MIRA INFORM REPORT
|
Report Date : |
26.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
UNITECH LIMITED |
|
|
|
|
Registered
Office : |
Basement, 6, Community Centre,
Saket, New Delhi – 110 017 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
09.02.1971 |
|
|
|
|
Com. Reg. No.: |
55-009720 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.5232.602
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L74899DL1971PLC009720 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELU01155A DELU02234B DELU02655C DELU00630A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACU1480H |
|
|
|
|
Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges. |
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|
|
|
Line of Business
: |
Subject is engaged in real estate development and related activities including construction, consultancy and rentals etc. |
|
|
|
|
No. of Employees
: |
1742 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 391638000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a part of Unitech Group. It is an established company
having a moderate track record. There appears sharp dip in the total income earned during 2013. The Managing Director of the subject is suspected to be involved in
the 2G conspiracy which affected the share price. However, business is active. Payment terms are slow. The company can be considered for business dealings with great
caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very
High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
We are living in a
world where volatility and uncertainty have become the New Normal. We saw
a change of government in countries like Tunisia, Egypt, Libya and Vietnam.
Once powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years to
double its economic output per person during its industrial revolution and the
US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in
agriculture, industry and services. Dampening sentiment led to a cut-back in
investment as well as private consumption expenditure. Inflation remained
at high levels fuelled by the pressure from the food and fuel sectors. The
large fiscal and current account deficit s continued to cause grave concern. It
is imperative that India regains its growth trajectory of 8-9 % sooner than
later. This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long Term Debt Programme: BBB- (Withdrawn) |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
April, 2011 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
Basement, 6, Community Centre,
Saket, New Delhi – 110 017, India |
|
Tel. No.: |
91-11-26847331/
26857330/ 26965169 |
|
Fax No.: |
91-11-26857338 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate
Office : |
Unitech
House, ‘L’ Block , South City-I, Gurgaon – 122 001, Haryana, India |
|
Tel. No.: |
91-124-4125200 |
|
Fax No.: |
91-124-4125328/
2383332 |
|
|
|
|
Marketing
Office : |
Signature
Towers, Ground Floor, South City-I, Gurgaon – 122 001, Haryana, India |
|
Tel. No.: |
91-124-4082020 |
|
Fax No.: |
91-124-4083355 |
|
|
|
|
Regional Offices : |
Located at: ·
Bangalore ·
Lucknow ·
Chandigarh ·
Mumbai ·
Chennai ·
Hyderabad ·
Noida ·
Kochi ·
Kolkata |
|
|
|
|
Overseas Office : |
Located at: ·
Dubai ·
Singapore |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Ramesh Chandra |
|
Designation : |
Executive Chairman |
|
|
|
|
Name : |
Mr. Sanjay Chandra |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Ajay Chandra |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Ms. Minoti Bahri |
|
Designation : |
Non Executive Director |
|
|
|
|
Name : |
Mr. G.R. Ambwani |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Anil Harish |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Sanjay Bahadur |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Ravinder Singhania |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Dr. P.K. Mohanty |
|
Designation : |
Independent Director |
KEY EXECUTIVES
|
Name : |
Mr. Manoj Popli |
|
Designation : |
Executive
Vice-President and Chief Financial Officer |
|
|
|
|
Name : |
Mr. Deepak Jain |
|
Designation : |
Vice-President and
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2013
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
88527840 |
3.38 |
|
|
1172607028 |
44.82 |
|
|
1261134868 |
48.20 |
|
|
|
|
|
|
3822000 |
0.15 |
|
|
3822000 |
0.15 |
|
Total shareholding of Promoter and Promoter Group (A) |
1264956868 |
48.35 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
2843046 |
0.11 |
|
|
9752632 |
0.37 |
|
|
24110094 |
0.92 |
|
|
839792794 |
32.10 |
|
|
876498566 |
33.50 |
|
|
|
|
|
|
120934120 |
4.62 |
|
|
|
|
|
|
299763074 |
11.46 |
|
|
31892394 |
1.22 |
|
|
22256025 |
0.85 |
|
|
11 |
0.00 |
|
|
42345 |
0.00 |
|
|
10097738 |
0.39 |
|
|
12115931 |
0.46 |
|
|
474845613 |
18.15 |
|
Total Public shareholding (B) |
1351344179 |
51.65 |
|
Total (A)+(B) |
2616301047 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
2616301047 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in real estate development and related activities including construction, consultancy and rentals etc. |
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|
Products/ Services : |
|
GENERAL INFORMATION
|
No. of Employees : |
1742 (Approximately) |
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Bankers : |
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|||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Goel Garg and
Company Chartered
Accountants |
|
Address : |
Gurgaon, Haryana, India |
|
|
|
|
Wholly Owned
Subsidiaries: |
|
|
|
|
|
Other Subsidiaries
: |
|
|
|
*Entities with which transactions exist |
|
|
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|
Joint Ventures : |
|
|
|
|
|
Associates : |
|
|
|
|
|
Enterprises owned or significantly influenced by
key management personnel: |
|
|
|
|
|
Enterprises owned or significantly influenced by
group of individuals or their relatives who have control or significant
influence over the Company : |
|
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4000000000 |
Equity shares |
Rs.2/- each |
Rs.8000.000 millions |
|
200000000 |
Preference Shares |
Rs.10/- each |
Rs.2000.000 millions |
|
|
Total |
|
Rs.10000.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2616301047 |
Equity Shares |
Rs.10/- each |
Rs.5232.602
millions |
|
|
|
|
|
Reconciliation of the
shares outstanding at the beginning and end of the reporting year
|
Particular |
31.03.2013 |
|
|
Number |
Amount (Rs. in Millions) |
|
|
At the beginning of the year |
2616301047 |
5232.602 |
|
Add : Issued during the year |
-- |
-- |
|
Outstanding at the end of the year |
2616301047 |
5232.602 |
The total issued
share capital comprises equity shares only, having face value of Rs.2.00 per share,
ranked pari passu in all
respects including voting rights and entitlement to dividend.
