MIRA
INFORM REPORT
|
Report Date : |
23.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
LAVASA CORPORATION LIMITED |
|
|
|
|
Registered
Office : |
Hincon House, 11th Floor, 247 Park, Lal Bahadur Shastri Marg,
Vikhroli (West), Mumbai – 400 083, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
11.02.2000 |
|
|
|
|
Com. Reg. No.: |
11-187834 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.8331.944
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U55101MH2000PLC187834 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEPO3242B / MUML07279G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCT4435E |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
|
|
Line of Business
: |
Subject is primarily engaged in the business of 'Comprehensive Urban
Development and Management'. |
|
|
|
|
No. of Employees
: |
Information denied by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (20) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
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|
|
|
Litigation : |
Exist |
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|
Comments : |
Subject is an established company having moderate track record. The ratings constrained by past delays in servicing of the debt
obligations by LCL on account of the strain on the liquidity. The ratings
also factor in resumption of work on the project, restructuring of the bank
facilities and accumulated losses recorded by the company. Business is active. Payment terms are slow. The company can be considered for business dealings on safe and
secured trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
Uptick in agriculture
and construction spread some cheer as the economy grew a higher-than-expected
4.8 % in the three months through September. Manufacturing rose an annual rate
per cent during the quarter and mining fell by 0.4 %, government data showed
while farm output rose 46%.
India has emerged as
the most attractive investment destination, thanks to a relaxation in foreign
direct investment norms, says a report. India is followed by Brazil and China
in the ranking part of EY’s Capital Confidence Barometer report based on a
survey across 70 nations. The US, France and Japan have emerged as the top
three investors likely to invest in India.
India has been
ranked 83rd globally in terms of talent competitiveness of its human
capital. Switzerland, Singapore, Denmark, Sweden and Luxembourg are the
top five in the list of 103 nations compiled by INSEAD business school.
Tax rates for
companies in India are among the highest in the world and the number of
payments is also more than the global average putting the country at low, 158th
rank on the Paying Taxes. 2014 list by the World Bank and PWC. However, the
time taken for tax payments is relatively less in India which is rated ahead of
China and Japan.
1 billion smartphone
shipments in 2013, a 39.3 % growth over 2012. This was being driven by low cost
computing in emerging markets. By 2017, total smartphone shipments are expected
to approach 1.7 billion units, resulting in a compound annual growth rate of
18.4 % between 2013 and 2017, according to research from IDC.
20 % vacancy rate of
office space in Mumbai and Delhi in the third quarter, the highest in Asia
after Chengdu, in China. According to Cushman and Wakefield, six Indian cities
are among the 10 office markets with the worst vacancies.
Foreign banks will
not have to pay stamp duty and capital gains tax, if they convert their branch
operations into a wholly owned subsidiary, according to the Reserve Bank of
India.
The Reserve Bank of
India is planning to launch CPI – indexed bonds aimed to protecting the savings
of retail investors from the impact the price rise by December end.
Central Bureau of
Investigation has booked State Bank of India, Deputy Managing Director Shyamal
Acharya and others in a graft case related to distribution of a loan of over Rs
4000 mn. Gold and jewellery worth Rs 6.7 mn have been recovered from the
residence of Acharya.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Bank Facilities: C |
|
Rating Explanation |
Poor credit quality and high risk of default. |
|
Date |
October 17, 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
(Tel. No.: 91-22-40256000)
LOCATIONS
|
Registered Office : |
Hincon House, 11th Floor, 247 Park, Lal Bahadur Shastri
Marg, Vikhroli (West), Mumbai – 400 083, Maharashtra, India |
|
Tel. No.: |
91-22-40256000/ 40256104 |
|
Fax No.: |
91-22-40256889 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office : |
247 Park, 13th Floor, Tower B, Lal Bahadur
Shastri Marg, Vikroli (West), Mumbai – 400 083, Maharashtra, India |
|
Tel. No.: |
91-22-40256000 |
|
|
|
|
Branch Office : |
Viola Business Centre, 'D' Building, S.No.118, Katraj –
Dehu Road Bypass (N.H.4), Warje, Pune – 411 052, Maharashtra, India |
|
Tel. No.: |
91-20-25234460 |
|
|
|
|
Lavasa Experience Zone : |
