MIRA
INFORM REPORT
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Report Date : |
19.07.2013 |
IDENTIFICATION DETAILS
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Name : |
SOBHA DEVELOPERS LIMITED (w.e.f. 08.05.2006) |
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Formerly Known
As : |
SOBHA DEVELOPERS PRIVATE LIMITED |
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Registered
Office : |
‘SOBHA’, Sarjapur – Marathahalli, Outer Ring Road (ORR),
Devarabisanhalli, Bellandur Post, Bangalore – 560103, Karnataka |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
07.08.1995 |
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Com. Reg. No.: |
08-018475 |
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Capital
Investment / Paid-up Capital : |
Rs. 980.640 Millions |
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CIN No.: [Company Identification
No.] |
L45201KA1995PLC018475 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRS03591A |
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PAN No.: [Permanent Account No.] |
AABCS7723E |
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Legal Form : |
A Public Limited Liability Company. The company’s Share are Listed on
the Stock Exchanges. |
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Line of Business
: |
Subject is a real estate developer
engaged in the business of construction, development, sale, management and
operation of all or any part of townships, housing projects, commercial
brmises and other related activities. The Company is also engaged in
manufacturing activities related to interiors, glazing and metal works and
concrete products which also provides backward integration to SDL's turnkey
projects. |
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No. of Employees
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2224 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
A (62) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 84660000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a well established company having fine track record. Even though the company has seen a better growth in its sales
turnover, there appears a slight dip in its net profitability during 2013.
However, financially the company appears to be strong and healthy. Liquidity
position seems to be good. Trade relations are fair. Business is active. Payment terms are
reported as regular and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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 |
EXTERNAL AGENCY RATING
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Rating Agency Name |
ICRA |
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Rating |
BBB+ (Term Loans) |
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Rating Explanation |
Moderate degree of safety regarding timely servicing of financial
obligation and carry moderate credit risk. |
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Date |
July 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/ Corporate Office 1 / Marketing Office 1 : |
‘SOBHA’, Sarjapur – Marathahalli, Outer Ring Road (ORR), Devarabisanhalli,
Bellandur Post, Bangalore – 560103, Karnataka, India |
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Tel. No.: |
91-80-49320000/ 25594139 |
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Fax No.: |
91-80-49320444/ 25594138 |
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E-Mail : |
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Website : |
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Factories : |
Interiors
Division Plot No: 9, KIADB Industrial Area, Jigani Bommasandra Link Road,
Bommasandra, Hennagara Post , Anekal
Taluk, Bangalore - 560 105, Karnataka, India Tel No.: 91-80-22631700 / 27839012/3/4/5 Fax No.: 91-80-27839017 E-mail: retail.sil@sobha.com
Glazing and
Metal Works Division Plot No: 10,
Bommasandra Jigani Link Road, Anekal Taluk, Bommasandra , Bangalore - 560 105
Karnataka, India Tel No.: 91-80-27839018/
22631702 / 27839019 Fax No.:
91-80-27839021 Concrete
Products Division Plot No: 329,
Bommasandra Jigani Link Road, Industrial Area, Jigani Anekal Taluk, Bangalore
- 560 105, Karnataka, India Tel No.: 91-80-27825177 / 27825220 Fax No.: 91-80-27825777 E-mail: enquiry@sobhaconcreteproducts.com
Restoplus Spring
Mattress Division Plot No. 9, Bommasandra, Jigni Link Road, Industrial Area, Hennagara
Post, Bommasandra, Bangalore, Karnataka, Indai. Fax No.: 91-80-22631710 E-mail: sobha.restoplus@sobha.com
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Regional Office
1 : |
5th Floor, Rider House, Sector 4 136 – P, Gurgaon – 122003,
Haryana, India |
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Tel No.: |
91-124 – 485555 |
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Email: |
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Regional Office |
Also Located at: ·
Pune ·
Kerala ·
Chennai ·
Coimbatore · Mumbai |
DIRECTORS
AS ON 31.03.2013
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Name : |
Mr. R. V. S. Rao |
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Designation : |
Independent Director |
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Name : |
Mr. Anup Shah |
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Designation : |
Independent Director |
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Name : |
Dr. S.K. Gupta |
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Designation : |
Independent Director |
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Name : |
Mr. M. Damodaran |
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Designation : |
Independent Director |
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Name : |
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Designation : |
Co-Chairman |
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Date of Birth/Age : |
31 Years |
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Qualification : |
B.S.C.E. |
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Experience : |
8 years |
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Date of Appointment : |
06.06.2004 |
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Name : |
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Designation : |
Vice Chairman and Managing Director |
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Date of Birth/Age : |
54 Years |
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Qualification : |
B.Com, ACA, ACS |
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Experience : |
28 Years |
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Date of Appointment : |
01.06.2001 |
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Last Employment : |
Grasim Industries Limited |
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Name : |
Mr. P. Ramakrishnan |
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Designation : |
Deputy Managing Director |
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Date of Birth/Age : |
49 Years |
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Qualification : |
BE,MBA |
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Experience : |
26 Years |
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Date of Appointment : |
15.03.2007 |
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Last Employment : |
Enares Infranet Private Limited |
KEY EXECUTIVES
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Name : |
Mr. Kishore Kayarat |
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Designation : |
Company Secretary and Compliance Officer |
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Name : |
Anup S Shah Law Firm |
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Designation : |
Legal Advisors |
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Investors Relations Committee: |
· Dr. S.K. Gupta (Chairman) · Mr. Ravi Menon (Member) ·
Mr. J.C. Sharma (Member) |
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Nomination,
Remuneration and Governance Committee: |
· Mr. Anup Shah (Chairman) · Mr. R.V. S. Rao (Member) · Mr. J.C. Sharma (Member) |
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Share Transfer
Committee: |
· Mr. J.C. Sharma (Chairman) · Mr. Ravi Menon (Member) · Mr. P. Ramakrishnan (Member) |
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Risk Management
Committee |
· Mr. Anuo Shah (Chairman) · Mr. Ravi PNC Menon (Member) · Mr. J C Sharma (Member) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2013
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Category of
Shareholder |
No. of Shares |
% of No. of
Shares |
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(A) Shareholding of Promoter and Promoter Group |
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Any Others (Specify) |
45000 |
0.05 |
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Directors/Promoters & their Relatives & Friends |
45000 |
0.05 |
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Sub Total |
45000 |
0.05 |
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Individuals (Non-Residents Individuals / Foreign Individuals) |
59364300 |
60.54 |
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Sub Total |
59364300 |
60.54 |
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Total shareholding of Promoter and Promoter Group (A) |
59409300 |
60.58 |
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(1) Institutions |
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Mutual Funds / UTI |
2230919 |
2.27 |
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Financial Institutions / Banks |
551895 |
0.56 |
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32811108 |
33.46 |
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Sub Total |
35593922 |
36.3 |
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(2) Non-Institutions |
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Bodies Corporate |
743551 |
0.76 |
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Individual shareholders holding nominal share capital up to Rs. 0.100
Million |
1639927 |
1.67 |
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Individual shareholders holding nominal share capital in excess of Rs.
