Upload File

care ratings€¦ · initially,the project was scheduled to be completed by june 30, 2017. however,...

  • Home
  • Documents
  • CARE Ratings€¦ · Initially,the project was scheduled to be completed by June 30, 2017. However, the project has witnessed delays with completiondate being revised to December
4
1 December 19, 2016 PRESS RELEASE Aloha by Cubatic Shimul Ventures Pvt. Ltd. CARE Ratings “Bengaluru 4-Srar” to Project Star Rang Raonale • Project developer quality Project Aloha is developed by Cubac Shimul Ventures Pvt. Ltd. (CSVPL), which is a SPV floated by Cubac Ventures Pvt. Ltd., Shimul Nirman Pvt. Ltd. and Arthveda Fund Management Pvt. Ltd. (a DHFL company) holding 24.5%, 24.5% and 51% stake respecvely. The land is owned by AMR India Ltd. who has clear and marketable tle ownership of the land parcel. Although the project is first development iniave of CSVPL, it draws strength from the Arthveda and DHFL’s experience in real estate development and investment experience in the sector. • Project construcon quality and amenies Aloha is a premium residenal project at Jalahalli, Bengaluru, spread over the land area admeasuring 1.77 acres. The various contractors appointed for the execuon of the project have adequate track record of experience. Acme Consultants Pvt. Ltd., appointed as Structural Consultants for the project, is recognized structural design and civil engineering consulng organizaon. Aslam Architect and Interior Designs Pvt. Ltd. is the architect for the project, which to its credit has worked on more than 300 projects. Lekhana Buildtech Pvt. Ltd. is the civil contractor for the project. The present project is the 5th residenal project for the Lekhana Buildtech and has constructed cumulave area of 25 lsf. Malik Design studio is landscape consulng firm for the project whereas Canny Consultants and Canny Infratech Pvt. Ltd. are appointed as MEP consultants and MEP supply & installaons for the project. Daily monitoring of civil works is done through MS Projects. At the end of the day, daily progress report is sent to MD. On monthly basis, the construcon status and sales reports are sent to Arthveda, who also independently monitors the development work and sales progress. Further the project has good amenies and recreaonal facilies including club house, swimming pool, jogging track etc. • Project legal quality Land tle is clear and marketable (tle search done by I M Devaiah and Associates for period of 50 years from April 1962 to August 2013). Encumbrance cerficates for the period April 1, 2010 to July 11, 2014 and from April 1, 2014 to March 10, 2015 shows the land belongs to AMR India Ltd. and entered into JDA with CSVPL on September 21, 2013. All approvals viz. Local Development Authority plan approval, Height clearance, High rise NOC, Environment clearance etc. have been obtained by the developer. As per BBMP guidelines, the allowed FSI for the project is only 2.25 with 40’ road. But the company purchased TDRs which allowed it addional 60% of allowed FSI i.e. 1.35 (Total FSI: 3.60) • Project financial quality in light of me and cost overruns Inially, the project was scheduled to be completed by June 30, 2017. However, the project has witnessed delays with compleon date being revised to December 31, 2017 on account of slow construcon progress. With 42% of construcon progress (58% in total) since project launch in April 2014, execuon risk remains. Due to delays in project construcon, the total project cost is expected to be higher than envisaged inially. Though the company is esmang that construcon cost will remain same, increase in cost is esmated due to increase in administraon cost and EMI cost (due to company’s offering to pay customers’ EMIs ll possession date). The project has high dependence on customer advances, nevertheless the project being promoted by Arthveda Fund Management Pvt. Ltd., an associate company of DHFL Group which enables adequate financial flexibility during stressed scenarios. Also the sasfactory booking of ~68% (on company’s share of saleable area), provides comfort over the reliance on customer advance. Bengaluru Aloha By: Cubatic Shimul Ventures Pvt. Ltd.

Upload: others

Post on 24-Mar-2021

2 views

Category:

Documents


0 download

Report

TRANSCRIPT

Page 1: CARE Ratings€¦ · Initially,the project was scheduled to be completed by June 30, 2017. However, the project has witnessed delays with completiondate being revised to December

1

December 19, 2016PRESS RELEASE

Alohaby Cubatic Shimul Ventures Pvt. Ltd.

