MIRA
INFORM REPORT
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Report Date : |
20.02.2013 |
IDENTIFICATION DETAILS
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Name : |
DLF LIMITED |
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Registered
Office : |
Shopping Mall, 3rd Floor, Arjun Marg, Phase-I, DLF City
Gurgaon-122002, Haryana |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
04.07.1963 |
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Com. Reg. No.: |
05-002484 |
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Capital
Investment / Paid-up Capital : |
Rs.3396.771
Millions |
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CIN No.: [Company Identification
No.] |
L70101HR1963PLC002484 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELD00585E |
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PAN No.: [Permanent Account No.] |
AAACD3494N |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on The Stock Exchanges. |
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Line of Business
: |
Real Estate Developers |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (50) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 579000000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Exist |
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Comments : |
Subject is one of the largest domestic real estate developers. It is a well established company having satisfactory track record. The
company has performed well during the current year. Financial seems to be
good. As per the current scenario there seem crises in real estate sector.
However, trade relations are reported to be fair. Business is active.
Payments are reported to slow but correct. The company can be considered for normal business dealings at usual
trade terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
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 |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
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Rating |
A |
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Rating Explanation |
Having adequate degree of safety regarding timely servicing of
financial obligation, it carry low credit risk. |
|
Date |
March 2012 |
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
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Registered Office : |
Shopping Mall, 3rd Floor, Arjun Marg, Phase-I, DLF City
Gurgaon-122002, Haryana, India |
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Tel. No.: |
91-124-4334200 |
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Fax No.: |
91-124-2355581 |
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E-Mail : |
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Website : |
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Corporate Office : |
DLF Centre, Sansad Marg, |
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Tel No.: |
91-11-42102030 |
DIRECTORS
AS ON 31.03.2012
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Name : |
Dr. K.P. Singh |
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Designation : |
Chairman |
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Date of Birth/Age : |
15.08.1931 |
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Qualification : |
Science Graduate; an alumni of IMA |
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Date of Appointment : |
14.11.1963 |
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Name : |
Mr. Rajiv Singh |
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Designation : |
Vice Chairman |
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Date of Birth/Age : |
08.05.1959 |
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Qualification : |
Graduate |
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Date of Appointment : |
16.11.1988 |
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Name : |
Mr. T.C. Goyal |
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Designation : |
Managing Director |
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Name : |
Ms. Pia Singh |
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Designation : |
Whole-time Director |
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Date of Birth/Age : |
26.12.1970 |
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Qualification : |
Graduate |
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Date of Appointment : |
18.02.2003 |
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Name : |
Mr. Kameshwar Swarup |
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Designation : |
Group Executive
Director – Legal (upto 31/12/2011) |
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Name : |
Mr. G.S. Talwar |
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Designation : |
Non-Executive Directors |
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Date of Birth/Age : |
22.03.1948 |
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Qualification : |
Graduate |
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Date of Appointment : |
21.04.2006 |
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Name : |
Dr. D.V. Kapur |
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Designation : |
Non-Executive Directors |
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Name : |
Mr. K.N. Memani |
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Designation : |
Non-Executive Directors |
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Date of Birth/Age : |
01.01.1939 |
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Qualification : |
Member of The |
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Date of Appointment : |
21.04.2006 |
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Name : |
Mr. M.M. Sabharwal |
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Designation : |
Non-Executive Directors |
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Name : |
Mr. Ravinder Narain |
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Designation : |
Non-Executive Directors |
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Date of Birth/Age : |
15.05.1937 |
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Qualification : |
Science and Law Graduate |
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Date of Appointment : |
21.04.2006 |
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Name : |
Mr. B. Bhushan |
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Designation : |
Non-Executive Directors |
KEY EXECUTIVES
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Name : |
Mr. Subhash Setia |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2012
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
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|
51881160 |
3.05 |
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1282833960 |
75.52 |
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|
88000 |
0.01 |
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|
88000 |
0.01 |
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1334803120 |
78.58 |
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Total shareholding of Promoter and Promoter Group (A) |
1334803120 |
78.58 |
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(B) Public Shareholding |
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|
11766852 |
0.69 |
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|
2514179 |
0.15 |
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|
2451210 |
0.14 |
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|
252672685 |
14.87 |
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|
269404926 |
15.86 |
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|
26462552 |
1.56 |
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|
51153977 |
3.01 |
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|
9275588 |
0.55 |
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|
7567343 |
0.45 |
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|
1839561 |
0.11 |
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|
