MIRA
INFORM REPORT
|
Report Date : |
18.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
JUNIPER HOTELS PRIVATE LIMITED |
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Formerly Known As : |
SEAJULI PROPERTY AND VINIYOG PRIVATE LIMITED |
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Registered Office : |
Off Western Express Highway, Santacruz (East), Mumbai-400055,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
16.09.1985 |
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Com. Reg. No.: |
11-152863 |
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CIN No.: [Company
Identification No.] |
U5510MH1985PTC152863 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject is engaged in providing Hotel Services |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 8100000 |
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Status : |
Good |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a owner of Five Star Hotel called ‘GRAND HYATT’. The company has been able to wipe out as previous losses. Trade relations are fair. Payments are usually correct and as per
commitment. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
Off Western Express Highway, Santacruz (East), Mumbai-400055,
Maharashtra, India |
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Tel. No.: |
91-22-66761234 |
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Fax No.: |
91-22-66761235 |
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E-Mail : |
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Head Office : |
Vakola Pipeline, Santacruz (East), Mumbai – 400 055, Maharashtra, India |
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Tel. No.: |
91-22-2619 5202 |
DIRECTORS
|
Name : |
Mr. Ratnesh Mohan Verma |
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Designation : |
Director |
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Address : |
402, Odyssey II Hiranandani Gardens, Powai, Mumbai-400076,
Maharashtra, India |
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Date of Birth/Age : |
08.06.1969 |
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Date of Appointment : |
14.06.2004 |
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Name : |
Mr. Ganga Ram Niacanta Iyer |
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Designation : |
Director |
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Address : |
703, Golden Castle Sundarnagar Kalina, Mumbai-400098, Maharashtra,
India |
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Date of Birth/Age : |
22.09.1934 |
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Date of Appointment : |
13.06.2001 |
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Name : |
Mr. Cottagiri Philipose Philip |
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Designation : |
Director |
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Address : |
Flat No. 403, Block –B, Mittal Ocean View, Opposite Royal Garden
Hotel, Juhu Tara Road, Santacruz (west), Mumbai-400049, Maharashtra, India |
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Date of Birth/Age : |
20.04.1949 |
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Date of Appointment : |
03.08.2005 |
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Name : |
Mr. Umesh Saraf |
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Designation : |
Director |
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Address : |
S-294, Panchsheel Park, New Delhi-110017, India |
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Date of Birth/Age : |
27.12.1963 |
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Date of Appointment : |
14.06.2004 |
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Name : |
Mr. Radheshyam Saraf |
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Designation : |
Chairman |
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Address : |
21/1, Jatindra Mohan Avenue, Kolkata – 700 006, West Bengal |
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Date of Birth/Age : |
15th August, 1930 |
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Other
Directorship |
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KEY EXECUTIVES
|
Name : |
Mr. Avali Narasimha Raghavan |
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Designation : |
Secretary |
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Address : |
5, Bethel, Chedda Nagar, Mumabi-400089, Maharashtra, India |
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Date of Birth/Age : |
29.12.1947 |
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Date of Appointment : |
16.09.1998 |
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Tel No.: |
91-22-25286937 |
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Name : |
Mr. Beni Prasad Jhunjhunwala |
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Designation : |
Secretary |
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Address : |
3rd Floor, Flat No.11, Block –D, 73, Bangur Avenue,
Kolkata-700055, West Bengal, India |
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Date of Birth/Age : |
22.07.1961 |
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Date of Appointment : |
17.06.2008 |
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Mobile No.: |
91-9831173531 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 22.09.2005
|
Names of Shareholders |
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No. of Shares |
|
Saraf Hotels Limited |
|
71850000 |
|
Two Seas Holdings Limited |
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71850000 |
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Industrial Development Bank of India |
|
3000000 |
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Total |
|
146700000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2007
|
Category |
|
Percentage |
|
Foreign holdings (Foreign institutional investor(s), Foreign
companie(s) Foreign financial institution(s), Non-resident Indian(s) or
Overseas corporate bodies or Others. |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in providing Hotel Services |
