press release...2019/03/20 · emaar mgf land limited 1 care ratings limited press release march...
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1 CARE Ratings Limited
Press Release
Emaar MGF Land Limited March 20, 2019
Ratings
Facilities Amount
(Rs. crore) Rating
1 Rating Action
Non- Convertible Debenture Issue
2260.00 (Rs. Two Thousand Two
Hundred Sixty crore only)
CARE BB; under credit watch with negative implications
[Double B]
Credit watch with negative implications continues
Details of instruments/facilities in Annexure-1 Detailed Rationale & Key Rating Drivers The rating assigned to the Non-Convertible Debentures (NCDs) of Emaar MGF Land Limited (EMGF) continues to be on credit watch with negative implications as the insolvency proceedings and settlement with home buyers for delayed project delivery remains subjudice with Hon’ble Supreme Court order of “Status Quo” to be maintained until its next hearing after two home buyers refused to accept the penalty from EMGF as quantified in National Company Law Appellate Tribunal order. CARE is awaiting the outcome of the judgement to assess the financial implication with regard to aforesaid issue and may take a view on the rating of EMGF once further clarity emerges. The rating continues to derive strength from experienced promoters, long track record of operations, established brand in the National Capital Region (NCR) and availability of large land bank which is largely paid for. These rating strengths are, however, constrained by continuing losses, concentration of projects in National Capital Region (NCR) and slowdown in the real estate industry. The ratings also factors in demerger of MGF group which became effective from July 31, 2018 however, the exact implications of the same in terms of split of their assets and liabilities is yet to be ascertained. The rating continues to be on ‘credit watch with negative implications’ impending Hon’ble Supreme Court judgement. Given the increased restriction placed on the company’s operations with appointment of the resolution professional along with subdued real estate industry scenario may further exacerbate the company’s financial risk profile. The rating may further be revised downwards in case the amicable settlement between the EMGF and the petitioner or the resolution takes a longer time. Detailed description of the key rating drivers Key Rating Strengths Strong promoter group with vast experience in real estate sector Emaar Properties PJSC has formally taken over control of the management of the company on May 23, 2016, and henceforth, playing an active role in the decisions of the company. Mr Jamal Majed Khalfan Bin Theniyah is Chairman of EMGF. Mr Prashant Gupta is the Chief Executive Officer (CEO) of the company. EMGF was incorporated in 2005 as a joint venture between Dubai-based Emaar Properties PJSC (Emaar PJSC) and MGF Group (MGF), India. Promoted by Government of Dubai, Emaar PJSC is a public limited company and has presence in hospitality, education, healthcare and finance with operations in 14 countries. It has developed approximately 89 million square feet of real estate across residential, commercial and other segments. MGF Group was founded in 1930 and started operations with vehicle financing business and later diversified into factoring, financial services and real estate development. Subsequently, the company has reorganized its management structure and gone for the demerger which has been approved by NCLT with effective date of merger being July 31, 2018. The Parent company has extended support to EMGF and in the past, EMGF has raised funds secured by the SBLC and letter of guarantee from Emaar PJSC, Dubai for the purpose of expediting their current projects under construction, replace some of its existing high cost borrowings, clear vendor/contractor and EDC/IDC (External Development Charges/ Internal Development Charges) dues. Large land bank As on December 31
st, 2017, EMGF (along with associates/subsidiaries) had a land/development rights of around 8,912.09
acres (including 2971.53 acre with MGF development), with majority of land bank is already paid up (excluding regulatory charges like External/Internal Development charges). In terms of geographical distribution, land bank is located in more than 20 cities with majority of the land is spread across National Capital Region (Delhi – NCR) and Mohali. Key Rating Weakness Insolvency proceedings against the company The commencement of insolvency proceedings against the company is likely to impose restrictions with respect to its business operations as the Interim Resolution Professional (IRP) has taken control over the management. Accordingly the
2 CARE Ratings Limited
Press Release