49600 |
0.00 |
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|
4254773 |
0.25 |
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|
1423398 |
0.08 |
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11 |
0.00 |
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|
94459460 |
5.56 |
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Total Public shareholding (B) |
363864386 |
21.42 |
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Total (A)+(B) |
1698667506 |
100.00 |
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(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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Total (A)+(B)+(C) |
1698667506 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Real Estate Developers |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
HSBC Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Statutory Auditors : |
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Name : |
Walker, Chandiok and Company Chartered Accountants |
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Subsidiaries : |
·
Aadarshini Real Estate Developers Private Limited ·
Abhigyan Builders and Developers Private Limited ·
Abhiraj Real Estate Private Limited ·
Ackruti City Magnum Limited {w.e.f. July 1, 2011} ·
Adelie Builders and Developers Private Limited ·
Adeline Builders and Developers Private Limited ·
Adone Hotels and Hospitality Limited {formerly
DLF Hotels and Hospitality Limited} ·
Alvernia Limited {till October 25, 2011} ·
Aman Gocek Insatt Taahhut Turizm Sanayi ve
Ticaret AS ·
Amancruises (2006) Company Limited ·
Amancruises Company Limited ·
Amankila Resorts Limited ·
Amanproducts Limited ·
Amanresorts B.V. ·
Amanresorts International Pte Limited ·
Amanresorts IPR B.V. ·
Amanresorts Limited ·
Amanresorts Limited ·
Amanresorts Mangement B.V. ·
Amanresorts Services Limited ·
Amanresorts Technical Services B.V. ·
Americus Real Estate Private Limited ·
Amishi Builders and Developers Private Limited ·
Anbest Holdings Limited ·
Andaman Development Company Limited ·
Andaman Holdings Limited ·
Andaman Resorts Co Limited ·
Andaman Thai Holding Co Limited ·
Andes Resort Limited SAC ·
Annabel Builders and Developers Private Limited ·
Aradal Company N.V. ·
Argent Holdings Limited {till April 19, 2011} *** ·
Ariadne Builders and Developers Private Limited ·
ARL Marketing Inc. ·
ARL Marketing Limited ·
Armand Builders and Constructions Private Limited ·
ASL Management (Palau) Limited ·
Baakir Real Estates Private Limited {till May 15,
2011} ·
Balaji Highways Holding Private Limited ·
Balina Pansea Company Limited ·
Barbados Holdings Limited ·
Bedelia Builders and Constructions Private
Limited ·
Benedict Estates Developers Private Limited ·
Berenice Real Estate Private Limited ·
Beverly Park Maintenance Services Limited ·
Bhamini Real Estate Developers Private Limited ·
Bhoruka Financial Services Limited {till March
19, 2012} ** ·
Bhosphorous Investments Limited ·
Bhutan Hotels Limited ·
Bhutan Resorts Private Limited (Amankora) ·
Bodrum Development Limited ·
Breeze Constructions Private Limited ·
Cachet Real Estates Private Limited ·
Calvine Builders and Constructions Private
Limited ·
Caraf Builders and Constructions Private Limited ·
Catriona Builders and Constructions Private
Limited ·
Cee Pee Maintenance Services Limited ·
Ceylon Holdings B.V. ·
Chakradharee Estates Developers Private Limited ·
Chandrajyoti Estate Developers Private Limited ·
Columbo Resort Holdings N.V. ·
Comfort Buildcon Limited {formerly Comfort
Buildcon Private Limited} ·
Current Finance Limited ·
Cyrilla Builders and Constructions Limited ·
Dae Real Estates Private Limited ·
Dalmia Promoters and Developers Private Limited ·
Dankuni World City Limited ·
Delanco Home and Resorts Private Limited ·
Delanco Real Estate Private Limited ·
Delanco Realtors Private Limited ·
Deltaland Buildcon Private Limited ·
Deltaland Real Estate Private Limited ·
DHDL Wind Power Private Limited ·
Dhoomketu Builders and Developers Private Limited ·
Digital Talkies Private Limited ·
Diwakar Estates Limited ·
DLF Ackruti Info Park (Pune) Limited {till
December 27, 2011}# ·
DLF Aspinwal Hotels Private Limited ·
DLF Assets Private Limited ·
DLF City Centre Limited ·
DLF Cochin Hotels Private Limited ·
DLF Comfort Hotels Private Limited ·
DLF Commercial Developers Limited ·
DLF Construction Limited ·
DLF Cyber City Developers Limited ·
DLF Developers Limited ·
DLF Emporio Restaurants Limited ·
DLF Energy Private Limited {w.e.f. October 4,
2011} ·
DLF Estate Developers Limited ·
DLF Financial Services Limited ·
DLF Finvest Limited ·
DLF Garden City Indore Private Limited ·
DLF Global Hospitality Limited ·
DLF Golf Resort Limited ·
DLF Gurgaon Developers Limited ·
DLF Gurgaon Golfink Private Limited {formerly
Alvita Builders and Developers Private Limited} ·
DLF Haryana SEZ (Ambala) Limited ·
DLF Haryana SEZ (Gurgaon) Limited ·
DLF Home Developers Limited ·
DLF Home Services Private Limited ·
DLF Homes Ambala Private Limited ·
DLF Homes Goa Private Limited ·
DLF Homes Kokapet Private Limited ·
DLF Homes Panchkula Private Limited ·
DLF Homes Pune Private Limited ·
DLF Homes Rajapura Private Limited ·
DLF Hospitality and Recreational Limited ·
DLF Hotel Holdings Limited ·
DLF Hotels and Apartments Private Limited ·
DLF India Limited ·
DLF Info City Developers (Chandigarh) Limited ·
DLF Info City Developers (Chennai) Limited ·
DLF Info City Developers Kolkata Limited ·
DLF Info Park Developers (Chennai) Limited ·
DLF Inns Limited ·
DLF International Holdings Pte Limited ·
DLF International Hospitality Corp ·
DLF Luxury Hotels Limited ·
DLF Metro Limited {till March 19, 2012} ** ·
DLF New Delhi Convention Center Limited ·
DLF New Gurgaon Homes Developers Private Limited ·
DLF New Gurgaon Of ces Developers
Private Limited ·
DLF New Gurgaon Retail Developers Private Limited ·
DLF Phase IV Commercial Developers Limited ·
DLF Pramerica Life Insurance Company Limited ·
DLF Projects Limited ·
DLF Property Developers Limited ·
DLF Raidurg Developers Private Limited {formerly
Alta Builders and Developers Private Limited} ·
DLF Real Estates Builders Limited ·
DLF Recreational Foundation Limited ·
DLF Residential Builders Limited ·
DLF Residential Developers Limited ·
DLF Residential Partners Limited ·
DLF Service Apartments Limited ·
DLF Southern Homes Private Limited ·
DLF Southern Towns Private Limited ·
DLF Telecom Limited ·
DLF Trust Management Pte Limited ·
DLF Universal Limited ·
DLF Utilities Limited ·
DLF Wind Power Private Limited ·
Domus Real Estate Private Limited ·
Domus Realtors Private Limited ·
Eastern India Powertech Limited ·
Edward Keventer (Successors) Private Limited ·
Eila Builders and Developers Private Limited ·
Elvira Builders and Constructions Private Limited ·
Falguni Builders Private Limited {till April 12,
2011}* ·
Faye Builders and Constructions Private Limited ·
First City Real Estate Private Limited ·
Flora Real Estate Private Limited ·
Fonton Limited ·
Forerun Group Limited ·
Galaxy Mercantiles Limited {till December 2,
2011}## ·
Galleria Property Management Services Private
Limited ·
Ganika Builders Private Limited {till April 12,
2011}* ·
Geocities Airport Infrastructures Private Limited ·
Goyo Services Limited ·
Guardian International Private Limited ·
Gulika Home Developers Private Limited {till
April 12, 2011}* ·
Gulliver Enterprises Limited ·
Gyan Real Estate Developers Private Limited ·
Hampton Furniture Limited {w.e.f. June 16, 2011} ·
Hansel Builders and Developers Private Limited ·
Heritage Resorts Private Limited ·
Hiemo Builders and Developers Private Limited ·
Highvalue Builders Limited {formerly Highvalue
Builders Private Limited} ·
Hospitality Tradings Limited ·
Hotel Finance International Limited ·
Hotel Sales Service Limited ·
Hotel Sales Service Private Limited ·
Hyacintia Real Estate Developers Private Limited ·
Incan Valley Holdings Limited ·
Irving Builders and Developers Private Limited ·
Isabel Builders and Developers Private Limited ·
Jackson Hole Holdings Limited ·
