MIRA
INFORM REPORT
|
Report Date : |
22.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
THE LAKE PALACE HOTELS AND MOTELS PRIVATE LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
02.03.1963 |
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Com. Reg. No.: |
17-001158 |
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Capital
Investment / Paid-up Capital : |
Rs.4.424
millions |
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CIN No.: [Company Identification
No.] |
U55101RJ1963PTC001158 |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Hoteliering and Catering |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 763000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an old
and established company having satisfactory track records. Trade relations are
reported as fair. Business is active. Payments are reported to be usually
correct and as per commitments. The company can
be considered normal for business dealings at usual trade terms and
conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office : |
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|
Tel. No.: |
91-294-2419021-9/ 2528016 |
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Fax No.: |
91-294-2419020/ 2528006 |
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E-Mail : |
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Website : |
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Branches : |
Located at: v
v
Mumbai v
Ahmedabad v
Jaipur v
v
v
Panchkula v
Kolkata v
|
DIRECTORS
As on 23.09.2011
|
Name : |
Mr. Arvind Singh Mewar |
|
Designation : |
Chairman and Managing Director |
|
Address : |
The Palace, |
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Date of Birth/Age : |
13.12.1944 |
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Qualification : |
B.A> Hotel Management Course |
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Date of Appointment : |
02.06.1963 |
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DIN No.: |
00008244 |
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|
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|
Name : |
Mrs. Yogeshwari Kumari |
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Designation : |
Director |
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Address : |
"Five Oaks", 4/8, |
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Date of Birth/Age : |
05.10.1943 |
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Date of Appointment : |
25.06.1983 |
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DIN No.: |
00200102 |
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|
|
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Name : |
Mr. Salil Singhal |
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Designation : |
Director |
|
Address : |
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Date of Birth/Age : |
21.08.1946 |
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Date of Appointment : |
30.09.2000 |
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DIN No.: |
00006629 |
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|
Name : |
Mr. Vinod Nagpal |
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Designation : |
Director |
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Address : |
15, Ishwar Nagar East, |
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Date of Birth/Age : |
23.01.1948 |
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Date of Appointment : |
30.09.2000 |
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DIN No.: |
00147777 |
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|
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Name : |
Mr. Lakshyaraj Singh Mewar |
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Designation : |
Director |
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Address : |
The Palace, |
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Date of Birth/Age : |
28.01.1985 |
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Date of Appointment : |
29.12.2010 |
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DIN No.: |
00071906 |
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|
|
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Name : |
Vinayshil Gautam |
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Designation : |
Additional Director |
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Address : |
9, |
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Date of Birth/Age : |
03.06.1946 |
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Date of Appointment : |
30.09.2010 23.09.2011
(Reappointment) |
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Date of Ceasing : |
23.09.2011 |
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DIN No.: |
00037909 |
KEY EXECUTIVES
|
Name : |
Mr. Vaibhav Talesara |
|
Designation : |
Officiating Company Secretary |
|
Address : |
402, Moti Vial, Anand Vihar, |
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Date of Birth/Age : |
05.04.1983 |
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Date of Appointment : |
10.12.2009 |
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PAN No.: |
AEKPT9762N |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 23.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Arvind Singh Mewar |
|
1000 |
|
The Executor of the will of HLH Shriji Maharana B.S. Mewar, |
|
788 |
|
Mahendra Singh Mewar |
|
426 |
|
The Lake Shore Palace Hotel Private Limited, |
|
2210 |
|
Total |
|
4424 |
As on 23.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
49.95 |
|
Directors
or relatives of directors |
|
50.05 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Hoteliering and Catering |
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
v
Vijaya Bank, v
State Bank of |
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Facilities : |
Notes: 1. Term Loans from State Bank of India (SB1) are secured against assignment
of minimum guaranteed receivables from Indian Hotels Company Limited and
First Charge by way of deposit of Title Deeds of Company's properties at
Udaipur, viz Jagniwas, Jagmandir and Garden Hotel and further secured by
personal guarantee of Chairman and Managing Director of the Company 2. Vijaya Bank Loans are secured against mortgage of Company's property Director of the
Company and corporate guarantee by the Lake Shore Palace Hotel Private
Limited 3. 'Others' represent loans for financing Company's vehicles by ICICI
Bank and HDFC Bank.
