MIRA
INFORM REPORT
|
Report Date : |
28.02.2011 |
IDENTIFICATION DETAILS
|
Name : |
ORIENTAL HOTELS LIMITED |
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|
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Registered
Office : |
Taj coromandel Hotel, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
18.09.1970 |
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Com. Reg. No.: |
18-005897 |
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CIN No.: [Company Identification
No.] |
L55101TN1970PLC005897 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CHEO00008B |
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Legal Form : |
A Public Limited Liability Company. The company’s shares are listed on
the Stock Exchanges. |
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Line of Business
: |
Hoteliering and Catering |
RATING & COMMENTS
|
MIRA’s Rating : |
A (67) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 8483000 |
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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.
Financial position of the company appears to be sound. Trade relations are reported
as fair. Business is active. Payments are reported to be regular and reported
as per commitments. The company can be considered good for normal 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 – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
INFORMATION DECLINED BY
Management non co-operative [ Name not disclose.]
LOCATIONS
|
Registered Office : |
Taj coromandel Hotel, |
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Tel. No.: |
91-44-66002837 |
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Fax No.: |
91-44-66002089 |
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E-Mail : |
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Website : |
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DIRECTORS
AS ON 27.07.2010
|
Name : |
Mr. Rayaroth Kuttambally Krishna Kumar |
|
Designation : |
Chairman |
|
Address : |
213-B, NCPA, Apartment, Nariman Point, Mumbai – 400021, |
|
Date of Birth/Age : |
18.07.1938 |
|
Date of Appointment : |
24.09.1997 |
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|
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|
Name : |
Mr. Dodla Varada Reddy |
|
Designation : |
Managing Director |
|
Address : |
No.19, |
|
Date of Birth/Age : |
11.08.1946 |
|
Date of Appointment : |
26.07.2004 |
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|
Name : |
Mr. Raymond Naylon Bickson |
|
Designation : |
Director |
|
Address : |
Flat No. 10, Sealand Apartment, 4th Floor, Cuffe Parade,
Mumbai – 400005, |
|
Date of Birth/Age : |
16.12.1955 |
|
Date of Appointment : |
29.10.2003 |
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|
Name : |
Mr. Sri Balusu Prabhakara Venkata Ramamohana Rao |
|
Designation : |
Director |
|
Address : |
No.46, |
|
Date of Birth/Age : |
03.10.1934 |
|
Date of Appointment : |
28.10.1985 |
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|
Name : |
Dr. Gopalan Sundaram |
|
Designation : |
Director |
|
Address : |
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Date of Birth/Age : |
07.10.1938 |
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Date of Appointment : |
23.10.2000 |
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Name : |
Mr. Anil Pushkar Goel |
|
Designation : |
Director |
|
Address : |
93A, |
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Date of Birth/Age : |
20.05.1957 |
|
Date of Appointment : |
20.10.2004 |
|
Date of Ceasing : |
14.05.2010 |
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|
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|
Name : |