0.100 Million |
155561 |
0.16 |
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Any Others (Specify) |
521607 |
0.53 |
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Clearing Members |
166151 |
0.17 |
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Directors & their Relatives & Friends |
21235 |
0.02 |
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11 |
0 |
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Trusts |
1740 |
0 |
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Office Bearer |
130439 |
0.13 |
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Non Resident Indians |
202031 |
0.21 |
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3060646 |
3.12 |
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Total Public shareholding (B) |
38654568 |
39.42 |
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Total (A)+(B) |
98063868 |
100 |
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0 |
0 |
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(1) Promoter and Promoter Group |
0 |
0 |
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(2) Public |
0 |
0 |
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0 |
0 |
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Total (A)+(B)+(C) |
98063868 |
0 |
BUSINESS DETAILS
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Line of Business : |
Subject is a real estate developer
engaged in the business of construction, development, sale, management and
operation of all or any part of townships, housing projects, commercial
brmises and other related activities. The Company is also engaged in
manufacturing activities related to interiors, glazing and metal works and
concrete products which also provides backward integration to SDL's turnkey
projects. |
GENERAL INFORMATION
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No. of Employees : |
2224 (Approximately) |
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Bankers : |
·
Allahabad Bank ·
Andhra Bank ·
Axis Bank ·
Bank of India ·
Bank of Maharashtra ·
Corporation Bank ·
ICICI Bank ·
Indian Overseas Bank ·
Standard Chartered Bank ·
State Bank of India ·
State Bank of Travancore ·
Syndicate Bank ·
United Bank of India |
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Facilities : |
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NOTES
SHORT-TERM BORROWINGS
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Particulars |
Amount Outstanding (Rs. In Millions) |
Interest Rate |
Security Details |
Repayment Terms |
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31.03.2013 |
31.03.2012 |
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FROM BANKS |
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Term Loan |
385.000 |
-- |
12%-14% |
Secured by equitable
mortgage of certain project specific inventory and receivables of the
Company. Further, the loan has been guaranteed by way of corporate guarantee
given by certain group Companies. |
Nine monthly installments
in accordance with repayment schedule mentioned by the bank commencing from
July 31, 2014. |
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Term Loan |
760.000 |
-- |
12%-14% |
Secured by equitable mortgage of certain project
specific inventory and receivables of the Company and maintaining of Debt Service
Reserve account equal to three months interest. |
Four quarterly installments of amounts as mentioned in the
repayment schedule commencing from June 30, 2014. |
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Term Loan |
380.000 |
-- |
12%-14% |
Secured by equitable mortgage
of certain project specific inventory and receivables and certain lands of
the Company. Further, the loan has been guaranteed by the personal guarantee
of promoter of the Company. |
Four
quarterly installments of Rs. 80 million, Rs. 200 million, RS. 300 million
and Rs. 420 million respectively commencing from June 30, 2014. |
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Term Loan |
100.00 |
-- |
12%-14% |
Secured by equitable
mortgage of certain project specific inventory and receivables and certain
lands of the Company. Further, the loan has been guaranteed by way of
corporate guarantee given by certain group Companies |
Two quarterly
installments of Rs. 120 million and Rs. 180 million respectively commencing
from September 30, 2014 |
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Term Loan |
-- |
510.000 |
13%- 15% |
Secured by equitable mortgage of certain project
specific inventory and hypothecation of project specific receivables and
maintaining of Debt Service Reserve account equal to three months interest. Further,
the loan has been guaranteed by the personal guarantee of promoter of the
Company. |
Three equal monthly
installments of Rs. 60 million from January 31, 2011 to March 31, 2011, three
equal monthly installments of Rs. 30 million from April 30, 2011 to June 30,
2011, three equal monthly installments of RS. 50 million from April 30, 2012
to June 30, 2012 and six equal monthly installments of Rs. 60 million
commencing from July 31, 2012. |
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Term Loan |
-- |
957.360 |
12%-14% |
Secured by equitable mortgage
of certain project specific inventory and receivables and certain lands of
the Company. Further, the loan has been guaranteed by the personal guarantee
of promoter of the Company. |
Twenty five monthly
installments in accordance with repayment schedule mentioned by the bank
commencing from March 15, 2011 |
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Term Loan |
-- |
280.000 |
13%- 15% |
Secured by equitable
mortgage of certain project specific inventory. Further, the loan has been guaranteed
by way of corporate guarantee given by certain group companies |
Four equal quarterly
installments of Rs. 50 million commencing from December 31, 2012 and last
installment of Rs. 80 million due on December 31, 2013 |
|
Term Loan |
290.000 |
255.000 |
13%- 15% |
Secured by equitable
mortgage of certain project specific inventory and receivables of the company
|
Two half yearly installments of Rs. 145.000 Millions commencing form
February 14, 2014. |
|
Term Loan |
972.440 |
619.000 |
13%- 14% |
Secured
by equitable mortgage of certain project specific inventory under joint
development and receivables of the Company and maintaining of Debt Service
Reserve account equal to three months interest. Further, the loan has been
guaranteed by the personal guarantee of promoter of the Company. |
Quarterly installments of amounts as mentioned in the
repayment schedule commencing from September, 30, 2013. |
|
Term Loan |
650.000 |
770.000 |
14%- 15% |
Secured by equitable mortgage
of certain land, building, project specific inventory and receivables of the
Company and maintaining of Debt Service Reserve account equal to three months
interest. Further, the loan has been guaranteed by the personal guarantee of
promoter of the Company. |
Eleven equal monthly installments of Rs. 50 million
commencing from January 15, 2013 and ten monthly installments of Rs. 25
million commencing from July 15, 2013. |
|
Term Loan |
-- |
350.000 |
13%- 15% |
Secured by equitable mortgage
of certain land of the Company |
One single installment
within 12 months from the date of first availment |
|
Term Loan |
1041.800 |
741.000 |
13%- 14% |
Secured by equitable mortgage
of certain project specific inventory under joint development and receivables
of the Company. Further, the loan has been guaranteed by the personal
guarantee of promoter of the Company |
Quarterly installments of
amounts as mentioned in the repayment schedule commencing from two years from
the date of disbursement of loan |
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Term Loan |
1470.000 |
1000.000 |
14%- 15% |
Secured by equitable mortgage of certain land and
inventory of the Company. Further, the loan has been guaranteed by the personal
guarantee of promoter of the Company. |
Three quarterly
installments of Rs. 750 million, Rs. 900 million and Rs.1,350 million after a
moratorium of twenty seven months from the date of first disbursement. |
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Term Loan |
1000.000 |
970.000 |
12%-15% |
Secured
by equitable mortgage of certain project specific inventory of the Company.
