Lavasa PowerPoint Presentation presented by Advocate Hitesh Ramchandani

1. PRESENTED BY
ADVOCATE HITESH RAMCHANDANI

2. Project Cost
• Chairman Mr. Ajit Gulabchand.
• The total project cost would be Rs 40,000 crore,
• Expected Revenue Rs 1,47,000 Crore.
• According to Lavasa Corporation President Rajgopal Nogja,
the existing corpus of 8000 crores needs adding of funds
which would be sourced through various options such as
equity from all the promoters, debt, private equity and joint
ventures.
• The first phase started in 2009-10 and all the four phases are
expected to be completed by 2020.

3. PROJECT FINANCING
HCC is the major stakeholder in the project (i.e. Lavasa Corp.) with 65% stake,
while Thapar Group and Venkateshwara Hatcheries are the other big partners
with 15% and 12.5 % stakes respectively in the project.
The remaining 7.5% stakes are held by two smaller entities.
The corporation has raised funds for development through a mix of equity
options (from promoters), debt, private equity and joint ventures.
The banks and financial institutions hold over 11% of the shares through
convertible debentures.
Lavasa Corp. plans to make the project financially self-sustainable once Phase I is
complete. The revenues from the sale of the property (developed during Phase I)
and the Rs. 750 Crores raised through IPO (Initial Public Offer) are the options
available with the corporate.

4. ~240,000
residents*
~80,000
employment
generation*
~2,000,000
tourism*
Part of Mumbai – Pune Corridor Delivery Record
12+ msf sold including ~2,900 residences$
~1600 acre Town 1 near completion
56 businesses(33 institutions and 23 subsidiaries / associates)
~566 acres sold / leased
5,174 on-site workforce#
23,014 acres
notified area
10,868 acres in place**
10,006 acres planned development
Special Planning Authority
Lavasa – Planned Hill City
365 day economy planned Live – Work-
Learn – Play
Infrastructure Tourism & Leisure Hospitality Retail
Commercial &
Institutional
Education Healthcare Residential
Infrastructure– In Place
*Based on managementestimates of 10,006 acre development.**Includes area purchased, leased and under Memorandaof Understanding. #Includes constructionworkforce, employees of subsidiaries & associates and employees of Steiner India, as on June 17, 2014.
$Residencesincludes villas, apartments, plotteddevelopments, workforcehousing and hostel units.

5. Lavasa - Multiple access
Access points for Lavasa on Mumbai-Pune Expressway and one on Mumbai-Goa highway

6. The Lavasa Vision
• Live:-
• Villas and Apartments.
• Studio and serviced Apartments.
• Rental Housing.
• Family Entertainment Centre.
• 24*7 power & water
connectivity.
• Work:-
• Non polluting industry.
• IT/ITES.
• R & D centre.
• Fashion Design,
• Film production.
• Animation studio.

7. • Learn:-
• School and Colleges.
• Management Institutions.
• Post Graduation Institutions.
• Sports Academy.
• Music Academy.
• Play:-
• Club & Resorts.
• Spa.
• Golf course
• Water sports.
• Cricket Academy.

8. Business at Lavasa
• Lavasa is an ideal location for not just
setting up primary business but also for
establishing non polluting industries
revolving around training , R&D,
biotechnology, fashion, film production
and animation.
• It offer conductive environment for
business to thrive, with its diverse
opportunities and upcoming pool of
qualified professional, the city is
moving towards creating a vibrant 365
day economy.

9. Education at Lavasa
• Providing quality education for children from economically
• disadvantaged sections of society
• • English medium school.
• • Free education, uniforms, books, meals, pick-up and drop
• • Operational since June 2010; Phase 2 launched in 2012

10. Tourism at Lavasa
• Nature Tourism: Nature trails and themed gardens
to allow one commune with nature.
• Adventure Tourism : The city offers camping
grounds, stargazing, rock climbing, rappelling, Para
surfing, quad biking and hilli rides over the valley for
the adventurer in you. Water related sports option
including jet skis, catamarans, motor and pedal
boats, fishing and pool , volleyball are also available
at lakeshore watersports.
• Educational Tourism : Apart from offering an array
of illustrious institutions, lavasa will allow residents
and visitors to partake of short term courses on non
conventional activities such as pottery, photography,
painting etc.
• Health and Wellness : High end therapy centres,
affordable spa and renowned chains offer a haven
of rejuvenation.

