MIRA
INFORM REPORT
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Report Date : |
29.09.2014 |
IDENTIFICATION DETAILS
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Name : |
INDIA BULLS REAL ESTATE LIMITED |
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Registered
Office : |
M – 62 and 63, First Floor, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
04.04.2006 |
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Com. Reg. No.: |
11-148314 |
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Capital
Investment / Paid-up Capital : |
Rs. 849.745 Millions |
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CIN No.: [Company Identification
No.] |
L45101DL2006PLC148314 |
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Legal Form : |
A Public Limited Liability company. The company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Subject is Engaged in Real Estate Development |
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No. of Employees
: |
Information Declined By The Management |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (50) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 229200000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. There seems some dip in the turnover and profit of the company during
2014 however, net worth of the company is satisfactory. General financial
position of the company is normal and acceptable for business dealing Trade relations are reported as fair. Business is active. Payments
terms are reported to be usually correct. The company can be considered normal for 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 – June 1, 2014
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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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 |
INDIAN ECONOMIC OVERVIEW
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks
over coal supply contracts, uncertainty over cancellation of blocks weigh on
stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of Investigation
books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
EXTERNAL AGENCY RATING
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Rating Agency Name |
CARE |
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Rating |
COMMERCIAL PAPER (CP) ISSUE (A1+) |
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Rating Explanation |
Very strong degree of safety and carry lowest credit risk |
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Date |
20.08.2014 |
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
31-03-2014.
INFORMATION DENIED BY
Management non co- operative
Tel No.: 91-22-61899800 / 61891176 / 61899700
LOCATIONS
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Registered Office : |
M – 62 and 63, First Floor, Connaught Place, New Delhi – 110001,
Delhi, India |
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Tel. No.: |
91-124-6681199 |
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Fax No.: |
91-124-6681240 |
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E-Mail : |
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Website : |
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Corporate Office 1 : |
India bulls House, India bulls Finance Centre, Tower 1, Senapati Bapat
Marg, Elphinstone Road, Mumbai – 400013, Maharashtra, India |
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Corporate Office 2 : |
India bulls House, 448-451, Udyog Vihar, Phase V, Gurgaon – 122016,
Haryana, India |
DIRECTORS
As on: 31.03.2014
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Name : |
Mr. Sameer Gehlaut |
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Designation : |
Director |
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Name : |
Mr. Narendra Gehlaut |
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Designation : |
Director |
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Name : |
Mr. Karan Singh Khera |
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Designation : |
Director |
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Name : |
Mr. Shamsher Singh Ahlawat |
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Designation : |
Director |
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Name : |
Mr. Aishwarya Katoch |
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Designation : |
Director |
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Name : |
Mr. Prem Prakash Mirdha |
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Designation : |
Director |
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Name : |
Brig. (Retired). Labh Singh Sitara |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Ravi Telkar |
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Designation : |
Company Secretary |
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Name : |
Mr. Anil Mittal |
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Designation : |
Chief Financial Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.06.2014
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Category of
Shareholder |
Total No. of Shares |
Total Shareholding
as a % of Total No. of Shares |
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(A) Shareholding of
Promoter and Promoter Group |
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2400000 |
0.56 |
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163024849 |
38.37 |
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42500000 |
10.00 |
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42500000 |
10.00 |
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207924849 |
48.94 |
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Total shareholding
of Promoter and Promoter Group (A) |
207924849 |
48.94 |
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(B) Public
Shareholding |
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2213357 |
0.52 |
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563428 |
0.13 |
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128976218 |
30.36 |
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131753003 |
31.01 |
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39803081 |
9.37 |
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25775009 |
6.07 |
