MIRA
INFORM REPORT
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Report Date : |
18.05.2011 |
IDENTIFICATION DETAILS
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Name : |
SAROVAR HOTELS PRIVATE LIMITED |
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Formerly Known As : |
SAROVAR PARK PLAZA HOTELS AND RESORTS PRIVATE LIMITED |
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Registered Office : |
42, Mittal Chembers, Nariman Point, Mumbai – 400 021, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
10.03.1993 |
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Com. Reg. No.: |
11-139435 |
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Capital Investment / Paid-up Capital : |
Rs.0.193 Million |
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CIN No.: [Company
Identification No.] |
U74140MH1993PTC139435 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS35157D |
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PAN No.: [Permanent
Account No.] |
AAACS8083L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Hotel Management Company and Chain of Hotels. |
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No. of Employees : |
1000 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
A (64) |
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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 2200000 |
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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 a 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
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.
INFORMATION PARTED BY
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Name : |
Mr. S. Raja |
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Designation : |
Chief Financial Officer |
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Contact No. : |
91-22-61565757 |
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Date : |
17.05.2011 |
LOCATIONS
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Registered/ Corporate Office : |
42, Mittal Chembers, Nariman Point, Mumbai – 400 021, |
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Tel. No.: |
91-22-61565757/ 66350800 |
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Fax No.: |
91-22-61565758/ 66352766 |
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E-Mail : |
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Website : |
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Area : |
15000 Sq. ft. |
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Location : |
Owned |
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Regional Office : |
Millennium, E -48/9, Okhla Phase II, |
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Tel. No.: |
91-11-2638 3851-5 |
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Fax No.: |
91-11-2638 3856 |
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E-Mail : |
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Sales Office : |
Located at:
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DIRECTORS
As on 09.09.2010
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Name : |
Mr. Anil Kumar Madhok |
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Designation : |
Chairman cum Managing Diretor |
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Address : |
B – 28, Sterling Apartments, 38, |
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Date of Birth/Age : |
17.09.1946 |
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Date of Appointment : |
10.09.1993 |
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DIN No. : |
00033956 |
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Name : |
Mr. Ajay Kumar Bakaya |
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Designation : |
Director |
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Address : |
A 570A, Sushant Lok, Phase – 1, Gurgaon – 122 002, |
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Date of Birth/Age : |
07.10.1956 |
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Date of Appointment : |
20.11.2000 |
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DIN No. : |
01442168 |
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Name : |
Ms. Anju Anil kumar Madhok |
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Designation : |
Director |
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Address : |
2101, |
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Date of Birth/Age : |
24.07.1949 |
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Date of Appointment : |
02.05.2000 |
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DIN No. : |
00033911 |
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Name : |
Mr. Robin Sushil Chandra |
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Designation : |
Director |
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Address : |
555, |
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Date of Birth/Age : |
15.04.1966 |
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Date of Appointment : |
20.02.2006 |
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DIN No. : |
00396361 |
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Name : |
Mr. Tariq Dattatraya Vaidya |
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Designation : |
Director |
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Address : |
31, Nymph, |
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Date of Birth/Age : |
23.05.1970 |
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Date of Appointment : |
17.09.2007 |
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DIN No. : |
00064564 |
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Name : |
Mr. Mansoor Adil |
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Designation : |
Director |
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Address : |
109B, |
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Date of Birth/Age : |
16.10.1959 |
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Date of Appointment : |
29.08.2008 |
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DIN No. : |
02210986 |
KEY EXECUTIVES
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Name : |
Mr. S. Raja |
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Designation : |
Chief Financial Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 09.09.2010
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Names of Shareholders |
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No. of Shares |
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Anil Kumar Madhok |
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1080 |
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Ajay Kumar Bakaya |
