A Fm Prestige

8/3/2019 A Fm Prestige

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Assignment on

PRESTIGE ESTATES PROJECTS LIMITED

Submitted by:

Suparna Puthran

(Roll No:17)


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PRESTIGE ESTATES PROJECTS LIMITED

The Company commenced operations as a partnership firm constituted under the Indian

Partnership Act, 1932 on April 1, 1986 under the name and style of Prestige Estates and

Properties with its registered office at No. 6, Commercial Street, Bangalore 560 001. The

partners of the firm were the Late S. Razack, Irfan Razack, Rezwan Razack and Sameera

Noaman. The name of the firm was changed to Prestige Estates Projects by a supplementary

deed of partnership dated May 12, 1997. The firm was registered as a private limited company

under Part IX of the Companies Act, 1956, on June 4, 1997 with the name Prestige Estates

Projects Private Limited and was allotted company identification number 08/22322/1997.

Registered Office: Falcon House, No. 1, Main Guard Cross Road, Bangalore 560 001,

Karnataka, India. Tel: (91 80) 2559 1080; Fax: (91 80) 2559 1945 Company Secretary and

Compliance Officer: Lalitha Kini; Website: www.prestigeconstructions.com;

Email:[email protected] .
mailto:[email protected]:[email protected]:[email protected]:[email protected]


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LEAD MANAGERS

BOOK RUNNING LEAD MANAGERS

Enam Securities

Private Limited

801, DalamalTower Nariman

Point Mumbai 400021 Maharashtra,

India Tel: (91 22)

6638 1800 Fax: (91

22) 2284 6824

Email:

prestige.ipo@enam.

com Investor

Grievance Email:

complaints@enam.

com Website:www.enam.com

Contact Person:Anurag Byas SEBI

Registration No.:

INM000006856

J.P. Morgan India

Private Limited

J.P. Morgan TowerOff. C.S.T. Road

Kalina, Santacruz -East Mumbai 400

098 Maharashtra,

India Tel: (91 22)

6157 3000 Fax: (91

22) 6157 3911

Email:project_jpmf

[email protected]

om Investor

Grievance

Email:investorsmb.jpmipl@jpmorgan.

com Website:www.jpmipl.com

Contact Person:

Anjan Agarwal

SEBI Registration

No.:INM000002970

Kotak Mahindra

Capital Company

Limited FirstFloor, 229

BakhtawarNariman Point,

Mumbai 400 021

Maharashtra, India

Tel: (91 22) 6634

1100 Fax: (91 22)

2283 7517 Email:

prestige.ipo@kota

k.com Investor

Grievance Email:

[email protected] Website:

www.kmcc.co.inContact Person:

Chandrakanth

Bhole SEBI

Registration No.:

INM000008704

UBS Securities

India Private

Limited 2 NorthAvenue, Maker

Maxity, Bandra -Kurla Complex,

Bandra (E) Mumbai

400 051

Maharashtra, India

Tel: (91 22) 6155

6000 Fax: (91 22)

6155 6292

Email:prestigeconstr

[email protected]

m InvestorGrievance Email:

[email protected]

Website:www.ibb.u

bs.com/corporates/in

dianipo.com Contact

Person: KishoreGam Taid SEBI

Registration No.:

INM000010809

Link Intime IndiaPvt Limited C-13,

Pannalal Silk MillsCompound, L.B.S.

Marg Bhandup(West), Mumbai

400 078

Maharashtra, India

Tel: (91 22) 2596

0320 Fax: (91 22)

2596 0329

Email:pepl.ipo@lin

kintime.co.in

Website:www.linki

ntime.co.in ContactPerson: Sachin

Achar SEBIRegistration No:

INR000004058

Type of security: The type of security provided by Prestige Estate is Equity.

Issue size: The issue size of the company is 57240698.

Face value: The face value is Rs. 10.00

Price band: The price band is between172-183

Date of staring the book building process: 12th Oct 2010

End date: 14th

Oct 2010

Issue Price: The issue price for Prestige Estate is Rs. 183

Floor Price: The floor price for Prestige Estate is Rs. 172


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OBJECTS OF THE ISSUEThe Objects of the Issue are to:

a) Finance our Ongoing Projects and Projects Under Development;

b) Invest in our existing Subsidiaries which investment will be utilized for the construction anddevelopment of our commercial Ongoing Project, retail Ongoing and retail Projects Under

Development undertaken by those Subsidiaries;c) Finance the acquisition of land;

d) Repay certain loans of our Company; and

e) General corporate purposes.

