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TABLE OF CONTENTS SECTION I: GENERAL ...................................................................................................................................... 1 DEFINITIONS AND ABBREVIATIONS .................................................................................................... 1 PRESENTATION OF FINANCIAL, INDUSTRY AND MARKET DATA.............................................. 8 FORWARD-LOOKING STATEMENTS .................................................................................................... 9 SECTION II: RISK FACTORS ........................................................................................................................ 10 SECTION III: INTRODUCTION .................................................................................................................... 31 SUMMARY OF OUR BUSINESS, STRENGTHS AND STRATEGY .................................................... 31 SUMMARY FINANCIAL INFORMATION ............................................................................................. 34 THE ISSUE ................................................................................................................................................... 42 GENERAL INFORMATION ...................................................................................................................... 43 GREEN SHOE OPTION ............................................................................................................................. 52 CAPITAL STRUCTURE ............................................................................................................................. 56 OBJECTS OF THE ISSUE .......................................................................................................................... 65 BASIS FOR ISSUE PRICE .......................................................................................................................... 74 STATEMENT OF TAX BENEFITS ........................................................................................................... 77 SECTION IV: ABOUT THE COMPANY ....................................................................................................... 84 INDUSTRY OVERVIEW ............................................................................................................................ 84 OUR BUSINESS ........................................................................................................................................... 92 REGULATIONS AND POLICIES ........................................................................................................... 116 HISTORY AND CERTAIN CORPORATE MATTERS ........................................................................ 122 OUR MANAGEMENT .............................................................................................................................. 132 OUR PROMOTERS AND GROUP ENTITIES ...................................................................................... 142 RELATED PARTY TRANSACTIONS .................................................................................................... 150 DIVIDEND POLICY .................................................................................................................................. 151 SECTION V - FINANCIAL INFORMATION .............................................................................................. 152 FINANCIAL STATEMENTS .................................................................................................................... 152 AUDITORS‟ REPORT ON RESTATED UNCONSOLIDATED FINANCIAL INFORMATION ................. 152 AUDITORS‟ REPORT ON RESTATED CONSOLIDATED FINANCIAL INFORMATION ....................... 200 MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS ..................................................................................................................................... 254 FINANCIAL INDEBTEDNESS ................................................................................................................ 281 SECTION VI: LEGAL AND OTHER INFORMATION ............................................................................. 287 OUTSTANDING LITIGATION AND MATERIAL DEVELOPMENT ............................................... 287 GOVERNMENT AND OTHER APPROVALS ....................................................................................... 316 OTHER REGULATORY AND STATUTORY DISCLOSURES .......................................................... 327 SECTION VII: ISSUE RELATED INFORMATION ................................................................................... 337 TERMS OF THE ISSUE ............................................................................................................................ 337 ISSUE STRUCTURE ................................................................................................................................. 340 ISSUE PROCEDURE ................................................................................................................................. 344 SECTION VIII: MAIN PROVISIONS OF THE ARTICLES OF ASSOCIATION .................................. 388 SECTION IX: OTHER INFORMATION...................................................................................................... 415 MATERIAL CONTRACTS AND DOCUMENTS FOR INSPECTION ............................................... 415 DECLARATION ........................................................................................................................................ 417
