MIRA INFORM REPORT
|
Report Date : |
23.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
GODREJ PROPERTIES LIMITED |
|
|
|
|
Registered
Office : |
Godrej Bhavan, 4th Floor, 4 A Home Street, Fort, Mumbai –
400001, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
08.02.1985 |
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|
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|
Com. Reg. No.: |
11-035308 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.780.461 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L74120MH1985PLC035308 |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Real Estate Developer. |
|
|
|
|
No. of Employees
: |
Information declined by management
|
RATING & COMMENTS
|
MIRA’s Rating : |
A (66) |
|
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 55000000 |
|
|
|
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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|
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|
Comments : |
Subject is a part of Godrej Group having good track record. Overall financial position of the company appears to be sound and
healthy. Trade relations are fair. Business is active. Payment terms are
regular and as 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.
INDIAN ECONOMIC OVERVIEW
We are living in a
world where volatility and uncertainty have become the New Normal. We saw
a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once
powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and
the US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years respectively.
By 2020, emerging Asia will become the world’s largest consuming block,
overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in
agriculture, industry and services. Dampening sentiment led to a cut-back in investment
as well as private consumption expenditure. Inflation remained at high
levels fuelled by the pressure from the food and fuel sectors. The large fiscal
and current account deficit s continued to cause grave concern. It is
imperative that India regains its growth trajectory of 8-9 % sooner than later.
This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Commercial paper programme : A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest credit risk |
|
Date |
03, July 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
Long term fund based: A+ |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
03, July 2013 |
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.
INFORMATION DECLINED
Management Non – Cooperative (91-22-66510200)
LOCATIONS
|
Registered Office : |
Godrej Bhavan, 4th Floor, 4 A Home Street, Fort, Mumbai –
400001, Maharashtra, India |
|
Tel. No.: |
91-22-66510200 |
|
Fax No.: |
91-22-22072044 |
|
E-Mail : |
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|
|
|
|
Regional Office: |
Located at
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|
|
|
|
Site Address: |
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DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Adi B. Godrej |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Jamshyd N. Godrej |
|
Designation: |
Director |
|
|
|
|
Name : |
Mr. Nadir B. Godrej |
|
Designation : |
Director |
|
|
|
|
Name : |
Mrs. Parmeshwar A. Godrej |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Pirojsha Godrej |
|
Designation : |
Managing Director and Chief Executive Officer (Appointed w .e.f April
1, 2012) |
|
|
|
|
Name : |
Mr. Milind S. Korde |
|
Designation : |
Managing Director (up to March 31, 2012) |
|
|
|
|
Name : |
Mr. K.T Jithendran |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr. V. Srinivasan |
|
Designation : |
Executive Director (Appointed w .e.f April 1, 2012) |
|
|
|
|
Name : |
Mr. Amit B. Choudhury |
|
Designation: |
Director |
|
|
|
|
Name : |
Mr. Keki B. Dadiseth |
|
Designation : |
Director |
|
|
|
|
Name : |
Mrs. Lalita D. Gupte |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Pranay V akil |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. Pritam Singh |
|
Designation: |
Director |
|
|
|
|
Name : |
Mr. S. Narayan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Amitava Mukherjee |
|
Designation : |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2013
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
7811250 |
10.01 |
|
|
50716364 |
64.98 |
|
|
58527614 |
74.98 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
58527614 |
74.98 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
1528477 |
1.96 |
|
|
12502 |
0.02 |
|
|
11546327 |
14.79 |
|
|
25 |
0.00 |
|
|
13087331 |
16.77 |
|
|
|
|
|
|
1451543 |
1.86 |
|
|
|
|
|
|
2189286 |
2.80 |
|
|
2029430 |
2.60 |
|
|
768363 |
0.98 |
|
|
493755 |
0.63 |
|
|
104361 |
0.13 |
|
|
170247 |
0.22 |
|
|
6438622 |
8.25 |
|
Total Public shareholding (B) |
19525953 |
25.02 |
|
Total (A)+(B) |
78053567 |
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) |
78053567 |
0.00 |
SHAREHOLDING BELONGING TO THE CATEGORY
"PROMOTER AND PROMOTER GROUP"
|
Sl.No. |
Name of the Shareholder |
Details of Shares held |
Total shares (including underlying shares
assuming full conversion of warrants and convertible securities) as a % of
diluted share capital |
|
|
No. of Shares held |
As a % of grand total (A)+(B)+(C) |
|
||
|
1 |
Godrej
Industries Limited |
4,07,47,160 |
52.20 |
52.20 |
|
2 |
Godrej
Industries Limited |
46,48,695 |
5.96 |
5.96 |
|
3 |
Godrej
Industries Limited |
25,69,354 |
3.29 |
3.29 |
|
4 |
Nadir Barjorji
Godrej |
15,62,250 |
2.00 |
2.00 |
|
5 |
Rishad
Kaikhushru Naoroji |
15,62,250 |
2.00 |
2.00 |
|
6 |
Freyan Vijay
Crishna |
8,15,730 |
1.05 |
1.05 |
|
7 |
Navroze Jamshyd
Godrej |
8,15,730 |
1.05 |
1.05 |
|
8 |
Godrej
Investments Private Limited |
7,90,000 |
1.01 |
1.01 |
|
9 |
Nyrika Vijay
Crishna |
7,46,520 |
0.96 |
0.96 |
|
10 |
Raika Jamshyd
Godrej |
7,46,520 |
0.96 |
0.96 |
|
11 |
Ensemble
Holdings and Finance Limited |
6,91,155 |
0.89 |
0.89 |
|
12 |
Godrej and Boyce
MFG Company Limited |
6,90,000 |
0.88 |
0.88 |
|
13 |
Godrej and Boyce
MFG Company Limited |
5,80,000 |
0.74 |
0.74 |
|
14 |
Tanya Arvind
Dubash |
5,20,756 |
0.67 |
0.67 |
|
15 |
Nisaba Adi
Godrej |
5,20,747 |
0.67 |
0.67 |
|
16 |
Pirojsha Adi
Godrej |
5,20,747 |
0.67 |
0.67 |
|
|
Total |
5,85,27,614 |
74.98 |
74.98 |
SHAREHOLDING BELONGING TO THE CATEGORY
"PUBLIC" AND HOLDING MORE THAN 1% OF THE TOTAL NO. OF SHARES
|
Sl. No. |
Name of the Shareholder |
No. of Shares held |
Shares as % of Total No. of Shares |
Total shares (including underlying shares
assuming full conversion of warrants and convertible securities) as a % of
diluted share capital |
|
|
1 |
Equinox Partners
LP |
1308555 |
1.68 |
1.68 |
|
|
2 |
JP Morgan Sicav
Investment Company (Mauritius) Limited |
1344537 |
1.72 |
1.72 |
|
|
3 |
Government Pension
Fund Global |
933211 |
1.20 |
1.20 |
|
|
4 |
DSP Blackrose
Equity Fund |
787710 |
1.01 |
1.01 |
|
|
5 |
Eastspring
Investments India Equity Open Limited |
1345897 |
1.72 |
1.72 |
|
|
6 |
JF India Fund |
981929 |
1.26 |
1.26 |
|
|
7 |
HDFC Standard
Life Insurance Company Limited |
979713 |
1.26 |
1.26 |
|
|
|
Total |
7681552 |
9.84 |
9.84 |
|
BUSINESS DETAILS
|
Line of Business : |
Real Estate Developer. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by management
|
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Bankers : |
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Facilities : |
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|
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Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Kalyaniwalla and Mistry Chartered Accountants |
|
Address : |
Kalpataru Heritage 127, Mahatma Gandhi Road, Mumbai - 400 001,
Maharashtra, India |
|
|
|
|
Holding company: |
Godrej industries limited (Gil) holds 61.46% (Previous Year – 61.46%)
shares in the company. Gilis the subsidiary of Godrej and Boyce Mfg. co.
