum Limited (ACML), consequent to which, ACML ceased to be a jointly controlled entity of the Company; (iii) bought 26,000 equity shares of Forefront Realty Private Limited; and (iv) bought 3,12,500 equity shares of Glamorous Properties Private Limited.
5. Revenue from sale of incomplete properties / projects is recognized on the basis of percentage of completion method. Costs of the projects are based on the management's estimate of the cost to be incurred upto the completion of the projects which has been relied upon by the auditors, which is reviewed periodically.
6. 'Expenditure incurred on joint venture projects' by the Company but which as per the contractual arrangement cannot be transferred to joint venture entities are considered as part of the inventories of related joint venture in consolidated financial statements. The identification of such expenses and its allocation over various projects are as per the judgment of the management and has been relied upon by the auditors, this being a technical matter. Such accounting treatment is based on a legal opinion obtained by the Company.
7. 'Trade receivables include Rs.186.500 Millions due from a customer who had during an earlier year requested the company to extend the credit period originally granted in the sale agreement. The party has affirmed to remain committed to the consideration originally agreed to and has, during the current year, discharged a part of the total outstanding debt. This party had earlier requested the management for further extension upto 31st August, 2012 for payment of its dues. However, before the adoption of results, the Company has received cheque from this party towards its respective dues.
8. During the previous year, a major fire took place at the registered office of the Company on December 23, 2011, causing extensive damage and destruction of the, documents and assets of the Company, including the financial accounting. The Company has however, reconstructed the financial records and is of the opinion that no further adjustment would be found necessary, to the position reported in the financial results.
9. It has been stated in the audit report of March, 2012 that balances for trade payables and suppliers are subject to confirmation. The Company is in the process of getting confirmations for such parties and is of the view that after having the confirmations, the differences if any, will not be material.
10. Income from operations for the quarter ended June, 2012 includes share of profit (net) from partnership firms which aggregates to Rs.380.900 Millions. The results of such partnership firms are as prepared and compiled by the management of such firms and have also been reviewed by the management of Subject. The Company will get the audited accounts of such partnership firms at the end of the financial year and is of the view that the annual audited results will not have a material difference as compared to the aggregate of the quarterly results, from which the share of profits are recognised on the basis of management accounts.
11. The inventory value includes costs incurred upto the completion of the project viz. cost of land / rights, value of floor space index (FSI), materials, services, other expenses and borrowing cost attributable to the projects.
12. Previous period / year figures, have been regrouped / reclassified, wherever necessary, to conform to those of the current period
FIXED ASSETS
·
Freehold Land
·
Leasehold
Land
·
Commercial
Premises
·
Computer and
Laptops
·
Office
Equipment
·
Furniture and
Fixtures
·
Vehicles
·
Generator
·
Mivan System
·
QC Laboratory
·
Plant and
Machinery
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.53.67 |
|
|
1 |
Rs.86.05 |
|
Euro |
1 |
Rs.70.07 |
INFORMATION DETAILS
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
58 |
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.