Use of Net Proceeds:

The utilization of the Net Proceeds of this Issue is as follows:

S.No. Expenditure Items Total

estimated

cost

Amounts

deployed/utili

zed as on

September

30, 2009*

Balance to be

deployed as

on September

30, 2009

Amount up to

which will be

financed

from Net

Proceeds of

the Issue

Estimated

Net Proceeds

utilization as

on March 31,

2010 2011 2012

1. Finance ourOngoing

5,909.00

1,150.58

4,758.42 4,758.42 407.00 1,674.13 2,677.29

Projects andProjects underDevelopment

2. Invest in ourexisting

Subsidiaries for theconstruction and

development of

projects

4,436.09

404.00 4,032.09 1,938.59 199.09 1,000.00 739.50

3. Finance theacquisition of land

296.25 82.40 213.85 213.85 75.00 100.00 38.85

4. Repay certain loansof our Company

2,800.00

Nil Nil 2,800.00 750.00 2,050.00 Nil

Means of Finance We intend to utilize the Net Proceeds of the Issue estimated at Rs. [] for

financing the growth of our business. We propose to fund certain of our Ongoing Projects and

Projects under Development completely from the Net Proceeds of the Issue. We also propose to

fund three of our Subsidiaries for the purpose of undertaking the development of one of our

commercial Ongoing Projects, one retail Ongoing Project and one retail Project Under

Development. The funding of these projects is proposed to be made partly from the Net Proceedsof the Issue, partly from debt and partly from contributions to be made by our joint venture

partners. We further propose to fund the acquisition of lands and repayment of loans from theNet Proceeds of the Issue. Our fund requirements and deployment of the Net Proceeds of the

Issue is based on internal management appraisals and estimates. These are based on current

conditions and are subject to change in light of changes in external circumstances or costs, or inother financial condition, business or strategy. In case of variations in the actual utilization of

funds earmarked for the purposes set forth above, increased fund requirements for a particular


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purpose may be financed by surplus funds, if any, available in respect of the other purposes for

which funds are being raised in this Issue. If surplus funds are unavailable, the required financingwill be through our internal accruals through cash flow from our operations, advances received

from customers and/or debt, as required.

We operate in highly competitive and dynamic market conditions and may have to revise our

estimates from time to time on account of new projects, modifications in existing or planneddevelopments, the initiatives we may pursue including any industry consolidation initiatives,

such as potential acquisition opportunities etc. Consequently, our fund requirements may also

change accordingly. Any such change in our plans may require 36 rescheduling of ourexpenditure programs, starting projects which are not currently planned, discontinuing projects

currently planned and an increase or decrease in the expenditure for a particular project or land

acquisition in relation to current plans, at the discretion of the management of the Company. Incase of any shortfall or cost overruns, we intend to meet our estimated expenditure from our cash

flow from operations and/or debt.

Details of the Objects

Finance our Ongoing Projects and Projects under Development

We are currently engaged, among others, in the construction and development of various

residential, commercial, hospitality and retail projects. We intend to utilize the Net Proceeds of

the Issue for three residential projects and one commercial project as part of our Ongoing

Projects and Projects under Development. We propose to utilize Rs. 4,758.42 million from the

Net Proceeds to finance the above projects, as follows:

S. No Project

Name

City

Developabl

e Area

Year in

which the

project

commenced

/will

commence

Estimated

year of

completion

Estimated

constructio

n and

developme

nt costs

Amounts

deployed as

on

September

30, 2009 for

constructio

n and

developme

nt*

Utilization

of Net

Proceeds

towards

constructio

n and

developme

nt cost

1. Prestige

Neptunes

CourtyardCochin

1,080,156 2007 2010 1,735.90 1,025.68 710.22

2. Prestige

White

Meadows 1

1,031,860 2010 2013 2,306.60 91.59 2,215.01

3. Prestige

RoyalWoodsHyderabad

649,999 2010 2013 1,462.50 20.22 1,442.28

4. PrestigeKhodayTowersBangalore

259,417 2009 2011 404.00 13.09 390.91

Total 5,909.00 1,150.58 4,758.42


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Prestige Neptunes Courtyard

Our Company has ownership rights over land measuring approximately five acres in Cochin,