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260 |
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Trustees on behalf of Bessemer Venture Partners Trust ( |
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294 |
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New Vernon Private Equity Limited ( |
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294 |
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Total |
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1928 |
As on 09.09.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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30.49 |
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Directors
or relatives of directors |
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69.51 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Hotel Management Company and Chain of Hotels. |
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Products : |
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Terms : |
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Selling : |
Cash |
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Purchasing : |
Cash |
GENERAL INFORMATION
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Customers : |
End users and OEM’s |
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No. of Employees : |
1000 (Approximately) |
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Bankers : |
The Saraswat Co-Operative Bank Limited, Fort Branch, Sailor Building,
373/ 375, D.N. Road, Opposite Hutatma Chowk, Fort, Mumbai – 400 001,
Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Financial Institution : |
Infrastructure Development Finance Company Limited, ITC Centre, 3rd
Floor, 760, Anna Salai, Chennai – 600 002, |
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Auditors : |
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Name : |
Chokshi and Chokshi Chartered Accountants |
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Address : |
101/ 102, Kshamalaya, 1st Floor, 37, New Marine Lines,
Mumbai – 400 020, |
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Subsidiaries : |
Sarovar Hospitality and Leisure Private Limited CIN No.: U55101MH2008PTC179742 Sarovar Business and Leisure Hotels Private Limited CIN No.: U55101MH2008PTC185826 |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs.100/- each |
Rs.1.000 million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
1928 |
Equity Shares |
Rs.100/-
each |
Rs.0.193
million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.193 |
0.193 |
0.193 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
548.414 |
507.765 |
468.064 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
548.607 |
507.958 |
468.257 |
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LOAN FUNDS |
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1] Secured Loans |
105.288 |
4.283 |
3.560 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
105.288 |
4.283 |
3.560 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
653.895 |
512.241 |
471.817 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
99.296 |
98.525 |
97.985 |
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Capital work-in-progress |
352.548 |
180.126 |
25.292 |
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INVESTMENT |
12.877 |
53.777 |
181.503 |
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DEFERREX TAX ASSETS |
3.002 |
2.525 |
0.998 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
3.703
|
3.203
|
1.960 |
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Sundry Debtors |
87.849
|
81.473
|
58.367 |
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Cash & Bank Balances |
23.256
|
27.403
|
24.619 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
139.248
|
219.461
|
202.863 |
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Total
Current Assets |
254.056
|
331.540
|
287.809 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
35.707 |
33.673 |
28.450 |
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Other Current Liabilities |
13.610
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15.875
|
38.525 |
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Provisions |
18.567
|
104.704
|
83.245 |
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Total
Current Liabilities |
67.884
|
154.252
|
121.770 |
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Net Current Assets |
186.172
|
177.288
|
166.039 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
653.895 |
512.241 |
471.817 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
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Other Income |
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TOTAL (A) |
369.278 |
355.345 |
306.597 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
300.113 |
278.304 |
214.720 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
NA |
77.041 |
91.877 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (D) |
NA |
2.198 |
1.817 |
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PROFIT BEFORE
TAX (C-D) (E) |
69.165 |
74.843 |
90.060 |
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Less |
TAX (F) |
22.524 |
23.834 |
30.089 |
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PROFIT AFTER TAX
(E-F) (G) |
46.641 |
51.009 |
59.971 |
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Earnings Per
Share (Rs.) |
24.01 |
26.43 |
-- |
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Particulars |
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|
31.03.2011 |
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Sales Turnover |
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|
370.000 |
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Expected Sales ( 2011-2012 ) : Rs.400.000 Millions
The above information has been parted by Mr. S. Raja
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
12.63
|
14.35
|
19.56 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
19.57
|
17.40
|
23.34 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.13
|
0.15
|
0.19 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.31
|
0.31
|
0.27 |
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Current Ratio (Current Asset/Current Liability) |
|
3.74
|
2.15
|
2.36 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry
Creditors:
|
Particulars |
31.03.2010 (Rs.
in Millions) |
31.03.2009 (Rs.
in millions) |
31.03.2008 (Rs.
in millions) |
|
Sundry Creditors for Expenses |
35.707 |
33.673 |
28.450 |
|
Total |
35.707 |
33.673 |
28.450 |
Note:
The situation of the registered office of the company was changed from 6, Mascarenhas Building, Mahatma Gandhi Road, Panaji – 403 001, Goa to the present address w.e.f. 08.02.2002.