11. Technology at Lavasa
Technology Leadership is the key focus area at
Lavasa. It is the city to use 3D enabled GIS
(Geographic information system) and GPS
(Global positioning system)thus ensuring a
robust operation & maintenance plan.
Home Automation and Digital Experience :
Home at lavasa will offer a convergence
experience which brings together home
automation , enhanced security and digital
lifestyle.
Security Management :
This Technology is utilized in surveillance and
security systems, physical and logical security
for telecom and IT and disaster management.

12. City Services At Lavasa
• Lavasa aims to set a new benchmark for
construction , planning & service delivery
across the indian subcontinent, one that
closely rival international standards.
• In terms of infrastructure , lavasa offer the
following world class facilities:
• Roads: The city offer easier connectivity with
roads planned & design as per global design.
• Power & Energy: Resident at lavasa can
enjoyed uninterrupted power from MSEB &
Tata power. Lavasa also plan to build facilities
to wind and solar power.
• Water Supply System: Water supply from the
warasgaon lake is treated at international
standard water treatment plant.

13. Eco friendly Development at Lavasa
• Lavasa maintain nature ability to replenish
and renew its resources. The principle for
sustainable growth at lavasa adopts a two
pronged strategy.
1 . Protecting the existing natural habitat as it
is.
2 . Further enhancing the habitat through
hydro seeding, mass plantation and
beautification ravines.
3 . Continuous contour trenching.

14. International Recognition and Rewards

15. Lavasa – 2007
Promenade Site
Dasve
Convention
Centre Site
Dasve Dam Site
Dasvino Town &
Country Club Site
Water Treatment
Plant Site
Actual Site
Photograp
hs

16. Lavasa – 2014
Promenade
Dasve Town Lavasa International Convention
Centre
Water Treatment
Plant
Dasve Dam Dasvino Town &
Country Club
Actual
Site
Photogra
phs

17. • The master plan of Lavasa (12,500 acres) is developed by internationally
renowned design consultant HOK, USA and is recipient of many
international awards. The city will have a host of non polluting industries
which will be the main economic drive, these include R&D and training
centre, IT and biotech industry, KPOs and those related to art, fashion and
animation.
• A ‘planned’ hill city led by the private sector
• For the entire social spectrum, with a diverse population from India
• Based on the concept of ‘new urbanism’ where one can live, work, learn
and play
• Planned for a permanent population of around 2,40,000
ARCHITECTS

18. Group Structure
HCC
Mauritius
Investment
Limited
(HMIL)
HCC Mauritius
Enterprises
Limited
(HMEL)
HCC
66%
68.7% 100%
LAVASA Charosa
Wineries
Highbar
Technologies
Ltd
HCC
Infrastructure
85.5%
HCC
Concessions
34%
HREL
100% 100% 100%
100%
100%
Construction
Partner
Steiner AG
Switzerland
Steiner India
Ltd
100%
Raiganj
Dalkhola
NH-34
Delhi
Faridabad
* NH-2
Farakka
Raiganj
NH-34
Nirmal
Annuity
* NH-7
Dhule
Palesner*
# NH-3
Beharampor
e Farakka *
NH-34
* Operating Road SPVs #60% Economic Interest
100% 100% 100% 100% 100%
36%

19. HCC
• A global business group, a pioneer in infrastructure construction.
• 68.72% shareholding in Lavasa.
• Executed several landmark projects of India having constructed.
• – 25% of India's Installed Hydel Power capacity.
• – over 50% of India's Nuclear Power capacities.
• – over 3,500 lane km of Highways,
• – more than 288 km of complex Tunnel
• – over 350 Bridges.

