Prestige Estates Projects is an Indian real estate developer primarily focused on the southern Indian market. The company owns and has development rights for over 57 million square feet of developable area. Prestige has a successful track record of execution over its 25-year history and a diversified portfolio across residential, commercial, hospitality and retail segments. However, the company has high debt levels attributable to its exposure to non-residential segments with longer cash conversion cycles. While the IPO proceeds will reduce debt, analysts recommend avoiding the issue due to stretched balance sheet and premium valuation compared to peers.
“Shapoorji Pallonji & Co Ltd”, is one of the largest, oldest and MOST TRUSTED Indian construction companies and is the part of SP Group; has legacy of around 145 years though in many businesses but primarily into construction (residential, commercial, institutional, industrial, infrastructure etc).
Mobile / Mobile Apps - Presentation by Philipp Kandal, Founder of Skobbler at the NOAH 2012 Conference in San Francisco, Four Seasons Hotel on the 26th of June. www.noah-conference.com
THIS RESEARCH REPORT IS PROVIDED BY INDIAN PROPERTY REVIEW ON REAL ESTATE PROJECT , PURI PRANAYAM LOCATED AT SEC- 82 -85, FARIDABAD. FOR MORE DETAILS www.indianpropertyreview.com , OR CONTACT AT: 9810084344 , 011-47079900
“Shapoorji Pallonji & Co Ltd”, is one of the largest, oldest and MOST TRUSTED Indian construction companies and is the part of SP Group; has legacy of around 145 years though in many businesses but primarily into construction (residential, commercial, institutional, industrial, infrastructure etc).
Mobile / Mobile Apps - Presentation by Philipp Kandal, Founder of Skobbler at the NOAH 2012 Conference in San Francisco, Four Seasons Hotel on the 26th of June. www.noah-conference.com
THIS RESEARCH REPORT IS PROVIDED BY INDIAN PROPERTY REVIEW ON REAL ESTATE PROJECT , PURI PRANAYAM LOCATED AT SEC- 82 -85, FARIDABAD. FOR MORE DETAILS www.indianpropertyreview.com , OR CONTACT AT: 9810084344 , 011-47079900
Runwal Housing Group and US based CarVal Investors have entered into a joint investment to form a special purpose vehicle Runwal Housing & Townships Pvt. Ltd. CarVal Investors has invested 8 million US Dollars in Runwal Housing Group. These funds will be utilized to complete the Runwal Seagull project of 696 flats at Hadapsar. This is amongst one of the few FDI projects in Real Estate at Pune. Mr. Sanjay Runwal, Managing Director of the Runwal Housing Group and Mr. Mujib Mundewadi Director of Carval Investors announced this on the occasion of the launch of the II Phase of the project Runwal Seagull at Hadapsar.
Mr. Sanjay Runwal also announced a unique Mega Saver Offer for customers coinciding with the 7th anniversary of the Runwal Housing Group. The scheme offers saving from Rupees 3.25 lakhs to 5.18 lakhs to the customers booking flats under this scheme. Under this scheme the customer will not have to pay Pre EMIs to the financial institution from which he takes a home loan till the possession of the flat. This will be borne by the Company. Besides the savings this scheme will also offer the customer a total payment holiday upto possession which will benefit him to avoid the double burden of paying rent and the Pre EMIs. It would also free him from the compulsion of looking for a ready possession flat to merely avoid Pre EMI burdens. This scheme is available for a limited period and is an assured saving for the customer and not a discount, Mr. Runwal clarified.
Newgen's Successful 20 Years at a Glance
http://www.newgensoft.com/
Newgen Software Inc. - Solutions for BPM, ECM, DMS, workflow software and business process automation.
Newgen Software is a leading global vendor/provider of Business Process Management (BPM), Enterprise Content Management (ECM), Customer Communication Management (CCM), Document Management System (DMS), Workflow and Process Automation software. The company has a global footprint of 1300+ installations in over 61 countries with large, mission-critical solutions that have been deployed at the world's leading Banks, Insurance firms, BPO’s, Healthcare Organizations, Government, Telecom Companies & Shared Service Centers.
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
Exploring Abhay Bhutada’s Views After Poonawalla Fincorp’s Collaboration With...beulahfernandes8
The financial landscape in India has witnessed a significant development with the recent collaboration between Poonawalla Fincorp and IndusInd Bank.