Further, the loan has been guaranteed by the personal guarantee of promoter
and relative of such promoter of the Company. |
Eight
equal quarterly installments of Rs. 125 million commencing from September
30,2013. |
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FROM FINANCIAL
INSTITUTIONS |
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Term Loan |
1040.000 |
1680.000 |
12%- 14% |
Secured by equitable
mortgage of certain leasehold land and project land and building of the
Company. Further, the loan has been guaranteed by the personal guarantee of
promoter of the Company. |
Twelve quarterly
installments of Rs. 160 million commencing from October. 2011 and last
installment of Rs. 80 million due in October 2014. |
|
Term Loan |
260.000 |
500.000 |
15%- 16% |
Secured by equitable mortgage of certain land of the
Company. Further, the loan has been guaranteed by the personal guarantee of
promoter of the Company. |
Twenty
five equal monthly installments of Rs. 20 million starting from April 15,
2012. |
|
Term Loan |
375.000 |
243.750 |
13%- 14% |
Secured by equitable
mortgage of certain project specific inventory under joint development and
receivables of the Company. |
Quarterly installments of amounts as mentioned in the repayment
schedule commencing from September, 30, 2013. |
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FROM BANKS |
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Cash Credit |
43.000 |
-- |
12%- 14% |
Secured by equitable
mortgage of certain project specific inventory and receivables of the Company |
Repayable on demand |
|
Cash Credit |
49.000 |
-- |
12%- 14% |
Secured by charge on specific project inventory and receivables
of the Company. Further, secured by equitable mortgage of land of the Company |
Repayable on demand |
|
Cash Credit |
268.900 |
23.850 |
12%- 15% |
Secured by way of
equitable mortgage of certain land
and project specific receivables of the Company. Further, the facility has
been guaranteed by the personal guarantee of promoter and relative of such
promoter of the Company |
Repayable on demand |
|
Cash Credit |
649.000 |
230.620 |
13%- 15% |
Secured by
charge on specific project inventory, current assets
and receivables of the Company. Further, the facility has been guaranteed by
the personal guarantee of promoter and relative of such promoter of the
Company and by way of corporate guarantee given by certain group Companies |
Repayable on demand |
|
Cash Credit |
858.000 |
1480.390 |
13% - 14% |
Secured by equitable
mortgage of certain land, project specific inventory and receivables of the Company
and hypothecation of movable fixed assets of the Company. Further, the loan
has been guaranteed by the personal guarantee of promoter and relative of
such promoter of the Company. |
Repayable on demand |
|
Cash Credit |
-- |
6.540 |
13%- 15% |
Secured by equitable
mortgage of certain project specific inventory and receivables and certain
lands of the Company. Further, the facility has been guaranteed by the
personal guarantee of promoter and relative of such promoter of the Company
and by way of corporate guarantee given by certain group Companies |
Repayable on demand |
|
Cash Credit |
16.000 |
12.740 |
13%- 15% |
Secured by lien on fixed
deposits of the Company. |
Repayable on demand |
|
Cash Credit |
99.000 |
116.910 |
13%- 15% |
Secured by equitable mortgage of certain project specific inventory under joint development and receivables of the Company |
Repayable on demand |
|
Cash Credit |
20.000 |
7.470 |
13%- 15% |
Secured by
charge on specific project inventory,
current assets and receivables of the Company. Further, the facility has been
guaranteed by the personal guarantee of promoter and relative of such
promoter of the Company |
Repayable on demand |
|
Cash Credit |
25.880 |
13.800 |
13%- 15% |
Secured by charge
on specific project inventory, current assets and
receivables of the Company. Further, the facility has been guaranteed by the
personal guarantee of promoter and relative of such promoter of the Company
and by way of corporate guarantee given by certain group Companies |
Repayable on demand |
|
Cash Credit |
15.500 |
4.330 |
13%- 15% |
Secured by charge
on specific project inventory, current assets and receivables
of the Company. Further, the facility has been guaranteed by the personal
guarantee of promoter and relative of such promoter of the Company and by way
of corporate guarantee given by certain group Companies |
Repayable on demand |
|
Cash Credit |
10.000 |
3.120 |
13%- 15% |
Secured by lien on fixed
deposits of the Company |
Repayable on demand |
|
Cash Credit |
6.120 |
3.610 |
13%- 15% |
Secured by
charge on specific
project inventory, current assets and receivables of the Company. Further,
it has been guaranteed by the personal guarantee of promoter and relative of
such promoter of the Company |
Repayable on demand |
Details of collateral securities offered by related companies in respect of loans availed by the Company
|
Nature of Loans |
Amount Outstanding (Rs. In Millions) |
Name of the company |
Nature of security |
|
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31.03.2013 |
31.03.2012 |
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|
Term Loans |
1040.000 |
1680.000 |
Vayaloor Properties Private
Limited Vayaloor Builders Private
Limited Vayaloor Developers
Private Limited Vayaloor Real Estate
Private Limited Valasai Vettikadu Realtors Private Limited |
Equitable
mortgage of land |
|
Term Loans |
385.000 |
-- |
Megatech Software
Private Limited Tirur
Cyber City Developers Private Limited Thakazhi
Developers Private Limited Sobha
Innercity Technopolis Private Limited |
Equitable
mortgage of land |
|
Term Loans |
-- |
510.000 |
Megatech Software Private
Limited Tirur Cyber
City Developers Private Limited Thakazhi
Developers Private Limited |
Equitable
mortgage of land |
|
Term Loans |
-- |
280.000 |
Sri Kanakadurga Property
Developers Private Limited Sri Durga Devi Property Management Private Limited |
Equitable
mortgage of land |
|
Cash Credit |
268.900 |
23.840 |
Sobha Innercity
Technopolis Private Limited Allapuzha
