MIRA INFORM REPORT

Report Date :

5^th May 2006

IDENTIFICATION DETAILS

Name :	HYATT REGENCY – PROPRIETOR - ASIAN HOTELS LIMITED
Registered Office :	Bhikaji Cama Place, R. K. Puram, M. G. Road, New Delhi - 110 066, INDIA
Country :	India
Financials (as on) :	31.03.2005
Date of Incorporation :	13^th November, 1980
CIN No.:	L55101DL1980PLC011037
Com. Reg. No.:	55-11037
TAN No.: (Tax Deduction & Collection Account No.)	DELA00657G
Legal Form :	It is a Public Limited Liability Company. The company's shares are listed on the Stock Exchanges.
Line of Business :	Hotel Business

RATING & COMMENTS

MIRA’s Rating :

A

RATING		STATUS	PROPOSED CREDIT LINE
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large

Maximum Credit Limit :	USD 11000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Hyatt Regency Hotel, Mumbai is a reputed hotel and a part of the Asian Hotels Limited group. It is Mumbai’s premier gateway hotel. The hotel has over 410 guest rooms with all kinds of services including in-room internet access. Since it is not a separate entity and is a part of the Asian Hotels Group. The financial details of Asian Hotels Limited is enclosed herewith. Subject is a reputed hotel providing all modern facilities. Financial position is good. Payments are usually correct and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions.

LOCATIONS

Registered Office :	Bhikaji Cama Place, R. K. Puram, M. G. Road, New Delhi - 110 066, INDIA
Tel. No.:	91-11-26791234/26702226/26702225
Fax No.:	91-11-26186833 / 26196437 / 26791122/26791017
E-Mail :	ashwin.shirali@hyattintel.com
Factory 1 :	Bhikaiji Cama Place Mahatma Gandhi Marg New Delhi-110 066.
Tel. No.:	91-11-5577-1221/1226
Fax No.:	91-11-55771221
Factory 2 :	A-1, Ascot Centre, Opp. Oberoi Flight Kitchen, Mumbai – 400099, Maharashtra
Factory 3 :	Plot No. J-A-1, Sector III, Salt Lake City, Near Salt Lake, Stadium, Kolkata – 700091, West Bengal
Branches:	Karvy Computershare Private Limited. 105-108 Arunachal Building, 19, Barakhamba Road, NewDelhi-110001
Tel. No.:	91-11-23324401/23324409
Fax No.:	91-11-23324621
E-Mail :	delhi@karvy.com
Branches:	Karvy Computershare Private Limited. Karvy House, 46, 105-108 Avenue-4, Street No. 1, Banjara Hills, Hyderabad-500034
Tel. No.:	040-23312454/23320251
Fax No.:	040-23311968
E-Mail :	mailmanager@karvy.com