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10366923 |
2.44 |
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8764607 |
2.06 |
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788604 |
0.19 |
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1618873 |
0.38 |
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6357130 |
1.50 |
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84709620 |
19.94 |
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Total Public
shareholding (B) |
216462623 |
50.95 |
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Total (A)+(B) |
424387472 |
99.89 |
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(C) Shares held by Custodians
and against which Depository Receipts have been issued |
0 |
0.00 |
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0 |
0.00 |
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485267 |
0.11 |
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485267 |
0.11 |
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Total (A)+(B)+(C) |
424872739 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is Engaged in Real Estate Development |
GENERAL INFORMATION
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No. of Employees : |
Information Declined By The Management |
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Bankers : |
·
Axis Bank Limited ·
Bank of India ·
Corporation Bank ·
HDFC Bank Limited ·
ICICI Bank Limited ·
IDBI Bank Limited ·
Induslnd Bank Limited ·
State Bank of Bikaner And Jaipur ·
State Bank of India ·
The Ratnakar Bank Limited ·
Vijaya Bank ·
Yes Bank Limited |
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Facilities : |
REDEEMABLE NON
CONVERTIBLE DEBENTURES INCLUDE On March 06, 2014, the Company had issued and allotted 1000 Secured Redeemable Non-Convertible Debentures (“NCDs”) of face value of Rs. 1.000 Millions each carrying interest rate of 11.40% payable on yearly basis, aggregating to Rs.1000.000 Millions on private placement basis for part finance of various projects undertaken by Company and its Subsidiary Companies. These Non-Convertible Debentures are to be secured by mortgage on specified immoveable properties held and owned by the Company and its certain Subsidiary Companies by way of first charge to be created in favour of IDBI Trusteeship Services Limited (“Debenture Trustee”). These NCD’s are redeemable at the end of 36th month from date of allotment. These NCDs are listed on Wholesale Debt Market (WDM) segment of National Stock Exchange of India Limited. On May 30, 2013, the Company had issued and allotted 5,000 Secured Redeemable Non-Convertible Debentures (“NCDs”) of face value of Rs. 1.000 Millions each carrying interest rate of 9.75% payable on yearly basis, aggregating to Rs. 5000.000 Millions on private placement basis for part finance of various projects undertaken by Company and its Subsidiary Companies. These Non-Convertible Debentures are secured by mortgage on specified immoveable properties held and owned by the Company and its certain Subsidiary Companies by way of first charge created in favour of IDBI Trusteeship Services Limited (“Debenture Trustee”). These NCD’s are redeemable at the end of 36th month from date of allotment. These NCDs are listed on Wholesale Debt Market (WDM) segment of National Stock Exchange of India Limited. On September 28, 2012, the Company had issued and allotted 3,000 Secured Redeemable Non-Convertible Debentures (“NCDs”) of face value of Rs. 1.000 each carrying interest rate of 11.75% payable semi annually basis, aggregating to Rs. 3000.000 on private placement basis for part finance of various projects undertaken by Company and its Subsidiary Companies. These Non-Convertible Debentures are secured by mortgage on specified immoveable properties held and owned by the Company and its certain Subsidiary Companies by way of pari-passu charge created in favour of IDBI Trusteeship Services Limited (“Debenture Trustee”).Additionally aforesaid NCDs are to be secured by way of pari-passu charge on all revenues and receivables including the account in which the receivables will flow and are redeemable at the end of 36th month from date of allotment. These NCDs are listed on Wholesale Debt Market (WDM) segment of National Stock Exchange of India Limited. On March 28, 2014, the Company had issued and allotted 2500 Secured Redeemable Non-Convertible Debentures (“NCDs”) of face value of Rs. 1.000 each carrying interest rate of 11% payable on quarterly basis, aggregating to Rs. 2500.000 on private placement basis for part finance of various projects undertaken by Company and its Subsidiary Companies. These Non-Convertible Debentures are to be secured by mortgage on specified immoveable properties held and owned by the Company and its certain Subsidiary Companies by way of first charge to be created in favour of IDBI Trusteeship Services Limited (“Debenture Trustee”). These NCD’s are redeemable at the end of 18th month from date of allotment. These NCDs are listed on Wholesale Debt Market (WDM) segment of National Stock Exchange of India Limited. During the financial year ended March 31, 2014 the Company redeemed NCDs amounting to Rs.6748.600 Millions as per the redemption schedule. |
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Banking
Relations : |
-- |
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Statutory Auditors : |
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Name : |
Sharma Goel and Company LL Chartered Accountants |
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Subsidiaries : |