Mr. Dolda Vijayagopal Reddy |
|
Designation : |
Director |
|
Address : |
New No.44, Old No.21, Arch Bishop, |
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Date of Birth/Age : |
22.08.1952 |
|
Date of Appointment : |
11.11.2005 |
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|
Name : |
Mr. Syed Yusuff Syed Meeran |
|
Designation : |
Director |
|
Address : |
No.4/240, 2nd |
|
Date of Birth/Age : |
17.07.1958 |
|
Date of Appointment : |
31.07.2006 |
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|
Name : |
Mr. Pramod Ranjan |
|
Designation : |
Director |
|
Address : |
Flat No.1B, Ranga Parad Apartments, No.9, Binny Road, |
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Date of Birth/Age : |
02.04.1967 |
|
Date of Appointment : |
21.01.2008 |
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|
Name : |
Mr. Devrayapuram Ramasamy Kaathikeyan |
|
Designation : |
Director |
|
Address : |
102, Ground Fllor, Anand Lok, |
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Date of Birth/Age : |
02.10.1939 |
|
Date of Appointment : |
27.05.2008 |
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|
Name : |
Mr. Diwan Arun Nanda |
|
Designation : |
Director |
|
Address : |
Row House No.11, Grand Paradi 572, Dady Seth Hill August Kranti Marg,
Mumbai – 400036, |
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Date of Birth/Age : |
20.08.1943 |
|
Date of Appointment : |
17.10.2008 |
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|
Name : |
Mr. Venu Srinivasan |
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Designation : |
Director |
|
Address : |
2, Adya Club Gae Roasd, R A Puram, Chennai – 600028, |
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Date of Birth/Age : |
11.12.1952 |
|
Date of Appointment : |
17.10.2008 |
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|
Name : |
Mr. Ramesh Daulatram Hariani |
|
Designation : |
Director |
|
Address : |
Bunglow No.3, Ground Floor, Grant Paradi Apartment, Dady |
|
Date of Birth/Age : |
11.10.1949 |
|
Date of Appointment : |
14.05.2010 |
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|
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|
Name : |
Mrs. Tiruchirapalli Subburaman Sudarambal |
|
Designation : |
Company Secretary |
|
Address : |
Flat No.4, 2nd Fllor, Tanjore, Apartments, 21, |
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Date of Birth/Age : |
29.11.1951 |
|
Date of Appointment : |
31.07.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2010
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding
of promoters and Promoter Group |
|
|
|
1. Indian |
|
|
|
Individuals / Hindu Undivided Family |
5259869 |
2.95 |
|
Bodies Corporate |
61713710 |
34.55 |
|
Any other (Specify) |
25142508 |
14.08 |
|
Director / Promoters and their Relatives and friends |
25142508 |
14.08 |
|
Sub Total (A)
(1) |
92116087 |
51.58 |
|
|
|
|
|
2. Foreign |
|
|
|
Individual (Non-Residents Individuals / Foreign Individuals) |
5649430 |
3.57 |
|
Any other (Specify) |
3643600 |
2.30 |
|
Directors / Promoters and their Relatives and Friends |
3643600 |
2.30 |
|
Sub Total (2) |
9293030 |
5.88 |
|
Total Shareholding
of Promoter Group |
101409117 |
56.78 |
|
|
|
|
|
(B) Public
Shareholding |
|
|
|
1. Institutions |
|
|
|
Mutual Funds / UTI |
15078403 |
9.54 |
|
Financial Institutions / Banks |
893890 |
0.57 |
|
Insurance Companies |
3317410 |
2.10 |
|
Sub Total (B)
(1) |
19289703 |
12.20 |
|
|
|
|
|
2. Non
Institutions |
|
|
|
Bodies Corporate |
1938376 |
1.23 |
|
Individual shareholders holding nominal share capital up to Rs. 0.100
million |
24810317 |
15.69 |
|
Individual shareholders holding nominal share capital in excess of Rs.