limited, the Ultimate Holding company |
|
|
|
|
Subsidiaries: |
|
|
|
|
|
Limited Liability Partnership : |
|
|
Other Related Parties in Godrej Group, where common control exists : |
|
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
117,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 1170.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
78,046,103 |
Equity Shares |
Rs.10/- each |
Rs. 780.461
Millions |
|
|
|
|
|
NOTE:
(a)
Reconciliation of number of shares:
|
|
31.03.2013 |
|
|
|
No. of Shares |
Rs. In Millions |
|
Number of Shares outstanding at the
begining of the year |
78,036,819 |
780.368 |
|
Movement during the year |
9,284 |
0.093 |
|
Number of Shares outstanding at the end of the
year |
78,046,103 |
780.461 |
|
Shareholding information: |
|
|
|
Equity Shares are held by: |
|
|
|
Godrej Industries Limited (Holding Company) |
47,965,209 |
|
|
Godrej and Boyce Manufacturing Company
Limited (Ultimate Holding Company) |
1,270,000 |
|
|
Ensemble Holdings and Finance Limited
(Subsidiary of Holding Company) |
691,155 |
|
|
Shareholders holding more than 5% of Equity
Shares: |
|
|
|
|
|
|
|
|
No. of Shares |
% |
|
Godrej Industries Limited |
47,965,209 |
61.46% |
Rights, preferences and restrictions attached
to shares:
The company has only one class of equity
share having a par value of Rs.10 per share. Each holder of equity shares is
entitled to one vote per share held. The dividend proposed by the Board of
Directors is subject to the approval of the Shareholders in the Annual General
Meeting except in case of interim dividend. In the event of liquidation, the
shareholders are eligible to receive the remaining assets of the Company after
distribution of all preferential amounts, in proportion to their shareholding.
(e)
Equity Shares allotted as fully paid up Bonus shares by capitalising
Securities Premium, General Reserve and Profit and Loss Account during the last
five years
|
|
31.03.2013 |
|
|
No. of Shares |
|
31-3-2013 |
|
|
31-3-2012 |
|
|
31-3-2011 |
|
|
31-3-2010 |
|
|
31-3-2009 |
|
|
31-3-2008 |
51,556,360 |
|
|
31.03.2013 |
|
|
Equity Shares Reserved for Issue Under Options |
No. of Shares |
Rs. In Millions |
|
|
|
|
|
i) 14,928 Employee Stock Grants eligible for 14,928 equity shares of
Rs.10/- each. Out of which 7,464 is vesting on 06.05.2013 and 7,464 is
vesting on 06/05/2014 |
14,928 |
0.149 |
|
ii)
1,252 Employee Stock Grants eligible for
1,252 equity shares of Rs.10/- each. Out of which 626 is vesting on
30.09.2013 and 626 is vesting on 30.09.2014 |
1,252 |
0.013 |
|
iii) 36,208 Employee
Stock Grants eligible for 36,208 equity shares of Rs.10/- each. Out of which
12,070 is vesting on 31.05.2013,12,070 is vesting on 31.05.2014 and 12,068 is
vesting on 31.05.2015 |
36,208 |
0.362 |
|
iv) 11,020 Employee
Stock Grants eligible for 11,020 equity shares of Rs.10/- each. Out of which
11,020 is vesting on 31.05.2013 |
11,020 |
0.110 |
|
v) 2,218 Employee Stock Grants eligible for 2,218 equity shares of
Rs.10/-each. Out of which 1109 is vesting on 31.07.2013 and 1109 is vesting
on 31.05.2014 |
2,218 |
0.022 |
|
vi) 345 Employee
Stock Grants eligible for 345 equity shares of Rs.10/- each. Out of which 115
is vesting on 31.10.2013,115 is vesting on 31.10.2014 and 115 is vesting on
31.10.2015 |
345 |
0.003 |
|
vii) 360 Employee
Stock Grants eligible for 360 equity shares of Rs.10/- each. Out of which 120
is vesting on 31.01.2014,120 is vesting on 31.01.2015 and 120 is vesting on
31.01.2016 |
360 |
0.004 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
780.461 |
780.368 |
698.500 |
|
(b) Reserves & Surplus |
12862.477 |
13215.464 |
8151.938 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
13642.938 |
13995.832 |
8850.438 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
3460.925 |
1602.104 |
810.206 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
2.768 |
0.120 |
0.120 |
|
(d) long-term
provisions |
27.817 |
22.956 |
26.157 |
|
Total Non-current
Liabilities (3) |
3491.510 |
1625.180 |
836.483 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
4256.147 |
9586.647 |
7319.584 |
|
(b) Trade
payables |
1088.099 |
1438.354 |
1495.316 |
|
(c) Other
current liabilities |
4773.536 |
1829.546 |
941.341 |
|
(d) Short-term
provisions |
420.129 |
319.773 |
475.089 |
|
Total Current
Liabilities (4) |
10537.911 |
13174.320 |
10231.330 |
|
|
|
|
|
|
TOTAL |
27672.359 |
28795.332 |
19918.251 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
83.477 |
89.679 |
93.752 |
|
(ii)
Intangible Assets |
37.016 |
22.841 |
30.129 |
|
(iii)
Capital work-in-progress |
440.979 |
222.134 |
5.719 |
|
(iv)
Intangible assets under development |
19.403 |
16.911 |
8.090 |
|
(b) Non-current Investments |
1700.318 |
995.244 |
647.410 |
|
(c) Deferred tax assets (net) |
40.579 |
29.860 |
8.190 |
|
(d) Long-term Loan and Advances |
763.038 |
655.683 |
543.859 |
|
(e) Other
Non-current assets |
108.192 |
9.052 |
3.978 |
|
Total Non-Current
Assets |
3193.002 |
2041.404 |
1341.127 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
58.650 |
0.000 |
|
(b)
Inventories |
6506.112 |
2573.567 |
1924.304 |
|
(c) Trade
receivables |
631.584 |
1063.779 |
411.332 |
|
(d) Cash
and cash equivalents |
474.535 |
4414.530 |
1550.962 |
|
(e)
Short-term loans and advances |
15393.894 |
16758.370 |
13100.051 |
|
(f) Other
current assets |
1473.232 |
1885.032 |
1590.475 |
|
Total
Current Assets |
24479.357 |
26753.928 |
18577.124 |
|
|
|
|
|
|
TOTAL |
27672.359 |
28795.332 |
19918.251 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4267.099 |
3689.406 |
2946.138 |
|
|
|
Other Income |
627.852 |
949.271 |
1492.015 |
|
|
|
TOTAL (A) |
4894.951 |
4638.677 |
