MIRA
INFORM REPORT
|
Report Date : |
24.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
EIH LIMITED |
|
|
|
|
Formerly Known
As : |
EAST INDIA HOTELS LIMITED |
|
|
|
|
Registered
Office : |
4, |
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|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
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|
|
|
Date of
Incorporation : |
26.05.1949 |
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|
|
|
Com. Reg. No.: |
21-017981 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.1143.140 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L55101WB1949PLC017981 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CALT00271F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACE6898B |
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|
|
Legal Form : |
A Public Limited Liability company. The company’s shares are Listed on
the Stock Exchange. |
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Line of Business
: |
The company is engaged in hotel business. |
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|
|
|
No. of Employees
: |
Approximately 9605 |
RATING & COMMENTS
|
MIRA’s Rating : |
A (63) |
|
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 100000000 |
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|
|
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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|
|
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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.
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 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered
Office / Head Office : |
4, |
|
Tel. No.: |
91-33-22486751/ 55/ 40002200 |
|
Fax No.: |
91-33-22486785 |
|
E-Mail : |
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|
Website : |
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|
|
Corporate Office : |
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|
Tel. No.: |
91-22-2029527 / 841 |
|
Fax No.: |
91-22-2041517 |
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|
Hotels owned and managed by EIH Limited : |
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|
Hotels managed by EIH Limited : |
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|
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|
Other Business Units owned and managed by EIH Limited : |
·
Motor Vessel ·
Maidens Hotel, ·
Printing Press, Manesar, Gurgaon ·
Oberoi Flight Services
Located at Mumbai, ·
Located at Mumbai, ·
Luxury Car Hire ·
Business Aircraft Charters |
DIRECTORS
(AS ON 31.03.2011)
|
Name : |
Mr. Prithviraj
Singh Oberoi |
|
Designation : |
Chairman and Chief Executive |
|
Address : |
Villa Aashiana, Kapashera
Bijwasan, |
|
DIN No : |
00051894 |
|
|
|
|
Name : |
Mr. Shib Sanker
Mukherji |
|
Designation : |
Vice Chairman |
|
Address : |
6, |
|
DIN No : |
00103770 |
|
|
|
|
Name : |
Mr. Vikram Oberoi |
|
Designation : |
Chief Operating Officer and Joint Managing
Director |
|
Address : |
|
|
DIN No : |
00052014 |
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|
|
|
Name : |
Mr. Arjun Oberoi |
|
Designation : |
Chief Planning Officer and Joint Managing
Director |
|
Address : |
61-A, Friends Colony, |
|
DIN No : |
00052106 |
|
|
|
|
Name : |
Mr. Santosh
Kumar Dasgupta |
|
Designation : |
Director |
|
Address : |
3 D, 3rd Floor, 17A, |
|
DIN No : |
00038804 |
|
|
|
|
Name : |
Mr. Anil Nehru |
|
Designation : |
Director |
|
Address : |
71 Sector-9, |
|
DIN No : |
00038849 |
|
|
|
|
Name : |
Rajan Biharilal Raheja |
|
Designation : |
Director |
|
Address : |
"Rahejas", 87/1, G.
B. Marg, Juhu, Mumbai - 400 049, |
|
DIN No : |
00037480 |
|
|
|
|
Name : |
Mr. Lakshminarayan Ganesh |
|
Designation : |
Director |
|
Address
: |
Door No. 5A, |
|
DIN No : |
00012583 |
KEY EXECUTIVES
|
Name : |
Mr. Gautam Ganguli |
|
|
Designation : |
Company Secretary |
|
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2011)
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
26352663 |
4.61 |
|
|
171475834 |
30.02 |
|
|
197828497 |
34.63 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
197828497 |
34.63 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
943912 |
0.17 |
|
|
933446 |
0.16 |
|
|
72923139 |
12.77 |
|
|
11888521 |
2.08 |
|
|
86689018 |
15.18 |
|
|
|
|
|
|
211220849 |
36.98 |
|
|
|
|
|
|
65354595 |
11.44 |
|
|
9023049 |
1.58 |
|
|
1120376 |
0.20 |
|
|
1056302 |
0.18 |
|
|
38953 |
0.01 |
|
|
24686 |
0.00 |
|
|
435 |
0.00 |
|
|
286718869 |
50.19 |
|
Total Public
shareholding (B) |
373407887 |
65.37 |
|
Total (A)+(B) |
571236384 |
100.00 |
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
|
|
|
|
|
|
|
|
333030 |
0.00 |
|
|
333030 |
0.00 |
|
Total
(A)+(B)+(C) |
571569414 |
0.00 |
(1)
Indian
Individuals
/ Hindu Undivided Family
Individual
shareholders holding nominal share capital up to Rs.0.100 million.