4th Floor, Information Centre Building, 80, Event
Centre Street, Landmark: Adjacent to Fortune Hotel, At Post: Dasve Lavasa Via
Panshet, Taluka: Mulshi, |
|
Tel. No.: |
91-20-64731020/ 21 |
|
|
|
|
Tourism Information Centre: |
Shop No: SB6-2, Portofino A, Ground Floor, Portofino A, Promenade, At Post Dasve, Lavasa, Taluka- Mulshi, District Pune – 412 112, Maharashtra, India |
|
|
|
|
Site Office : |
Town Hali, At Village Dasve, Post Patharshet, Taluka Mulshi, Pune-412107, Maharashtra, India |
|
Tel. No.: |
91-20-66759000 |
|
Fax No.: |
91-20-66759009 |
DIRECTORS
AS ON 17.06.2013
|
Name : |
Mr. Ajit Hirachand Gulabchand |
|
Designation : |
Director |
|
Address : |
94, NCPA Apartments, Dorabji Tata Road, Nariman Point, Mumbai-400021,
Maharashtra, India. |
|
Date of Birth/Age : |
28.06.1948 |
|
Date of Appointment : |
24.02.2003 |
|
DIN No.: |
00010827 |
|
|
|
|
|
|
|
Name : |
Ms. Anuradha Jitendra Desai |
|
Designation : |
Director |
|
Address : |
Venktesh Farm, S. No.95/1, Village Mauje-Warje, Taluka Haveli, N.D.A
Road, Pune – 411 029, Maharashtra, India. |
|
Date of Birth/Age : |
15.05.1962 |
|
Date of Appointment : |
24.02.2003 |
|
DIN No.: |
00012212 |
|
|
|
|
Name : |
Ms. Shalaka Gulabchand Dhawan |
|
Designation : |
Director |
|
Address : |
5B, Rizvi Park, Altamount Road, Mumbai – 400 026, Maharashtra, India. |
|
Date of Birth/Age : |
02.08.1977 |
|
Date of Appointment : |
28.04.2005 |
|
DIN No.: |
00011094 |
|
|
|
|
Name : |
Mr. Gautam Brijmohan Thapar |
|
Designation : |
Director |
|
Address : |
E-16, Pushpanjali Farms, Bijwasan, New Delhi – 110 061, India |
|
Date of Birth/Age : |
07.12.1960 |
|
Date of Appointment : |
27.02.2007 |
|
DIN No. : |
00012289 |
|
|
|
|
Name : |
Mr. Vithaldas Badrinarayan Maniar |
|
Designation : |
Director |
|
Address : |
F-10, Modibaug, Ganeshkhind Road, Shivaji Nagar, Pune – 411 005,
Maharashtra, India |
|
Date of Birth/Age : |
19.10.1939 |
|
Date of Appointment : |
09.06.2008 |
|
DIN No. : |
00023045 |
|
|
|
|
Name : |
Mr. Sharad Madhav Kulkarni |
|
Designation : |
Director |
|
Address : |
161-A, 16th Floor, Twin Towers, Veer Savarkar Marg,
Prabhadevi, Mumbai – 400 025, Maharashtra, India |
|
Date of Birth/Age : |
09.01.1939 |
|
Date of Appointment : |
24.03.2009 |
|
DIN No. : |
00003640 |
|
|
|
|
Name : |
Mr. Gaj Hanwant Singh Jodhpur |
|
Designation : |
Director |
|
Address : |
Umaid Bhawan Palace, Jodhur – 342 006, Rajasthan, India |
|
Date of Birth/Age : |
13.01.1948 |
|
Date of Appointment : |
30.07.2010 |
|
DIN No. : |
00061278 |
|
|
|
|
Name : |
Mr. Ram Pravinchandra Gandhi |
|
Designation : |
Director |
|
Address : |
Amalfi, 6th Floor, 15, L.D. Ruparel Marg, Malbar Hill,
Mumbai – 400 006, Maharashtra, India |
|
Date of Birth/Age : |
15.03.1952 |
|
Date of Appointment : |
30.07.2010 |
|
DIN No. : |
00050625 |
|
|
|
|
Name : |
Mr. Subhash Digambar Dandekar |
|
Designation : |
Director |
|
Address : |
81, Kshitij, 99, Hill Road, Bandra (West), Mumbai – 400 050, Maharashtra,
India |
|
Date of Birth/Age : |
03.08.1938 |
|
Date of Appointment : |
11.06.2012 |
|
DIN No. : |
00167875 |
|
|
|
|
Name : |
Mr. Anil Chandanmal Singhvi |
|
Designation : |
Director |
|
Address : |
131A, Twin Towers, Veer Savarkar Marg, Prabhdevi, Mumbai – 400 025,
Maharashtra, India |
|
Date of Birth/Age : |
30.06.1959 |
|
Date of Appointment : |
22.10.2012 |
|
DIN No. : |
00239589 |
KEY EXECUTIVES
|
Name : |
Mr. Vendatesan Arunachalam |
|
Designation : |
Company Secretary |
|
Address : |
302, Siddeshwar Heights, Mogal Lane Mahim, Mumbai – 400 016,
Maharashtra, India |
|
Date of Birth/Age : |
05.05.1968 |
|
Date of Appointment : |
07.05.2007 |
|
PAN No.: |
AFTPA1515N |
|
|
|
|
Name : |
Arun Bodupali |
|
Designation : |
Senior VP - Legal |
|
|
|
|
Name : |
Rajiv Duggal * |
|
Designation : |
Senior VP - Tourism, Hospitality and Leisure |
|
|
|
|
Name : |
Vinayak J. Jadhav |
|
Designation : |
Senior VP – Accounts and Finance |
|
|
|
|
Name : |
Ambuj Jain |
|
Designation : |
Manager and President - Lavasa |
|
Address : |
403, Atlanta Manor CHS Limited, Dindoshi, Near B.S.E.S., W.E. Highway,
Malad (East), Mumbai – 400 097, Maharashtra, India |
|
Date of Birth/ Age : |
22.09.1960 |
|
Date of Appointment : |
29.07.2013 |
|
PAN No.: |
AADPJ6098G |
|
|
|
|
Name : |
Anuradha Paraskar |
|
Designation : |
Senior VP – Marketing and Sales |
|
|
|
|
Name : |
Mukund M. Rathi |
|
Designation : |
Senior VP - Land and Special Initiatives |
|
|
|
|
Employed on
contract in India |
|
|
Name : |
Sureshkumar P. Pendharkar |
|
Designation : |
Chief Planner |
|
|
|
|
Name : |
Col.(Retd.) Ajay Kumar Singh ** |
|
Designation : |
Senior VP - Projects |
|
|
|
|
Name : |
Wrighton Scot William |
|
Designation : |
City Manager |
* Employed for Part of the year.
**Retired from the
services of the Company and employed on contract basis part of the year. The
total remuneration includes Gratuity and encashment of leave on retirement.