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
T.N. Unni and Company Chartered Accountants |
|
Address : |
402, Alankar Point, 4-A, Rajgarh Kothi, Geeta Bhawan Square, AB ROAD,
Indore – 452 001, Madhya Pradesh, India |
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E-Mail : |
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PAN No.: |
AACFT7867J |
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Subsidiaries : |
v
Historic Resort Hotels Private Limited (CIN No.:
U55101RJ1989PTC005105) v
Rajput Hotel And Resorts Private Limited (CIN
No.: U55101RJ1995PTC010089) |
CAPITAL STRUCTURE
As on 23.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.1000/- each |
Rs.50.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4424 |
Equity Shares |
Rs.1000/- each |
Rs.4.424
millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
4.424 |
4.424 |
4.424 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
186.366 |
181.483 |
179.488 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
190.790 |
185.907 |
183.912 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
985.319 |
796.054 |
827.259 |
|
|
2] Unsecured Loans |
0.000 |
11.237 |
0.000 |
|
|
TOTAL BORROWING |
985.319 |
807.291 |
827.259 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TRADE & OTHER DEPOSITS |
227.095 |
227.338 |
227.338 |
|
|
|
|
|
|
|
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TOTAL |
1403.204 |
1220.536 |
1238.509 |
|
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|
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|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
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|
FIXED ASSETS [Net Block] |
739.223 |
360.338 |
382.844 |
|
|
Capital work-in-progress |
25.625 |
153.740 |
108.114 |
|
|
|
|
|
|
|
|
INVESTMENT |
159.668 |
159.668 |
159.668 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
16.007
|
10.793 |
14.774 |
|
|
Sundry Debtors |
31.320
|
25.988 |
17.061 |
|
|
Cash & Bank Balances |
17.034
|
22.134 |
6.998 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
535.920
|
548.786 |
619.521 |
|
Total
Current Assets |
600.281
|
607.701 |
658.354 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
71.479
|
26.022 |
35.138 |
|
|
Other Current Liabilities |
65.477
|
56.487 |
60.941 |
|
|
Provisions |
6.723
|
5.027 |
8.007 |
|
Total
Current Liabilities |
143.679
|
87.536 |
104.086 |
|
|
Net Current Assets |
456.602
|
520.165 |
554.268 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
22.086 |
26.625 |
33.615 |
|
|
|
|
|
|
|
|
TOTAL |
1403.204 |
1220.536 |
1238.509 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
|
|
|
|
|
Boarding & Lodging, Bar and Other Income |
349.490 |
307.469 |
298.588 |
|
|
|
Profit/ (Loss) on sale of Assets |
|
0.222 |
1.047 |
|
|
|
TOTAL |
349.490 |
307.691 |
299.635 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Operating & General Expenses |
NA |
179.464 |
194.843 |
|
|
|
Loss on sale of Fixed Assets |
NA |
0.000 |
1.794 |
|
|
|
TOTAL |
NA |
179.464 |
196.637 |
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE
DEPRECIATION AND AMORTISATION, INTEREST & FINANCE CHARGES & TAXES |
NA |
128.227 |
102.998 |
|
|
|
|
|
|
|
|
|
|
DEPRECIATION/
AMORTISATION |
28.586 |
28.026 |
28.869 |
|
|
|
|
|
|
|
|
|
|
INTEREST &
FINANCIAL EXPENSES |
NA |
96.751 |
89.974 |
|
|
|
|
|
|
|
|
|
|
PRIOR YEAR’S
EXPENSES |
0.508 |
0.015 |
0.196 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE EXTRA ORDINARY ITEMS & TAXES |
6.982 |
3.435 |
(16.041) |
|
|
|
|
|
|
|
|
|
Add/ Less: |
EXCESS PROVISIONS
NO LONGER REQUIRED WRITTEN BACK & TAX REFUNDS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
a) SUNDRY
BALANCE WRITTEN BACK |
0.132 |
0.360 |
0.784 |
|
|
|
|
|
|
|
|
|
|
b) PRIOR YEAR
ADJUSTMENTS/ EXTRA ORDINARY ITEMS |
0.000 |
0.000 |
0.018 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
7.114 |
3.795 |
(15.239) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
3.528 |
(0.383) |
7.096 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
3.586 |
4.178 |
(22.335) |
|
|
|
|
|
|
|
|
|
Less |
Proposed
Dividend including dividend tax |
0.514 |
0.511 |
0.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
(14.868) |
(18.535) |
3.800 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(11.796) |
(14.868) |
(18.535) |
|
|
|
|
|
|
|
|
|
|
EXPORT VALUE |
64.663 |
65.227 |
106.410 |
|
|
|
|
|
|
|
|
|
|
C.I.F. VALUE OF
IMPORTS |
13.896 |
0.304 |
1.693 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
811.00 |
584.00 |
(5049.00) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.03
|
1.36 |
(7.45) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
1.23 |
(5.10) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.53
|
0.39 |
(1.46) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
0.02 |
(0.08) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
5.92
|
4.81 |
5.06 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.18
|
6.94 |
6.33 |
LOCAL AGENCY FURTHER INFORMATION
OPERATING RESULTS:
The total income
of the Company for the year was at Rs.349.490 millions, which was Rs.41.799 millions
higher as against Rs.307.691 millions of previous year. The Net Profit after
depreciation and interest is Rs.7.114 millions against a profit of Rs.3.795
millions during the previous year.