Kerala, having acquired the same from Goshree Islands Development Authority through a sale

deed dated March 31, 2005, on which we are developing one of our residential Ongoing Projects

Prestige Neptunes Courtyard. The total Developable Area for the project is 1,080,156 sq. ft. Theestimated schedule for deployment of Rs. 710.22 million is as follows:

Total construction

development costs

Amounts deployed as on

September 30, 2009*

Amount to be financed

from Net Proceeds

Estimated schedule for

deployment of Net

Proceeds

March 31, 2010 March 31, 2011 March 31, 2012

1,735.90 1,025.68 710.22 300.00 410.22 Nil

The particulars of the break up of the construction and development costs related to Prestige

Neptunes Courtyard are as follows:

S. No. Particulars Total Cost

1. Structural Work 911.00

2. Finishing 322.00

3. Ancillary Services including lifts,firefighting, lighting, sanitation,

electrical, plumbing etc.

394.00

4. Consultancy/Architectural Charges 32.85

5. Interior and Other Works 19.70

6. Miscellaneous 56.35

Total 1,735.90

Prestige White Meadows I:

Our Company has ownership rights over land measuring approximately 9.16 acres in Whitefield,

Bangalore, having acquired the property through various registered sale deeds dated February 14,2006 (two deeds), February 18, 2006, August 30, 2006 and November 14, 2006. On this land, we

are undertaking one of our residential Project Under Development, Prestige White Meadows I.

The total Developable Area of the project is 1,031,860 sq. ft. The estimated schedule for

deployment of Rs. 2,215.01 million is as follows:

Total construction

development costs


September 30, 2009*


from Net Proceeds


deployment of Net

Proceeds


2,306.60 91.59 2,215.01 Nil 672.00 1,543.01


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The particulars of the break up of the construction and development costs related to White

Meadows I are as follows:


1. Structural Work 1,356.65

2. Finishing 406.39

3. Ancillary services including lifts,firefighting, lighting, sanitation,


434.19




Total 2,306.60

Prestige Royal Woods

We have, through a joint development agreement dated July 27, 2007 with Bilquis Hussain

acquired development rights over land measuring 24.43 acres in Hyderabad, Andhra Pradesh, on

which, we propose to develop residential apartments. In terms of the agreement, we are entitledto 50.0% of the constructed area in the project. The total Developable Area for the project is

649,999 sq. ft. The estimated schedule for deployment of Rs. 1,442.28 million is as follows:

Total construction

development costs


September 30, 2009*


from Net Proceeds


deployment of Net

Proceeds


1,462.50 20.22 1,442.28 23.00 285.00 1,134.28

The particulars of the break up of the construction and development costs related to PrestigeRoyal Woods are as follows:



2. Finishing 263.59



245.72




Total 1,462.50

Prestige Khoday Towers

Our Company has acquired development rights over land measuring 1.38 acres in Bangalore,

Karnataka from Ramchandra and others under an agreement dated April 19, 2006, over which

we are undertaking one of our commercial Ongoing Projects Prestige Khoday Towers. In termsof the Agreement we are entitled to 48.53 % of the constructed area in the project. The total

Developable Area for the project is 259,417 sq. ft. The estimated schedule for deployment of Rs.

390.91 million is as follows:


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Total construction

development costs


September 30, 2009*


from Net Proceeds


deployment of Net

Proceeds


404.00 13.09 390.91 84.00 306.91 Nil

The particulars of the break up of the construction and development costs related to PrestigeKhoday Towers are as follows:



2. Finishing 60.26



49.02

4. Consultancy/ArchitecturalCharges

6.43



Total 404.00

Means of FinanceWe propose to finance the balance construction and development costs to be incurred for the

projects from the Net Proceeds of this Issue.Investment in our existing Subsidiaries for theconstruction and development of projects We are currently engaged, among others, in the

construction and development of one commercial and two retail projects as part of our Ongoing

Projects and Projects Under Development through our Subsidiaries Prestige Construction