SECTION I: GENERAL DEFINITIONS AND ABBREVIATIONS Unless the context otherwise indicates or implies, the following terms have the following meanings in this Draft Red Herring Prospectus, and references to any statute or regulations or policies shall include amendments thereto, from time to time: Term “Ambience Limited”, or “the Issuer” “the Company”, “our Company”, “we”, “us” or “our”, Ambience Developers / ADIPL Description Refers to Ambience Limited, a public limited company incorporated under the Companies Act, 1956 on a stand alone basis Unless the context otherwise requires, “Ambience Limited” and its Subsidiaries on a consolidated basis Ambience Developers and Infrastructure Private Limited Company Related Terms Term AoA/ or Articles of Association Architects Audit Committee Auditor Board/ Board of Directors Corporate Office Directors Developable Area Group Entities Land Reserves MoA/Memorandum of Association Ongoing Projects Planned Projects Promoters Promoter Group Description Articles of Association of our Company, as amended A.K. Ganju & Associates, Grid Architecture Interiors Private Limited and Achal Kataria Architects The Committee of Directors constituted as the Company‟s Audit Committee in accordance with Clause 49 of the Listing Agreement to be entered into with the Stock Exchanges The statutory auditors of our Company, BLY & Associates, Chartered Accountants Board of Directors of our Company, or a committee thereof duly constituted The corporate office of our Company located at L-5 & L-6, Green Park Extension, New Delhi 110 016, India Directors of our Company, unless otherwise specified Total area we develop in a property, and includes carpet area, wall area, common area, service and storage area, and basement area including car parking Includes those companies, firms and ventures disclosed in the section ―Our Promoters and Group Entities‖ on page 142, promoted by our Promoters, irrespective of whether such entities are covered under section 370(1)(B) of the Companies Act Land for which the registered title is owned by the Company, its Subsidiaries and third parties that have granted us sole development rights, land leased or allotted (including provisional allotments) to us by relevant local authorities or in relation to which our bid has been accepted by the relevant local authorities and land in respect of which the Company or its Subsidiaries have entered into an agreement or memorandum of understanding to purchase Memorandum of Association of our Company Projects that are currently under development and construction Projects that are currently planned for construction and development in the future Mr. Raj Singh Gehlot, Mrs. Sheela Gehlot, Mr. Aman Singh Gehlot, Mr. Arjun Singh Gehlot and Raj Singh & Sons (HUF) In addition to our Promoters, includes such persons and entities constituting our promoter group pursuant to Regulation 2(zb) of the ICDR Regulations namely i) Mrs. Shanti Devi, ii) Mr. Saheb Singh, iii) Mr. Dayanand Singh, iv) Mr. Mohan Singh, v) Mrs. Sukhwanti Devi; vi) Mrs. Kulwanti Devi; vii) Mrs. Rajwanti Devi; viii) Mrs. Sunita Chaudhary; ix) Mrs. Bharpal Devi; x) Mr. Shekhar Singh; xi) Mr. Raghubinder Singh, xii) Mr. Balwinder Singh; xiii) Mr. Swaran Singh; xiv) Mr. Shyam Lal; xv) Mrs. Shymo Devi; xvi) Mrs. Usha Devi; xvii) Mrs. Nutan Gehlot; and xviii) Mrs. Kanta. The companies which are a part of the Promoter Group are i) Aman Growth Fund Private Limited; ii) Aman Holdings Private Limited; iii) Nutan Growth Fund Private Limited; iv) Raj Sheela Growth Fund Private Limited; v) Ambience Hotels and Resorts Limited; vi) Aman Hospitality Private Limited; vii) Ambience Holdings Limited; viii) Times Steel and Power Limited; ix) Vijeta Properties Private Limited; x) Ambience Financial Services Private Limited; and xi) Ambience Projects Private Limited. 1
Page 1: Draft Red Herring Prospectus Dated
Page 5 and 6: Bidder Term Bidding Period Book Bui
Page 7 and 8: or QIBs QIB Portion Term Refund Acc
Page 9 and 10: Term Description GoI/Government Gov
Page 11 and 12: FORWARD-LOOKING STATEMENTS This Dra
Page 13 and 14: Each Person has also received a not
Page 15 and 16: esult in forfeiture of Rs. 118.37 m
Page 17 and 18: 9. The real estate industry is unde
Page 19 and 20: we have not reached the stage of fi
Page 21 and 22: We may not be able to successfully
Page 23 and 24: township at Panipat and prepay cert
Page 25 and 26: S.No. Nature of Proceeding Number o
Page 27 and 28: External Risk Factors 39. A reducti
Page 29 and 30: 48. A decline in India's foreign ex
Page 31 and 32: We will have [●] Equity Shares ou
Page 33 and 34: SECTION III: INTRODUCTION SUMMARY O
Page 35 and 36: We maintain a mix of lease and sale
Page 37 and 38: INCOME SUMMARY STATEMENT OF PROFIT
Page 39 and 40: Cash in hand 0.48 2.61 0.32 0.92 6.