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 17.06.2013
|
Names of Shareholders (Equity Shares) |
|
No. of Shares |
|
Hindustan Construction Company Limited, India |
|
2387 |
|
Hincon Holdings Limited, India |
|
2387 |
|
Hincon Finance Limited, India |
|
168264 |
|
HCC Real Estate Limited, India |
|
546842513 |
|
Ajit Gulabchand |
|
18 |
|
Avantha Realty Limited, India |
|
124933409 |
|
Gautam Thapar |
|
11812913 |
|
Venkateshwara Hatcheries Private Limited, India |
|
62142192 |
|
Vinay Vittal Maniar |
|
50033488 |
|
Vitthal Badrinarayan Maniar |
|
6660 |
|
Bennett Coleman and Company Limited, India |
|
132 |
|
Total
|
|
795944363 |
|
Names of Shareholders (6% Cumulative Redeemable Preference Shares) |
|
No. of Shares |
|
Avantha Realty Limited, India |
|
5600422 |
|
Venkateshwara Hatcheries Private Limited, India |
|
5152697 |
|
Vinay Vittal Maniar |
|
4094646 |
|
Vitthal Badrinarayan Maniar |
|
79 |
|
HCC Real Estate Limited, India |
|
22400097 |
|
Hindustan Construction Company Limited, India |
|
28 |
|
Hincon Holdings Limited, India |
|
28 |
|
Hincon Finance Limited, India |
|
2000 |
|
Total
|
|
37249997 |
AS ON 17.06.2013
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
92.23 |
|
Directors
or relatives of directors |
|
7.77 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is primarily engaged in the business of 'Comprehensive Urban
Development and Management'. |
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||||
|
Products/ Services : |
|
GENERAL INFORMATION
|
No. of Employees : |
Information denied by the management. |
||||||||||||||||||
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||||||||||||||||||
|
Bankers : |
·
Axis Bank Limited, Central Office, Capital Market
Department, 11th Floor, ‘F’ Wing Maker Towers, Cuffe Parade,
Mumbai – 400 005, Maharashtra, India ·
Union Bank of India ·
Bank of India, Oriental Building, Ground Floor,
364, D.N. Road, Fort, Mumbai – 400 001, Maharashtra, India ·
Punjab National Bank ·
Corporation Bank ·
Oriental Bank of Commerce ·
UCO Bank ·
The Karnataka Bank Limited ·
Bank of Baroda ·
Allahabad Bank ·
ICICI Bank Limited ·
United Bank of India ·
Andhra Bank ·
The Jammu and Kashmir Bank Limited, 55, Noor Mahal
Co-Operative Housing Society, Mohammad Ali Road, Mumbai – 400 003,
Maharashtra, India ·
State Bank of Hyderabad ·
Induslnd Bank Limited ·
State Bank of Mysore ·
State Bank of Patiala ·
IDBI Bank Limited |
||||||||||||||||||
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|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial
Institutions : |
· Axis Trustee Services Limited, Axis House, 2nd Floor, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai – 400 025, Maharashtra, India · Axis Trustee Services Limited, Maker Towers 'F', 6th Floor, Cuffe Parade, Colaba, Mumbai – 400 005, Maharashtra, India |
|
|
|
|
Auditors : |
|
|
Name : |
K.S. Aiyar and Company Chartered Accountants |
|
Address : |
# F-7, Laxmi Mills, Shakti Mills Lane, Off Dr. E. Moses Road,
Mahalaxmi, Mumbai – 400 011, Maharashtra, India |
|
PAN No.: |
AAAFK6843P |
|
|
|
|
Parent/Holding Companies and their subsidiaries : |
·
Hindustan Construction Company Limited
(HCC)-Ultimate Holding Company ·
HCC Real Estate Limited (HREL)- Parent Company ·
Hincon Technoconsult Limited ·
Western Securities Limited ·
Pune Paud Toll Road Company Limited ·
Nirmal BOT Limited ·
HCC Mauritius Enterprises PTE. Limited ·
HCC Concessions Limited ·
HCC Aviation Limited ·
Badarpur Faridabad Tollways Limited ·
HCC Construction Limited ·
Highbar Technologies Limited ·
HCC Operation and ·
Maintenance Limited ·
Narmada Bridge Tollway Limited ·
Baharampore-Farakka Highways Limited ·
Farakka-Raiganj Highways Limited ·
Raiganj-Dalkhola Highways Limited ·
HRL (Thane) Real Estate Limited ·
HRL Township Developers Limited ·
Panchkutir Developers Limited ·
Maan Township Developers Limited ·
Charosa Wineries Limited ·
Nashik Township Developers Limited ·
Powai Real Estate Developers Limited ·
HCC Realty Limited ·
Klemanor Investments Limited ·
Steiner AG ·
Steiner Promotions et Paricipations SA ·
Eurohotel SA ·
VM+ST AG ·
Steiner (Deutschland) GmbH ·
Steiner Lman SAS ·
SNC Valleiry Route de Bloux ·
Highbar Technologies FZLLC (100%) ·
Dhule Palesner Operations and Maintenance Limited
·
HCC Power Limited ·
HCC Infrastructure Company Limited ·
Steiner India Limited |
|
|
|
|
Subsidiaries : |
·
Apollo Lavasa Health Corporation Limited ·
Lavasa Hotel Limited ·
Lakeshore Watersports Company Limited ·
Dasve Convention Center Limited ·
Dasve Business Hotel Limited ·
Lakeview Clubs Limited ·
Dasve Hospitality Institutes Limited ·
Dasve Retail Limited ·
Full Spectrum Adventure Limited ·
Lavasa Bamboocrafts Limited ·
Spotless Laundry Services Limited ·
Reasonable Housing Limited ·
My City Technology Limited ·
Future City Multiservices SEZ Limited ·
Rhapsody Commercial Space Limited ·
Valley View Entertainment Limited ·
Andromeda Hotels Limited. ·
Sirrah Palace Hotels Limited. ·
Whistling Thrush Facilities Services Limited ·
Green Hills Residences Limited ·
Warasgaon Tourism Limited ·
Warasgaon Power Supply Limited ·
Sahyadri City Management Limited ·
Our Home Service Apartments Limited ·
Hill City Service Apartments Limited ·
Warasgaon Infrastructure Providers Limited ·
Kart Racers Limited ·
Nature Lovers Retail Limited ·
Mugaon Luxury Hotels Limited ·
Osprey Hospitality Limited ·
Starlit Resort Limited ·
Rosebay Hotels Limited ·
Warasgaon Valley Hotels Limited ·
Warasgaon Assets Maintenance Limited ·
Hill View Parking Services Limited ·
Verzon Hospitality Limited (From 18th February
2013) |
|
|
|
|
Other Related
Parties : |
·