DIRECTORS

Name :	Mr. R. K. Bhargava IAS (Retired)
Designation :	Chairman
Name :	Mr. Sushil Gupta
Designation :	Managing Director
Date of Birth/Age :	62 years
Qualification :	F.S.C., CHA
Experience :	42 years
Date of Appointment :	10.04.1981
Last Employment :	Industrialist
List of Companies in which outside Directorships held:	1 .Select Holiday Resorts Limited 2. Regency Convention Centre & Hotels Limited 3.Mumbai International Convention Exhibition Center Limited 4.lnovoa Securities Limited 5.G.J.S. Hotels Limited 6.C.L.G. Hotels and Resorts Private Limited 7.Choice Hospitality (India) Private Limited 8.Aria International Private Limited 9.Edenpark Hotels Private Limited
Name :	Mr. Shiv Jatia
Designation :	Managing Director
Date of Birth/Age :	51 years
Qualification :	B.COM
Experience :	33 years
Date of Appointment :	10.04.1981
Last Employment :	Industrialist
List of Companies in which outside Directorships held:	1 . Energy Infrastructure (I) Limited. 2. Bell Ceramics Limited. 3. Regency Convection Center & Hotels Limited. 4. Foods Fats & Fertilizers Limited. 5.Amazing Leather Limited. 6.Gurgaon Recreation Park Limited. 7. Mascon Global Limited. 8. Chanakya Hotels Private Limited. 9. Country Development & Management Services Private Limited. 10. Pergo India Private Limited. 11. Danisco Ingredients (I) Private Limited. 12. Rose Serviced Apt. India Private Limited. 13. Hind Broadcasting Co. Private Limited. 14.Bollywood Broadcasting Co. Private Limited. 15. Magus Estates & Hotels Private Limited. 16. Smart Realtors Private Limited. 17. Amazing Academics (Private Limited. 18. Sun Media Private Limited. 19. Wei Intertrade Private Limited. 20. Amazing Energy Private Limited. 21. Smart Tourism Private Limited.
Name :	Mr. Arun K. Saraf
Designation :	Executive Director
Date of Birth/Age :	53 years
Qualification :	F.C.A.
Experience :	27 years
Date of Appointment :	01.08.1983
Last Employment :	Mohinder Puri & Co. Chartered Accountants, New Delhi, Audit Manager, .(5 Yrs)
List of Companies in which outside Directorships held:	1 . Madison Hotels Limited. 2. Unison Hotels Limited. 3. G.J.S. Hotels Limited. 4. Hotel & Resort Ventures Private Limited. 5. Juniper Hotels Private Limited.
Name :	Mr. Radhe Shyam Saraf
Designation :	Director
Name :	Mr. Raj Kumar Jatia
Designation :	Director
Name :	Mr. Sudhir Gupta
Designation :	Director
Name :	Mr. Ramesh Jatia
Designation :	Director
Date of Birth/Age :	4th October, 1960
Date of Appointment :	28th November, 1992
List of Companies in which outside Directorships held:	1 . Bell Ceramics Limited. 2. Deepak Garden Fresh Private Limited. 3. Grandeur Hotels Private Limited.
Name :	Mr. S. K. Chhibber IAS (Retired)
Designation :	Director
Date of Birth/Age :	3rd April, 1920
Date of Appointment :	13th November, 1980
List of Companies in which outside Directorships held:	1 . Mount Shivalik Breweries Limited. 2. Mount Shivalik Investments Limited. 3. Mount Shivalik Industries Limited.
Name :	Mr. Lalit Bhasin
Designation :	Director
Name :	Truernit Detlev
Designation :	General Manager,
Date of Birth/Age :	53 years
Qualification :	Masters Degree from Hotel & Catering School, Frankfurt, Germany
Experience :	38 years
Date of Appointment :	15.05.2001
Last Employment :	Director of Operational Planning, Hyatt International Technical Services (4 Yrs)
Name :	Watson David
Designation :	Executive Chef, Hyatt Regency, Delhi
Date of Birth/Age :	36 years
Qualification :	Cookery from Catering Industry, UK
Experience :	16 years
Date of Appointment :	030302003
Last Employment :	Executive Sous Chef, Grand Hyatt, Bangkok (3 Yrs.)
Name :	Sbardelli Mitele
Designation :	Executive Sous Chef La Piazza, Hyatt Regency, Delhi
Date of Birth/Age :	31 years
Qualification :	Professional Institute of Hotel Catering, Kitchen & Barmen Course
Experience :	11 years
Date of Appointment :	08.09.2003
Last Employment :	Chef De Cuisine, Zigolini Italian Restaurant & Bar Mandanine, Jakarta (2 Yrs)
Name :	Pithie Grant
Designation :	Director of Food & Beverage, Hyatt Regency, Mumbai
Date of Birth/Age :	36 years
Qualification :	Hyatt Regency, Mumbai Master in Hotel Management, University of Australia, Australia
Experience :	14 years
Date of Appointment :	05.04.2004
Last Employment :	Hyatt Regency, Mumbai Management, University of Australia, Australia Asst. Director F & B
Name :	Cummings Sean
Designation :	Executive Sous Chef, Hyatt Regency, Mumbai
Date of Birth/Age :	34 years
Qualification :	Executive Sous Chef, Hyatt Regency, Mumbai
Experience :	11 years
Date of Appointment :	08.10.2002
Last Employment :	Chef De Cuisine, Hyatt Regency, Coolum, Australia (3 Yrs)
Name :	Nauheimer Andreas
Designation :	General Manager, Hyatt Regency, Mumbai
Date of Birth/Age :	41 years
Qualification :	Hotel Administration Certificate, Germany
Experience :	24 years
Date of Appointment :	31.05.2003
Last Employment :	General Manager, Park Hyatt Buenos Aires, Argentina (2yrs)
Name :	Footner Jamie
Designation :	Director of Rooms, Hyatt Regency, Mumbai
Date of Birth/Age :	27 years
Qualification :	Masters Degree in Hospitality Management, Oxford Brookes University England
Experience :	8 years
Date of Appointment :	14.06.2004
Last Employment :	Asst. Manager- Front Office, Grand Hyatt, Melbourne (2 yrs)
Name :	Cananzi Davide
Designation :	Italian Chef, Hyatt Regency, Kolkata
Date of Birth/Age :	28 years
Qualification :	Institute for Hoteliers, Italy
Experience :	12 years
Date of Appointment :	01.09.2004
Last Employment :	Head Chef ( Italian & Seafood) Almond Beach Village, Barbados Island (2Yrs).
Name :	Kobos Jiri
Designation :	General Manager, Hyatt Regency, Mumbai
Date of Birth/Age :	47 years
Qualification :	Diploma in Technical Services, University of Germany
Experience :	30 years
Date of Appointment :	19.09.2004
Last Employment :	General Manager Park Hyatt, Moscow (2Yrs)