Page 41 and 42: CONSOLIDATED SUMMARY STATEMENT OF P
Page 43 and 44: Closing cash and cash Equivalents C
Page 45 and 46: GENERAL INFORMATION Our Company, Am
Page 47 and 48: Investor Grievance Email: investors
Page 49 and 50: Statement of Inter se Allocation of
Page 51 and 52: (b) (c) (d) (e) Book Running Lead M
Page 53 and 54:
Our Company reserves the right to r
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proportion of Allotment in the Issu
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10. Fees and Expenses Shares until
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Date of Allotment No. of Equity Sha
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Name of Promoter Mr. Arjun Singh Ge
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(ii) (iii) (iv) (v) intangible asse
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7. None of our Promoters, Promoter
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OBJECTS OF THE ISSUE The objects of
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Details of the Objects 1) Fund the
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Development and construction schedu
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Bank Oriental Bank of Commerce (OBC
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In terms of Regulation 16 of the IC
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c. Industry P/E (i) Highest: 112.90
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STATEMENT OF TAX BENEFITS To The Bo
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Capital Gains arising out of transf
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. Under section 10(38) of the IT Ac
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If only part of the capital gain is
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In recent years however, the real e
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However, the global financial crisi
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Area (m n.sq.ft.) India Place. Thes
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Development Authority (“HUDA”)
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or construction is currently in pro
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home furnishings, a home management
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to maintain our high standards of q
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“Ambience Mall”, Gurgaon (Harya
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(3) Under category (ii) above, purs
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terms of the allotment, our Company
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Category (iv): Lands for which join
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esidential apartments and basements
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“Ambience Island”, Gurgaon (Har
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Office complex, Sector 82/82A, Gurg
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teams interact directly with custom
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Our operations are subject to hazar
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The Transfer of Property Act, 1882
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Urban Development Laws State legisl
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to the final approval, grant of whi
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Year Event 1992 Commenced acquisiti
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1. Ambience Developers and Infrastr
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9. Ambience Farms Private Limited (
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100% of the issued and paid up capi
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capital of Ambience SEZ is Rs. 0.10
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Name, designation, father's name te
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Chartered Accountants of India. He
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specific operational areas. The Boa
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Key Managerial Personnel The detail
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esponsible for the legal affairs, l
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Mr. Arjun Singh Gehlot Mr. Arjun Si
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2. Aman Holdings Private Limited (
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(Rs. in million, unless otherwise s
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S. No. Name of company from which o
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DIVIDEND POLICY Our Company has pai
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(iii) (iv) (v) There are no extraor
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ANNEXURE-I SUMMARY STATEMENT OF ASS
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ANNEXURE-III SUMMARY STATEMENT OF C
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ANNEXURE IV -STATEMENT OF SIGNIFICA
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c. The balance of unearned leave du
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of Deferred Tax for earlier years A
Page 167 and 168:
ANNEXURE-VI SUMMARY STATEMENTS OF I
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ANNEXURE-VII SUMMARY STATEMENTS OF
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ANNEXURE-IX SUMMARY STATEMENT OF LO
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monies credited / deposited therein
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Punjab & Sind Bank ODP Limit To mee
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ANNEXURE-XII SUMMARY STATEMENTS OF
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ANNEXURE-XIV SUMMARY STATEMENTS OF
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ANNEXURE-XVI SUMMARY STATEMENTS OF
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Particulars Weighted average number
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ANNEXURE XX: STATEMENT OF TAX SHELT
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AMBIENCE LIMITED ANNEXURE XXI: STAT
Page 189 and 190:
AMBIENCE LIMITED ANNEXURE XXI: STAT
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120.00 - - - - - 31.75 - - 20.00 -
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- - - 2.25 - - 2.40 - - 2.40 - - -
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(Amount in Millions) For the year e
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Ltd. Ambience Buildcon Pvt.Ltd. - -
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Fineview Realtors Pvt. Ltd. - - 3.4
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Particulars AMBIENCE LIMITED ANNEXU
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S. No. Name of Company Name of Audi
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ANNEXURE-I CONSOLIDATED SUMMARY STA
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Balance in profit and loss account
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Net change in cash and cash equival
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a. The accounts of the company are
Page 213 and 214:
iii). iv). The balance of unearned
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Name of the group company Greenline
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Name of the group company Grandvall
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5. Notes to adjustment & regrouping
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ANNEXURE-V CONSOLIDATED SUMMARY STA
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ANNEXURE-VII CONSOLIDATED SUMMARY S
Page 225 and 226:
ANNEXURE-IX CONSOLIDATED STATEMENTS
Page 227 and 228:
ICICI Bank Term Loan Project Loan f
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Pocket-II, New Delhi owned by Smt.