GENERAL
INFORMATION
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Employees: |
2500 |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S R Batliboi and Company Chartered Accountant |
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Address : |
6th Floor, Express Towers, Nariman Point, Mumbai-400021,
Maharashtra, India |
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Associates/Subsidiaries : |
CIN No.:
U67120MH1996PTC098688
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Parent Company: |
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CAPITAL STRUCTURE
As on 23.07.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
190000000 |
Equity Shares |
Rs. 10/- each |
Rs. 1900.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
143700000 |
Equity Shares |
Rs. 10/-
each |
Rs. 1437.000
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
1437.000 |
1437.000 |
1437.000 |
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|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
189.070 |
61.887 |
61.887 |
|
|
4] (Accumulated Losses) |
0.000 |
[234.056] |
[182.037] |
|
|
NETWORTH |
1626.070 |
1264.831 |
1316.850 |
|
|
LOAN FUNDS |
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|
|
|
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1] Secured Loans |
4598.680 |
5104.100 |
5127.626 |
|
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2] Unsecured Loans |
351.790 |
439.227 |
450.912 |
|
|
TOTAL BORROWING |
4950.470 |
5543.327 |
5578.538 |
|
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DEFERRED TAX LIABILITIES |
140.255 |
0.000 |
0.000 |
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TOTAL |
6716.795 |
6808.158 |
6895.388 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
6474.061 |
6808.706 |
6978.982 |
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Capital work-in-progress |
84.191 |
15.662 |
0.000 |
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INVESTMENT |
0.120 |
0.120 |
0.120 |
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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 |
87.728
|
77.181 |
67.980 |
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Sundry Debtors |
167.419
|
123.969 |
74.311 |
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Cash & Bank Balances |
91.414
|
29.547 |
15.624 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
232.069
|
122.167 |
92.220 |
|
Total
Current Assets |
578.630
|
352.864 |
250.135 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
526.246
|
539.046 |
519.288 |
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Provisions |
56.005
|
8.655 |
10.457 |
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Total
Current Liabilities |
582.251
|
547.701 |
529.745 |
|
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Net Current Assets |
[3.621]
|
[194.837] |
[279.610] |
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MISCELLANEOUS EXPENSES |
162.044 |
178.507 |
195.896 |
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TOTAL |
6716.795 |
6808.158 |
6895.388 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
2508.100 |
1774.600 |
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Other Income |
|
0.000 |
0.000 |
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Total Income |
|
2508.100 |
1774.600 |
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Profit/(Loss) Before Tax |
|
545.500 |
191.700 |
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Provision for Taxation |
|
0.000 |
0.000 |
|
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Profit/(Loss) After Tax |
|
545.500 |
191.700 |
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Earnings in Foreign Currency : |
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Export Earnings |
|
1165.269 |
750.490 |
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Expenditures : |
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Interest |
|
478.200 |
536.300 |
|
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Depreciation & Amortization |
|
374.800 |
243.700 |
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Other Expenditure |
|
1109.600 |
802.900 |
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Total Expenditure |
|
1962.600 |
1582.900 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
21.75
|
10.80 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
21.75
|
10.80 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
7.73
|
2.68 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.34
|
0.15 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.40
|
4.81 |
4.64 |
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Current Ratio (Current Asset/Current Liability) |
|
0.99
|
0.64 |
0.47 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Name of the company |
JUNIPER HOTELS PRIVATE LIMITED |
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Presented By |
Mr. A Srinivasan,
Senior Vice President and Company Secretary. |
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1) Date and description of instrument creating the change |
10th
March, 2005. Deed of Hypothecation executed by the Company in favour of Axis
Bank Limited (Axis Bank) A Certified copy of the said Deed of Hypothecation
is already filed. |
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2) Amount secured by the charge/amount owing on the securities of charge |
The Term Loan
Facility of Rs. 2088.500 Millions agreed to be lend and advanced by Axis Bank
to the company together with interest, additional interest, liquidated
charges, premia on prepayment or on redemption, costs, charges, expenses ad
all other moneys payable by the Company to Axis Bank in terms of the Loan
Agreement dated 30hte December, 2004 between the Company of the one part and
Axis Bank of the Other Part. |
|
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 |
All of the
Company’s machineries, fixtures. Implemnts, fittings and other installations,
furniture, vehicles, computers and all other articles both present and future
situate at the Vakola, Santacurz (East), Mumbai-400055 and the Borrower’s