4438.153 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Sales |
2287.492 |
2541.297 |
2164.747 |
|
|
|
Employee Benefits Expense |
175.141 |
60.209 |
72.011 |
|
|
|
Other Expenses |
402.698 |
272.939 |
150.386 |
|
|
|
TOTAL (B) |
2865.331 |
2874.445 |
2387.144 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2029.620 |
1764.232 |
2051.009 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
598.193 |
688.431 |
464.860 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1431.427 |
1075.801 |
1586.149 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
35.376 |
31.806 |
35.403 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1396.051 |
1043.995 |
1550.746 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
169.374 |
230.348 |
489.210 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1226.677 |
813.647 |
1061.536 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2568.280 |
2108.759 |
1519.539 |
|
|
|
|
|
|
|
|
|
Less |
Utilised during
the year |
771.953 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
312.301 |
234.142 |
314.325 |
|
|
|
Dividend Distribution Tax |
53.076 |
37.984 |
50.991 |
|
|
|
Transfer to General Reserve |
123.000 |
82.000 |
107.000 |
|
|
BALANCE CARRIED
TO THE B/S |
2534.628 |
2568.280 |
2108.759 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
|
15.72 |
11.63 |
15.20 |
|
|
|
|
15.71 |
11.63 |
15.20 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
25.06
|
17.54 |
23.92 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
32.72
|
28.30 |
52.64 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.48
|
3.79 |
8.06 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10
|
0.07 |
0.18 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.57
|
0.80 |
0.92 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.32
|
2.03 |
1.82 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS:
|
Particulars |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
||
|
Current maturities
of long-term debt |
|
|
|
|
Unsecured Deposit |
|
|
|
|
From - Directors |
0.000 |
4.700
|
0.000
|
|
From - Shareholders |
0.683 |
12.172
|
0.100
|
|
From - Public |
146.267 |
666.088
|
29.702
|
|
Advances from Related Parties |
2892.142 |
334.160
|
326.358
|
|
Investor Education and Protection Fund |
0.000 |
0.000
|
0.000
|
|
Advances received against sale of flats |
1294.820 |
345.480
|
79.326
|
|
Other Deposits |
0.000 |
0.131
|
0.131
|
|
Unclaimed Fixed Deposits and Interest |
5.495 |
0.475
|
0.512
|
|
Unclaimed Dividend |
0.286 |
0.214
|
0.155
|
|
Statutory Dues |
76.852 |
75.865
|
76.709
|
|
Other liabilities |
298.516 |
292.798
|
215.251
|
|
Due to Management Projects |
58.475 |
67.801 |
210.701 |
|
Interest accrued but not due on Loans |
0.000 |
29.662 |
2.396 |
|
Total |
4773.536 |
1829.546 |
941.341 |
|
|
|
|
|
|
a) Loans and Advances from
Related Parties |
|
|
|
|
From Subsidiaries |
|
|
|
|
Godrej Realty Private Limited |
0.164 |
119.727 |
113.609 |
|
Godrej Vikhroli Properties llP |
2674.459 |
0.000 |
0.000 |
|
Godrej Nandhi Hills Projects Private Limited |
217.519 |
214.433 |
212.749 |
|
Total |
2892.142 |
334.160 |
326.358 |
|
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 |
Yes |
|
8] |
No. of employees |
No |
|
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 |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
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 |
OVERVIEW OF
OPERATIONS:
The Company posted a total income of Rs.4894.952 Millions during the
year ended March 31, 2013. In spite of the current uncertainties and challenges
in the real estate environment, the Company successfully demonstrated strong
value addition to its development portfolio. During the year, the company
managed to sign 8 new project stotaling approximately 6.6 million sq. ft. of
saleable area. The Company has successfully created a residential co-investment
platform with a total corpus of Rs.10725.000 Millions, under which a Dutch
co-operative representing a group of overseas investors and an Indian investor,
is committed to equity investments in their residential projects. The platform
will enable the Company to capture outright land purchase transactions without
deviating from the asset light model followed by the Company. The Company will
receive development management fees for all projects undertaken under the fund,
plus a share of equity profits from the projects.
During the year, the company continued to make significant progress in
the Mumbai re-development space by signing five new residential re-development
projects in Byculla, Ghatkopar, Curry Road, Malad and Sahakar Nagar (Chembur),
with a total saleable area of approximately 1.5 million square feet.
During the year, the Company launched 13 new projects and phases across
the country. While volumes for the real estate sector have declined for the
second consecutive year, the Company has delivered a 58% growth in booking
volume and a 71% growth in booking value driven by successful new launches in
Gurgaon, Bangalore, Kolkata, Pune, Ahmedabad and Mumbai. The highlight of the
year was the successful launch of Godrej Summit in Gurgaon where the Company
sold 695 apartments with 1 mn. sqft of saleable area in one day. Sales from new
and existing phases of ongoing residential projects also continued to witness
strong demand. During the year, the Company sold approx. 4.1 million sq. ft. of
area with a total booking value of approx. Rs.27610.000 Millions, spread across
all its location. Another milestone the Company achieved during the year was
the handover of 535 apartments in Phase I of the Godrej Prakriti in Kolkata
within the time period committed to their customers.