allocation of available funds towards payment of statutory dues, debt obligations, operational expenses and project development cost shall require prior concurrence of the appointed IRP which may lead to procedural delays and may even adversely impact the timely debt repayment obligations. Although Hon’ble Supreme Court has ordered status quo to be maintained, the financial implication shall emerge after SC judgement on March 25, 2019. Subdued operational and financial performance on account of challenging real estate scenario The total income has grew by around 36% to Rs.1363.83 crore during FY18 (refers to the period from April 1 to March 31) from Rs 1004.73 crore in FY17 in line with the project deliveries, however EMGF has reported operating losses and net loss to the tune of Rs.168.64 crore and Rs.724.10 crore respectively during FY18. The weak financial performance continued during H1FY19 (refers to the period from April 1 to September 30) with company reporting net loss of Rs.230.88 crore on an operating income of Rs.1211.18 crore. The losses have increased on account of upward revision in project cost in some of the projects including - Palm Hills, Emerald Estate, palm terraces select, Palm drive, Digital green, Emerald Plaza, Marbella & Avenue Grace. This led to a decrease/less than proportionate increase in revenue recognition percentage of these projects. The overall gearing has also deteriorated from 2.13x as on March 31, 2017 to 3.87x as on March 31, 2018 owing to additional debt availed for project execution/ operational support. Stress in liquidity position of the company On account of large inventory getting piled up, there has been slow sale with low collections leading to stress in the liquidity position of the company. In order to improve the liquidity position, company has been exploring options to monetize their non-core assets, land banks and enter in joint development with other prospective players. Analytical approach: CARE has taken consolidated approach for the ratings of EMGF. EMGF along with its subsidiaries and joint ventures (EMGF group wherein EMGF is the holding company) is engaged in the business of real estate development including residential and commercial projects and is controlled and managed by common management, the details of which is attached as Annexure-A. Applicable Criteria Criteria on assigning Outlook to Credit Ratings CARE’s Policy on Default Recognition Financial ratios – Non-Financial Sector CARE’s methodology for Factoring Linkages in Ratings Criteria for placing rating on Credit Watch About the Company Emaar MGF Land Limited (EMGF) was incorporated in 2005 as a joint venture between Dubai-based Emaar Properties PJSC (Emaar PJSC) and MGF Group (MGF), India. Promoted by Government of Dubai, Emaar PJSC is a public limited company listed in Dubai and has presence in hospitality, education, healthcare & finance with operations in 14 countries. EMGF is focusing on the development of residential projects in Gurugram, Haryana and elsewhere in Delhi/NCR, Mohali, Chennai and other key Indian cities. The Company is presently developing 46 residential and 8 commercial/retail projects, with an aggregate saleable area approximately 453 lac square feet spread across 9 cities including Delhi, Gurgaon/NCR, Mohali, Chennai and Lucknow. EMGF is a real estate developer with pan-India presence (major focus being in Northern India, especially NCR) and operations spanning across residential, commercial, retail and hospitality sectors.
Brief Financials (Rs. crore) FY17 (A) FY18 (A)
Total operating income 1004.73 1363.83
PBILDT -34.85 -168.64
PAT -757.97 -724.10
Overall gearing (times) 2.13 3.87
Interest coverage (times) -0.05 -0.31
A: Audited Status of non-cooperation with previous CRA: Not Applicable Any other information: Not Applicable Rating History for last three years: Please refer Annexure-2
3 CARE Ratings Limited
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Note on complexity levels of the rated instrument: CARE has classified instruments rated by it on the basis of complexity. This classification is available at www.careratings.com. Investors/market intermediaries/regulators or others are welcome to write to [email protected] for any clarifications. Analyst Contact: Name: Mr Gaurav Dixit Tel: 011-45333235 Email: [email protected]
**For detailed Rationale Report and subscription information, please contact us at www.careratings.com About CARE Ratings: CARE Ratings commenced operations in April 1993 and over two decades, it has established itself as one of the leading credit rating agencies in India. CARE is registered with the Securities and Exchange Board of India (SEBI) and also recognized as an External Credit Assessment Institution (ECAI) by the Reserve Bank of India (RBI). CARE Ratings is proud of its rightful place in the Indian capital market built around investor confidence. CARE Ratings provides the entire spectrum of credit rating that helps the corporates to raise capital for their various requirements and assists the investors to form an informed investment decision based on the credit risk and their own risk-return expectations. Our rating and grading service offerings leverage our domain and analytical expertise backed by the methodologies congruent with the international best practices.
Disclaimer CARE’s ratings are opinions on credit quality and are not recommendations to sanction, renew, disburse or recall the concerned bank facilities or to buy, sell or hold any security. CARE has based its ratings/outlooks on information obtained from sources believed by it to be accurate and reliable. CARE does not, however, guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. Most entities whose bank facilities/instruments are rated by CARE have paid a credit rating fee, based on the amount and type of bank facilities/instruments. In case of partnership/proprietary concerns, the rating /outlook assigned by CARE is based on the capital deployed by the partners/proprietor and the financial strength of the firm at present. The rating/outlook may undergo change in case of withdrawal of capital or the unsecured loans brought in by the partners/proprietor in addition to the financial performance and other relevant factors.