Detail of
shareholders holding more than 5% shares
|
Name of
shareholder |
31.03.2013 |
|
|
Number |
% held |
|
|
Prakausali Investments (India) Private Limited |
563679623 |
21.54% |
|
Harsil Projects Private Limited |
227501000 |
8.70% |
|
HSBC Global Investment Funds A/c HSBC Global Investment Funds
Mauritius Limited |
155640753 |
5.95% |
Aggregate number and
class of shares allotted as bonus shares during the period of five years
|
Particular |
31.03.2013 |
|
Number of equity shares allotted as fully paid up bonus shares by
capitalisation of free reserves in September, 2007. |
Nil |
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 |
5232.602 |
5232.602 |
5232.602 |
|
(b) Reserves & Surplus |
92676.875 |
91157.271 |
87586.084 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
97909.477 |
96389.873 |
92818.686 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
14685.126 |
12718.795 |
15919.232 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c)
Other long term liabilities |
4936.643 |
6722.657 |
7794.689 |
|
(d)
Long-term provisions |
187.164 |
164.901 |
131.469 |
|
Total
Non-current Liabilities (3) |
19808.933 |
19606.353 |
23845.390 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
10411.924 |
12439.683 |
15430.662 |
|
(b)
Trade payables |
7461.941 |
3658.812
|
2884.447 |
|
(c)
Other current liabilities |
33781.618 |
34640.775
|
29935.578 |
|
(d)
Short-term provisions |
36.902 |
1069.687
|
1332.918 |
|
Total
Current Liabilities (4) |
51692.385 |
51808.957 |
49583.605 |
|
|
|
|
|
|
TOTAL |
169410.795 |
167805.183 |
166247.681 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
666.859 |
636.543 |
1044.869 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
273.580 |
180.339 |
662.692 |
|
(iv) Intangible assets under development |
82.549 |
69.386 |
58.925 |
|
(b) Non-current
Investments |
28580.549 |
24248.095 |
20549.146 |
|
(c) Deferred tax assets
(net) |
308.388 |
42.038 |
18.394 |
|
(d) Long-term Loan
and Advances |
1162.629 |
1021.496 |
690.382 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
31074.554 |
26197.897 |
23024.408 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
202.506 |
0.000 |
14.128 |
|
(b)
Inventories |
11318.108 |
11702.002
|
12531.680 |
|
(c)
Trade receivables |
12386.610 |
16225.711
|
16773.732 |
|
(d)
Cash and cash equivalents |
1603.990 |
1581.002
|
2621.774 |
|
(e)
Short-term loans and advances |
72824.458 |
83424.675 |
85110.711 |
|
(f)
Other current assets |
40000.569 |
28673.896 |
26171.248 |
|
Total
Current Assets |
138336.241 |
141607.286 |
143223.273 |
|
|
|
|
|
|
TOTAL |
169410.795 |
167805.183 |
166247.681 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from
operations |
10530.915 |
12879.111 |
20147.170 |
|
|
|
Other Income |
4733.522 |
4886.804 |
3625.208 |
|
|
|
TOTAL |
15264.437 |
17765.915 |
23772.378 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Changes in inventories of finished properties, land, land development
rights and work in progress |
41.187 |
24.545 |
(40.460) |
|
|
|
Job and construction expenses |
23.648 |
14.724 |
209.318 |
|
|
|
Real estate project expenditure |
7147.781 |
8272.307 |
10838.539 |
|
|
|
Employee benefits expense |
1400.232 |
1285.168 |
1130.927 |
|
|
|
Borrowing costs |
3043.866 |
2799.351 |
3454.199 |
|
|
|
Other expenses |
887.819 |
709.390 |
831.341 |
|
|
|
Prior period and exceptional items |
0.000 |
1.582 |
0.000 |
|
|
|
Extraordinary
Items |
345.000 |
0.000 |
0.000 |
|
|
|
TOTAL |
12889.533 |
13107.067 |
16423.864 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
2374.904 |
4658.848 |
7348.514 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
55.977 |
67.760 |
66.786 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
2318.927 |
4591.088 |
7281.728 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
799.170 |
1323.974 |
2180.920 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
1519.757 |
3267.114 |
5100.808 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Receipts in respect of overseas projects |
207.339 |
45.981 |
51.571 |
|
|
TOTAL EARNINGS |
207.339 |
45.981 |
51.571 |
|
|
|
|
|
|
|
|
|
|
CIF VALUE OF
IMPORTS |
21.292 |
6.316 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
0.71 |
1.25 |
2.02 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2013 (1st Quarter) |
|
Net Sales |
|
|
2810.900 |
|
Total Expenditure |
|
|
2656.200 |
|
PBIDT (Excl OI) |
|
|
154.700 |
|
Other Income |
|
|
1038.300 |
|
Operating Profit |
|
|
1193.000 |
|
Interest |
|
|
659.600 |
|
Exceptional Items |
|
|
0.000 |
|
PBDT |
|
|
533.400 |
|
Depreciation |
|
|
9.300 |
|
Profit Before Tax |
|
|
524.100 |
|
Tax |
|
|
164.700 |
|
Provisions and contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
359.300 |
|
Extraordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
359.300 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
9.96
|
18.39
|
21.46 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
22.02
|
35.65
|
36.14 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.65
|
3.20
|
5.02 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
0.05
|
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.26
|
0.26
|
0.34 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.68
|
2.73
|
2.89 |
LOCAL AGENCY FURTHER INFORMATION
|
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) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter
involved in |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
Yes |
|
31)
Date of Birth of Proprietor/Partner/Director, if available |
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 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10449667 |
21/09/2013 |
350,000,000.00 |
ORIENTAL BANK OF
COMMERCE LIMITED |
PLOT NO. 5,
INSTITUTIONAL AREA, SECTOR 32, GURGAON, HARYANA - 122001, INDIA |
B85252187 |
|
2 |
10434451 |
17/07/2013 * |
7,879,849.00 |
SREI EQUIPMENT
FINANCE PRIVATE LIMITED |
'VISHWAKARMA', 86C,
TOPSIA ROAD, KOLKATA, WEST BENGAL - 700046, INDIA |
B80780364 |
|
3 |
10434491 |
07/06/2013 |
400,000,000.00 |
SICOM LIMITED |
SOLITAIRE
CORPORATE PARK, BUILDING NO.4, GURU, HARGOVINDJI ROAD, ANDHERI (EAST),
MUMBAI, MAHARASHTRA - 400093, INDIA |
B78566148 |
|
4 |
10436329 |
30/05/2013 |
250,000,000.00 |
RELIGARE FINVEST
LIMITED |
D3, P3B,
DISTRICT CENTRE, SAKET, NEW DELHI, DELHI - 110017, INDIA |
B79393773 |
|
5 |
10405910 |
22/02/2013 |
4,000,000,000.00 |
IDBI BANK
LIMITED |
IDBI TOWERWTC COMPLEX,
CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
B68882695 |
|
6 |
10394001 |
27/12/2012 |
750,000,000.00 |
ICICI HOME
FINANCE COMPANY LIMITED |
ICICI BANK
TOWERS, BANDRA-KURLA, COMPLEX, MUMBAI, MAHARASHTRA - 400051, INDIA |
B64872427 |
|
7 |
10394097 |
27/12/2012 |
1,250,000,000.00 |
ICICI HOME
FINANCE COMPANY LIMITED |
ICICI BANK
TOWERS, BANDRA-KURLA, COMPLEX, MUMBAI, MAHARASHTRA - 400051, INDIA |
B64893498 |
|
8 |
10380853 |
29/09/2012 |
900,000,000.00 |
HOUSING DEVELOPMENT
FINANCE CORPORATION LIMITED |
RAMON HOUSE
169BACKBAY RECLAMATION, H T PAREKH MARG, MUMBAI, MAHARASHTRA - 400020, INDIA |
B59803346 |
|
9 |
10382669 |
27/09/2012 |
500,000,000.00 |
BANK OF
MAHARASHTRA |
B-29, CONNAUGHT PLACE,
NEW DELHI, DELHI - 110001, INDIA |
B60512118 |
|
10 |
10366415 |
09/07/2012 * |
1,250,000,000.00 |
IL&FS
FINANCIAL SERVICES LIMITED |
II & FS
FINANCIAL CENTREPLOT NO C-22 G BLOCK, BANDRA KURLA COMPLEX BANDRA E, MUMBAI,
MAHARASHTRA - |
B44938116 |
|
11 |
10349018 |
22/02/2013 * |
48,903,725.00 |
SREI EQUIPMENT
FINANCE PRIVATE LIMITED |
'VISHWAKARMA',
86C, TOPSIA ROAD,, KOLKATA, WEST BENGAL - 700046, INDIA |
B70631569 |
|
12 |
10344349 |
28/03/2012 |
300,000,000.00 |
HOUSING DEVELOPMENT
FINANCE CORPORATION LIMITED |
RAMON HOUSE,
169, BACKBAY RECLAMATION, H T PAREKH MARG, MUMBAI, MAHARASHTRA - 400020,
INDIA |
B35843093 |
|
13 |
10343053 |
21/03/2012 |
1,600,000,000.00 |
HOUSING
DEVELOPMENT FINANCE CORPORATION LIMITED |
RAMON HOUSE,
169, BACKBAY RECLAMATION, H T PAREKH MARG, MUMBAI, MAHARASHTRA - 400020,
INDIA |
B35405869 |
|
14 |
10315170 |
30/09/2011 |
1,350,000,000.00 |
HOUSING
DEVELOPMENT FINANCE CORPORATION LIMITED |
RAMON HOUSE 169BACKBAY
RECLAMATION, H T PAREKH MARG, MUMBAI, MAHARASHTRA - 400020, INDIA |
B24347189 |
|
15 |
10294216 |
30/06/2011 * |
1,000,000,000.00 |
SREI
INFRASTRUCTURE FINANCE LIMITED |
VISHWAKARMA,86C,TOPSIA
ROAD (SOUTH), KOLKATA, WEST BENGAL - 700046, INDIA |
B16276321 |
|
16 |
10266761 |
07/02/2011 |
2,000,000,000.00 |
3I INFOTECH
TRUSTEESHIP SERVICES LIMITED |
3RD TO 6TH
FLOOR, INTERNATIONAL INFOTECH PARK, TOWER NO.5, VASHI RAILWAY STATION
COMPLEX, VASHI, NAVI MUMBAI, MAHARASHTRA - 400703, INDIA |
B05289269 |
|
17 |
10255138 |
21/09/2012 * |
250,000,000.00 |
SICOM LIMITED |
SOLITAIRE
CORPORATE PARK, BUILDING NO. 4, GURU, H |
B60055761 |
|
18 |
10240790 |
27/09/2010 |
800,000,000.00 |
3I INFOTECH
TRUSTEESHIP SERVICES LIMITED |
3RD TO 6TH
FLOOR, INTERNATIONAL INFOTECH PARK, TOWER NO.5, VASHI RAILWAY STATION
COMPLEX, VASHI, NAVI MUMBAI, MAHARASHTRA - 400703, INDIA |
A94972585 |
|
19 |
10240816 |
25/09/2010 |
800,000,000.00 |
3I INFOTECH TRUSTEESHIP
SERVICES LIMITED |
3RD TO 6TH
FLOOR, INTERNATIONAL INFOTECH PARK, TOWER NO.5, VASHI RAILWAY STATION
COMPLEX, VASHI, NAVI MUMBAI, MAHARASHTRA - 400703, INDIA |
A94976099 |
|
20 |
10227530 |
29/06/2010 |
2,600,000,000.00 |
SYNDICATE BANK |
FIRST FLOOR,
SAROJINI HOUSE, 6, BHAGWAN DASS ROAD, |
A89008528 |
|
21 |
10223075 |
08/12/2011 * |
550,000,000.00 |
PNB HOUSING
FINANCE LIMITED |
9TH
FLOORANTRIKSH BHAWAN, 22 KG MARG, NEW DELHI, |
B28333011 |
|
22 |
10209296 |
27/03/2010 |
2,250,000,000.00 |
3I INFOTECH
TRUSTEESHIP SERVICES LIMITED |
3RD TO 6TH FLOOR,
INTERNATIONAL INFOTECH PARK, TOWER NO.5, VASHI RAILWAY STATION COMPLEX,
VASHI, NAVI MUMBAI, MAHARASHTRA - 400703, INDIA |
A81960759 |
|
23 |
10209298 |
22/03/2010 |
2,250,000,000.00 |
3I INFOTECH
TRUSTEESHIP SERVICES LIMITED |
3RD TO 6TH FLOOR,
INTERNATIONAL INFOTECH PARK, TOWER NO.5, VASHI RAILWAY STATION COMPLEX,
VASHI, NAVI MUMBAI, MAHARASHTRA - 400703, INDIA |
A81961310 |
|
24 |
10185452 |
21/11/2009 * |
1,700,000,000.00 |
HOUSING
DEVELOPMENT FINANCE CORPORATION LIMITED |
RAMON HOUSE, 169,
BACKBAY RECLAMATION, H T PAREKH MARG, MUMBAI, MAHARASHTRA - 400020, INDIA |
A74934969 |
|
25 |
10171346 |
21/11/2009 * |
1,500,000,000.00 |
HOUSING
DEVELOPMENT FINANCE CORPORATION LIMITED |
RAMON HOUSE, 169,
BACKBAY RECLAMATION, H T PAREKH MARG, MUMBAI, MAHARASHTRA - 400020, INDIA |
A74934654 |
|
26 |
10135086 |
29/06/2012 * |
12,932,196,393.00 |
IDFC LIMITED |
KRM TOWER, 8TH
FLOOR, NO. 1, HARRINGTON ROAD, CHETPET, CHENNAI, TAMILNADU - 600031, INDIA |
B44146843 |
|
27 |
10121079 |
16/09/2008 |
2,000,000,000.00 |
HOUSING
DEVELOPMENT FINANCE CORPORATION LIMITED |
RAMON HOUSE,
169, BACKBAY RECLAMATION, H T PAREKH MARG, MUMBAI, MAHARASHTRA - 400020,
INDIA |
A45558962 |
|
28 |
10109097 |
26/09/2012 * |
1,500,000,000.00 |
UNIT TRUST OF
INDIA INVESTMENT ADVISORY SERVICES L |
UTI TOWER GN
BLOCKBANDRA KURLA COMPLEX, BANDRA EAST, MUMBAI, MAHARASHTRA - 400051, INDIA |
B58486200 |
|
29 |
10106124 |
27/05/2008 |
1,500,000,000.00 |
HDFC BANK
LIMITED |
HDFC BANK
HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
A39826037 |
|
30 |
10096613 |
26/09/2012 * |
4,000,000,000.00 |
UNIT TRUST OF
INDIA INVESTMENT ADVISORY SERVICES LIMITED |
UTI TOWER GN BLOCKBANDRA
KURLA COMPLEX, BANDRA EAST, MUMBAI, MAHARASHTRA - 400051, INDIA |
B58487042 |
|
31 |
10087935 |
12/01/2008 |
2,982,500,000.00 |
CANARA BANK |
D.D.A. BIULDING,
NEAR PARAS CINEMA, NEHRU PLACE, |
A32574121 |
|
32 |
10084806 |
02/09/2009 * |
4,590,000,000.00 |
CANARA BANK |
PCB-II,
G/F-ANSAL TOWER, 38-NEHRU PLACE, NEW DELHI, DELHI - 110019, INDIA |
A70169594 |
|
33 |
10085708 |
26/11/2007 |
1,200,000,000.00 |
BANK OF INDIA |
CHENNAI CORPORATE
BANKING BRANCH, TARAPORE TOWERS, 826 ANNA SALAI, CHENNAI, TAMILNADU - 600002,
INDIA |
A31609753 |
|
34 |
10058120 |
14/06/2007 |
1,000,000,000.00 |
JAMMU AND
KASHMIR BANK LIMITED |
(CORPORATE HEADQUARTERS),
M.A. ROAD, SRINAGAR, KASHMIR, JAMMU AND KASHMIR, JAMMU AND KASHMIR - 190001,
INDIA |
A18051672 |
|
35 |
10036505 |
12/02/2007 |
3,000,000,000.00 |
HOUSING
DEVELOPMENT FINANCE CORPORATION LIMITED |
RAMON HOUSE, 169,
BACKBAY RECLAMATION, H T PAREKH MARG, MUMBAI, MAHARASHTRA - 400020, INDIA |
A10275717 |
|
36 |
10026949 |
23/11/2006 |
500,000,000.00 |
HDFC BANK
LIMITED |
HDFC BANK HOUSE,
SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
A06709737 |
|
37 |
10011088 |
15/06/2006 |
45,100,000.00 |
CANARA BANK |
D.D.A.BUILDING,
NEAR PARAS CINEMA, NEW DELHI, DELHI - 110019, INDIA |
A01926088 |
|
38 |
10013204 |
27/05/2006 |
450,000,000.00 |
AXIS BANK
LIMITED |
TRISHUL 3RD FLOOR
OPPOSITESAMARTHESHWAR TEMPLE, LAW G |
A02401156 |
|
39 |
10001747 |
07/12/2007 * |
5,750,500,000.00 |
CANARA BANK |
D.D.A.BUILDING,
NEAR PARAS CINEMA, NEHRU PLACE, N |
A31240393 |
|
40 |
80055035 |