· Indiabulls Estate Limited · Indiabulls Land Holdings Limited · Nilgiri Land Development Limited · Indiabulls Commercial Estate Limited · Indiabulls Engineering Limited · Indiabulls Infrastructure Projects Limited · Nilgiri Lands Limited · Nilgiri Land Holdings Limited · Nilgiri Infrastructure Limited · Indiabulls Commercial Properties Limited · Ib Holdings Limited (formerly Fornax Properties Limited) · Platane Infrastructure Limited (formerly Albina Infrastructure Limited) · Ashkit Constructions Limited · Paidia Infrastructure Limited (formerly Sepset Infrastructure Limited) · Lorita Developers Limited (formerly Serida Developers Limited) · Serida Infrastructure Limited · Vonnie Real Estate Limited (formerly Serida Real Estate Limited) · Ib Assets Limited (formerly Indiabulls Resources Limited) · Fama Builders and Developers Limited · Fama Construction Limited · Fama Estate Limited · Fama Land Development Limited · Lavone Builders and Developers Limited (formerly Juventus Builders And Developers Limited) · Juventus Infrastructure Limited · Juventus Properties Limited · Kailash Buildwell Limited · Karakoram Buildwell Limited · Kaltha Developers Limited (formerly Karakoram Developers Limited) · Amadis Land Development Limited (formerly Karakoram Land Development Limited) · Karakoram Properties Limited · Aedos Real Estate Company Limited (formerly Karakoram Real Estate Company Limited) · Tefia Land Development Limited ( formerly Triton Land Development Limited) · Varali Developers Limited · Vindhyachal Developers Limited · Vindhyachal Buildwell Limited · Zeus Builders and Developers Limited · Zeus Properties Limited · Airmid Aviation Services Private Limited · Albasta Constructions Limited · Angles Constructions Limited · Airmid Developers Limited · Albasta Developers Limited · Airmid Infrastructure Limited · Albasta Infrastructure Limited · Airmid Properties Limited · Albasta Real Estate Limited · Albasta Properties Limited · Albina Properties Limited · Albina Real Estate Limited · Alexander Transport Solutions Limited · Angina Properties Limited · Angina Real Estate Limited · Apesh Properties Limited · Apesh Real Estate Limited · Athena Land Development Limited · Athena Builders and Developers Limited · Athena Buildwell Limited · Athena Infrastructure Limited · Aurora Builders and Developers Limited · Chloris Constructions Limited · Ceres Constructions Limited · Citra Developers Limited · Lucina Builders and Developers Limited · Lucina Buildwell Limited · Lucina Estate Limited · Lucina Properties Limited · Nilgiri Buildwell Limited · Selene Buildwell Limited · Selene Properties Limited · Galium Builders and Developers Limited (formerly Triton Builders And Developers Limited) · Triton Buildwell Limited · Triton Infrastructure Limited · Diana Infrastructure Limited · Diana Land Development Limited · Elena Constructions Limited · Elena Properties Limited · Elena Real Estate Limited · Fornax Constructions Limited · Fama Infrastructure Limited · Fama Properties Limited · Flora Land Development Limited · Fornax Real Estate Limited · Hermes Builders and Developers Limited · Hermes Properties Limited · Indiabulls Buildcon Limited · Makala Infrastructure Limited (formerly Indiabulls Builders and Developers Limited) · Indiabulls Road and Infrastructure Services Limited (formerly Indiabulls Buildwell Limited) · Indiabulls Communication Infrastructure Limited (formerly Indiabulls Commercial Developers Limited) · Indiabulls Industrial Infrastructure Limited · Lakisha Developers Limited (formerly Indiabulls Greenfield Realities Limited) · Indiabulls Constructions Limited · Indiabulls Developers and Infrastructure Limited · Indiabulls Energy Limited · Serida Properties Limited · Serida Constructions Limited · Ashkit Real Estate Limited · Ashkit Properties Limited · Mabon Constructions Limited · Mabon Properties Limited · Mabon Infrastructure Limited · Mabon Real Estate Limited · Ashkit Developers Limited · Mabon Developers Limited · Ceres Estate Limited · Ceres Infrastructure Limited · Ceres Land Development Limited · Ceres Properties Limited · Citra Properties Limited · Chloris Real Estate Limited · Corus Real Estate Limited · Devona Developers Limited · Devona Infrastructure Limited · Devona Properties Limited · Sentia Infrastructure Limited · Selene Infrastructure Limited · Selene Land Development Limited · Sentia Real Estate Limited · Shivalik Properties Limited · Sophia Constructions Limited · Sophia Real Estate Limited · Sylvanus Properties Limited · Triton Estate Limited · Triton Properties Limited · Varali Constructions Limited · Varali Infrastructure Limited · Varali Properties Limited · Varali Real Estate Limited · Vindhyachal Infrastructure Limited · Vindhyachal Land Development Limited · Zeus Estate Limited · Hecate Power and Land Development Limited (formerly Zeus Land Development Limited ) · Echo Facility Services Limited · Diana Buildwell Limited · Apesh Constructions Limited · Linnet Infrastructure Limited · Linnet Constructions Limited · Linnet Developers Limited · Linnet Real Estate Limited · Linnet Properties Limited · Edesia Constructions Limited · Edesia Developers Limited · Edesia Infrastructure Limited · Edesia Real Estate Limited · Edesia Properties Limited · Indiabulls Malls Limited · Ivonne Developers Limited (formerly Indiabulls Property Builders Limited) · Manjola Infrastructure Limited (formerly Indiabulls Estate Developers Limited) · Indiabulls Home Developers Limited · Indiabulls Housing Developers Limited · Indiabulls Housing and Land Development Limited · Indiabulls Hotel Properties Limited · Lakisha Infrastructure Limited (formerly Indiabulls Infradevelopers Limited) · Indiabulls Software Parks Limited (formerly known as Indiabulls Infracon Limited)\ · Indiabulls Infraestate Limited · Indiabulls Infratech Limited · Ivonne Infrastructure Limited (formerly Indiabulls Land Development Limited) · Indiabulls Lands Limited · Indiabulls Multiplex Services Limited · Indiabulls Natural Resources Limited · Indiabulls Property Developers Limited · Indiabulls Projects Limited · Indiabulls Realty Company Limited · Lakisha Real Estate Limited (formerly Indiabulls Realcon Limited) · Manjola Real Estate Limited (formerly Indiabulls Realtors Limited) · Ivonne Real Estate Limited (formerly Indiabulls Town Developers Limited) · Juventus Constructions Limited · Juventus Estate Limited · Juventus Land Development Limited · Lenus Constructions Limited · Lucina Constructions Limited · Lenus Developers Limited · Lenus Infrastructure Limited · Lucina Land Development Limited · Lenus Properties Limited · Lenus Real Estate Limited · Mariana Constructions Limited · Mariana Developers Limited · Maximus Entertainments Limited · Mariana Infrastructure Limited · Milky way Buildcon Limited · Mariana Properties Limited · Mariana Real Estate Limited · Indiabulls Commercial Builders Limited · Indiabulls Housing and Constructions Limited · Indiabulls Real Estate Developers Limited · Indiabulls Infra build Limited · Indiabulls Real Estate Builders Limited · Parmida Constructions Limited · Parmida Infrastructure Limited · Lorena Developers Limited · Parmida Developers Limited · Lorena Builders Limited · Parmida Properties Limited · Parmida Real Estate Limited · Lorena Infrastructure Limited · Lorena Constructions Limited · Nerissa Developers Limited · Majesta Builders Limited · Majesta Properties Limited · Nerissa Constructions Limited · Nerissa Real Estate Limited · Majesta Constructions Limited · Nerissa Properties Limited · Lorena Real Estate Limited · Majesta Developers Limited · Nerissa Infrastructure Limited · Majesta Infrastructure Limited · Tapir Land Development Limited · Tapir Realty Developers Limited · Serpentes Buildwell Limited · Serpentes Builders and Developers Limited · Cobitis Real Estate Limited · Loon Infrastructure Limited · Jwalaji Buildtech Limited · Yashita Buildcon Limited · Zeus Buildwell Limited · Nesoi Limited · Foundvest Limited · Arianca Limited · Indiabulls Property Management Trustee Pte Limited · Nav Vahan Autotech Limited · Nilgiri Commercial Estate Limited · Nilgiri Infra estate Limited · Nilgiri Infrastructure Development Limited · Nilgiri Infrastructure Projects Limited · Nilgiri Resources Limited · Noble Realtors Limited · Selene Builders And Developers Limited · Sentia Constructions Limited · Selene Constructions Limited · Sentia Developers Limited · Sepset Developers Limited · Selene Estate Limited · Sepset Properties Limited · Juventus Buildwell Limited · Indiabulls Infrastructure Development Limited · IPMT Limited · IPMT (Mauritius) Limited · Shoxell Holdings Limited · Grapene Limited · Dev Property Development Limited · Ariston Investments Limited · Ariston Investments Sub Company Limited · Brenformexa Limited · Indiabulls Infrastructure Private Limited · Bridget Builders & Developers Limited · Catherine Builders & Developers Limited · Kenneth Builders & Developers Limited · Aurora Land Development Limited · Airmid Real Estate Limited · Sepset Real Estate Limited |
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Associate |
· Indiabulls Properties Investment Trust · Indiabulls Infrastructure Private Limited (Subsidiary till August 22, 2013) |
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Subsidiaries of
Associate : |
· Indiabulls Properties Private Limited · Indiabulls Real Estate Company Private Limited · Kenneth Builders And Developers Limited (Subsidiary till August 22, 2013) |
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Enterprises over
which key management Personnel have significant Influence: |
IIC Limited (formerly Indiabulls Infrastructure Company Limited) |
CAPITAL STRUCTURE
As on: 31.03.2014
Authorized Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
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|
500000000 |
Equity Shares |
Rs.2/- each |
Rs. 1000.000 Millions |
|
30000000 |
Preference shares |
Rs.138/- each |
Rs. 4140.000 Millions |
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Total |
|
Rs. 5140.000
Millions |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
|
424010739 |
Equity Shares |
Rs.2/- each |
Rs. 848.021
Millions |
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(i) The holders of equity shares are entitled to receive dividends as declared from time to time, and are entitled to one vote per share at meetings of the Company. In the event of liquidation of the Company, all preferential amounts, if any, shall be discharged by the Company. The remaining assets of the Company shall be distributed to the holders of equity shares in proportion to the number of shares held to the total equity shares outstanding as on that date. The holders of preference shares are entitled to receive dividends, but do not carry the right to vote. All shares rank equally with regard to the Company’s residual assets, except that holders of preference shares participate only to the extent of the face value of the shares.
(ii) Of the above fully paid equity shares, 42,500,000 Equity Shares of face value Rs. 2 each were allotted to IBREL-IBL scheme trust, the shareholder of IBL, for the sole benefit of Indiabulls Real Estate Limited pursuant to and in terms of a scheme of Arrangement approved by High Court of Delhi on October 17, 2011.
(iii) During the Financial year ended March 31, 2012, upon exercise of Stock options vested in terms of Indiabulls
Real Estate Limited Employees Stock options Scheme 2006 by eligible employees and upon receipts of full consideration in cash, the Company has allotted an aggregate of 668,500 Equity Shares of face value Rs. 2 each at an exercise price of Rs. 60 each.
(iv) During the Financial year ended March 31, 2012, Pursuant to and in terms of the Court approved Scheme of
Arrangement (Scheme-II) under Section 391 to 394 of the Companies Act, 1956, by and among Indiabulls Real Estate Limited (the Company), Indiabulls Infrastructure and Power Limited (IIPL), Indiabulls Builders Limited (IBL), Indiabulls Power Limited. (IPL) and Poena Power Supply Limited (PPSL) and their respective shareholders and creditors (Scheme -II), which had been approved by the Hon’ble High Court of Delhi, IBL a wholly owned subsidiary of the Company got merged with the Company as a going concern and in consideration of which, 42,500,000 fully paid Equity shares were allotted by the Company in favor of IBREL-IBL Scheme Trust, the shareholder of IBL as on the effective date of the Scheme II for the sole benefit of Indiabulls Real Estate Limited. Further to the Scheme II , the warrants issued on August 26, 2010 and remaining outstanding as on the effective date of the Scheme, were converted into 28,700,000 partly paid equity shares of the Company. The Promoter group companies and directors of the Company, who were allotted partly paid shares had paid the final call money as specified in the scheme except for one of the warrant holder, to whom 100,000 partly paid up equity shares (` 0.50 per share paid) were allotted had forfeited due to non-payment of call money, accordingly 28,600,000 equity shares had become fully paid up shares.