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Annexure – A
S.NO COMPANY NAME HOLDING/SUBSIDIARY/ ASSOCAITES % OF SHARES HELD
1 Emaar Holding II Holding 57.33
2 Arma Buildmore Pvt Ltd Subsidiary 100
3 Budget Hotels India Pvt Ltd Subsidiary 50.01
4 Edemic Propbuild Pvt Ltd Subsidiary 100
5 Educt Propbuild Pvt Ltd Subsidiary 100
6 Emaar MGF Construction Pvt Ltd Subsidiary 100
7 Emaar MGF Services Pvt Ltd Subsidiary 100
8 Enamel Propbuild Pvt Ltd Subsidiary 100
9 Epitcome Propbuild Pvt Ltd Subsidiary 100
10 Gurkul Promoters Pvt Ltd Subsidiary 100
11 Kudos Propbuild Pvt Ltd Subsidiary 100
12 Lotus Technobuild Pvt Ltd Subsidiary 100
13 Nandita Promoters Pvt LTd Subsidiary 100
14 Pratham Promoters Pvt LTd Subsidiary 100
15 Prayas Buildcon Pvt Ltd Subsidiary 100
16 Raksha Buildtech Pvt Ltd Subsidiary 100
17 Vitality Conbuild Pvt Ltd Subsidiary 100
18 Wembley Estates Pvt Ltd Subsidiary 100
19 Shrey Promoters Pvt Ltd Subsidiary 100
20 Ashirwad Conbuild Pvt Ltd Subsidiary 100
21 Abbey Properties Pvt Ltd Subsidiary 100
22 Abbot Builders Pvt ltd Subsidiary 100
23 Abhinav Projects Pvt Ltd Subsidiary 100
24 Abyss Properties Pvt Ltd Subsidiary 100
25 Accession Buildwell Pvt Ltd Subsidiary 100
26 Accordion Buildwell Pvt Ltd Subsidiary 100
27 Achates Buildcon Pvt Ltd Subsidiary 100
28 Acorn Buildmart Pvt Ltd Subsidiary 100
29 Acorn Developers Pvt Ltd Subsidiary 100
30 Active Promoters Pvt LTd Subsidiary 100
31 Active Securities LTd Subsidiary 100
32 Acutech Estate Pvt Ltd Subsidiary 100
33 Adze Properties Pvt ltd Subsidiary 100
34 Allied Realty Pvt Ltd Subsidiary 100
35 Alpine Buildcon Pvt Ltd Subsidiary 100
36 Amar Gyan Developments Pvt Ltd Subsidiary 100
37 Amardeep Buildcon Pvt Ltd Subsidiary 100
38 Aparajit Promoters Pvt LTd Subsidiary 100
39 Archit Promoters Pvt LTd Subsidiary 100
40 Ardor conbuild Pvt Ltd Subsidiary 100
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S.NO COMPANY NAME HOLDING/SUBSIDIARY/ ASSOCAITES % OF SHARES HELD
41 Armaan Promoters Pvt LTd Subsidiary 100
42 Armour Properties Pvt Ltd Subsidiary 100
43 Auspicious Realtors Pvt Ltd Subsidiary 100
44 Authentic Properties Pvt Ltd Subsidiary 100
45 Avinashi Buildtech Pvt Ltd Subsidiary 100
46 Bailiwick Builders Pvt Ltd Subsidiary 100
47 Balalaika Builders Pvt Ltd Subsidiary 100
48 Ballad conbuild Pvt Ltd Subsidiary 100
49 Bhavishya Buildcon Pvt Ltd Subsidiary 100
50 Bhavya conbuild Pvt Ltd Subsidiary 100
51 Bhumika Promoters Pvt LTd Subsidiary 100
52 Brijbasi Projects Pvt Ltd Subsidiary 100
53 Brilliant Buildtech Pvt Ltd Subsidiary 100
54 Calypso Properties Pvt Ltd Subsidiary 100
55 Camaredei Properties Pvt.Ltd Subsidiary 100
56 Camallia Properties Pvt.Ltd Subsidiary 100
57 Capex Projects Pvt Ltd Subsidiary 100
58 Cassock Properties Pvt.Ltd Subsidiary 100
59 Casing Properties Pvt.Ltd Subsidiary 100
60 Cats Eye Properties Pvt.Ltd Subsidiary 100
61 Charbhuja Properties Pvt.Ltd Subsidiary 100
62 Charismatic Realtors Pvt Ltd Subsidiary 100
63 Chchavi Buildtech Pvt Ltd Subsidiary 100
64 Chintz Conbuild Pvt Ltd Subsidiary 100
