MIRA INFORM REPORT

 

 

Report Date :

19.02.2013

 

IDENTIFICATION DETAILS

 

Name :

UNITECH LIMITED

 

 

Registered Office :

6, Community Centre, Saket, New Delhi – 110 017

 

 

Country :

India

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

02.07.1979

 

 

Com. Reg. No.:

55-009720

 

 

Capital Investment / Paid-up Capital :

Rs. 5232.602 Millions

 

 

CIN No.:

[Company Identification No.]

L74899DL1979PLC009720

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

DELU01155A

DELU02234B

DELU02655C

DELU00630A

 

 

PAN No.:

[Permanent Account No.]

AAACU1480H

 

 

Legal Form :

A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

 

 

Line of Business :

Subject is engaged in real estate development and related activities including construction, consultancy and rentals etc

 

 

No. of Employees :

1442 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (32)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 380000000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow

 

 

Litigation :

Clear

 

 

Comments :

Subject is a part of Unitech Group. It is an established company having a moderate track record.

 

There appears sharp dip in the total income earned during 2012.

 

The Managing Director of the subject is suspected to be involved in the 2G conspiracy which affected the share price.

 

However, business is active. Payment terms are slow.

 

The company can be considered for business dealings with great caution.

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – June 30, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INDIAN ECONOMIC OVERVIEW

 

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

 

 

RBI DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

 

LOCATIONS

 

Registered Office :

6, Community Centre, Saket, New Delhi – 110 017, India

Tel. No.:

91-124-4082020 / 4086677 / 2383536 / 4083355 /

91-11-26847331 / 26857330 / 26965169 / 416604040

Fax No.:

91-11-26857338

E-Mail :

share.dept@unitechgroup.com

marketing@unitechgroup.com 

feedback@unitechgroup.com

Website :

www.unitechgroup.com

 

 

Corporate Office :

Unitech House, L Block , South City 1 , Gurgaon 122 001, Haryana, India

Tel. No.:

91-124-4125200

Fax No.:

91-124-4125328/2383332

 

 

Marketing Office :

Unitech Signature Towers, Ground Floor, South City-1, Gurgaon, Haryana, India

Tel. No.:

91-124-4082020

Fax No.:

91-124-4083355

 

 

Regional Offices :

Located At

 

·         Bangalore

·         Lucknow

·         Chandigarh

·         Mumbai

·         Chennai

·         Hyderabad

·         Noida

·         Kochi

·         Kolkata

 

 

Overseas Office :

Located At

 

·         Dubai

·         Singapore

 

 

DIRECTORS

 

As on 31.03.2012

 

Name :

Mr. Ramesh Chandra

Designation :

Executive Chairman

 

 

Name :

Mr. Sanjay Chandra

Designation :

Managing Director

 

 

Name :

Mr. Ajay Chandra

Designation :

Managing Director

 

 

Name :

Mr. G R Ambwani

Designation :

Non Executive Directors

 

 

Name :

Ms. Minoti Bahri

Designation :

Non Executive Directors

 

 

Name :

Mr. Sanjay Bahadur

Designation :

Non Executive Directors

 

 

Name :

Mr. Ravinder Singhania

Designation :

Non Executive Directors

 

 

Name :

Mr. P K Mohanty

Designation :

Non Executive Directors

 

 

Name :

Mr. Anil Harish

Designation :

Non Executive Directors

 

 

KEY EXECUTIVES

 

Name :

Mr. Manjo Popli

Designation :

Chief Financial Officer

 

 

Name :

Mr. Deepak Jain

Designation :

Company Secretary

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 31.12.2012

 

Category  of Shareholders

No. of Shares

Percentage of Holding

(A) Shareholding of Promoter and Promoter Group

 

 

http://www.bseindia.com/include/images/clear.gif(1) Indian

 

 

http://www.bseindia.com/include/images/clear.gifIndividuals / Hindu Undivided Family

88527840

3.38

http://www.bseindia.com/include/images/clear.gifBodies Corporate

1172607028

44.82

http://www.bseindia.com/include/images/clear.gifSub Total

1261134868

48.20

http://www.bseindia.com/include/images/clear.gif(2) Foreign

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

3822000

0.15

http://www.bseindia.com/include/images/clear.gifSub Total

3822000

0.15

Total shareholding of Promoter and Promoter Group (A)

1264956868

48.35

(B) Public Shareholding

 

 

http://www.bseindia.com/include/images/clear.gif(1) Institutions

 

 

http://www.bseindia.com/include/images/clear.gifMutual Funds / UTI

6493342

0.25

http://www.bseindia.com/include/images/clear.gifFinancial Institutions / Banks

5777092

0.22

http://www.bseindia.com/include/images/clear.gifInsurance Companies

24205094

0.93

http://www.bseindia.com/include/images/clear.gifForeign Institutional Investors

861974252

32.95

http://www.bseindia.com/include/images/clear.gifSub Total

898449780

34.34

http://www.bseindia.com/include/images/clear.gif(2) Non-Institutions

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

124099615

4.74

http://www.bseindia.com/include/images/clear.gifIndividuals

 

 

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital up to Rs. 0.100 Million

282028949

10.78

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital in excess of Rs. 0.100 Million

29044856

1.11

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

17720979

0.68

http://www.bseindia.com/include/images/clear.gifOverseas Corporate Bodies

11

0.00

http://www.bseindia.com/include/images/clear.gifTrusts

52118

0.00

http://www.bseindia.com/include/images/clear.gifClearing Members

7491426

0.29

http://www.bseindia.com/include/images/clear.gifNon Resident Individual / Foreign National

10177424

0.39

http://www.bseindia.com/include/images/clear.gifSub Total

452894399

17.31

Total Public shareholding (B)

1351344179

51.65

Total (A)+(B)

2616301047

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

0

0.00

http://www.bseindia.com/include/images/clear.gif(1) Promoter and Promoter Group

0

0.00

http://www.bseindia.com/include/images/clear.gif(2) Public

0

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

0

0.00

Total (A)+(B)+(C)

2616301047

0.00

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is engaged in real estate development and related activities including construction, consultancy and rentals etc

 

 

Products :

Item Code No. (ITC Code)

820

Product Description

Developing, Sub-Dividing, Selling, etc.

of Real Estates such as Residential and Non-Residential Buildings/Complexes

Item Code No. (ITC Code)

501

Product Description

Construction of Roads, Bridges, etc.

Item Code No. (ITC Code)

506

Product Description

Construction of Industrial Plants.

 

 

GENERAL INFORMATION

 

No. of Employees :

1442 (Approximately)

 

 

Bankers :

·         Allahabad Bank

·         Axis Bank Limited

·         Bank of India

·         Canara Bank

·         Catholic Syrian Bank

·         Central Bank of India

·         HDFC Bank Limited

·         ICICI Bank Limited

·         Indian Overseas Bank

·         Jammu and Kashmir Bank Limited

·         Standard Chartered Bank

·         State Bank of Bikaner and Jaipur

·         State Bank of Hyderabad

·         State Bank of India

·         State Bank of Indore

·         State Bank of Mysore

·         State Bank of Travancore

·         Syndicate Bank

·         The Bank of Rajasthan Limited

 

 

Facilities :

(Rs. In Millions)

Secured Loan

As on

31.03.2012

As on

31.03.2011

LONG-TERM BORROWINGS

 

 

Debentures

 

 

Term Loan From Banks

4089.807

5105.999

From Financial Institutions

5348.377

2713.111

Finance Lease Obligations

1.070

2.044

SHORT-TERM BORROWINGS

0.00

0.00

Loans repayable on demand from banks

2968.921

2949.797

Loan from financial institution

0.000

500.000

Total

12408.175

11270.951

Rs. In Millions

 

Amount outstanding

Interest Rate

Security and guarantee details

Repayment terms

 

 

31.03.2012

31.03.2011

 

 

 

 

 

 

From Banks

Term Loan

2624579

3000.000

12.00%-14.75%

Secured by way of equitable mortgage of land of certain subsidiary company. Further, the loan has been guaranteed by way of corporate guarantee given by certain subsidiary company along with personal guarantee of the chairman and managing directors of the company.