Gulabchand Foundation (Formed under section 25 of
the Companies Act, 1956) ·
Bona Sera Hotels Limited ·
Palmetto Hospitality Limited ·
Ecomotel Hotel Limited ·
Warasgaon Lake View Hotels Limited ·
Verzon Hospitality Limited (Till 17th
February 2013) ·
Vikhroli Corporate Park Private Limited ·
Hincon Holdings Limited ·
Hincon Finance Limited ·
SOL Hospitality Limited ·
Knowledge Vistas Limited ·
Nathapa Jhakri Joint Venture (NJJV) ·
HCC Pati Joint Venture ·
Kumagai Skanska HCC Itouch Group (Kshi Jv) ·
HCC L and T Purulia Joint Venture ·
Alpine Samsung HCC Joint Venture ·
Alpine Hcc Joint Venture CC 34 ·
Alpine Hcc Joint Venture ·
Evostate AGMCR Managing Corp Real Estate ·
Projektentwicklungsges. Parking Kunstmuseum AG ·
ARGE Prime Tower, Zurich ·
Dhule Palesner Tollway Limited |
CAPITAL STRUCTURE
AS ON 17.06.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1675000000 |
Equity Shares |
Rs.10/- each |
Rs.16750.000 millions |
|
325000000 |
Preference Shares |
Rs.10/- each |
Rs.3250.000 millions |
|
|
Total
|
|
Rs.20000.000
millions |
|
|
|
|
|
Issued Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
795944363 |
Equity Shares |
Rs.10/- each |
Rs.7959.444
millions |
|
38000000 |
Preference Shares |
Rs.10/- each |
Rs.380.000 millions |
|
|
Total |
|
Rs.8339.444 millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
795944363 |
Equity Shares |
Rs.10/- each |
Rs.7959.444
millions |
|
37249997 |
Preference Shares |
Rs.10/- each |
Rs.372.500
millions |
|
|
Total |
|
Rs.8331.944 millions |
|
|
|
|
|
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 |
8331.944 |
8331.944 |
5381.944 |
|
(b) Reserves & Surplus |
(190.856) |
589.928 |
1069.875 |
|
(c) Money received against share warrants |
81.250 |
81.250 |
81.250 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
8222.338 |
9003.122 |
6533.069 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
16778.629 |
17211.343 |
19464.796 |
|
(b) Deferred tax liabilities (Net) |
332.244 |
700.142 |
1323.730 |
|
(c) Other long
term liabilities |
5016.641 |
18.052 |
0.660 |
|
(d) Long-term
provisions |
46.538 |
40.847 |
46.206 |
|
Total Non-current
Liabilities (3) |
22174.052 |
17970.384 |
20835.392 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
547.599 |
1240.000 |
1090.000 |
|
(b)
Trade payables |
2155.983 |
1810.024 |
2241.312 |
|
(c)
Other current liabilities |
8488.527 |
4973.102 |
2848.903 |
|
(d) Short-term
provisions |
21.936 |
19.647 |
22.886 |
|
Total Current
Liabilities (4) |
11214.045 |
8042.773 |
6203.101 |
|
|
|
|
|
|
TOTAL |
41610.435 |
35016.279 |
33571.562 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
5049.121 |
5011.778 |
5315.189 |
|
(ii)
Intangible Assets |
8.712 |
10.759 |
12.923 |
|
(iii)
Capital work-in-progress |
12039.935 |
10602.219 |
8854.005 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1573.245 |
1269.807 |
1281.891 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1338.781 |
95.596 |
90.303 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
20009.794 |
16990.159 |
15554.311 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
9819.106 |
7671.179 |
6767.701 |
|
(c)
Trade receivables |
5594.266 |
5089.336 |
5542.101 |
|
(d) Cash
and cash equivalents |
627.147 |
179.512 |
725.156 |
|
(e)
Short-term loans and advances |
5560.122 |
5086.093 |
4895.013 |
|
(f)
Other current assets |
0.000 |
0.000 |
87.280 |
|
Total
Current Assets |
21600.641 |
18026.120 |
18017.251 |
|
|
|
|
|
|
TOTAL |
41610.435 |
35016.279 |
33571.562 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
970.445 |
287.226 |
5336.791 |
|
|
|
Other Income |
572.038 |
472.656 |
72.826 |
|
|
|
TOTAL (A) |
1542.483 |
759.882 |
5409.617 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
1130.782 |
273.706 |
|
|
|
|
Changes in
inventories of finished goods, work-in-progress and stock-in-trade |
(2257.175) |
(1086.857) |
|
|
|
|
Employee benefit expense |
625.502 |
679.556 |
|
|
|
|
Other expenses |
946.176 |
701.803 |
|
|
|
|
TOTAL (B) |
445.285 |
568.208 |
2975.343 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1097.198 |
191.674 |
2434.274 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
1913.274 |
1839.065 |
765.649 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(816.076) |
(1647.391) |
1668.625 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
332.606 |
356.144 |
34.722 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(1148.682) |
(2003.535) |
1633.903 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(367.898) |
(623.588) |
515.371 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(780.784) |
(1379.947) |
1118.532 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(1031.900) |
348.047 |
2136.082 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Preference Share Dividend |
-- |
-- |
16.353 |
|
|
|
Tax on Proposed Shares Dividend |
-- |
-- |
2.653 |
|
|
|
Capital Redemption Reserve |
-- |
-- |
304.642 |
|
|
BALANCE CARRIED
TO THE B/S |
(1812.684) |
(1031.900) |
2930.966 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(1.01) |
(2.65) |
2.26 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(50.62)
|
(181.60)
|
20.69
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(118.37)
|
(697.55)
|
30.62
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(4.10)
|
(8.66)
|
6.97
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.14)
|
(0.22)
|
0.25
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.11
|
2.05 |
3.15
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.93
|
2.24 |
2.90
|
LOCAL AGENCY FURTHER INFORMATION
Details of Current
maturities of long-term debt:
|
Particulars |
31.03.2013 (Rs.
in millions) |
31.03.2012 (Rs.
in millions) |
31.03.2011 (Rs.