65 Chirayu Buildtech Pvt Ltd Subsidiary 100
66 Choir Developers Pvt Ltd Subsidiary 100
67 Chum Properties Pvt.Ltd Subsidiary 100
68 Compact Projects Pvt Ltd Subsidiary 100
69 Consummate Properties Pvt.Ltd Subsidiary 100
70 Crock Buildwell Pvt Ltd Subsidiary 100
71 Crony Builders Pvt Ltd Subsidiary 100
72 Crocus Builders Pvt Ltd Subsidiary 100
73 Deep Jyoti Projects Pvt Ltd Subsidiary 100
74 Divit Estates Pvt Ltd Subsidiary 100
75 Dove Promoters Pvt LTd Subsidiary 100
76 Ducat Builders Pvt Ltd Subsidiary 100
77 Dumdum Builders Pvt Ltd Subsidiary 100
78 Easter Conbuild Pvt Ltd Subsidiary 100
79 Enlogue Conbuild Pvt Ltd Subsidiary 100
80 Ecru Builders Pvt Ltd Subsidiary 100
81 Edge Conbuild Pvt Ltd Subsidiary 100
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S.NO COMPANY NAME HOLDING/SUBSIDIARY/ ASSOCAITES % OF SHARES HELD
82 Ecstasy Conbuild Pvt Ltd Subsidiary 100
83 Edit Estates Pvt Ltd Subsidiary 100
84 Elan Conbuild Pvt Ltd Subsidiary 100
85 Elegant Propbuild Pvt Ltd Subsidiary 100
86 Elite Conbuild Pvt Ltd Subsidiary 100
87 Eminence Conbuild Pvt Ltd Subsidiary 100
88 Enigma Properties Pvt.Ltd Subsidiary 100
89 Eternal Buildtech Pvt Ltd Subsidiary 100
90 Ethic Conbuild Pvt Ltd Subsidiary 100
91 Ethnic Properties Pvt.Ltd Subsidiary 100
92 Everwel Estates Pvt Ltd Subsidiary 100
93 Extremity Conbuild Pvt Ltd Subsidiary 100
94 FAble Conbuild Pvt Ltd Subsidiary 100
95 Façade Conbuild Pvt Ltd Subsidiary 100
96 Facet Estates Pvt Ltd Subsidiary 100
97 Flick Propbuild Pvt Ltd Subsidiary 100
98 Fling Propbuild Pvt Ltd Subsidiary 100
99 Flip Propbuild Pvt Ltd Subsidiary 100
100 Floret Propbuild Pvt Ltd Subsidiary 100
101 Flotilla Propbuild Pvt Ltd Subsidiary 100
102 Flounce Propbuild Pvt Ltd Subsidiary 100
103 Flue Propbuild Pvt Ltd Subsidiary 100
104 Fluff Propbuild Pvt Ltd Subsidiary 100
105 Fluke Propbuild Pvt Ltd Subsidiary 100
106 Foal Propbuild Pvt Ltd Subsidiary 100
107 Fondant Propbuild Pvt Ltd Subsidiary 100
108 Foray Propbuild Pvt Ltd Subsidiary 100
109 Forsythia Propbuild Pvt Ltd Subsidiary 100
110 Fount Propbuild Pvt Ltd Subsidiary 100
111 Foyer Propbuild Pvt Ltd Subsidiary 100
112 Fray Propbuild Pvt Ltd Subsidiary 100
113 Frieze Propbuild Pvt Ltd Subsidiary 100
114 Frisson Propbuild Pvt Ltd Subsidiary 100
115 Frond Propbuild Pvt Ltd Subsidiary 100
116 Forth Propbuild Pvt Ltd Subsidiary 100
117 Futuristic Buildwell Pvt Ltd Subsidiary 100
118 Gable Propbuild Pvt Ltd Subsidiary 100
119 Gadget Propbuild Pvt Ltd Subsidiary 100
120 Gaff Propbuild Pvt Ltd Subsidiary 100
121 Gaiety Propbuild Pvt Ltd Subsidiary 100
122 Gait Propbuild Pvt Ltd Subsidiary 100
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S.NO COMPANY NAME HOLDING/SUBSIDIARY/ ASSOCAITES % OF SHARES HELD
123 Galleon Propbuild Pvt Ltd Subsidiary 100
124 Gallery Propbuild Pvt Ltd Subsidiary 100
125 Gallium Propbuild Pvt Ltd Subsidiary 100
126 Gambit Propbuild Pvt Ltd Subsidiary 100
127 Gamete Propbuild Pvt Ltd Subsidiary 100
128 Gamut Propbuild Pvt Ltd Subsidiary 100
129 Garland Estates Pvt Ltd Subsidiary 100
130 Garnet Propbuild Pvt Ltd Subsidiary 100