Sixteen quarterly Installments of Rs.187.500 Millions starting from

21.09.2011

Term loan

1529.068

1898.314

13.75%-16.75%

Secured by way of equitable mortgage of certain lands of the company / certain subsidiary companies / collaborator and hypothecation of specific project receivables. Further, the loan has been guaranteed by way of corporate guarantee given by certain subsidiary companies along with personal guarantee of the chairman and managing directors of the company.

Thirty monthly installments starting from 15.04.2011

Term loan

628.965

680.960

12.50%-15.00%

Secured by way of equitable mortgage of certain lands of the company / certain subsidiary companies / collaborator and hypothecation of specific project receivables. Further, the loan has been guaranteed by way of corporate guarantee given by certain subsidiary companies along with personal guarantee of the chairman and managing directors of the company.

Thirty monthly installments starting from 15.09.2011

Term loan

1756.624

1400.000

14.00%-15.50%

Secured by way of equitable mortgage of certain lands of the company/ certain subsidiary company and hypothecation of specific project receivables. Further, the loan has been guaranteed by way of corporate guarantee given by certain subsidiary company along with personal guarantee of the chairman and managing directors of the company.

Thirty monthly installments starting from 15.01.2012

Term loan

414.000

886.123

14.25%-14.75%

Secured by way of equitable mortgage of certain lands of the company / certain subsidiary companies and hypothecation of certain project receivables. Further, the loan has been guaranteed by way of personal guarantee of the chairman of the company.

Thirty four monthly installments - Twelve monthly installments of Rs.30.000 Millions starting from 19.10.2009, Twelve Monthly installments of Rs.50.000 Millions starting from 19.10.2010, Nine monthly installments of Rs.64.000 Millions starting from 19.10.2010. Last installment of Rs.30.000 Millions.

Term loan

500.000

1500.000

11.50%-15.25%

Secured by way of equitable mortgage of certain lands of the company / certain subsidiary companies and hypothecation of specific project receivables.Further, the loan has been guaranteed by way of personal guarantee of the chairman of the company.

Eight quarterly Installments of Rs.250.000 Millions starting from 30.09.2010.

Term loan

1875.997

2567827

11.00%-14.00%

Secured by way of equitable mortgage of certain lands of the company / certain subsidiary companies and hypothecation of specific project receivables. Further, the loan has been guaranteed by way of corporate guarantee given by certain subsidiary companies along with personal guarantee of the chairman and managing directors of the company.

Ten quarterly Installments of Rs.260.000 Millions starting from 23.09.2011.

Term loan

 

119.714

14.50%-17.00%

Secured by way of equitable mortgage of certain lands of the company / certain subsidiary company. Further, the loan has been guaranteed by way of corporate guarantee given by certain subsidiary company along with personal guarantee of the chairman and managing directors of the company.

Four quarterly installments of Rs. 60.000 Millions starting from 24.09.2010

Term loan

24.793

87.854

11.75%-14.75%

Secured by way of equitable mortgage of certain lands of the collaborator and hypothecation of specific project receivables. Further, the loan has been guaranteed by corporate guarantee given by subsidiary company and personal guarantee of the chairman of the company.

Sixty eight monthly installments of Rs 6.600 Millions starting from

29.09.2006.

Term loan

150.000

375.000

15.75%-17.50%

Secured by way of equitable mortgage of certain lands of the company / certain subsidiary company and hypothecation of specific project receivables. Further, the loan has been guaranteed by personal guarantee of the chairman and managing directors of the company.

Eight quarterly installments of Rs.75.000 Millions starting from

10.07.2010.

Term loan

 

173.132

13.75%-15.50%

Secured by way of equitable mortgage of certain lands of the company. Further, the loan has been guaranteed by personal guarantee of the chairman and managing director of the company.

Four quarterly installments of Rs.100.000 Millions each starting from 30.09.2010

From financial institutions

Term loan

1063.629

1163.155

14.25%-15.50%

Secured by way of equitable mortgage of certain lands of the company / certain subsidiary company and hypothecation of certain projects receivables. Further, the loan has been guaranteed by personal guarantee of the chairman and managing directors of the company and secured by pledge of shares of the company held by promoters.

Seventeen quarterly installments - One installment of Rs. 46.900 Millions, fifteen installments of Rs.71.200 Millions and last installment of Rs.72.000 Millions starting from 30.06.2011

Term loan

652.872

751.095

14.50%-15.75%

Secured by way of equitable mortgage of certain lands of the company / certain subsidiary company and hypothecation of certain projects receivables. Further, the loan has been guaranteed by personal guarantee of the chairman and managing directors of the company and secured by pledge of shares of the company held by promoters.

Sixteen quarterly installments - One installment of Rs.51.400 Millions and fifteen installments of Rs.54.700 Millions starting from 30.06.2011

Term loan

1,308,507,035

 

15.75%

Secured by way of equitable mortgage of certain lands of the company / certain subsidiary companies and certain projects receivables. Further, the loan has been guaranteed by personal guarantee of the chairman and managing directors of the company and secured by pledge of shares of the company held by promoters.

Forty two monthly installments -two monthly Installments of Rs.25.000 Millions starting from 31.03.2013 and forty monthly installments of Rs.32.500 Millions starting from 31.03.2013.

Term loan

1580.298

 

14.75%

Secured by way of equitable mortgage of certain lands of the company / certain subsidiary companies / collaborators and certain projects receivables. Further, the loan has been guaranteed by personal guarantee of the chairman and managing directors of the company and secured by pledge of shares of the company held by promoters.

Eleven quarterly installments -one quarterly installment of Rs.100.000 Millions and ten quarterly installments of Rs.150.000 Millions starting from

31.08.2014.

Term loan

230.000

730.000

14.00%

Secured by way of equitable mortgage of certain lands of the certain subsidiary companies and hypothecation of certain receivables. Further, loan has been secured by pledge of shares of the company held by promoters.

Seven quarterly installments - six quarterly installments of Rs.250.000 Millions and last installment of Rs.230.000 Millions starting from 15.06.2010

Term loan

553.311

953.407

14.00%-16.50%

Secured by way of equitable mortgage of certain lands of the company / certain subsidiary companies. Further, the loan has been guaranteed by corporate guarantee given by certain subsidiary companies and personal guarantee of managing directors of the company and secured by pledge of shares of the company held by promoters.

Twenty monthly installments of

Rs.40.000 Millions and last installment of

Rs.33.300 Millions.

Term loan

1235.000

1314.000

12.76%

Secured by way of pari-passu charge on certain land of the subsidiary company. Further, the loan has been guaranteed by personal guarantees of the chairman and managing directors of the company.

Twenty two quarterly installments - twenty one quarterly installments of Rs.73.000 Millions and last installment of Rs.67.000 Millions starting from

07.03.2010.

Term loan

360.000

360.000

13.75%-14.15%

Secured by way of equitable mortgage of certain lands of the company / certain subsidiary companies.

Twelve quarterly installments of Rs.166.700 Millions starting from 31.10.2009.

Term loan

729.167

1197.917

13.50%-15.40%

Secured by way of equitable mortgage of certain lands of the company / certain subsidiary companies and hypothecation of the specific project receivables. Further, the loan has been guaranteed by corporate guarantee given by certain subsidiary companies along with personal guarantee of chairman and managing directors of the company.

Twenty four monthly installments of Rs.52.000 Millions starting from

31.03.2011.

Term loan

132.939

300.000

14.25%-15.75%

Secured by way of equitable mortgage on certain lands of the company / certain subsidiary companies and hypothecation of the specific project receivables. Further, the loan has been guaranteed by corporate guarantee given by certain subsidiary companies along with personal guarantee of managing directors of the company.

Twenty four monthly installments of Rs.12.500 Millions starting from

31.05.2011.

Term loan

178.000

 

15.25%

Secured by way of equitable mortgage on certain lands of the company / certain subsidiary companies and hypothecation of the specific project receivables. Further, the loan has been guaranteed by corporate guarantee given by certain subsidiary companies along with personal guarantee of chairman and managing director of the company.

Eighteen monthly installments of Rs.13.800 Millions starting from

31.07.2012.