20. Track record of executing some of
India’s Landmark Projects
India’s largest Nuclear Power
Plant (2 X 1000 MW)
• Located at an altitude of 11,000 ft
• Highest location in world for SAP
implementation (2012)
Kundankulam Nuclear
Power Plant, Units 1&2
Nimoo Bazgo HEP
Idukki Dam
Involved in all stages 1&2 (1973),
3&4 (2000), 5&6 (2006), 7&8 (under
Rajasthan Atomic Power
Plant
Built 25%+ of India’s Installed hydel power capacity - 46 Dams & Barrages and over 288 kms of Tunnelling; 50%
of India’s nuclear power installed capacity; 18 Thermal Power Projects & 3 Gas based Power Projects
India’s first and only double
curvature arch dam (1977)
366 m X 167.5 m construction)
• Located at an altitude of 7,000 ft
• 2nd highest location in world for
SAP implementation (2012)
Chutak HEP
, J&K
Largest power project in Bhutan
Capacity - 1020 MW
Tata Hydel Power Project,
Bhutan

21. Track record of executing some of
India’s Landmark Projects
India’s longest rail tunnel - 10.96
km in length, located in Jammu &
Kashmir
Pir Panjal Rail Tunnel
• Longest cable-stayed bridge
in India
• 5,600 m Long
Bandra-Worli Sea Link,
Mumbai
Bhandup Water Treatment
Plant, Mumbai
India’s first all concrete dam with
pre-cooled aggregate & 100%
Vaitarna Dam, Mumbai
One of Asia’s largest Capacity –
1,910 MLD
India’s first concrete pavement,
access controlled expressway project
Mumbai-Pune Expressway
crushed sand
India’s first underground metro
rail (1996)
Kolkata Metro Rail
Built over 3,500 Lane Km Expressways, Highways; over 350 Bridges; India’s first & second MRTS &
multiple railway tunnels; 7 irrigation dams, 19 barrages, 35 Water treatment plants

22. • Initially the Company was incorporated as Pearly Blue Lake Resorts Private
Limited on February 11, 2000 under the Companies Act. The name of the
Company was changed to The Lake City Corporation Private Limited on
December 12, 2000. The Company was converted into a public limited
company on March 3, 2003 and consequently, the name was changed to
The Lake City Corporation Limited. The name of the Company was changed
to Lavasa Corporation Limited on June 8, 2004.
• The Company‘s net worth on a consolidated basis as at March 31, 2010 and
June 30, 2010 was ` 3,847.35 million and ` 3,702.64 million respectively.
• The average cost of acquisition per Equity Share by the Promoters, HCC and
HREL is ` 43.13 and ` 5.91, respectively.
• The net asset value per Equity Share was ` 9.05 and ` 8.71 as at March 31,
2010 and June 30, 2010 respectively, as per the Company‘s restated
audited consolidated financial statements.
LAVASA CORPORATION LIMITED

23. Strategic Partners at Lavasa
Education

24. Corporate tie ups

25. FINANCIAL EXPOSURE
HCC is the biggest equity stakeholder in the Lavasa Corp. Besides HCC, nine Indian
banks and one foreign bank are involved in this project. Of these, at least eight
banks have subscribed to deep discount convertible debentures of Lavasa Corp.
Notable among them are ICICI bank’s exposure of Rs. 250 Crores, Axis bank’s Rs.
225 Crores and Bank of India’s Rs. 150 Crores.
As of June 2010, the equity shareholders’ fund in the company was Rs. 592 Crores.
The debt repayment (to banks) has been guaranteed by the promoters by way of
corporate/personal guarantee with a ‘put option’ on HCC along with the revenue
that is generated from business out of the project activity. While some banks have
agreed to convert the debentures into equity shares, others have opted for partial
repayment, part conversion into equity or non-convertible debentures.
The sheer size of Lavasa project is dragging its promoter companies due to its high
debt-equity ratio; HCC (the major promoter) has been underperforming the
Economic Times Construction Index

26. SHAREHOLDERS AND CAPITAL CONTRIBUTION FOR
LAVASA HOUSING PROJECT
The promoters of the Lavasa Project estimated revenue of Rs.
1,47,000 Crores from the project during the period 2010-20.
The estimated project cost was Rs. 30,000 Crores and the
promoters expected the project to become financially self
sustainable once the Phase I of the project started generating
revenues.
During 2007-09 the investment of Rs. 225 Crores by Axis Bank
(in the form of convertible preference shares and convertible
debentures) gave a valuation of Rs. 10,000 Crores to the project
and the same was confirmed by the 5% stakes that were
managed by Deutsche Bank Singapore for Rs. 500 Crores.