(v) During the Financial year ended March 31, 2013, 50,000,000 equity shares were bought back at an average price of Rs.54.64 from the open market through stock exchanges using electronic trading facilities of BSE Limited (BSE) and National Stock Exchange of India Limited (NSE) in accordance with section 77A, 77AA and 77B of the Company Act 1956 and SEBI Regulation 1998.
(vi) DETAILS OF SHAREHOLDING IN EXCESS OF 5 % OF SHARE CAPITAL
|
Equity Capital |
|
|
|
Number of shareholders [including their nominees] |
4 |
5 |
|
Number of shares held |
150,378,717 |
160,286,959 |
FINANCIAL DATA
[All figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
848.021 |
848.021 |
948.021 |
|
(b) Reserves & Surplus |
56461.038 |
56065.948 |
70827.287 |
|
(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) |
57309.059 |
56913.969 |
71775.308 |
|
|
|
|
|
|
Minority interest |
0.000 |
0.000 |
6914.245 |
|
Preference share capital of subsidiary companies |
0.000 |
0.000 |
2576.911 |
|
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(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
11638.095 |
3000.000 |
18887.220 |
|
(b) Deferred tax liabilities (Net) |
3.283 |
2.695 |
19.356 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
863.957 |
|
(d) long-term provisions |
0.000 |
0.000 |
37.848 |
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Total Non-current Liabilities (3) |
11641.378 |
3002.695 |
19808.381 |
|
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|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
5868.759 |
771.900 |
0.000 |
|
(b) Trade payables |
39.753 |
2.881 |
642.028 |
|
(c) Other current
liabilities |
686.587 |
7173.151 |
19541.257 |
|
(d) Short-term provisions |
381.716 |
979.728 |
602.596 |
|
Total Current Liabilities (4) |
6976.815 |
8927.660 |
20785.881 |
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|
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TOTAL |
75927.252 |
68844.324 |
121860.726 |
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II.
ASSETS |
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(1) Non-current assets |
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(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
91.770 |
111.815 |
3224.097 |
|
(ii) Intangible Assets |
10.684 |
15.594 |
18.412 |
|
(iii) Capital
work-in-progress |
0.000 |
2.685 |
0.807 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
47662.320 |
39161.995 |
49092.765 |
|
(c) Deferred tax assets (net) |
4.019 |
1.813 |
250.294 |
|
(d) Long-term Loan and Advances |
2845.142 |
8654.150 |
483.719 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
368.150 |
|
Total Non-Current Assets |
50613.935 |
47948.052 |
53438.244 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
590.909 |
0.000 |
201.000 |
|
(b) Inventories |
450.364 |
261.063 |
51107.769 |
|
(c) Trade receivables |
6.211 |
155.694 |
9302.943 |
|
(d) Cash and cash equivalents |
1404.603 |
363.447 |
1605.405 |
|
(e) Short-term loans and
advances |
21457.099 |
18207.725 |
6141.210 |
|
(f) Other current assets |
1404.131 |
1908.343 |
64.155 |
|
Total Current Assets |
25313.317 |
20896.272 |
68422.482 |
|
|
|
|
|
|
TOTAL |
75927.252 |
68844.324 |
121860.726 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
848.986 |
3548.606 |
13915.963 |
|
|
|
Other Income |
3026.950 |
2338.017 |
951.453 |
|
|
|
TOTAL (A) |
3875.936 |
5886.623 |
14867.416 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
0.000 |
478.000 |
5900.145 |
|
|
|
Other Operating Expenses |
0.000 |
0.000 |
2416.427 |
|
|
|
Employees benefits expense |
59.864 |
55.956 |
496.839 |
|
|
|
Other expenses |
544.883 |
559.064 |
1336.274 |
|
|
|
TOTAL (B) |
604.747 |
1093.020 |
10149.685 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3271.189 |
4793.603 |
4717.731 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1666.546 |
1347.044 |
2285.218 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1604.643 |
3446.559 |
2432.513 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
32.136 |
33.330 |
209.399 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1572.507 |
3413.229 |
2223.114 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
126.975 |
727.619 |
641.309 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1445.532 |
2685.610 |
1581.805 |
|
|
|
|
|
|
|
|
|
Add |
MINORITY
INTEREST |
0.000 |
0.000 |
(76.383) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER
MINORITY INTEREST |
1445.532 |
2685.610 |
1658.187 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
205.284 |
87.476 |
NA |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim Dividend on Equity shares |
1059.532 |
848.021 |
NA |
|
|
|
Corporate Dividend Tax on Interim Dividend on Equity shares |
(9.090) |
16.659 |
NA |
|
|
|
Transfer to General Reserves |
153.301 |
268.561 |
NA |
|
|
|
Transfer to Capital Redemption Reserves |
0.000 |
100.000 |
NA |
|
|
|
Transferred to Debenture Redemption Reserve |
333.333 |
1334.561 |
|
|
|
BALANCE CARRIED
TO THE B/S |
1537.076 |
2567.802 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3.41 |
6.08 |
3.73 |
|
QUARTERLY /
SUMMARISED RESULTS
|
Particulars (Rs.