Term loan

67.541

 

17%-18.25%

Secured by way of equitable mortgage of certain lands of the company / certain subsidiary company and charge on specific project receivables. Further , the loan has been guaranteed by personal guarantee of managing director of the company.

Twelve monthly installments starting from 01.08.2011

Term loan

81.790

492.897

14.00%-18.25%

Secured by way of equitable mortgage of certain lands of the company/certain subsidiary company.

Twenty four monthly installments starting from 01.07.2010.

Term loan

750.000

 

15.50%-16.25%

Secured by way of equitable mortgage of certain lands of the company / certain subsidiary company and hypothecation on specific project receivables. Further, the loan has been guaranteed by personal guarantee of managing director of the company.

Twenty monthly installments of Rs.37.500 Millions starting from

30.11.2012.

Term loan

1450.000

 

16.25%

Secured by way of equitable mortgage of certain lands of the company / certain subsidiary companies and hypothecation on specific project receivables. Further, the loan has been guaranteed by personal guarantees of the chairman and managing director of the company.

Repayable on 15.10.2012.

Finance lease obligation

Finance Lease

2.043

2.856

9.50%-10.00%

Secured by hypothecation of car against which finance lease has been taken

Thirty six monthly installments of Rs.0.100 Millions starting from 5.05.2011.

 

 

 

Amount outstanding

Interest rate

Security details

Repaymentterms

 

31.03.2012

31.03.2011

 

 

 

 

-

-

 

 

 

From banks

 

 

 

 

 

Short term loan

400.000

400.000

14.00%-15.00%

Secured by way of equitable mortgage of certain land of the company.

Repayable on demand

Working capital demand loan

1500.000

1500.000

14.00%-15.00%

Secured by way of equitable mortgage of certain land of the company. Further, the loan has been guaranteed by personal guarantees of chairman and managing directors of the company.

Repayable on demand

Working capital demand loan

657.964

677.9746

14.00%-15.00%

Secured by way of equitable mortgage of certain land of the company / subsidiary company. Further, the loan has been guaranteed by corporate guarantee given by subsidiary company and personal guarantees of chairman and managing directors of the company.

Repayable on demand

Cash credit/ overdraft facility

410.957

371.823

14.00% -

17.00%

Secured by way of hypothecation of book debts and certain fixed assets of the company along with equitable mortgage of certain land of the company / subsidiary companies. Further, the loan has been guaranteed by corporate guarantees given by subsidiary companies and personal guarantees of chairman and managing directors of the company.

Repayable on demand

From financial institutions

Term loan

 

500.000

14.50%

Secured by way of equitable mortgage of certain land of the company / subsidiary companies. Further, the loan has been guaranteed by personal guarantees of the chairman and managing directors of the company and secured by pledge of shares of the company held by promoters.

Repaid on 14.04.2011

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Goel Garg and Company

Chartered Accountants

Address :

New Delhi, India

 

 

Wholly owned Subsidiaries:

·         Abohar Builders Private Limited

·         Aditya Properties Private Limited

·         Agmon Builders Private Limited

·         Agmon Projects Private Limited

·         Akola Properties Limited

·         Algoa Properties Private Limited

·         Alice Builders Private Limited

·         Alkosi Limited

·         Aller Properties Private Limited

·         Alor Golf Course Private Limited

·         Alor Maintenance Private Limited

·         Alor Projects Private Limited

·         Alor Recreation Private Limited

·         Amaro Developers Private Limited (from 16.03.2012)

·         Amarprem Estates Private Limited

·         Amur Developers Private Limited

·         Andes Estates Private Limited

·         Andros Properties Private Limited

·         Angers Properties Limited

·         Angul Properties Private Limited

·         Arahan Properties Private Limited

·         Arcadia Build- Tech Limited

·         Arcadia Projects Private Limited

·         Ardent Build-Tech Limited

·         Askot Builders Private Limited

·         Avens Properties Private Limited (upto 08.08.2011)

·         Avril Properties Private Limited

·         Azores Properties Limited

·         Bageris Limited

·         Bengal Unitech Universal Siliguri

·         Projects Limited

·         Bengal Unitech Universal Townscape Limited

·         Bolemat Limited

·         Boracim Limited

·         Broomfi eld Builders Private Limited

·         Broomfi eld Developers Private Limited

·         Brucosa Limited

·         Burley Holding Limited

·         Camphor Properties Private Limited (from 27.10.2011)

·         Cape Developers Private Limited

·         Cardus Projects Private Limited

·         Cardus Properties Private Limited

·         Clarence Projects Private Limited

·         Clover Projects Private Limited

·         Coleus Developers Private Limited

·         Colossal Infra-Developers Private Limited

·         Colossal Projects Private Limited

·         Comegenic Limited

·         Comfrey Developers Private Limited

·         Cordia Projects Private Limited

·         Crimson Developers Private Limited

·         Croton Developers Private Limited

·         Crowbel Limited

·         Cynara Airlines Private Limited

·         Dantas Properties Private Limited

·         Deoria Estates Private Limited

·         Deoria Properties Limited

·         Deoria Realty Private Limited

·         Devoke Developers Private Limite

·         Devon Builders Private Limited (from 14.03.2012)

·         Dhauladhar Projects Private Limited

·         Dhauladhar Properties Private Limited

·         Dhaulagiri Builders Private Limited (from 14.03.2012)

·         Dhruva Realty Projects Limited

·         Dibang Properties Private Limited

·         Drass Projects Private Limited

·         Edward Developers Private Limited (upto 05.03.2012)

·         Edward Properties Private Limited

·         Elbe Builders Private Limited

·         Elbrus Builders Private Limited (from 28.03.2012)

·         Elbrus Developers Private Limited

·         Elbrus Properties Private Limited

·         Empecom Corporation

·         Erebus Projects Private Limited

·         Erica Projects Private Limited

·         Erode Projects Private Limited

·         Falcon Projects Private Limited

·         Fastnet Holdings Limited (upto 21.09.2011)

·         Ficus Projects Private Limited

·         Firisa Holdings Limited

·         Flores Projects Private Limited

·         Flores Properties Limited

·         Gibson Developers Private Limited

·         Girnar Infrastructures Private Limited

·         Global Perspectives Limited

·         Gordon Developers Private Limited

·         Gordon Projects Private Limited

·         Gramhuge Holdings Limited

·         Greenwood Projects Private Limited

·         Gretemia Holdings Limited

·         Halley Developers Private Limited

·         Halley Projects Private Limited

·         Hanak Developers Private Limited (upto 05.03.2012)

·         Harsil Builders Private Limited

·         Harsil Properties Private Limited

·         Hassan Properties Private Limited

·         Hatsar Estates Private Limited

·         Havelock Estates Private Limited

·         Havelock Investments Limited

·         Havelock Realtors Limited

·         Havelock Schools Limited

·         Helmand Projects Private Limited (upto 08.08.2011)

·         High Strength Infra-Developers Private Limited

·         High Strength Projects Private Limited

·         High Vision Healthcare Private Limited

·         ILam Developers Private Limited (from 26.03.2012)

·         Impactlan Limited

·         Insecond Limited

·         Jalore Properties Private Limited

·         Jorhat Properties Private Limited

·         Kerria Projects Private Limited (from 16.03.2012)

·         Kolkata International Convention Centre Limited (upto 05.09.2011)

·         Konar Developers Private Limited

·         Kortel Limited

·         Koshi Builders Private Limited

·         Landscape Builders Limited

·         Lavender Builders Private Limited

·         Lavender Developers Private Limited

·         Lavender Infra-Developers Private Limited

·         Lavender Projects Private Limited

·         Mahoba Builders Private Limited

·         Mahoba Schools Limited

·         Malva Realtors Private Limited (upto 05.03.2012)

·         Manas Realty Projects Private Limited

·         Mandarin Developers Private Limited

·         Mandarin Projects Private Limited

·         Mangrove Builders Private Limited (from 18.10.2011)

·         Mangrove Projects Private Limited (upto 05.03.2012)

·         Mansar Properties Private Limited

·         Marine Builders Private Limited

·         Masla Builders Private Limited

·         Mayurdhwaj Projects Private Limited

·         Medlar Developers Private Limited

·         Medwyn Builders Private Limited (from 16.03.2012)