in millions) |
|
Current maturities of long-term debt |
5672.565 |
3058.347 |
1332.293 |
|
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 |
Yes |
|
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 |
LITIGATION
DETAILS:
Case Details
Bench:-Bombay
Presentation Date:- 26.11.2013
Lodging No.:- CPL/798/2013
Filing Date:- 26.11.2013
Petitioner:- Capri Global Capital Limited
Respondent:- Lavasa Corporation Limited
Petn.Adv.:- Rajesh Shah and Company
Resp.Adv.:- 0
District:- Mumbai
Bench:- Single
Status:- Pre-Admission
Category:-
Company Petition U/SEC 433,434,439 Companies Act
Last Date:- 05.12.2013
Last Coram:- Registrar(OS)/Prothonotary and Senior Master
Act :- Companies Act and Rules 1956
Under Section:-
433 434 and 439
|
Unsecured Loans |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
Fully convertible debentures banks |
120.000 |
0.000 |
|
Rupee term loans from others |
1000.000 |
2928.571 |
|
SHORT-TERM BORROWINGS |
|
|
|
Rupee term loans from others |
0.000 |
1000.000 |
|
Inter-corporate deposits |
547.599 |
240.000 |
|
Total
|
1667.599 |
4168.571 |
INDEX OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10464205 |
19/11/2013 |
2,250,000,000.00 |
BANK OF INDIA |
ORIENTAL BUILDING,
GROUND FLOOR, 364, D. N. ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
B91132126 |
|
2 |
10436473 |
27/06/2013 |
150,000,000.00 |
AXIS TRUSTEE
SERVICES LIMITED |
AXIS HOUSE, 2ND FLR,
BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI,
MAHARASHTRA - 400025, INDIA |
B79109625 |
|
3 |
10436571 |
11/10/2013 * |
1,020,000,000.00 |
AXIS TRUSTEE
SERVICES LIMITED |
AXIS HOUSE, 2ND FLR,
BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI,
MAHARASHTRA - 400025, INDIA |
B88400874 |
|
4 |
10396004 |
16/07/2013 * |
4,950,000,000.00 |
AXIS BANK
LIMITED |
CORPORATE BANKING
BRANCH, AXIS HOUSE, GROUND FLOOR, BOMBAY DYEING MILLS COMPOUND, P. B. MARG,
WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA |
B80497134 |
|
5 |
10392939 |
11/12/2012 |
250,000,000.00 |
THE JAMMU AND
KASHMIR BANK LIMITED |
55-NOOR MAHAL CO-OPERATIVE
HOUSING SOCIETY, MOHAMMAD ALI ROAD, MUMBAI, MAHARASHTRA - 400003, INDIA |
B64495088 |
|
6 |
10366805 |
24/09/2012 * |
3,285,700,000.00 |
AXIS TRUSTEE
SERVICES LIMITED |
AXIS HOUSE, 2ND FLR,
BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARAS |
B60229051 |
|
7 |
10364334 |
18/06/2012 |
50,000,000.00 |
AXIS BANK
LIMITED |
TRISHUL 3RD FLOOR
OPPOSITESAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT -
380006, INDIA |
B43132422 |
|
8 |
10344415 |
15/03/2012 |
1,200,000,000.00 |
AXIS TRUSTEE
SERVICES LIMITED |
AXIS HOUSE, 2ND FLR,
BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI,
MAHARASHTRA - 400025, INDIA |
B35861087 |
|
9 |
10246117 |
30/09/2010 |
1,000,000,000.00 |
AXIS TRUSTEE
SERVICES LIMITED |
MAKER TOWERS
'F', 13TH FLOOR, CUFFE PARADE, COLAB |
A96878152 |
|
10 |
10197855 |
19/01/2010 |
708,403,784.00 |
AXIS TRUSTEE
SERVICES LIMITED |
MAKER TOWERS
'F', 13TH FLOOR, CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
A77957447 |
|
11 |
10198431 |
07/02/2012 * |
2,500,000,000.00 |
AXIS TRUSTEE
SERVICES LIMITED |
AXIS HOUSE, 2ND
FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI,
MAHARASHTRA - 400025, INDIA |
B33249376 |
|
12 |
10191536 |
17/11/2009 |
100,000,000.00 |
AXIS TRUSTEE SERVICES
LIMITED |
MAKER TOWERS
'F', 13TH FLOOR, CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
A74532516 |
|
13 |
10179738 |
11/09/2009 |
749,372,799.00 |
AXIS TRUSTEE
SERVICES LIMITED |
MAKER TOWERS
'F', 13TH FLOOR, CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
A70504881 |
|
14 |
10137293 |
18/10/2013 * |
783,050,765.00 |
AXIS TRUSTEE
SERVICES LIMITED |
AXIS HOUSE, 2ND
FLR, BOMBAY DYEING MILLS COMPOUND, |
B89039168 |
|
15 |
10135871 |
18/10/2013 * |
939,660,918.00 |
AXIS TRUSTEE
SERVICES LIMITED |
AXIS HOUSE, 2ND
FLR, BOMBAY DYEING MILLS COMPOUND, |
B89062780 |
|
16 |
10135616 |
08/07/2013 * |
17,227,300,000.00 |
AXIS TRUSTEE
SERVICES LIMITED |
AXIS HOUSE, 2ND
FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI,
MAHARASHTRA - 400025, INDIA |
B79109716 |
* Date of charge modification
OPERATIONS AND
OUTLOOK:
2013 started on a
note of optimism through impressive growth in exports and high levels of
foreign exchange inflows, only to moderate as the year progressed through
continued monetary tightening in response to the untamed inflationary
pressures. Gradually, high levels of inflation gave way to a slow-down in the
growth.
India’s growth is
projected to drop to 5% for the year ended March 31, 2013, and is expected to
improve only marginally in the next financial year while retail inflation
climbed to nearly 11% in February.
Though India is
still among the fastest-growing economies, 5% growth is well below the average
of the last decade, and high inflation and fiscal deficit have made it difficult
for the country to cut rates to stimulate the economy.
India’s GDP growth
is likely to accelerate from 5.4 per cent in 2012 to 7.2 per cent in 2014, and
remain high through 2015-2016, provided the Government continues with its
reforms push.