BUSINESS DETAILS
|
Line of Business : |
The company is engaged in hotel business |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
Approximately 9605 |
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Bankers : |
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Facilities : |
PARTICULARS OF
SECURITIES: Term Loan from state Bank of india (T/L I) is secured by way of
equitable mortgage by deposit of title deeds in respect of the Company’s
hotel in Mumbai known as trident, Nariman point. Term Loan from state Bank of Term Loan from state Bank of Hyderabad (T/L - I) is secured by way of
equitable mortgage by deposit of title deeds of the Company’s hotel in
Kolkata known as the Oberoi Grand. Term loans from HSBC and ICICI Bank Limited are secured by way of
equitable mortgage by deposit of title deeds in respect of the Company’s
hotel in
Cash Credit arrangements
are secured by way of hypothecation of all stocks of Inventories, Book Debts
and other Current Assets of the Company, both present and future, ranking pari passu. Cash credit with United
Bank of
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Banking
Relations : |
-- |
|
|
|
|
Auditors : |
Ray and Ray Chartered Accountants |
|
Name : |
6, |
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|
|
|
Subsidiary Companies : |
|
|
|
|
|
Associates and Joint Ventures : |
|
|
|
|
|
Enterprises in which Key Management Personnel have significant
influence : |
|
CAPITAL STRUCTURE
(AS ON 31.03.2011)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1500000000 |
Equity Share |
Rs.2/- each |
Rs.3000.000
millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
571569414 |
Equity Share |
Rs.2/- each |
Rs.1143.140 millions |
|
|
|
|
|
NOTES:
Out of the above the following were allotted:
(a) As fully paid up shares -
(i) 3,219,125
shares of Rs.2 each in 1965-66 as fully paid up pursuant to a contract without
payments being received in cash.
(ii) 181,720 shares of Rs.2 each in 1968-69 in
terms of the order of the Calcutta High Court dated 9th September, 1968 under
the scheme of Compromise/Arrangement
without payments being received in cash.
(b) As fully paid up Bonus shares –
(i) 6,688,725 shares of Rs.2 each in 1979-80
by capitalisation of General reserve.
(ii) 24,765,655 shares of Rs.2 each in 1984-85
by capitalisation of General reserve.
(iii) 23,603,520 shares of Rs.2 each in
1992-93 by capitalisation of securities premium Account.
(iv) 87,321,495 shares of Rs.2 each in 1996-97
by capitalisation of securities premium Account.
(v) 130,984,657 shares of Rs.2 each in 2006-07
by capitalisation of securities premium Account.
(c) 178,615,442 shares of face value Rs.2 each
have been alloted as fully paid up shares at a premium of Rs.64 per share to
the shareholders on rights basis during 2010-11.
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 |
1143.140 |
785.910 |
785.910 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
24734.840 |
13384.980 |
13390.400 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
25877.980 |
14170.890 |
14176.310 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
8239.680 |
11745.370 |
10229.730 |
|
|
2] Unsecured Loans |
0.000 |
850.000 |
0.000 |
|
|
TOTAL BORROWING |
8239.680 |
12595.370 |
10229.730 |
|
|
DEFERRED TAX LIABILITIES |
1499.040 |
1328.410 |
1188.890 |
|
|
|
|
|
|
|
|
TOTAL |
35616.700 |
28094.670 |
25594.930 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
20563.130 |
19980.340 |
13960.660 |
|
|
Capital work-in-progress |
1275.870 |
1744.640 |
5868.520 |
|
|
|
|
|
|
|
|
INVESTMENT |
6051.390 |
3782.370 |
3498.120 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
336.740
|
300.610
|
303.630
|
|
|
Sundry Debtors |
1265.570
|
992.190
|
922.020
|
|
|
Cash & Bank Balances |
5942.810
|
137.720
|
421.180
|
|
|
Other Current Assets |
5.890
|
3.270
|
2.830
|
|
|
Loans & Advances |
2928.720
|
3693.150
|
3555.390
|
|
Total
Current Assets |
10479.730
|
5126.940
|
5205.050
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1124.840
|
955.360
|
1436.570
|
|
|
Other Current Liabilities |
875.520
|
914.830
|
823.730
|
|
|
Provisions |
753.060
|
669.430
|
677.120
|
|
Total
Current Liabilities |
2753.420
|
2539.620
|
2937.420
|
|
|
Net Current Assets |
7726.310
|
2587.320
|
2267.630
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
35616.700 |
28094.670 |
25594.930 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Guest Accommodation, Restaurants, Bars & Banquets, etc. |
9686.010 |
7741.310 |
8941.050 |
|
|
|
Other Income |
1743.480 |
1331.420 |
1843.690 |
|
|
|
TOTAL (A) |
11429.490 |
9072.730 |
10784.740 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption of Provisions,
Stores, Wines and Others |
1385.120 |
1190.150 |
1090.850 |
|
|
|
Employees'
Remuneration and Welfare Expenses |
3188.780 |
2448.020 |
2506.010 |
|
|
|
Upkeep and
Service Cost |