27. Lavasa – Execution Track Record
Residential
Sales record across
Towns…
… and
Products
Construction
Completed
2,321 (3.6 msf)
Sold
711 units
Mugaon
Dasve
1835
units
486
units
Apartments
(1673)
Villas
(513)
Plots
(135)
Sales Track
Record
First town sales substantially completed – Sales commenced in second town
566 acres
Rental
Housing
Based on data as on June 16, 2014
Institutional
(182)
Commercial
Hospitality
(45)
Social
(320)
Land Area (acres) FSI Area
Third Parties 3.51
msf
SPVs
3.79 msf
Non-Residential
Construction
Total
8.57 msf
1.27
msf
Non-Residential

28. REVENUE
On the operational front, Lavasa Corp. had commenced sale of
residential and commercial space under the first phase of its project in
2010.
The company clocked Rs. 480 Crores of revenue and Rs. 140 Crores
profit in FY 10. Interest costs stole a good 50 per cent of
the earnings before interest, depreciation and taxes21.
The Dasve village is now under an advanced stage of development, with
structures in education, hospitality and leisure fast
nearing completion.
It has also launched its second town, Mugaon, which the company
expects to complete by 2015.

29. After 4 years, Lavasa filed for IPO again to raise 750
Crore.
In 2010, Lavasa had planned to raise Rs 2,000 crore
but that was abandoned due to the weakness in
market.
IPO

30. DEPLOYMENT OF FUNDS
Particulars* Total Amount payable from Estimated schedule of deployment
estimated cost the Net Proceeds
FY FY FY FY
2011 2012 2013 2014
Commercial Business 777.00 777.00 50.00 217.00 255.19 254.81
Park, Dasve
Rental Housing, Dasve 342.00 342 0.00 137.00 137.00 68.00
Centre for Performing 1225.00 1,225 61.26 581.87 581.87 0.00
Arts, Dasve
Retail cum Hostel Phase 735.00 735.00 37.08 348.96 348.96 0.00
II, Dasve
Dasve Corporate 201.60 201.60 19.60 91.00 91.00 0.00
Training Centre I and II
Dasve Centre of 384.00 384 19.20 182.40 182.40 0.00
Excellence
Dasve – Sports Complex 150.00 150 24.00 42.00 60.00 24.00
Bhoini – Rental Housing 900.00 900 45.00 285.00 285.00 285.00
Mugaon – Rental 1286.21 1,286.21 0.00 342.21 515.00 429.00
Housing
Total 6,000.81 6,000.81 256.14 2,227.44 2,456.42 1,060.81

31. DELAYS & CONTROVERSIES
The November 2010 directive by MoEF to Lavasa Corp. to stop all construction
activity at the project site resulted in Lavasa moving to Mumbai High Court
against the MoEF directive. The High Court declined to stay the order, but
asked the MoEF to inspect the site and examine the state of affairs and also
sought the project proponent’s explanation before proceeding. After
inspecting the project site, the MoEF had submitted documents that support
the Ministry’s claim that construction activity was carried out at places that
were 1000 meters above sea level.
MoEF finally gave clearance to Lavasa’s first phase in November 2011, subject
to pre-conditions including an environmental restoration fund, profit
percentage earmarked for CSR and a revised development plan.