The launch of the co-branded credit card, the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card, marks a major milestone for both entities.
This strategic move aims to redefine and elevate the banking experience for customers.
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
1. IPO Note | Real Estate
October 12, 2010
Prestige Estates Projects AVOID
Issue Open: October 12, 2010
Rationale for our view Issue Close: October 14, 2010
Land bank located in IT/ITES-centric regions: Prestige Estates Projects Ltd. (PEPL) is
Issue Details
mainly present in Bangalore, which accounts for 73% of its current land bank.
PEPL is in the process of geographically diversifying and expanding its real estate Face value: Rs10
development business into other cities of southern India, including Chennai, Present eq. paid-up capital: Rs262.5cr
Cochin, Hyderabad, Mysore and Mangalore. We believe PEPL will benefit from
Offer size*: 6.6-7.0cr shares
the recovery in the IT/ITES sector, with increased job security and salaries leading
to higher housing demand in the southern region. Post eq. paid-up capital*: Rs328-Rs332cr
Proven execution and diversified portfolio: PEPL has a successful track record of Issue size (amount): Rs1,200cr
execution. The company has completed 11.5mn sq. ft. of residential, 7.4mn sq. ft. Price band: Rs172-183
of commercial and 1mn sq. ft. of retail and hospitality projects since the last five
Promoters holding pre-issue: 100.0%
years. The company is a strong brand in Bangalore, which offers premium pricing
to its projects. Going forward, PEPL has a diversified portfolio of real estate Promoters holding post-issue*: 79.0-80.0%
Note:*At the lower & upper price band, respectively
development, which includes 28mn sq. ft. of saleable area and 11mn sq. ft. of
leasable area. Further, the company has entered into property management
services and has acquired a construction company, which ensures smooth
Book Building
execution of projects.
QIBs At least 60%
Stretched balance sheet: As on June 10, 2010, PEPL had total debt of ~Rs20bn,
implying gross debt/equity of 2.6x. Post proceeds from the IPO, the company’s Non-Institutional At least 10%
debt/equity will be 1x. The high debt is attributable to the company’s decent Retail At least 30%
amount of exposure towards the non-residential segment (50% of its land bank),
where cash inflow is back-ended. Further, the company largely focuses on the
Post Issue Shareholding Pattern
joint development model, which gives limited scope of improvement in margins.
Promoters Group* 79.0
Premium to peers and our one-year forward NAV: We have assumed an
MF/Banks/Indian
eight-year development period based on PEPL’s existing land bank. We have
FIs/FIIs/Public & Others 21.0
assumed average realisation of Rs6,000/sq. ft. on PEPL’s saleable interest based Note: *At the lower band of the issue price
on its geographical presence, which gives us a fair NAV of Rs164/share. At the
lower band of the issue, PEPL will trade at 2.5x FY2012E P/BV and 4% premium
to our one-year forward NAV, which is at a premium to its peers. Thus,
we recommend Avoid to the issue.
Objects of the issue: PEPL intends to use Rs622cr of the net issue proceeds
towards the construction and development of three residential, two commercial
and two retail projects, either directly or through subsidiaries. PEPL has also
earmarked Rs21cr for acquiring land in Goa and Bangalore. Further, PEPL
intends to repay Rs280cr of loans taken from various financial institutions.
Objects of the issue
Particulars (Rs cr)
Finance ongoing and under-development projects 429 Param Desai
+91 22 4040 3800 Ext: 310
Invest in existing subsidiaries for the construction & devpt. of projects 193
Email: paramv.desai@angeltrade.com
Finance acquisition of land 21
Repayment of loans 280 Mihir Salot
General corporate purpose 277 +91 22 4040 3800 Ext: 307
Total 1,200 Email: mihirr.salot@angeltrade.com
Source: Company RHP, Angel Research
Please refer to important disclosures at the end of this report 1
2. Prestige Estates Projects | IPO Note
Company background
Strong brand name and client base
Formerly known as Prestige Estates and Properties, PEPL began operations in 1986
as a partnership firm. Over time, the company has established a reputable brand
name in South India’s real estate market due to the distinctive design, planning,
high-quality execution and prompt delivery of its projects, in conjunction with a
customer-focused sales and marketing capability.