0.100 million |
7994845 |
5.06 |
|
Any other (Specify) |
2680892 |
1.70 |
|
|
|
|
|
Non Residents |
|
|
|
NRI Rep |
422614 |
0.27 |
|
Clearing Members |
22471 |
0.01 |
|
Trusts |
5420 |
-- |
|
Director and their relatives and friends |
1404540 |
0.89 |
|
Hindu Undivided Families |
825847 |
0.52 |
|
Sub Total (B)
(2) |
37424430 |
23.67 |
|
Total (A)+(B) |
158123250 |
100.00 |
|
|
|
|
|
Shares
held by custodians and against which depository receipts have been
issued (C) |
-- |
-- |
|
|
|
|
|
Total (A) + (B) +(C) |
158123250 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Hoteliering and Catering |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Not Divulged by the management |
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Bankers : |
HDFC Bank Limited, HDFC Bank House,
Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra,
India |
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Facilities : |
Note : i) Foreign currency loan is secured by first paripassu mortgage by deposit
of title deeds of Taj Coromandal Hotel. ii) Rupee Term Loan and Short Term Loan are secured by way of martgage
by deposit of title deeds in respect of immovable properties of Fisherman's Cove Hotel & additionally
secured by way of exclusive first charge of credit card receivables of the company. iii) Overdraft limits availed from a bank are secured by mortgage of
title deeds of Taj Coromandel Hotel, Chennai. However, there is no amounts outstanding as on the balance sheet date. iv) Cash Credit Limits from banks are secured by Hypothecation of
Stock and Book debts of the Company. However, there are no amounts outstanding as on the Balance
Sheet date. v) Amounts due within one year Rs.90.000 millions (Previous Year -
Nil)
Note : i) Includes due within one year Rs.0.390 millions (Previous year
Rs.109.000 millions) ii) Unclaimed Matured Deposits of Rs.79.400 millions (Previous year
Rs.104.600 millions) have been shown under Current Liabilities. iii) Amounts due within one year Rs.340.000 millions ( Previous year
Rs.655.000 millions) |
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Banking
Relations : |
--- |
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Auditors : |
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|
Name : |
Brahmayya and Company Chartered Accountant |
|
Address : |
No.48 III Floor, |
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|
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Subsidiary Company : |
OHL International (HK) Limited |
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Associate Companies : |
( ceased to be an associate w.e.f. 31st March, 2010)
Lanka Island Resorts Limited (formerly Taj Lanka Resorts Limited) |
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Joint Ventures : |
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CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
24500000 |
Equity Shares |
Rs.10/- each |
Rs.245.000 Millions |
|
|
|
|
|
|
5050000 |
Redeemable Cumulative Preference Shares |
Rs.100/- each |
Rs.505.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.750.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
17859918 |
Equity Shares |
Rs.10/- each |
Rs.178.599
Millions |
|
|
|
|
|
Notes :
- 1,50,000 Equity Shares of the face value of Rs. 10/- each were issued
as fully paid-up pursuant to a contact without payment being received in
cash.
- 99,53,349 Equity Shares of Rs.10/- each were issued as fully paid
bonus shares by capitalization of preference shares Redemption Reserves, Share
Premium Account and General Reserves
- 23,52,941 Global Depository Receipts with an equal number of
underlying Equity Shares were issued in the year 1994-95
- 13,90,536 Equity shares of Rs. 10/- each were allotted in the year
2002-03, Consequent to amalgamation of Covelong Beach Hotel (India)
Limited. With the company
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
178.599 |
178.599 |
178.599 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2685.100 |
2609.842 |
2424.660 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2863.699 |
2788.441 |
2603.259 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1545.900 |
0.000 |
3.774 |
|
|
2] Unsecured Loans |
340.695 |
656.642 |
6.707 |
|
|
TOTAL BORROWING |
1886.595 |
656.642 |
10.481 |
|
|
DEFERRED TAX LIABILITIES |
113.091 |
118.910 |
119.887 |
|
|
Security Deposits |
20.000 |
20.000 |
20.000 |
|
|
|
|
|
|
|