Ventures Private Limited, Prestige Mangalore Retail Ventures Private Limited and Prestige

Shantiniketan Leisures Private Limited respectively. We intend to utilize the proceeds of the NetProceeds of the Issue to invest in our Subsidiaries which investment will be utilized for the

construction and development costs of the projects. We propose to utilize Rs. 1,938.59 millionfrom the Net Proceeds to finance the above projects, as follows:

S. No Particulars Total Amount to be utilized from

Net Proceeds

1. Prestige Construction VenturesPrivate Limited

258.05

Construction of our commercial Ongoing Project Prestige Polygon

2. Prestige Mangalore Retail VenturesPrivate Limited

341.04

Construction of our retail Ongoing ProjectForum Mall, Mangalore

3. Prestige Shantiniketan LeisuresPrivate Limited 1,339.50

Construction of our retail Projects Under Development

Total 1,938.59


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MANAGEMENT

Board of Directors Under our Articles of Association, we are required to have not less than

three and not more than 12 directors. We currently have six directors on our Board. The

following table sets forth details regarding our Board of Directors:

S. No. Name, Fathers Name,

Designation, DIN, Residential

Address, Occupation, Term

Nationality Age

(years)

Other Directorships/

Proprietorships/Partnerships/Trusts

1.

Irfan Razack (S/o. Late S.Razack) Chairman and

Managing DirectorDIN:00209022 21/22-33, Craig ParkLayout M.G. Road, Bangalore560 001 Karnataka, India

Business Term: Appointed onOctober 20, 2009 for a term offive years

Indian 56 Companies1. Babji Realtors Private Limited

2. CapitaRetail Prestige MallManagement Private Limited3. Cessna Garden Developers PrivateLimited

4. Dollars Constructions & EngineersPrivate Limited5. Exora Business Parks Private Limited

6. ICBI (India) Private Limited

7. Kandid Marketing Services PrivateLimited

8. Northland Holding Company PrivateLimited9. Prestige Builders & Developers

Private Limited10. Prestige Garden ConstructionsPrivate Limited11. Prestige Amusements Private

Limited12. Prestige Bidadi Holdings PrivateLimited13. Prestige Construction Ventures

Private Limited14. Prestige Fashions Private Limited

15. Prestige Garden Estates PrivateLimited

16. Prestige Garden Resorts PrivateLimited17. Prestige Golf Resorts PrivateLimited

18. Prestige Leisure Resorts PrivateLimited19. Prestige Mangalore Retail VenturesPrivate Limited

20. Prestige Mysore Retail VenturesPrivate Limited21. Prestige Projects Private Limited

22. Prestige Shantiniketan LeisuresPrivate Limited


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Designation, DIN,

Residential Address,

Occupation, Term

Nationality Age

(years)



23. Prestige Valley View Estates Private Limited24. Prestige Whitefield Investment And Developers

Private Limited25. Team United Engineers (India) Private Limited26. Thomsun Realtors Private Limited27. Valdel Xtent Outsourcing Solutions Private

Limited28. West Palm Developments Private Limited

Partnership Firms

1. Albert Properties

2. Bannerghatta Properties3. Brunton Developers4. Castlewood Investments

5. Colonial Estates6. Cunningham Investments

7. Daffodil Investments8. Eden Investments9. Eureka Investments

10. Fifth Avenue11. Hitech Properties12. Morph13. Prestige Constructions

14. Prestige Globe Estates15. Prestige Interiors16. Prestige KRPL Tech Park17. Prestige Notting Hill Investments

18. Prestige Ozone Properties19. Prestige Property Management & Services20. Prestige Realty Ventures21. Prestige Whitefield Developers

22. P.H.R. Developers23. Silverline Estates24. United Agencies25. Xtasy Investments

Trusts1. Educate India Foundation2. India Learning Foundation

3. Razack Sattar Family Trust4. Educate India Trust5. Prestige Foundation

2.

Rezwan Razack (S/o. LateS. Razack)Joint Managing

Director

Indian 54 Companies1. CapitaRetail Prestige Mall Management PrivateLimited

2. Cessna Garden Developers


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S.

No.