Fine Real Estate Private Limited Rusoh
Modern Properties Private Limited Mapedu
Realtors Private Limited Chikmangaloor
Properties Private Limited Rusoh
Marina Properties Private Limited Mapedu
Real Estates Private Limited Chikmangaloor
Realtors Private Limited |
Equitable
mortgage of land and building |
|
Cash Credit |
690.380 |
255.290 |
Rusoh Fine Builders Private Limited Mannur Real Estate Private Limited Kilai Builders Private Limited Kilai Properties Private Limited Thirur Cyber Real Estates Private Limited Thakazhi Realtors Private Limited Kilai Super Developers Private Limited Thakazhi Developers Private Limited |
Equitable
mortgage of land |
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Banking
Relations : |
-- |
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Statutory Auditors : |
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Name : |
SR Batliboi and Associates LLP Chartered Accountant |
|
Address : |
UB City, Canberra Block, 12th and 13th Floor, No.24,
Vittal Mallya Road, Bangalore-560001, Karnataka, India |
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Direct Subsidiaries : |
·
Sobha City ·
Sobha Highrise
Ventures Private Limited [Subsidiary
Company under Accounting Standards
notified by Companies (Accounting Standards) Rules, 2006 (as amended)
incorporated on May 28, 2012.] ·
Sobha Developers
(Pune) Limited [Formerly Sobha Developers (Pune) Private Limited] [With
effect from July 1, 2011 Sobha Developers (Pune) Limited has ceased to be an
associate of the Company and has become a subsidiary of the Company.] ·
Sobha Assets
Private Limited [Subsidiary incorporated on March 13,2012 ] |
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Subsidiaries of Sobha City : |
·
Vayaloor Properties
Private Limited Vayaloor Builders Private Limited ·
Vayaloor
Developers Private Limited ·
Vayaloor Real
Estate Private Limited ·
Vayaloor Realtors
Private Limited ·
Valasai Vettikadu
Realtors Private Limited |
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|
|
|
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Limited |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
150000000 |
Equity Shares |
Rs.10/- each |
Rs. 1500.000 Millions |
|
5000000 |
7% Redeemable Preference Shares |
Rs.100/- each |
Rs. 500.000 Millions |
|
|
TOTAL |
|
Rs. 2000.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
98063868 |
Equity Shares |
Rs.10/- each |
Rs. 980.640
Millions |
|
|
|
|
|
(a) Reconciliation
of the shares outstanding at the beginning and end of the reporting year
|
|
31-Mar-13 |
|
|
Equity shares |
No of Shares |
Rs. In Millions |
|
At the
beginning of the year |
98063868 |
980.640 |
|
Issued during the year - |
- |
-- |
|
Outstanding
at the end of the year |
98063868 |
980.640 |
(b)Terms/ rights
attached to equity shares
The Company has only one class of equity
shares having a par value of Rs.10 per share. Each holder of equity shares is entitled
to one vote per share. The Company declares and pays dividend in Indian rupees.
The dividend proposed by the Board of Directors is subject to the approval of
the shareholders in ensuing Annual General Meeting. In event of liquidation of
the Company, the holders of equity shares would be entitled to receive
remaining assets of the Company, after distribution of all preferential
amounts. The distribution will be in proportion to the number of equity shares
held by the shareholders.
(c)Details of shareholders
holding more than 5% shares in the Company
|
|
31-Mar-13 |
|
|
Equity shares of Rs. 10 each fully paid up |
No of Shares in Millions |
Holding
Percentage |
|
Mrs.
Sobha Menon |
41.350 |
42.16% |
|
Mr. P.N.C. Menon |
12.490 |
12.74% |
|
Mr. P.N.C.
Menon and Mrs. Sobha Menon (Jointly) |
5.490 |
5.60% |
Notes: As per of the
Company, including its register of shareholders/ members and other declaration
received from shareholders regarding beneficial interest, the above shareholding
represent both legal and beneficial ownership of shares
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
980.640 |
980.640 |
980.640 |
|
(b) Reserves & Surplus |
20186.850 |
19024.230 |
17585.590 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.0000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
21167.490 |
20004.870 |
18566.230 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
149.040 |
244.400 |
20.700 |
|
(b) Deferred tax liabilities (Net) |
638.110 |
330.370 |
0.000 |
|
(c) Trade Payables |
177.620 |
177.620 |
177.620 |
|
(d) long-term provisions |
14.470 |
20.680 |
25.720 |
|
Total Non-current Liabilities (3) |
979.240 |
773.070 |
224.040 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
10784.640 |
10849.490 |
3251.170 |
|
(b) Trade payables |
4072.990 |
3212.710 |
2841.760 |
|
(c) Other current
liabilities |
8424.940 |
4636.150 |
12262.850 |
|
(d) Short-term provisions |
1264.910 |
1236.270 |
904.230 |
|
Total Current Liabilities (4) |
24547.480 |
19934.620 |
19260.010 |
|
|
|
|
|
|
TOTAL |
46694.210 |
40712.560 |
38050.280 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
3128.010 |
2739.600 |
1366.500 |
|
(ii) Intangible Assets |
40.730 |
57.930 |
6.270 |
|
(iii) Capital
work-in-progress |
0.000 |
12.750 |
646.510 |
|
(b) Non-current Investments |
2478.300 |
1539.130 |
506.140 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
73.790 |
|
(d) Long-term Loan and Advances |
4287.900 |
5501.940 |
4581.720 |
|
(e)
Inventories |
0.000 |
0.000 |
19.690 |
|
(f) Trade
Receivables |
20.230 |
51.250 |
25.510 |
|
(g) Other Non-current assets |
88.620 |
78.850 |
58.330 |
|
Total Non-Current Assets |
10043.790 |
9981.450 |
7284.460 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
9.950 |
|
(b) Inventories |
15879.560 |
14365.370 |
9706.660 |
|
(c) Trade receivables |
1646.730 |
1117.190 |
1044.420 |
|
(d) Cash and cash equivalents |
545.230 |
532.950 |
217.020 |
|
(e) Short-term loans and
advances |
13978.110 |
12573.670 |
16943.770 |
|
(f) Other current assets |
4600.790 |
2141.930 |
2844.000 |
|
Total Current Assets |
36650.420 |
30731.110 |
30765.820 |
|
|
|
|
|
|
TOTAL |
46694.210 |
40712.560 |
38050.280 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