1496.390 |
1203.100 |
1329.240 |
|
|
|
Administrative, Selling
and Other Expenses |
2018.720 |
1652.410 |
1741.350 |
|
|
|
Miscellaneous
Expenditure Amortised |
0.000 |
0.000 |
17.250 |
|
|
|
Exceptional
Items - Income/ Expenditure |
44.180 |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
8133.190 |
6493.680 |
6684.700 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3296.300 |
2579.050 |
4100.040 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1551.940 |
1008.850 |
825.030 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1744.360 |
1570.200 |
3275.010 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
874.350 |
680.310 |
542.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX
(E-F) (G) |
870.010 |
889.890 |
2732.610 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
224.610 |
317.620 |
1028.190 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
645.400 |
572.270 |
1704.420 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3083.210 |
3158.640 |
2494.020 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
General Reserve |
128.080 |
100.000 |
500.000 |
|
|
|
Proposed Dividend on Equity Shares |
514.410 |
471.540 |
471.540 |
|
|
|
Tax on Dividend |
71.390 |
76.160 |
78.860 |
|
|
BALANCE CARRIED
TO THE B/S |
3014.730 |
3083.210 |
3158.640 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
On Sales (as per return submitted to DGFT) |
3861.390 |
3092.890 |
4975.720 |
|
|
|
Consultation Fees |
19.850 |
12.940 |
20.220 |
|
|
|
|
57.910 |
43.260 |
13.550 |
|
|
|
Dividend |
856.140 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
4795.290 |
3149.090 |
5009.490 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Provisions, Wines and Others |
88.930 |
68.150 |
81.020 |
|
|
|
Stores & Spares |
20.880 |
178.520 |
30.860 |
|
|
|
Capital Goods |
306.150 |
114.510 |
395.350 |
|
|
TOTAL IMPORTS |
415.960 |
361.180 |
507.230 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.63 |
1.46 |
4.34 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2011 |
|
Type |
|
|
1st
Quarter |
|
Sales Turnover |
|
|
2465.600 |
|
Total Expenditure |
|
|
1987.300 |
|
PBIDT (Excl
OI) |
|
|
478.300 |
|
Other Income |
|
|
92.800 |
|
Operating
Profit |
|
|
571.100 |
|
Interest |
|
|
206.600 |
|
Exceptional
Items |
|
|
0.000 |
|
PBDT |
|
|
364.500 |
|
Depreciation |
|
|
215.000 |
|
Profit
Before Tax |
|
|
149.500 |
|
Tax |
|
|
(5.000) |
|
Reported PAT |
|
|
154.500 |
|
Extraordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
154.500 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
5.65
|
6.31
|
15.80
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.92
|
11.50
|
30.56
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.80
|
3.54
|
14.26
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03
|
0.06
|
0.19
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.42
|
1.07
|
0.93
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.81
|
2.02
|
1.77
|
LOCAL AGENCY FURTHER INFORMATION
MANAGEMENT DISCUSSION
AND ANALYSIS
Industry Structure
and Developments
It was widely expected that the global economy would recover
during the current year thus reversing the trend that has prevailed over the
last two years. Unfortunately, this is not likely to happen. The
The World Economic Forum’s Travel and Tourism
Competitiveness Report for 2011 predicts that by 2015 the growth rate of each of
However, there are some significant challenges as hotels
constitute only one element of tourism infrastructural development. Modern
airports, good air connectivity and a network of roads are all necessary to
facilitate easy travel. Whilst considerable progress has been made in the last
few years, much remains to be done to handle the anticipated increase in travel
volumes, especially arising out of
They need to see that the pace of infrastructure development
increases, thus facilitating access to a far greater range of destinations that
are necessary for business and leisure travellers. A country that is as vast
and diverse as
Despite global uncertainty, they expect the overall outlook for the current Financial Year to be stable with a continued revival of demand for hotel rooms that has begun in the recent months.
Trident, Bandra Kurla, Mumbai which completed its full year of operations during the last Financial Year, is helping to consolidate the Company’s position in Mumbai. The recent 46 opening of The Oberoi, Gurgaon further strengthens the Company’s position within the New Delhi National Capital Region.
Margins are likely to be impacted by continuing inflation, oil price volatility and rising payroll costs. The Company plans to offset pressure on margins through higher occupancies and modest increases in average room rates. Furthermore, proceeds from the recent Rights Issue will be used to reduce interest costs thus contributing to increased profitability.