CARE Ratings“Bengaluru 4-Srar”

to

Project Star Rating Rationale

• Project developer quality ProjectAlohaisdevelopedbyCubaticShimulVenturesPvt.Ltd.(CSVPL),whichisaSPVfloated

byCubaticVenturesPvt.Ltd.,ShimulNirmanPvt.Ltd.andArthvedaFundManagementPvt.Ltd.(aDHFLcompany)holding24.5%,24.5%and51%stakerespectively.ThelandisownedbyAMRIndiaLtd.whohasclearandmarketabletitleownershipofthelandparcel.AlthoughtheprojectisfirstdevelopmentinitiativeofCSVPL,itdrawsstrengthfromtheArthvedaandDHFL’sexperienceinrealestatedevelopmentandinvestmentexperienceinthesector.

• Project construction quality and amenities AlohaisapremiumresidentialprojectatJalahalli,Bengaluru,spreadoverthelandareaadmeasuring1.77acres.Thevarious

contractorsappointedfortheexecutionoftheprojecthaveadequatetrackrecordofexperience.AcmeConsultantsPvt.Ltd.,appointedasStructuralConsultants fortheproject, isrecognizedstructuraldesignandcivilengineeringconsultingorganization.AslamArchitectandInteriorDesignsPvt.Ltd.isthearchitectfortheproject,whichtoitscredithasworkedonmorethan300projects.LekhanaBuildtechPvt.Ltd.isthecivilcontractorfortheproject.Thepresentprojectisthe5thresidentialprojectfortheLekhanaBuildtechandhasconstructedcumulativeareaof25lsf.MalikDesignstudioislandscapeconsultingfirmfortheprojectwhereasCannyConsultantsandCannyInfratechPvt.Ltd.areappointedasMEPconsultantsandMEPsupply&installationsfortheproject.

Dailymonitoringofcivilworks isdonethroughMSProjects.Attheendoftheday,dailyprogressreport issenttoMD.Onmonthlybasis,theconstructionstatusandsalesreportsaresenttoArthveda,whoalsoindependentlymonitorsthedevelopmentworkandsalesprogress.

Furthertheprojecthasgoodamenitiesandrecreationalfacilitiesincludingclubhouse,swimmingpool,joggingtracketc.

• Project legal quality Landtitleisclearandmarketable(titlesearchdonebyIMDevaiahandAssociatesforperiodof50yearsfromApril1962

toAugust2013).EncumbrancecertificatesfortheperiodApril1,2010toJuly11,2014andfromApril1,2014toMarch10,2015showsthelandbelongstoAMRIndiaLtd.andenteredintoJDAwithCSVPLonSeptember21,2013.

Allapprovalsviz.LocalDevelopmentAuthorityplanapproval,Heightclearance,HighriseNOC,Environmentclearanceetc.havebeenobtainedbythedeveloper.

AsperBBMPguidelines,theallowedFSIfortheprojectisonly2.25with40’road.ButthecompanypurchasedTDRswhichalloweditadditional60%ofallowedFSIi.e.1.35(TotalFSI:3.60)

• Project financial quality in light of time and cost overruns Initially, theprojectwas scheduled tobecompletedby June30,2017.However, theprojecthaswitnesseddelayswith

completiondatebeingrevisedtoDecember31,2017onaccountofslowconstructionprogress.With42%ofconstructionprogress(58%intotal)sinceproject launch inApril2014,executionriskremains.Duetodelays inprojectconstruction,thetotalprojectcostisexpectedtobehigherthanenvisagedinitially.Thoughthecompanyisestimatingthatconstructioncostwillremainsame,increaseincostisestimatedduetoincreaseinadministrationcostandEMIcost(duetocompany’sofferingtopaycustomers’EMIstillpossessiondate).Theprojecthashighdependenceoncustomeradvances,neverthelesstheprojectbeingpromotedbyArthvedaFundManagementPvt.Ltd.,anassociatecompanyofDHFLGroupwhichenablesadequate financial flexibility during stressed scenarios. Also the satisfactory booking of ~68% (on company’s share ofsaleablearea),providescomfortovertherelianceoncustomeradvance.