MAJOR SHAREHOLDERS

Names of Shareholders	No. of Shares	Percentage of Holding
Promoters Holding
Indian Promoters	1839177	8.07 %
Foreign Promoters	10673763	46.81 %
Persons acting in concert/others	1989682	8.72 %
SUB TOTAL	14502622	63.60 %
Non-Promoters Holdings
Institutional Investors
Mutual Funds and Unit Trust of India	472629	2.07 %
Banks, Financial Institutions, Insurance Companies (Central/State Government Institutions, Non Governmental Institutions)	1015473	4.45 %
Foreign Institutional Investors	625942	2.74 %
SUB TOTAL	2114044	9.27 %
Others
Private Corporate Bodies	2554868	11.20 %
Indian Public	2949892	12.94 %
Non resident Indians/ Overseas Corporate Bodies	682138	2.99 %
SUB TOTAL	6186898	27-13 %
GRAND TOTAL	22803564	100.00 %
TOTAL FOREIGN HOLDING	11981843	52.54 %

BUSINESS DETAILS

Line of Business :	Hotel Business
Products :	Hotel Business

GENERAL INFORMATION

No. of Employees :

1713

Bankers :

Ø IDBI Bank Limited

Ø Punjab National Bank

Ø Canara Bank

Ø UTI Bank Limited

Ø Andhra Bank

Ø Jammu & Kashmir Bank Limited

Ø Bank of Baroda

Ø Citi Bank N.A.

Ø Hongkong & Shanghai Banking Corporation Limited

Facilities :

Facility
Secured Loan
Term Loan
From Financial Institutions and Banks
UTI Bank Limited	391.993
Punjab National Bank	916.871
Canara Bank	766.203
Andhra Bank	174.442
Jammu and Kashmir Bank	130.715
Punjab National Bank	80.000
Interest Accrued and Due	--
ICICI Bank Limited	41.462
Other Loans
From Banks	72.702

Banking Relations :	Good
Auditors :	Mohinder Puri and Company Chartered Accountants 1A-D, Vandhna, 11, Tolstoy Marg, NewDelhi-110001
Associates/Subsidiaries :	Ø Hyatt International Asia-Pacific Limited Ø Regency Convention Centre & Hotels Limited Ø Bell Ceramics Limited Ø Bell Granito Ceramica Limited Ø Bhasin and Company Ø Choice Hospitality India Private Limited Ø Energy Infrastructure India Private Limited Ø Inovoa Securities Limited Ø Luxor Hotels and Resorts Private Limited Ø Nepal Travel Agency (India) Private Limited Ø Rose Services Apartments India Private Limited Ø Seajuli Property and Viniyog Private Limited Ø Supreme Holdings Limited Ø Unison Hotels Limited Ø Yans Enterprises (H.K.) Limited Ø DSO Limited, Guemsey Ø Saraf Industries Limited Ø Asian Holdings Private Limited Ø GJS Hotels Limited

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
50000000	Equity shares	Rs. 10/- each	Rs. 500.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
22803564	Equity shares	Rs. 10/- each	Rs. 228.036 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2005	31.03.2004	31.03.2003
SHAREHOLDERS FUNDS
1] Share Capital		228.036	228.036	228.036
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2543.516	2444.762	2445.747
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		2771.552	2672.798	2673.783
LOAN FUNDS
1] Secured Loans		2576.238	3035.599	3091.693
2] Unsecured Loans		0.000	20.000	0.000
3] Shop Security Deposits		20.568	20.502	19.381
TOTAL BORROWING		2596.806	3076.101	3111.074
DEFERRED TAX LIABILITIES		296.803	142.171	104.045
TOTAL		5665.161	5891.070	5888.902
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		5692.934	5805.024	3410.195
Capital work-in-progress		17.954	132.072	2607.485
INVESTMENT		11.270	11.254	12.325
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	80.323	92.215	88.212
	Sundry Debtors	65.185	83.470	91.124
	Cash & Bank Balances	37.293	37.074	29.941
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	402.899	347.122	119.446
Total Current Assets		585.700	559.881	328.723
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	330.675	394.989	382.696
	Provisions	312.022	222.172	87.130
Total Current Liabilities		642.697	617.161	469.826
Net Current Assets		(56.997)	(57.280)	(141.103)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		5665.161	5891.070	5888.902