In sync with their vision of being the most trusted name in the real
estate industry, the company has intensified its efforts with regards to their
customer-centric initiatives, and is continuously incorporating customer
feedback in design and specifications, across all its projects. The Company has
made good progress in its customer management and marketing abilities through
numerous targeted customer engagement programs and innovative digital
campaigns. The Company has won 20 awards at the entity and project level including
‘Real Estate Company of the Year’ at the Construction Week India Awards,
‘Emerging Developer of the Year at the Bangalore Real Estate Awards 2012, being
awarded the ‘Platinum Award for Excellence ’by Construction World Magazine,
being awarded the ‘Popular Choice Developer of the Year in the residential
category at the ET Now, ‘Best Upcoming Township Award ’won by the Godrej
Anandam Project at the My FM Dainik Bhaskar CREDAI Awards, ‘Best Residential
Project- Ahmedabad’ won by the Godrej Garden City Project at the CNBC Awaaz
Real Estate Awards 2012, ‘Best Residential Project- Kolkata’ won by the Godrej
Prakriti Project at the CNBC Awaaz Real Estate Awards 2012. In recognition of
their endeavour to maintain outstanding employee practices and encourage collaborative
work spaces, the Company was ranked as the ‘14th Best Company to Work For’ in
the overall category, 2nd amongst companies with less than 1000 employees and
the best company to work for in the Real Estate Industry by the Great Places to
Work Survey 2012 conducted by Great Place to Work Institute. The Company
continues to be at the forefront of sustainable development. 74% of their
inventory launched in the financial year was registered/pre-certified as green
by the Indian Green Building Council; up from 67% in FY 12 and 26% in FY 11.
Key achievements in this area include numerous sustainable design
certifications received during the year. These include Gold Pre-certifications
for Godrej Horizon in Pune, Serenity in Mumbai and Gold County in Bangalore,
all under the IGBC Green Homes rating system v.1.0. Godrej Central in Mumbai,
which is yet to be launched, has been awarded Silver Pre-certification under
the IGBC Green Homes rating system v 2.0. To consistently deliver green
buildings, the company has set up internal benchmarks, integrated
sustainability goals with project planning. In addition, the Company
continuously engages its design and construction partners to create greener
buildings. Under Green operations, the Company is working on reducing energy
and water consumption and waste generated at their administrative offices in
accordance with the Group wide Good and Green Targets.
AWARDS AND
RECOGNITIONS:
The Directors take pleasure in informing you that the Company was
acknowledged with the following awards during the financial year ended March
31, 2013:
- ‘Best Marketing Campaign of the Year’
at the 3rd CMO Asia Awards, Singapore
- Real Estate Company of the year -
Construction Week India Awards 2012
- Emerging Developer of the year - Bangalore
Real Estate Awards 2012
- ‘Efficient Bathrooms at Building
Complexes’ by Washrooms and Beyond Honours 2012
- Most Admired Real Estate Website of the
year – 2nd Asian Leadership Awards l ‘CWAB Platinum Award for Excellence’ at
the 7th Construction World Architect and Builder (CWAB)
- Awards, 2012
- Zee Business Awards in the real estate
category
- 3 awards at CNBC Awaaz Real Estate
Awards, 2012
- Godrej Garden City: ‘Best Residential
Project’ in Ahmedabad, in the mid-segment category of projects that are
70% complete
- Godrej Prakriti : ‘Best Residential
Project’ in Kolkata, in the
mid-segment category of projects that are 70% complete
- Godrej Waterside : “Best Commercial
Property” in Kolkata
- ‘Best Innovative/ Marque Developer of
the Year – West India’ at the 4th Annual National Estate Awards
and Summit organized by Franchise India
- Best Upcoming Township – Godrej
Anandam, Nagpurreceived this award from My FM, Dainik Bhaskar and CREDAI
Nagpur
- ‘Best Business Practice in Real Estate’
at the National Real Estate Award for Excellence in Real Estate for the
year 2012 by Accommodation Times.
- The following awards at the ‘Real
Estate Awards’ by ET NOW
- Godrej Properties won the Popular
Choice-Developer of the Year in the Residential Category
- Godrej Properties won the Integrated
Township of the year for Godrej Garden City
- Popular Choice for its Innovative Real
Estate Marketing Campaign
- Godrej Anandam, Nagpur, won the ‘Best
Developer Award’ (Rest of Maharashtra) at the Vasturaviraj Vishwakarma
Real Estate Awards
- ‘Brand Leadership Award’ in the real
estate sector at the Brand Leadership Awards 2013
- Godrej Garden City was awarded with the
‘British Safety Council International Award’ in Distinction Category for
Affordable and Mass Housing
- Godrej One won the safety award with
the British Safety Council International Award in Distinction Category for
Information Technology and Office Space category
- Ranked amongst India’s Top 15 companies
to work for in FY 2012, in a study by the Great Places to Work Institute
and the Economic Times
- 14th Best Company to Work for in India
in the overall category
- Ranked #1 in the Best Company in the
real estate and construction sector
- Ranked #2 in the Best Company with
under 1000 employees category
MANAGEMENT DISCUSSION
AND ANALYSIS
ECONOMIC OVERVIEW
The Indian economy faced another challenging year in 2012-13. GDP growth
slowed considerably, the Central Statistics Office (CSO) estimated a GDP growth
of 5.0% for the year 2012-13. GDP and IIP growth have been at the lowest levels
in the past ten years, while interest rates peaked during the year.
Despite the ongoing macroeconomic volatility and geopolitical
uncertainty, 2012-13 generally represented a year of stabilization within the
global economy. Confidence improved as the year progressed, as central banks
around the world eased monetary policy in order to support a budding economic
recovery. Positive catalysts emerged across the globe, with the U.S. housing
market continuing to improve and sovereign debt concerns in Europe beginning to
subside. With liquidity continuing to flood the market and interest rates
remaining near historic lows, the world economy ended the year poised for a
return to normalcy and moderate levels of growth.
On the domestic front, high interest rates, decelerating industrial
production and a lack of policy reform momentum resulted in a subdued economic
environment. High inflation and a tight monetary policy slowed improvement in
consumer demand.
While FY13 was challenging for the Indian economy, some key positives
did emerge. The WPI headline inflation reduced to a 40-month low of 5.96% in
March 2013. The moderation in WPI headline inflation and a global correction in
commodity prices including that of oil and gold will benefit India’s inflation
and current account deficit outlook. This should support an easing of the
monetary policy going forward.
The Union Budget was progressive and is expected kick-start the next
cycle of investments leading to an improved economic environment. Positive
policy initiatives announced by the Government including foreign direct
investment (FDI) in multiple sectors, easing FII investment norms and
rationalization of fuel and fertilizer subsidies helped improve investor
confidence and reduce the fiscal and current account deficits.
While there have been challenges, many viewed 2012-13 as the cyclical
bottoming out of the domestic economy. Interest rates did soften from their
peak in 2012-13 and are expected to continue to decline through 2014. WPI
headline inflation saw a sharp decline during the year and has made way for
monetary policy easing that should stimulate domestic consumption demand and
lead to better GDP growth.
Strong GDP growth, favourable demographics and a strong urbanisation
trend ensure the long term fundamentals of the Indian economy remain intact.
India recorded a CAGR in GDP of 7.6% for the period 2003-2013, 63% of the
population is under the age of 30 and there is strong probability that India
will house the world’s largest consumer market by 2030.
REAL ESTATE
OVERVIEW
The year 2012-13 was muted for the property sector across residential,
commercial and retail real estate. An adverse economic environment, high
inflation and high interest rates continued to affect demand. Property
developers continued to be constrained by reduced liquidity, rising project
costs, approval delays and higher leverage. The year closed on a better
economic note with declining inflation levels that could lead to easing of
monetary policy and therefore increased demand for real estate. The Index of
Industrial Production (IIP) improved during the last quarter, a sign that there
is overall improvement
in the economy. The Union Budget 2013-14 was marginally negative for
premium/luxury housing but provided incentives for the affordable housing
space. The clearance of key bills, including the Land Acquisition Bill and the
Real Estate Regulation Bill, along with the likelihood of infrastructure status
being provided to the real estate sector are positives and have the potential
to greatly improve the overall outlook.
The fundamental trends in demand for real estate remain intact with a
growing middle class population, increase in nuclear families and rapid
urbanization leading to sustained shortage of housing across Indian cities.
Softening interest rates, moderating inflation and GDP growth continue to
provide impetus to the sector and realty remains well positioned for long term
sustained growth.
Residential Real
Estate
The overall pace of growth in the residential property market continued
to decelerate due to weak demand across most cities in India. While launches
through CY2012 were higher than the previous year, the absorption rate showed a
marginal decline with inventory levels approaching peak levels in most markets.
Rising input costs resulted in property prices inching up in key cities over
the past 12 months thereby impacting affordability. Construction activity
constrained by approval delays and tight liquidity further inhibited recovery
of the sector.
Most major markets including Mumbai, Pune and Hyderabad recorded weak
performance with lower absorption and higher inventory as sales were affected
by cautious buyer sentiment and delayed launches. In select micro markets of
Mumbai prices softened for new launches; while they were mostly stable in other
micro markets.
Bangalore continued to witness stable property trends where capital
values appreciated marginally across all submarkets, with price increases
recorded in projects that neared completion. For Gurgaon, 2012-13 has been a
robust year with increasing buyer interest from neighboring states, improving
infrastructure and affordable property prices.
Residential markets are expected to benefit from declining mortgage
rates, improvement in the approval environment, market calibrated price points
and unit sizes boosting affordability levels moving into 2013-14.
Over the next decade demand for housing in India is expected to continue
to exceed supply. A key trend is the consumer preference to buy homes rather
than rent due to the consumers’ expectation of capital appreciation in the
medium to long term. Real estate remains an attractive investment considering
that asset prices in India are expected to benefit from the progress in
infrastructure projects, rising land and FSI costs and high inflation.
Commercial Real
Estate
The commercial property market fared poorly in 2012-13; sluggish leasing
activity and a lack of a meaningful recovery in rentals across major Indian
cities accounted for subdued performance during the year. The slow commercial
market can be attributed to cautious occupier sentiment that resulted from
global and domestic uncertainties.
Slower economic activity across industries led to lower job creation and
a resultant decrease in commercial absorption. During the year, Banking
Financial Services and Insurance (BFSI) and Information Technology (IT/ITES),
the primary drivers of commercial markets, witnessed compression and reported
slower uptake of office
space. A silver lining for the commercial space has been increased
private equity interest for yield generating completed projects. Over the last
year, a number of large private equity transactions in the commercial real
estate space were concluded.
According to Jones Lang LaSalle, in CY12, India’s top seven cities
(NCR-Delhi, Mumbai, Bangalore, Chennai, Hyderabad, Kolkata and Pune) together
registered lower absorption at 27msf, down 20% from CY11. Bangalore emerged as
an attractive market, being the only city to register higher absorption levels
relative to the prior year. While rents in Bangalore remained stable across all
the submarkets because of the stable demand and controlled supply; capital
values appreciated slightly across the submarkets. In Hyderabad, the supply
constraint of special economic zone (SEZ) spaces continued. NCR vacancy levels
increased as companies consolidated their operations in larger spaces and
vacated their existing spaces. In Mumbai, rentals and capital values in most
micro-markets were stable following a correction.
Capital transactions in Mumbai were slower compared with those in
Bangalore, Pune and Chennai because of the high ticket size and oversupply.
However, certain micro-markets, like Bandra-Kurla Complex (BKC) maintained
pricing levels due to limited supply.
Commercial demand revival is contingent on macroeconomic factors and the
performance of IT/ITeS and BFSI sectors. Over the past year, supply has been
constrained, in line with the falling demand trends and tight funding
environment. Going forward, a supply correction is expected to result in fewer
options for occupiers. This in combination with steady absorption will lead to
lower vacancy levels and push up rentals in select markets.
FINANCIAL
PERFORMANCE FOR THE YEAR:
The year witnessed a revenue growth of 28% to INR 10480.000 Millions as
compared to INR 8200.000 Millions in FY12; a 45% increase in Profit Before Tax
to INR 2890.000 Millions in FY13 from INR 1990.000 Millions in FY12 and a
Profit After Tax of INR 1380.000 Millions in FY13, a 41% increase versus INR
980.000 Millions in FY12. The company’s EBITDA margin rose 300 bps to 28.3% in
FY13 over the previous fiscal.
COMPANY OUTLOOK:
The current challenging market environment necessitates increased
dynamism. GPL is reinforcing the advantages of its differentiated business
proposition and competitive strengths by focusing on remaining capital
efficient, while simultaneously adding substantial new projects to ensure
strong and sustainable growth.
Their key areas of focus for new business development will be in the
high growth markets of Mumbai, NCR, Bengaluru, Chennai and Pune for FY2014.
Strategically, they have reduced their focus on commercial projects in Tier II
cities and increased their overall emphasis on residential developments which
require lower investments and can be developed in a more capital efficient
manner.