Bengaluru

Aloha

By: Cubatic Shimul Ventures Pvt. Ltd.

Page 2: CARE Ratings€¦ · Initially,the project was scheduled to be completed by June 30, 2017. However, the project has witnessed delays with completiondate being revised to December

Alohaby Cubatic Shimul Ventures Pvt. Ltd.

CARE Ratings“Bengaluru 4-Star”

to

2

Project ProfileProjectName AlohaProjectType ResidentialProjectLocation Jalahalli,BengaluruDevelopmenttype JointDevelopmentAgreement(JDA)ProjectStartDate April2014ScheduledProjectCompletionDate December31,2017(revisedfromearlierdateofJune30,2017)AgreeduponPossessiontothecustomer December31,2017(revisedfromearlierdateofJune30,2017)TotalSaleableArea 3.02lsf(Company’sshare-1.96lsf)ConstructionStatusasonDecember13,2016 • TowerA&B-12thfloor(outof14)slabworkcompleted

•TowerC&D-11thfloor(outof14)slabworkcompleted.

Project Developer ProfileNameofthecompanydevelopingtheproject CubaticShimulVenturesPvt.Ltd.Projectdevelopergroup CubaticDevelopmentExperienceofthedevelopergroup AlohaisthefirstprojectofthedeveloperNo.ofyearsintheindustry 2yearsNo.ofprojectsdevelopedtilldate NilTotalAreadevelopedtilldate NilNoofongoingprojects One

DisclaimerCARE’sstarratingofrealestateprojectsisanopiniononthedeveloper’sabilitytoexecutetherealestateprojectintimelymannerandwiththeagreeduponqualitystandards.Besides,itisanopinionofthelegalqualityoftheproject.TheanalysisdrawsheavilyfromtheinformationprovidedbythedeveloperandinformationobtainedfromsourcesbelievedbyCAREtobeaccurate.However,CAREdoesnotguaranteetheaccuracy,adequacyorcompletenessofanyinformationandisnotresponsibleforanyerrorsoromissionsorfortheresultsobtainedfromtheuseofsuchinformation.Also,CAREdoesnotguaranteetheadequacyoftitlesearchdonetoarriveatthelegalqualityoftheproject.CARE’sRealEstateStarratingisalsonotarecommendationtobuy,sellorholdtheratedrealestateproperty.CAREshallalsonotbeliableforanylossesincurredbyusersfromanyuseofsuchrating.MostofthedeveloperswhoserealestateprojectsarestarratedbyCAREhavepaidaratingfee.

Analyst ContactName: Mr. Karthik Raj K Tel: + 080-46625527 Email: [email protected]

Page 3: CARE Ratings€¦ · Initially,the project was scheduled to be completed by June 30, 2017. However, the project has witnessed delays with completiondate being revised to December

3

Alohaby Cubatic Shimul Ventures Pvt. Ltd.

CARE Ratings“Bengaluru 4-Star”

to

Project Photographs asonDecember13,2016

Front view of site

Block A & B

Block C &D

Page 4: CARE Ratings€¦ · Initially,the project was scheduled to be completed by June 30, 2017. However, the project has witnessed delays with completiondate being revised to December

Credit Analysis & Research Ltd

CORPORATE OFFICE4thFloor,GodrejColiseum,SomaiyaHospitalRoad,OffEasternExpressHighway,Sion(East),Mumbai-400022.Tel:+91-22-67543456,Fax:+91-22-67543457|E-mail:[email protected]|CIN-L67190MH1993PLC071691