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2005	31.03.2004	31.03.2003
Sales Turnover [including other income]	2589.183	2045.815	1073.960
Profit/(Loss) Before Tax	447.423	98.939	128.138
Provision for Taxation	192.542	48.474	31.807
Profit/(Loss) After Tax	254.881	50.465	96.331
Export Value	1583.189	1193.441	866.358
Import Value	95.443	64.447	168.744
Total Expenditure	1680.068	1427.254	946.085

QUARTERLY RESULTS

PARTICULARS	30.06.2005	30.09.2005	31.12.2005
Type	1st Qtr	2nd Qtr	3rd Qtr
Sales Turnover	662.100	688.300	893.900
Other Income	03.500	00.700	01.600
Total Income	665.600	689.000	895.500
Total Expenditure	419.300	476.400	542.300
Operating Profit	246.300	212.600	353.200
Interest	50.100	50.500	48.000
Gross Profit	196.200	162.100	305.200
Depreciation	51.400	52.100	52.600
Tax	13.300	11.300	18.800
Reported PAT	94.100	72.100	172.600

200506 Quarter 1 –

EPS is basic and diluted. 1.The Company is presently operating in only one segment viz Hotels.The risks and returns are generally perceived by the management to be the same for all present locations and thus treated as one segment. 2.Previous quarter figures have been regrouped wherever necessary to make them comparable. 3.There were no investor complaints pending as of 1st April 2005.During the quarter the Company received 24 complaints, which have been resolved/replied.None of the investor complaints are lying unresolved at the end of the quarter. 4.The above results have been reviewed by the Statutory Auditors and the Audit Committee and were taken on record in the meeting of Board of Directors held on 28th July 2005.

200509 Quarter 2 –

1.The company is presently operating in only one segment viz Hotels. The risks and returns are generally perceived by the management to be the same for all present locations and thus treated as one segment. 2.Previous Half year/quarter figures have been regrouped wherever necessary to make them comparable. 3.There were no investor complaints pending as of July 2005. During the quarter the company received 24 complaints, which have been resolved/replied. None of the investor complaints are lying unresolved at the end of the quarter. 4.The above results have been reviewed by the Statutory Auditors and the Audit Committee and were taken on record in the meeting of the Board of Directors held on 25th October 2005.

200512 Quarter 3 –

Net Sales Indicates Rooms, Foods Beverages and other services Expenditure Includes Consumption of Provision, Beverages and Other Services Rs 96.40 million Payment to and Provision for employees Rs 175.50 million Fuel Power and Light Rs 52.40 million Operating & General expenses Rs 218.00 million Tax Includes Provision for Taxation Rs 17.60 million Fringe Benefit Tax Rs 01.20 million Deferred Tax Rs 61.20 million EPS is Basic and Diluted Status of Investor Complaints for the quarter ended December 31, 2005 Complaints Pending at the beginning of the quarter Nil Complaints Received during the quarter 13 Complaints disposed off during the quarter 13 Complaints unresolved at the end of the quarter Nil 1. The Company is presently operating in only one Segment viz. Hotels. The risks and returns are generally perceived by the management to be the same for all present locations and thus treated as one segment. 3. Previous period / quarter figures have been regrouped wherever necessary to make them comparable. 3. The above results have been reviewed by the Statutory Auditors and the Audit Committee and were taken on record in the meeting of Board of Directors held on January 25, 2006. 4. The Board of Directors have in their meeting held on January 25, 2006 also declared an interim dividend of Rs 8 per share for the ongoing financial year 2005-06.