131 Garuda Propbuild Pvt Ltd Subsidiary 100
132 Gateau Propbuild Pvt Ltd Subsidiary 100
133 Gaucho Propbuild Pvt Ltd Subsidiary 100
134 Gauge Propbuild Pvt Ltd Subsidiary 100
135 Gauntlet Propbuild Pvt Ltd Subsidiary 100
136 Gavel Properties Pvt Ltd Subsidiary 100
137 Gems Buildcon Pvt Ltd Subsidiary 100
138 Gerne Propbuild Pvt Ltd Subsidiary 100
139 Gentry Propbuild Pvt Ltd Subsidiary 100
140 Geodesy Propbuild Pvt Ltd Subsidiary 100
141 Gibbon Propbuild Pvt Ltd Subsidiary 100
142 Girder Propbuild Pvt Ltd Subsidiary 100
143 Glade Propbuild Pvt Ltd Subsidiary 100
144 Glaze Estates Pvt Ltd Subsidiary 100
145 Glen Propbuild Pvt Ltd Subsidiary 100
146 Glen Propbuild Pvt Ltd-Singapore Subsidiary 100
147 Glimpse Propbuild Pvt Ltd Subsidiary 100
148 Glitz Propbuild Pvt Ltd Subsidiary 100
149 Globule Propbuild Pvt Ltd Subsidiary 100
150 Gloss Propbuild Pvt Ltd Subsidiary 100
151 Glove Propbuild Pvt Ltd Subsidiary 100
152 Godawari Buildwell Pvt Ltd Subsidiary 100
153 Godson Propbuild Pvt Ltd Subsidiary 100
154 Golliwog Propbuild Pvt Ltd Subsidiary 100
155 Gracious Technobuild Pvt Ltd Subsidiary 100
156 Grdient Developers Pvt Ltd Subsidiary 100
157 Grail Propbuild Pvt Ltd Subsidiary 100
158 Grampus Propbuild Pvt Ltd Subsidiary 100
159 Gran Propbuild Pvt Ltd Subsidiary 100
160 Granar Propbuild Pvt Ltd Subsidiary 100
161 Grange Propbuild Pvt Ltd Subsidiary 100
162 Granule Propbuild Pvt Ltd Subsidiary 100
163 Grapeshot Propbuild Pvt Ltd Subsidiary 100
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S.NO COMPANY NAME HOLDING/SUBSIDIARY/ ASSOCAITES % OF SHARES HELD
164 Grassroot Promoters Pvt Ltd Subsidiary 100
165 Gravel Propbuild Pvt Ltd Subsidiary 100
166 Grebe Propbuild Pvt Ltd Subsidiary 100
167 Griddle Propbuild Pvt Ltd Subsidiary 100
168 Grog Propbuild Pvt Ltd Subsidiary 100
169 Grove Propbuild Pvt Ltd Subsidiary 100
170 Grunge Propbuild Pvt Ltd Subsidiary 100
171 Guffaw Propbuild Pvt Ltd Subsidiary 100
172 Gull Propbuild Pvt Ltd Subsidiary 100
173 Guru Rakha Properties Pvt Ltd Subsidiary 100
174 Gyan Jyoti Estates Pvt Ltd Subsidiary 100
175 Gyan Kunj Estates Pvt Ltd Subsidiary 100
176 Gyan Kunj construction Pvt Ltd Subsidiary 100
177 Haddock Propbuild Pvt Ltd Subsidiary 100
178 Haft Propbuild Pvt Ltd Subsidiary 100
179 Hake Developers Pvt Ltd Subsidiary 100
180 Halibut Developers Pvt Ltd Subsidiary 100
181 Hamlet Buildwell Pvt Ltd Subsidiary 100
182 Hammock Buildwell Pvt Ltd Subsidiary 100
183 Hartej Estates Pvt Ltd Subsidiary 100
184 Hope Promoters Pvt Ltd Subsidiary 100
185 Immence Realtors Pvt Ltd Subsidiary 100
186 Jamb Propbuild Pvt Ltd Subsidiary 100
187 Janiter Propbuild Pvt Ltd Subsidiary 100
188 Jasper Propbuild Pvt Ltd Subsidiary 100
189 Jaunt Propbuild Pvt Ltd Subsidiary 100
190 Jay Propbuild Pvt Ltd Subsidiary 100
191 Jemmy Propbuild Pvt Ltd Subsidiary 100
192 Jerkin Propbuild Pvt Ltd Subsidiary 100
193 Jetty Propbuild Pvt Ltd Subsidiary 100
194 Jig Propbuild Pvt Ltd Subsidiary 100
195 Jive Propbuild Pvt Ltd Subsidiary 100
196 Juhi Promoters Pvt Ltd Subsidiary 100
197 Kamdhenu Projects Pvt ltd Subsidiary 100