18030.210 |
13965.680 |
13766.940 |
|
|
|
Other Income |
76.730 |
62.730 |
59.020 |
|
|
|
TOTAL (A) |
18106.940 |
14028.410 |
13825.960 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Land purchase cost |
1136.370 |
2586.680 |
1297.290 |
|
|
|
Cost of
raw material and components consumed |
1078.090 |
1011.010 |
700.670 |
|
|
|
Purchase
of project materials |
5045.120 |
2867.090 |
2602.160 |
|
|
|
Subcontractor
and labour charges |
3465.080 |
2803.940 |
2686.110 |
|
|
|
Employee
benefits expense |
1635.450 |
1267.490 |
1035.170 |
|
|
|
Other
expenses |
2368.300 |
3681.360 |
1479.120 |
|
|
|
(Increase)/
decrease in inventories of building materials, finished goods, stock in trade
- flats, land stock and work-in-progress |
(1487.650) |
(4591.010) |
466.260 |
|
|
|
TOTAL (B) |
13240.760 |
9626.560 |
10266.780 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4866.180 |
4401.850 |
3559.180 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1428.660 |
1061.710 |
845.490 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3437.520 |
3340.140 |
2713.690 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
559.650 |
387.780 |
277.730 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
2877.870 |
2952.360 |
2435.960 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
912.140 |
943.860 |
611.360 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
1965.730 |
2008.500 |
1824.600 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials (Including Project Items) |
213.820 |
104.520 |
107.280 |
|
|
|
Capital Goods |
121.890 |
22.940 |
22.700 |
|
|
TOTAL IMPORTS |
335.710 |
127.460 |
129.980 |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss)
Per Share (Rs.) |
20.06 |
20.48 |
18.61 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
10.86
|
14.32 |
13.20 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
15.96
|
21.14 |
17.69 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.51
|
7.54 |
6.62 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14
|
0.15 |
13.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.52
|
0.55 |
0.18 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.49
|
1.54 |
1.60 |
LOCAL AGENCY FURTHER INFORMATION
|
HIGH COURT OF
KARNATAKA PRINCIPAL BENCH
AT BANGALORE
|
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
|
Unsecured Loan |
Rs.
In Millions 31.03.2013 |
Rs.
In Millions 31.03.2012 |
|
SHORT-TERM BORROWINGS |
|
|
|
From parties other than
bank |
0.000 |
70.000 |
|
|
|
|
|
TOTAL |
0.000 |
70.000 |
CORPORATE INFORMATION
Subject was incorporated on August 7,1995.
SDL is a leading real estate developer engaged in the business of construction,
development, sale, management and operation of all or any part of townships,
housing projects, commercial brmises and other related activities. The Company
is also engaged in manufacturing activities related to interiors, glazing and
metal works and concrete products which also provides backward integration to
SDL's turnkey projects.
FINANCIAL OVERVIEW
PERFORMANCE
During
the financial year 2012-13, the Company has on a standalone basis, registered
total revenue of Rs. 18,106.94 million as compared to Rs. 14,028.41 million in
the previous year, showing an increase of 29.07 % Y-O-Y. EBITDA has increased
from Rs. 4,401.85 million in 2011-12 to Rs. 4,866.18 million, an increase of
10.55 %.
The
consolidated revenue of the Company during the financial year 2012-13 was Rs.
18,700.59 million, a growth of 32.22 % from the previous year. EBITDA has
increased from Rs. 4,730.25 million in 2011-12 to Rs. 5,537.70 million, an
increase of 17.07 %.
OPERATIONAL OVERVIEW
COMPLETED PROJECTS
During
the year, the Company has executed and handed over 6 residential projects
covering an area of 1.48 million square feet and 19 contractual projects
covering an area of 2.98 million square feet resulting in an aggregate
development of 4.46 million square feet.
The
Company has completed 85 residential projects and 228 contractual projects
covering about 56.25 million square feet of area since inception.
ONGOING PROJECTS
The
Company currently has 43 ongoing residential projects aggregating to 25.83
million square feet of developable area and 38 ongoing contractual projects
aggregating to 10.65 million square feet under various stages of construction.
FORTHCOMING PROJECTS
During
the financial year 2013-14, the Company proposes to launch projects
(residential and commercial) measuring about 12.02 million square feet in which
it has an economic interest of approximately 8.95 million square feet of
developable area in various cities including Bangalore, Thrissur, Kochi,
Kozhikode and Chennai.
The
Company has a geographic presence in 23 cities and 13 states across India.
BUSINESS OVERVIEW
Sobha
Developers Limited is a public limited company with its equity shares listed on
National Stock Exchange of India Limited and the Bombay Stock Exchange Limited.
The issued, subscribed and paid-up capital of the Company is Rs. 980,638,680
divided into 98,063,868 equity shares of Rs. 10 each. During the year under
review, there was no change in the capital structure of the Company.
The
operations of the Company can be categorized into two main verticals:
•
Construction and development of residential and commercial projects
•
Contractual projects
DIVISIONS
The
backward integration business model of the Company is ably supported by its
three divisions which act as the conduit of resources and expertise required
for the execution of projects.
GLAZING DIVISION
•
The Glazing Division is engaged in the business of metal fabrication such as
aluminum windows and doors, structural and architectural glazing.
•
The division has facilities in Bangalore and Chennai.
INTERIORS DIVISION
•
The Interiors Division specialises in wood work and in manufacturing wood and
wood-based products.
•
The division has facilities in Bangalore and Hosur.
CONCRETE PRODUCTS DIVISION
•
The Concrete Products Division is engaged in the manufacture of a wide range of
concrete products such as hollow and solid concrete blocks, medium and heavy
duty concrete pavers and varieties of concrete paving slabs.