www.careratings.com

About CARE RatingsCARERatingsisapremiercreditrating,researchandinformationservicescompanypromotedin1993bymajorbanks/financialinstitutionsinIndia.Ithasemergedasacreditableagencyforcoveringmanyratingsegmentslikethatforbanks,sub-sovereignsandIPOgradings.ThethreelargestshareholdersofCARERatingsareIDBIBank,CanaraBankandStateBankofIndia.TheothershareholdersincludeFederalBankLtd.,IL&FSLtd.,INGVysyaBankLtd.etcCARERatingsprovidestheentirespectrumofcreditratingthathelpscorporatestoraisecapitalfortheirvariousrequirementsandassiststheinvestorstoformaninformedinvestmentdecisionbasedonthecreditriskandtheirownrisk-returnexpectations.Ourratingandgradingserviceofferings leverageourdomainandanalyticalexpertisebackedbythemethodologiescongruentwith the international best practices.With independent andunbiased credit ratingopinions forming the coreof its businessmodel,CARERatingshastheuniqueadvantageintheformanExternalRatingCommitteetodecideontheratings.EminentandexperiencedprofessionalsconstituteCARE’sRatingCommittee.CARERatingshasbeengrantedregistrationbySecuritiesandExchangeBoardof India(SEBI).ItisrecognizedbyRBIasExternalCreditAssessmentInstitution(ECAI).CARERatingsfollowbestpracticesInternationalOrganizationofSecuritiesCommissions(IOSCO)andAssociationofCreditRatingAgenciesinAsia(ACRAA)codeofconduct.

About CARE ResearchCAREResearch,adivisionofCARERatingsprovidescontemporaryresearchandinformationcoveringvariousindustriesandfinancialmarkets.OurpublicationsincludeIndustryResearchReports,Updatesontheindustriestracked,budgetanalysis,otherpolicyimpactanalysis,IndustryRiskMetricsReports,andundertakecustomizedassignmentsonrequestbasis.CAREResearchdrawsitsstrengthsfromCARE’stwodecadeslongexperienceandin-depthunderstandingoftheIndianeconomy/industries,useofrigorousanalyticalmethodsanditsknowledgeteam.CAREResearchalsoprovidesvariousgradingserviceslikerealestatestarrating,equi-grade,edu-grade,etc.

AHMEDABAD32,Titanium,PrahaladnagarCorporateRoad,Satellite,Ahmedabad-380015Tel:+91-79-40265656

BENGALURUUnitNo.1101-1102,11thFloor,PrestigeMeridianII,No.30,M.G.Road,Bangalore-560001.Tel:+91-80-41150445,41654529

CHANDIGARHSCFNo.54-55,FirstFloor,Phase11,Sector65,Mohali160062

CHENNAIUnitNo.O-509/C,SpencerPlaza,5thFloor,No.769,AnnaSalai,Chennai-600002.Tel:+91-44-28497812/0811

COIMBATORET-3,3rdFloor,ManchesterSquarePuliakulamRoad,Coimbatore-641037.Tel:+91-422-4332399/4502399

HYDERABAD 401,AshokaScintilla,3-6-502,HimayatNagar,Hyderabad-500029.Tel:+91-40-40102030

JAIPUR304,PashupatiAkshatHeights,PlotNo.D-91,MadhoSinghRoad,NearCollectorateCircle,BaniPark,Jaipur-302016.Tel:+91-141-4020213/14

KOLKATA3rdFloor,PrasadChambers,(ShagunMallBldg.)10A,ShakespeareSarani,Kolkata-700071.Tel:+91-33-40181600

NEW DELHI13thFloor,E-1Block,VideoconTower,JhandewalanExtension,NewDelhi-110055.Tel:+91-11-45333200

PUNE9thFloor,PrideKumarSenate,PlotNo.970,Bhamburda,SenapatiBapatRoad,ShivajiNagar,Pune-411015.Tel:+91-20-40009000

REGIONAL OFFICE


PROJECT COMMUNICATION AND INFORMATION …...Reduce project delays and cost overruns through improved communication and project information organization Managing communication and project

Transformation of variable delays to constant delays with ...otan/Downloads/... · Transformation of variable delays to constant delays with application to machine tool chatter Andreas

Interplay between synaptic delays and propagation …INRIA/RR--8020--FR+ENG RESEARCH REPORT N 8020 Janvier 2013 Project-Team NeuroMathComp Interplay between synaptic delays and propagation