UNSECURED LOAN
|
PARTICULARS |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
Long-term
Borrowings |
|
|
|
Deposits |
|
|
|
From Directors |
5.200 |
0.000 |
|
From shareholders |
298.155 |
71.858 |
|
From Public |
3157.570 |
1530.246 |
|
Short-term
borrowings |
|
|
|
Cash Credit |
7.065 |
39.298 |
|
Other loans |
2000.000 |
6000.000 |
|
Total |
5467.990 |
7641.402 |
|
Note: a) Deposits (Unsecured) having
maturity of two years amounting to Rs.1469.009 Millions and three years amounting
to Rs.1991.916 Millions bearing interest rate @ 8.50 % to 10.50% payable half
yearly Unsecured -Over Draft facility availed from IDBI Bank Limited. carries
interest at Base Rate + 350 basis point Other loans
include: i)
Rs.1000.000 Millions availed from axis Bank
carrying interest at Base Rate + 90 basis point p.a. Repayable on 5th
October 2013 ii)
Rs.1000.000 Millions availed from commercial
Papers carrying interest at 9.75% p.a. Repayable in 162 days from the date of
issue. |
||
CONTINGENT
LIABILITIES:
(Rs. in millions)
|
Matters |
31.03.2013 |
31.03.2012 |
|
1) Claims against Company not Acknowledged as
debts; |
|
|
|
i) Claims against the Company not
acknowledged as debts represent cases filed by parties in the Consumer forum,
Civil Court and High Court and disputed by the Company as advised by our
advocates. In the opinion of the management the claims are not sustainable. |
82.999 |
30.144 |
|
ii) Claims against the Company under the
Labour Laws for disputed cases |
1.989 |
1.989 |
|
iii) Claims against the Company under Bombay
Stamp Act, 1958 |
14.850 |
14.850 |
|
iv) Other Claims against the Company not
acknowledged as debts |
3.925 |
3,925 |
|
v) Claims against the Company under Income Tax
Act, Appeal preferred to Commissioner of Income Tax (Appeals) |
2.203 |
14.825 |
|
vi) Claims against the Company under Sales Tax
Act, Appeal preferred to The Joint Commissioner of Commercial Taxes (Appeals) |
12.130 |
12.130 |
|
vii) Appeal preferred
to Customs, Excise and Service Tax Appellate tribunal at Bangalore |
316.499 |
- |
|
II) Guarantees; |
|
|
|
i) Guarantees given by Bank, counter
guaranteed by the Company |
174.168 |
260.237 |
|
|
|
|
|
III) Other Money for
which Company is contingently liable |
|
|
|
i) Letter of credit opened by Bank on behalf
of the Company |
113.425 |
49.330 |
UNAUDITED STANDALONE FINANCIAL RESULTS FOR
THE QUARTER ENDED ON 30TH JUNE, 2013
(Rs. in Millions)
|
Sr. |
Particulars |
Quarter Ended |
|
No. |
|
30.06.2013 |
|
|
|
Unaudited |
|
1 |
Income from Operations |
|
|
|
Sales |
815.658 |
|
|
Operating Income |
275.707 |
|
2 |
Total Income from operations |
1091.365 |
|
3 |
Expenditure |
|
|
|
{a)
Cost of Sales |
771.535 |
|
|
(b)
Employee Benefits Expense |
50.031 |
|
|
(c) Depreciation |
10.071 |
|
|
(d) Other Expenses |
63.794 |
|
4 |
Total Expenditure |
895.431 |
|
5 |
Profit from Operations before Other income.
Finance Costs and Exceptional Items |
195.934 |
|
6 |
Other Income |
179.739 |
|
7 |
Profit before Finance Costs and Exceptional
Items |
375.673 |
|
8 |
Finance Costs |
2,33.866 |
|
9 |
Profit after Finance Costs but before
Exceptional Items |
141.807 |
|
10 |
Exceptional Items |
- |
|
11 |
Profit from Ordinary Activities Before Tax |
141.807 |
|
12 |
Tax Expense |
0.959 |
|
13 |
Profit from Ordinary Activities After Tax |
140.848 |
|
14 |
Extraordinary Item (net of tax expenses) |
- |
|
15 |
Net Profit for the period |
140.848 |
|
16 |
Paid-up Equity Share Capital (Face Value - Rs. 10/- per share) |
780.536 |
|
17 |
Reserves Excluding Revaluation Reserves |
|
|
18 |
Earning Per Share (EPS) |
|
|
|
a) Before Extraordinary items |
|
|
|
Basic EPS (* not annualized) |
1.80* |
|
|
Diluted EPS (* not annualized) |
1.80* |
|
|
b) After Extraordinary Items |
|
|
|
Basic EPS {* not annualized) |
1.80* |
|
|
Diluted EPS (* not annualized) |
1.80* |
|
19 |
PARTICULARS OF SHAREHOLDING |
|
|
i |
Public Shareholding |
|
|
|
- Number of Shares |
19,525,953 |
|
|
- Percentage of Shareholding |
25.02% |
|
II |
Promoter and Promoter Group Shareholding |
|
|
|
a) Pledged /
Encumbered |
|
|
|
- Number of Shares |
- |
|
|
- Percentage of Shares (as a % of total Shareholding
of promoter and promoter group) |
- |
|
|
- Percentage of Shares (as a % of totai
Share Capital of the Company) |
|
|
|
b) Non Encumbered |
|
|
|
- Number of Shares |
58,527,614 |
|
|
- Percentage of Shares (as a % of total Shareholding
of promoter and
promoter group) |
100.00% |
|
|
- Percentage of Shares (as a % of tolal
Share Capital of the Company) |
74.98% |
|
|
|
Particulars |
30.06.2013 |
|
|
20 |
INVESTOR
COMPLAINTS |
|
|
|
|
Pending at the beginning of the quarter |
- |
|
|
|
Received during the quarter |
1 |
|
|
|
Disposed off during the quarter |
1 |
|
|
|
Remaining unresolved at the end of the
quarter |
- |
NOTES:
The above Financial Results have been reviewed
by the Audit Committee and approved by the Board of Directors at its meeting
held on July 27, 2013, and are published in accordance with clause 41 of the
listing agreement.
