MIRA INFORM REPORT
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Report Date : |
16th May, 2006 |
IDENTIFICATION DETAILS
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Name : |
JEWEL OF INDIA – PROP. SUN
N SAND HOTELS PRIVATE LIMITED |
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Registered Office : |
39,Juhu
Beach, Mumbai – 400 049, Maharashtra, India |
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Country : |
India
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
29.06.1961 |
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CIN No.: |
U5510MH1961PTC012052 |
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Com. Reg. No.: |
11-12052 |
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TAN No.: (Tax Deduction &
Collection Account No.) |
MUMS35310C |
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PAN No.: (Permanent Account No.) |
AAAC55521P |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Engaged
in providing Hoteliering, Catering & Allied Services and Wind Power
Generations |
RATING & COMMENTS
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MIRA’s Rating : |
A |
RATING
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STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 3000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject
is a well established and reputed Hotel on the Juhu Beach in the heart of
Mumbai city. Hotel is progressing very well. Trade relations are fair.
Payments are reported as usually correct and as per commitments. The
Hotel can be considered good for normal business dealings at usual trade
terms and conditions. |
LOCATIONS
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Registered Office : |
39,Juhu
Beach, Mumbai – 400 049, Maharashtra, India |
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Tel. No.: |
91-22-262018 |
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Fax No.: |
91-22-2620217 |
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Hotels: |
v
39,Juhu Beach, Mumbai
– 400 049, Maharashtra, India v
Nighoj, Shirdi,
District Ahmednagar |
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Wind Mills: |
v
Village Supa, District
Ahmednagar v
Village Vankusavade,
District, Satara v
Sodamada, Jaisalmer,
Rajsthane. |
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DIRECTORS
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Name : |
Mr.
Advani Ramchand Gul |
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Designation : |
Chairman
& Managing Director |
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Address : |
61,
Devi Bhavan, Napean Sea Road, Mumbai – 400 036, Maharashtra |
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Date of Birth/Age : |
16.11.1936 |
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Date of Appointment : |
29.06.1961 |
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Name : |
Mrs.
Advani Gul Kiron |
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Designation : |
Director |
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Address : |
61,
Devi Bhavan, Napean Sea Road, Mumbai – 400 036, Maharashtra |
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Date of Birth/Age : |
17.08.1943 |
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Date of Appointment : |
01.04.1995 |
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Name : |
Mrs.
Mansharamani A. Sangeeta |
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Designation : |
Director |
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Address : |
184,
Venus Apartments, Cuff Parade, Mumbai – 400 005 |
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Date of Birth/Age : |
04.02.1967 |
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Date of Appointment : |
30.03.1989 |
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Name : |
Mr.
Advani Gul Rajesh |
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Designation : |
Director |
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Address : |
61,
Devi Bhavan, Napean Sea Road, Mumbai – 400 036, Maharashtra |
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Date of Birth/Age : |
27.08.1971 |
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Date of Appointment : |
01.01.0993 |
MAJOR SHAREHOLDERS
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Names of Shareholders |
No. of Shares |
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Advani Ramchand Gul |
1 |
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Advani Gul Sangeeta |
50 |
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Advani G Ramchand |
210 |
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Advani Ramchand Gul (HUF) |
492 |
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Advani Gul Rajesh |
600 |
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Advani Gul Rajesh |
1 |
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Advani Ramchand Gul |
3690 |
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Advani Gul Kiron |
2455 |
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Gulson Impex Private
Limited |
1 |
BUSINESS DETAILS
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Line of Business : |
Engaged
in providing Hoteliering, Catering & Allied Services and Wind Power
Generations |
GENERAL INFORMATION
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No. of Employees : |
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Bankers : |
v
The United Commercial
Bank Limited, Churchgate Reciamation Branch, Bombay. v
The Saraswat
Cooperative Bank v
Standared Chartered
Grindlays v
State Bank of India v
State Bank of
Hyderabad. |
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Facilities : |
-- |
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Banking Relations : |
Satisfactory |
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Auditors : |
J.
G. Verma &Company |
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Qualification: |
Charted
Accountant |
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Address: |
301
– B, Niranjan,99, Marine Drive, Mumbai – 400 002. |
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Subsidiaries : |
Sun
N Sand Investment & Finance Company Private Limited
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity
Share |
Rs. 1000/- each |
Rs. 10.000 Millions |
Issued, Subscribed
& Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
7500 |
Equity
Share |
Rs. 1000/- each |
Rs. 7.500 Millions |
FINANCIAL
DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
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SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
7.500 |
7.500 |
7.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
747.631 |
659.457 |
634.976 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH
|
755.131 |
666.957 |
642.476 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
48.886 |
0.000 |
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2] Unsecured Loans |
0.000 |
5.300 |
0.000 |
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TOTAL
BORROWING
|
0.000 |
54.186 |
0.000 |
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DEFERRED TAX LIABILITIES |
72.200 |
69.795 |
39.369 |
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TOTAL
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827.331 |
790.938 |
681.849 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
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347.179 |
435.688 |
276.894 |
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Capital work-in-progress
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36.919 |
19.453 |
6.037 |
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INVESTMENT
|
30.316 |
80.081 |
120.839 |
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DEFERREX TAX ASSETS
|
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES
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Inventories
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3.673 |
4.089 |
3.320 |
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Sundry Debtors
|
22.603 |
29.055 |
27.396 |
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Cash & Bank Balances
|
214.360 |
31.861 |
34.554 |
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Income Receivable
|
3.342 |
3.165 |
7.976 |
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Loans & Advances
|
295.753 |
271.602 |
294.850 |
Total Current Assets
|
539.731 |
339.772 |
368.096
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Less : CURRENT LIABILITIES & PROVISIONS
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Current Liabilities
|
40.485 |
47.101 |
39.690 |
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Provisions
|
86.329 |
36.955 |
50.327 |
Total Current Liabilities
|
126.814 |
84.056 |
90.017
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Net Current
Assets
|
412.917 |
255.716 |
278.079
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MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.000 |
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TOTAL
|
827.331 |
790.938 |
681.849 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
Sales Turnover [including other income]
|
416.188 |
336.469 |
260.818 |
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Profit/(Loss) Before Tax
|
156.286 |
92.510 |
24.201 |
Provision for Taxation
|
51.115 |
37.510 |
10.302 |
Profit/(Loss) After Tax
|
105.171 |
55.000 |
13.899 |
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Export Value
|
99.393 |
98.294 |
N. A. |
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Import Value
|
2.356 |
2.549 |
N. A. |
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Total Expenditure
|
259.901 |
243.958 |
236.616 |
KEY RATIOS
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PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
PAT / Total Income
|
(%)
|
25.27
|
16.35 |
5.33 |
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Net Profit Margin
(PBT/Sales) |
(%) |
37.55
|
27.49 |
9.28 |
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Return on Total Assets
(PBT/Total Assets} |
(%) |
16.38
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10.57 |
3.14 |
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Return on Investment (ROI)
(PBT/Networth) |
|
0.21
|
0.14 |
0.04 |
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Debt Equity Ratio
(Total Liability/Networth) |
|
0.18
|
0.21 |
0.14 |
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Current Ratio
(Current Asset/Current
Liability) |
|
4.26
|
4.04 |
4.09 |
LOCAL AGENCY FURTHER INFORMATION
Jewel of
India
Food fit for foodie
freaks
To a lot of people,
The Jewel Of India at the Nehru Centre, Worli, is the restaurant where Sachin
Tendulkar got married. It is a lot more than that. It is a restaurant that
caters a very authentic North Indian cuisine. Its bhuna gosht and rogan josh
can pass the test of the most fastidious Sikh truck driver. And you may have
eaten prawns, living in coastal Bombay, but it provides its own version, done
in a gravy made of mustard and coconut.
However, it is not a
highway dhaba, and I am not being a social snob when I say that. In case you
have not visited the Jewel, I do not want you to get the wrong idea. It is all
marble and glass and leather upholstery, there is a reception area, with the
day's newspapers and the month's magazines to read while you wait for your
table, a bar that looks out on Mr. Kadri's green lawns and and Mr.
Venkatavaradhan's futuristic planetarium, and the main dining hall itself,
which has more space per table than any other restaurant I know.
That is dinner at
the Jewel of India. Lunch is buffet, noon to 3 p.m., and the largest, widest
spread of food I have seen outside the new Palms and the old Outrigger. It is
also not exclusively North Indian, there is a good sampling of Chinese and
Continental.
Lunch is laid out on
a combination of tables arranged in the format of the letter 'E'. You pay
Rs.250 and dig in. And though Rs.250 may be a lot of money_it is for me_you do,
if you are in a position to consume it, get a meal worthy of the price. The
management calls it the good will buffet, and I can well understand that.
For instance, the
other afternoon I made a note of all the dishes available that day. First, the
bread rolls, small ones, hardly two mouthfuls, stuffed with cheese and onions.
There were at least two bowls of meat salads, a seafood tossed salad and
chicken florida, with pineapples and other diced fruits. And there was a cold
meat board: salami, roast beef, cured ham. Then there were kababs: seekh,
reshmi, tangdi, and one that was a combination of meat and prawn, minced and
wedded in perfect proportions - or did I have that in the bar. To continue,
with the fried fish (pomfret, naturally) were long green beans, lightly sauteed
in butter, the kind I have not had since Gourdon closed down. The sauted beef
morengo stood next to mutton nahari, and in front of them were two types of
rice, a mushroom pulao and plain steamed rice, which, in the long run, I think,
is the best rice to eat. Though I would not exactly throw away the mushroom
rice, provided it is nice and wet, and done in a little chicken stock.
Then the vegetarian
part began: a dudhi dal tadka, which I would suggest should be on the menu every
afternoon, Also the dahi bhendi, the bhendi long and tender, the dahi almost
liquid, like a creamy gravy. The veg. dishes continued: aloo palak, vegetable
makhanwalla, paneer mutter, a sweet corn dish (Tripti's Delight). No, that was
not the end, I have to mention the spaghetti Neapolitan. And the salads and
accompaniments: peanut chaat, green salad, a potato salad, fruit salad, baked
beans with curd dressing, cole slaw. And three homemade pickles, a green chilli
in tamarind pickle, an onion pickle (onion skins in red vinegar, I think), and
a mango pickle. And the desserts: gulab jamun, a cake, souffle, bread and
butter pudding, fresh fruits, strawberry ice-cream, and sitafals, cut and
glazed and ready to be spooned out and eaten. The rotis come on the table, so
that they are fresh and hot, and you serve yourself, one at a time.
It is the Jewel's
pride that nothing you want is not available. Mrs. Kiran Advani, who has
organised the place, puts it slightly better: The buffet provides food to meet
all requirements. If you are dieting, there is the right food for you, breads,
a salad with wine and vinaigrette, a boiled vegetable, fruits; and if you want
to eat three meals at a time, you can do that also. And if you want to eat
three meals at a time, you can do that also, the restaurant has other pluses:
it is the only restaurant that cooks exclusively in corn oil, groundnut oil is
not allowed in the kitchen. And all the meat except the rogan josh is boneless.
The bones, I am told are used for stock, and staff meals.
The lunch crowd is
more or less fixed, executives from the offices around Worli, Bombay's new
corporate centre, or additional corporate centre. But Wednesday, for some
reason, is kitty party day, with pani-puri on the menu.
Dinners are more leisurely,
when the buffet is rolled out and the a la carte takes over. That is when you
order the methi garlic chicken, cooking the barbecued chicken in a gravy of
tomato, garlic and fenugreek. And the Jewel of India Chicken, which restaurant
manager Kunal Krori informs is a shredded chicken in a tomato based gravy, with
a touch of cashew gravy. And the methi malai mutter in white sauce, recommended
for those who do not mind adding extra calories. The restaurant also serves the
Jewel Special thalis, veg and non-veg, Rs.225 and Rs.250. I have not tried it,
but I can imagine it.
The bar is, perhaps,
the best part of the restaurant, it sets the tone of the place. To its
regulars, it serves a complimentary cheese cocktail naan. And it is really a
cocktail naan, like puris, in small mouthfuls. Unlike normal naans, there is no
butter glistening on the surface, turning fingers sticky, and the cheese inside
is warm and melting. Be careful you don't burn your palate. You can have your
meal in the bar, with a nizami or kabuli roll, which is a large paratha coated
with egg and filled with mutton or chicken. There are also vegetarian versions
of it in potatoes or paneers. They cost Rs.150 and are a meal by themselves.
But who wants to miss the buffet!
Operations:
The
year under report, witnessed a significant increase in the operational performance of the company. The Hospitality
industry recorded growth both in occupancy and Average Room Realisation. The
business travelers continued to dominate the hotel industry in metro cities due
to growing business opportunities in various sectors. The overall economy
strengthened due to certain incentives provided to Travel and Tourism industry
by the government. Due to these positive factor, the Company achieved a higher
turnover of RS. 332.000 Millions from its hotel as against Rs. 289.900 Millions
in the previous year registering a growth of over 14%. In view of addition of
windmills in the last year, the wind power generation activities resulted in to
higher income of Rs. 84.200 Millions (including from transfer of Sales tax
benefit to third party) as compared to Rs. 46.500 Millions for previous year.
In view of higher turnover by over 23% the net profit after tax amounted to Rs.
105.200 Millions as compared to Rs. 55.000 Millions in the previous year.
Expansion
/ Renovation:
The company has constructed 20 new residential units and new restaurant and banqueting facilities at its Shirdi Hotel, which will be operational soon.
The
company is also setting up another star category health resort at Goa for which
the Company has acquired suitable land in north of goa. The hotel project work
has began to construct a 48 room boutique spa resort.
As
reported in the last report, the company has invested Rs. 170.000 Millions in
acquisition of a five star hotel at pune (previously known as Holiday Inn,
Pune) jointly with another group on 50:50 basis. The facilities at the said
hotel increased in the current year by adding two floors with 24 units. The
said hotel is doing extremely well and financial result are very encouraging.
The said hotel has further expansion plans.
The
company has also undertaken phased renovation / refurbishing programmed of its
hotel at mumbai keeping in mind the threat of competition by new hotels opening
in the vicinity.
Expansion of Wind Power Generation
Activities:
The company is installing 12 new windmills in a new location in maharashtra at a cost of about Rs. 500.000 Millions in addition to existing windmill undertaking at Supa and Satara in Maharashtra and Jaisalmer in Rajasthan. The new windmills will become operational from the end of the current year. All the existing windmills in Maharashtra and Rajasthan are working satisfactorily.
Partnership:
The
working results of partnership business of M/S. Jewel of India for the year
2004-05 amounted to Rs. 6.057 Millions, which have been incorporated in the
enclosed accounts. The working of Jewel of India was satisfactory.
Conservation
of Energy:
Energy conservation efforts in the company continued in full swing during the year. Close monitoring of power consumption and running hours on a daily basis helped in minimizing wastage and resulted in optimum utilization of energy. The company has also installed solar water heating system at its Hotel in Shirdi, The company has also switched over to using gas supplied by Mahanagar Gas Limited for running the Air Conditioning and boiler plants at its Mumbai Hotel, which has resulted in substantial saving in power cost. It has high Thermal efficiency and reduces power consumption.
- Contingent
Liabilities not provided for in respect of:
a) Guarantees / counter guarantees given by the company’s Bankers to the various parties including for fulfillment of export obligation and other terms and conditions contained in the import license under the EPCG scheme (for import of various Hotel equipments ) Rs. 28.594 Millions (Previous year Rs. 48.672 Millions)
b) Disputed Income Tax demands aggregating to Rs. 0.786 Millions (Previous year Rs. .786 Millions) raised on completion of income tax assessments up to Assessment year 2002-03,The company has filed appeals which are pending. In respect of appeals relating to earlier tears, allowed in favour of the company by the first appellate authority but dispute by the Department by failing further appeals, which are pending, amount of disputed tax liability is not ascertainable.
c)
Other matters disputed
by the company Rs. 0.429 Millions (Previous year Rs. 1.806 Millions)
- Current Assets,
Loan & Advances include:
a)
Rs. 1.500 Millions due
from Omnitex Industries (India) Limited, a Public Limited Company in which
Managing Director of the company is a director (Since received) (Maximum
balance during the year Rs. 7.035 Millions )
b)
Rs. 1.100 Millions due
from Sun N Sand Hotel (Shirdi) Private Limited (An erstwhile wholly owned
subsidiary and a company under the same management) (Since received Rs. 1.000
Millions.) (Maximum balance during the year Rs. 8.197 Millions)
c)
Rs. 8.050 Millions due
from Sun N Sand Investment & Finance Company Private Limited (A Subsidiary
and a company under the same management) (Since received Rs. 5.500 Millions)
(Maximum balance during the year Rs. 20.000 Millions)
d)
Rs. 0.004 Millions due
from Sun N Sand Hotel (Goa) Limited (An erstwhile wholly owned subsidiary and a
company under the same management) (Maximum balance during the year Rs. 0.004
Millions)
e)
Rs. 156.711 Millions due
from Classic Citi Investments Private Limited, a company wherein some directors
are directors (Maximum balance during the year Rs. 168.264 Millions).
f)
Rs. Nil due from a firm
where in the company is a partner (Maximum balance Rs. 2.000 Millions)
g)
None of the suppliers
has intimated to the company, of their being registered as a small scale
industry and the company is unable to ascertain the amount due, if any, to
suppliers classified as small scale industries.
- General expenses of
Rs. 2.862 Millions include Rs. 0.013 Millions paid to Maharashtra Labour
Welfare Fund.
v
Legal and Professional
Fees of Rs. 2.959 Millions include Rs. 0.042 Millions paid to Auditors for
other services and Tax Audit respectively, Rs. 0.036 Millions paid to a partner
of Auditors for other services; Rs. 0.005 Millions for out of pocket expenses.
v
Travelling Expenses of
Rs. 2.970 Millions include Rs. 0.029 Millions incurred by auditors.
v
Income of Wind Firm
Industrial Undertaking of Rs. 84.168 Millions includes Rs. 21.793 Millions
received from transfer of sales tax benefit to a third party under power
Generation Promotion Policy,1998 as notified under Notification No. STA 1098/
CR – 45 / Taxation – II dated 24.08.1998 and G.R. dated 01.10.1999 (Third Party
Transfer Case) issued by the Government of Maharashtra by way of exemption
under Wind Power Incentives.
FIXED
ASSETS:
Land, Land Spacing & Site Development, Building, Plant &Machinery, Furniture & Fixture, Office Equipment, Computers, Vehicle, Wind Energy Generators etc.
|
Name
of the company |
SUN N SAND HOTEL LIMITED |
|
Presented By |
The
United Commercial Bank Limited |
|
1)
Date and description of instrument creating the change |
Instrument Equitable Mortgage deposit
of title deeds created dated 23.02.1967 by the borrowers with the Bank at
Bombay |
|
2)
Amount secured by the charge/amount owing on the securities of charge |
Rs.
0.100 Millions |
|
3)
Short particular of the property charged. If the property acquired is subject
to charge, date of the acquired of the property should be given |
Equitable
Mortgage of the borrower’s property comprising of all that piece or parcel of
non agricultural lands of freehold tenure situate at juhu (Greater Bombay) in
Bombay Suburban District in the Registration Sub – District of Bandra
(forming part of the large piece of land bearing survey No. 39,No. 1 Part)
and admeasuring 1285 square yards or there about and passage containing by
admeasurements 300 square yards together with hereditaments and premises,
Buildings, outhouse, godowns etc.
Standing thereon or which may be hereafter erected thereon and boundaries or
towards the South partly by Plot No. E, on or towards the East by 20 feet
wide means of and or towards the west and Land
admeasuring 1461 squares yards thereabouts together with hereditament and
premises, buildings, outhouse, godowns
etc. Standing thereon or which may be hereafter erected thereon and
boundaries or towards the North by plot no. A, on or towards the South by
plot no. E, on or towards the East partly by plot no. B and partly by means
of access 20 feet wide and on or towards the by the Sea and Land
admeasuring 1461 squares yards thereabouts together with hereditament and
premises, buildings, outhouse, godowns
etc. Standing thereon or which may be hereafter erected thereon and
boundaries or towards the North by means of access to the South of plot No. B
and beyond that by plot no. B on or towards the South by property belonging
to that late Joseph Allams bearing Survey No. 39 Hissa No. 1 (part),on or
towards the by 20 feet wide means of access and beyond partly by survey no.
39 Hissa 2 and partly by Survey No. 39 Hissa no. 3 and on or towards, the
west by plot no. B and |
|
4)
Gist of the terms and conditions and extent and operation of the charge. |
Equitable
Mortgage of the properties describe din column No. 3 to secure Demand Cash
Credit and /or Loan to the extent of Rs. 0.100 Millions. Rate
of Interest shall be charged @ 4% p.a. above the Reserve Bank of India rate,
subject to minimum rate of interest of 10% per annum on the daily balance in
the Bank’s favour. |
|
5)
Name and Address and description of the person entitled to the charge. |
The
United Commercial Bank Limited, Industry
House, 159,churchgate
Reclamation, Bombay – 400 001. |
|
6)
Date and brief description of instrument modifying the charge |
Not
Applicable |
|
7)
Particulars of modifications specifying the terms and conditions or the
extent of operations of the charge in which modification is made and the
details of the modification. |
Not
Applicable |
|
Name
of the company |
SUN N SAND HOTEL LIMITED |
|
Presented By |
The
United Commercial Bank Limited |
|
1)
Date and description of instrument creating the change |
03.07.1962 Equitable Mortgage by
simple deposit of title deeds on 03.07.1962 |
|
2)
Amount secured by the charge/amount owing on the securities of charge |
Rs.
1.000Millions |
|
3)
Short particular of the property charged. If the property acquired is subject
to charge, date of the acquired of the property should be given |
Simple
deposit of title deeds of Freehold land comprising of approx. 6000 sq. yards
and Buildings erected or to be erected there on. |
|
4)
Gist of the terms and conditions and extent and operation of the charge. |
For
advance to the company by way of loan. Interest
@ 1% over Reserve Bank of India rate minimum 7%. |
|
5)
Name and Address and description of the person entitled to the charge. |
Mercantile
Bank Limited; 52/60,
Mahatma Gandhi Road, Fort, Bombay – 400 001. |
|
6)
Date and brief description of instrument modifying the charge |
Not
Applicable |
|
7)
Particulars of modifications specifying the terms and conditions or the
extent of operations of the charge in which modification is made and the
details of the modification. |
Not
Applicable |
|
Name
of the company |
SUN N SAND HOTEL LIMITED |
|
Presented By |
The
United Commercial Bank Limited |
|
1)
Date and description of instrument creating the change |
No Instrument Oral consent given on
20.03.1969 to extend equitable mortgage created in favour of the bank of
deposit of title deeds on 23.02.1967 also to medium term of Rs. 0.600
Millions |
|
2)
Amount secured by the charge/amount owing on the securities of charge |
Rs.
0.600 Millions |
|
3)
Short particular of the property charged. If the property acquired is subject
to charge, date of the acquired of the property should be given |
Equitable
Mortgage of the borrower’s property comprising of all that piece or parcel of
non agricultural lands of freehold tenure situate at juhu (Greater Bombay) in
Bombay Suburban District in the Registration Sub – District of Bandra
(forming part of the large piece of land bearing survey No. 39,No. 1 Part)
and admeasuring 1285 square yards or there about and passage containing by
admeasurements 300 square yards together with hereditaments and premises,
Buildings, outhouse, godowns etc.
Standing thereon or which may be hereafter erected thereon and boundaries or
towards the South partly by Plot No. E, on or towards the East by 20 feet wide
means of and or towards the west and Land
admeasuring 1461 squares yards thereabouts together with hereditament and
premises, buildings, outhouse, godowns
etc. Standing thereon or which may be hereafter erected thereon and
boundaries or towards the North by plot no. A, on or towards the South by
plot no. E, on or towards the East partly by plot no. B and partly by means
of access 20 feet wide and on or towards the by the Sea and Land
admeasuring 1196 squares yards thereabouts together with hereditament and
premises, buildings, outhouse, godowns
etc. Standing thereon or which may be hereafter erected thereon and
boundaries or towards the North by means of access to the South of plot No. B
and beyond that by plot no. B on or towards the South by property belonging
to that late Joseph Allams bearing Survey No. 39 Hissa No. 1 (part),on or
towards the by 20 feet wide means of access and beyond partly by survey no.
39 Hissa 2 and partly by Survey No. 39 Hissa no. 3 and on or towards, the
west by plot no. B and |
|
4)
Gist of the terms and conditions and extent and operation of the charge. |
Equitable
Mortgage of the properties describe din column No. 3 to secure Demand Cash
Credit and /or Loan to the extent of Rs. 0.100 Millions. Rate
of Interest shall be charged @ 4-1/2% p.a. above the Reserve Bank of India
rate, subject to minimum rate of interest of 9-1/2% per annum with quarterly
rests or at such other rate as may be decided by the bank and advised to the
borrower from time to time. |
|
5)
Name and Address and description of the person entitled to the charge. |
The
United Commercial Bank Limited, Industry
House, 159,churchgate
Reclamation, Bombay – 400 001. |
|
6)
Date and brief description of instrument modifying the charge |
Not
Applicable |
|
7)
Particulars of modifications specifying the terms and conditions or the
extent of operations of the charge in which modification is made and the
details of the modification. |
Not
Applicable |
|
Name
of the company |
SUN N SAND HOTEL LIMITED |
|
Presented By |
The
United Commercial Bank Limited |
|
1)
Date and description of instrument creating the change |
Deed
of hypothecation dated 16.05.1969 executed in favour of the United Commercial
Bank Limited, Industry House, 159,churchgate Reclamation, Bombay and
Equitable created by deposit of title deeds of the immovable properties on
16.05.1969 charge Rs. 0.600 Millions. |
|
2)
Date and brief description of instrument modifying the charge |
Agreement
regarding modification of charge dated 06.06.1969 |
|
3)
Particulars of modifications specifying the terms and conditions or the
extent of operations of the charge in which modification is made and the
details of the modification. |
Repayment
programmed altered as under: On
1st November, 1970……….Rs. 0.200 Millions On
1st November, 1971……….Rs. 0.200 Millions On
1st November, 1972……….Rs. 0.200 Millions Other
terms and conditions and securities remain unchanged. |
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.45.30 |
|
UK
Pound |
1 |
Rs.78.45 |
|
Euro |
1 |
Rs.54.88 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
60 |
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 |