Delays Models

Determinants of Infrastructure Project Delays and Cost

3D Utility Data – Reducing Project Delays, Managing Assets 3D Utility Data – Reducing Project Delays, Managing Assets WASHTO 2015WASHTO 2015

Common Causes of Construction Project Delays (Xpera

THE PROJECT STAKEHOLDER ANALYSIS PROCESS · May 9-10, 2019 Slide 15 Impact on Project (Quantifiable, Unquantifiable) Project Cost & Schedule (i.e. Cost Overruns & Delays (Activities,

Ethiopia- Irrigation and Drainage Project - Project Paper · Web view2016/07/28  · First Project Restructuring and Additional Financing. The project faced delays and cost overruns

Delays Caused by Project Consultants and Designers in ... · PDF fileDelays Caused by Project Consultants and Designers in Construction Projects . Mamoon Mousa Atout . Project Management

A Methodology for Assessing Construction Project Delays

Construction Delays

Reducing Delays

RE-DELAYS: Documenting and analising the cost of regulatory delays

BIG DATA ANALYSIS IN RAILWAY DELAYS · data analysis Micro-simulation About the PhD Research Project 2 BIG DATA ANALYSIS IN RAILWAY DELAYS 15 May 2017 UNDERSTANDING DELAYS IN RAILWAYS

Common Reasons for Injection Project Approval Delays LA SPE March 9, 2010

Operational Policy Review Delays in Project Implementation The … · 2019. 3. 25. · SUBJECT: Operational Policy Review: Delays in Project Implementation Attached, for information,

Construction Project Management in the Niger-Delta: Delays

Cost of Project Delays - National Waterways Foundationnationalwaterwaysfoundation.org/study/HDRstudy.pdf · Cost of Project Delays ... We estimate that during the first five years,

33 Project Management - faculty.unlv.edufaculty.unlv.edu/kleong/SCM352PowerPoint_files/Chapter 03 Project... · 33 Project Management SCM 352. Boeing 787 Dreamliner “Delays are

The effects of schedule-driven project management in multi-project ...web.nchu.edu.tw/pweb/users/arborfish/lesson/10495.pdf · driven project management policy, these delays increase

Effects of Project Cost Overruns and Schedule Delays in

CoRISMa Poster EN - Project Emma · Background Passing through locks and bridges can cause delays to vessels sailing on European waterways. Delays and queues at locks are not predictable

JUSTICE WITHOUT DELAYS PROJECT - drejtesipavonesa.orgdrejtesipavonesa.org/justicewithoutdelays.org/images/PDFs/CourtKruja.pdf · “justice without delays” in kruja In conclusion

Developmental Delays and Disabilities Screening and ... Schwab.pdf · Developmental Delays and Disabilities Screening and Referral Study 2008-2010 RTOI Project Waisman Center, University

An Anlysis of Cost Overruns and Time Delays of INDOT Project

PowerPoint Template Guidelines - proacteur...–Project delays –Outcomes or objectives not achieved –Project abandoned –Productivity declines –Absenteeism –Loss of valued

Emerson Project Services PSS... · Emerson Project Services ... “Capital Project Delays and Budget Overruns ... “Pre-project planning handbook.” Publication No. 39-2, Construction

On Delays in Project Completion With Cost Reduction: An ...On Delays in Project Completion With Cost Reduction: An Experiment June 9, 2009 Abstract We examine the voluntary provision

datacenter.franklincountyohio.gov...delays and hardware shipping delays. Currently this project is in development. Initial implementation to test is complete, agency rollout will conducted

Delays Info

Assessing the Costs Attributed to Project Delaysftp.dot.state.tx.us/pub/txdot-info/fed/project-delay-summary.pdf · ASSESSING THE COSTS ATTRIBUTED TO PROJECT DELAYS Project Delay—In

Delay Analysis in Energy Utility Maintenance Project · Keane and Caletka (2015) described excusable compensable delays as delays that originate from the actions that are outside

Developing a framework for mitigation of project delays in

Delays in Project Execution