•
The division has facilities in Bangalore, Gurgaon and Pune.
SUBSIDIARIES
As
on date, the Company has four subsidiaries, the details of which are enumerated
below. Further, the financial statements of the subsidiaries have been reviewed
by the Audit Committee and the minutes of the same have been placed before the
Board of Directors as stipulated under Clause 49 of the Listing Agreement. No
subsidiary of the Company is a material non-listed Indian subsidiary as defined
under the Listing Agreement.
A. SOBHA DEVELOPERS (PUNE) LIMITED
Sobha
Developers (Pune) Limited is a wholly-owned subsidiary of the Company. It was
incorporated on February 13, 2007 and became a subsidiary of the Company with
effect from July 01, 2011.
Sobha
Developers (Pune) Limited is presently executing a residential project,
"Sobha Forest View", situated at Hosahalli Village, Uttarahalli
Hobli, Bangalore South Taluk, Bangalore.
B. SOBHA ASSETS PRIVATE LIMITED
Sobha
Assets Private Limited was incorporated as a wholly-owned subsidiary of the
Company on March 13, 2012.
Sobha
Assets Private Limited has been identified as a Special Purpose Vehicle of the
Company to develop a Modern Agricultural Market Complex in Byatarayanapura,
Bangalore on PPP (Public Private Partnership) scheme between the APMC
(Agriculture Produce Marketing Committee), Government of Karnataka and the
Company.
C. SOBHA HIGHRISE VENTURES PRIVATE LIMITED
Sobha
Highrise Ventures Private Limited is a subsidiary of the Company. It was incorporated
on May 28, 2012 and became a subsidiary of the Company with effect from August
09, 2012. As on date, the Company holds an economic interest in Sobha Highrise
Ventures Private Limited to an extent of 50.0003%.
Pursuant
to a joint venture between the Company Winona SA Investments LLC and SA Winona
Ventures Limited, Sobha Highrise Ventures Private Limited has been identified
as a Special Purpose Vehicle to develop a proposed 100 % FDI (subject to
performance conditions) Compliant residential project situated at Doddanekkundi
Village, Varthur Hobli, Bangalore East Taluk, Bangalore.
D. SOBHA CITY
The
Company had earlier formed a Partnership Firm under the name and style of
"Sobha City" with Tree Hill Estates Private Limited for the
construction and development of Sobha City Project located in Thrissur, Kerala
with a profit sharing ratio of 70:30.
During
the financial year 2012-13, Tree Hill Estates Private Limited has retired as a
Partner from "Sobha City" and Sobha Developers (Pune) Limited has
been inducted as a Partner. As on date, the Company holds the entire economic
interest in "Sobha City".
MARKETS AND OPERATING ENVIRONMENT
MACRO ECONOMIC OVERVIEW
The Indian
economy still remains one of the fast growing economies in the world having
registered growth rates of 8.6 % and 9.3 % in FY 2009-10 and FY 2010-11
respectively. However, on account of macro-economic uncertainties, it has
showed signs of slow down in the last two financial years. The GDP growth was
6.2 % in FY 2011-12 which further dipped to 5.0% in the FY 2012-13. The two
important sectors - manufacturing and services - grew at a lesser rate leading
to the decline in GDP growth.
Nevertheless, moderating inflation and easing of regulatory
requirements to induce investments is expected to provide the much needed
stimulus for growth. The Economic Survey has pegged the GDP growth at around 6
% for the current financial year.
SECTOR OVERVIEW
In India,
the real estate sector is in an evolution phase. While the sector was
historically dominated by a handful of players in the early 90s, it has
witnessed a spate of new developers entering the fray in the recent years. The
changing customer preferences of urban households have led to increasing demand
for quality housing with value added amenities. This paradigm shift in customer
preference and increasing customer awareness has attracted more professionals
to the sector. The FDI policy issued by the Department of Industrial Policy and
Promotion has further opened new windows of opportunities for the sector.
There are
various factors which act as strong drivers for long term sustainable real
estate demand in India such as:
1. Continued
economic growth
2. Trend
towards nuclear families
3. Young
working population
4. Rising disposable
incomes
5. Increased
urbanization
6. Increased
immigration
7. Inherent
desire to own a home
The
Economic Survey 2013 points the following interesting facts which have a
bearing on the real estate sector:
1. The real estate
sector contributed 10.8% of GDP while the housing sector contributed 5.9% of
the GDP
2. The per
capita income is expected to increase by 11.7%.
3. Due to
moderation of inflation, the Reserve Bank of India has undertaken certain
monetary policies to ease the interest rates. The interest rates were
marginally reduced, the benefit of which has been passed onto the customers.
However, the banks have not yet passed on the benefits to the companies
operating in the sector.
4. RBI, to
prevent asset bubble in the real estate sector, continued to assign high risk
weight-age to loans disbursed to the companies operating in the sector.
5. Despite the
challenges faced by the economy, the housing credit has been growing.
6. There is
thrust on providing low cost housing loans for the affordable housing segment.
7. The ECB
Guidelines were relaxed to give an impetus to low cost housing projects.
However, in spite of importance of the sector, there are
various short term factors which impact growth such as:
1. Inflation
2. Higher interest
rates
3. High risk
weight-age for loans to companies operating in the sector
4. Non-availability
of low cost working capital
5. Employment
growth
6. Time lag
during the approval process while launching a project
7. Higher
statutory levies
8. Non-availability
of skilled manpower
9. Uncertainties
surrounding land title
The employment generated in the construction and real estate
sector is tremendous and it is, in fact, the second largest employer in the
country. The development of the real estate and construction industry can also
be directly linked to the development of approximately 300 different industries
like cement, steel, building materials etc. It is, therefore, imperative that
impetus should be provided to the construction and real estate sector so that overall
economic development can be achieved.
THEIR MARKETS
In the real
estate vertical, SOBHA has a presence in 7 cities spanning 5 States. The
Company has added 3 new markets, viz. NCR, Chennai and Mysore during the last 3
financial years and looks to expand further into cities like Kochi, Kozhikode,
Noida / Ghaziabad and Hyderabad.