While allowing FDI
in retail, the goods and services tax, direct cash transfer of subsidies, and
dedicated freight corridor will help further reforms on fiscal consolidation,
financial liberalization and infrastructure growth will be needed to sustain an
improvement in trend growth.
The Governments
recent reforms include allowing FDI in multi-brand retail, aviation, hiking
diesel price, capping the number of subsidized LPG cylinders, opening up
pension sector to foreign investment and raising the FDI cap in insurance to 49
per cent. The reforms which have begun in earnest, and are likely to progress
on a number of different fronts, should help in boosting trend growth.
India had been
growing around 8-9 per cent before the global financial meltdown of 2008. The
growth rate in 2011-12 slipped to a nine-year low of 6.5 per cent and in the
quarter ended June 30, 2012, the economy grew 5.5 per cent.
The company has
kept its rationale of developing an inclusive city for all and is tailoring
partnerships and tie ups with global leaders in their respective sectors.
Tie-ups continued strongly at Lavasa through 2012-13. Partnerships are well in
place and many of these projects are fast moving towards completion.
In the hospitality
space, the Accor group is successfully running its operation with the two
brands - Mercure Lavasa and the 1500 plenary capacity Lavasa International
Convention Centre (LICC). Another brand of the Accor group - Novotel is
scheduled for completion by April 2014. Projects with renowned hospitality
players like Pullman, Hilton, Taj Vivanta, Holiday Inn, Holiday Inn Express,
Oakwood, Langham Place and Eaton among others, are slated to follow in quick
succession.
As for the
existing hospitality projects, Ekaant - The Retreat and Waterfront Shaw Apartment
Hotel continue to flourish. Fortune Select Dasve is in its fifth year of
successful operations and likely to open one more hotel in Lavasa. Dasvino Town
and Country Club, launched in early 2010 is growing steadily. In the tourism
space, Lakeshore Watersports, Neo Spark Games Arcade and Xthrill Adventure
Sports and Academy are also functioning successfully. Site preparatory work for
Space World, Asias 8 first space edutainment centre is well underway and is on
course for opening in 2015. There have been talks to set up sports academies at
Lavasa including cricket, badminton, etc. and Memorandum of Understandings
(MoUs) have been signed with Tennis Australia and Manchester City Football
Club. Additionally agreements have also been signed to set up training
facilities with Hockey Australia, Sir Nick Faldo for Golf and Sir Steve
Redgrave Rowing Academy.
On the retail
front, a significant area has already been leased. Restaurants like Subway,
Cafe Coffee Day, Baskin Robbins, All American Diner and others have already
commenced operations. Many more such outlets will commence operations this
year. In addition to F&B outlets, many other tie-ups that have been
finalized in the retail segment include The Orange Ox (handicrafts), Cinnamon
Crocodile (bath and spa products), Buzzing Bees (organic bees wax candle store)
and Slippery Seahorse, Fun Square Digital Cinema, Smokin Joes Pizza, Blue
Kangaroo Beverages Wines, Adidas Store and Kareems Restaurant.
There were other
tie-ups in the tourism space. Lavasa is in advance stage of discussion with
iDream to create an all Lavasa tourism plan including a historical theme park.
This project is being spearheaded by Mr. Shripal Morakhia, the businessman who
created Sharekhan.
A significant
progress was also made in the education space. Christel House Lavasa is into
its second year of operations with 269 students and in 2012-13, Phase 2 of
Christel House Lavasa was launched.
Ecole Hoteliere
Lavasa started its fourth batch in 2013- 14. The first batch will receive
academic certification from Ecole hotlier d Lausanne this year. All students
have been placed at Hotels like Taj, Accor and Oberoi. Educomp has signed MOU
with infinity group of Kolkata and is proposing to bring Duhrum school of UK as
k12 school or will start millennium international school by 2014-15 in
Knowledge Vistas Limited (KVL). KVL is already running Little Millennium, pre
primary school at Lavasa for last two years. GREAT (INDIA) in collaboration
with Australian Retail College, which is a leader in retail training in
Australia is planning to open a retail college at Lavasa which would offer a
contemporary retail course and opportunities for exchange of information and
tie-ups in Australia. Other educational partners like Symbiosis Institute
(Pune) and Christ University (Bangalore) are also in the process of launching
their programs. Discussions are on to establish North Hampton University at
Lavasa by 2014-15 as well as preparation course school under Ideal Classes from
5th to 12th standard.
The Company continued
to enjoy healthy sales in residential and commercial space. Positive sales
trend continued through the year, with the Company giving possession to 250
plus residential units in Dasve. Construction activity on various properties at
Dasve is progressing at a fast pace. Collection and sales for the second town
Mugaon have been good.
In institutional
sales, the prime focus for the year has been on collections and activation of
sites. Symbiosis Institute has submitted its building design for approval. The large
60 acre landmass, one of the largest, in Lavasa will metamorphose into a world
class management campus in the coming years. State Bank of India and the
proposed Ramada Hotel have also submitted their plans for approval.
In keeping with the
inclusiveness concept of the city, construction of the first branded pure
vegetarian hotel in Lavasa has commenced. This 43 room hotel will also sport
two theme restaurants serving delectable array of vegetarian dishes.
For the year ahead
a new concept built-to-suit has been conceptualized. This offers a seamless
service to institutions right from purchasing land to executing the project.
While it paves the way for easy decision making for the client, it augments and
maximizes the service offerings of Lavasa.
Endeavor to boost
the work economy at Lavasa will gain momentum in the next year. The target is
to get non polluting businesses like IT&ITES, Biotechnology institutes,
Knowledge Parks, R&D Centres and Corporate Training Centres, start
operations at Lavasa.
The Company
continued its focus on branding and communication activities in 2012 13.
Emphasis through the year was on communicating that development work at Lavasa
has commenced with right earnest, raise awareness about the planned city and
its advantages.