06/04/2011 * |
3,600,000,000.00 |
SYNDICATE BANK |
FIRST FLOOR,
SAROJINI HOUSE, 6, BHAGWAN DASS ROAD, |
B11602323 |
|
41 |
80000527 |
02/09/2009 * |
4,590,000,000.00 |
CANARA BANK |
PCB-II,
G/F-ANSAL TOWER, 38-NEHRU PLACE, NEW DELHI, DELHI - 110019, INDIA |
A70168265 |
|
42 |
80000528 |
02/09/2009 * |
4,590,000,000.00 |
CANARA BANK |
PCB-II,
G/F-ANSAL TOWER, 38-NEHRU PLACE, NEW DELHI, DELHI - 110019, INDIA |
A70168604 |
|
43 |
80000529 |
02/09/2009 * |
4,590,000,000.00 |
CANARA BANK |
PCB-II,
G/F-ANSAL TOWER, 38-NEHRU PLACE, NEW DELHI, DELHI - 110019, INDIA |
A70166939 |
|
44 |
80000530 |
02/09/2009 * |
4,590,000,000.00 |
CANARA BANK |
PCB-II,
G/F-ANSAL TOWER, 38-NEHRU PLACE, NEW DELHI, DELHI - 110019, INDIA |
A70167796 |
|
45 |
90063376 |
15/02/2007 * |
1,500,000,000.00 |
HOUSING
DEVELOPMENT FINANCE CORPORATION LIMITED |
RAMON HOUSE 169BACKBAY
RECLAMATION, H T PAREKH MA |
- |
|
46 |
80008322 |
20/10/2004 * |
250,000,000.00 |
LIC HOUSING
FINANCE LIMITED |
BOMBAY LIFE
BUILDING 2ND FLOOR 45/47, VEER NARIMAN |
- |
|
47 |
90062079 |
19/10/2000 |
700,000.00 |
CANARA BANK |
NEHRU PLACE, NEW
DELHI, DELHI, INDIA |
- |
|
48 |
90061838 |
26/11/1999 |
100,000,000.00 |
HOUSING
DEVELOPMENT FINANCE CORPORATION LIMITED |
B-6/3; SAFDERJUNG
INCLAVE, DOA COMMERCIAL COMPLEX, NEW DELHI, DELHI - 110029, INDIA |
- |
|
49 |
90061705 |
05/06/1999 |
17,500,000.00 |
CANARA BANK |
NEHRU PLACE, NEW
DELHI, DELHI - 110019, INDIA |
- |
|
50 |
90061621 |
17/02/1999 |
150,000,000.00 |
ICICI LIMITED |
163; BACKBAY
RECLAMATION, MUMBAI, MAHARASHTRA - 400020, INDIA |
- |
|
51 |
90061619 |
12/02/1999 |
4,802,688.00 |
MAGMA LEASING
LIMITED |
MAGMA HOUSE, 24;
PARK STREET, CALCUTTA, WEST BENGAL - 700016, INDIA |
- |
|
52 |
90061611 |
04/02/1999 |
3,952,536.00 |
MAGMA LEASING
LIMITED |
MAGMA HOUSE, 24;
PARK STREET, CALCUTTA, WEST BENGAL - 700016, INDIA |
- |
|
53 |
90061608 |
02/02/1999 |
2,184,399.00 |
MAGMA LEASING
LIMITED |
MAGMA HOUSE, 24;
PARK STREET, CALCUTTA, WEST BENGAL - 700016, INDIA |
- |
|
54 |
90061604 |
29/01/1999 |
1,289,424.00 |
MAGMA LEASING
LIMITED |
MAGMA HOUSE, 24;
PARK STREET, CALCUTTA, WEST BENGAL - 700016, INDIA |
- |
|
55 |
90061528 |
16/02/1999 * |
17,500,000.00 |
CANARA BANK |
NEHRU PLACE, NEW
DELHI, DELHI - 110019, INDIA |
- |
|
56 |
90061503 |
04/06/2004 * |
70,000,000.00 |
CANARA BANK |
NEHRU PLACE, NEW
DELHI, DELHI - 110019, INDIA |
- |
|
57 |
90061399 |
30/04/1998 |
50,000,000.00 |
PNB HOUSING
FINANCE LIMITED |
9-FLOOR ;
ANTRIKSH BHAVAN, 14-KAS TURBA GANDHI MARG, NEW DELHI, DELHI - 110001, INDIA |
- |
|
58 |
90061396 |
29/04/1998 |
20,000,000.00 |
CENTRAL BANK OF
INDIA |
51; M.G. ROAD,
MUMBAI, MAHARASHTRA, INDIA |
- |
|
59 |
90061344 |
27/01/1998 |
185,000,000.00 |
PNB CAPITAL
SERVICES LIMITED |
JEEVAN BHARTI
BUILDING; TOWER-II, LEVEL -3; CONNAUGHT PLACE, NEW DELHI, DELHI - 110001,
INDIA |
- |
|
60 |
90061276 |
05/11/1997 |
100,000,000.00 |
INDUSTRIAL DEVELOPMENT
BANK OF INDIA |
IDBI TOEWES;
CUFFE PARADE, MUMBAI, MAHARASHTRA - |
- |
|
61 |
90061079 |
27/01/1997 |
70,000,000.00 |
CITYBANK N.A. |
JEEVAN BARTI
BUILDING, 124; CONNAUGHT CIRCUS, NEW |
- |
|
62 |
90060724 |
02/08/1995 |
121,500,000.00 |
CANARA BANK |
NEHRU PLACE, NEW
DELHI, DELHI - 110019, INDIA |
- |
|
63 |
90060424 |
27/06/1994 |
250,000.00 |
THE CENTRAL BANK
EXECULOR & TRUSTEE COMPANY LIMITE |
JEHANGIR WADRA BUILDING,
51; MAHAHTMA GANDHI ROAD; FORT, MUMBAI, MAHARASHTRA, INDIA |
- |
|
64 |
90060348 |
11/02/1994 |
50,000,000.00 |
PNB HOUSING
FINANCE LIMITED |
8-FLOOR ; DCM
BUILDING, 16; BARAKHAMBA ROAD, NEW |
- |
|
65 |
90060202 |
14/01/1993 |
30,000,000.00 |
HOUSING
DEVELOPMENT FINANCE CORPORATION LIMITED |
RAMON HOUSE;
169; BACKBAY RECLAMATION, BOMBAY, MAHARASHTRA - 400020, INDIA |
- |
|
66 |
90060168 |
19/09/1992 |
15,000,000.00 |
SBI HOME FINANCE
LIMITED |
'NAGALAND
HOUSE', 11 & 13; SHAKESPEARE SARANI, CA |
- |
|
67 |
90060063 |
04/09/1991 |
30,000,000.00 |
HOUSING
DEVELOPMENT FINANCE CORPORATION LIMITED |
RAMON HOUSE;
169; BACKBAY RECLAMATION, BOMBAY, MAHARASHTRA - 400020, INDIA |
- |
|
68 |
90060017 |
05/04/1991 |
17,000,000.00 |
PNB HOUSIN
FINANCE LIMITED |
I-FLOOR PIACE,
NEW DELHI, DELHI - 110008, INDIA |
- |
|
69 |
90059962 |
01/09/2009 * |
4,590,000,000.00 |
CANARA BANK |
PCB-II,
G/F-ANSAL TOWER, 38-NEHRU PLACE, NEW DELH |
A70169149 |
|
70 |
90059845 |
28/12/1989 |
20,000,000.00 |
CITYBANK N.A. |
JEEVAN BARTI
BUILDING, 3-SANSAD MARG, NEW DELHI, |
- |
|
71 |
90059816 |
27/09/1989 |
20,000,000.00 |
HOUSING DEVELOPMENT
FINANCE CORPORATION LIMITED |
RAMON HOUSE;
169;, BACKBAY RECLAMATION, BOMBAY, MAHARASHTRA - 400020, INDIA |
- |
|
72 |
90059809 |
12/08/1989 |
5,300,000.00 |
CANFIN HOMES
LIMITED |
NO.32;
SHATIKUTIR, II-FLOOR ; RACE COURCE ROA, BA |
- |
|
73 |
90059769 |
10/04/1989 |
12,500,000.00 |
HOUSING
DEVELOPMENT FINANCE CORPORATION LIMITED |
RAMON HOUSE;
169; BACKBAY RECLAMATION, BOMBAY, MAHARASHTRA - 400020, INDIA |
- |
|
74 |
90059742 |
30/10/1999 * |
18,000,000.00 |
CANARA BANK |
NEHRU PLACE, NEW
DELHI, DELHI, INDIA |
- |
|
75 |
90059635 |
27/10/1987 |
5,000,000.00 |
CANARA BANK |
NEHRU PLACE, NEW
DELHI, DELHI - 110019, INDIA |
- |
|
76 |
90059628 |
30/10/1999 * |
17,500,000.00 |
CANARA BANK |
NEHRU PLACE, NEW
DELHI, DELHI - 110019, INDIA |
- |
|
77 |
90059618 |
24/08/1987 |
147,000,000.00 |
CANARA BANK |
NEHRU PLACE, NEW
DELHI, DELHI, INDIA |
- |
|
78 |
90059601 |
14/03/1987 |
2,000,000.00 |
CANARA BANK |
NEHRU PLACE, NEW
DELHI, DELHI, INDIA |
- |
|
79 |
90059592 |
26/09/1998 * |
9,500,000.00 |
CANARA BANK |
NEHRU PLACE, NEW
DELHI, DELHI, INDIA |
- |
|
80 |
90059550 |
30/01/1986 |
8,000,000.00 |
CANARA BANK |
NEHRU PLACE, NEW
DELHI, DELHI - 110019, INDIA |
- |
|
81 |
90059539 |
17/10/1985 |
34,500,000.00 |
CANARA BANK |
NEHRU PLACE, NEW
DELHI, DELHI, INDIA |
- |
|
82 |
90059520 |
27/04/1987 * |
41,500,000.00 |
CANARA BANK |
NEHRU PLACE, NEW
DELHI, DELHI, INDIA |
- |
|
83 |
90059446 |
03/05/1985 * |
5,000,000.00 |
CANARA BANK |
NEHRU PLACE, NEW
DELHI, DELHI, INDIA |
- |
|
84 |
90059440 |
02/05/1983 * |
1,000,000.00 |
CANARA BANK |
NEHRU PLACE, NEW
DELHI, DELHI - 110019, INDIA |
- |
|
85 |
90059377 |
12/03/1980 |
1,000,000.00 |
CANARA BANK |
NEHRU PLACE, NEW
DELHI, DELHI, INDIA |
- |
* Date of charge modification
|
Unsecured Loans |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
LONG-TERM
BORROWINGS |
|
|
|
Finance lease obligations |
7.907 |
0.000 |
|
Deposits |
1823.332 |
3279.541 |
|
SHORT-TERM