Name, Fathers Name,



Nationality Age

(years)



DIN: 00209060 Burnside, No 12,Magrath Road Bangalore 560 025,

Karnataka, IndiaBusiness Term:Appointed on October 20, 2009

for a term of five years

Private Limited3. Dollars Constructions & Engineers PrivateLimited

4. Exora Business Parks Private Limited5. ICBI (India) Private Limited6. Kandid Marketing Services Private Limited7. Northland Holding Company Private

Limited8. Prestige Builders & Developers PrivateLimited9. Prestige Garden Constructions Private

Limited

10. Prestige Amusements Private Limited11. Prestige Bidadi Holdings Private Limited12. Prestige Construction Ventures Private

Limited13. Prestige Fashions Private Limited

14. Prestige Garden Estates Private Limited15. Prestige Garden Resorts Private Limited16. Prestige Golf Resorts Private Limited

17. Prestige Leisure Resorts Private Limited18. Prestige Mangalore Retail VenturesPrivate Limited19. Prestige Mysore Retail Ventures Private

Limited20. Prestige Projects Private Limited21. Prestige Shantiniketan Leisures PrivateLimited

22. Prestige Valley View Estates PrivateLimited23. Prestige Whitefield Investment &Developers Private Limited

24. Team United Engineers (India) PrivateLimited25. Valdel Xtent Outsourcing SolutionsPrivate Limited

26. West Palm Developments Private Limited

Partnership Firms1. 23 Carat

2. Albert Properties3. Bannerghatta Properties4. Brunton Developers


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Nationality Age

(years)



5. Castlewood Investments6. Colonial Estates7. Cunningham Investments

8. Daffodil Investments9. Eden Investments and Estates10. Eureka Investments11. Fifth Avenue

12. Hitech Properties13. Morph14. P.H.R. Developers15. Prestige Constructions

16. Prestige Globe Estates

17. Prestige Interiors18. Prestige KRPL Tech Park19. Prestige Notting Hill Investments

20. Prestige Ozone Properties21. Prestige Property Management &

Services22. Prestige Whitefield Developers23. Silverline Estates

24. United Agencies25. Xtasy Investments

Trusts

1. Educate India Foundation2. India Learning Foundation3. Razack Sattar Family Trust4. Educate India Trust

5. Prestige Foundation

3.

K. Jagdeesh Reddy (S/o. Koti

Reddy)Independent Director

DIN: 00220785 Flat B-1,Chartered Court, Rathna Avenue51/B, Richmond Road,

Bangalore 500 025 Karnataka,IndiaBusiness Term: Appointedas an additional director onNovember 10, 2009

Indian 42 Proprietorship Firms1. Madanapalle Motors

4.

B.G. Koshy (S/o. Late GeorgeKoshy)Independent DirectorDIN: 01651513 101-A, 1st Floor

M.B. Centre, 134 Infantry Road,Bangalore 560 001, Karnataka,

India

Indian 61 Companies Koshy Holdings PrivateLimited Firms1. Koshy Holdings

2. Koshy Associates3. Bangalore Estates & Agencies


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S. No. Name, Fathers

Name, Designation,

DIN, Residential

Address,

Occupation, Term

Nationality Age (years) Other

Directorships/

Proprietorships/Par

tnerships/Trusts

Business Term: Appointed as an additional director on November 10, 2009

5.Noor Ahmed Jaffer(S/o. Jaffer AliMohamed)

Independent Director

DIN: 00027646 No.3, 1st Cross, 8th Main,4th Block

Koramangala,Bangalore 560 034Karnataka, India

Business Term:

Appointed as anadditional director onNovember 24, 2009

Indian 60 Companies1. Paper PackagingPrivate Limited

2. Accupak PrivateLimited3. ShimogaInfrastructure Private

Limited

6.

Dr. Pangal Ranganath

Nayak (S/o. PangalSundernath Nayak)

Independent Director

DIN: 01507096 No.