|
TOTAL |
4883.285 |
3583.993 |
2753.627 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1996.848 |
1919.974 |
1618.194 |
|
|
Capital work-in-progress |
968.047 |
222.524 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
1225.246 |
1204.896 |
694.659 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
55.687
|
58.474 |
48.697 |
|
|
Sundry Debtors |
111.763
|
100.544 |
128.648 |
|
|
Cash & Bank Balances |
94.467
|
73.671 |
78.358 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
398.144
|
412.896 |
749.692 |
|
Total
Current Assets |
660.061
|
645.585 |
1005.395 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
376.590 |
290.167 |
294.054 |
|
|
Other Current Liabilities |
20.096
|
7.698 |
8.076 |
|
|
Provisions |
196.142
|
232.132 |
262.491 |
|
Total
Current Liabilities |
592.828
|
529.997 |
564.621 |
|
|
Net Current Assets |
67.233
|
115.588 |
440.771 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
Long Term Deposits |
626.011 |
121.011 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
4883.385 |
3583.993 |
2753.627 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
|
|
|
|
|
|
|
|
Income |
2021.669 |
2183.608 |
2200.460 |
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL (A) |
2021.669 |
2183.608 |
2200.460 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Operating And General Expenses |
1420.266 |
1443.495 |
1405.735 |
|
|
|
TOTAL (B) |
1420.266 |
1443.495 |
1405.735 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
601.403 |
740.113 |
794.725 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
110.573 |
31.950 |
2.970 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
490.830 |
708.163 |
791.755 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
137.131 |
132.379 |
125.995 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
353.699 |
575.784 |
665.760 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
122.243 |
202.546 |
230.824 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
231.456 |
373.238 |
434.936 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
853.081 |
464.944 |
295.894 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
50.000 |
50.000 |
50.000 |
|
|
|
Dividend |
133.950 |
160.739 |
187.529 |
|
|
|
Tax on Dividend |
22.247 |
27.318 |
31.871 |
|
|
BALANCE CARRIED
TO THE B/S |
646.884 |
609.125 |
464.944 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
On Account of Rooms, Restaurants etc. |
710.438 |
|
|
|
|
|
Operating And Management Fees |
24.420 |
22.844 |
|
|
|
|
Guarantee Commission |
-- |
2.711 |
|
|
|
|
Dividend |
55.357 |
-- |
|
|
|
TOTAL EARNINGS |
790.215 |
998.789 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
0.149 |
0.482 |
|
|
|
|
Stores & Spares |
8.099 |
8.009 |
|
|
|
|
Capital Goods |
45.253 |
46.179 |
|
|
|
TOTAL IMPORTS |
53.501 |
54.670 |
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
12.96 |
20.90 |
24.35 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Sales Turnover |
482.670 |
509.260 |
649.860 |
|
Total Expenditure |
414.300 |
424.990 |
469.400 |
|
PBIDT (Excl
OI) |
68.370 |
84.270 |
180.460 |
|
Other Income |
1.900 |
19.700 |
1.980 |
|
Operating
Profit |
70.270 |
103.970 |
182.440 |
|
Interest |
32.860 |
35.740 |
45.390 |
|
Exceptional
Items |
20.000 |
0.000 |
2.500 |
|
PBDT |
57.410 |
68.230 |
139.560 |
|
Depreciation |
35.460 |
38.630 |
39.660 |
|
Profit Before
Tax |
21.950 |
29.600 |
99.900 |
|
Tax |
5.110 |
9.900 |
33.570 |
|
Reported PAT |
16.840 |
19.700 |
63.330 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
16.840 |
19.700 |
66.300 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
11.44
|
17.09 |
19.76 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
17.49
|
26.36 |
30.25 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.31
|
23.50 |
25.37 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12
|
0.20 |
0.25 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.86
|
0.42 |
0.22 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.11
|
1.21 |
1.78 |
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors
Details :
(Rs.
In Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Due to Micro Enterprises and Small Enterprises |
-- |
0.008 |
-- |
|
Others (Including Rs. 6.687 millions due to Directors Previous Year
Rs. 8.566 Millions) |
376.590 |
290.159 |
294.054 |
|
|
|
|
|
|
Total |
376.590 |
290.167 |
294.054 |
Form : 8
|
Corporate
identity number of the company |
L55101TN1970PLC005897 |