PEPL currently holds the CRISIL DA2 rating. In 2005, the company was also
awarded the Best Real Estate Developer in India Award by Euromoney.
Over the past 24 years, the company has emerged as one of the leading real
estate development companies with presence in Bangalore, Chennai, Cochin,
Hyderabad, Mangalore, Mysore and Panaji, among others. The company has a
proven track record across business areas such as land identification and
acquisition, development, design, project management, sales and marketing,
interiors and the provision of property services. PEPL boasts of a diversified
portfolio across the spectrum of premium to affordable products in the residential
(apartments, villas, plotted developments and integrated townships), commercial
(corporate office blocks, built-to-suit facilities, technology parks and campuses and
SEZs), hospitality (hotels, resorts and serviced apartments) and retail (shopping
malls) segments of the real estate industry. The company was recently awarded a
certificate of merit for being one of ‘India’s Top 10 Builders’ at the
Construction World Architect & Builder Awards 2010.
Exhibit 1: PEPL – Key historical events
Source: Company RHP, Angel Research
October 12, 2010 2
3. Prestige Estates Projects | IPO Note
Proven execution skills
Since 1986, PEPL has completed 150 projects of approximately 34.2mn sq. ft.
developable area. As of August 2010, the company owned/held development
rights for 57.4mn sq. ft. area, translating into 28.4mn sq. ft. of saleable area and
11.0mn sq. ft. of leasable area. PEPL has a significant exposure to residential
projects, with 26.0mn sq. ft. (~45%) of the total developable area coming from
the segment, while the commercial segment accounts for 22.4mn sq. ft. (~39%).
Moreover, the company has substantial exposure to the Bangalore market, with
nearly 41.9mn sq. ft. (~73%) of the developable area spread in and around the
city and nearly 8.0mn sq. ft. (~14%) to be developed in Chennai.
Exhibit 2: Project details
25
21.7
20 18.3
15
(msf)
10.9
10.6
9.8
10
5.3
5 3.4
1.4 1.7 2.0 2.4
0.6 1.3 1.1 1.2
0.0
0
Completed Projects Ongoing Projects Projects Under Forthcoming Projects
Development
Residential Commercial Hospitality Retail
Source: Company RHP, Angel Research
Exhibit 3: Segment-wise developable area break-up Exhibit 4: Geography-wise developable area break-up
Hyderabad Mysore Mangalore
Cochin 4% 3% 1%
Hospitality
5%
4% Retail
12%
Chennai
Residential 14%
45%
Commercial
Bangalore
39%
73%
Source: Company RHP, Angel Research Source: Company RHP, Angel Research
October 12, 2010 3
4. Prestige Estates Projects | IPO Note
Giving shape to its integration strategy
PEPL has been focusing on integrating key construction functions over a decade. In
1996, PEPL had established Prestige Property Management and Services, an
in-house property management division, which currently employs more than 1,600
employees. The division provides various services, such as safety and security,
cleaning, maintenance, landscaping and general facilities management.
Moreover, an in-house interior design division provides customised and
standardised interior design and construction services for residential as well as
commercial projects. The company liaises with clients, architects, consultants and
suppliers, ensuring that clients' specifications are adhered to while avoiding time
and cost over-runs. With an objective to develop an in-house construction
management division, in 2009, PEPL acquired 75% stake in Team United, a
construction company in South India.
Association with CRIDF
PEPL has entered into a joint venture (JV) with CRIDF, an associate of
CapitaMalls Asia–the largest listed ‘pure-play’ shopping mall owner, developer
and manager in Asia by total value of assets and by geographic reach. The JV is
aimed at developing and managing retail projects in South India cities, including
Bangalore, Mysore, Mangalore, Hyderabad and Cochin. The total developable
area and leasable area under the JV projects will be approximately 5.6mn sq. ft.
and 1.8mn sq. ft., respectively. These arrangements shall enable PEPL to add
CRIDF's and CapitaMalls Asia's expertise and experience in developing leading
retail developments to its local knowledge and expertise.