The focus of the
exercise was on building preference and restoring customer confidence in the
project. To enable this, a number of site visits were organized for media, the
primary influencers and other key influencers of public opinion. Through the
year over 250 journalists from print, TV, news wires and web media from Mumbai,
Pune and Lavasa region visited Lavasa. Meetings of journalists with company
spokespersons helped clear many misconceptions about the project and the
company.
A new advertisement
campaign was launched in May 2012 to promote the second town Mugaon as a
residential and edutainment hub. The print media campaign, sustained
promotional campaign on social media, ground signages and the launch event at
LICC with Femina Miss India contestants and media interviews with spokespersons
helped generate awareness for the launch and resulted in a good number of
customer enquiries.
In August 2012 a
new brand campaign capturing different facets of Life in Lavasa was launched.
For the first time ever an internal engagement program was also conducted
across all HCC group Companies to boost employee morale.
The next phase of
brand campaign was launched on October 28, 2012. Over a three month period, the
series of advertisements communicated city positioning and scale and also
talked about advantages of Lavasa city.
To promote
tourism, attractive tour packages were conceptualized and offered to tourists
through the Lavasa Holidays Summer Special (April to June 2012), Mesmerizing
Monsoon (July to Sept 2012) and Lavasa Holidays Festive Fiesta (October to
December 2012) packages.
Mesmerising
Monsoon package promotion resulted in tourist traffic surging to all time high.
On an average close to 80,000 tourists visited Lavasa every month from July to
September 2012. The footfall in August at 94,143 tourists was the highest ever
in Lavasas history. Lavasa won the Most promising new Destination and the Best
Print Promotional Material awards at the premiere industry event, Travel and
Tourism Fair held in Mumbai and Pune.
Strategic and
design support to Special Purpose Vehicles (SPVs) was provided on a need basis.
Collateral design support for SPVs like Dasvino, Ekaant, Whistling Thrush,
Bamboosa etc., continued through the period. Bamboosa (Lavasa Bamboocrafts
Limited) participated in the 2013 Delhi Sustainable Development Summit (DSDS)
held at Taj Palace. The DSDS 2013 inaugurated by Hon. Prime Minister, Dr.
Manmohan Singh was attended by eminent dignitaries from across the globe.
The fifth edition
of the signature brand event Lavasa Womens Drive was held on February 24, 2013.
2000 women with a drive drove to Lavasa from Mumbai and Pune for the annual
event. The growing popularity of the rally among women and the support it
receives for various social causes led to the institution of Lavasa Womens
Drive Women in Driving Seat Awards in 2012. The awards honour contribution of
women in driving seat, who excel in whatever they do.
In 2013 the Lavasa
Womens Drive Women with a drive awards were presented to Dr. Anagha Amte
(health care), Kanan Dhru (governance), Hina Shah (women welfare), Sabbah Haji
(education) and Sakshi Kumar (womens empowerment). Social worker and activist,
Sindhutai Sapkal was felicitated with a special recognition award for her
exemplary work.
Digital and social
media channels were leveraged primarily for engagement and for information
dissemination. The channels were extensively used to promote events, respond to
queries and initiate conversations on platforms like travel, tourism and discussion
forums on urbanization.
Innovative
approaches like road block on www.economictimes.com made sure the visitors to
the website had to mandatorily view the Lavasa banner, introduction of pinterest
- a virtual pinboard to share pictures and an instagram application which
allowed users to upload pictures through instagram using #capturinglavasa were
activated during the course of the year.
In 2013, Lavasa
crossed a digital milestone of one lakh plus fans on facebook. This was made
possible by the continuous engagement with fans through promotion of Lavasa
Holiday packages, food festivals and various other customer centric
initiatives. Capturing Lavasa, a photography contest on the social media
platform received great response.
For the first
time, Lavasa participated in an online travel festival which was done in
association with Timesofindia. com. The Lavasa travel micro site received 2
million visitors over a 2 month period. The traffic to the micro site was
driven through 9 million banner impressions, exclusive for Lavasa, on Times
online network.
In 2012-13, the
Public Relations campaign focused on building preference and restoring customer
confidence in the project. Meetings with senior editors in Mumbai and Pune and
the constant engagement with beat reporters in Mumbai and Pune led to better
appreciation of company’s stand on issues. Stories in leading magazines like
Business India (Gearing up to move, February 2013) and Construction Week
(Lavasa getting back on track, May 2012) were initiated to convey that
development work at Lavasa has commenced with right earnest and that the
company is committed to developing the city.
Visits of eminent
personalities like Chief Ministers of Gujarat and Punjab and promotional
initiatives of Christel House Lavasa and various SPVs like Ecole Hoteliere
Lavasa, Dasvino Town and Country Club and X Thrill were publicized through news
stories, editorial feature stories and photo features.
Each month Lavasa looks,
feels and acts more like a city. The city of Lavasa now has a new post office,
a new school, a hospital and more than a dozen food and beverage establishments
open for business. It also has four operating hotels with three more under
construction, a fuel station, two banks, a convention centre, a public safety
centre with a citizen call centre, pharmacy, rental housing, games arcade,
watersports facility, a club and public transport system. In the months ahead,
a new grocery store, several more schools and additional retail shops will be
open.
Building the
infrastructure right, from the beginning, is a key strategy to ensuring
long-term livability. The drinking water at Lavasa is fit for consumption,
straight from the tap, without the need for additional filtration and the
sewage is treated as per required standards before being reused for irrigation
and other non-potable uses. Lavasas power distribution grid is nearly 99%
reliable and the young city is already on the cutting edge of urban environmental
sustainability initiatives. Lavasa has already opened parks and play areas to
the public. The e-governance portal will play a major role in communicating
with citizens and providing round the clock services.
A round the clock
Lavasa Citizen Call Centre set up this year, envisions to make the lives of the
citizens and visitors easy and convenient. The Lavasa Citizen Call Centre will
be a one-stop information source for non emergency and emergency related
services. It will provide a single window resolution for all customer needs and
visitor requests, be involved in proactive information distribution, data
collection and management services, Customer Satisfaction Surveys and Customer
handover and possession.
The City
Management Services (CMS) Department is equally dynamic in seeking to
coordinate services in this rapidly changing setting.