Jai Luxmi Real Estate Private Limited ·
Jalisco Holdings Pte Limited ·
Jawala Real Estate Private Limited ·
K G Infrastructure Private Limited {till April 7,
2011} ·
Khem Buildcon Private Limited ·
L P Hospitality Company Limited ·
Lada Estates Private Limited ·
Laman Real Estate Private Limited ·
Lao Holdings Limited ·
Latona Builders and Constructions Private Limited
{w.e.f. December 9, 2011} ·
Lawanda Builders and Developers Private Limited ·
Le Savoy Limited ·
Lear Builders and Developers Private Limited ·
Lempo Buildwell Private Limited ·
Liber Buildwell Private Limited ·
Livana Builders and Developers Private Limited
{w.e.f. December 9, 2011} ·
Lizebeth Builders and Developers Private Limited ·
Lodhi Property Company Limited ·
Marala Real Estate Private Limited {formerly
known as DLF Hilton Hotels (Mysore) Limited} ·
Mariposa Builders and Developers Private Limited ·
Marrakech Investments Limited ·
Melosa Builders and Developers Private Limited ·
Mens Buildcon Private Limited ·
Mhaya Buildcon Private Limited ·
Monroe Builders and Developers Private Limited ·
Mulvey B.V. ·
Mulvey Venice S. r. l ·
Naman Consultants Limited ·
Nambi Buildwell Private Limited ·
Nellis Builders and Developers Private Limited ·
NewGen MedWorld Hospitals Limited ·
Nilayam Builders and Developers Limited ·
NOH (Hotel) Private Limited ·
Norman Cay’s Holding Limited ·
Nusantara Island Resorts Limited ·
Otemachi Tower Resorts Co. Limited ·
Overseas Hotels Limited {till May 16, 2011} **** ·
P.T. Amanresorts Indonesia ·
P.T. Amanusa Resort Indonesia ·
P.T. Indrakila Villatama Development ·
P.T. Moyo Safari Abadi ·
P.T. Nusantara Island Resorts ·
P.T. Villa Ayu ·
Palawan Holdings Limited ·
Paliwal Developers Limited ·
Paliwal Real Estate Limited {formerly Paliwal Real
Estate Private Limited} ·
Pee Tee Property Management Services Limited ·
Penthea Builders and Developers Private Limited ·
Philana Builders and Developers Private Limited ·
Phoena Builders and Developers Private Limited ·
Phraya Riverside (Bangkok) Co Limited ·
Princiere Resorts Limited ·
Prompt Real Estate Limited {formerly Prompt Real
Estate Private Limited} ·
Puri Limited ·
Pyrite Builders and Constructions Private Limited ·
Qabil Builders and Constructions Private Limited ·
Queensdale Management Limited ·
Rachelle Builders and Constructions Private
Limited ·
Rati Infratech Private Limited ·
Red Acres Development Limited ·
Regency Park Property Management Services Limited
{Formerly Regency Park Property Management Services Private Limited} ·
Regent Asset Finance Limited ·
Regent Land Limited ·
Regional Design and Research B.V ·
Regional Design and Research N.V ·
Richmond Park Property Management Services
Limited ·
Riveria Commercial Developers Limited ·
Rochelle Builders and Constructions Private
Limited ·
Royalton Builders and Developers Private Limited ·
Saguna Builders and Developers Private Limited ·
Saket Holidays Resorts Private Limited {Formerly
Saket Courtyard Hospitality Private Limited} ·
Serendib Holdings B.V. ·
Shakirah Real Estates Private Limited {till March
19, 2012} ** ·
Shivajimarg Properties Limited ·
Silver - Two (Bangkok) Company Limited ·
Silver Oaks Property Management Services Limited ·
Silverlink (Mauritius) Limited ·
Silverlink (Thailand) Company Limited ·
Silverlink Resorts Limited ·
Sinonet Holding Limited {till April 19, 2011} *** ·
Societe Nouvelle de L’Hotel Bora Bora ·
Springhills Infratech Private Limited ·
Star Alubuild Private Limited {w.e.f. April 1,
2011) ·
Sunlight Promoters Limited {formerly Sunlight
Promoters Private Limited} ·
Tahitian Resorts Limited ·
Tangalle Property (Private) Limited ·
Toscano Holdings Limited ·
Triumph Electronics Private Limited ·
Universal Hospitality Limited ·
Urvasi Infratech Private Limited ·
Valini Builders and Developers Private Limited ·
Vibodh Developers Private Limited ·
Vilina Estate Developers Private Limited ·
Villajena Development Company Limited ·
Vinanti Builders and Developers Private Limited ·
Vkarma Capital Investment Management Company
Private Limited ·
Vkarma Capital Trustee Company Private Limited ·
Webcity Builders and Developers Private Limited ·
Yucatan Holdings Pte Limited ·
Zeugma Limited ·
Zola Real Estate Private Limited ·
Zoria Infratech Private Limited * Pursuant to the
orders of the Hon’ble High Court of Delhi and Hon’ble High Court of Punjab
and Haryana at Chandigarh by virtue of scheme of arrangement, Falguni
Builders Private Limited, Ganika Builders Private Limited and Gulika Home
Developers Private Limited have been merged with Aadarshini Real Estate
Developers Private Limited w.e.f. April 13, 2011. Accordingly the
transactions with the said entities during the year ended March 31, 2012 and
balance outstanding thereto on that date have been disclosed as transactions
with and balances outstanding to as the case may be, Aadarshini Real Estate
Developers Private Limited during the year ended and as of March 31, 2012. ** Pursuant to
the orders of the Hon’ble High Court of Delhi and Hon’ble High Court of
Punjab and Haryana at Chandigarh by virtue of scheme of arrangement, Bhoruka
Financial Services Limited, DLF Metro Limited and Shakirah Real Estates
Private Limited have been merged with DLF Universal Limited w.e.f. March 20,
2012. Accordingly, the transactions with the said entities during the year
ended March 31, 2012 and balance outstanding thereto on that date have been
disclosed as transactions with and balances outstanding to as the case may
be, DLF Universal Limited during the year ended and as of March 31, 2012. *** Argent
Holdings Limited and Sinonet Holding Limited have been merged with Overseas
Hotels Limited w.e.f. April 20, 2011. Accordingly, the transactions with the
said entities during the year ended March 31, 2012 and balance outstanding
thereto on that date have been disclosed as transactions with and balances
outstanding to as the case may be, Overseas Hotels Limited during the year
ended and as of March 31, 2012. **** Overseas
Hotels Limited has been merged with Silverlink Resorts Limited w.e.f. May 17,
2011. Accordingly, the transactions with the said entities during the year
ended March 31, 2012 and balance outstanding thereto on that date have been
disclosed as transactions with and balances outstanding to as the case may
be, Silverlink Resorts Limited during the year ended and as of December 31,
2011. # The Company
along with its joint venture partner Hubtown Limited (“Hubtown”), have sold
100% of their respective shareholding in DLF Ackruti Info Park (Pune) Limited
(“DLF Ackruti”), to an entity controlled by real estate fund affiliated with
The Blackstone Group, BRE/Mauritius Investments II, after obtaining all
necessary approvals. Prior to the sale of their respective shareholding, the
Company and Hubtown held 67% and 33% equity shares in “DLF Ackruti”,
respectively. Consequent of this disinvestment, DLF Ackruti has ceased to be
a subsidiary of DLF Limited w.e.f. December 28, 2011. ## Galaxy
Mercantiles Limited (“GML”), a JV Company of DLF Home Developers Limited
(“DHDL”); received two tranches of infusion of capital from Infrastructure
Development Finance Company Limited (“IDFC”) as part of a process for IDFC to
acquire 100% stake in GML. An aggregate amount of Rs. 2204.900 Millions, has
been received in two tranches by the JV partners including DHDL, with the
balance to be received from IDFC linked to agreed milestones. DHDL is a
wholly owned subsidiary of the Company and prior to the infusion, DHDL had a 71%
equity stake in GML and consequent to this capital infusion, DHDL’s equity
stake got diluted to 40.15% (Post 2nd Tranche) and GML ceased to be a
subsidiary of the Company w.e.f. December 2, 2011 and has become an associate
company. |
|
|
|
|
Partnership Firms : |
·
DLF Commercial Projects Corporation ·
DLF Gayatri Developers {w.e.f. December 9, 2011} ·
DLF Office Developers ·
DLF South Point ·
Kavicon Partners ·
Rational Builders and Developers ·
DLF GK Residency ·
Saket Courtyard Hospitality {till May 25, 2011} ·