·         MHW Hospitality Limited

·         Miraj Builders Private Limited (upto 05.03.2012)

·         Moore Builders Private Limited

·         Moore Developers Private Limited

·         Mount Everest Projects Private Limited

·         Munros Projects Private Limited

·         Nectrus Limited

·         Neil Schools Limited (upto 05.03.2012)

·         Nene Properties Private Limited

·         New India Construction Co. Limited

·         Niger Projects Private Limited (upto 05.03.2012)

·         Nirvana Real Estate Projects Limited

·         Nuwell Limited

·         Ojos Developers Private Limited

·         Onega Properties Private Limited

·         Panchganga Projects Limited

·         Panicum Projects Private Limited

·         Parsley Developers Private Limited (upto 05.03.2012)

·         Plassey Builders Private Limited

·         Plassey Developers Private Limited (upto 28.04.2011)

·         Prasunder Estates Private Limited

·         Primrose Developers Private Limited

·         Privet Developers Private Limited (upto 05.03.2012)

·         Puma Developers Private Limited (upto 05.03.2012)

·         Purus Projects Private Limited

·         Purus Properties Private Limited

·         Quadrangle Estates Private Limited

·         Reglina Holdings Limited

·         Rhine Infrastructures Private Limited

·         Richmond Infrastructures Private Limited

·         Risster Holdings Limited

·         Robinia Developers Private Limited

·         Ruhi Construction Company Limited

·         Sabarmati Projects Private Limited

·         Samay Properties Private Limited

·         Samus Properties Private Limited

·         Sandwood Builders and Developers Private Limited (from 16.03.2012)

·         Sangla Properties Private Limited

·         Sankoo Builders Private Limited

·         Sankoo Developers Private Limited

·         Sanyog Builders Limited

·         Sanyog Properties Private Limited

·         Sarnath Realtors Limited

·         Serveia Holdings Limited

·         Seyram Limited

·         Shrishti Buildwell Private Limited

·         Sibia Builders Private Limited

·         Simpson Estates Private Limited

·         Sironi Properties Private Limited

·         Sirur Developers Private Limited

·         Somerville Developers Limited

·         Spanwave Services Limited

·         Speciality Builders and Exporters Private Limited (upto 05.03.2012)

·         Sublime Developers Private Limited

·         Sublime Properties Private Limited

·         Supernal Corrugation India Limited

·         Surfware Consultants Limited

·         Suru Properties Private Limited

·         Tabas Estates Private Limited

·         Technosolid Limited

·         Transdula Limited

·         Uni Homes Private Limited

·         Unitech Acorus Projects Private Limited

·         Unitech Agra Hi-Tech Township Limited

·         Unitech Alice Projects Private Limited

·         Unitech Ardent Projects Private Limited

·         Unitech Broadband Limited (upto 05.03.2012)

·         Unitech Broadcast Limited (upto 05.03.2012)

·         Unitech Builders and Projects Limited

·         Unitech Builders Limited

·         Unitech Buildwell Private Limite

·         Unitech Business Parks Limited

·         Unitech Capital Private Limited

·         Unitech Colossal Projects Private Limited

·         Unitech Commercial and Residential Developers Private Limited (upto 05.03.2012)

·         Unitech Commercial and Residential

·         Projects Private Limited

·         Unitech Country Club Limited

·         Unitech Cynara Projects Private Limited

·         Unitech Developers and Hotels Private Limited

·         Unitech Entertainment Private Limited (upto 05.03.2012)

·         Unitech Global Limited

·         Unitech Haryana SEZ Limited (upto 05.03.2012)

·         Unitech Hi-Tech Builders Private Limited

·         Unitech Hi-Tech Infrastructures Private Limited

·         Unitech Hi-Tech Projects Private Limited

·         Unitech Hi-Tech Realtors Private Limited

·         Unitech High Vision Projects Limited

·         Unitech Holdings Limited

·         Unitech Hospitality Limited

·         Unitech Hotel Services Private Limited

·         Unitech Hotels and Projects Limited

·         Unitech Hotels Limited

·         Unitech Hotels Private Limited

·         Unitech Hyderabad Projects Limited

·         Unitech Hyderabad Township Limited (from 01.04.2011)

·         Unitech Industries and Estates Private Limited

·         Unitech Industries Limited

·         Unitech Infopark Limited

·         Unitech Infra Limited

·         Unitech Infra-Developers Limited

·         Unitech Infra-Projects Private Limited

·         Unitech Infra-Properties Limited

·         Unitech Karma Hotels Private Limited (upto 05.03.2012)

·         Unitech Kochi-SEZ Limited

·         Unitech Konar Projects Private Limited

·         Unitech Landmark Builders Private Limited

·         Unitech Landscape Projects Private Limited

·         Unitech Libya for General Contracting and Real Estate Investment

·         Unitech Malls Limited

·         Unitech Manas Projects Private Limited

·         Unitech Miraj Projects Private Limited

·         Unitech Nelson Projects Private Limited

·         Unitech Offi ce Fund Trustee Pte. Limited

·         Unitech Overseas Limited

·         Unitech Overseas Projects Limited

·         Unitech Pioneer Nirvana Recreation Private Limited

·         Unitech Power Distribution Private Limited

·         Unitech Power Projects Private Limited

·         Unitech Power Private Limited

·         Unitech Power Transmission Limited

·         Unitech Property Management Private Limited

·         Unitech Real Estate Builders Limited

·         Unitech Real Estate Developers Limited

·         Unitech Real Estate Management Private Limited

·         Unitech Real Tech Developers Private Limited

·         Unitech Real-Tech Properties Limited

·         Unitech Realty Builders Private Limited

·         Unitech Realty Constructions Private Limited (upto 05.03.2012)

·         Unitech Realty Developers Limited

·         Unitech Realty Estates Private Limited

·         Unitech Realty Private Limited

·         Unitech Realty Solutions Private Limited (upto 05.03.2012)

·         Unitech Realty Ventures Limited

·         Unitech Reliable Projects Private Limite

·         Unitech Residential Resorts Limited

·         Unitech Samus Projects Private Limited

·         Unitech Scotia Realtors Private Limited

·         Unitech Simpson Projects Private Limited

·         Unitech Telecom Holdings Limited (upto 05.03.2012)

·         Unitech Universal Developers Private Limited

·         Unitech Universal Falcon Hotels Private Limited (upto 05.03.2012)

·         Unitech Universal Hotels Private Limited

·         Unitech Universal Simpson Hotels Private Limited

·         Unitech Valdel Hotels Private Limited

·         Unitech Varanasi Hi-Tech Township Limited

·         Unitech Wireless Limited (upto 05.03.2012)

·         Unitech-Pioneer Recreation Limited

·         United Techno-Con Private Limited (upto 05.03.2012)

·         Vitex Properties Private Limited (upto 05.03.2012)

·         Volga Realtors Private Limited

·         Vostok Builders Private Limited

·         Zanskar Builders Private Limited

·         Zanskar Estates Private Limited

·         Zanskar Projects Private Limited

·         Zanskar Realtors Private Limited

·         Zanskar Realty Private Limited

·         Zimuret Limited

 

 

Other Subsidiaries :

·         Bengal Unitech Hospitality Private Limited

·         Bengal Unitech Universal Infrastructures Private Limited

·         Bengal Universal Consultants Private Limited

·         Gurgaon Recreation Parks Limited

·         Havelock Properties Limited

·         Unitech Acacia Projects Private Limited

·         Unitech Build-Con Private Limited (from 02.01.2012)

·         Unitech Hi-Tech Developers Limited

·         Unitech Hospitality Services Limited

·         Unitech Vizag Projects Limited

·         Vectex Limited

 

 

Joint Ventures :

·         Arihant Unitech Realty Projects Limited

·         Unitech Amusement Parks Limited

·         International Recreation Parks Private Limited

·         Uni-Chand Builders Private Limited

·         North Town Estates Private Limited

·         Unitech Developers and Projects Limited

·         S. B. Developers Limited

·         Unitech Hi-Tech Structures Limited

·         Seaview Developers Limited

·         Unitech Infra-Con Limited

·         Shantiniketan Properties Ltd

·         Unitech Realty Projects Limited

·         Shivalik Ventures Private Limited

·         Unival Willows Estate Private Limited

 

