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DEEP ROOTS Make for a Firm Foundation

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DEEP ROOTS Make for a Firm Foundation DEEP ROOTS make for a firm foundation | ANNUAL REPORT 2011-12 EXQUISITE, NOIDA UNITECH IS AMONGST INDIA’S LEADING BUSINESS GROUPS, HAVING AN OUTSTANDING TRACK RECORD IN LARGE SCALE, INTEGRATED REAL ESTATE DEVELOPMENT WITH A WELL DIVERSIFIED PRODUCT PORTFOLIO COMPRISING RESIDENTIAL, COMMERCIAL, RETAIL, HOSPITALITY, ENTERTAINMENT, IT PARK AND SPECIAL ECONOMIC ZONE (SEZ) DEVELOPMENTS. Unitech Group Financial Summary (` In million) Particulars Financial Year 2011-12 2010-11 Share Capital 5,232.60 5,232.60 Reserves & Surplus 115,005.83 110,814.55 Shareholders Fund 120,238.43 116,047.15 Revenue from Operations 24,218.63 33,960.01 Net Profi t (Before Tax) 4,358.06 8,537.55 Net Profi t (After Tax) 2,462.15 5,835.46 Fixed Assets 23,155.73 32,940.84 Current Assets 169,559.90 163,066.38 Current Liabilities 68,136.30 68,374.37 Current Investments 1,685.07 396.50 Non-current Investments 15,791.25 15,620.34 Long Term Borrowings 21,203.17 23,014.40 Short Term Borrowings 10,857.58 17,239.79 Shareholders’ Fund Reserves & Surplus Revenue from Operations Net Profi t (After Tax) (` In million) (` In million) (` In million) (` In million) 120,238.43 115,005.83 33,960.01 5,835.46 116,047.15 110,814.55 24,218.63 2,462.15 2010-11 2011-12 2010-11 2011-12 2010-11 2011-12 2010-11 2011-12 COMPANY PROFILE Started in 1971, today Unitech is one of the leading Real Estate Development Company with operations across all the major cities in the country. It is also the fi rst real estate developer in India to have been certifi ed ISO 9001:2000 certifi cation for planning, construction and marketing of real estate in the National Capital Region. Unitech is also a registered member of the Indian Green Building Council and is committed to developing energy effi cient Green Buildings. Unrivalled expertise and experience in developing large-scale projects across India and abroad has given Unitech the niche of conceptualizing and delivering world class Commercial Complexes, IT/Ites Parks, SEZ’s, an entire value chain of Residential developments - from top- of-the-line Luxury housing to the Aff ordable housing, Hotels, Retail Destinations, Amusement Parks, Golf Courses and Schools. 2 ANNUAL REPORT 2011-12 EXECUTIVE FLOORS, MOHALI Our Partners Unitech has long partnered with internationally acclaimed architects and design consultants including SOM (USA), BDP (UK), Maunsell AECOM (HK), MEA Systra (France), Callison Inc. (USA), FORREC (Canada), SWA and HOK (USA) for various projects. Our Clients It has an enviable clientele for commercial projects including Fidelity, McKinsey, Bank of America, HSBC, Ford Motors, Nike, IBM, LG, EDS, Hewitt, Amdocs, Ernst & Young, Reebok, Keane, Seagrams, Perfetti, Exxon Mobil and AT Kearney. Awards and Certifi cations • Brand Unitech was recognized as a Realty Mogul for being an admired brand in the real estate industry by Planman Media in 2012 • Mr. Ramesh Chandra has been recognized as the Star Realty Royal at the launch and award ceremony of the book on Real Estate - ‘Star Realty 2011-12: Lords of the Land’ • Unitech has been chosen as a Power Brand 2010-2011 by the Indian Consumer under the Realty category CORPORATE INFORMATION Executive Chairman Mr. Ramesh Chandra Managing Directors Mr. Ajay Chandra Mr. Sanjay Chandra Non Executive Directors Mr. G. R. Ambwani Ms. Minoti Bahri Mr. Sanjay Bahadur Mr. Ravinder Singhania Dr. P. K. Mohanty Mr. Anil Harish Chief Financial Offi cer Mr. Manoj Popli Company Secretary Mr. Deepak Jain Auditors Goel Garg & Co. Chartered Accountants New Delhi Registered Offi ce 6, Community Centre, Saket, New Delhi-110017 Tel.: +91-11-26857331. Fax: +91-11-26857338 Corporate Offi ce Unitech House, ‘L’ Block, South City-I, Gurgaon-122001 Tel.: +91-124-4125200. Fax: +91-124-2383332 Marketing Offi ce Signature Towers, Ground Floor, South City-I, Gurgaon-122001 Tel.: +91-124-4082020. Fax: +91-124-4083355 www.unitechgroup.com ANNUAL REPORT 2011-12 CONTENTS Chairman’s Message .............................................................................................................................................................. 2 Directors’ Report ......................................................................................................................................................................4 Management Discussion and Analysis ............................................................................................................................9 Corporate Governance Report ........................................................................................................................................ 16 Auditors’ Report on Consolidated Financial Statements ....................................................................................... 