present and future book-debts, stocks and other current assets more ranking
pari-passu charge ad second ranking pari-passu charge respectively. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
(a) The Charge
operates as security, interalia for the due repayment by the company of Axis
Bank of its Rupee Term Loan of Rs. 2088.500 Millions together with interest,
additional interest liquidated dames, premia on prepayment or on redemption,
costs, charges, expenses and all other moneys payable by the Company to Axis
Bank in terms of the said Loan Agreement. (b) Hypothecates
by way of a first ranking pari passu charge all the machinery, fixtures,
furniture, vehicles, computers and all other articles, equipments and things
both present and future whether lying loose or in cases of being in or upon
or about at the site of the Project at “Grand Hyatt”, Vakola, Santacurz
(East), Mumbai or wherever else the same may be or be held by any party
anywhere to the order ad disposition of the Borrower, save and except stock,
book-debts and other current assets charged for working capital finance
(hereinafter refereed to as “First
Hypothecated Property”) (C) Hypothecates
by way of a second ranking pari-passu charge, all the Borrower’s present and
future book debts, stock and other current assets (hereinafter referred to as
“Second Hypothecated Property”) (d) The Company
has undertaken to keep the goods hypothecated in marketable and good
condition at its own costs and to insure the same in the joint names of the
Company and Axis Bank (e) All the goods
hypothecated and all realizations and insurance proceeds thereof ad all
documents in respect of the said security are to be kept distinguishable an
held as the property of the Axis Bank (f) The Security
created under the said Memorandum of Hypothecation is to be a continuing
Security. |
|
5) Name and Address and description of the person entitled to the charge. |
Axis Bank
Limited, Universal Insurance Building Sir P. M. Road, Fort, Mumbai-400001,
Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
15th June,
2005. No instrument was executed. A mortgage by deposit of title dedes was
created by the Company inter-alia in favor of all the immovable properties
admeasuring 42270.80 sq.mtrs. or thereabout situate within the revenue
village limits of Kole Kalyan, Vakola, Registration Sub-district, District
Bombay, in the State of Maharashtra together with all buildings and
structures constructed or erected thereon an all plant and machinery attached
to the earth or permanently fastened to anything attached to the earth both
present and future and more particularly described in the Annexure hereto,
inter alia, for the due repayment and discharge by the Company on first parri
passu charge basis, to Lender of its Rupee Term Loan of Rs. 2088.500 Millions
as per its Loan Agreement dated 30th December, 2004 and Memorandum
of Hypothecation dated 10th March 2005 together with interest,
liquidated damages, premia on prepayment or on redemption, costs, charges,
expenses and other monies payable by the Company to Lender under the said
Loan Agreement. |
|
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. |
Rupee Loan of Rs.
2088.500 Millions together with interest, compound interest, additional
interest, liquidated damages, premia on prepayment, or on redemption, cost,
charges, expenses an all other monies payable by the Company to Axis Bank in
terms of the said Loan Agreement which is secured by the Said Deed of
Hypothecation dated 10th March, 2005 being the original charge is
now also secured by the said Mortgage by deposit of title deeds created by
the Company on 15th June, 2005 inter-alia in favour of Axis Bank |
AS PER WEBSITE
Profile:
Grant Hyatt Mumbai Hotel is in the centre of
Mumbai (Bombay) India, More than a hotel, Grand Hyatt Mumbai is a multi
dimensional lifestyle complex set on 12 acres of landscaped gardens and water features.
Located just ten minutes form Mumbai’s domestic airport and 20 minutes from the
international airport, the hotel is in close proximity to Bandra-Kurla complex,
Mumbai’s rapidly developing business district. The Grand Hytatt Mumbai hotel
complex features luxurious accommodation, contemporary serviced apartments,
dining and entertainment options, spa recreation and fitness facilities,
conference and exhibition spaces and an international shopping plaza. The
complex’ multiple lifestyle features make it a Mumbai destination in itself.
Rooms and Amenities:
547 Rooms and Suites , 147 Apartments for Long
Stay Guests
Grand Club ® Rooms and Lounge
High Speed Internet
Guest Services:
Business Centre, Travel Desk, Chauffeured Cars
on Hire, Underground Car Park
Dining and Entertainment:
5 award-winning restaurants, Gourment Sotre,
The Bar, Room Services
Activities:
Club Oasis Fitness
Centre and Spa
Outdoor Swimming Pool and Sun Deck, Tennis and
Beach, Volleyball, Jogging Track
Meeting and Events:
Grand Ballroom for up to 1500 guests
7 Meeting Rooms
Exhibition area and Outdoor venue option wi-fi
high – Speed internet.
Directions:
Hotel Locations:
Grand Hyatt Mumbai is a city landmark, built
on 10 acres of prime land in the centre of Mumbai (Bombay) and located 10
minutes form the domestic airport and 20 minutes from the international
airport. Grand Hyatt Mumbai is only five minutes form Bandra- Kurla, Mumbai’s
new developed business district, and just 45 minutes away from the southern and
northern ends of the city.
Distance To and From the Hotel
- International airport – 9 km ( 20 minutes by car)
- Domestic airport -3 km (10 minutes by car)
- Bandra-kurla Complex – 3 km ( 5 minutes by car)
- Nariman Point (town centre) – 21 km ( 40 minutes by car)
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 records 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.42.82 |
|
UK Pound |
1 |
Rs.80.01 |
|
Euro |
1 |
Rs.63.83 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
54 |
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
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. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|