BORROWINGS |
|
|
|
Loans and
advances from related parties |
|
|
|
from subsidiaries |
4113.502 |
5232.194 |
|
from joint ventures, associates and other relatives |
1519.000 |
1854.000 |
|
from enterprises controlled by key management personnel |
10.104 |
59.316 |
|
Deposits |
1771.468 |
2325.252 |
|
Total
|
9245.313 |
12750.303 |
NATURE OF OPERATIONS
The Company was incorporated
in 1971 and is a leading real estate developer in India. The Company’s main
line of business is real estate development and related activities including
construction and consultancy services.
COMPANY PROFILE:
Established in
1971, subject is amongst India’s leading business groups, with an outstanding
track record in large-scale, integrated, Real-Estate Development and
Infrastructure Development in India.
The real-estate
development journey for subject, since it started working on its first real
estate project- South City spread over 300 acres in Gurgaon, has been truly
remarkable. Today, subject’s land reserves are spread across all major hubs of
economic activity in the country and the Company focuses on large, mixed-use
developments. The Company’s diverse portfolio includes residential, commercial,
special economic zones (SEZs), IT Parks, industrial and logistic parks,
hospitality, retail and entertainment projects. The Company’s infrastructure
related businesses include general construction, design, manufacturing,
erection and commissioning of transmission towers, facilities and property
management services and township management services.
AWARDS AND RECOGNITIONS
• The first real
estate developer to have been certified ISO 9001:2000 in North India
• Indian Power
Brand 2013 for being one of the contributors towards creating India as a brand
• The Star Realty:
Lord of the Land 2013 for being one of the iconic real estate companies
• Global CSR
Excellence and Leadership Award for Corporate Social Responsibility at the
World CSR Congress and Awards 2013
• Realty Mogul for
being an admired brand in the real estate industry by Planman Media in 2012
• Power Brand
2010-2011 by the Indian Consumer under the Realty category
• Conferred with
the title of “Superbrand” by Superbrand India in 2009
• CW Architect and
Builders Award, 2008 for being one of India’s top 10 Builders
FINANCIAL HIGHLIGHTS AND OPERATIONS
The total income
of the Company for the year is Rs.15264.440 millions. The Profit before tax
stood at Rs.2318.930 millions and Profit after tax for the year stood at
Rs.1519.760 millions. On consolidated basis, the total income of the Company
and its subsidiaries stands at Rs.26293.000 millions. The consolidated profit
before tax (PBT) stood at Rs.3419.250 millions. The consolidated profit after
tax (PAT) stood at Rs.2095.680 millions. The earnings per share (EPS), on an
equity share having face value of Rs.2/-, stands at Rs.1.20 considering the
total equity capital of Rs.5232.600 millions.
On consolidated
basis, the real estate and related division contributed Rs.18928.650 millions
in the revenues of the Company for the year, whereas the contribution from the
Property Management business was Rs.1278.390 millions and from the Transmission
Towers business was Rs.2678.990 millions. Hospitality and other segments
contributed the balance revenues.
KEY HIGHLIGHTS OF THE BUSINESS AND OPERATIONS
Some of the key
highlights pertaining to the business of the Company, including its
subsidiaries and joint venture companies, for the year 2012-13 and period
subsequent thereto are given hereunder:
New Project Launches and Sales
During the year
2012-13, the Company launched new projects totalling an area of 3.98 million
square feet across different cities in India. Of the total area launched in
2012-13, 0.44 million sqft was launched in Gurgaon, 2.17 million sqft in Noida
and Greater Noida, 0.21 million sqft in Chennai, and 1.06 million sqft in other
cities.
The Company
received sales bookings for a total area of 5.47 million sqft during 2012-13
valued at Rs.28,060 million. In terms of area sold, with a share of 50%, Noida
and Greater Noida had the largest share of sales followed by Gurgaon with 14%,
Chennai with 13%, and Kolkata with 10%. Other cities contributed the balance.
In terms of
segment wise sales, 92% of the area sold was from the residential segment while
8% was from non-residential. However, the non-residential segment has a higher
average realization of Rs.12748 per sq feet compared to the residential
segment’s average realization of Rs.4440 per sq feet.
Commercial Leasing Business
A total of
approximately 0.85 million sqft of space was leased out during 2012-13 in the
IT/ITeS projects that are being developed by the Company in Gurgaon, Noida and
Kolkata. With this the total leased area has increased to 6.88 million sqft.
Project Execution and Delivery
The Company
delivered over 3 million sqft of completed property during the year. The
Company currently has nearly 100 ongoing projects covering a total of 38.34
million sqft of area to be constructed and delivered in the coming years. In
order to efficiently execute the much higher scale of projects across markets,
the Company had to substantially upgrade its operations. In 2012-13, a lot of
effort has gone into further enhancing the Company’s internal execution
capabilities.
MANAGEMENT DISCUSSION AND ANALYSIS
OVERVIEW
The Company is one
of the country’s premier real estate developers with a pan India presence. The
developments in its business are thus closely correlated to the developments in
the real estate sector in India.
As per the
industry reports, the total economic value of the real estate activity in the
country ranges between US$40-45 billion, which contributes 5-6% to the GDP growth.
Of its total size, residential segment, with 90-95% size, forms the major chunk
of the market, followed by the commercial segment (4-5%) and organised retail
segment (1%).Clearly, the residential sector is the driving force of the
industry.
Over the last
decade, residential real estate market has witnessed many changes – from
experiencing unprecedented growth to negligible demand in the aftermath of the
financial crisis to moderate growth during the last couple of years. There was
also shift in demand away from investors to actual end users. Unitech has been
continuously recalibrating its strategy to deal with this changing business
environment.