DLF Green Valley |
|
|
|
|
Joint Ventures : |
·
Kujjal Builders Private Limited ·
DLF Gayatri Home Developers Private Limited ·
DLF Green Valley ·
DLF Gayatri Developers {w.e.f. December 9, 2011} ·
DLF SBPL Developer Private Limited ·
DLF Limitless Developers Private Limited ·
GSG DRDL Consortium ·
YG Realty Private Limited ·
Designplus Architecture Private Limited ·
Banjara Hills Hyderabad Complex ·
Saket Courtyard Hospitality Private Limited
{w.e.f. May 26, 2011} ·
Cleva Builders and Developers Private Limited ·
Prowess Buildcon Private Limited |
|
|
|
|
Associates : |
·
Australian Resorts Limited ·
Galaxy Mercantiles Limited {w.e.f. December 3,
2011}## ·
Islan Aviation Limited ·
Joyous Housing Limited ·
Kyoto Resorts YK ·
P.T Jawa Express Amanda Indah ·
Pamalican Island Holdings Inc ·
Pandis (Thailand) Company Limited ·
Pansea Tourism Company Limited ·
Regional D and R Limited ·
Revlys SA ·
Seven Seas Resorts and Leisure Inc ·
Surin Bay Co. Limited ·
Villajena ·
Rapid Rail Metro Gurgaon Limited |
|
|
|
|
Other Related Parties : |
·
A.S.G. Realcon Private Limited ·
Adampur Agricultural Farm ·
Adept Real Estate Developers Private Limited ·
AGS Buildtech Private Limited ·
Angus Builders and Developers Private Limited ·
Antriksh Properties Private Limited ·
Anubhav Apartments Private Limited ·
Arihant Housing Company* ·
Atria Partners ·
Bansal Development Company Private Limited {till
December 14, 2011} # ·
Belicia Builders and Developers Private Limited ·
Beryl Builders and Constructions Private Limited
{till July 8, 2011} ·
Beverly Park Operation and Maintenance Services
Private Limited ·
Buland Consultants and Investments Private
Limited ·
Carreen Builders and Developers Private Limited ·
Centre Point Property Management Services Private
Limited ·
Ch.Lal Chand Memorial Charitable Trust ·
Cian Builders and Developers Private Limited ·
Desent Promoters and Developers Private Limited ·
Diana Retail Private Limited ·
Dilly Builders and Developers Private Limited
{till July 8, 2011} ·
Dinky Builders and Developers Private Limited
{till July 8, 2011} ·
DLF Brands Limited ·
DLF Building and Services Private Limited ·
DLF Commercial Enterprises ·
DLF Foundation ·
DLF Investments Private Limited ·
DLF M.T.FBD Medical and Community Facility
Charitable Trust ·
DLF Q.E.C. Educational Charitable Trust ·
DLF Q.E.C. Medical Charitable Trust ·
DLF Raghvendra Temple Trust ·
Elanor Builders and Developers Private Limited
{till July 8, 2011} ·
Elephanta Estates Private Limited ·
Enki Retail Private Limited ·
Eros Retail Private Limited ·
Excel Housing Construction Private Limited ·
Exe. of The Estate of Lt. Ch. Raghvendra Singh ·
Exe. of The Estate of Lt. Smt. Prem Mohini ·
Family Idol Shri Radha Krishan Ji ·
Family Idol Shri Shiv Ji ·
Ferragamo Retail India Private Limited ·
Galena Builders and Constructions Private Limited
{till June 9, 2011} ·
Gangrol Agricultural Farm and Orchard ·
General Marketing Corporation ·
Giorgio Armani India Private Limited ·
Haryana Electrical Udyog Private Limited ·
Herminda Builders and Developers Private Limited ·
Hitech Property Developers Private Limited ·
Indira Trust ·
Ishtar Retail Private Limited ·
Jhandewalan Ancillaries and Investments Private
Limited ·
Juno Retail Private Limited ·
K. P. Singh HUF ·
Kapo Retail Private Limited ·
Kohinoor Real Estates Company * ·
Krishna Public Charitable Trust ·
Lal Chand Public Charitable Trust ·
Lion Brand Poultries ·
Maaji Properties and Development Company * {till
July 8, 2011} ·
Madhukar Housing and Development Company * ·
Madhur Housing and Development Company * ·
Magna Real Estate Developers Private Limited
{till June 5, 2011} ## ·
Mallika Housing Company * ·
Megha Estates Private Limited ·
Nachiketa Family Trust ·
Northern India Theatres Private Limited ·
P and S Exports Corporation ·
Pace Financial Services ·
Panchsheel Investment Company * ·
Panchvati Estates Private Limited {till November
17, 2011} ### ·
Parvati Estates Private Limited ·
Pia Pariwar Trust ·
Plaza Partners ·
Power Overseas Private Limited ·
Prem Traders and Investments Private Limited ·
Prem’s Will Trust ·
Pushpak Builders and Developers Private Limited ·
R.R Family Trust ·
Raghvendra Public Charitable Trust ·
Raisina Agencies and Investments Private Limited ·
Rajdhani Investments and Agencies Private Limited ·
Realest Builders and Services Private Limited ·
Renkon Partners ·
Renuka Pariwar Trust ·
Rhea Retail Private Limited ·
Rod Retail Private Limited ·
S and S Towel Private Limited ·
Sabre Investment Advisor India Private Limited ·
Sabre Investment Consultants LLP ·
Sambhav Housing and Development Company * ·
Sarna Export International ·
Sarna Exports Limited ·
Sarna Property and Industry Private Limited ·
Sidhant Housing and Development Company * ·
Singh Family Trust ·
Skills Academy Private Limited {w.e.f. November
14, 2011} ·
Sketch Investment Private Limited ·
Smt. Savitri Devi Memorial Charitable Trust ·
Solace Housing and Construction Private Limited ·
Solange Retail Private Limited ·
Sudarshan Estates Private Limited ·
Sukh Sansar Housing Private Limited ·
Super Mart One Property Management Services
Private Limited {till July 26, 2011} #### ·
Super Mart Two Property Management Services
Private Limited ·
Trinity Elastomers Private Limited ·
Trinity Housing and Construction Company * ·
Udyan Housing and Development Company * ·
Universal Management and Sales Private Limited ·
Urva Real Estate Developers Private Limited ·
Uttam Builders and Developers Private Limited ·
Uttam Real Estates Company * ·
Vishal Foods and Investments Private Limited ·
Yashika Properties and Development Company * * A private
company with unlimited liability. # Bansal
Development Company Private Limited was merged (w.e.f. December 15, 2011) in
Prem Traders and Investments Private Limited as per the order of the Hon’ble
High Court of Delhi dated August 30, 2011. ## Magna Real
Estate Developers Private Limited was merged (w.e.f. June 6, 2011) in Parvati
Estates Private Limited as per the order of the Hon’ble High Court of Delhi
dated March 29, 2011. ### Panchvati
Estates Private Limited was merged (w.e.f. November 18, 2011) in Super Mart
Two Property Management Services Private Limited as per the order of the
Hon’ble High Court of Delhi dated September 8, 2011. #### Super Mart
One Property Management Services Private Limited was merged (w.e.f. July 27,
2011) in Beverly Park Operation and Maintenance Services Private Limited as
per the order of the Hon’ble High Court of Delhi dated May 20, 2011. |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2497500000 |
Equity Shares |
Rs.2/- each |
Rs.4995.000 Millions |
|
50000 |
Cumulative Redeemable Preferences Shares |
Rs.100/- each |
Rs.5.000 Millions |
|
|
Total
|
|
Rs.5000.000
Millions |
Issued &Subscribed Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1706263533 |
Equity Shares |
Rs.2/- each |
Rs.3412.527
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1698385719 |
Equity Shares |
Rs.2/- each |
Rs.3396.771
Millions |
NOTES:
a) Reconciliation of equity shares outstanding at the beginning and at
the end of the year.
|
PARTICULAR |
AS ON 31.03.2012 |
|
|
|
No. of Shares |
Rs. in Millions |
|
Equity shares at the beginning of the year |
1697571794 |
3395.144 |
|
Add : Shares
issued on exercise of Employees Stock Option Plan (ESOP) |
813925 |
1.627 |
|
Equity shares at the end of the year |
1698385719 |
3396.771 |
b) Rights/preferences/restrictions
attached to equity shares
The Company has
only one class of equity shares having a par value of Rs. 2 per share. Each
holder of equity shares is entitled to one vote per share. The Company declares
and pays dividends in Indian Rupees. The dividend proposed by the Board of
Directors is subject to the approval of the shareholders in the ensuing Annual
General Meeting, except interim dividend. In the event of liquidation of the
Company, the holders of equity shares will be entitled to receive remaining
assets of the Company, after distribution of all preferential amounts, if any.