KEY RATIOS

PARTICULARS	31.03.2005	31.03.2004	31.03.2003
Debt Equity Ratio	1.04	1.16	1.02
Long Term Debt Equity Ratio	1.02	1.14	1.00
Current Ratio	0.69	0.68	0.57
TURNOVER RATIOS
Fixed Assets	0.40	0.39	0.35
Inventory	29.94	22.62	19.15
Debtors	34.74	23.37	19.86
Interest Cover Ratio	2.94	1.32	4.52
Operating Profit Margin (%)	34.23	30.18	21.25
Profit Before Interest and Tax Margin (%)	26.27	19.89	15.42
Cash Profit Margin (%)	17.83	12.77	14.86
Adjusted Net Profit Margin (%)	9.87	2.48	9.03
Return on Capital Employed (%)	12.21	7.04	3.08
Return on Net Worth (%)	9.36	1.89	3.65

STOCK PRICES

Face Value	Rs. 10.00/-
High	Rs. 619.35/-
Low	Rs. 619.35/-

LOCAL AGENCY FURTHER INFORMATION

The company’s fixed assets of important value includes leasehold lands, other lands, buildings, furniture, fixture and furnishings, plant and machinery and vehicles.

HISTORY

Asian Hotels Ltd (AHL) one of the leading player in the Indian hospitality industry operating a chain of dulux category hotels under the brand Hyatt Regency Hotels. The company have presence in three metros Delhi, Kolkata and Mumbai. The company incorporated in 1981 has technical tie-up with the world-renowned Hyatt International Asia Pacific, Hong Kong. GJS Hotels Ltd is a subsidiary of the company. 

 The company set up its first-grade room facilities for guests during the 1982 Asiad. This is the 530-room Hyatt Regency at New Delhi. Hyatt renders services and assistance in sales and marketing, international reservations, and advertising. As part of its expansion plan to have presence in other geographical location it commissioned two new properties(in five star dulux hotels category) i.e Hyatt Regency Kolkata and Hyatt Regency Mumbai. The former has commenced full fledged operations on Jan 1, 2003 and the later on April 1, 2003. 

 During 1996-97, the company received the Hyatt International Award of Excellence for the Rooms Division and Food & Beverages Division. The company also received the award for the Best Business Hotel in the Northern region in the country awarded by the Department of Tourism, Government of India. 

 The Company, alongwith ITC Hotels, Hotel Leelaventure, Bharat Hotels(Inter-Continental) is forming a joint venture to build a convention centre in north Mumbai. It would require an investment of around Rs 400 crore. The proposed international convention and exhibition centre would come upon a two lakh square feet plot, situated near the international airport. 

The company owns and operates a 530-room hotel in DELHI - the New Delhi Hyatt. The hotel has 29 suites including 3 presidential suites. The rooms and suites cater to the premium segment and commands one of the highest tariff rates.

FOREIGN EXCHANGE EARNINGS

a) The Company has a strong commitment to international business and is continuously exploring avenues to increase its foreign exchange earnings.

b) Foreign exchange receipts amounted to Rs. 1583.2 Millions in the financial year ended on 31 st March, 2005 against which the outgo in foreign exchange was equivalent to Rs. 343.8 Millions only.

c) Details of foreign exchange earnings and outgo are given at Note 24B to 24E Annexed to the Balance Sheet.

MANAGEMENT DISCUSSION AND ANALYSIS 

 INDUSTRY STRUCTURE, DEVELOPMENT & OUTLOOK: 

 India as a destination has become far more attractive to foreign tourists as evidenced by the fact that tourism demand in India is growing at the rate of 8.8% per annum and thus has become the fifth most favoured tourist destination in the international tourism circuit. The current year has witnessed a 26% increase in the international tourist inflow translating into an arrival of 3 million foreign tourists in India. 

 The Indian hotel industry witnessed both record occupancies as well as average room rate growth and it is expected that demand for rooms across India will grow at an average annual rate of 16-20% over the next three to five years. The Indian Hotel Industry is currently on a strong buoyant growth path with the key drivers being a buoyant macro-economic environment, room additions and rolling out of new products and services. The outlook of the Hotel Industry looks bright in view of a shift in the Government policies and liberalized air links with the other countries. 

 The tourism industry has redefined resilience every time it has been severely hit and has again come up with a splendid performance despite the widespread devastation caused by the tsunami to the coastal areas of the South - eastern part of the country. 

 Various factors are cited by the tourism professionals, which have resulted in an increase in foreign tourist arrivals in India. Firstly, a paradigm shift in the policies favoring tourism sector are responsible. The high profile 'Incredible India' Campaign is largely responsible for branding India as a prominent tourist destination and placing India on a higher position on the world tourist map. In the current year Budget the government has allocated Rs.7860 Millions for the tourism sector out of which Rs.1400 Millions will be allocated towards 'Incredible India' Campaign and a sum of Rs.3500 Millions has been earmarked for development of tourism infrastructure, which is an indicator of the continual support of the Government to give boost to the tourism industry. Secondly, with the introduction of liberalized air links with the other countries of the world and domestic carriers being allowed to make flights to foreign destinations the tourist arrivals are expected to increase in the future also. Thirdly, lesser threats of terrorism and existence of peace in the country have been a big factor contributing to higher foreign tourist arrivals this year. 