198 Kartikay Buildwell Pvt Ltd Subsidiary 100
199 Kayak Propbuild Pvt Ltd Subsidiary 100
200 Kedge Propbuild Pvt Ltd Subsidiary 100
201 Kestrel Propbuild Pvt Ltd Subsidiary 100
202 Kismet Propbuild Pvt Ltd Subsidiary 100
203 Knoll Propbuild Pvt Ltd Subsidiary 100
204 Ladle Propbuild Pvt Ltd Subsidiary 100
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S.NO COMPANY NAME HOLDING/SUBSIDIARY/ ASSOCAITES % OF SHARES HELD
205 Lavish Propbuild Pvt Ltd Subsidiary 100
206 Legend Buildcon Pvt Ltd Subsidiary 100
207 Legend Buildwell Pvt Ltd Subsidiary 100
208 Lifeline Buildtech Pvt Ltd Subsidiary 100
209 Locus Propbuild Pvt Ltd Subsidiary 100
210 Logical Developers Pvt Ltd Subsidiary 100
211 Logical Estates Pvt Ltd Subsidiary 100
212 Maestro Estates Pvt Ltd Subsidiary 100
213 Mahonia Estates Pvt Ltd Subsidiary 100
214 Mansover Projects Pvt Ltd Subsidiary 100
215 Markwel Promoters Pvt Ltd Subsidiary 100
216 Mega city Promoters Pvt Ltd Subsidiary 100
217 MG Colonizers Pvt Ltd Subsidiary 100
218 Milky Way Realtors Pvt Ltd Subsidiary 100
219 Modular Estates Pvt Ltd Subsidiary 100
220 Monarch Buildcon Pvt Ltd Subsidiary 100
221 Monga Properties Pvt Ltd Subsidiary 100
222 Multitude Infrastructure Pvt Ltd Subsidiary 100
223 Naam Promoters Pvt Ltd Subsidiary 100
224 Navrattan Buildcon Pvt Ltd Subsidiary 100
225 Nayas Projects Pvt Ltd Subsidiary 100
226 Nettle Propbuild Pvt Ltd Subsidiary 100
227 Newt Propbuild Pvt Ltd Subsidiary 100
228 Nipper Propbuild Pvt Ltd Subsidiary 100
229 Nishkarsh Estates Pvt Ltd Subsidiary 100
230 Notch Propbuild Pvt Ltd Subsidiary 100
231 Pancy buildcon Pvt Ltd Subsidiary 100
232 Pavings Propbuild Pvt Ltd Subsidiary 100
233 Perch Conbuild Pvt Ltd Subsidiary 100
234 Perpetual Realtors Pvt Ltd Subsidiary 100
235 Pipalashray Estates Pvt Ltd Subsidiary 100
236 Pragya Buildcon Pvt Ltd Subsidiary 100
237 Pratiksha Buildcon Pvt Ltd Subsidiary 100
238 Prezzie Buildcon Pvt Ltd Subsidiary 100
239 Progeny Buildcon Pvt Ltd Subsidiary 100
240 Prosperous Buildcon Pvt Ltd Subsidiary 100
241 Prosperous constructions Pvt Ltd Subsidiary 100
242 Pukhraj Realtors Pvt Ltd Subsidiary 100
243 Pulse Estates Pvt Ltd Subsidiary 100
244 Pushkar Projects Pvt Ltd Subsidiary 100
245 Ram Ban Projects Pvt Ltd Subsidiary 100
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S.NO COMPANY NAME HOLDING/SUBSIDIARY/ ASSOCAITES % OF SHARES HELD
246 Rolex Estates Pvt Ltd Subsidiary 100
247 Rose gate Estates Pvt Ltd Subsidiary 100
248 Rudraksha Realtors Pvt Ltd Subsidiary 100
249 Sacred Estates Pvt Ltd Subsidiary 100
250 Sambhavee Projects Pvt Ltd Subsidiary 100
251 Sandesh Buildcon Pvt Ltd Subsidiary 100
252 Sankalp Promoters Pvt Ltd Subsidiary 100
253 Sankalp Buildtech Pvt Ltd Subsidiary 100
254 Sanskar Buildcon Pvt Ltd Subsidiary 100
255 Sanskar Buildwell Pvt Ltd Subsidiary 100
256 SanyuktaPromoters Pvt Ltd Subsidiary 100
257 Sapphire & Sands Pvt Ltd -Singapore Subsidiary 100
258 Sarvodaya Buildcon Pvt Ltd Subsidiary 100
259 Savpriya Realtors Pvt Ltd Subsidiary 100
260 Seriel Buildtech Pvt Ltd Subsidiary 100