Millions) |
|
|
|
Jun 2014 |
|
Audited / UnAudited |
|
|
|
UnAudited |
|
Net Sales |
|
|
|
117.600 |
|
Total Expenditure |
|
|
|
54.400 |
|
PBIDT (Excl OI) |
|
|
|
63.200 |
|
Other Income |
|
|
|
511.100 |
|
Operating Profit |
|
|
|
574.300 |
|
Interest |
|
|
|
535.300 |
|
Exceptional Items |
|
|
|
0.000 |
|
PBDT |
|
|
|
39.000 |
|
Depreciation |
|
|
|
12.700 |
|
Profit Before Tax |
|
|
|
26.200 |
|
Tax |
|
|
|
3.000 |
|
Provisions and contingencies |
|
|
|
0.000 |
|
Profit After Tax |
|
|
|
23.300 |
|
Extraordinary Items |
|
|
|
0.000 |
|
Prior Period Expenses |
|
|
|
0.000 |
|
Other Adjustments |
|
|
|
0.000 |
|
Net Profit |
|
|
|
23.300 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
37.30 |
45.62 |
11.15 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
185.22 |
96.19 |
15.98 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.56 |
11.50 |
3.07 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03 |
0.06 |
0.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.31 |
0.07 |
0.23 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.63 |
2.34 |
3.29 |
FINANCIAL ANALYSIS
[All figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
948.021 |
848.021 |
848.021 |
|
Reserves & Surplus |
70827.287 |
56065.948 |
56461.038 |
|
Net worth |
71775.308 |
56913.969 |
57309.059 |
|
|
|
|
|
|
long-term borrowings |
18887.220 |
3000.000 |
11638.095 |
|
Short term borrowings |
0.000 |
771.900 |
5868.759 |
|
Total borrowings |
18887.220 |
3771.900 |
17506.854 |
|
Debt/Equity ratio |
0.263 |
0.066 |
0.305 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
13915.963 |
3548.606 |
848.986 |
|
|
|
(74.500) |
(76.076) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
13915.963 |
3548.606 |
848.986 |
|
Profit |
1658.187 |
2685.610 |
1445.532 |
|
|
11.92% |
75.68% |
170.27% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report
(Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
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 |
UNSECURED LOAN
|
Particulars |
As on 31.03.2014 |
As on 31.03.2013 |
|
|
(Rs. In Millions) |
|
|
SHORT TERM
BORROWINGS: |
|
|
|
COMMERCIAL PAPER |
|
|
|
From Bank |
2500.000 |
0.000 |
|
From Other |
1000.000 |
0.000 |
|
Loans and advance from related parties |
1858.759 |
771.900 |
|
Total |
5358.759 |
771.900 |
INDEX OF CHARGES:
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10504968 |
02/06/2014 |
9,000,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001, INDIA |
C06308258 |
|
2 |
10502507 |
09/05/2014 |
1,000,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001, INDIA |
C05742119 |
|
3 |
10445648 |
23/08/2013 |
5,000,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001, INDIA |
B82779083 |
|
4 |
10391020 |
06/05/2013 * |
3,000,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001, INDIA |
B74538786 |
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2014
|
Sr. No. |
Particulars |
Rs in Millions |
||
|
Quarter ended |
||||
|
as on 30.06.2014 |
||||
|
(Unaudited) |
||||
|
1 |
(a) Net Sales/Income from Operations |
117.629 |
||
|
|
(b)Other Operating Income |
-- |
||
|
|
Total Income
From Operations (Net) |
117.629 |
||
|
2 |
Expenditure |
|
||
|
|
(a) |
Cost of Materials Consumed |
- |
|
|
|
(b) |
Purchases of Stock-in-Trade |
- |
|
|
|
(c) |
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
- |
|
|
|
(d) |
Employees benefits expense |
14.059 |
|
|
|
(e) |
Depreciation and amortization expense |
12.713 |
|
|
|
(f ) |
Other expenses |
40.337 |
|
|
|
|
TOTAL (B) |
67.109 |
|
|
|
|
|
||
|
3 |
Profit from operation before other income, interest and other
exceptional items(1-2) |
50.520 |
||
|
4 |
Other Income |
511.052 |
||
|
5 |
profit before interest and exceptional items(3+4) |
561.572 |
||
|
6 |
Interest |
535.332 |
||
|
7 |
Profit after interest but before exceptional items(5-6) |
26.240 |
||
|
8 |
Exceptional Items |
-- |
||
|
9 |
Profit(+)/Loss(-) from Ordinary Activities before tax (7-8) |
26.240 |
||
|
10 |
Tax Expenses |
2.978 |
||
|
11 |
Net Profit(+)/Loss(-) from Ordinary Activities after tax( 9-10) |
23.262 |
||
|
12 |
Extra Ordinary Items |
-- |
||
|
13 |
Net Profit(+)/Loss(-) for the period (1112) |
23.262 |
||
|
14 |
Paid-up Equity Share Capital Rs.2/ per share |
849.745 |
||
|
15 |
Reserves excluding revaluation reserves |
|
||
|
16 |
Earning Per
Share |
|
||
|
(a) |
Basic and diluted EPS before Extraordinary items for the period, for
the year to date and for the previous year(not to be annualised) |
0.05 |
||
|
(b) |
Basic and diluted EPS after Extraordinary
items for the period, for the year to date and for the previous year(not to
be annualised) |
0.05 |
||
|
|
Items exceeding
10% of Total Expenses |
|
||
|
|
Sales and marketing expenses |
74.04 |
||
|
|
Software expenses |
6.43 |
||
|
|
Rent |
117.82 |
||
|
17 |
Public
Shareholding |
|
||
|
|
Number of Shares |
216947890 |
||
|
|
Percentage of Shareholding |
51.06% |
||
|
18 |
Promoters and Promoter group |
|
||
|
|
a) Pledged/Encumbered |
|
||
|
|
Number of shares |
-- |
||
|
|
Percentage of Shares (as a % of the total shareholding of promoter and
promoter group) |
-- |
||
|
|
Percentage of Shares (as a % of the total share capital of the
Company) |
----- |
||
|
|
b) Non-encumbered |
|
||
|