 According to a recent World Travel & Tourism Council Report, by the year 2014, India's travel industry is likely to generate over $90 billion in revenues and close to 28 million jobs. 

 OPPORTUNITIES, THREATS, RISKS AND CONCERNS: 

 India has the potential to cater to the varying interests of the globetrotter whether it be in the form of centers of spirituality, adventure sports or world renowned heritage sites. Thus the current scenario has provided the Indian tourism industry with a golden opportunity to steadily strive towards realizing its true potential to grow. It is an appropriate time when the tourism industry should venture into new vistas such as taking advantage of promoting our rich and diverse culture such as historic sites, temples and shrines. We can also look forward to develop the untapped market of medical tourism, which has a potential of generating foreign exchange earnings to the tune of Rs.10,0000 Millions by the year 2012. 

 However, the following factors may be a cause of concern and pose a road block in India's tourism industry achieving its true potential; 

 1. The brand image of India as a tourist destination may be adversely affected due to inadequate development of infrastructure in the form of poorly maintained road network, lack of information booth counters for rail, air and road networks. 

 2. Increase in the inflow of the tourists with inadequate room availability may cause tourists to turn to alternative competitive tourist destinations and therefore while planning for accommodation, focus should be on offering increased number of comfortable and quality rooms for high spending travelers, budget travelers and pilgrims. 

 3. Peace, security and stability are the prerequisites for the further development of tourism and any threat to peace and stability of the country on account of insurgency and violence could well result in a fall or slow down in arrival of the tourists. 

 4. Demand Supply disparity may probably lead to significant rise in effective room rates which may cause travelers to source more economical destinations. 

 REVIEW OF OPERATIONAL AND FINANCIAL PERFORMANCE: 

 The Company has achieved an aggregate sales turnover of Rs.2580.5 Millions for the financial year ended on 31st March, 2005 (of which Rs.1381.0 Millions pertains to Hyatt Regency Delhi, Rs.833.2 Millions sales pertains to Hyatt Regency Mumbai and Rs.366.3 Millions pertains to Hyatt Regency, Kolkata). This was against a turnover of Rs.2039.8 Millions for the previous year. 

 Profit after taxes for the year under review was Rs.255.0 Millions as against Rs.50.5 Millions for the previous year. 

 During the year under review the Average Room Occupancy was 82% at Hyatt Regency Delhi, 82% at Hyatt Regency Mumbai and 60% at Hyatt Regency Kolkata. 

 SEGMENT WISE PERFORMANCE: 

 The Company is presently operating in only one segment of the business at three different Locations viz. Delhi, Mumbai and Kolkata. 

 INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY: 

 Adequate internal control systems not only help the Company to safeguard and protect its valuable assets but also provide the management with an effective tool to perform better under highly competitive business environment. For the purpose of achieving adequate controls and for ensuring that all internal control systems are in order regular and exhaustive internal audits are carried out by the internal auditors appointed by the company viz. M/s. S.S. Kothari & Co. in close coordination with the Company's own Internal Audit Department covering entire gamut of operations and service areas of the hotel. The Internal Audit reports are periodically laid down before the Audit Committee and the Committee precisely reviews them and ensures that internal controls are in place and they are being followed in letter and spirit. The Board of Directors take due consideration of the recommendations of the Audit Committee. 

NEW PROPERTIES  

It is with great pride and pleasure that the company announce the good news that : 

Hyatt Regency Kolkata commenced full-fledged commercial operations on 1^st January, 2003. The hotel has received an encouraging response from the domestic and international customer both in terms of occupancy of its rooms as well as from the point of view of its food and beverage operation and we are confident that Hyatt Regency Kolkata will soon achieve a pre-eminent position in Kolkata. 

Hyatt Regency Mumbai commenced full-fledged commercial operations from 1^st April 2003. It is a state of the art product and its unique design and decor have already made the hotel a distinctive feature of the Mumbai hotel industry. It also has all the attributes of a business hotel. 