261 Sewak Devepolers Pvt Ltd Subsidiary 100
262 Sharyans Buildcon Pvt Ltd Subsidiary 100
263 Shaurya Propbuild Pvt Ltd Subsidiary 100
264 Shitij Buildcon Pvt Ltd Subsidiary 100
265 Shrestha Conbuild Pvt Ltd Subsidiary 100
266 Sidhant Buildcon Pvt Ltd Subsidiary 100
267 Sidhivinayak Buildcon Pvt Ltd Subsidiary 100
268 Sidhivinayak Durobuild Pvt Ltd Subsidiary 100
269 Signages Properties Pvt Ltd Subsidiary 100
270 Silver Sea Vessel Management Pvt Ltd - Singapore Subsidiary 100
271 Smridhi Technobuild Pvt Ltd Subsidiary 100
272 Snow White Buildcon Pvt Ltd Subsidiary 100
273 Sonex Projects Pvt Ltd Subsidiary 100
274 Sparsh Promoters Pvt Ltd Subsidiary 100
275 Spiritual Realtors Pvt Ltd Subsidiary 100
276 Sprouting Properties Pvt Ltd Subsidiary 100
277 Spurt Projects Pvt Ltd Subsidiary 100
278 Sriyam Estates Pvt Ltd Subsidiary 100
279 Stash Propbuild Pvt Ltd Subsidiary 100
280 Stave Propbuild Pvt Ltd Subsidiary 100
281 Stein Propbuild Pvt Ltd Subsidiary 100
282 Stent Propbuild Pvt Ltd Subsidiary 100
283 Strut Propbuild Pvt Ltd Subsidiary 100
284 Sukhda Promoters Pvt Ltd Subsidiary 100
285 Sukhjit Projects Pvt Ltd Subsidiary 100
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S.NO COMPANY NAME HOLDING/SUBSIDIARY/ ASSOCAITES % OF SHARES HELD
286 Sun Buildmart Pvt Ltd Subsidiary 100
287 Tacery Builders Pvt Ltd Subsidiary 100
288 Tanmay Developers PVT Ltd Subsidiary 100
289 Tinnitus Builders Pvt Ltd Subsidiary 100
290 Tocsin Builders Pvt Ltd Subsidiary 100
291 Toff Builders Pvt Ltd Subsidiary 100
292 Tome Builders Pvt Ltd Subsidiary 100
293 Tomtom Builders Pvt Ltd Subsidiary 100
294 Trattoria Properties Pvt Ltd Subsidiary 100
295 Trawler Properties Pvt Ltd Subsidiary 100
296 Triad Properties Pvt Ltd Subsidiary 100
297 True Value Buildcon Pvt Ltd Subsidiary 100
298 Tushar Projects Pvt Ltd Subsidiary 100
299 Utkarsh Buildcon Pvt Ltd Subsidiary 100
300 Versatile Conbuild Pvt Ltd Subsidiary 100
301 Virasat Buildcon Pvt Ltd Subsidiary 100
302 VPG Developers PVT Ltd Subsidiary 100
303 Waif Propbuild Pvt Ltd Subsidiary 100
304 Wedge Properties Pvt Ltd Subsidiary 100
305 Whelsh Properties Pvt Ltd Subsidiary 100
306 Winkle Properties Pvt Ltd Subsidiary 100
307 Yeti Properties Pvt Ltd Subsidiary 100
308 Yogiraj Promoters Pvt Ltd Subsidiary 100
309 Yokti Projects Pvt Ltd Subsidiary 100
310 Zing Properties Pvt Ltd Subsidiary 100
311 Zither Buildwell Pvt Ltd Subsidiary 100
312 Zonex Developers Pvt Ltd Subsidiary 100
313 Zonex Estates Pvt Ltd Subsidiary 100
314 Zulu Properties Pvt Ltd Subsidiary 100
315 Acreage Builders Pvt Ltd Associates 32.55
316 Leighton Construction Pvt Ltd (India under Stike off) IV 50
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Annexure-1: Details of Instruments/Facilities
Name of the Instrument
Date of Issuance
Coupon Rate
Maturity Date
Size of the Issue
(Rs. crore)
Rating assigned along with Rating Outlook
Debentures-Non Convertible Debentures
May 21, 2012 10% p.a December 2019 2260.00 CARE BB (Under Credit watch with Negative Implications)
Annexure-2: Rating History of last three years
Sr. No.