The Initial Public Offer (IPO) proceeds have
been utilized as per objects of the issue as staled in the prospectus as under:
|
Utilization
of Funds upto June 30, 2013 |
(Rs. in Millions) |
||
|
Amount
Received from IPO |
|
46,884.71 |
|
|
Projected |
Actual |
||
|
Original |
Revised * |
|
|
|
Funding to part finance the acquisition of
land development rights and construction costs Repayment of Loans Issue Expenses |
2780.000 1501.700 406.771 |
2270.000 2011.700 406.771 |
2179.110 2011.700 405.350 |
|
Balance
to be utilized Investments in Mutual Funds |
4.688 |
4.688 |
4596.160 92.311 92.311 |
|
TOTAL |
92.311 |
||
As
on June 30, 2013 unutilized funds have been temporarily invested in mutual fund
schemes as mentioned in the prospectus of the company.
*
Revised as approved by shareholders in the AGM held on July 22, 2011.
Directors at its meeting held on July 27,
2013, and are published in accordance with clause 41 of the listing agreement.
As the Company has only one business segment,
disclosure under Accounting Standard 17 on "Segment Reporting" issued
by the Institute of Chartered Accountants of India is not applicable.
During the quarter ended June 30, 2013 the
Company has diluted 74.90% equity stake in Wonder Space Properties Private
Limited to Shubh Properties Co Operative U.A. and others for Rs.6.449 Millions.
Other income includes an amount of Rs.6.059 Millions on account of profit on
sale of stake.
During the quarter ended June 30, 2013, the
Company has acquired 49% equity stake in Godrej Estate Developers Private
Limited. from HDFC PMS. Consequently Godrej Estate Developers Private Limited
has become a wholly owned subsidiary of Godrej Properties Limited.
On July 01, 2013, the Company has acquired
49.9% equity stake in Godrej Sea View Properties Private Limited. from HDFC
PMS. Consequently Godrej Sea View Properties Private Limited has become a
wholly owned subsidiary of Godrej Properties Limited.
During the quarter ended June 30, 2013, the
Company has entered into a deed of Assignment with Godrej Industries Limited
for the use of "Godrej" trademark and logo in relation to the real
estate and allied businesses.
The Company has provided loans aggregating to
Rs.443.741 Millions to the GPL Employee Stock Option Trust (GPL ESOP), which
has purchased shares of GPL from Godrej Industries Limited equivalent to the
number of stock options granted from time to time to eligible employees. The
Market Value as on June 30, 2013, of the shares held by the ESOP Trust is lower
than the holding cost of these shares by Rs.121.869 Millions (Net of Provision
of Rs.58.923 Millions). The repayment of the loans granted by the Company to
GPL ESOP Trust is dependent on the exercise of the options by the employees and
the market price of the underlying shares of the unexercised options at the end
of the exercise period. The fall in value of the underlying equity shares is on
account of market volatility and the loss, if any, can be determined only at
the end of the exercise period.
During the quarter, under the Employee Stock
Grant Scheme, 2011, 30,554 stock grants have vested and exercised. The Company
has granted 77,872 stock grants to eligible employees, out of this 15,000 stock
grants shall vest in one year and balance stock grants shall vest equally over
the next 3 years.
Figures for previous period / year have been
regrouped / reclassified wherever necessary to make them comparable with
figures of the current period ended June 30 2013.
FIXED ASSETS
Tangible Assets
- Land
- Building
- Leasehold
improvement
- Office
Equipment
- Site
Equipments
- Furniture and
Fixtures
- Computer
- Motor Vehicle
Intangible Assets
- Licenses and
software
PRESS RELEASES
GODREJ PROPERTIES
INCREASES THE SIZE OF ITS PANVEL PROJECT
MUMBAI, AUGUST 05TH,
2013
The Mumbai-based real estate developer adds 37
acres to its existing township project in Panvel, Mumbai
Godrej Properties Limited. (GPL) (BSE scrip
id: GODREJPRP), the real estate development arm of the Godrej Group, today
announced that it has entered into an agreement to develop 37 acres in Panvel.
This new area is in addition to and is contiguous with the 110 acres project
the company had added to its portfolio in FY 13. It will be developed in
partnership with the same landowners and at the same terms as the 110 acres
parcel and will not require any additional initial investment by Godrej
Properties. GPL will receive 35% of the profits from the development.
The Company will now have a total land parcel
of 147 acres in Panvel. This combined project has an estimated saleable area of
4.3 million square feet as per the current Special Township Policy. The
saleable area available in the project is likely to increase to above 11
million sq. feet as per the proposed Special Township Policy.
The project is located between NH4 and the
Mumbai – Pune Expressway. It will be easily accessible from both these
highways. The site has fantastic views of the Sahyadri Mountains and the
Western Ghats. The project is in close proximity to the proposed second
International Airport in Panvel, the Jawaharlal Nehru Port Trust, and the
proposed Sewri – Nhava Seva Trans Harbor Link. The strategic location near
several major existing and upcoming infrastructure facilities makes Panvel one
of the most exciting real estate locations in India.
Mr. Pirojsha Godrej, Managing Director and
CEO, Godrej Properties said, “We are excited to add to the scale of this
project as it will further improve the quality of development we are able to
offer. We believe that Panvel is one of the most strategic locations for the
development of a large, high-quality residential township. The planned upcoming
infrastructure in the region will further enhance the quality of the location.
We will endeavor to deliver a world class residential development.
”About Godrej Properties Limited:
Godrej Properties brings the Godrej Group
philosophy of innovation and excellence to the real estate industry. Each
Godrej Properties development combines a 116-year legacy of excellence and
innovation with a commitment to cutting-edge design and technology. Godrej
Properties is currently developing residential, commercial and township
projects spread across 87.6 million square feet in 12 cities. Godrej Properties
has always embraced the notion that collaboration is the essence of excellence.
To that end, we have worked with some of the best designers, architects and
contractors within India and around the globe to deliver imaginative and
sustainable spaces. By bringing together some of the best talent in the global
real estate sector, Godrej Properties works to create developments that will
last into the future, and foresee the needs of each and every resident.
Over the last few years, Godrej Properties has
received over 40 awards and recognitions, including “Popular Choice - Developer
of the Year” award by ET NOW in 2013 and “Best Business Practice in Real
Estate” for the year 2012 by Accommodation Times. Official recognition, though,
matters less than the affirmation we receive from our customers. Each home or
office we construct is a relationship, and each smile a confirmation of a job
well done.
GODREJ PROPERTIES
ADDS A NEW PROJECT IN NCR
MUMBAI, AUGUST 05,
2013
The Mumbai-based real estate developer will
develop a residential project in Gurgaon Godrej Properties Limited (GPL) (BSE
scrip id: GODREJPRP), the real estate development arm of the Godrej Group, has
entered into a Development Agreement with M/s Oasis Buildhome Private Limited.
to develop a 13.76 acre property situated on Northern Periphery Road (NPR) in
Sector 88A/89A, Gurgaon. The project will be developed as a premium residential
group housing project and is expected to offer 1.2 million sq. ft. of saleable
area.