|
Name of the
company |
ORIENTAL HOTELS
LIMITED |
|
Address of the
registered office or of the principal place of business in |
Taj coromandel Hotel, |
|
This form is for |
Modification of
charge |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
HDFC Bank Limited, HDFC Bank House,
Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra,
India |
|
Nature of
description of the instrument creating or modifying the charge |
Memorandum
relating to extension of mortgage by constructive delivery of title deeds relating
to immovable properties of the Company is enclosed herewith. |
|
Date of
instrument Creating the charge |
21/09/2010 |
|
Amount secured by
the charge |
Rs. 1200.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
: Any such rate as
may be advised to the Company from time to time in respect of the credit
facilities. Terms of
Repayment : i) Term Loan of
Rs.1000.000 millions- Repayable as per sanction terms; ii) STL/CC/WCDL of
Rs.100.000 millions - Repayable as per sanction terms; and iii) CC/WCDL of
Rs.100.000 millions New) (with sub
limit - LG/BG of Rs.50.000 millions) - Repayable as per sanction terms. Margin : As may be
prescribed by the Bank from time to time for the credit facilities. Extent and
Operation of the charge : The Company has
created charge by way of extension of mortgage by constructive delivery of
title deeds in respect of immovable properties of the Company described in
the Attachment as security for repayment of credit facilities granted /to be
granted aggregating to Rs.120.00 Crores together with interest, costs,
charges and other dues any time hereafter may become due and owing to the
bank in respect of and under the credit facilities and interest and all the
other cost thereto. Others : Nil |
|
Date of latest
modification prior to the present modification |
31/08/2009 |
|
Particulars of
the present modification |
By the present modification,
an additional CC/WCDL facility of Rs.100.000 millions (with sub-limit of
LC/BG of Rs.50.000 millions) has been granted, thereby the aggregate credit
facilities granted / to be granted to the Company have been enhanced from
Rs.110.000 millions to Rs.1200.000 millions and the enhanced credit
facilities are secured by extension of mortgage by constructive delivery of
title deeds relating to immovable properties of the Company as described in
the Attachment. |
Fixed Assets :
- Land (Freehold)
- Land (Leasehold) #
- Building
- Plant and Machinery
- Furniture, Fixtures and Office Equipments
- Vehicles
Audited Statement of Financial Results for the quarter ended December
31, 2010
(Rs. In millions)
|
Particulars |
Quarter Ended 31st December 2010 |
Nine Months Ended 31st December 2010 |
|
(a) Net Sales/ Income from
operation |
649.771 |
1639.664 |
|
(b) Other Operating Income |
0.088 |
2.125 |
|
Total Income |
649.859 |
1641.789 |
|
2. Expenditure |
|
|
|
b. Consumption of Raw-Materials |
71.371 |
184.265 |
|
d. Employees Cost |
123.365 |
367.638 |
|
c. Fuel, Power And Light |
50.397 |
148.343 |
|
e. Depreciation |
39.655 |
113.743 |
|
f. Other Expenditure |
224.260 |
598.335 |
|
g. Total |
509.048 |
1412.324 |
|
3. Profit(+)/ Loss(-) from Operations before other Income Interest and
Exceptional Item(1-2) |
140.811 |
229.465 |
|
4. Other Income-Foreign Exchange Fluctuation-Gain/(Loss) |
1.983 |
7.680 |
|
5. Profit(+)/ Loss(-) before Interest and Exceptional Item |
142.794 |
237.145 |
|
6. Interest |
45.392 |
113.993 |
|
7. Profit(+)/ Loss(-) after Interest but before Exceptional Item (5-6) |
97.402 |
123.152 |
|
8. Exceptional Items |
2.500 |
8.300 |
|
9. Profit(+)/
Loss (-) from ordinary activities
before Tax (7-8) |
99.902 |
20.000 |
|
10. Tax Expenses |
33.573 |
151.452 |
|
11. Net Profit(+)/ Loss (-) from ordinary activities after Tax (9-10) |
66.329 |
48.579 |
|
12. Extraordinary Items |
-- |
-- |
|
13. Net Profit (+)/ Loss(-) for the period (11-12) |
|
|
|
14. Paid Up Equity Share Capital (Face Value of Rs.10 Per Share) |
1785.99 |
1785.99 |
|
15. Reserves excluding Revaluation Reserves as per Balance Sheet of
Previous Accounting Year |
|
|
|
16. Earning per Share (EPS) |
|
|
|
a) Basic and diluted EPS before extraordinary items for the period, for
the year to date and for the previous year (not annualised) |
-- |
-- |
|
b) Basic and diluted EPS after extraordinary items for the period,for
the year to date and for the previous year (not annualised) |