October 12, 2010 4
5. Prestige Estates Projects | IPO Note
Exhibit 5: Land reserve details
Land bank Area % of total Est. developable % of developable
(Category wise) (in acres) acreage area (mn sq. ft.) area
I Land owned by the company
1. By itself 18.8 1.9 2.7 4.5
2. Through its subsidiaries 364.4 36.9 8.2 13.7
3. Through entities other than (1) and (2) - - - -
II Land over which the company has sole development rights
1. Directly by the company 43.2 4.4 1.9 3.2
2. Through its subsidiaries 30.1 3.0 4.8 8.0
3. Through entities other than (1) and (2) - - - -
III MoU/Agreements to acquire /LoA to which the co. and/or its
subs. and/or its group cos. are parties, of which
1. Land subject to government allocation - - - -
2. Land subject to private acquisition 217.2 22.0 10.8 18.1
Sub-total (I) + (II) + (III) 673.7 68.2 28.33 47.4
Joint developments with partners
IV Land for which JDAs have been entered in to:
1. Directly by the company 228.1 23.1 21.1 35.3
2. Through its subsidiaries 5.4 0.6 1.8 3.0
3. Through entities other than (1) and (2) - - - -
V Proportionate interest in lands owned indirectly by the company through JV 81.2 8.2 8.5 14.3
Sub-total (IV) + (V) 314.7 31.8 31.4 52.6
Total (I) + (II) + (III) + (IV) + (V) 988.4 100.0 59.7 100.0
Source: Company RHP, Angel Research
October 12, 2010 5
6. Prestige Estates Projects | IPO Note
Issue structure
PEPL is coming out with an IPO for Rs1,200cr through fresh issue of 6.6cr–7.0cr
shares, resulting in a dilution of 20.0–21.0% based on issue price band of
Rs172–183/share. PEPL intends to use the IPO proceeds to fund the construction of
its ongoing and planned residential and commercial projects, invest in existing
subsidiaries for the construction and development of projects, acquire land and
repay its loans.
Exhibit 6: Shareholding pattern
Shareholders Pre-Issue Post-Issue
No. of eq. shares % of eq. capital No. of eq. shares % of eq. capital
Irfan Razack 65,625,000 25.0 65,625,000 19.8
Rezwan Razack 65,625,000 25.0 65,625,000 19.8
Noaman Razack 65,625,000 25.0 65,625,000 19.8
Total holding of promoters 196,875,000 75.0 196,875,000 59.3
Promoter Group 65,625,000 25.0 65,625,000 19.7
Public (pursuant to the issue)* - 0.0 69,767,442 21.0
Total share capital 262,500,000 100.0 332,267,442 100.0
Source: Company, Angel Research; Note: *Based on the lower band of issue price
Outlook and valuation
We have assumed an eight-year development period based on management
guidance for the company’s existing land bank. We have assumed average
realisation of Rs6,000/sq. ft. on PEPL’s saleable interest based on its geographical
presence. We have factored in a 5% price escalation from FY2012E in the
construction and capital value for all its saleable area and rental portfolio. We
have assigned 14% WACC and 10% capitalisation rate. Thus, our fair NAV works
out to be Rs164/share. At the lower band of the issue, the stock will trade at 2.5x
FY2012E P/BV and 4% premium to our one-year forward NAV, which is at a
premium to its peers. Hence, we recommend Avoid to the issue.
Exhibit 7: Key financials
Y/E March (Rs cr) FY2007 FY2008 FY2009 FY2010
Net Sales 421 974 898 1,024
% chg (9.7) 131.4 (7.8) 14.1
EBITDA 94 136 259 223
EBITDA Margin (%) 22.3 14.0 28.8 21.8
Net Profit 31 66 77 147
% chg (16.5) 115.0 17.3 90.6
O/S Shares (cr) 26.3 26.3 26.3 26.3
FDEPS (Rs) 1.2 2.5 2.9 5.6
RoE (%) 20.3 19.3 13.8 21.3
RoCE (%) 12.7 8.9 12.1 7.6
Debt/Equity (x) 3.0 1.8 1.8 2.1
Source: Company, Angel Research
October 12, 2010 6
7. Prestige Estates Projects | IPO Note
Other Investment concerns
High dependence on the Bangalore market
PEPL has 73% of its land bank located in Bangalore. Demand for the residential
and commercial segments in Bangalore is mainly derived from the IT and ITES
sectors. Thus, any slowdown in the IT and ancillary industries can lead to a
substantial decline in PEPL’s unit sales, realisation and lease rentals.