 

Associates :

·         Millennium Plaza Limited

·         New Kolkata International Development Private Limited

·         Greenwoods Hospitality Private Limited (Formerly known as Rainview Properties Private Limited)

·         Unitech Shivalik Realty Limited

·         Simpson Unitech Wireless Private Limited

·         Viviana Infra Developers Private Limited

 

 

Enterprises owned or significantly influenced by Key Management Personnel or their relatives :

·         Anshil Estates Private Limited

·         Mayfair Investments Private Limited

·         Prakausali Investments (India) Private Limited

·         Simpson Unitech Wireless Private Limited

·         Unitech Advisors (India) Private Limited

·         Harsil Projects Private Limited

 

 

CAPITAL STRUCTURE

 

As on 31.03.2012

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

4000000000

Equity shares

Rs.2/- each

Rs. 8000.000 millions

200000000

 

Rs. 10/- each

Rs. 2000.000 millions

 

Total

 

Rs. 10000.000 millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

2616301047

Equity Shares

Rs.10/- each

Rs.5232.602 Millions

 

 

 

 

 

 

Reconciliation of the shares outstanding at the begininig and end of the reporting year

Particular

Number

Rs. In Millions

At the beginning of the year

2,616,301,047

5232.602

Share issued on conversion of share warrant

--

--

Outstanding at the end of the year

2,616,301,047

5232.602

 

Detail of shareholders holding more than 5% shares

Name of shareholder

Number

% held

Prakausali Investments (India) Private Limited

563,679,623

21.54%

Harsil Projects Private Limited

227,501,000

8.70%

HSBC Global Investment Funds A/c HSBC Global Investment Funds Mauritius Limited

182,190,342

6.96%

 

Aggregate number and class of shares allotted as bonus shares during the period of five years

Number of equity shares allotted as fully paid up bonus shares by capitalisation of securities premium, general reserve and statement of profit and loss.

811,687,500

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2012

31.03.2011

31.03.2010

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

5232.602

5232.602

4877.602

2] Share Application Money

0.000

0.000

2252.031

3] Reserves & Surplus

91157.271

87586.085

74154.662

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

96389.873

92818.687

81284.295

LOAN FUNDS

 

 

 

1] Secured Loans

12408.175

11270.951

30042.687

2] Unsecured Loans

12750.303

20078.943

10160.221

TOTAL BORROWING

25158.478

31349.894

40202.908

DEFERRED TAX LIABILITIES

0.000

0.000

0.686

DEFERRED TAX LIABILITIES- Against Land

0.000

0.000

9032.679

 

 

 

 

TOTAL

121548.351

124168.581

130520.568

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

886.267

1766.486

1070.660

Capital work-in-progress

0.000

0.000

592.413

 

 

 
 

INVESTMENT

24248.095

20563.274

16541.469

DEFERREX TAX ASSETS

42.038

18.394

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
11702.002

12531.680

57.431

 

Sundry Debtors
16482.932

16773.732

10077.404

 

Cash & Bank Balances
1581.002

2621.774

2094.309

 

Other Current Assets
28673.896

26171.247

115599.114

 

Loans & Advances
84188.950

85801.093

54696.054

Total Current Assets
142628.782

143899.526

182524.312

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
3658.812

2884.446

8985.611

 

Other Current Liabilities
41363.431

37730.266

59922.003

 

Provisions
1234.588

1464.387

1300.672

Total Current Liabilities
46256.831

42079.099

70208.286

Net Current Assets
96371.951

101820.427

112316.026

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

121548.351

124168.581

130520.568

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2012

31.03.2011

31.03.2010

 

SALES

 

 

 

 

 

Income

12879.111

20147.170

22217.146

 

 

Other Income

4886.803

3625.208

57.431

 

 

TOTAL                                     (A)

17765.914

23772.378

22274.577

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Changes in inventories of finished properties, land, land development rights and work in progress

24.544

(40.460)

 

 

 

Job and construction expenses

14.724

209.318

 

 

 

Real estate project expenditure

8272.307

10838.539

11607.210

 

 

Employee benefits expense

1285.168

1130.927

 

 

 

Other expenses

709.390

831.341

 

 

 

Prior period and exceptional items

1.582

0.000

 

 

 

TOTAL                                     (B)

10307.715

12969.665

11607.210

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

7458.199

10802.713

10667.367

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

2799.351

3454.199

3453.536

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

4658.848

7348.514

7213.831

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

67.760

66.786

59.478

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

4591.088

7281.728

7154.353

 

 

 

 

 

Less

TAX                                                                  (H)

1323.974

2180.920

1711.324

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

3267.114

5100.808

5443.029

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

28222.853

18348.705

15367.743

 

 

 

 

 

Less/ Add

Transfer from Debenture Redemption Reserve

700.000

5160.000

6400.000

 

 

 

 

 

Less/ Add

Proposed Dividend and Dividend Distribution

Tax written back

304.070

0.000

0.000

 

 

 

 

 

Less/ Add

Taxes Paid For Earlier Years (Net Of Provision)

0.000

0.000

(188.296)

 

 

 

 

 

Less/ Add

Foreign Project Reserve Written Back

0.000

0.000

5.000

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Proposed Dividend

0.000

261.630

487.760

 

 

Tax on Dividend

0.000

42.440

81.011

 

 

Transfer to General Reserve

0.000

64.150

0.000

 

 

Dividend paid for earlier years

0.000

18.440

8110.000

 

BALANCE CARRIED TO THE B/S

32494.037

28222.853

18348.705

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Receipts in respect of overseas projects

45.982

51.570

NA

 

TOTAL EARNINGS

45.982

51.570

NA

 

 

 

 

 

 

Earnings Per Share (Rs.)

1.25

2.02

2.39

 

QUARTERLY RESULTS

 

PARTICULARS

 

 

30.06.2012

1st Quarter

30.09.2012

2nd Quarter

Net Sales

 

2520.600

2540.300

Total Expenditure

 

2247.300

2135.000

PBIDT (Excl OI)

 

273.300

405.300

Other Income

 

1175.900

1174.300

Operating Profit

 

1449.200

1579.600

Interest

 

863.500

919.200

Exceptional Items

 

(267.300)

0.000

PBDT

 

318.400

660.400

Depreciation

 

11.600

14.200

Profit Before Tax

 

306.800

646.200

Tax

 

132.800

253.300

Provisions and contingencies

 

0.000

0.000

Profit After Tax

 

174.000

392.900

Extraordinary Items

 

0.000

0.000

Prior Period Expenses

 

0.000

0.000

Other Adjustments

 

0.000

0.000

Net Profit

 

174.000

392.900

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2012

31.03.2011

31.03.2010

PAT / Total Income

(%)
18.39

21.46
24.44

 

 
 

 
 

Net Profit Margin

(PBT/Sales)

(%)
35.65

36.14
32.20

 

 
 

 
 

Return on Total Assets

(PBT/Total Assets}

(%)
3.20

5.00
3.90

 

 
 

 
 

Return on Investment (ROI)

(PBT/Networth)

 
0.05

0.08
0.09

 

 
 

 
 

Debt Equity Ratio

(Total Debt /Networth)

 
0.26

0.34
0.49

 

 
 

 
 

Current Ratio

(Current Asset/Current Liability)

 
3.08

3.42
2.60

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check List by Info Agents

Available in Report (Yes / No)

1]

Year of Establishment

Yes

2]

Locality of the firm

Yes

3]

Constitutions of the firm

Yes

4]

Premises details

No

5]

Type of Business

Yes

6]

Line of Business

Yes

7]

Promoter's background

Yes

8]

No. of employees

Yes

9]

Name of person contacted

No

10]

Designation of contact person

No

11]

Turnover of firm for last three years

Yes

12]

Profitability for last three years

Yes

13]

Reasons for variation <> 20%

----------------------

14]

Estimation for coming financial year

No

15]

Capital in the business

Yes

16]

Details of sister concerns

Yes

17]

Major suppliers

No

18]

Major customers

No

19]

Payments terms

No

20]