0.37 |
0.59 |
Audited Statement of Financial Results for the Quarter Ended December 31st
2010
(Rs. In Millions)
|
Particulars |
31st
December 2010 |
|
Aggregate of Public Shareholding |
|
|
Number of Shares |
60044973 |
|
Percentage of Shareholding |
33.62 |
|
Promoter and Promoter group Shareholding |
|
|
a) Pledged / Encumbered |
|
|
Number of Shares |
1923610 |
|
Percentage of Shares(as a % of the total Shareholding of promoter and
promoter group) |
1.62% |
|
Percentage of Shares (as a % of the total share capital of the company) |
1.08% |
|
b) Non-Encumbered |
|
|
Number of Shares |
116630597 |
|
Percentage of Shares (As a % of the total Shareholding of promoter and
promoter group) |
98.38% |
|
Percentage of Shares (As a % of the total Share Capital of the
company) |
65.30% |
|
|
|
Notes :
1. The Total Income of Rs.1641.800 millions
registered a growth over the corresponding 9 months period of the preceding
yeas by 25%. The current 9 months Income includes a turn ova of Rs.153.700
millions from the new hotel in
2. As per the approval of the Members through
postal ballot, the sub-divided equity shares of Rs. 1/- each have been credited
on November 12, 2010 to the respective demat accounts of the shareholders who
opted for the sub-divided equity shares in demat form and physical share
certificates have been sent to those who surrendered their old share
certificates and opted for physical share certificates.
3. The disclosures of shareholding under
‘public shareholding’ and ‘promoters and promoter group shareholding’ as on
December 31st 2010 represents shares of Rs. 1 each against shares of
Rs.10 each shown for the previous periods.
4. The Earnings per share (EPS disclosed have
been recast to make them comparable with the EPS of the quarter and nine months
ended December 31, 2010 consequent upon the sub-division of shares referred to
in
Note 2.
5. Exceptional Items — Others represents
compensation received by the Company in connection with the surrender of the
lease on a plot of land earlier in the year.
6. Disclosure of segment wise information is
not applicable as Hoteliering is the Company’s only business segment,
7. Disclosure on investor’s complaints:
|
Complaints Outstanding at the beginning of
the quarter |
Received during the quarter |
Disposed During the Quarter |
Unresolved at the end of the quarter |
|
Nil |
Nil |
Nil |
Nil |
8. Figures for the previous year/period have
been regrouped wherever necessary to conform to the current period
presentation.
9. The audited results of the Company have
been reviewed by the Audit Committee and thereafter taken on record by the
Board of Directors at its meeting held on January 25,
2011.
OPERATING RESULTS:
The Year 2009 - 2010 was one of the most
difficult years for the tourism industry but the sector proved to be solid and
resisted better than many others, proving its value in terms of job creation
and income generation.
The global economic meltdown and the swine flu
scare hit Indian tourism last year, which saw foreign tourist arrivals fall by
3.3 percent to 5.11 million as against 5.28 million in 2008.
The period January – September 2009 had seen an
overall decline of 7.7% in foreign tourist arrivals as compared to the
corresponding period of the previous year. The trend in foreign tourist
arrivals to the country had shown an improvement in the month of June 2009,
which registered, for the first time in 6 months, an increase of 0.2% in
foreign tourist arrivals to the country as compared to the corresponding month
of the previous year, followed by an increase of 0.6% in the month of July. The
months of August and September 2009 once again saw a decline of 8.6% and 4.1%
as compared to corresponding months of the previous year.
The economic slowdown had significantly
impacted the performance of the sector across all key markets. The severe
impact of the downturn was felt in the first six months from April to September
2009. However the trend started to improve in the second half of the financial
year. The last quarter particularly was comparatively better and this helped in
improving the financial results of the Company. The leisure markets and the
Chennai markets revived during the crucial November to March period. However
the Average Room Rates (ARR's) continued to be under pressure. All the hotel
units of the Company continue to be the Revpar leaders in their respective
markets.