Name of the Instrument/Bank
Facilities
Current Ratings Rating history
Type
Amount Outstanding (Rs. crore)
Rating
Date(s) & Rating(s)
assigned in 2018-2019
Date(s) & Rating(s)
assigned in 2017-2018
Date(s) & Rating(s)
assigned in 2016-2017
Date(s) & Rating(s)
assigned in 2015-2016
1. Fund-based - LT-Working Capital Limits
LT - - 1)Withdrawn (04-Apr-18)
1)CARE BB; Stable (04-May-17)
1)CARE B; Stable (23-Jan-17)
1)CARE B (05-Nov-15) 2)CARE BB (20-Apr-15)
2. Non-fund-based - LT-BG/LC
LT - - 1)Withdrawn (04-Apr-18)
1)CARE BB; Stable (04-May-17)
1)CARE B; Stable (23-Jan-17)
1)CARE B (05-Nov-15) 2)CARE BB (20-Apr-15)
3. Debentures-Non Convertible Debentures
LT - - - 1)Withdrawn (20-Apr-17)
1)CARE D (23-Jan-17)
1)CARE B (05-Nov-15) 2)CARE BB (20-Apr-15)
4. Debentures-Non Convertible Debentures
LT 2260.00 CARE BB (Under Credit watch with Negative Implications)
1)CARE BB; Stable (04-Apr-18)
1)CARE BB; Stable (04-May-17)
1)CARE D (23-Jan-17)
1)CARE D (05-Nov-15) 2)CARE BB (20-Apr-15)
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CONTACT Head Office Mumbai
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E-mail: [email protected] E-mail: [email protected]
CARE Ratings Limited (Formerly known as Credit Analysis & Research Ltd.)
Corporate Office: 4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (East), Mumbai - 400 022
Tel: +91-22-6754 3456 | Fax: +91-22-6754 3457 | E-mail: [email protected]
AHMEDABAD Mr. Deepak Prajapati 32, Titanium, Prahaladnagar Corporate Road, Satellite, Ahmedabad - 380 015 Cell: +91-9099028864 Tel: +91-79-4026 5656 E-mail: [email protected] BENGALURU Mr. V Pradeep Kumar Unit No. 1101-1102, 11th Floor, Prestige Meridian II, No. 30, M.G. Road, Bangalore - 560 001. Cell: +91 98407 54521 Tel: +91-80-4115 0445, 4165 4529 Email: [email protected] CHANDIGARH Mr. Anand Jha SCF No. 54-55, First Floor, Phase 11, Sector 65, Mohali - 160062 Chandigarh Cell: +91 85111-53511/99251-42264 Tel: +91- 0172-490-4000/01 Email: [email protected] CHENNAI Mr. V Pradeep Kumar Unit No. O-509/C, Spencer Plaza, 5th Floor, No. 769, Anna Salai, Chennai - 600 002. Cell: +91 98407 54521 Tel: +91-44-2849 7812 / 0811 Email: [email protected] COIMBATORE Mr. V Pradeep Kumar T-3, 3rd Floor, Manchester Square
Puliakulam Road, Coimbatore - 641 037.
Tel: +91-422-4332399 / 4502399
Email: [email protected]
HYDERABAD Mr. Ramesh Bob 401, Ashoka Scintilla, 3-6-502, Himayat Nagar, Hyderabad - 500 029. Cell : + 91 90520 00521 Tel: +91-40-4010 2030 E-mail: [email protected] JAIPUR Mr. Nikhil Soni 304, Pashupati Akshat Heights, Plot No. D-91, Madho Singh Road, Near Collectorate Circle, Bani Park, Jaipur - 302 016. Cell: +91 – 95490 33222 Tel: +91-141-402 0213 / 14 E-mail: [email protected] KOLKATA Ms. Priti Agarwal 3rd Floor, Prasad Chambers, (Shagun Mall Bldg.) 10A, Shakespeare Sarani, Kolkata - 700 071. Cell: +91-98319 67110 Tel: +91-33- 4018 1600 E-mail: [email protected] NEW DELHI Ms. Swati Agrawal 13th Floor, E-1 Block, Videocon Tower, Jhandewalan Extension, New Delhi - 110 055. Cell: +91-98117 45677 Tel: +91-11-4533 3200 E-mail: [email protected] PUNE Mr.Pratim Banerjee 9th Floor, Pride Kumar Senate, Plot No. 970, Bhamburda, Senapati Bapat Road, Shivaji Nagar, Pune - 411 015. Cell: +91-98361 07331 Tel: +91-20- 4000 9000 E-mail: [email protected]
CIN - L67190MH1993PLC071691