32. The company has publicly stated that due to the stoppage of work as ordered by the
Environment Ministry in November 2010, it had lost Rs. 2 Crores a day. This has
further cut down the operating profits of the company.
The company’s share prices which followed the market trend till March 2010 have
displayed a downward movement during the period March –November 2010.
This was the period when Lavasa Corp.’s controversies were emerging.
The first setback to the project, because of the environmental controversy, was the
withdrawal of IPO by the Lavasa Corp. Lavasa had filed the Red Herring Prospectus in
Nov 2010 for raising Rs. 2000 Crores from the Indian markets.
This delay has denied the company access to cheap capital at a time when the
economy was facing a liquidity crunch and the fiscal regime was forcing financial
institutions to make borrowings costlier (in order to curb inflation).
In 2012, Lavasa had sought infrastructure status from the Reserve Bank of India (RBI)
on the grounds that it would help the company join the corporate debt restructuring
(CDR) cell set up by banks. The CDR cell helps companies restructure debt, ensuring
that their loans stay as a standard asset on banks books. However, the RBI rejected
Lavasa’s request. The Rs. 850-Crores loans on Lavasa’s books are now treated as bad
loans by most banks

33. RISK FACTORS
Sr. No. Nature of cases No. of outstanding cases Amount Involved
(in ` million)
1. Public interest litigation 3 Amount not ascertainable
2. Civil proceedings 20 Amount not ascertainable
3. Revenue proceedings 30 Amount not ascertainable
4. Notice from collector 1 Amount not ascertainable
5.
Letters from
grampanchayat 1 Amount not ascertainable
PENDING LITIGATION

34. • State Government does not approve the proposals for development of Lavasa
prepared by the SPA, in a timely manner or at all, or suggests material
modifications to such proposals.
• The Company may incur significant infrastructural costs if the
lessees/residents default on the payment of maintenance charges.
• The Company have not obtained certain registrations in relation to protection
of the intellectual property, including inter alia trademarks. The Company have
applied for registration of trademarks of the logos and of those of the
subsidiaries and associates. Until The Company receive registration, these
trademarks enjoy limited legal protection and if the application is rejected, The
Company may be unable to use such trademarks.
• Certain of the Group Companies have incurred losses or have had negative net
worth in the three FYs ended March 31, 2010.
• The water requirements may not be met due to hydrological conditions or water
flows inconsistent with the expectations and there are certain water bodies
contiguous with Lavasa that The Company will not be able to access.
• The businesses operated through the subsidiaries and associates may not be
synergistic and The Company may not be able to achieve economies of scale
across all of them. Further, the success of some of the businesses is connected
to the success of the other related businesses.
• Delays in the completion of the development or projects at Lavasa.

35. DEBT BURDEN
Sr. Name of the Loan Purpose Amount Total Amount Interest Repayment
No. Lender(/s) Agreement Sanctioned Outstanding (p.a.)
(In ` as on June
Million) 30,2010 (In `
Million)*
1. L&T Facility For township 1,000 1,000 L&T 14 equal
Infrastructure agreement development Infrastructure quarterly
Finance dated project PLR plus / installments
Company September minus spread after
Limited 17, 2009 moratorium of
18 months from
date of first
disbursement

37. Particulars
As At June As At March As At March As At March 31,
30, 2010 31, 2010 31, 2009 2008
SOURCES OF FUNDS
Share Capital 4,774.52 994.95 994.94 625.90
Share Warrant 81.25 81.25 81.25 -
Reserves & Surplus 417.19 2,771.15 2,884.71 1,624.17
Total Shareholders' Funds 5,272.96 3,847.35 3,960.90 2,250.07
Minority Interest 366.27 361.16 183.76 35.00
Loan Funds
(a) Secured Loans 17,531.10 16,235.96 9,797.82 4,970.00
(b) Unsecured Loans 1,001.00 2,000.00 - -
Total Loans 18,532.10 18,235.96 9,797.82 4,970.00
Deferred Tax Liability (Net) 1,058.87 811.26 115.74 -
TOTAL 25,230.20 23,255.73 14,058.22 7,255.07
APPLICATION OF FUNDS
Fixed Assets
(a) Gross Block 5,733.36 4,240.05 2,842.50 318.29
(b) Less : Depreciation 409.25 339.23 133.50 80.15
(c) Net Block 5,324.11 3,900.82 2,709.00 238.14
(d) Capital Work In
Progress 8,923.21 9,765.83 6,205.84 24.27
14,247.32 13,666.65 8,914.84 262.41
Investments 1,465.58 2,797.86 815.79 6.49