ACCOMMODIATION

All the guest rooms and suites are equipped with broadband instant internet access, executive bars, tea and coffee making facilities, in-room safes that can accommodate standard-sized laptops, individual climate control, two-line telephones and voicemail messaging system. The hotel features 100 Regency Club® rooms, 278 guest rooms and 19 suites. Non-smoking rooms are available on request.

Rooms for the physically challenged are available on the 4^th and 5^th floors. Both rooms are available on request and are located close to the elevators. They are equipped with features specifically designed to address the needs of physically challenged guests. Features include a special bed height, easy access to the thermostat temperature controls, lowered closet rods and peepholes. The bathroom is equipped with a shower seat and grab rails.

Hyatt Regency Mumbai is the city's premier gateway hotel. Located adjacent to Mumbai's international airport and minutes from the domestic terminals, Hyatt Regency Mumbai is the preferred hotel for corporate travellers visiting the city of Mumbai.

Hyatt Regency Mumbai's dramatic lobby interiors feature floating ebony coffers and stacked glass creations enhanced by mood lighting. This unique hotel lobby design combines Italian marble and structural glass with an abundance of natural light.

Featuring 397 elegantly designed guest rooms, including two rooms for the physically challenged, 18 suites and one Presidential Suite, Hyatt Regency Mumbai provides a multi-purpose environment in which hotel guests can attend to business and relax. Each hotel room has a luxurious bathroom with a separate step-down bath and rain shower, innovative glass vanities and exceptional lighting. Equipped with truly functional workstations, flat-screen televisions, high-speed broadband connectivity, executive bars, tea and coffee-making facilities and an in-room electronic safes, Hyatt Regency Mumbai provides an exclusive array of room amenities for hotel guests.

The hotel offers authentic and innovative cuisine in Hyatt Regency Mumbai's three unique restaurants - Stax, Glasshouse and The Lounge, where the hotel's commitment to fresh produce and frequently changing seasonal menus provides a dining experience second-to-none. Guests can also indulge in the convenience of the hotel's 24-hour Room Service.

Hyatt Regency Mumbai's state-of-the-art conference, meeting and catering facilities specialise in innovative and contemporary presentations supported by Mumbai's first dedicated 'one-stop' conference service through the hotel's Convention Services department.

A fully equipped gymnasium and a number of Spa treatment rooms, jacuzzis, fun showers, plunge pools and steam and sauna rooms are available at Hyatt Regency Mumbai's Club Prana Spa and Fitness Centre. Additional hotel facilities include an outdoor swimming pool, plus night lit tennis and squash courts.

Scheduled to open late 2002, Hyatt Regency Mumbai is the city's premier gateway hotel. Conveniently located one kilometer from Mumbai international Airport and less than 10 minutes from the domestic terminal, Hyatt Regency Mumbai provides easy access to the rapidly growing business, shopping and commercial centers of North Mumbai. The established commercial hub of downtown Mumbai is a comfortable one hour drive using the city's new network of highways and flyovers.

Guest Services

Ø 410 guest rooms including 76 non-smoking rooms, two rooms for the physically challenged, 25 suites, one Presidential Suite and 103 Regency Club rooms

Ø In-room internet access, broad band connectivity, two way airport transfer for Regency Club guests, chauffeured limousine service, babysitting, beauty salon, laundry services, multi-lingual staff, photo processing, sightseeing tours, and valet car park, dedicated convention services department

Ø Two swimming pools, tennis and squash courts, health and rejuvenation Spa with variety of specialized treatments and therapies,

Ø Three restaurants and a bar, two Lounges, 24 hour room service

Business Services

Ø Business Centre

Ø Technology Concierge

Ø Five meeting rooms, Regency Ballroom 600 sq mts in size, can be partitioned in to three sections

HOTEL FACILITIES

Ø Babysitting

Ø Laundry Service

Ø Business Centre

Ø Restaurant

Ø Conference Rooms

Room facilities

Ø Air-conditioning

Ø Telephone

Ø Coffee/Tea Maker

Ø Television (Cable)

Ø Room Safe

Property description

Hyatt Regency Mumbai is a 410 Room Luxury Hotel Located at Mumbai. The most modern and dynamic city in India. The financial and business capital and home of Indias entertainment industry.

Executive Suites

Executive Suites at Hyatt Regency Mumbai are large one-bedroom suites varying from 102 to 120 square metres. The living room offers an extended seating area, minibar, a dining area and a separate washroom for visitors. The bedroom features a king-size bed, large walk-in wardrobe, chaise longue, workstation and a luxurious Italian marble bathroom. Each Executive Suite can be interconnected with a twin guest room. Guests staying in Executive Suites have access to the full range of Regency Club® facilities and services.