This well located parcel of land has strategic
access from the existing Pataudi Road and the NPR. Upcoming road infrastructure
will further enhance the connectivity of the project to Delhi and other parts
of Gurgaon.
The company is currently developing two
residential projects in Gurgaon, Godrej Frontier and Godrej Summit, and has
recently added a new project in Okhla, New Delhi where it plans to do a premium
residential development. As with most Godrej Properties projects, this project
is being done as a joint venture.
Mr. Pirojsha Godrej, Managing Director and
CEO, Godrej Properties said, “We are happy to add this new project in Gurgaon
to our development portfolio. NCR is an important growth market for us and this
is the second new project we've entered in NCR in FY14. The project fits well
with our strategy of growing our presence in India's leading real estate
markets and we will aim to replicate the success of our previous projects in
the Gurgaon market.”
About Godrej Properties Limited:
Godrej Properties brings the Godrej Group
philosophy of innovation and excellence to the real estate industry. Each
Godrej Properties development combines a 116-year legacy of excellence and
innovation with a commitment to cutting-edge design and technology. Godrej
Properties is currently developing residential, commercial and township
projects spread across 87.6 million square feet in 12 cities.
Godrej Properties has always embraced the
notion that collaboration is the essence of excellence. To that end, we have
worked with some of the best designers, architects and contractors within India
and around the globe to deliver imaginative and sustainable spaces. By bringing
together some of the best talent in the global real estate sector, Godrej
Properties works to create developments that will last into the future, and
foresee the needs of each and every resident.
Over the last few years, Godrej Properties has
received over 40 awards and recognitions, including “Popular Choice – Developer
of the Year” award by ET NOW in 2013 and “Best Business Practice in Real Estate
”for the year 2012 by Accommodation Times. Official recognition, though,
matters less than the affirmation we receive from our customers. Each home or
office we construct is a relationship, and each smile a confirmation of a job
well done.
Q1 FY2014 Results
Consolidated Q1 FY2014 Total Income stood at 2443.000 Millions
Net Profit grew by 130% to 395.000 Millions in Q1 FY2014
Mumbai, July 27 2013: Godrej Properties
Limited (GPL), a leading national real estate developer, today announced its financial
results for the quarter ended June 30, 2013.
CORPORATE HIGHLIGHTS:
Business Development Highlights
Continued to build strong development pipeline
in high growth markets- added two projects with 1.85 million sq.ft. of saleable
area in Q1 FY2014
Okhla, New Delhi
Added GPL’s first project in New Delhi with
0.85 million sq. ft. saleable area
Whitefield, Bengaluru
Expanded our Bengaluru portfolio with addition
of a new project with 1 million sq. ft. of saleable area under the development
management fee model
Residential Co-investment Platform
First two projects added under the Residential
co-investment platform – Okhla, New
Delhi and Sahakar Nagar 2, Mumbai
- GPL’s peak
investment in the projects will considerably reduce
- Consistent fee
generation for the duration of the project
Sales Highlights
Demonstrated strong progress in ongoing sales
despite adverse market conditions
- Q1 FY2014
witnessed total booking value of INR 6060.000 Millions and total booking
volume of 0.59 million sq. ft.
- Residential
projects recorded booking value of INR 2240.000 Millions and booking
volume of 0.430 million sq. ft.
- Commercial
projects recorded booking value of INR 3820.000 Millions and booking
volume of 0.160 million sq. ft.
Godrej BKC, Mumbai
- Flagship
commercial project launched at BKC, Mumbai in March 2013
- 0.137 million
sq. ft. sold with a booking value of INR 3310.000 Millions in Q1 FY2014
Godrej Garden City, Ahmedabad
- Phase V
(residential, retail and affordable housing units) launched in last week
of March and in early April
- 0.24 million
sq. ft. of sales recorded with a booking value of INR 810.000 Millions in
Q1 FY2014
Awards and Recognition
GPL received 3 awards in Q1 FY2014
- ‘Best
Emerging Developer’: NDTV Property Awards, 2013
- ‘Best
Business Practice in Real Estate’:
National Real Estate Award for Excellence in Real Estate for the
year 2012 by Accommodation Times
- Ranked
amongst India’s Top 25 Companies to Work for in 2013:In a study by the
Great
Places to Work Institute and the Economic
Times
-
Ranked #25 in the overall category
- Ranked #1 in the Real Estate and
Construction sector
Commenting on the financial performance of Q1 FY2014, Mr Pirojsha
Godrej,
Managing Director and CEO of Godrej Properties Limited, said:
“Godrej Properties has delivered strong YoY
earnings and bookings growth despite adverse market conditions. We continue to
expand our development portfolio and signed two new deals in our target markets
of Bangalore and NCR this quarter. We hope to sustain the momentum for the rest
of FY 2014.”
Financial Overview (Consolidated)
Q1 FY2014 performance overview (Compared with Q1 FY2013)
- Total income
increased by 5% to INR 2443.000 Millions from INR 2328.000 Millions
- EBITDA increased
by 77% to INR 833.000 Millions from INR 470.000 Millions
- Net profit
increased by 130 % to INR 395.000 Millions as compared to INR 17.2
- EBITDA Margin
increased to 34.1% as compared to 20.2%
About Godrej Properties Limited:
Godrej Properties brings the Godrej Group
philosophy of innovation and excellence to the real estate industry. Each
Godrej Properties development combines a 116-year legacy of excellence and
innovation with a commitment to cutting-edge design and technology. Godrej
Properties is currently developing residential, commercial and township
projects spread across approximately 85 million square feet in 12 cities.
Godrej Properties has always embraced the
notion that collaboration is the essence of excellence. To that end, we have
worked with some of the best designers, architects and contractors within India
and around the globe to deliver imaginative and sustainable spaces. By bringing
together some of the best talent in the global real estate sector, Godrej
Properties works to create developments that will last into the future, and
foresee the needs of each and every resident.
Over the last few years, Godrej Properties has
received over 40 awards and recognitions, including “Popular Choice - Developer
of the Year” award by ET NOW in 2013 and “Best Business Practice in Real
Estate” for the year 2012 by Accommodation Times. Official recognition, though,
matters less than the affirmation we receive from our customers. Each home or
office we construct is a relationship, and each smile a confirmation of a job
well done.
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 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 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 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.65.42 |
|
|
1 |
Rs.102.09 |
|
Euro |
1 |
Rs.87.31 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
66 |
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.