|
Number of shares |
207924849 |
||
|
|
Percentage of Shares (as a % of the total shareholding of promoter and
promoter group) |
100.00% |
||
|
|
Percentage of Shares (as a % of the total share capital of the
Company) |
48.94% |
||
|
|
Particulars |
30.06.2014 |
||
|
|
INVESTOR
COMPLAINTS |
|
||
|
|
Pending at the beginning of the quarter |
Nil |
||
|
|
Received during the quarter |
55 |
||
|
|
Disposed off during the quarter |
55 |
||
|
|
Remaining unresolved at the end of the quarter |
Nil |
||
|
Notes: |
|
1. The consolidated and standalone financial results of Indiabulls Real Estate Limited ('IBREL', "the Company") for the quarter ended June 30, 2014 have been reviewed by the Audit Committee and approved by the Board of Directors ("the Board") at its meeting held on July 25, 2014. The financial results pertaining to IBREL as a standalone entity have been subjected to a limited review by the Statutory Auditors of the Company. 2. During the quarter, the Company has invested in four wholly owned subsidiaries. 3. During the quarter, the Compensation Committee of the Board of Directors of the Company, at its meeting held on June 09, 2014, upon receipt of full consideration thereof, had allotted an aggregate 8, 62,000 (Eight Lacs Sixty Two Thousand) Equity shares of face value Rs. 2/- each to eligible employees, who exercised the stock options, vested in terms of 'Indiabulls Real Estate Limited - Employees Stock Option Scheme 2006'. Consequent to the said allotment, the paid-up Equity share capital of the Company stands increased from Rs. 84,80,21,478/- divided into 42,40,10,739 Equity share of face value Rs.2/- each to Rs. 84,97,45,478/- divided into 42,48,72,739 Equity shares of face value Rs.2/- each. 4. Consequent to the de-classification of the Promoters / Promoter Group Entities / Persons Acting in Concert with the Promoters (PACs) of the Company, intimated by the Company to the Exchanges on July 18, 2014, Mr. Rajiv Rattan, Yantra Energetics Private Limited, Spire Constructions Private Limited, Laurel Energetics Private Limited, Nettle Constructions Private Limited, Mr. Saurabh Kumar Mittal, Gragerious Projects Private Limited, Punarvasu Builders and Developers Private Limited, Ceres Trading Services Private Limited, Daisy Projects Private Limited and Lucerne Trading Services Private Limited have ceased to be the Promoters / Promoter Group / PACs of the Company with effect from July 18, 2014, and the names of the aforesaid persons/entities shall not be included in the category of Promoters / Promoter Group / PACs of the Company in any future correspondences / filings by the Company with the Stock Exchanges / other statutory authorities. 5. The Company's primary business segment is reflected based on principal business activities carried on by the Company. As per Accounting Standard (AS - 17) "Segment Reporting" as notified under the Companies (Accounting Standards) Rules, 2006, as amended, the Company operates in one reportable business segment i.e. "Project Advisory which inter alia includes Real Estate/ power / infrastructure / other Project Advisory and Construction & Development of infrastructure/real estate Projects" and in one geographical segment i.e. within India. 6. Figures of last quarter of financial year 2013-14 are the balancing figures between audited figures in respect of full financial year and the published year to date figures upto the third quarter of the financial year 2013- 14. 7. Figures for the prior period / year have been regrouped and / or reclassified wherever considered necessary. |
REVIEW OF OPERATIONS
& BUSINESS UPDATE:
Key Financial
Highlights:
·
Total Sales in FY ’14 increased to Rs.
30760.000 Millions for an area of 3.40 msft as against the sales of Rs. 30020.000 Millions for an area of 2.82
msft in FY ’13.
·
Total Revenues in FY ’14 increased to Rs.
18000.000 Millions as against the revenues of Rs. 13460.000 Millions in FY ’13.
·
Total Profit after Tax (PAT) in FY ’14
increased to Rs. 2300.000 Millions as
against the PAT of Rs. 1750.000 Millions in FY ’13.
· Earnings per share (EPS) in FY ’14 increased to Rs. 5.28 as against the EPS of Rs. 3.74 in FY ’13.
New Launch of
projects for FY15
· One Indiabulls - Sec 104, Gurgaon (recently launched): Super premium residential complex consisting of town houses, low rise apartments and high rise towers spread over 34 acres
· Indiabulls Mint- Sec 104, Gurgaon: Iconic commercial tower of 2.11 lac sqft
· Indiabulls Imperial - Sec 106, Gurgaon: integrated Township with high-end residential apartments, villas, luxury retail and commercial spread over 35.23 acres
· Indiabulls Sierra, Vizag (recently launched): 7.86 lac sqft of residential development, consisting of 13 residential towers spread over 4.8 acres
· Indiabulls Kalina, Mumbai: One of the most eagerly awaited projects in the city, it’s a boutique high end project, lac sqft of ultra-premium residential development
· Indiabulls Commercial Centre-Sec 109, Gurgaon: 5.84 lac sqft of commercial development
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
ECONOMIC AND
INDUSTRIAL REVIEW
The real estate sector in India assumed greater prominence with the liberalization and growth of the economy.