WORKING OF UNITS:
As per the current
business arrangement with Indian Hotels Company Limited a sum of Rs.128.785
millions was received as guaranteed profit towards Lake Palace Hotel, as
against Rs.123.934 millions in the previous year.
The turnover of
The Aodhi Hotel,
Kumbhalgarh showed an increase of Rs.5.309 millions and was Rs.28.476 millions
as against Rs.23.167 millions in the previous year.
The turnover of
Fateh Bagh Ranakpur, was Rs.16.554 millions as against Rs.13.414 millions in
the previous year the same of Garden Hotel was Rs.23.956 millions during the
year from Rs.17.982 millions in previous year.
THE CURRENT
SCENARIO AND FUTURE OUTLOOK:
Indian tourism
during the year 2010-11 has been positive and is poised for good growth. There
is increasing interest in both foreign and domestic travelers. It is in the
context that the company undertook substantial investment to add additional
rooms, refurnishing the existing property, and upscale the company's conference
and meeting facilities.
CONTINGENT LIABILITIES NOT PROVIDED FOR: (As on 31.03.2011)
a) No Corporate
Guarantee has been given in favour of any other company or concern during the
year or the previous year.
b) Disputed demand
of Rs.6.000 millions on account of stamp duty and penalty in respect of the
business agreement between the Company and the Indian Hotels Company Limited by
the Collector of Stamps,
c) Indemnity Bond
for Service tax on payment of Lease deed of Mumbai office, liability not
acknowledged by Service providers. The amount is Rs.0.081 million.
FORM 8:
|
Corporate
identity number of the company |
U55101RJ1963PTC001158 |
|
Name of the
company |
THE LAKE PALACE HOTELS AND MOTELS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
E-Mail: cs@hrhhotels.com |
|
This form is for |
Creation of
charge |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
Vijaya Bank, E-Mail: cs@hrhhotels.com |
|
Nature of
description of the instrument creating or modifying the charge |
Memorandum Articles of
Agreement |
|
Date of instrument
Creating the charge |
04.06.2011 |
|
Amount secured by
the charge |
Rs.1120.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: Base rate + 1.50%
(floating) i.e. 11.00% p.a. at present Terms of
Repayment: Repayment
schedule with articles of agreement. Margin: 72.75% Extent and
Operation of the charge: Mortgage of
properties |
|
Short particulars
of the property charged |
Plot- Jag Mandir admeasuring
105000 sqft situated at Lake Pichola Udaipur belonging to Lake Palace Hotels
and Motels Private Limited Plot- Motor
Garage (Garden Hotel) admeasuring 58308 sqft situated at Plot- The Jag
Niwas ( Assignment of
future rent receivable from lessee Indian Hotel Company Limited in terms of
lease agreement dated 16.01.2001 or any other subsequent agreement from time
to time. |
FIXED ASSETS:
v
Land
v
Building
v
Plant and Machinery
v
Vehicles
v
Motor Boats and Launches
v
Furniture, Furnishings and Office Equipments
v
Woolen Rug and Carpets
v
Audio Visual Equipments
v
Computers and Accessories
v
Land Development
v
Aircraft
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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] 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.52.67 |
|
|
1 |
Rs.82.53 |
|
Euro |
1 |
Rs.69.13 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--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 |
|
45 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.