38. A) Current Assets
(a) Inventories 6,586.42 6,316.62 4,302.68 7,251.48
(b) Sundry Debtors 2,926.20 2,173.90 928.56 -
(c) Cash and Bank
Balances 1,027.44 951.56 291.64 297.61
(d) Other Current
Assets 117.08 76.50 46.63 -
10,657.14 9,518.58 5,569.51 7,549.09
B) Loans and Advances 2,155.72 2,182.43 929.26 385.94
Total Current Assets, Loans
and Advances 12,812.86 11,701.01 6,498.77 7,935.03
Less: Current Liabilities &
Provisions
(a) Current Liabilities 4,829.71 4,857.73 2,039.18 1,094.89
(b) Provisions 36.17 52.06 132.00 6.78
4,865.88 4,909.79 2,171.18 1,101.67
Net Current Assets 7,946.98 6,791.22 4,327.59 6,833.36
Miscellaneoues Expenditure - - - -
(To the extent not written
off)
Profit and Loss Account 1,570.32 - - 152.81
TOTAL 25,230.20 23,255.73 14,058.22 7,255.07

39. RESTATED CONSOLIDATED SUMMARY STATEMENT OF PROFITS AND LOSSES
(` in Millions)
Particulars
As At June As At March As At March 31, As At March
30, 2010 31, 2010 2009 31, 2008
INCOME
Income From Operations
Other Income
TOTAL
EXPENDITURE
Land and Construction
Expenses
Employee's
Remuneration and Benefits
Office and Site
Establishment Expenses
Finance Charges (net)
Depreciation
Less : Transferred to
Fixed Asset / Capital Work
in Progress
Profit/(Loss) before Tax
Less: Provision
for taxation:
923.73 3,063.71 2,071.04 -
11.47 25.38 5.70 0.07
935.20 3,089.09 2,076.74 0.07
530.47 2,737.90 6,047.11 -
215.93 538.84 487.81 13.83
431.60 640.19 436.02 41.33
608.48 1,865.34 2,148.54 -
26.32 68.46 11.35 3.37
1,812.80 5,850.73 9,130.83 58.53
971.03 3,355.22 8,317.70 -
841.77 2,495.51 813.13 58.53
93.43 593.58 1,263.61 (58.46)

40. Income Tax 147.89 355.97 153.49 -
Deferred Tax 247.42 695.53 115.74 -
Wealth Tax 0.01 0.06 0.03 0.06
Fringe Benefit Tax - - 2.19 3.55
MAT Credit
Entitlement (147.74) (355.97) (152.31) -
Profit/(Loss) after Tax (154.15) (102.01) 1,144.47 (62.07)
Less : Minority
Adjustments (10.47) (10.08) 0.57 -
Add : Share in
Profit/(Loss) of Associates (1.03) (2.55) - -
Add: Balance brought
forward from last year 549.87 663.45 (152.81) (90.74)
Amount available for
appropriation 405.16 568.97 991.09 (152.81)
Less : Appropriations
a) Proposed Preference
Share Dividend - 16.38 95.33 -
b) Tax on Proposed
Dividend - 2.72 16.20 -
c) Capital Redemption
Reserve - - 216.11 -
- 19.10 327.64 -
Balance carried to
Balance Sheet 405.16 549.87 663.45 (152.81)