26 Consolidated Balance Sheet ............................................................................................................................................. 28 Consolidated Statement of Profi t & Loss .....................................................................................................................29 Consolidated Cash Flow Statement ............................................................................................................................... 30 Notes to the Consolidated Financial Statements ..................................................................................................... 31 Auditors’ Report on Standalone Financial Statements ........................................................................................... 72 Balance Sheet ........................................................................................................................................................................ 76 Statement of Profi t & Loss ........................................................................................................................................... 77 Cash Flow Statement .......................................................................................................................................................... 78 Notes to the Financial Statements ................................................................................................................................. 79 Statement pursuant to Section 212(3) and other details of Subsidiary Companies under Section 212(8) of the Companies Act, 1956 ........................................................................................................................................................133 Notice of the Annual General Meeting ........................................................................................................................139 1 CHAIRMAN’S MESSAGE Dear Shareholders, The optimism that had developed on the macro-economic and the real estate industry front in the beginning of 2011- 12, unfortunately, withered away as the year progressed. GDP growth in India reduced to 6.3% in 2011-12. This is the lowest growth rate recorded in the last 10 years. In this environment, construction industry growth in India reduced to 5.3% in 2011-12. Clearly, it was a diffi cult year for the real estate sector in India. The industry was most aff ected by the high cost of capital and a virtual freeze in availability of fi nance. The regulatory environment aff ected commercial bank fi nance to the real estate sector and the global economic uncertainties, especially the crisis in Europe, resulted in a drying up of foreign capital fl ows into India. You would recollect that in 2009, your Company reoriented its strategy with a focus on faster monetisation of the large low cost land reserves that it created in the preceding years. It had entered the ‘aff ordable housing’ segment and launched a slew of projects, which were well accepted by the market. From around thirty projects under execution in 2008-09, your Company now has nearly 100 projects at various stages of execution. The Company has also nearly 100 projects simultaneously initiated a number of measures to enhance its execution capabilities to ensure quality and timely completion at various stages of of these projects. We had started making good progress in this execution endeavour till the dramatic squeeze in funding options hit the real estate sector since the beginning of 2011-12. The lack of refi nancing options disturbed the balance that the Company was maintaining between increases in construction expenditure on one side and reduction of debt on the other. Although this development adversely aff ected the construction activity, on a positive note the Company reduced its debt further during 2011-12. Today, your Company has one of the lowest net debt to equity ratio in the real estate sector of 0.45. Construction activity has been picking up gradually since beginning of calendar year (CY) 2012 and we expect to soon expand to the desired levels of construction. I am fi rmly of the view that the fundamentals driving demand for real estate in India remain intact and the Indian real estate consumer continues to repose faith in our products. It is also note worthy that in adverse conditions, indications from the residential property price index calculated by the National Housing Board suggests that property prices have remained stable during 2011-12, if not marginally increased, for most cities and towns in 2 ANNUAL REPORT 2011-12 India. Unitech launched several projects during the year totalling an area of 7.81 million sqft. and sold a total of 7.19 million sqft., which were evenly spread out over the four quarters. Clearly,
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