Their
primary markets, being Bangalore, Chennai, NCR, Pune and Thrissur, witnessed a
strong user demand and continue to exhibit steady growth as compared to the
previous year. The Company remains ideally placed in these markets with its
superior quality of products. They expect this growth momentum to sustain and
look to broaden our presence in the said cities.
Their prime
focus will remain on the core residential business to generate positive cash
flows through faster execution and monetization of receivables and to maintain
the debt at optimum levels.
PROJECTS AND WORK DONE IN 2012-13
They have
always given paramount importance to execution. With a robust backward
integration model, the Company has always believed that its core strength lies
in execution and timely delivery of Projects. The execution and delivery
strengths of the Company have resulted in sustained development thereby
creating a mark of credibility amongst various stakeholders.
OVERALL EXECUTION
While the construction and development sector is influenced
by the availability of construction finance and the availability of skilled
manpower, SOBHA has during this financial year completed a total of 25 projects
in its Real Estate and Contracting vertical, measuring 4.46 million square feet
of developable area and 3.75 million square feet of Super Built-up area.
The Company has since inception executed 313 projects
aggregating to 56.25 million square feet. The Company has been consistently
launching new real estate projects and executing new contractual projects
wherein significant project level investments are being continuously made.
These ongoing projects are excluded from the purview of overall execution since
on an average, a project takes around 3 to 4 years for completion.
REAL ESTATE
In the real
estate vertical, the Company has presence in 7 cities covering 5 states. During
the financial year 201213, we completed 6 Real Estate projects measuring 1.48 million
square feet of developable area and 0.77 million square feet of Super Built-up
area. Since inception they have completed 85 real estate projects measuring
26.93 million square feet of developable area and 21.25 million square feet of
Super Built-up area.
FIXED ASSETS
·
Freehold Land
·
Leasehold Land
·
Factory Building
·
Plant and Machinery
·
Scaffolding Items
·
Furniture and Fixtures
·
Vehicles
·
Computers
·
Office Equipments
WEBSITE DETAILS
CHAIRMAN EMERITUS AND BOARD OF DIRECTORS
Mr. P.N.C. Menon |
Chairman Emeritus
Mr. P.N.C. Menon is the founder of Sobha Group of companies. A first
generation entrepreneur, Mr. Menon began his professional career by setting up an
interior decoration firm in the Sultanate of Oman in 1976. He has since then
incorporated several companies in the Sultanate of Oman, United Arab Emirates
and Qatar and also expanded into construction and Real Estate development. He
founded Sobha Developers in Bangalore in 1995. He is actively involved in the
day-to-day operations and activities of the Company. A plethora of awards has
been bestowed on Mr. Menon. Some of them include the ‘Life Time Achievement
Award’ in 2006 by Society Interiors Magazine for his contribution to the Real
Estate and construction industry and the ‘Global India Splendour Award’ in
2007. He was awarded the prestigious Pravasi Bharatiya Samman Puraskar by the
Honourable President of India, Ms. Prathiba Patil, on the occasion of Pravasi
Bharatiya Divas in 2009. He was also nominated to the Prime Minister’s Advisory
Council of Overseas Indians.
Sobha’s Board of Directors
Mr. Ravi Menon | Chairman
As part of the succession plan in June 2012, Mr. Ravi Menon was
appointed as the Chairman of Sobha. Soon after his graduation in Civil
Engineering with distinction from Purdue University, USA, he joined the Company
in 2004. Subsequent to joining the organisation, he has handled and mastered
the areas of Project Execution, Quality, Technology, Process and IT, Customer
Relationship Management, Engineering & Design and many other facets of the
business. He has contributed significantly to the product delivery which has
resulted in the Company’s delivery levels increasing from 6 Million Square Feet
in the financial year 2004-05 to over 50 Million Square Feet in cumulative
during 2011-12, a new milestone in the history of the Company and the
construction industry in India as a whole. During his association with the
Company, the turnover of the Company has increased from Rs. 6,248.34 Billion in
the financial year 2005-06 to Rs. 14,144 Billion in the financial year 2011-12,
an increase of around 125%. He continues to drive the organisation towards a
leadership position in the Real Estate and construction business.
Mr. J.C. Sharma |
Vice Chairman and Managing Director
Mr. J.C. Sharma has a bachelor’s degree in Commerce (Hons.) from Xavier
College, Calcutta. He is a qualified chartered accountant and company secretary
with over 25 years of experience in diversified industries such as automobiles,
textiles, steel and Real Estate in the areas of finance and management. He has
previously served as General Manager, Auto Distributors Limited; General
Manager - Finance, Bhoruka Steels Limited; and General Manager- Commerce and
Finance, Grasim Industries Limited. He has been associated with Sobha since
June 2001 and is entrusted with the responsibility of managing the overall
affairs of the Company, especially finances, land acquisition and legal
functions. Mr. Sharma is instrumental in spearheading the growth mantle of
Sobha.
Mr. Ramakrishnan
P. | Deputy Managing Director
Mr. P. Ramakrishnan holds a bachelor’s degree in Technology (Electrical
and Electronics Engineering) from Bharathiyar University. In addition, he holds
a master’s degree in Business Administration from Madurai Kamaraj University.
He has over 27 years of experience in techno-commercial skill development,
system design, project execution, corporate planning, and supply chain management.
He was associated with Manju Electrical Industries, Tamil Nadu Electricity
Board, ETA – Ascon Group of Companies and ICOMM Tele Limited. Prior to joining
Sobha on March 15, 2007, he worked with Enares Infranet Private Limited. He
currently heads the Kerala operations, contractual projects and manufacturing
facilities of Sobha.
Dr. S.K. Gupta | Independent Director
Dr. S.K. Gupta is a metallurgical engineer with a Ph.D. (Tech.) and
D.Sc. (Tech.) from Moscow. He has over 49 years of experience in the field of
metallurgy, engineering and management in the steel domain. He also has
experience in the fields of research and development, engineering and
management of steel plants, and large engineering companies in the public and
private sector and has formerly occupied prominent positions of president /
managing director / executive vice chairman of Jindal Vijayanagar Steel
Limited; managing director of Rourkela Steel Plant, Steel Authority of India
Limited; chairman and managing director, Metallurgical and Engineering
Consultants (MECON); and managing director, Mishra Dhatu Nigam Limited
(MIDHANI), Ministry of Defence. He was the recipient of the “Metallurgist of
the Year” award instituted by the Government of India in 1980 and was conferred
with the National Metallurgist award in 1998.
