MIRA
INFORM REPORT
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Report Date : |
14.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
SAS HOTELS AND ENTERPRISES LIMITED |
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Registered Office : |
No.3, Mangesh Street, T Nagar, Chennai – 600017, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
01.01.1999 |
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Com. Reg. No.: |
041675 |
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CIN No.: [Company
Identification No.] |
U55101TN1999PLC041675 |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
To carry on the business as hoteliers, restaurateurs of running
cafeterias, caters, tavems, permit rooms, refreshment rooms, motels, lodging houses
keepers, licence victuallers and drive-in-restaurants, and to open and let
out shopping arcades, rooms tenements, holiday resort, amusement or
entertainment compartments and halls in India and abroad. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
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 2500960 |
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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 company having fine track.
Trade relations are fair. Business is active. Payments are reported as
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
No.3, Mangesh Street, T Nagar, Chennai – 600017, Tamilnadu, India |
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Tel. No.: |
91-44-24346333 |
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Fax No.: |
91-44-24343627 |
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E-Mail : |
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Factory : |
49, G N Chetty Road, T Nagar, Chennai, India |
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Tel. No.: |
91-44-28253434/ 28250085 |
DIRECTORS
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Name : |
Mr. Subramanyam Appaswamy |
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Designation : |
Chairman cum Managing Director |
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Address : |
No.3, Mangesh Street, T Nagar, Chennai – 600017, Tamilnadu, India |
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Date of Birth/Age : |
01.09.1933 |
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Date of Appointment : |
01.01.1999 |
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Name : |
Mr. Ravi Appaswamy |
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Designation : |
Managing Director |
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Address : |
No.3, Mangesh Street, T Nagar, Chennai – 600017, Tamilnadu, India |
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Date of Birth/Age : |
27.05.1964 |
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Date of Appointment : |
01.01.1999 |
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Name : |
Mrs. A. Meenakshi |
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Designation : |
Director |
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Address : |
No.3, Mangesh Street, T Nagar, Chennai – 600017, Tamilnadu, India |
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Date of Birth/Age : |
19.09.1938 |
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Date of Appointment : |
01.01.1999 |
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Name : |
Mr. K C Tharyan |
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Designation : |
Director |
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Address : |
Flat No. B Block, III Floor, Door No.1, Josier Street, Dr.Thirumurthy
Nagar, Nungambakkam, Chennai – 600034, India |
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Date of Birth/Age : |
15.03.1954 |
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Date of Appointment : |
05.09.2001 |
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Name : |
Mr. Mohan Parasaran |
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Designation : |
Director |
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Address : |
Door No.13, 8th Street, Dr. Radhakrishnan Salai. Mysore,
Channai – 600004, India |
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Date of Birth/Age : |
15.05.1961 |
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Date of Appointment : |
17.07.1999 |
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Name : |
Mr. R K Ramanathan |
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Designation : |
Director |
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Address : |
No.5, Dr. Radhakrishnan Nagar, IInd Cross Street, Thiruvanmiyur,
Chennai – 600041, India |
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Date of Birth/Age : |
17.04.1950 |
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Date of Appointment : |
17.07.1999 |
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Name : |
Mr. V Natarajan |
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Designation : |
Director |
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Address : |
Flat No.1 A, No.6 North Boag Road, T Nagar, Chennai – 600017,
Tamilnadu, India |
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Date of Birth/Age : |
16.12.1948 |
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Date of Appointment : |
09.11.2006 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2007)
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Names of Shareholders |
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No. of Shares |
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Mr. S Appaswamy |
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2448125 |
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Mr. Ravi Appaswamy |
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13295675 |
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Mr. R Charubala |
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514625 |
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Appaswamy Real Estate Limited |
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226925 |
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Sas Residency Hotel Private Limited |
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1118780 |
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Sas Realtors Private Limited |
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96925 |
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Mr. V. Venkataraman |
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15 |
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Mr. Ravi Appaswamy (HUF) |
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1896000 |
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Total |
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19597070 |
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(As on 31.03.2007) |
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
To carry on the business as hoteliers, restaurateurs of running cafeterias,
caters, tavems, permit rooms, refreshment rooms, motels, lodging houses
keepers, licence victuallers and drive-in-restaurants, and to open and let
out shopping arcades, rooms tenements, holiday resort, amusement or
entertainment compartments and halls in India and abroad. |
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Products : |
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GENERAL
INFORMATION
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Bankers : |
Mount Road Branch, 162 Anna Salai, Chennai – 600002, Tamilnadu, India
HDFC Bank House,
Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S. Santhanam – Partner – Srihari and Company Chartered Accountant |
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Address : |
No.6 Coats Road, T Nagar, Chennai – 600017, Tamilnadu, India |