Export / Import details (if applicable)

No

21]

Market information

----------------------

22]

Litigations that the firm / promoter involved in

----------------------

23]

Banking Details

Yes

24]

Banking facility details

Yes

25]

Conduct of the banking account

----------------------

26]

Buyer visit details

----------------------

27]

Financials, if provided

Yes

28]

Incorporation details, if applicable

Yes

29]

Last accounts filed at ROC

Yes

30]

Major Shareholders, if available

No

31]

Date of Birth of Proprietor/Partner/Director, if available

No

32]

PAN of Proprietor/Partner/Director, if available

No

33]

Voter ID No of Proprietor/Partner/Director, if available

No

34]

External Agency Rating, if available

No

 

FINANCIAL HIGHLIGHTS AND OPERATIONS

 

The total income of the Company for the year is Rs.17765.910 millions. The profit before tax stood at Rs. 4591.080 millions and profit after tax for the year stood at Rs. 3267.110 millions. On consolidated basis, the total income of the Company and its subsidiaries stands at Rs. 26299.110 millions. The consolidated profit before tax (PBT) stood at Rs. 4358.060 millions. The consolidated profit after tax (PAT) stood at Rs. 2462.150 millions. The earning per share (EPS), on an equity share having face value of Rs. 2/-, stands at Rs. 0.91 considering the total equity capital of Rs. 5232.600 millions.

 

 

KEY HIGHLIGHTS OF THE BUSINESS AND OPERATIONS

 

Some of the key highlights pertaining to the business of the company, including its subsidiaries and joint venture companies, for the year 2011-12 and period subsequent thereto are given hereunder:

 

NEW PROJECT LAUNCHES AND SALES

 

During the year 2011-12, the Company launched new projects totaling an area of 7.81 million square feet across different cities in India. Of the total area launched in 2011-12, 2.23 million sqft was launched in Gurgaon, 1.58 million sq ft in Noida and Greater Noida, 1.75 million sq ft in Chennai, and 2.24 million sq ft in other cities.

 

The Company received sales bookings for a total area of 7.19 million sq ft during 2011-12 valued at Rs. 38080.000 Millions. In terms of area sold, with a share of 32%, Gurgaon had the largest share of sales followed by Noida and Greater Noida with 24%, Chennai with 17%, and Kolkata with 9%. Other cities contributed the remaining18%.

 

In terms of segment wise sales, 88% of the area sold was from the residential segment while 12% was from nonresidential. In value terms, share of non-residential segment was slightly higher at 24% due to higher average realization of Rs. 10828 per sq ft as compared to an average realization of Rs. 4564 per sq ft of residential segment.

 

MANAGEMENT DISCUSSION AND ANALYSIS

 

The Macro Environment

The latter half of 2010-11 had seen some positive developments on the macroeconomic front and one was cautiously optimistic about 2011-12. The optimism was rather short-lived. After a reasonably good 8% growth in Q1, 2011-12, economic activity in India slowed down considerably quarter-on-quarter through the course of the year. The worst scenario, in terms of real economic growth was seen in Q4, 2011-12 – India grew by just 5.3% in this quarter. Chart A plots the rapid slowdown in the Indian economy through 2011-12. In fact, real GDP growth reduced from 8.4% in 2010-11 to 6.3% in 2011-12 – the lowest annual growth in the last ten years.

 

To add to the woes, economic slowdown was accompanied by high levels of inflation for most of the year . Chart B shows that inflation rates were above 9% right through the first eight months of 2011-12. The only positive news on the economic front was the easing up of inflation rates since December 2011. In fact, the demand slowdown of Q4, 2011-12 has resulted in inflation reducing to 6.9% by the end of March 2012

 

Given the trends in inflation rates, the Reserve Bank of India (RBI) continued with a restrictive monetary policy focused on curbing price increases in the economy. Consequently, the repo rate, the rate at which banks borrow from RBI, which is also a base interest rate in India, rose sharply from 6.25% in April 2011 to 8.5% by October 2011 and stayed at these levels till the end of 2011-12 (chart C). In April 2012, with inflation coming under some level of control and with the need to stimulate investments in a slowing economy, the RBI signalled an easing of its monetary tightness by reducing the repo rate by 50 basis points to 8%. While this is a positive signal, the interest rate levels are still high and need to be significantly reduced to provide impetus to new investments.

 

Clearly, for most of 2011-12, there were three broad developments that were squeezing economic prosperity. First, the slowdown in the real economy in India and abroad affected consumer sentiments leading to uncertainty and delays in buying decisions. Second, the inflationary environment meant that people had to spend more for their needs resulting in a lowering of discretionary disposable income and savings. This affected their investment sentiments for different asset classes. Third, high interest rates dampened credit off - take and made leveraged investments very expensive. So there has been a slowdown in the real economy in India, which has adversely affected consumption and investments.

 

 

In addition, India is also facing challenges on new investments and implementation of projects related to issues like difficulties in land acquisition, delays in environmental clearances, socio-political restrictions, ambiguity on the policy front, and inability of the Government to push through reforms.

 

 

Real Estate and Construction Industry

Being primarily a long term asset development business, the cost and availability of finance and prevailing economic sentiments, play a critical role in the real estate business both from the perspective of suppliers and buyers.

 

Not only was there an increase in cost of finance, but there was a shortage of availability of finance for the real estate sector. The policy framework in the banking sector translated into a virtual drying up of credit lines for real estate development companies. There was a virtual freeze on refinancing and incremental loans for the first 9 months of 2011-12.

 

Other sources of finance were also restricted. The subdued sentiments in the equity markets prevented raising capital from IPOs and public issues. Add to that, the pessimism in the US and the UK, which form the major sources of equity inflows to the sector meant there was a major reduction in FII and FDI inflows to the sector. Chart D shows that after peaking at levels above Rs.140000.000 Millions, FDI into the real estate sector in India reduced to Rs.56000.000 Millions in 2010-11 and then further reduced to Rs.34430.000 Millions in 2011-12.

 

This issue of lack of funds affected project implementation for most companies in the real estate and construction space.

 

On a positive note, there has been a slight easing out of credit lines from Indian financial institutions for real estate companies during Q4, 2011-12. This has helped improve project execution to some extent.

 

It is natural that the high interest costs and economic slowdown will have some effect on consumer sentiments and buying decisions will be put on hold. However, the National Housing Board (NHB) index for residential property prices suggest that for most cities, both tier 1 and tier 2, residential property prices have remained stable or marginally improved (see chart E) through 2011-12.

 

Even data on retail housing loans does not reflect a slowdown. It is important to note that mortgages account for only 9% of GDP in India, whereas in advanced economies like USA and UK it is 81% and 88% respectively. In other developing countries like China it is 20%, while in Thailand it is 17%. Consequently, there is still a wide gap left to be bridged in India and much scope for greater penetration of retail housing loan, which will further aid housing developments in India.

 

Clearly, from a demand perspective, while there are some uncertainties, the subdued sentiments are a temporary phenomenon and end user requirements are there. This will continue to drive the market in the future, which is largely need based.

 

Unitech’s Real Estate Business

In this backdrop, Unitech’s operational highlights in the real estate business are:

 

·         Achieved sales bookings of 7.19 million sqft at an average realization of Rs. 5299/ sqft

·         Launched projects with a total area of 7.81 million sqft

·         Residential sales bookings of 6.34 million sq ft valued at Rs. 28950.000 Millions

·         Non-residential sales bookings of 0.84 million sq ft valued at Rs. 9130.000 Millions

·         Total value of Sales bookings is Rs. 38080.000 Millions

·         Delivered 3.4 million sq ft of completed area

 

There are two aspects of the real estate development business. First, it focuses on leveraging the existing land bank to develop new projects, which are sold to customers. This activity adds to the order book of the Company. Second, it constructs and executes the projects. The execution happens over a period of time and these efforts are recorded in the profit and loss accounts of the Company using the ‘percentage to completion’ method of accounting.

 

 

CONTINGENT LIABILITIES (As on 31.03.2012)

I. Claims against company not acknowledged as debt

 

a) Liquidated damages and other claims by clients / customers: Rs. 294.081 Millions (previous year Rs. 507.410 Millions).