At present, the real estate, construction and infrastructure sectors are playing a crucial role in the overall development of India’s core infrastructure. Fundamentals of India’s real estate sector are however improving, as seen by better liquidity and improved demand. The recovery has given way to belief in the sustained healthy levels, if not a rapid growth. Increase in business opportunities and labor migration led to rising demand for commercial and housing space. Demand for commercial property is being driven by the country’s economic growth. Urban population has been increasing and this urbanization and growing household income is driving demand for residential real estate. The government has encouraged the home buyers by widening Housing loan interest exemption U/s 24 B from Rs 0.15 Million to Rs.0.200 Million coupled with personal tax exemption slab raised to the level of Rs.0.250 Million per annum. The latter will definitely boost investor’s sentiments in the real estate sector. The growth of Indian real estate industry is also linked with developments in the infrastructure, hospitality, economic services (hospitals, schools) and IT enabled services (like call centers) etc.
The new government has already indicated its desire to revive the investment cycle and to empower the bureaucracy to ensure successful execution of the government’s plans. This new government has swung into action and the economy is set to grow faster with a number of business friendly reforms already set in motion. Honorable Finance Minister in the context of development of smart cities has proposed changes in FDI for real estate sector. The reduction in built up area from 50,000 sq mtr to 20,000 sq. mtr, and minimum capitalization from USD 10 million to USD 5 million is definitely a positive move for real estate sector. The reduction in built-up area and size of projects will allow mid-sized and smaller developers with good track better access to FDI and boost affordable housing in the country. Real Estate Investment Trusts (REITs), Infrastructure Investment trusts and granting pass through status for taxation is a welcome and essential step for successful implementation of REIT’s in India. It will help in easing liquidity requirement for developers, paving way to raise easy capital and also provide access to retail investors to benefits from regular income and appreciation benefits from real estate. This is bound to give the much needed fillip to the sector
BUSINESS OVERVIEW
Indiabulls Real Estate is one of the largest real estate companies in India and a national player across multiple realty and infrastructure sectors with development projects spread across high-end office and commercial complexes, premium residential developments, mega townships, retail spaces etc. It has 1,009.74 acres land bank, of which 966.56 acres is for residential development and balance 43.18 acres is for commercial development. More than 95% of the Land Bank is high value super-metro cities – Mumbai Metro Region, National Capital Region (Delhi) and Chennai. In addition to the land bank of 1,009.74 acres and 2,588 acres of SEZ land in Nashik, the Company’s ongoing projects have 72.86 million square feet area of development. Each project bears a stamp of thoughtful solutions and highest quality and an optimum mix of different categories and therefore the Company has diversified portfolio of super premium category, premium category & mid income category.
OUTLOOK: COMMERCIAL
REAL ESTATE
· Office rents to start appreciating during the current FY
· More outright purchases by occupiers as well as private equity players
· IT/ITES and BFSI would continue to account for 60-70% of office demand
OUTLOOK: RESIDENTIAL
REAL ESTATE
· Demand for premium products to continue, albeit at a slower pace
· Demand for Ultra Low Cost (ULC) Housing ‘Housing for all’ to enhance at very high growth rate
OUTLOOK: RETAIL REAL
ESTATE
· FDI in multi brand retail will open up portals to major retail brands in India, which will be instrumental to increase the retail space absorption in the Country
· More collaborative models such as revenue sharing to emerge in the sector
· Retailers would continue to expand beyond Tier I into Tier II and III cities and large number of malls slated to become operational
· More international retailers to venture into India, which would result high demand and increased rentals in retail real estate
In the course of its business the Company is exposed to stiff competition from other developers in the market. In addition, it is exposed to certain market related risks, such as increase in interest rates and foreign currency rates, customer risks and changes in the government policies.
FIXED ASSETS:
·
Building
·
Plant and Equipments
·
Office Equipments
·
Computers
·
Furniture and Fixtures
·
Vehicles
·
Computer Software
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 judgment 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.61.57 |
|
|
1 |
Rs.100.42 |
|
Euro |
1 |
Rs.78.45 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
JAY |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
50 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this report.
The assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely
sound financial base with the strongest capability for timely payment of
interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working
capital. No caution needed for credit transaction. It has above average
(strong) capability for payment of interest and principal sums |
Large |
|
56-70 |
A |
Financial &
operational base are regarded healthy. General unfavourable factors will not cause
fatal effect. Satisfactory capability for payment of interest and principal
sums |
Fairly
Large |
|
41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial
difficulties seems comparatively below average. |
Small |
|
11-25 |
Ca |
Adverse factors are
apparent. Repayment of interest and principal sums in default or expected to
be in default upon maturity |
Limited
with full security |
|
<10 |
C |
Absolute credit risk
exists. Caution needed to be exercised |
Credit
not recommended |
|
-- |
NB |
New
Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.