JV/JDA agreements with third parties entail potential risks
PEPL has entered into joint venture (JV)/joint development arrangements (JDA) for
most of its projects to minimise development capital. However, projects undertaken
through JVs involve risks that can result in significant delays. Moreover, most of
these JDAs confer rights on PEPL to construct, develop, market and eventually sell
its properties. This reduces operating flexibility with respect to any alterations in
development plans. Further, the JDA model of land banking offers limited scope of
margin improvement.
Fall in property prices
Property prices fell by 20–50% across India in FY2009. However, in the last one
year, prices have recovered by 10–20% from their bottom, especially in
South India. For valuation purposes, we have assumed a 5% increase in the prices
of saleable area and rental portfolio from FY2012. Thus, any decline in prices will
impact our NAV estimates.
October 12, 2010 7
10. Prestige Estates Projects | IPO Note
Restated Cash Flow Statement
Y/E March (Rs cr) FY2006 FY2007 FY2008 FY2009 FY2010 1QFY2011
Cash flow from operating activities
Net Profit / (loss) before taxation 43 61 79 103 158 28
Adjustment for
Preliminary Expenses 0 0 0 0 0 0
Depreciation 19 19 27 40 49 15
Provision for bad debts 1 0 0 0 1 0
Interest income (6) (4) (7) (7) (9) (2)
Interest expenses 5 20 43 134 78 27
(Profit)/Loss on sale of inv. (0) 1 0 0 0 0
(Profit)/Loss on sale of asset 1 (0) (0) (1) (25) (1)
Operating profit/(loss) 63 97 142 269 252 67
(Dec)/Inc in sundry creditors 325 463 (146) (27) (208) (56)
Inc /(dec) in provisions 15 (16) 54 (1) 10 23
(Inc)/dec in Sundry Debtors (68) (78) 47 (127) (111) (27)
(Inc)/dec in Inventories (209) (430) 145 (172) (193) (36)
(Inc)/dec in loans and advances (186) (71) (48) 134 (58) (59)
Cash flow from operation (60) (35) 194 77 (307) (87)
Direct taxes (paid)/refunds (18) (21) (38) (10) (14) (5)
Net cash from operating activities (79) (56) 157 67 (321) (92)
Cash flow from investing activities
Sale/(purch) of FA (Incl CWIP) (28) (38) (628) (130) (154) (77)
Proceeds from sale of fixed assets 0 1 1 2 69 4
Inter corporate deposits given (Net) 2 17 (74) 28 36 1
Adv. pd - purch. of shares/prop.(Net) 0 (55) 130 (1) (0) 0
Interest income 1 3 7 3 6 1
Dividend Income 5 0 0 2 1 0
Sale /(Acquisition) of Inv. (Net) 3 (153) (79) (2) (44) (10)
Net cash from investing activities (17) (225) (643) (99) (88) (80)
Cash flow from financing activities
Intercorporate deposits taken (Net) 8 40 (60) 59 15 3
(Inc)/dec. in Current/Capital a/c (1) (3) (4) 6 10 (0)
Net Inc/(dec.) in Secured Loans 75 252 360 15 581 48
Issue of shares including prem. by sub. 0 0 188 2 0 0
Sh./deb appl. money rcvd/ref. by sub. 0 0 39 8 (65) 7
Proceeds from issue of deb. by sub. 0 0 83 0 44 17
Net Inc/(dec) in Unsecured Loans 30 2 (11) 124 (71) (2)
Interest Expenses (5) (20) (43) (132) (78) (25)
Dividend including Tax 0 0 0 0 0 (2)
Net cash from financing activities 107 271 553 82 436 46
Net (dec)/inc in cash/cash equivalents 12 (11) 67 51 28 (127)
Cash/cash equivalents at begn. of year 22 34 23 90 145 232
Cash/cash equivalents at end of year 34 23 90 141 173 106
October 12, 2010 10
11. Prestige Estates Projects | IPO Note
Research Team Tel: 022 - 4040 3800 E-mail: research@angeltrade.com Website: www.angeltrade.com
DISCLAIMER
This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment
decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make
such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies
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October 12, 2010 11
12. Prestige Estates Projects | IPO Note
Address: Acme Plaza, ‘A’ Wing, 3rd Floor, M.V. Road, Opp. Sangam Cinema, Andheri (E), Mumbai - 400 059.