 

b) Following cancellation of 122 UAS licenses granted to the private companies [including 22 UAS licenses issued to Unitech Wireless (Tamilnadu) Private Limited, Unitech Wireless (Mumbai) Private Limited, Unitech Wireless (Kolkata) Private Limited, Unitech Wireless (Delhi) Private Limited, Unitech Wireless (North) Private Limited, Unitech Wireless (South) Private Limited, Unitech Wireless (East) Private Limited and Unitech Wireless (West) Private Limited (“Unitech Wireless Companies”)] on or after 10th January 2008 by the Hon’ble Supreme Court of India vide its judgment dated 2nd February, 2012, Telenor Asia Pte Limited and Telenor Mobile Communications AS (collectively referred as “Telenor”) issued a notice of misrepresentation and fraud by the Company, Cestos Unitech Wireless Private Limited, Simpson Unitech Wireless Private Limited, Acorus Unitech Wireless Private Limited And Unitech Wireless (Tamilnadu) Private Limited and sought indemnification of its equity investment in Unitech Wireless Companies amounting to Rs. 61356.253 Millions (previous year Rs. NIL) along with interest of 18% p.a. which is equal to Rs. 27701.688 Millions (previous year Rs. NIL) as on 31st March, 2012. Telenor has filed its claim with the Singapore International Arbitration Centre. The Hon’ble Supreme Court cancelled the UAS licenses issued to all the companies in 2008 by questioning the government policy and Telenor also did a detailed due diligence prior to investment in Unitech Wireless Companies. Based on the legal advice obtained by the management, the Company is confident that the indemnity claims of Telenor are not maintainable.

 

c) Income tax matter in dispute (financial year 2007-08) pending in appeal: Rs. 210.070 Millions (previous year Rs. NIL) (Amount paid under protest by the company: Rs. 70.000 Millions)

 

d) The company subsequent to the balance sheet date, on 01.08.2012, has received a demand pertaining to financial year 2008-09 from income tax department amounting to Rs. 10305.410 Millions. The last date for depositing the same as per demand note is 31.08.2012. However, management based on its evaluation has decided to contest the basis of such demand and accordingly does not intent to deposit the amount demanded.

 

UNSECURED LOAN

Rs. In Millions

 

As on

31.03.2012

As on

31.03.2011

LONG-TERM BORROWINGS

 

 

Term Loan from banks

0.000

2437.500

Deposits

3279.541

5660.578

SHORT-TERM BORROWINGS

0.00

0.00

from subsidiaries

5232.194

4636.332

from joint ventures, associates and other relatives

1854.000

1849.000

from enterprises controlled by key management personnels and their relatives

59.316

106.028

Deposits

2325.252

5389.505

Total

12750.303

20078.943

 

Rs. In Millions

 

Amount outstanding

Interest Rate

Security and guarantee details

Repayment terms

 

31.03.2012

31.03.2011

 

 

 

 

 

 

 

 

 

 

 

 

 

From Banks

Term Loan

2624.579

3000.000

12.00%-14.75%

Secured by way of equitable mortgage of land of certain subsidiary company. Further, the loan has been guaranteed by way of corporate guarantee given by certain subsidiary company along with personal guarantee of the chairman and managing directors of the company.

Sixteen quarterly Installments of Rs.187.500 Millions starting from

21.09.2011

 

Secured as at 31st March, 2012

Term loan of Rs. 9504.026 Millions (Previous year- Rs. 9688.924 Millions) from banks and term loan of Rs. 701.262 Millions (Previous year- Rs.5679.574 Millions) from financial institutions are guaranteed by chairman/managing director(s).

 

(iv) Outstanding delays as at balance sheet date

Period of delay

 

1-90 days

91-180 days

181-364days

Term Loan from Banks

-

-

-

Principal

1063.721

-

-

Interest

218.118

-

-

Term Loan from Financial Institutions

 

 

 

Principal

51.894

303.000

146.000

Interest

104.270

140.028

91.004

 

 

 

 

 

 

STATEMENT OF STANDALONE UNAUDITED RESULTS FOR THE QUARTER & HALF YEAR ENDED SEPTEMBER 30, 2012

Rs. In Millions

 

 

Quarter Ended

Half Year Ended

Sl. No.

Particulars

30.09.2012

30.06.2012

30.09.2012

 

 

(Unaudited)

(Unaudited)

(Unaudited)

1.

Income from Operations

 

 

 

 

(a) Net sales / Income from Operations

2520.600

1788.500

4309.100

 

Total income from Operations (Net)

2520.600

1788.500

4309.100

2.

Expenses

 

 

 

 

(a) Real estate, Construction and Related Expenses

1729.700

1306.900

3036.600

 

(b) Changes in Inventories of finished properties, land, land development right and work in progress

20.100

 

20.100

 

(c) Employee Benefits Expense

320.800

289.100

609.900

 

(d) Depreciation and Amortisation Expense

11.600

18.000

29.600

 

(e) Other Expenses

176.700

125.700

302.400

 

Total Expenses

2258.900

1739.700

3998.600

3.

Profit from Operations before Other income, Finance costs and Exceptional items (1-2)

261.700

48.800

310.500

4.

Other income

1175.900

1170.800

2346.700

5.

Profit from Ordinary activities before Finance Costs and Exceptional Items (3+4)

1437.600

1219.600

2657.200

6.

Finance Costs

863.500

754.500

1618.000

7.

Profit from Ordinary activities after Finance costs but before Exceptional items (5-6)

574.100

465.100

1039.200

8.

Exceptional items

-

-

-

9.

Prior Period Adjustments

(267.300)

465.100

(267.300)

10.

Profit from Ordinary Activities before tax (7+8+9)

306.800

 

 

771.900

11.

Tax Expense

 

 

 

 

(a) Current Tax

 

 

 

 

Current Year

240.000

150.000

390.000

 

Earlier Years

-

-

-

 

(b) Deferred Tax

(107.200)

(2.500)

(109.700)

12.

Net Profit from Ordinary Activities after tax (10-11)

174.000

317.600

491.600

13.

Extraordinary items

-

-

-

14.

Net Profit for the Period (12-13)

174.000

317.600

491.600

15.

Paid-up equity share capital (Face Value - t 2 per share)

5232.600

5232.600

5232.600

16.

Reserves excluding Revaluation Reserves as per Balance sheet of previous accounting year

 

 

 

17.i

Earning Per share (Before Extraordinary Items) (of t 2 each ) *( Not Annualised)

 

 

 

 

Basic and Diluted

0.07*

0.12*

0.19*

17.ii

Earning Per share (After Extraordinary Items) (of t 2 each ) *( Not Annualised)

 

 

 

 

Basic and Diluted

0.07*

0.12*

0.19*

 

 

 

 

 

A

PARTICULARS OF SHAREHOLDING

 

 

 

1

Public Shareholding

 

 

 

 

- Number of shares

1351344179

1351344179

1351344179

 

- Percentage of shareholding

51.65

51.65

51.65

2

Promoters and Promoter Group Shareholding

 

 

 

 

a) Pledged / Encumbered

 

 

 

 

-     Number of shares

1005197899

908301545

1005197899

 

-     Percentage of shares (as a % of the total shareholding of promoter and promoter group)

79.46

71.80

79.46

 

-     Percentage of shares (as a % of the total share capital of the company)

38.42

34.72

38.42

 

b) Non - encumbered

 

 

 

 

-     Number of shares

259758969

356655323

259758969

 

-     Percentage of shares (as a % of the total shareholding of promoter and promoter group)

20.54

28.20

20.54

 

-     Percentage of shares (as a % of the total share capital of the company)

9.93

13.63

9.93

 

 

 

B

Investor Complaints

NIL

 

 

-     Pending at the beginning of the Quarter

11

 

 

-     Received during the Quarter

11

 

 

-     Disposed of during the Quarter

NIL

 

 

-     Remaining unresolved at the End of the Quarter

 

 

 

 

1. The above unaudited standalone financial results have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on 10th November, 2012 and the statutory auditors have carried out the Limited Review of the said Standalone Financial Results.