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Associates/Subsidiaries : |
Appaswamy Real Estate Limited U70101TN1987PLC015210 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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19597100 |
Equity Shares |
Rs.10/- each |
Rs.195.971
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
195.971 |
195.971 |
195.971 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
429.269 |
313.308 |
252.955 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
625.240 |
509.279 |
448.926 |
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LOAN FUNDS |
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1] Secured Loans |
429.060 |
66.008 |
101.164 |
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2] Unsecured Loans |
63.114 |
151.121 |
68.539 |
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TOTAL BORROWING |
492.174 |
217.129 |
169.703 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1117.414 |
726.408 |
618.629 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
279.754 |
273.999 |
293.254 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
432.171 |
409.626 |
156.137 |
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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 |
46.544
|
3.806 |
113.301 |
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Sundry Debtors |
32.083
|
21.863 |
12.003 |
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Cash & Bank Balances |
14.250
|
16.555 |
38.937 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
498.039
|
67.686 |
124.409 |
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Total
Current Assets |
590.916
|
109.910 |
288.650 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
131.821
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32.321 |
104.141 |
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Provisions |
53.606
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34.806 |
15.269 |
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Total
Current Liabilities |
185.427
|
67.127 |
119.410 |
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Net Current Assets |
405.489
|
42.783 |
169.240 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1117.414 |
726.408 |
618.629 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
571.053 |
651.465 |
571.433 |
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Other Income |
30.644 |
25.933 |
32.982 |
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Total Income |
601.697 |
677.398 |
604.415 |
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Profit/(Loss) Before Tax |
157.768 |
82.450 |
37.910 |
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Provision for Taxation |
41.807 |
22.097 |
4.318 |
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Profit/(Loss) After Tax |
115.961 |
60.353 |
33.592 |
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Expenditures : |
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Raw Material Consumed |
269.401 |
418.862 |
330.477 |
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Salaries, Wages, Bonus, etc. |
65.161 |
54.345 |
44.374 |
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Managerial Remuneration |
1.800 |
1.800 |
1.582 |
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Payment to Auditors |
0.586 |
0.485 |
0.422 |
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Interest |
18.680 |
16.641 |
16.886 |
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Insurance Expenses |
1.551 |
1.385 |
1.379 |
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Power & Fuel |
0.926 |
0.793 |
0.676 |
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Depreciation & Amortization |
27.043 |
44.904 |
125.676 |
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Other Expenditure |
58.781 |
55.733 |
45.033 |
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Total Expenditure |
443.929 |
594.948 |
566.505 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
19.27
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8.91 |
5.56 |
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Net Profit Margin (PBT/Sales) |
(%) |
27.63
|
12.66 |
6.63 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
18.12
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21.48 |
6.51 |
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Return on Investment (ROI) (PBT/Networth) |
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0.25
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0.16 |
0.08 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.08
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0.56 |
0.64 |
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Current Ratio (Current Asset/Current Liability) |
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3.19
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1.64 |
2.42 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
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Corporate
identity number (CIN) Foreign company registration number |
U55101TN1999PLC041675 |
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Name of the
Company |
SAS HOTELS AND ENTERPRISES LIMITED |
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Address |
No.3, Mangesh Street, T Nagar, Chennai – 600017, Tamilnadu, India |
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This form is for |
Creation of
Charge |
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Type of Charge |
Book Debts Floating Charge |
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Particulars of
the charge holder |
HDFC Bank Limited HDFC Bank House,
Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India |
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Nature or
description of the instrument(s) creating or modifying the charge |
Deed of
Hypothecation |
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Date of the instrument
creating or modifying the charge |
16.02.2007 |
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Amount secured by
the charge |
Rs.80.000
Millions |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of
Interests: Any such rate as
may be advised to the company from time to time in respect of the terms Loan Terms of
Repayment: Term Loan of
Rs.80.000 Millions Unless demanded earlier the loan is repayable in 3 years Margin: As may be
prescribed by the Bank from time to time. Extent and operation
of the charge: Exclusive first
charge on all the receivable of the company both present and future. |
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Short particulars
of the property charged (including location of the property) |
Exclusive first
charge on all the receivable of the company both present and future. |
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Particular of the
present modification |
NA |
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.40.44 |
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UK Pound |
1 |
Rs.82.06 |
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Euro |
1 |
Rs.62.90 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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PAID-UP CAPITAL |
1~10 |
7 |
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OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
8 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
7 |
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--LEVERAGE |
1~10 |
7 |
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--RESERVES |
1~10 |
7 |
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--CREDIT LINES |
1~10 |
7 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
63 |
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 |
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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 |
|