Hemisphere Properties India Ltd.
|BSE: 543242||Sector: Infrastructure|
|NSE: HEMIPROP||ISIN Code: INE0AJG01018|
|BSE 00:00 | 02 Feb||97.95||
|NSE 00:00 | 02 Feb||97.95||
|Mkt Cap.(Rs cr)||2,792|
|Mkt Cap.(Rs cr)||2791.58|
Hemisphere Properties India Ltd. (HEMIPROP) - Chairman Speech
Company chairman speech
It gives me great pleasure to welcome you all to the 18thAnnual General Meeting of your Company. Annual Report for financial year ended March 312022 along with the Directors' Report Audited Annual Accounts Auditor's Report andComments of Comptroller & Auditors General of India (C&AG) are with you and withyour permission I take them as read. Let me now share with you the performance of theCompany during the year and the Company's future growth prospects.
I hope you are aware of the material information regarding the Companyand I would like to present you the milestones achieved performance and future outlook ofthe Company The Company got listed in October2020 and ever since we are dedicatedlyputting efforts to generate maximum revenue for the Company. I would like to thank each ofthe shareholder for keeping faith in the Company in its initial phase. The Company hasapprox over 1.30 lakhs shareholders and as per market Capitalization the Company is underthe top 1000 listed entity.
Economic & Future Outlook
In Financial year 2021-22 recorded net loss of ?14.86 crores asagainst the loss of ? 7.45 crore during the previous financial year. The loss is incurreddue to steady revenue generation in the Company and doubled due to increase inmobilization of funds to initiate the operations of Company.
The Company has its major and only asset in form of land parcel of739.69 acres demerged through the order of Demerger passed by Ministry of CorporateAffairs issued order of Demerger between Tata Communications Limited and HemisphereProperties India Limited . The land parcels are is located in Delhi Pune Chennai andKolkata.
The Ministry of Finance sanctioned funds of ?751 crore forimplementation of Scheme of Arrangement & Reconstruction. We are getting funds fromMinistry of Finance in tranches for completing the mutation of all land parcels. As ondate The Company has been granted with ?180 crore out of the sanctioned fund.
The land parcel of Company are under the care & maintenance ofCentral Public Works Department(CPWD). The same are duly secured gated and encroachmentfree.
The major actions performed by Company during this Financial year are:
- The possession of all land parcels are completed.
- The -tamp duty on Order of Demerger adjudicated in Delhi.
- Due Diligence on all land parcels
- Completed the Demarcation of land of Chattarpur/Pune/Chennai andKolkata.
- Registration/mutation applications filed for the land parcels.
- Chattarpur land is under process to register under RevenueAuthority of Delhi.
- Filed Application for change of land use to concernedAuthorities.
- Discussion for Pune land Development is undergoing.
- Conducted the Valuation of all land parcel.
- Initiated the Activity to Access the demand as per current landuse of Chattarpur.
- Initiated the leasing of land on short term lease in Pune.
- Proposing for renting/leasing out the pre-constructed building onPune land.
The lands parcels of Company are properly demarcated anddemographically identified as informed the plans in regard to monetize the Chattarpurland parcel are in final phases and once we get the approvals the same shall be informedto all of you. We are also planning to identify the development opportunities in Punewhich is our Biggest Land parcel as the mutation applications filed for the said areas areunder considerations of Regulatory Authorities.
Further We are also planning to collaborate with other organizationsto pan out an effective plan. However the whole act is subject to viability of plan andapproval of Administrative Ministry.
The Company is also approaching the Administrative Ministry to releasefunds for completing the Mutation and for payment of stamp duty on transfer of title ofland in name of Company and other expenditure..
Further during the year two (2) Independent Directors appointed in theCompany and the Administrative Authority may appoint more requisite Directors in theCompany.
We understand that the stakeholder has high expectations for theCompany but We are putting best efforts to generate the maximum revenue without harmingthe Environment and the economic activity and sustainability can co-exist. The BoardMembers Employees are dedicatedly with the support and guidance of Ministry of Housing& Urban Affairs upholding the trust of the Stakeholders and I am confident that we aremoving in the direction to achieve the future goal of the Company.
On behalf of your Company's Board of Directors I wish to convey mydeep gratitude to each one of you our valued shareholders for your continued support andtrust. I want to thank fellow Board for their strong and unequivocal support..
I would also like to deeply thank and acknowledge the continuedco-operation trust and support of Ministry of Housing and Urban Affairs Ministry ofFinance Securities Exchange Board of India other Regulatory authorities shareholdersemployees and consultants and wish for their continued support in future as well.