 

2. The Company has investment / investment obligation of Rs.9649.800 Millions in Unitech Wireless Companies and three affiliate companies holding stake therein. Pursuant to the settlement agreement dated 10th October, 2012 signed by the Company with Telenor, subsequent to Telenor entity acquiring spectrum in the forthcoming auction and successful transfer to it the existing business of Unitech Wireless Companies, all investments in Unitech Wireless Companies will be transferred to Telenor nominated entity at nominal amount and all disputes between the Company and Telenor (including indemnity claim of Telenor for its investment in Unitech Wireless Companies) will be withdrawn. Considering the contingencies as stated above, these investments have been shown at book value in the financial statements for the period ended 30th September, 2012.The transfer of these investments will be accounted for when the settlement agreement with Telenor becomes effective, after getting requisite approvals.

 

3. The figures of previous periods have been re-grouped/re-arranged wherever considered necessary for the purpose of comparison.

 

STANDALONE STATEMENT OF ASSETS AND LIABILITIES

Rs. In Millions

Sr.No.

Particulars

As at September

30, 2012

A

EQUITY AND LIABILITIES

 

1

Shareholders' funds

 

 

(a) Share Capital

5232.600

 

(b) Reserves and Surplus

91648.800

 

Sub-total - Shareholders' funds

96881.400

2

Share Application Money Pending Allotment

 

3

Non-current Liabilities

 

 

(a) Long-Term Borrowings

13390.600

 

(b) Other Long-Term Liabilities

5827.500

 

(c) Long-Term Provisions

175.600

 

Sub-total - Non-current Liabilities

19393.700

4

Current Liabilities

 

 

(a) Short-Term Borrowings

12824.800

 

(b) Trade Payables

3828.700

 

(c) Other Current Liabilities

35024.900

 

(d) Short-Term Provisions

332.800

 

Sub-total - Current Liabilities

52011.200

 

TOTAL- EQUITY AND LIABILITIES

168286.300

B

ASSETS

 

1

Non-current Assets

 

 

(a) Fixed Assets

900.600

 

(b) Non-current Investments

28995.900

 

(c) Deferred Tax Assets (Net)

151.700

 

(d) Long-Term Loans and Advancess

571.900

 

Sub-total - Non-current Assets

30620.100

2

Current Assets

 

 

(a) Current Investments

00.400

 

(b) Inventories

11618.300

 

(c) Trade Receivables

15462.600

 

(d) Cash and Cash Equivalents

1678.800

 

(e) Short-Term Loans and Advancess

79170.900

 

(f) Other Current Assets

29735.200

 

Sub-total - Current Assets

137666.200

 

TOTAL- ASSETS

168286.300

 

 

 

FIXED ASSETS:

  • Land
  • Building
  • Plant and Machinery
  • Earth Moving Equipments
  • Furniture and Fixtures
  • Office Equipments
  • Room Coolers and Air Conditioner
  • Vehicles-Office
  • Trucks and Jeeps
  • Computer
  • Fixtures in Lease Building

 

 

AS PER WEBSITE

 

PRESS RELEASE

2G CASE: CORPORATE RIVALRY BEHIND AUDIO TAPE OF CBI PROSECUTOR AND UNITECH MD?

 

Published: Sunday, Feb 17, 2013, 23:20 IST | Updated: Sunday, Feb 17, 2013, 23:23 IST

 

Corporate rivalry in the Telecom sector is behind the recording of the audio tape which purportedly contained the voice of sacked CBI prosecutor AK Singh and Managing Director of Unitech Sanjay Chandra, an accused in the 2G case, official sources said on Sunday night.

 

The sources also said that a forensic examination of the CD purportedly carrying a conversation between Singh and Chandra discussing ways to allegedly weaken the 2G case had showed it was authentic.

 

This is a result of corporate rivalry, the sources said referring to the controversial tape, adding the probe so far has found it had no way caused any harm to the 2G case.

 

The CBI will file its status report in the Supreme Court tomorrow on the issue.

 

The CBI had removed Singh from the 2G case after the surfacing of the audio tape, which purportedly contained voice of Singh and Chandra.

 

Suspecting corporate rivalry behind the audio tape leak in connection with the 2G case, the CBI on Friday had questioned its own officials to find whether Singh had advised them to suppress any information during court hearings.

 

A day earlier, CBI had quizzed the other members of its prosecution team.

 

The probe agency had sent the audio tape to the Central Forensic Science Laboratory (CFSL) to check its authenticity.

 

Unitech had rejected the allegations saying Chandra had never met the prosecutor in the 2G case outside the court or had any phone conversation with him.

 

The company has also denied that Chandra's voice was on the the tape and said it appeared a fabricated voice recording sent anonymously to CBI.

 

CBI had earlier suspected that the CD was an apparent outcome of growing corporate rivalry in the Telecom sector and that it did not rule out some more tapes surfacing soon.

 

After registering a Preliminary Enquiry, the CBI Director Ranjit Sinha formed a special team to ascertain whether the corruption slur on its prosecutor in the 2G case was an "aberration" or some other individuals have also been allegedly compromised.

 

 

UNITECH CRASHES 17% ON REPORTS OF 2G CONSPIRACY

 

Real estate firm Unitech plunged more than 17 percent in early trade on Tuesday as Network 18 has learnt from sources that the CBI suspects its own prosecutor of aiding Unitech MD Sanjay Chandra, one of the accused in the 2G case.

 

Real estate firm Unitech  plunged more than 17 percent in early trade on Tuesday as Network 18 has learnt from sources that the CBI suspects its own prosecutor of aiding Unitech MD Sanjay Chandra, one of the accused in the 2G case.

 

A CBI preliminary enquiry report says an investigation is on and lead 2G prosecutor AK Singh has been removed from the case.

 

CNN IBN has accessed a preliminary enquiry (PE) registered by the CBI on February 6 which states that AK Singh who represented the CBI in the 2G case has allegedly colluded with the accused Sanjay Chandra, MD of Unitech.

 

The CBI preliminary enquiry says AK Singh shared the strategy of the CBI prosecution and even advised the accused Sanjay Chandra how to defend himself in the case.

 

Meanwhile, Unitech, in a statement, has denied that managing director Sanjay Chandra had any involvement in the alleged backroom negotiations.

 

"He (Sanjay Chandra) wishes to make it absolutely clear that he has never met the prosecutor in the 2G case outside of court or had any phone conversation with him. He denies the suggestion that his voice is on any alleged recording. It appears a fabricated voice recording has been sent anonymously to the CBI. Any suggestion that Sanjay Chandra is linked with this recording is nothing, but an attempt to malign him and prejudice his defence in the 2G case. It is re-iterated that the recording is a fabrication."

 

The statement also adds that Chandra has joined the CBI's enquiries, and is co-operating with the CBI probe.

 

At 09:34 hours IST, shares crashed 16 percent to Rs 29.35 amid high volumes on Bombay Stock Exchange.

 

 

SEE LOWER LEVELS IN DB REALTY, UNITECH: BALIGA

 

Thu, Feb 14, 2013 at 10:57

 

See lower levels in DB Realty and Unitech, says Ambareesh Baliga, Independent Analyst.

 

Baliga told CNBC-TV18, "You will still see DB Realty and Unitech going further down because lot of speculative interest had built up especially in DB Realty after the investor picked up stock at Rs 100-110 levels. However, corporate governance issue is the biggest issue for both these stocks as well as the number of midcaps where you could still see pressure going ahead."

 

At 10:40 hrs Unitech was quoting at Rs 29.50, up Rs 0.75, or 2.61%. It has touched an intraday high of Rs 29.80 and an intraday low of Rs 28.10

 

The share touched its 52-week high Rs 40.90 and 52-week low Rs 18.80 on 15 January, 2013 and 04 September, 2012, respectively. Currently, it is trading 27.87% below its 52-week high and 56.91% above its 52-week low. Market capitalisation stands at Rs 77180.900 Millions.

 

 

 

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.54.29

UK Pound

1

Rs.84.09

Euro

1

Rs.72.44

 

 

INFORMATION DETAILS

 

Report Prepared by :

NTH

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILIRY

1~10

3

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

3

--CREDIT LINES

1~10

3

--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

YES

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

32

 

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

-

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.