Essentially, real
estate development is a business of asset development and creation. There are
four broad phases of the value creation process:
• Acquisition of
Land: Securing land at appropriate locations at economic values is fundamental
for the value generation process. Going forward, the proposed Land Acquisition
Bill, while well intentioned for overall socio-economic reasons, could make the
land acquisition process more difficult for developers. At a time when
developers have to spend more effort and money on securing land, Unitech has
the competitive advantage of already having a cost effective land bank, which
is well spread across India. The Company can effectively develop this land bank
by creating different products that can effectively meet the varying demand
needs of housing in India, be it low income, affordable or high-end.
• Project
Development: The second stage is about designing and developing the project
concept and creating offerings that can be suited for specific target
customers. At this stage focus is on getting the appropriate clearances,
development rights and architectural inputs to outcompete the market in terms
of product. Unitech has been continuously launching new projects and the pace
of these launches had picked up since 2009. As of today, the Company has 38.34
million square feet of property under construction.
• Selling: Once
the project concept is developed, it has to be sold. The buyers’ market is
today largely with end users and this has changed the process of selling.
Unitech is giving a lot of emphasis on making the sales process more effective
so that the Company can get the best value for its products. It has also
started laying more emphasis on the digital media to better reach out to final
customers.
• Construction and
Project Delivery: Finally, the projects need to be executed and delivered. The
revenues of the Company reflect this phase of development as the accounting of
revenue is on a percentage of completion of the projects. Many of Unitech’s
projects are in this stage. The Company is providing much greater emphasis and
management bandwidth to increase the speed of construction and improve project
delivery.
Across all these
phases there are two critical factors. First, it is the ability to understand
demand and develop products that have a market. There are often developments on
the demand front, which have a major bearing on this. Second, the entire chain
has different elements of financing that sustain the project through its life
cycle. Right from investments in land, to financing construction – cash flows
play a critical role in deriving the best value from a project. Both market
demand and finances are often affected by the external environment.
PROJECT EXECUTION
Since FY2012, the
Company’s focus has been on project execution. And, the Company’s pace of
execution gathered steam during FY2013. Today, Unitech has a total of 38.34
million sqft of ongoing projects. Out of which, 10.63 million sqft of area
pertains to the projects launched prior to March 2009 and 27.71 million sqft is
from projects launched after March 2009. The delivery status is as follows:
• For
projects launched prior to March 2009: 14.26 million sqft
has been delivered. Of which, 1.58 million sqft (11%) was delivered in FY2013.
The balance area left to be delivered is 10.63 million sqft
• For
project launched after March 2009: 0.98 million sqft has been delivered, of
which 0.78 million was delivered in FY2013. The balance area under development
is 27.71 million sqft
• For
Leased Projects: 0.85 million sqft was delivered in FY2013
With the new
launches and the existing projects, Unitech is today actively involved in
construction work on over 100 ongoing projects. In order to efficiently execute
the much higher scale of projects across markets, Unitech has been working on
substantially upgrading its operations. These efforts continued with zeal in
FY2013.
There are several
efforts being undertaken to increase capacity, reduce construction time as well
as costs. These include:
• Product Standardisation: High volume
standardized ‘manufacturing style’ product will result in economies of scale
and faster execution
• Process Change: Implementing various process changes to
speed up construction
• In-house architectural design: Architectural
design especially for mid/affordable housing being undertaken in-house for
faster turnaround
• In-house engineering design: Enhance in-house
engineering design capabilities. This team also critically evaluates designs by
external fi rms to reduce costs.
• Expanding the Contractor base: With projects in
multiple cities, Unitech is tapping the local contractor base in different
cities to build a solid contractor base. It is also using large contractors for
complex projects
• Higher Mechanisation: Incentivising
contractors to deploy more equipment
• Construction Division: Unitech’s
construction division being developed as model contractor to boost execution
capability
• Worker Strength: Continuously
ramping up worker strength at sites during FY2013. Current strength is at
historical peak
The pace of
execution is reflected in the status of projects.
UNITECH’S INFRASTRUCTURE RELATED BUSINESS
Unitech’s
infrastructure related businesses include:
• General
construction, design, manufacturing, erection and commissioning of transmission
towers.
• Development of
hospitality projects, amusement parks, logistic parks, SEZs and IT Parks and
industrial parks
• The
infrastructure services businesses including facilities and property management
services and township management services.
A brief
description of developments in the various businesses in the infrastructure
portfolio is given below:
General Construction: In the general
construction business, Unitech has expertise across real estate projects
including townships, residential complexes, corporate offices, shopping centres
and hospitality projects. It has a proven track record in building industrial
civil structures and in transportation projects, such as highways, fl yovers
and bridges. The focus on the construction business is to promote construction
excellence and service the construction needs of Unitech’s real estate
business. In essence, it will grow as a vendor to Unitech’s real estate
construction requirements.
The team for this
business has been increased significantly. It already is handling 20% of
Unitech’s overall construction activity and the target is to raise it to 30%.
This adds to capacity, provides competition for existing vendors and
demonstrates best practices to be followed by all vendors.
The Company is
involved in the business of design, manufacturing and erection of transmission
towers primarily for the power sector, through its subsidiary Unitech Power
Transmission Limited (UPTL). This business is supported by a state-of-the-art
manufacturing facility at Nagpur.
UPTL offers a wide
range of services including site survey, soil investigation, access roads,
foundations, tower design, tower testing, mobilization of manpower and
equipment, testing and commissioning.
With greater
clarity and focused business development UPTL continued to grow. Segment
revenues grew by 33.3% from Rs.2008.400 millions in FY2012 to Rs.2679.000
millions in FY2013. And, profits before interest and un-allocable overheads
increased from Rs.161.600 millions in FY2012 to Rs.236.500 millions in FY2013.
Development: This comprises development of SEZs and IT
parks, hospitality projects, amusement parks, logistics parks and industrial
parks. The aim is to develop these projects for future monetisation.
The Company has
proven development experience in the hospitality space. The hotel project called
Country Inn on NH8 in Gurgaon got completed and operations commenced in
2011-12. Another hotel – Courtyard in Noida is under construction. The strategy
for the hospitality segment is to develop hotels to be managed by global
operators for eventual monetization through sale to investors.
Revenues from
operations of Country Inn have primarily resulted in revenues from the
hospitality business increasing by 65% from Rs.247.700 millions in F2012 to
Rs.407.800 millions in F2013.
Unitech has also
developed two amusement parks, which are operational today:
Entertainment City (NOIDA): This amusement
park cum retail area spread over an area of 147.48 acres completed its 6th
year of operations in April, 2013. It is strategically located in the heart of
NOIDA and is well connected with Delhi through the NOIDA toll bridge and Metro
rail. With a world class mall called “The Great India Place” measuring a
million square feet and exciting rides in “Worlds of Wonder” for kids and
family, this project is now looking at expanding fast enough to maintain its
dominant position in NCR. It is for this reason that the next phase of mall
called “Gardens Galleria” is being developed as a quality shopping destination
with more than half a million sq.ft. of retail space. This would be ready for
fit outs by the end of this year. Further, the proposed water park named,
“Worlds of Wonder – Water Park” within the amusement park area is progressing
fast and would be thrown open to public shortly. This water park would be one
of its kind in the NCR and promises to surprise all its visitors given the
scale and feel of the rides.
During the year, a
new boating ride has been introduced by constructing a new manmade lake. Helium
air balloon ride offering a superb spectacle of the NCR skyline was also
introduced and the latest launch is a new drive-in fast food restaurant with a
seating capacity of more than 350 persons spread over an area of 19,000 sq.ft.
The total income
of the SPV increased from Rs.1030.000 millions in FY2012 to Rs.2060.000
millions in FY2013. The SPV is rapidly expanding adding more attractions every
quarter to create a world class entertainment destination. Entertainment city
promises to be one of the best in class destinations and will be an iconic
brand for the group in the years to come.
Adventure Island and Metro Walk (Rohini Amusement
Park): This amusement park cum shopping destination is spread over an area of
62 acres in North-West Delhi. This project is already in its 7th
year of operations and is a unique entertainment destination for kids of all
age groups.