Presidential Suite

Located on the 6th floor, the Presidential Suite defines the complete suite experience. This 205-square-metre suite features a large, circular lounge designed for sophisticated dining and private entertaining. The bedroom has a king-size bed, walk-in wardrobe, and elegant marble bathroom with jacuzzi, bidet, bath, step-down rain shower and a separate dressing area. The lounge area includes a full bar and separate washroom for visitors. Other features include a workstation and an oversized dining table. Guests using the Presidential Suite have access to all Regency Club® services and facilities.

Junior Suites

The Junior Suites typify the exceptional standards of luxury synonymous with the Hyatt Regency Mumbai in-room experience. These spacious one-bedroom suites, averaging 73 square metres in size, consist of a separate living area and adjacent bedroom. The living room has a minibar, workstation and separate washroom for visitors. The bedroom features a king-size bed, chaise longue, walk-in wardrobe and luxurious bathrooms. Some Junior Suites interconnect with twin guest rooms. Guests staying in Junior Suites have access to the full range of Regency Club® facilities and services.

Studio Suites

Five Studio Suites are ideally suited to the needs of guests requiring accommodation for an extended period of time. These comfortable two-bedroom suites are 88 square metres in size. Both bedrooms have king-size beds and luxurious bathrooms with sunken bath and step-down rain shower areas. The master bedroom features a large walk-in wardrobe. The living room offers a generous seating area for entertaining, along with a dining area, bar counter, workstation and pantry. Some Studio Suites interconnect with twin guest rooms. Guests staying in Studio Suites have access to the full range of Regency Club® facilities and services.

Hotel in Mumbai (Bombay) - Hotel The Hyatt Regency, Mumbai
(5 Star Deluxe Hotel in Mumbai)

Hotel The Hyatt Regency is one of the leading 5 Star Deluxe hotels in Mumbai, the dream city of India.

Hyatt Regency Mumbai is Mumbai's premier gateway hotel. Hyatt Regency Mumbai is ideally located to become the preferred hotel for corporate travelers visiting the city of Mumbai.

Location

Hyatt Regency Mumbai is strategically located adjacent to Mumbai's international airport and minutes from the domestic terminals.

The Hyatt Regency Hotel is 1/2 km from the airport and minutes away from the city's prime commercial, banking and shopping districts.

Accommodation at Hotel The Hyatt Regency

Hyatt Regency Mumbai offers 408 elegantly designed guest rooms, including two rooms for the physically challenged, 22 suites and one Presidential Suite. Each room of the Hyatt Regency Hotel has a luxurious bathroom with a separate step-down bath and rain shower, innovative glass vanities and exceptional lighting.

Hyatt Regency Hotel Mumbai provides an exclusive array of room amenities for its guests including a truly functional workstation, flat-screen television, high-speed broadband connectivity, executive bar, tea and coffee-making facilities and an in-room electronic safe.

Dining at Hotel The Hyatt Regency

The Hyatt Regency hotel in Mumbai offers authentic and innovative cuisine in its three unique in-house restaurants, Stax, Glasshouse and The Lounge. All three of these restaurants reveal Hyatt Regency's commitment to fresh produce and frequently change menus according to the seasons. The dining experience offered at the Hyatt is second-to-none. The convenience of the hotel's 24-hour Room Service is also available to the hotel guests.

Facilities at Hotel The Hyatt Regency

Hyatt Regency Hotel in Mumbai offers state-of-the-art conference, meeting and catering facilities. The deluxe hotel specializes in innovative and contemporary presentations supported by Mumbai's first dedicated 'one-stop' conference service through the hotel's Convention Services department.

Services at Hotel The Hyatt Regency

For the fitness freaks the Hyatt Regency Hotel offers a fully equipped gymnasium and a number of Spa treatment rooms, Jacuzzis, fun showers, plunge pools and steam and sauna rooms Indeed, the Hyatt Regency Mumbai's Club Prana Spa and Fitness Centre caters to the needs of the health conscious guests. Some of the additional hotel facilities include an outdoor swimming pool, plus night lit tennis and squash courts.

We at HotelsMumbaiIndia.com offer hotel booking, and room reservation for Hotel The Hyatt Regency in Mumbai (Bombay).

CMT REPORT [Corruption, Money laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 44.96
UK Pound	1	Rs. 83.42
Euro	1	Rs. 57.00

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	9
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		64

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions