MIRA
INFORM REPORT
|
Report Date : |
20TH
May, 2006 |
IDENTIFICATION
DETAILS
|
Name : |
HOTEL
TUNGA INTERNATIONAL PRIVATE LIMITED |
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|
|
|
Registered Office : |
Plot
No. B II MIDC Central Road, Andheri, Mumbai 400093 |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
01st
January, 1985 |
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Com. Reg. No.: |
11-34955 |
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CIN No.: [Company
Identification No.] |
U14220MH1985PTC034955 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMH03572C |
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|
|
Legal Form : |
Private
Limited Liability Company |
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|
|
Line of Business : |
Hotel
Services |
RATING & COMMENTS
|
MIRAs Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 75000 |
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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 3 Star Hotel. Directors are reported as experienced,
respectable and having substantial means of their own. Their trade relations
are fair. Financial position is satisfactory. Payments are usually correct
and as per commitments. The
company can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered Office : |
Plot
No. B II MIDC Central Road, Andheri, Mumbai 400093 |
|
Tel. No.: |
91-22-56921212/28366010 |
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Fax No.: |
91-22-56922900 |
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E-Mail : |
DIRECTORS
|
Name : |
Mr.
Hegde Seena Sudhakar |
|
Designation : |
Chairman
|
|
Address : |
9/A,
Belair Apartments, Pali Hill Road, Bandra 400093, Mumbai |
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Date of Birth/Age : |
06th
April, 1949 |
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Date of Appointment : |
01st
January, 1985 |
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|
|
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Name : |
Mr.
Hegde Sudhakar Ranjani |
|
Designation : |
Director
|
|
Address : |
9/A,
Belair Apartments, Pali Hill Road, Bandra 400093, Mumbai |
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Date of Birth/Age : |
01st
June, 1957 |
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Date of Appointment : |
01st
January, 1985 |
|
|
|
|
Name : |
H P
Sanghai & Associates |
|
Designation : |
Company
Sectary |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
|
Mr.
Hegde Seena Sudhakar |
1460 |
|
Mr.
Hegde Sudhakar Ranjani |
410 |
|
Ms.
Hegde Sudhakar Rashma |
180 |
BUSINESS DETAILS
|
Line of Business : |
Hotel
Services |
GENERAL
INFORMATION
|
No. of Employees : |
140 |
|
|
|
|
Bankers : |
v
Indian
Bank, S V Road, Andheri (West), Mumbai 400058 v
The
Bharat Co-operative Bank Limited, B 28, Mittal Industries Estate, Sanjay
Building, No. 5, M V Road, Andheri (East), Mumbai 400059 v
ICICI
Bank Limited |
|
|
|
|
Facilities : |
Secured Loan Veerashaiva Cooperative Bank Rs. 1.341 ICICI Bank [Secured against Vehicle]
- Rs. 0.320 Total Rs. 1.662 Millions |
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|
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Banking Relations : |
Satisfactory
|
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|
|
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Auditors : |
Shankar
& Kishor Chartered
Accountant |
|
Address: |
508,
Gateway Plazza, Hiranandani Garden, Adi Shankarcharya Marg, Powai |
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Tel. No.: |
91-22-25708844/55 |
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Associates/Subsidiaries : |
v
Tunga
Infrastructures Private Limited |
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|
|
|
Group Company |
v
Hegde
Hotels India Private Limited v
Hotel
Tunga Regency Private Limited v
Hotel
Tunga Regale India Private Limited v
Hegde
Finance & Investments Private Limited v
Peony
Investment Limited |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
50000 |
Equity
Shares |
Rs. 100/- Each |
Rs. 5.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
2050 |
Equity
Shares |
Rs. 100/- Each |
Rs. 0.205 Millions |
|
|
Share
Application Money |
|
Rs. 14.028 Millions |
|
|
Total
|
|
Rs. 14.233 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
14.233 |
8.360 |
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|
2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
5.540 |
4.863 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
19.773 |
13.223 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
1.662 |
0.609 |
|
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2] Unsecured Loans |
|
4.597 |
5.182 |
|
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TOTAL BORROWING |
|
6.259 |
5.791 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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|
|
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|
|
|
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TOTAL |
|
26.032 |
19.014 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
6.820 |
5.156 |
|
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Capital work-in-progress |
|
0.000 |
0.000 |
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|
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|
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INVESTMENT |
|
2.938 |
2.035 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
0.000 |
0.000 |
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|
Sundry Debtors |
|
3.419 |
3.034 |
|
|
Cash & Bank Balances |
|
3.099 |
3.960 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
13.049 |