Tel: (022) 3952 4568 / 4040 3800
Research Team
Fundamental:
Sarabjit Kour Nangra VP-Research, Pharmaceutical sarabjit@angelbroking.com
Vaibhav Agrawal VP-Research, Banking vaibhav.agrawal@angelbroking.com
Vaishali Jajoo Automobile vaishali.jajoo@angelbroking.com
Shailesh Kanani Infrastructure, Real Estate shailesh.kanani@angelbroking.com
Anand Shah FMCG, Media anand.shah@angelbroking.com
Deepak Pareek Oil & Gas deepak.pareek@angelbroking.com
Sushant Dalmia Pharmaceutical sushant.dalmia@angelbroking.com
Rupesh Sankhe Cement, Power rupeshd.sankhe@angelbroking.com
Param Desai Real Estate, Logistics, Shipping paramv.desai@angelbroking.com
Sageraj Bariya Fertiliser, Mid-cap sageraj.bariya@angelbroking.com
Viraj Nadkarni Retail, Hotels, Mid-cap virajm.nadkarni@angelbroking.com
Paresh Jain Metals & Mining pareshn.jain@angelbroking.com
Amit Rane Banking amitn.rane@angelbroking.com
John Perinchery Capital Goods john.perinchery@angelbroking.com
Srishti Anand IT, Telecom srishti.anand@angelbroking.com
Jai Sharda Mid-cap jai.sharda@angelbroking.com
Sharan Lillaney Mid-cap sharanb.lillaney@angelbroking.com
Naitik Mody Mid-cap naitiky.mody@angelbroking.com
Amit Vora Research Associate (Oil & Gas) amit.vora@angelbroking.com
V Srinivasan Research Associate (Cement, Power) v.srinivasan@angelbroking.com
Mihir Salot Research Associate (Logistics, Shipping) mihirr.salot@angelbroking.com
Chitrangda Kapur Research Associate (FMCG, Media) chitrangdar.kapur@angelbroking.com
Pooja Jain Research Associate (Metals & Mining) pooja.j@angelbroking.com
Yaresh Kothari Research Associate (Automobile) yareshb.kothari@angelbroking.com
Shrinivas Bhutda Research Associate (Banking) shrinivas.bhutda@angelbroking.com
Sreekanth P.V.S Research Associate (FMCG, Media) sreekanth.s@angelbroking.com
Hemang Thaker Research Associate (Capital Goods) hemang.thaker@angelbroking.com
Nitin Arora Research Associate (Infra, Real Estate) nitin.arora@angelbroking.com
Technicals:
Shardul Kulkarni Sr. Technical Analyst shardul.kulkarni@angelbroking.com
Mileen Vasudeo Technical Analyst vasudeo.kamalakant@angelbroking.com
Derivatives:
Siddarth Bhamre Head - Derivatives siddarth.bhamre@angelbroking.com
Jaya Agarwal Derivative Analyst jaya.agarwal@angelbroking.com
Institutional Sales Team:
Mayuresh Joshi VP - Institutional Sales mayuresh.joshi@angelbroking.com
Abhimanyu Sofat AVP - Institutional Sales abhimanyu.sofat@angelbroking.com
Nitesh Jalan Sr. Manager niteshk.jalan@angelbroking.com
Pranav Modi Sr. Manager pranavs.modi@angelbroking.com
Sandeep Jangir Sr. Manager sandeepp.jangir@angelbroking.com
Ganesh Iyer Sr. Manager ganeshb.Iyer@angelbroking.com
Jay Harsora Sr. Dealer jayr.harsora@angelbroking.com
Meenakshi Chavan Dealer meenakshis.chavan@angelbroking.com
Gaurang Tisani Dealer gaurangp.tisani@angelbroking.com
Production Team:
Bharathi Shetty Research Editor bharathi.shetty@angelbroking.com
Simran Kaur Research Editor simran.kaur@angelbroking.com
Bharat Patil Production bharat.patil@angelbroking.com
Dilip Patel Production dilipm.patel@angelbroking.com
Angel Broking Ltd: BSE Sebi Regn No : INB 010996539 / CDSL Regn No: IN - DP - CDSL - 234 - 2004 / PMS Regn Code: PM/INP000001546 Angel Securities Ltd:BSE: INB010994639/INF010994639 NSE: INB230994635/INF230994635 Membership numbers: BSE 028/NSE:09946
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October 12, 2010 12