FORM 8 :
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This form is for |
Modification of
charge |
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Charge
identification number of the modified |
10165050 |
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Corporate
identity number of the company |
U74140MH1993PTC139435 |
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Name of the company
|
SAROVAR HOTELS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
42, Mittal Chembers, Nariman Point, Mumbai – 400 021, |
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Type of charge |
Immovable
Property Any interest in
immovable property |
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Particular of
charge holder |
CIN No.: L65191TN1997PLC037415 Infrastructure Development Finance Company Limited, ITC Centre, 3rd
Floor, 760, Anna Salai, Chennai – 600 002, E-Mail: santosh@idfc.com |
|
Nature of
description of the instrument creating or modifying the charge |
No instrument
executed but mortgage by deposit of title deeds created by the company in
favour of IDFC in respect of its immovable properties situate at Chennai, as
security, inter alia, for the due repayment and discharge by the company of
its Rupee Loan of Rs.385.000 millions together with interest, additional
interest, lig. Damages and all other monies payable by the Company to IDFC as
per Loan Agreement dated 16.06.2009. |
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Date of
instrument Creating the charge |
17.06.2009 |
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Amount secured by
the charge |
Rs.385.000
millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
: 3.50% per annum
over and above IDFC benchmark rate, prevailing on the date of each
disbursement. Terms of
Repayment : In 38 unequal
quarterly installments starting from 15th October, 2012 as per
Amortisation Schedule. Margin : Asset Cover of
1.50 times. Extent and
Operation of the charge : The charge
operates as security inter alia for the due repayment of the IDFC’s loan of
Rs.385.000 millions together with interest, additional interest, liquidated
damages, premia on pre repayment, costs, charges, expenses and all other
monies payable by Sarovar Hotels Private Limited to IDFC in terms of the Loan
Agreement dated 16th June, 2009 entered into between Sarovar
Hotels Private Limited and IDFC. |
|
Short particulars
of the property charged |
All that piece
and parcel of lands comprised in Survey Nos.49/ 13A-1.03 acres, 49/ 13B-63
cents, 49/ 13C-50 cents and 49/ 17-17 cents situated at No.39, Mambakkam Village,
Taluka Sriperumbdar, District Kancheepuram and in all admeasuring 2.33 acres
together with all buildings and structures thereon and all plant and
machinery attached to the earth or permanently fastened to anything attached
to the earth. |
FIXED ASSETS:
- Land
- Computers
- Equipments
- Furniture and
Fixtures
- Vehicles
WEBSITE DETAILS:
PROFILE:
Sarovar Hotels and Resorts pioneered in
venturing into the mid-market segment in the Indian hospitality landscape. The
Company over a period of 11 years has successfully churned the demand in this
segment, and is now the fourth largest chain in
The company is affiliated with Carlson Hospitality Worldwide. Carlson is a
global leader in hospitality services, comprising more than 1,570 hotels,
resorts restaurants, and cruise ship operations in 81 countries. The
association with Carlson Hospitality makes Sarovar Hotels the master franchisor
for the
Future:
Sarovar Hotels is continuously working towards developing
world class systems and a training culture to deliver customer delight by continuously
raising the levels of customer satisfaction. It aims to extend the same Sarovar
Hotels hospitality experience in every city across
There is a constant endeavor to evolve into a progressive organization, which
extends equal opportunities of growth and progress for all its employees and
partners by providing them continuous training and counseling at every stage.
As the Company takes on the challenges of exploring new opportunities in the
hospitality business, you are invited to be a part of this journey in achieving
mutual goals and setting quality benchmarks for others to follow.
Press Room
Sarovar Hotels and Resorts pioneered in
venturing into the mid-market segment in the Indian hospitality landscape. The
Company over a period of 11 years has successfully churned the demand in this
segment, and is now the fourth largest chain in
The company is affiliated with Carlson Hospitality Worldwide. Carlson is a
global leader in hospitality services, comprising more than 1,570 hotels,
resorts restaurants, and cruise ship operations in 81 countries. The
association with Carlson Hospitality makes Sarovar Hotels the master franchisor
for the
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.45.07 |
|
|
1 |
Rs.72.97 |
|
Euro |
1 |
Rs.63.57 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--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 |
|
64 |
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 |
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|
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.