In FY2013, some
new attractions have been added to the amusement park such as “The king of
Quick guns” which is a 20 minute live show inspired from the western movies of
Hollywood, “MAD” which involves stunning dance, electrifying acrobats and
amazing magic tricks by renowned artists especially designed for children and
Children’s Summer Carnival which transports them to their own animated world
with loads of animated characters in their bright costumes.
The total income
of the SPV increased from Rs.390.000 millions in FY2012 to Rs.670.000 millions
in FY 2013.
Infrastructure Services: This includes
property and facility management services and township management services.
Unitech provides
property management services for IT/ITeS SEZs, commercial property, residential
property, townships, retail developments and golf courses. These services are
provided through its property management subsidiary – Unitech Property
Management Private Limited (UPMPL).
Segment revenues
from property management increased by 8.7% from Rs.1176.100 millions in FY2012
to Rs.1278.400 millions in FY2013. The focus of this business is to primarily
grow with the Unitech portfolio.
During FY2013, the
Company launched its food court business through Unitech Hospitality Limited.
It operates 4 food courts – 1 in Gurgaon (Haryana), 2 in Noida and 1 in
Kolkata. These food courts are part of the amenity areas in the IT Parks/SEZs
being developed by the Company. The primary objective is to provide value added
services to the tenants of these office complexes to increase their
attractiveness. The food courts have the brand name ‘Klub Ibiza’. They cater to
more than ten thousand people and in their first partial year of operations
clocked revenue of Rs.73.500 millions.
CONTINGENT LIABILITIES (TO THE EXTENT NOT PROVIDED
FOR) - (AS ON 31.03.2013)
I. Claims against
Company not acknowledged as debt
a) Liquidated
damages and other claims by clients / customers: Rs.296.224 millions.
b) Following cancellation
of 122 UAS licenses granted to the private companies [including 22 UAS licenses
issued to Unitech Wireless (Tamilnadu) Private Limited, Unitech Wireless
(Mumbai) Private Limited, Unitech Wireless (Kolkata) Private Limited, Unitech
Wireless (Delhi) Private Limited, Unitech Wireless (North) Private Limited,
Unitech Wireless (South) Private Limited, Unitech Wireless (East) Private
Limited and Unitech Wireless (West) Private Limited (“Unitech Wireless
Companies”)] on or after 10th January 2008 by the Hon’ble Supreme
Court of India vide its judgment dated 2nd February 2012, Telenor
Asia Pte Limited and Telenor Mobile Communications AS (collectively referred as
“Telenor”) issued a notice of misrepresentation and fraud by the Company,
Cestos Unitech Wireless Private Limited, Simpson Unitech Wireless Private
Limited, Acorus Unitech Wireless Private Limited and Unitech Wireless
(Tamilnadu) Private Limited and sought indemnification of its equity investment
in Unitech Wireless Companies amounting to Rs.61356.253 millions along with
interest of 18% p.a. which is equal to Rs.38745.814 millions as on 31st March
2013. Telenor has filed its claim with the Singapore International Arbitration
Centre. The Hon’ble Supreme Court cancelled the UAS licenses issued to all the
companies in 2008 by questioning the government policy and Telenor also did a
detailed due diligence prior to investment in Unitech Wireless Companies. Based
on the legal advice obtained by the management, the Company is confident that
the indemnity claims of Telenor are not maintainable.
Further post
cancellation of telecom licences issued to Unitech Wireless companies, the
Company has executed the settlement and mutual release agreement with Telenor
on 10th October, 2012 which provides for transfer of entire 32.75%
stake in Unitech Wireless Companies to Telenor nominated entity for a nominal
amount and withdrawal of all disputes between the parties, on fulfillment of
certain conditions which are yet to be fulfilled on the reporting date.
Accordingly, Telenor will withdraw the aforesaid indemnity claim on fulfillment
of these conditions, and in case these conditions are not met, the settlement
and mutual release agreement will get terminated and all rights and obligations
of the parties will be restored to the situation before the said agreement.
c) Income tax
matter in dispute (Financial year 2004-05) pending in appeal: Rs.7.363
millions. Income tax matter in dispute (financial year 2007-08) pending in
appeal: Rs.210.070 millions (Amount paid under protest by the Company:
Rs.70.000 millions).
Income tax matter
in dispute (financial year 2008-09) pending in appeal: Rs.10305.410 millions.
(Amount paid under protest by the Company: Rs.430.000 millions). Vide notice
u/s 226(3) of the Income tax Act, 1961 dated 06/02/2013, 2,237,030 equity
shares of Carnoustie Management Private Limited having value of Rs.3100.545
millions and 1,000,000 equity shares of Shivalik Ventures Private Limited
having value of Rs.10000.000 millions held by the Company
d) Sales tax
matter in dispute: (financial year 2006-07) pending in appeal : Rs.7.300
millions (Amount paid under protest by the Company : Rs.7.300 millions);
(financial year 2007-08) pending in appeal : Rs.7.931 millions (Amount paid
under protest by the Company : Rs.7.931 millions); (financial year 2009-10):
Rs.2.447 millions.
e) Service tax
matter in dispute: (for the period 01/12/2005-31/07/2007): Rs.8.554 millions
II. Guarantees
a) In respect of
bank guarantees: Rs.2248.402 millions - It includes guarantees of Rs.26.158
millions in respect of subsidiary companies.
b) The Company has
given corporate guarantees of Rs.29362.311 millions for raising loans from
financial institutions and banks by its subsidiaries, joint ventures and
erstwhile subsidiaries.
.
STATEMENT OF
STANDALONE RESULTS FOR THE QUARTER ENDED JUNE 30, 2013
(Rs. in millions
except EPS)
|
Sl. No. |
Particulars |
Quarter Ended 30.06.2013 (Unaudited) |
|
PART I |
|
|
|
1. |
Income from Operations |
|
|
|
(a) Net sales / Income
from Operations |
2810.916 |
|
|
Total income from
Operations (Net) |
2810.916 |
|
2. |
Expenses |
|
|
|
(a) Real estate,
Construction and Related Expenses |
2069.345 |
|
|
(b) Changes in Inventories
of finished properties, land, land |
4.488 |
|
|
(c) Employee Benefits
Expense |
405.444 |
|
|
(d) Depreciation and
Amortisation Expense |
9.301 |
|
|
(e) Other expenses |
176.925 |
|
|
Total Expenses |
2665.503 |
|
3. |
Profit from Operations before
Other income, Finance costs and Exceptional items (1-2) |
145.413 |
|
4. |
Other income |
1038.266 |
|
5. |
Profit from Ordinary
activities before Finance Costs and Exceptional Items (3+4) |
1183.679 |
|
6. |
Finance Costs |
659.609
|
|
7. |
Profit from Ordinary
activities after Finance costs but before Exceptional items (5-6) |
524.070 |
|
8. |
Exceptional items |
-- |
|
9. |
Prior Period Adjustments |
-- |
|
10. |
Profit from Ordinary
Activities before tax (7+8+9) |
524.070 |
|
11. |
Tax Expense |
|
|
|
(a) Current Tax |
|
|
|
Current Year |
170.000
|
|
|
Earlier Years |
-- |
|
|
(b) Deferred Tax |
(5.267) |
|
12. |
Net Profit from Ordinary
Activities after tax (10-11) |
359.337 |
|
13. |
Less: Extraordinary items
(Net of Tax Expense) |
-- |
|
14. |
Net Profit for the Period
(12-13) |
359.337 |
|
15. |
Paid-up equity share
capital (Face Value – Rs.2 per
share) |
5232.602 |
|
16. |
Reserves excluding
Revaluation Reserves as per Balance sheet of previous accounting year |
-- |
|
17.i |
Earning Per share (Before
Extraordinary Items) (of Rs.2 each) *(Not Annualised) Basic and Diluted (f) |
0.14* |
|
17.ii |
Earning Per share (After
Extraordinary Items) (of Rs.2 each) *(Not Annualised) Basic and Diluted (f) |
0.14* |
|
PART II |
|
|
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
1 |
Public Shareholding |
|
|
|
- Number of shares |
1351344179 |
|
|
- Percentage of
shareholding |
51.65 |
|
2 |
Promoters and Promoter
Group Shareholding |
|
|
|
a) Pledged / Encumbered |
|
|
|
- Number of shares |
1026006861 |
|
|
- Percentage of shares (as
a % of the total shareholding of promoter and promoter group) |
81.11 |
|
|
- Percentage of shares (as
a % of the total share capital of the company) |
39.22 |
|
|
b) Non - encumbered |
|
|
|
- Number of shares |
238950007 |
|
|
- Percentage of shares (as
a % of the total shareholding of promoter and promoter group) |
18.89 |
|
|
- Percentage of shares (as
a % of the total share capital of the company) |
9.13 |
|
|
|
Quarter Ended 30.06.2013 |
|
B |
Investor Complaints |
|
|
|
- Pending at the beginning
of the Quarter |
NIL |
|
|
- Received during the
Quarter |
6 |
|
|
- Disposed of during the
Quarter |
6 |
|
|
- Remaining unresolved at
the End of the Quarter |
NIL |
Notes:
1. The above unaudited standalone financial results have been
reviewed by the Audit Committee and approved by the Board of Directors at their
respective meetings held on 6th August, 2013 and the statutory
auditors have carried out the Limited Review of the said Standalone Financial
Results.