CMS is currently
divided into seven specialist divisions including Customer Services, Public
Safety and Security, Enterprise Utilities, Public Works, Administration and Finance,
Community Development and Geographic Information Systems and Management
Information Systems.
The City
Management Services Department will slowly evolve into a new governance entity
that will, at some point, be the core of a new replicable governance model. The
City Management Services Department meets on a monthly basis with a committee
of villagers from throughout the project area. The Village Committee is the
first of several such citizen advisory groups that will together form a key
component of the Lavasa citizen and stakeholder engagement mechanisms.
The Company has
completed the purchase of 10423.50 acres of land and is in the process of
concluding the sale deed in 2184 acres for which agreements were signed. Steps
to reach an overall land purchase target of 18000 acres are in progress.
The Company
continues to regularly monitor environmental aspects such as air quality, water
quality and soil quality are being carried out as per MoEF guidelines. The
Environmental Compliance Report is being submitted to MoEF once in six months
and the June 2012 and December 2012 reports have already been submitted. To
maintain water quality of Dasve Lake, around 28,000 fish seeds have also been
released under the guidance of Fisheries Department GoM (Government of
Maharashtra).
For slope
protection and enhancing the greenery within the region, soil bioengineering
(biodegradable coir mats have been applied over the slopes) and plantation of
stumps has been done. Hydroseeding and manual seeding was also carried out for
slope maintenance and a total area of more than 500 acres has been covered to
date. Indigenous Tree plantation of around 47,500 tree saplings was carried out
in Mugaon and Bhoini. Propagation of plants in the nursery at Bhoini continues
and there is adequate plant stock as it is a feeder for mass plantation and
other internal landscaping requirements. Both the nursery and mass plantation
have been organically certified.
Techno-commercial evaluation
of renewable sources of energy feasible at Lavasa is being carried out by TERI
(The Energy and Resources Institute). The wind data from 80m mast has been
recorded and verified by CWET (Centre for Wind Energy Technology). Sustainable
reporting under GRI guidelines is underway. This report is planned to be
continued on a yearly basis. Lavasa is also undergoing the process for Green
Certification of its development under IGBC (Indian Green Building Council)
Green Township program.
First Town Dasve is
ready with all basic infrastructure, such as access roads, internal roads,
water treatment plant, water distribution network, sewage network, sewage
treatment plant, telecom network and services is operational. Till date 213 no.
of Villas were given to the CMS department, for hand over to customers. From
these, 84 Villas have already been handed over to the customers. Work on
another 390 villas of different types, with built- up area ranging from 2000
sq. ft. to 4000 sq. ft. is in progress.
Work of the Commercial
Business Park, retail and hostel building, Novotel Hotel, LEH campus, Phase II
of the Christel House Lavasa and Christ University is progressing well.
Work on the
infrastructure for the second town of Mugaon has been accelerated. Work on
utilities like water, sewer, power, data lines and on the approach road is in
progress.
The improvement to
the existing Mugaon-Tamhini Zilla Parishad road is complete. A portion of this
road is a part of the approach road for the proposed tunnel between Tamhini and
Mugaon. The work on the inter village road from Mugaon to Gadle (6 kms), is
expected to be completed by the end of the year.
To facilitate the
provision of water required during construction at Mugaon, the construction of
Gadle Dam and a reservoir in Mugaon (Capacity 1.00 Lakh Cum) is almost
complete, bridge over the dam intake well and allied works are scheduled to be
completed in 2013-2014.
Rehabilitation
work on new gaothans has commenced and by the end of the year, 50 units will be
ready to accommodate villagers, along with other city infrastructure like
school and community centre.
Work on 16
buildings comprising of 462 apartments at Mugaon has commenced using a new
technology Formblock, and is expected to be completed in next 18 months. Work
on another 9 buildings consisting of 268 apartments will be started by May
2013.
The company has
also initiated a number of development and empowerment programs were initiated
for the local community by Lavasa. Some of the key initiatives include
provision of treated drinking water to 12 villages in the project area at 65
locations on a daily basis, helping villages avail benefits of Government
drinking water scheme, teacher training workshops, aptitude tests and
counseling for SSC students; building of school buildings and sanitation blocks
at village schools; starting the Apollo Lavasa Primary Health Centre at Bhoini
and provision of free health check up, medicines and ambulance service to
villagers; monthly health and awareness camps for HIV/ AIDS, malaria,
nutrition, water borne diseases, Hepatitis B vaccination and de-worming
medicines.
CONTINGENT LIABILITIES INCLUDES (AS ON 31.03.2013):
a) Guarantees
given by banks on behalf of the Company Rs.26.513 millions
b) Corporate
Guarantees given for subsidiaries and Outstanding Rs.4590.566 millions.
c) Claims not
acknowledged as debt Rs.12.304 millions
d) The Company has
filed petitions against the orders / notices of various authorities demanding
Rs.177.552 millions towards payment of royalty / penalty on materials
excavated. In view of these demands being legally unjustifiable, the Company
does not expect any liability in these matters.
e) Bank Guarantee
Given on Behalf of Subsidiary companies Rs.4.048 millions.
f) The Company has
created security by way of registered mortgage over 148.397 acres of land
towards term loan taken by it's subsidiary viz. Warasgaon Asset Maintenance
Limited.
g) The Company has
created security by way of registered mortgage over 231.6628 acres of land
situated in 5 villages namely Village Admal, Bhode, Gadle, Padalghar and
Ugavali in taluka Mulshi, District Pune, Maharashtra towards Redeemable Non
Convertible Debentures of Rs.1200.000 millions issued to Axis Bank Limited by
Hindustan Construction Company.
FIXED ASSETS:
Tangible Assets:
·
Land
·
Building
·
Plant and Machinery
·
Office Equipments
·
Furniture and Fixtures
·
Computers
·
Vehicles
·
Boats
Intangible Assets:
·
Software
·
Trademarks and Designs
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No 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 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.62.24 |
|
|
1 |
Rs.101.81 |
|
Euro |
1 |
Rs.84.88 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
20 |
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.