After recording strident growth in the previous
years, the domestic economy could not avoid a slow down in the wake of the
global economic crisis. The services sector which has been the prime growth
engine for the last five years is slowing. Dampened demand has dented corporate
margins while the uncertainty surrounding the crisis has affected business
confidence. With the revival in global economic growth, Indian economy is
expected to grow as the year progresses.
The Indian Rupee dropped mainly on account of
continuous capital outflow from the Indian Stock market, a slowing economy and
a widening current and trade account deficit.
The Company's revenues declined by 8%. The
Hotel operating income was severely affected by the economic slowdown. Revival
started only in the last two quarters but the ARRs continued to be under
pressure. For the year ended March 31, 2010, the Company recorded a turnover of
Rs. 2021.700 millions as against Rs. 2182.600 millions earned during the
previous year. The Profit Before Tax at Rs. 353.700 millions was 39% lower as
compared to Rs. 575.800 millions in the previous year. The Profit after Tax
declined by 38% to Rs. 231.400 millions as against Rs. 373.200 millions in the
previous year.
After the initial softness in key markets that
was witnessed during the first 6-months of the year, there had been a steady
improvement in the occupancies registered across the Company’s hotel portfolio
during the second half of the financial year ended March 31, 2010 though the
room rates continued to be under pressure. The ARRSs during the year declined
by 8% as compared to the previous year.
SUBSIDIARY
COMPANY:
The company has obtained an exemption from the
Ministry of Corporate Affairs, (MCA), Government of India, vide its letter No.
47 / 431 / 2010 - CL - III dated May 21, 2010 from publication of the accounts
of its Subsidiary, OHL International (HK) Limited, under the provisions of
Section 212 of the Companies Act, 1956 and hence the accounts of the Subsidiary
are not appended to the Annual Report. However, the Consolidated Financial
Statement of its Subsidiary, Joint Ventures and Associates prepared in stirct
compliance with accounting Standard 21 " Consolidated Financial
Statements" and the Listing agreement, duly audited by the Statutory
Auditors from part of the Annual Report. The Financial Statements of the
Subsidiary Company and other related detailed information are available at the
office of the Company Secretary at any point of time. The Annual Accounts of
the Subsidiary Company will also be available for inspection at the office of
the Company Secretary and the Subsidiary Company.
MANAGEMENT DISCUSSION AND ANALYSIS
The Company has been reporting consolidated
financial results taking into account the results of its subsidiary, joint
ventures and associates. This discussion, therefore, covers the financial
results and other developments during April 2009 to March 2010. Some statements
in this discussion describing the projections, estimates, expectations or
outlook may be forward looking. Actual results may, however, differ materially
from those stated on account of various factors such as changes in government
regulations, tax regimes, and economic developments etc.
Global and Indian
Economy:
An Overview of the
Global and Indian Tourism Industry
As per the Travel and Tourism Competitiveness
Report 2009 by the World Economic Forum, India is ranked 11th in the Asia Pacific region and 62nd overall,
moving up three places on the list of the world’s attractive destinations. It
is ranked the 14th best tourist destination for its natural
resources and 24th for its cultural resources, with many World
Heritage sites, both natural and cultural, rich fauna, and strong creative
industries in the country.
country for business.
It has tremendous scope of generating
employment in
Contingent
liabilities
The accounting standard definition of a contingent
liability is as follows:
1. A possible obligation that arises from past
events and whose existence will be confirmed only by the occurrence of one or
more uncertain future events not wholly within the entity’s control; or
2. A present obligation that arises from past
events but is not recognized because it is not probable that a transfer of
economic benefits will be required to settle the obligation; or
3. The amount of the obligation cannot be
measured with sufficient reliability.
A loss contingency is an existing condition,
situation, or set of circumstances that involves uncertainty as to possible
loss that will be resolved when one or more future events occur or fail to
occur. Potential loss refers to contingent liabilities in which there is
substantial and material risk of loss to the organization.
The Company’s Contingent Liabilities pertain
primarily to corporate guarantee provided and taxation matters.
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] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.37 |
|
|
1 |
Rs.73.54 |
|
Euro |
1 |
Rs.62.39 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
67 |
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.