The distribution will be in proportion to the number of equity shares held by
the shareholders. During the year ended March 31, 2012, the amount of proposed
final dividend recognized as distributions to equity shareholders was Rs. 2 per
share
c) Details of shareholders holding more than 5% shares in the Company
|
PARTICULAR |
AS ON 31.03.2012 |
|
|
|
No. of Shares |
% Holding |
|
Equity shares of
Rs.
2 each fully paid up |
|
|
|
Panchsheel Investment Company |
306759200 |
18.06 |
|
Sidhant Housing and Development Company |
235340000 |
13.86 |
|
Kohinoor Real Estate Company |
91869600 |
5.41 |
|
Mallika Housing Company |
90992000 |
5.36 |
|
Madhur Housing and Development Company |
91823200 |
5.41 |
|
Yashika Property and Development Company |
90978800 |
5.36 |
|
Prem Traders and Investments Private Limited |
90059200 |
5.30 |
d) Aggregate
number of bonus shares issued, shares issued for consideration other than cash
and shares bought back during the period of five years immediately preceding
the date March 31, 2012
i) Bonus Shares
issued during the financial year 2007-08 to 2011-12 Nil (during FY 2006-07 to
2010-11: 1,338,243,445) equity shares of Rs. 2 each fully paid up allotted by
way of capitalization of free reserves and securities premium account.
ii) Shares bought
back during the financial year 2007-08 to 2011-12 7,638,567 (during FY 2006-07
to 2010-11: 7,638,567) equity shares of Rs. 2 each bought back pursuant to
Section 77A of the Companies Act, 1956.
iii) Shares issued
under Employees Stock Option Plan (ESOP) during the financial year 2007-08 to
2011-12 The Company has issued total 1,235,286 equity shares of Rs. 2 each
(during FY 2006-07 to 2010-11: 421,361 equity shares) during the period of five
years immediately preceding March 31, 2012 on exercise of options granted under
the Employee Stock Option Plan (ESOP).
e) Shares reserved
for issue under options
For details of shares reserved for issue under the Employee Stock Option
Plan (ESOP) of the Company.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
3396.771 |
3395.144 |
3394.782 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
141568.799 |
134709.761 |
124905.298 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
144965.570 |
138104.905 |
128300.080 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
118446.666 |
130729.719 |
115901.859 |
|
|
2] Unsecured Loans |
1304.526 |
3588.473 |
10476.673 |
|
|
TOTAL BORROWING |
119751.192 |
134318.192 |
126378.532 |
|
|
DEFERRED TAX LIABILITIES |
786.082 |
648.412 |
605.406 |
|
|
|
|
|
|
|
|
TOTAL |
265502.844 |
273071.509 |
255284.018 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
19693.075 |
17430.971 |
17290.186 |
|
|
Capital work-in-progress |
20777.673 |
20353.883 |
17185.075 |
|
|
|
|
|
|
|
|
INVESTMENT |
70466.487 |
70372.406 |
65588.807 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
INTANGIBLE ASSETS UNDER DEVELOPMENT |
1191.817 |
1483.965 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
81110.748
|
83894.094 |
65336.923 |
|
|
Sundry Debtors |
5192.807
|
1969.498 |
6079.607 |
|
|
Cash & Bank Balances |
3665.749
|
1580.479 |
1714.286 |
|
|
Other Current Assets |
54089.361
|
44920.864 |
15113.276 |
|
|
Loans & Advances |
104492.337
|
105643.788 |
100986.023 |
|
Total
Current Assets |
248551.002
|
238008.723 |
189230.115 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
8541.321
|
4482.435 |
4588.810 |
|
|
Other Current Liabilities |
80898.130
|
64864.233 |
15064.758 |
|
|
Provisions |
5737.759
|
5231.771 |
14356.597 |
|
Total
Current Liabilities |
95177.210
|
74578.439 |
34010.165 |
|
|
Net Current Assets |
153373.792
|
163430.284 |
155219.950 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
265502.844 |
273071.509 |
255284.018 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
34913.211 |
29160.774 |
24192.081 |
|
|
|
Other Income |
10913.447 |
12426.807 |
8012.234 |
|
|
|
TOTAL (A) |
45826.658 |
41587.581 |
32204.315 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of land,
plots and constructed properties and development rights |
9328.788 |
8486.760 |
8892.527 |
|
|
|
Employee benefits expense |
1271.158 |
1387.442 |
1305.724 |
|
|
|
Other expenses |
3213.452 |
1996.606 |
2842.302 |
|
|
|
TOTAL (B) |
13813.398 |
11870.808 |
13040.553 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
32013.260 |
29716.773 |
19163.762 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
15537.790 |
12866.985 |
8472.369 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
16475.470 |
16849.788 |
10691.393 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1398.361 |
1297.690 |
1260.525 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
15077.109 |
15552.098 |
9430.868 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
4587.670 |
3090.506 |
1757.116 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX BUT BEFORE PRIOR PERIOD
ITEMS (G-H) (I) |
10489.439 |
12461.592 |
7673.752 |
|
|
|
|
|
|
|
|
|
|
EARLIER YEARS
ITEMS: |
|
|
|
|
|
|
INCOME
TAX-EARLIER YEARS |
67.051 |
(221.904) |
(40.601) |
|
|
|
PRIOR PERIOD
EXPENSES [NET] |
4.458 |
(12.297) |
63.765 |
|
|
|
|
|
|
|
|
|
|
NET PROFIT FOR
THE YEAR |
10417.930 |
12695.793 |
7650.588 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
27639.237 |
26762.391 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to debenture redemption reserve |
NA |
7460.000 |
2500.116 |
|
|
|
Transfer to general reserve |
NA |
1269.579 |
765.059 |
|
|
|
Dividend on equity shares Proposed |
NA |
3395.144 |
3394.782 |
|
|
|
Dividend on equity shares Short/ (excess) provision of previous year |
NA |
0.156 |
(0.006) |
|
|
|
Tax on dividend Proposed |
NA |
0.000 |
113.791 |
|
|
|
Short provision of previous year |
NA |
0.020 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
28210.131 |
27639.237 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Receipts from customers (against agreements to sell) |
528.976 |
917.146 |
1216.278 |
|
|
|
Interest from customers (under agreement to sell) |
4.845 |
4.455 |
8.272 |
|
|
TOTAL EARNINGS |
533.821 |
921.601 |
1224.550 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Material (including material purchased in high seas) |
366.458 |
1097.152 |
180.736 |
|
|
|
Others |
0.000 |
0.000 |
18.405 |
|
|
TOTAL IMPORTS |
366.458 |
1097.152 |
199.141 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
|
|
|
|
Basic |
6.14 |
7.48 |
4.51 |
|
|
|
Diluted |
6.12 |
7.46 |
4.50 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
|
Type |
1st Quarter |
2nd Quarter |
3rd Quarter |
|
Net Sales |
7923.500 |
3560.700 |
1844.300 |
|
Total Expenditure |
190.700 |
1951.800 |
2671.800 |
|
PBIDT (Excl OI) |
7732.800 |
1608.900 |
(827.500) |
|
Other Income |
2365.600 |
2513.100 |
4800.900 |
|
Operating Profit |
10098.400 |
4122.000 |
(3973.400) |
|
Interest |
4352.900 |
4186.100 |
4356.700 |
|
PBDT |
5745.500 |
(64.100) |
(383.300) |
|
Depreciation |
354.200 |
357.800 |
358.600 |
|
Profit Before Tax |
5391.300 |
(421.900) |
(741.900) |
|
Tax |
1694.100 |
(228.400) |
(320.800) |
|
Profit After Tax |
3697.200 |
(193.500) |
(421.100) |
|
Prior Period Expenses |
(25.700) |
(1.900) |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
3671.500 |
(195.400) |
(421.100) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
22.73
|
30.53 |
23.75 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
43.18
|
53.33 |
38.98 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.62
|
6.09 |
4.57 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10
|
0.11 |
0.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.83
|
0.97 |
0.99 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.61
|
3.19 |
5.56 |
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 |
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 |
No |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
CASE DETAILS:
IN THE HIGH COURT OF DELHI AT NEW DELHI
OMP 145/2012
THEMES LEARNING EXPRESSIONS PRIVATE LIMITED
..... Petitioner
Through Mr. Rajesh Ranjan, Adv.