Mr. R.V.S.
Rao | Independent Director
Mr. R.V.S. Rao has a bachelor’s degree in Commerce from Mysore
University and a bachelor’s degree in Law from Bangalore University. Mr. Rao
has over 36 years of experience in the areas of banking and finance and was a
member of the board of directors of the Housing Development Finance Corporation
Limited. He is currently a senior advisor to a London-based hedge fund. As a
United States Agency for International Development (USAID) Consultant, he was
the team leader who reviewed operations and made recommendations for the
Housing Finance Company, Ghana, Africa. He was also the team leader of the
consultancy team, which advised the National Development Bank of Sri Lanka in
establishing its mortgage finance business. Mr. Rao is an associate of the
Indian Institute of Bankers, Bombay and a life member of the All India
Management Association.
Mr. Anup Shah | Independent Director
Mr. Anup Shah has a bachelor’s degree in Commerce from HR College,
Mumbai and a degree in Law from Government Law College, Mumbai. He has over 24
years of experience in the field of law, specifically Real Estate law. He
specialises in commercial and property documentation, corporate and commercial
litigation, property related issues, land laws and arbitration and alternative
dispute resolution. He also answers readers’ queries through “Legal Eagle”, a
weekly column in the Times of India, Bangalore.
Mr. Meleveetil
Damodaran | Independent Director
Mr. Meleveetil Damodaran graduated with distinction in Economics and Law
from the Universities of Madras and Delhi respectively. He is a member of the
premier Indian Administrative Service (IAS), Manipur-Tripura cadre. Since 1971,
Mr. Damodaran has held a number of important positions in both the Central and
State Governments and in India’s financial sector before demitting office as
the Chairman of Securities and Exchange Board of India (SEBI) on February 18,
2008. He graduated with distinction in economics and law from the Universities
of Chennai and Delhi respectively. As one of the foremost advocates of
Corporate Governance in India, he advises on improving boardroom performance
and is the Chairman of the Taskforce on Corporate Governance constituted by the
Federation of Indian Chambers of Commerce and Industry (FICCI).
PRESS RELEASE
SOBHA TOPS INDIAN
ANNUAL REPORTS AT LACP 2012 VISION AWARDS
Key Highlights
o
Sobha tops Indian Annual Reports at LACP 2012
Vision Awards
o
Sobha’s Annual Report ranked No. 20 worldwide and
No. 8 in the Asia-Pacific Region
o
Wins Platinum Award for excellence within the Real
Estate Industry worldwide
Bangalore, July
15, 2013: Realty major, Sobha Developers Limited, has been honored by the League
of American Communications Professionals (LACP), headquartered at Florida, USA,
for the fourth consecutive year for its Annual Report FY 2012-13 titled “Build,
Grow, Sustain”.
Sobha received six
awards this year – a) Rank 20 among the Top 100 Annual Reports Worldwide, b)
Rank 8 among the Top 50 Annual Reports in the Asia-Pacific Region, c) Platinum
Award for excellence within the Industry (Real Estate) worldwide, d) Top Indian
Annual Report, e) Gold Award for the Most Improved Annual Report worldwide and
f) Platinum Award for the Most Improved Annual Report in the Asia-Pacific
Region.
LACP Vision Awards
is the World’s largest Annual Report competition and recognizes the outstanding
Annual Reports globally. The 2012 Vision Awards received more than 6,000
entries from two-dozen countries making the competition exceptionally tough.
To be ranked No.
20 among the Top 100 Annual Reports worldwide is a significant achievement.
There are only 3 Indian Annual Reports featured in the Top 100 and Sobha’s
Annual Report has figured as the Top Indian Annual Report.
“Overall, we find
this work to be outstanding, earning a total score of 99 out of a maximum 100 points.
The first impression presented by this annual report is exceptional while the
cover of the publication is outstanding. The Letter to Shareholders presented
to readers is exceptional while the report narrative is outstanding. The work
is supported by robust financials section that we believe is exceptional. ”,
says Ms. Christine Kennedy, Managing Director, LACP
Mr. Ravi Menon,
Chairman, Sobha Developers who personally spearheads the annual report each
year was elated and said, “Sobha’s Annual Report for FY 2012-13 with the theme
of ‘Build, Grow, Sustain’ highlights how Sobha has built its foundation and
grown, by focusing on embedding sustainable practices that add value to the
business, community and environment. I am proud that our work is being recognized
on an international platform.”
“This
international recognition not only speaks volumes about the communication and
creative aspects but also the finest kind of financial reporting, which has
been appreciated by the jury as well. Winning LACP is like winning the Oscar in
the world of Financial Reporting. This is the fourth consecutive year of
recognition for Sobha at LACP and we are immensely proud of this achievement.”
says Mr. J C Sharma, Vice-Chairman and Managing Director, Sobha Developers.
The Sobha Annual
Report is replete with meticulous financial reporting, handy info graphics and
in-depth information about the Company’s financial performance, corporate
responsibility, environmental friendly measures undertaken to name a few.
About LACP
League of American
Communications Professionals (LACP) was established in 2001 in order to create
a forum within the public relations industry that facilitates discussion of
best-in-class practices within the profession while also recognizing those who
demonstrate exemplary communications capabilities. The LACP Vision Awards is
the largest competition for Annual Reports worldwide.
About Sobha Developers Limited .: A Truly Global Indian Company
Founded in 1995,
Sobha Developers Limited, a Rs. 20 Billion company, is one of the fastest
growing and only backward integrated real estate players in the country. It
means the Company has all the key competencies and in-house resources to
deliver a project from its conceptualization to completion.
Sobha is primarily
focused on residential and contractual projects. Sobha’s superior execution
capability is its core strength. As of March 31st, 2013, in the past 18 years
since its inception, Sobha has completed 85 real estate projects and 228
contractual projects covering about 56.25 Million Square Feet of area.
The Company
currently has 43 ongoing real estate projects aggregating to 25.83 Million
Square Feet of developable area and 10.65 Million Square Feet of contractual
projects under various stages of construction. Sobha has made a footprint in 23
cities and 13 states across India.
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 records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 59.71 |
|
|
1 |
Rs. 90.58 |
|
Euro |
1 |
Rs. 78.21 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
62 |
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.