11.806 |
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Total Current Assets |
|
19.567 |
18.800 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
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|
|
|
|
|
Current Liabilities |
|
1.063 |
3.931 |
|
|
Provisions |
|
2.230 |
3.046 |
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Total Current Liabilities |
|
3.293 |
6.977 |
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|
Net Current Assets |
|
16.274 |
11.823 |
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|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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|
|
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|
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TOTAL |
|
26.032 |
19.014 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
|
Sales Turnover [including other income] |
|
73.813 |
60.486 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
|
1.096 |
4.796 |
|
Provision
for Taxation |
|
0.419 |
1.779 |
|
Profit/(Loss)
After Tax |
|
0.677 |
3.017 |
|
|
|
|
|
|
Total
Expenditure |
|
1.095 |
4.796 |
KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
|
0.91 |
4.98 |
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Net
Profit Margin (PBT/Sales) |
(%) |
|
1.48 |
7.92 |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
|
4.15 |
20.02 |
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Return
on Investment (ROI) (PBT/Networth) |
|
|
0.05 |
0.36 |
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Debt
Equity Ratio (Total
Liability/Networth) |
|
|
0.48 |
0.96 |
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|
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Current
Ratio (Current
Asset/Current Liability) |
|
|
5.94 |
2.69 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed
Assets
v
Furniture
& Fixture
v
Air
Conditioners
v
Motor
Car
v
Kitchen
Equipment
v
Premises
v
Electrical
Fitting
v
Computer
& Accessories
|
Name of the company |
HOTEL
TUNGA INTERNATIONAL PRIVATE LIMITED |
|
Presented By |
Mr. Sudhakar |
|
1) Date and description of instrument creating the change |
Agreement for Hypothecation of Motor Vehicles dated 28.11.1986 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.085 millions |
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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 |
Hypothecation of Maruthi 800 CD Car |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Term loan will carry interest at the rate of 15% per year Term loan will be repaid in monthly instalment of Rs. 0.002 Millions New Maruthi 800 CD Car should be hypothecation to bank |
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5) Name and Address and description of the person entitled to the charge. |
Indian Bank, S V Road, Andheri (West), Mumbai 400058 |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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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 |
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|
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Name of the company |
HOTEL
TUNGA INTERNATIONAL PRIVATE LIMITED |
|
Presented By |
The
Bharat Co-operative Bank Limited, B 28, Mittal Industries Estate, Sanjay
Building, No. 5, M V Road, Andheri (East), Mumbai 400059 |
|
1) Date and description of instrument creating the change |
Articles of Agreement dated 30.03.1998 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 6.000 Millions |
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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 |
Business premises being unit No. C, containing 204 square meters or thereabout on the ground floor of the building known as Plot No. F 4 TO 6 at Marol Industries Area, within the village limits of Vyarawali and within the limits of Brihannmumbai Municipal Corporation, Taluk Andheri, Registration District and Sub District of Mumbai city and Mumbai suburban |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interests as per banks norms Repayment In 60 equal monthly instalment of Rs. 0.100 Millions each together with interest on monthly basis within 60 months from the date of borrowing or such period as extended mutually between the parties there to. Term loan facilities granted to Hegde Hotels Private Limited |
|
5) Name and Address and description of the person entitled to the charge. |
The Bharat Co-operative Bank Limited, B 28, Mittal Industries
Estate, Sanjay Building, No. 5, M V Road, Andheri (East), Mumbai 400059 |
|
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 |
|
Hotel Name |
|
HOTEL TUNGA INTERNATIONAL PVT, LTD (3
Star) |
|
Address |
|
B- 11 M.I.D.C, Central Road Opp Mahakali
caves Road Andheri (East), Mumbai, Maharashtra, 400 093 |
|
Access |
|
2 kms. from Airport, 2 kms. from Railway
Station, Opp to Hotel |
|
Facilities |
|
Double A/C 11, Suites A/C 3, Total A/C
Rooms 14, Total Rooms 14, Partially Airconditioned, 125 - 130 pax, 3, 2,
Indian, South Indian, Mughlai, Room Service, H/C running water, Telephone,
T.V., Safe Deposit, Channel Music, Banquet Facilities |
|
Services |
|
Doctor on call, Laundry, Money Changer,
Banking, Safe Deposit |
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 Intl 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
companys 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.45.46 |
|
UK
Pound |
1 |
Rs.85.94 |
|
Euro |
1 |
Rs.58.32 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
47 |
This score serves as a reference to assess SCs 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 EXPLANATIONS
|
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 |