Versus
DLF LIMITED..... Respondent
Through Mr. Rajiv Nayar, Sr. Adv. with
Ms. Meghna Mishra, Mr.Varun Kumar, Ms. Simran Brar and Ms.Saloni
Chaudhary, Advs.
CORAM:
HONORABLE MR. JUSTICE MANMOHAN SINGH
O R D E R
04.01.2013
Issue notice to the respondent. Learned counsel appearing on behalf of
the respondent accepts notice and seeks time to file the reply.
Let the same be filed within 3 weeks.
List on 31st January, 2013.
MANMOHAN SINGH, J.
JANUARY 04, 2013/ka $ 2
|
Entity |
Competent
Authority |
Regulatory
Charges |
Regulatory
Actions/Date of Order |
|
DLF LIMITED |
SEBI |
ALLEGED FAILURE
IN MAKING DISCLOSURE OF FIR AGAINST ITS GROUP COMPANY SUDIPTI ESTATES PRIVATE
LIMITED FOR TRANSACTION OF RS.340.000 MILLIONS IN ITS DRAFT RED HEARING
PROSPECTUS (DRHP) DATED 02/01/2007 |
ORDERED FOR INVESTIGATION 2010.2011 |
REVIEW OF OPERATIONS:
The Company booked
gross sales of approximately 13.5 msf of residential and commercial offices/
complexes valued at Rs.52780.000 Millions. The average realization declined to
Rs. 39000.000 Millions psf on account of plotted launches with lower unit sales
value in Lucknow and Hyderabad.
The Company’s
launches in the residential segment comprised a well balanced product mix of
premium homes and plotted development and received a very good response.
In the rental
business, the Company contracted additional leasing of 1.41 msf of property
during the year, taking the total leased out space to approximately 22.66 msf
across commercial offices and retail malls. The Company unlocked Rs. 17740.000 Millions
during the year by divesting certain non-core assets. The Company met all
stakeholders’ commitments in time during the year, including those to the
lending institutions despite tight liquidity conditions.
FUTURE OUTLOOK:
The Company
expects the current economic and business environment to stay challenging over
the next few quarters. The Company shall continue to focus on plotted
development, luxury/premium housing, to improve the cash cycle, timely
execution and delivery of its projects, divestment of non-core assets and cash
conservation.
The development
side of the business is expected to have planned launches and sales of 10-12
msf. The rental business will target leasing of 2 msf in the current
fiscal.
The Company has
targeted divestment of non-core assets to the extent of Rs. 50000.000 – Rs.
60000.000 Millions and achieves reduction in net debt by a similar amount in
the current fiscal.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
THE INDIAN
ECONOMY:
2011-12 was a very
challenging year for the Indian economy. The year witnessed turmoil as the GDP
growth rate came down to 6.5%, the lowest in the last 5 years. This was a
result of the various macro-economic factors, global economy being at the brink
of a recession, financial turmoil in the Euro zone and slowdown in the economic
decisions by the Government and the 13 consecutive rate hikes announced by the
Reserve Bank of India.
The year was
characterized by sustained rise in inflection, as a result of a sharp increase
in the prices of commodities. This was further exacerbated by the supply side
constraints and increased borrowing costs. The Reserve Bank of India took a
cautious monetary stance, sacrificing growth over controlling inflation. With
demand and affordability getting impacted, the economic growth engine witnessed
signs of a significant slowdown. Over the near term, there is no sign of
reversal of this trend, unless the Government initiates a series of reforms and
bold economic measures.
THE INDIAN REAL
ESTATE SECTOR:
Amidst a slowdown
in economic growth, the Indian real estate sector continued to face a
challenging environment. With an overall decline in volumes, pricing was a key
issue in some geography marked by over-supply and lack of sustained economic
activity. Key markets were also impacted by policy inertia, leading to
significant reduction in volumes on account of lack of fresh approvals.
The Office Leasing
business was marked by oversupply in key geographies and slowing of demand on
account of lack of fresh investment by international businesses and lack of
domestic triggers. This resulted in decline in average rentals in certain
geographies.
The Retail Leasing
segment was slightly better, as oversupply in the segment got absorbed with a
marginal increase in retail penetration and ill-located malls being put to
alternate uses. Some geographies, especially Delhi, saw marginal improvement in
rentals. In case of retail leases with revenue sharing, the share of revenues
was matching closely to minimum guarantees, implying that as domestic retail
picks up, it shall provide boost to retail rentals. The Government has proposed
Land Acquisition Bill and Real Estate Regulation and Development Bill. These
Bills are yet to achieve consensus and enactment.
RESIDENTIAL
SEGMENT:
The overall demand
in the residential sector witnessed muted growth. However some areas in North
India, showed increasing volumes accompanied with price recovery. Mumbai market
witnessed a negative growth, as it went through a time correction, due to lack
of fresh launches and prices remaining stable. After a long period of
regulatory inertia, new Development Control Rules (DCR) norms were introduced
in Mumbai market. Bangalore emerged as the strongest region in terms of
absorption with an increase of 20% YoY. The high absorption was attributable to
a large number of affordable launches.
The capital value
trends however depict that the sector managed to sustain or marginally increase
the capital values. High mortgage rates played a dampener while increasing
inflation aggravated the problems of the sector by adversely affecting the
affordability of the consumers. As the interest rate cycle is anticipated to
have peaked, the reduction in mortgage rates shall help improve affordability
and boost sentiments.
Cushman and
Wakefield estimates that the cumulative demand in the residential sector during
the period 2011-15 would reach approx. 3.94 million units growing at a CAGR of
11%.
COMMERCIAL
SEGMENT:
The commercial
offices segment underwent a setback as a result of deferment of expansion and
investment plans because of the adverse macro-economic conditions both
nationally and globally. The second half witnessed a substantial dropdown in
the absorption rate in the commercial segment.
The share of the
IT/ITES in office leasing dropped down from 47% in FY’11 to 35% in FY’12;
however, the overall demand levels were sustained due to increase in demand
from various other sectors including manufacturing, consulting and telecom. The
demand from these sectors rose to 26% this year from 16% in FY’11.
Cushman and
Wakefield Research estimates that the cumulative demand of offices during the
period 2011-15 would reach 267 msf. Over 47 % of this total demand is
attributed to Bangalore, Mumbai and NCR regions.
RETAIL SEGMENT:
The retail segment
witnessed a substantial boost both in terms of leasing activity as well as the
completion of the malls. The organized retail market grew over the previous
year as many international ‘single brand’ retailers have forayed in the key
markets.
Though the segment
received a slight fillip with Government allowing 100% FDI in single brand
retail, the sector will not see a significant recovery till the government is
able to work on a political consensus for allowing FDI in multi-brand retail.