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UCO Bank Term Loan Project Loan for
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Bank Indai of Property Funded Inter
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ANNEXURE-XII STATEMENTS OF SHARE CA
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ANNEXURE-XIV CONSOLIDATED SUMMARY S
Page 239 and 240:
ANNEXURE-XVI CONSOLIDATED SUMMARY S
Page 241 and 242:
ANNEXURE-XVIII- CONSOLIDATED STATEM
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ANNEXURE-XX CAPITALISATION STATEMEN
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Limited 2007 29 Sara Estates Privat
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ANNEXURE XXI: CONSOLIDATED STATEMEN
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(Face value + 480.00 share premium)
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Nature of Transactions For the year
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Raghubinder Singh & Sons (HUF) - -
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Tax saving on carried forward unabs
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In 2002, ADIPL, which was then owne
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of our projects. Our bookings depen
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Basis of Accounting Our accounts ar
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properties from the date of the reg
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Income from Management, Maintenance
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4,422.05 million in fiscal 2009, a
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in comparison to fiscal 2008. Preli
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Our establishment expenses increase
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Expenditure Our total expenditure i
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construction and development. We ha
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utilisation of mechanical pumps. In
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secured loans as at March 31, 2007
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Market Risks Interest Rate Risk As
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FINANCIAL INDEBTEDNESS Our Company
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Additionally, under the terms of ce
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S. No. Name of Lender Facility Repa
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SECTION VI: LEGAL AND OTHER INFORMA
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furnish the Tax Deductible at Sourc
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payable to them to Rs. 5 million al
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6) Impuls has sent a legal notice d
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(ii) (iii) (iv) (v) (vi) (vii) Suit
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Developers, Mr. Raj Singh Gehlot an
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2) Mr. Sanjay Rustagi has filed a c
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equested for a personal hearing on
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1) Sara Estates has filed a petitio
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club were offered at the time of ta
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(2-14), 19/1 min. (1-0) Khata No. 3
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tranquility in relation to a disput
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Range Forest Officer, Gurgaon has i
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1) Arjun Singh Gehlot received a no
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Litigation filed by Aman Hospitalit
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Description Reference Number Date o
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Description Reference Number Date o
Page 323 and 324:
approvals/licenses obtained in conn
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Plot Nos Reference Date of Issue Da
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Description Reference Date of Issue
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OTHER REGULATORY AND STATUTORY DISC
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COLLABORATORS, ETC. AND OTHER MATER
Page 333 and 334:
Caution- Disclaimer from our Compan
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Impersonation Attention of the appl
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Prospectus. Stock Market Data of ou
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SECTION VII: ISSUE RELATED INFORMAT
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Minimum Subscription If our Company
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QIBs* Non-Institutional Bidders Ret
Page 345 and 346:
said SEBI amendment. Our Company wi
Page 347 and 348:
equired for filing the Prospectus w
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ehalf of each sub-account shall not
Page 351 and 352:
(c) The Bidding Period shall be for
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Each category of Bidders i.e., QIB
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(e) (f) (g) (h) The Bidder can make
Page 357 and 358:
paid the entire Bid Amount into the
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(e) (f) (g) (h) Do not send Bid cum
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(j) None of BRLMs nor any person re
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There is no reservation for Eligibl
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8. On the Designated Date, the Escr
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Except for Bids on behalf of the Ce
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a) Agreement dated [●] with NSDL,
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(a) (i) (ii) (iii) (b) (i) (ii) (ii
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3. The balance 95 million equity sh
Page 375 and 376:
cheques, pay orders or demand draft
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that the funds required for making
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g. If the ASBA Account holder is di
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a. In case of ASBA Bid cum Applicat
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After filing of the Prospectus with
Page 385 and 386:
j. Do not instruct your respective
Page 387 and 388:
would be followed by the Registrar
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In addition to our undertakings des
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Subject to the provisions of Sectio
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(b) (i) (ii) (iii) (iv) (c) (d) (e)
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Revocation of call 29(a) A call may
Page 397 and 398:
TRANSFER AND TRANSMISSION OF SHARES
Page 399 and 400:
Power to refuse registration 58. Su
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(2) Subject to the provisions of Se
Page 403 and 404:
consent of the Company, in a genera
Page 405 and 406:
(2) However a general meeting may b
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Notice to be given where a meeting
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(2) upon a poll the voting right of
Page 411 and 412:
Appointment of Additional Directors
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Interim Dividend 186. Subject to th
Page 415 and 416:
any of the affairs of the Company m
Page 417 and 418:
SECTION IX: OTHER INFORMATION MATER
Page 419:
DECLARATION We certify that all rel
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