41. RESTATED CONSOLIDATED SUMMARY STATEMENT OF CASH FLOWS
(`in Millions)
As At June 30, As At March As At As At March
Particulars March 31,
2010 31, 2010 31, 2008
2009
Cash Flow From Operating
Activities
Net Profit Before Taxation 93.42 593.59 1,263.60 (58.46)
Adjustments For :
Depreciation 26.34 68.24 11.36 3.37
Profit/Loss On Sale Of Fixed
Assets - (0.31) (0.15) -
(Profit) / Loss on Investments - - (66.71) -
Preliminary/Miscellaneous
Expenditure Written off - - - -
Interest/Dividend Income (36.00) (95.50) (160.19) -
Interest & Finance Expenses 644.48 1,960.84 2,375.44 -
Operating Profit Before
Working Capital Changes 728.24 2,526.86 3,423.35 (55.09)
Decrease / (Increase) In Sundry
Debtors (748.73) (1,202.28) (928.58) -
Decrease / (Increase) In Other
Current Assets (44.15) (26.29) (46.62)
Decrease /( Increase ) In Land
Inventory (254.64) (471.55) (807.15) (480.21)
Decrease /( Increase ) In
Construction and Development
Expenses (15.16) (1,542.39) (4,518.00) (1,551.53)
Decrease /( Increase) In Loans
& Advances 105.44 (877.54) (637.31) (192.70)
(Decrease) / Increase In
Current Liabilities and
Provisions (24.81) 2,831.04 1,287.98 662.78
Cash Generated Used In
Operations (253.81) 1,237.85 (2,226.33) (1,616.75)
Income Tax Paid (78.72) (422.30) (77.19) (3.61)
Cash Flow after Extra
Ordinary Items (A) (332.53) 815.55 (2,303.52) (1,620.36)
Cash Flows From Investing
Activities
Interest/Dividend Received 36.00 95.50 160.19 30.76
Sale/(Purchase) Of Investments 1,331.25 (1,984.62) (742.58) 44.90

42. Sale Of Fixed Assets 26.75 0.84 1.09 -
Decrease/(Increase) in Fixed
Asstes/Capital Work in
Progress (633.73) (4,820.59) (390.77) (129.59)
Net Cash Used In Investing
Activities ( B ) 760.27 (6,708.87) (972.07) (53.93)
Cash Flow From Financing
Activities :
Application Money Received
For Issue Of Shares/Warrants 15.00 100.37 98.07 35.00
Issue Of Shares On Premium - - 750.02 500.00
Issue of Share Warrants - - 81.25 -
Increase in Minority Interest 0.57 87.10 (0.57) -
Increase In Long Term
Borrowings (Net) 296.15 8,438.14 4,827.82 1,736.63
Dividend Paid (19.10) (111.53) (111.53) -
Interest & Finance Expenses (644.48) (1,960.84) (2,375.44) (555.29)
Net Cash Generated From
Financing Activities (C ) (351.86) 6,553.24 3,269.62 1,716.34
Net Increase In Cash And
Cash Equivalents (A+B+C) 75.88 659.92 (5.97) 42.05
Cash And Cash Equivalents
Cash And Cash Equivalents At
Beginning Of Period 951.56 291.64 297.61 255.56
Cash And Cash Equivalents At
End Of Period 1,027.44 951.56 291.64 297.61

43. (` in Million)
Sr. No. Name of the Group Company
Profit/(Loss) after tax for the year ended
FY 2010 FY 2009 FY 2008
1. Nirmal BOT Limited (7.83) 0.00 0.00
2. HCC Aviation Limited (46.55) (39.00) -
3. HCC Infrastructure Limited (127.53) (75.67) -
4. Highbar Technologies Limited (1.82) - -
5. Pune-Paud Toll Road Company (104.54) (103.20) (8.73)
Limited
6. Panchkutir Developers Limited (25.19) (14.99) (0.66)
7. HCC Singapore Enterprises Pte. (8,460) (15,220) -
Ltd. (Amount in USD)
8. HCC Mauritius Enterprises Ltd.
(7,470) (10,576) -
(Amount in USD)
9. HRL Township Developers Limited (0.24) (0.28) (2.57)
10. HRL (Thane) Real Estate Ltd (0.26) (0.22) (0.35)
11. Nashik Township Developers Ltd (0.25) (0.96) (0.81)
12. Maan Township Developers Limited (0.32) (0.75) (0.65)
13. The Company stern Securities Limited 0.67 0.65 (0.17)
14. HCC Construction Limited (0.01) - -
15. Charosa Wineries Limited (16.36) (2.69) (0.95)
16. Powai Real Estate Developers (0.03) - -
Limited
17. HCC Realty Limited (0.03) - -