Cushman and Wakefield Research estimates that the cumulative demand for retail
during the period 2011-15 would be approximately 57 msf witnessing a CAGR of
37%. Over 43% of the total demand is attributed to Bangalore, Mumbai and NCR
regions. Majority of the operational stock is present in NCR; however the
incremental supply came into other cities, primarily Mumbai and Bangalore.
REVIEW OF
OPERATIONS:
DEVELOPMENT
BUSINESS:
The Development
Business of the Company is involved in the sale of residential spaces, select
commercial offices and commercial complexes. The business is split into 3 SBU’s
i.e. Gurgaon, Super Metros and Rest of India and each of these are
independently responsible and accountable for all activities across the product
value chain from land buying, consolidation, approvals, launch, and sales to
final delivery to the consumer.
OUTLOOK:
With the real GDP
having grown over 8% during last couple of years and resultant wealth creation,
increasing disposable income and distribution of wealth amongst a larger
segment of the population, the outlook for residential developments continues
to be good. The year is also expected to witness some decline in interest
rates. The Company plans to launch select premium and luxury group-housing
projects in the current financial year. A significant project for the year
would be the luxury housing, which would be another Golf Community in DLF Phase
V, Gurgaon, Besides this, the Company plans to launch plotted developments in
various locations.
CONTINGENT LIABILITIES AND COMMITMENTS, NOT PROVIDED FOR, EXIST IN
RESPECT OF
|
Particulars |
31.03.2012 (Rs. in millions) |
31.03.2011 (Rs. in millions) |
|
a) Guarantees
issued by the Company on behalf of : |
|
|
|
Subsidiary companies |
97112.223 |
90115.609 |
|
Others |
6400.000 |
1300.593 |
|
b) Claims against the Company (including unasserted claims) not
acknowledged as debts |
7399.926 |
1300.141 |
|
c) Income tax demand in excess of provisions (pending in appeals) |
11693.382 |
7185.586 |
|
d) Compensation for delayed possession |
105.707 |
0.000 |
|
Total |
122711.238 |
99901.929 |
FIXED ASSETS:
·
Freehold Land
·
Plant and Machinery
·
Furniture and Fixtures
·
Office Equipments
·
Aircraft and Helicopter
·
Building
·
Software
UNAUDITED STANDALONE
FINANCIAL RESULTS FOR THE QUARTER ENDED DECEMBER 31, 2012
Rs. in Million
|
Sr. No. |
Particular |
Quarter Ended |
Nine Months Ended |
|
|
|
|
31.12.2012 [Reviewed] |
30.09.2012 [Reviewed] |
31.12.2012 [Reviewed] |
|
|
|
|
|
|
|
1. |
Net Sales/Income from Operations |
1844.300 |
3560.700 |
13328.500 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
Cost
of land, plots, development rights and constructed properties |
1240.900 |
991.100 |
1409.000 |
|
|
Employee
benefits expenses |
319.200 |
259.700 |
793.600 |
|
|
Depreciation
and amortization expenses |
358.600 |
357.800 |
1070.600 |
|
|
Other
expenses |
1111.700 |
701.000 |
2611.700 |
|
|
Total Expenses |
3030.400 |
2309.600 |
5884.900 |
|
|
|
|
|
|
|
3. |
Profit
From Operations before Other Income, Interest and Exceptional Items (1-2) |
(1186.100) |
1251.100 |
7443.600 |
|
|
|
|
|
|
|
4. |
Other
Income |
4800.900 |
2513.100 |
9679.600 |
|
|
|
|
|
|
|
5. |
Profit
Before Interest and Exceptional Items (3+4) |
3614.800 |
3764.200 |
17123.200 |
|
|
|
|
|
|
|
6. |
Interest |
4356.700 |
4186.100 |
12895.700 |
|
|
|
|
|
|
|
7. |
Profit
After Interest but before Exceptional Items (5-6) |
(741.900) |
(421.900) |
4227.500 |
|
|
|
|
|
|
|
8. |
Exceptional
Items |
-- |
-- |
-- |
|
|
|
|
|
|
|
9. |
Profit
from Ordinary Activities before Tax (7+8) |
(741.900) |
(421.900) |
4227.500 |
|
|
|
|
|
|
|
10. |
Tax
Expense |
(320.800) |
(228.400) |
1144.900 |
|
|
|
|
|
|
|
11. |
Net
Profit from Ordinary Activities after Tax (9-10) |
(421.100) |
(193.500) |
3082.600 |
|
|
|
|
|
|
|
12. |
Extraordinary
Item (net of expense) |
-- |
1.900 |
27.600 |
|
|
|
|
|
|
|
13. |
Net
Profit for the period (11-12) |
(421.100) |
(195.400) |
3055.000 |
|
|
|
|
|
|
|
14. |
Paid-up
Equity Share Capital (Face Value of Rs.2/- Each) |
3397.300 |
3397.100 |
3397.300 |
|
|
|
|
|
|
|
15. |
Reserves
Excluding Revaluation Reserve |
-- |
-- |
-- |
|
|
|
|
|
|
|
16. |
Basic and Diluted Earning Per
Share (EPS) (Rs.)-Not Annualised |
|
|
|
|
|
a)
Basic and diluted EPS before extraordinary items |
(0.25) |
(0.12) |
1.80 |
|
|
b) Basic
and diluted EPS after extraordinary items |
(0.25) |
(0.11) |
1.39 |
|
|
|
|
|
|
|
17. |
Public Shareholding |
|
|
|
|
|
-Number
of Shares |
363864386 |
363760809 |
363864386 |
|
|
-
Percentage of Shareholding |
21.42 |
21.42 |
21.42 |
|
|
|
|
|
|
|
18. |
Promoters and Promoter Group
Shareholding |
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
-
Number of Shares |
Nil |
Nil |
Nil |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of promoter and
promoter group) |
Nil |
Nil |
Nil |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
Nil |
Nil |
Nil |
|
|
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
|
-
Number of Shares |
1334803120 |
1334803120 |
1334803120 |
|
|
- Percentage
of Shares (as a % of the Total Shareholding of Promoter and Promoter Group) |
100% |
100% |
100% |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
78.58 |
78.58 |
78.58 |
|
Particulars |
|
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
5 |
|
Disposed of during the quarter |
5 |
|
Remaining unresolved at the end of the
quarter |
Nil |
NOTES:
1. The financial results
have been reviewed by the Audit Committee and approved by the Board of
Directors at its meeting held on February 14, 2013 and have undergone ‘Limited
Review’ by the Statutory Auditors of the Company.
2. The Company is
primarily engaged in the business of colonization and real estate development,
which as per Accounting Standard – 17 on “Segment Reporting” notified pursuant
to the Companies (Accounting Standard) Rules, 2006 issued by the Central
Government in exercise of the powers conferred under sub section (I) (a) of
Section 642 of the Companies Act, 1956 is considered to be the only reportable
business segment. The Company is primarily operating in India which is
considered as a single geographical segment.
3. In terms of the
accounting policy for revenue recognition, estimates of projects costs and
revenues are reviewed periodically by the management and the impact of any
changes in such estimates are recognized in the period in which such changes
are determined. Wherever projects are nearly completion, their cost budgets are
adjusted to reflect the final cost of completion.
4. During the
quarter, as per the Employee Stock Option Scheme 2006:
(a) Rs. 87.100
Millions has been provided as employee benefit expenses, as the proportionate
cost of 4,807,346 numbers of options outstanding as on December 31, 2012.
(b) The Company
has allotted 103,577 equity shares of face value of Rs. 2 each to the eligible
employees of the Company on account of exercise of vested stock options.
5. The weighted average
number of equity shares outstanding during the period has been considered for
calculating the Basic and Diluted Earnings Per Share (not annualized) in
accordance with AS – 20 “Earnings per share”.
6. Income tax
and other matters:
(a) As already reported,
in the earlier quarter(s), disallowance of SEZ profits u/s 80IAB of the Income
Tax Act, 1961 were made by the Income Tax Authorities in the Assessment of the
Company amounting to Rs. 3552.400 Millions for the assessment year 2009-10 and
Rs. 4872.300 Millions for assessment year 2008-09. The Company had filed
appeals before the appropriate appellate authorities against the said
assessment orders.
Based on the
advice from independent tax experts and the development on the appeals, the
management is confident that additional tax so demanded will not be sustained
on completion of the appellate proceedings and accordingly, pending the
decision by the appellate authorities, no provision has been made in the
financial results.
(b) During the
year ended March 31, 2011, the Company received judgment from the Hon’ble High
Court of Punjab and Haryana cancelling the release/ sale deed of land relating
to IT SEZ Project in Gurgaon. The Company has filed Special Leave petitions
(SLP) challenging the order in the Hon’ble Supreme Court of India. The Hon’ble
Supreme Court has admitted the matter and stayed the operation of the impugned
judgment till further orders. Based on the advice of the independent legal
counsels, the management believes that there is a reasonably strong likelihood
of succeeding before the Hon’ble Supreme Court. Pending the final decisions on
the above matter, no adjustment has been done in these financial results.
(c) The
Competition Commission of India (CCI) on a complaint filed by the Belaire/ Park
Place owners associations had passed orders dated August 12, 2011 and August
29, 2011 wherein the CCI had imposed a penalty of Rs. 6300.000 Millions on DLF,
restrained DLF from formulating and imposing allegedly unfair conditions with
buyers in Gurgaon and further ordered to suitably modify the alleged unfair
conditions on its buyers.
The said orders of
CCI are challenged by DLF on several grounds by filing appeals before the
Competition Appellate Tribunal (COMPAT). COMPAT has granted stay against the
orders of CCI imposing penalty. During subsequent hearings they have further
ordered that the directions of CCI for modifications of terms of the Agreement
shall remain in abeyance. The appeals are part heard and are listed before
COMPAT on February 20, 2013 for final hearing. Pending the final decisions, no
adjustment has been done in these financial results.
7. During the
quarter, the company vide resolution passed in the finance committee meeting
held on November 08, 2012, increased the interest rate to 12.5% w.e.f April 01,
2012 for the inter company loans given to all subsidiaries. Consequently,
interest income of Rs. 1144.600 Millions has been recognised as other income in
these financial results.
8. The Company
along with its two wholly owned subsidiaries divested its entire stake in
Jawala Real Estate Pvt. Ltd. (Jawala) (a wholly-owned subsidiary company).
Consequent to divestment, Jawala has ceased to be a subsidiary of the Company
w.e.f November 01, 2012. Profit before tax on disposal of its investment in
debentures amounting to Rs. 1184.400 Millions is classified as other income in
these financial results.
9. The company has
entered into definitive Business Transfer Agreement with BLP Vayu (Project 1)
Private Limited, a subsidiary of Bharat Light and Power Private Limited for
transferring of its undertaking comprising of 150 MW capacity wind turbines
situated at Kutch, Gujarat on ‘as it where is basis’ by way of slump-sale for a
lump sum consideration of Rs. 2823.000 Millions. Subject to the fulfillment of
the terms and conditions by both the parties in accordance with the said
agreement, the said undertaking including related assets and liabilities along
with relevant long term loans would be transferred to BLP Vayu (Project 1)
Private Limited. As the transaction is expected to be consummated on receipt of
requisite regulatory approvals and the closing conditions, no effect of the
same is taken in these financial results.
10. The previous
period figures have been regrouped/ recast wherever necessary to make them
comparable with those of the current period.
PRESS RELEASE:
Thu,
14 Feb, 2013
DLF announces Q3 FY13 results
Revenue at Rs
22910.000 Millions
Net profit at Rs
2850.000 Millions
EDITORS SYNOPSIS:
FINANCIAL HIGHLIGHTS
–
Q3 FY13 (ALL
COMPARISONS WITH Q3 FY12)
· Consolidated Revenue at Rs 22910.000 Millions, down by 4% from Rs 23960.000 Millions
· EBIDTA at Rs 10680.000 Millions, down by 10% from Rs 11840.000 Millions
· Consolidated PAT at Rs 2850.000 Millions, up from Rs 2580.000 Millions
· EPS for the quarter at Rs 1.67
· Net debt declined by Rs.18700.000 Millions
Q3 FY13 (ALL
COMPARISONS WITH Q2 FY13)
· Consolidated Revenue at Rs 22910.000 Millions, compared to Rs 21570.000 Millions;
· EBIDTA at Rs 10680.000 Millions, up by 24% from Rs 8640.000 Millions
· Consolidated PAT at Rs 2850.000 Millions, compared to Rs 1390.000 Millions
· EPS at Rs 1.67, compared to Rs 0.81
HIGHLIGHTS – Q3 FY13
BUSINESS
· 2.27 msf sales booked in the quarter versus 1.59 msf in the previous quarter
· Leasing volumes of 0.44 msf during the quarter
· Total developable potential at 332 msf
· Delivery of 0.58 msf from Devcos.
· 62 msf of projects area under construction at the end of the quarter
· Received residual consideration of Rs. 2227 Millions on sale of Jawala Real estate (NTC Mills, Mumbai). Monies to be received from the Aman Transaction in Q4FY13. Binding agreements signed for 150 MW of wind mills
New Delhi, February 14, 2013: DLF Limited, India’s largest real estate company, recorded consolidated revenues of Rs 22910.000 Millions for the quarter ended December 31, 2013, an increase of6% from Rs 21570.000 Millions in Q2 FY13. EBIDTA stood at Rs 10680.000 Millions, an increase of 24% as compared to Rs 8640.000 Millions in Q2FY13. Net profit is Rs 2850.000 Millions, as compared to Rs 1390.000 Millions in Q2FY13. The non-annualized EPS for the quarter was Rs 1.67.
The above financial results are after taking into account ‘one time’ profit from the sale of NTC mills land in Mumbai and accounting for certain additional costs/rebates to be incurred in the future on existing projects, including potential loss on the sale of Silverlink Resorts (Aman Resorts). It also reflects the deferment of recognition of revenues under the new accounting policy for new launches.
The quarter saw reduction in the net debt by Rs 18700.000 Millions. The Company continues to make investments in new assets with a capex/land of approx. Rs.2500.000 Millions during the quarter. The Company believes that with the new initiatives by the Government on the policy initiatives and outlook of reduction on the interest rates, the investment sentiment in the country shall improve. This shall have a positive impact on the Company’s operations in the medium term.
On the anvil are also highly accretive launches in Gurgaon, which are expected to further bolster cash flows of the company. However, in most cases, the revenue and profitability shall be reflected only after a few quarters given the new accounting policies.
The Company is focused to create a business model of highly stable and predictable earnings, cash flows and long term value creation. In the current macro environment, DLF intends to continue with the current volume of launches, development and leasing. Over the next few years, DLF expects to move to a higher RoE model with reduced quantum of debt and at a lower cost.
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.54.29 |
|
|
1 |
Rs.84.09 |
|
Euro |
1 |
Rs.72.44 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
50 |
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.