141, 18th Main, 6thBlock, Koramangala,Bangalore 560 095Karnataka, India

Business Term:Appointed as anadditional director on

November 24, 2009

Indian 52 Companies

1. Lotus ClinicalResearch AcademyPrivate Limited2. Norwich Clinical

Services PrivateLimited


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Bankers to the Company:

ABN Amro Bank 8th Floor, Canberra Block, UB City No. 24, Vittal Mallya Road Bangalore

560 001 Karnataka, India Tel: (91 80) 4022 7999 Fax: (91 80) 4112 8621 Email:

[email protected]

Punjab National Bank Large Corporate Branch 3rd Floor, Rayala Towers 781-785, Anna Salai

Chennai 600 002 Tamil Nadu, India Tel: (91 44) 6678 5516 Fax: (91 44) 6678 5508 Email:

[email protected]

Deutsche Bank Ag Raheja Towrers, 26- 27 22 ,M.G. Road, Bangalore 560 001 Karnataka, India

Tel: (91 80) 6693 5638 Fax: (91 80) 2559 5133 Email:[email protected]

Vijaya Bank P.B. No. 9934, No. 34 1st Floor, Hariram Complex K.G. Road, Bangalore 560 009

Karnataka, India Tel: (91 80) 2226 2347 Fax: (91 80) 2225 8699 Email:

[email protected]
mailto:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]


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Financial Statement

Balance sheet

Mar '11

Mar '10

Mar '09

Mar '08

Mar '07

Sources of fundsOwner's fund

Equity share capital 328.07 262.50 12.50 12.50 12.50

Share application money - - - - -

Preference share capital - - - - -

Reserves & surplus 1,715.62 365.12 475.50 370.47 121.25

Loan fundsSecured loans 989.23 1,204.85 782.49 706.81 462.70

Unsecured loans 22.75 61.06 101.92 24.69 78.38

Total 3,055.67 1,893.53 1,372.41 1,114.47 674.82

Uses of fundsFixed assets

Gross block 610.25 600.57 530.52 294.14 233.60

Less : revaluation reserve - - - - -

Less : accumulated depreciation 187.33 154.77 121.06 91.26 69.00

Net block 422.92 445.80 409.46 202.88 164.60

Capital work-in-progress 104.91 57.16 49.11 240.87 50.12

Investments 710.26 517.70 458.09 496.64 252.35

Net current assets

Current assets, loans & advances 2,908.93 1,904.71 1,659.37 1,446.09 1,584.82Less : current liabilities & provisions 1,091.36 1,031.85 1,203.62 1,272.01 1,377.08

Total net current assets 1,817.58 872.87 455.76 174.08 207.74

Miscellaneous expenses not written - - - - -

Total 3,055.67 1,893.53 1,372.41 1,114.47 674.82

Notes:Book value of unquoted investments 684.58 517.67 457.26 495.04 248.70

Market value of quoted investments 25.82 0.11 0.82 1.63 3.88

Contingent liabilities 805.32 - - - -

Number of equity shares outstanding

(Lacs)

3280.74 2625.00 125.00 125.00 125.00


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Profit loss account

Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08 Mar ' 07

IncomeOperating income 1,385.00 949.67 871.75 953.50 420.30

ExpensesMaterial consumed - - - - -

Manufacturing expenses 976.35 675.12 563.35 765.94 288.72

Personnel expenses 39.06 30.33 26.35 22.32 15.75

Selling expenses - - - - -

Adminstrative expenses 45.80 25.95 99.35 31.98 28.04

Expenses capitalised - - - - -

Cost of sales 1,061.21 731.41 689.05 820.24 332.50

Operating profit 323.79 218.26 182.71 133.26 87.80

Other recurring income 76.48 43.50 17.94 15.77 6.77

Adjusted PBDIT 400.28 261.76 200.65 149.03 94.58

Financial expenses 78.72 66.08 62.87 45.13 20.47

Depreciation 33.23 34.93 30.58 22.26 16.58

Other write offs - - - - -

Adjusted PBT 288.32 160.75 107.20 81.63 57.53

Tax charges 83.51 21.13 30.96 21.18 18.24

Adjusted PAT 204.81 139.62 76.25 60.45 39.29

Non recurring items - - - - -

Other non cash adjustments -1.26 - - 0.33 2.27

Reported net profit 203.54 139.62 76.25 60.78 41.56

Earnigs before appropriation 351.20 385.75 246.12 170.11 109.33

Equity dividend 39.37 - - - -Preference dividend - - - - -

Dividend tax 6.21 - - - -

Retained earnings 305.63 385.75 246.12 170.11 109.33

CRISIL Rating given to the company: DA2+

A Fm Prestige

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