2. Advances for the purchase of land, projects pending
commencement, to joint ventures and collaborators amounting to Rs.9195.500 millions (previous year
ending on 31st March, 2013 - Rs.9248.800 millions)
have been given in the normal course of business to land owning companies,
collaborators, projects or for purchase of land. The management of the company
based on the internal assessment and evaluations considers that these advances,
which are in the normal course of business are recoverable/adjustable and that
no provision is necessary at this stage. Further, significant portion has been
adjusted/ recovered during the previous financial year 2012-13 and the
management is confident of recovering/ appropriately adjusting the balance in
due course.
3. The Company (including its
subsidiaries/affiliates/nominees) has a contractual investment obligation, in
future, of Rs.9239.400 millions
in an affiliate company holding stake in Unitech Wireless companies. The Company
is not currently in a position to ascertain how and in which group company the
aforesaid obligation, if at all, is likely to devolve.
Further, the conditions of the 'Settlement and Mutual Release
Agreement' executed between Unitech, Telenor and Unitech Wireless (Tamilnadu)
Private Limited on 10th October, 2012, are yet to be fulfilled on
the reporting date, and in case all these conditions are not fulfilled, the
settlement and mutual release agreement will get terminated and all rights and
obligations of the parties will be restored to the situation before the said
agreement.
4. The Financial Results for the quarter ended 31st
March, 2013 are the balancing figures between audited results for the full
financial year and the published year to date figures upto the third quarter
for the relevant financial year.
5. The figures of previous periods have been
re-grouped/re-arranged wherever considered necessary for the purpose of
comparison.
FIXED ASSETS:
·
Freehold Land
·
Buildings
·
Plant and Machinery
·
Earth Moving Equipments
·
Furniture and Fixtures
·
Office Equipments
·
Vehicles-Office
·
Trucks and Jeeps
·
Computers
·
Fixtures in Leasehold Building
·
Room Coolers and Air Conditioner
WEBSITE DETAILS:
PRESS RELEASE
2G CASE: CORPORATE RIVALRY
BEHIND AUDIO TAPE OF CBI PROSECUTOR AND UNITECH MD?
Published: Sunday, Feb 17, 2013, 23:20 IST | Updated: Sunday, Feb 17, 2013, 23:23 IST
Corporate rivalry in the Telecom sector is behind the recording of the audio tape which purportedly contained the voice of sacked CBI prosecutor AK Singh and Managing Director of Unitech Sanjay Chandra, an accused in the 2G case, official sources said on Sunday night.
The sources also said that a forensic examination of the CD purportedly carrying a conversation between Singh and Chandra discussing ways to allegedly weaken the 2G case had showed it was authentic.
This is a result of corporate rivalry, the sources said referring to the controversial tape, adding the probe so far has found it had no way caused any harm to the 2G case.
The CBI will file its status report in the Supreme Court tomorrow on the issue.
The CBI had removed Singh from the 2G case after the surfacing of the audio tape, which purportedly contained voice of Singh and Chandra.
Suspecting corporate rivalry behind the audio tape leak in connection with the 2G case, the CBI on Friday had questioned its own officials to find whether Singh had advised them to suppress any information during court hearings.
A day earlier, CBI had quizzed the other members of its prosecution team.
The probe agency had sent the audio tape to the Central Forensic Science Laboratory (CFSL) to check its authenticity.
Unitech had rejected the allegations saying Chandra had never met the prosecutor in the 2G case outside the court or had any phone conversation with him.
The company has also denied that Chandra's voice was on the the tape and said it appeared a fabricated voice recording sent anonymously to CBI.
CBI had earlier suspected that the CD was an apparent outcome of growing corporate rivalry in the Telecom sector and that it did not rule out some more tapes surfacing soon.
After registering a Preliminary Enquiry, the CBI Director Ranjit Sinha formed a special team to ascertain whether the corruption slur on its prosecutor in the 2G case was an "aberration" or some other individuals have also been allegedly compromised.
UNITECH CRASHES 17%
ON REPORTS OF 2G CONSPIRACY
Real estate firm Unitech plunged more than 17 percent in early trade on Tuesday as Network 18 has learnt from sources that the CBI suspects its own prosecutor of aiding Unitech MD Sanjay Chandra, one of the accused in the 2G case.
Real estate firm Unitech plunged more than 17 percent in early trade on Tuesday as Network 18 has learnt from sources that the CBI suspects its own prosecutor of aiding Unitech MD Sanjay Chandra, one of the accused in the 2G case.
A CBI preliminary enquiry report says an investigation is on and lead 2G prosecutor AK Singh has been removed from the case.
CNN IBN has accessed a preliminary enquiry (PE) registered by the CBI on February 6 which states that AK Singh who represented the CBI in the 2G case has allegedly colluded with the accused Sanjay Chandra, MD of Unitech.
The CBI preliminary enquiry says AK Singh shared the strategy of the CBI prosecution and even advised the accused Sanjay Chandra how to defend himself in the case.
Meanwhile, Unitech, in a statement, has denied that managing director Sanjay Chandra had any involvement in the alleged backroom negotiations.
"He (Sanjay Chandra) wishes to make it absolutely clear that he has never met the prosecutor in the 2G case outside of court or had any phone conversation with him. He denies the suggestion that his voice is on any alleged recording. It appears a fabricated voice recording has been sent anonymously to the CBI. Any suggestion that Sanjay Chandra is linked with this recording is nothing, but an attempt to malign him and prejudice his defence in the 2G case. It is re-iterated that the recording is a fabrication."
The statement also adds that Chandra has joined the CBI's enquiries, and is co-operating with the CBI probe.
At 09:34 hours IST, shares crashed 16 percent to Rs 29.35 amid high volumes on Bombay Stock Exchange.
SEE LOWER LEVELS IN
DB REALTY, UNITECH: BALIGA
Thu, Feb 14, 2013 at
10:57
See lower levels in DB Realty and Unitech, says Ambareesh Baliga, Independent Analyst.
Baliga told CNBC-TV18, "You will still see DB Realty and Unitech going further down because lot of speculative interest had built up especially in DB Realty after the investor picked up stock at Rs 100-110 levels. However, corporate governance issue is the biggest issue for both these stocks as well as the number of midcaps where you could still see pressure going ahead."
At 10:40 hrs Unitech was quoting at Rs 29.50, up Rs 0.75, or 2.61%. It has touched an intraday high of Rs 29.80 and an intraday low of Rs 28.10
The share touched its 52-week high Rs 40.90 and 52-week low Rs 18.80 on 15 January, 2013 and 04 September, 2012, respectively. Currently, it is trading 27.87% below its 52-week high and 56.91% above its 52-week low. Market capitalisation stands at Rs 77180.900 Millions.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.70 |
|
|
1 |
Rs.100.27 |
|
Euro |
1 |
Rs.84.45 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
32 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.