Financial and operating performance
During the Financial year 2010-2011, the
Company’s total Revenue was Rs.11430.000 million as compared to Rs.9073.000
million in the previous year, an increase of 26%.
Earnings before Interest, Depreciation, Taxation,
Exceptional Items and other Amortizations (EBIDTA) were Rs.3340.000 million as
compared to Rs.2579.000 million in the previous year, an increase of
approximately 30%.
Profit before tax was Rs.870.000 million as
compared to Rs.890.000 million in the previous year. The decline is largely on
account of exceptional items. The
Company accounted for Rs.968.000 million
and Rs.527.000 million under the head
“other Income” during the Financial years 2008-2009 and 2009-2010 respectively
on account of claims for loss of profit due to business interruption caused by
the terrorist attack on the Oberoi, Mumbai and Trident, Nariman Point,
Mumbai. During the Financial year
2010-2011, the Insurance Company finally assessed the claim at Rs.1125.000
million. the resultant deficit of Rs.370.000 million has been treated as an
exceptional loss. Furthermore, the
Company’s claim for material damage caused by the terrorist attack referred to
above has been assessed by the Insurance Company at Rs.174.000 million on a replacement
cost basis. The net book value of the
assets damaged was Rs.107.000 million. The resultant surplus of Rs.67.000
million has been treated as an exceptional Income.
The Profit after tax was Rs.645.000 million as
compared to Rs.572.000 million in the previous year, an increase of
approximately 13%.
The Company continues to be largely engaged in
hospitality and related services. The
segment wise results and capital employed are given on Page 106 of this annual
Report.
Awards:
Mr. P.R.S
oberoi, Chairman and Chief
executive, was conferred the 2010 Corporate hotelier of the world’ award by HOTELS magazine at an award ceremony held in
It is
gratifying that the Company’s hotels continued to attract global acclaim from
international luxury travellers. The oberoi vanyavilas was voted the best hotel
globally in Travel + Leisure’s world’s Best awards 2010 readers’ poll. The
oberoi Udaivilas was accorded the same honour in 2007.
The
oberoi amarvilas, agra,
the oberoi Rajvilas, Jaipur
and the
oberoi Udaivilas, Udaipur were voted the 2nd, 3rd and 4th best
respectively in asia. Four of the
Company’s hotels were ranked amongst the top 15 hotels in the world, with the
oberoi amarvilas, 48agra, the oberoi Rajvilas, Jaipur and the oberoi Udaivilas,
|
Hotel |
Award |
Awarded By |
|
the Oberoi, |
Best hotel in Best overseas Business hotels (Ranked 10th) amongst the top 100 hotels in |
Destin Asian Readers’ Choice awards 2011 Cande Nast Traveller, Readers’ travel awards 2010 Condé Nast Traveler, Readers’ Choice awards 2010 |
|
|
|
|
|
the oberoi, Mumbai |
amongst the Best hotels and Resorts in the
world |
Forbes Traveler 400, the world’s Best hotels and Resorts 2009 |
|
|
|
|
|
the oberoi Rajvilas, Jaipur |
Best leisure hotels in Top 100 hotels in Top 100 hotels in the world (Ranked 27th) |
Condé Nast Traveller, Readers’ travel awards 2010 Condé Nast Traveler, ReadersCondé Nast Traveler, Choice awards 2010 Readers’ Choice awards 2010 |
|
|
|
|
|
the oberoi Amarvilas, |
Top 100 Hotels in the World (Ranked 25th) Top 100 Hotels in (Ranked 7th) |
Cande Nast Traveler, Readers’ Choice Awards 2010 Cande Nast Traveler, Readers Choice Awards 2010 |
|
|
|
|
|
The Oberoi Vanyavilas, Ranthambhore |
Top Hotels in (Ranked 2nd) Top Hotels in the World for Service (Ranked 7th) Top 100 Hotels in the World (Ranked 15th) Top 20 Resorts in (Ranked 2nd) |
Travel + Leisure, World's Best Service Awards Readers’
Survey2010 Travel + Leisure, World's Best Service Awards, Readers' Survey
2010 Conde Nast Traveler, Conde Nast Traveler, |
|
|
|
|
|
The Oberoi Udaivilas, |
Best Leisure Hotels in (Ranked 1st) The Hotels in (Ranked 3rd) Top Hotels in the World for Service (Ranked 9th) Top 100 Hotels in (Ranked 5th) Top 100 Hotels in the World (Ranked 20th) |
Conde Nast Traveler, Readers' Choice Awards 2010 Travel + Leisure, World's Best Service Awards, Readers' Survey
2010 Travel + Leisure, World's Best
Service Awards, Readers' Survey
2010 Conde Nast Traveller, Conde Nast Traveller, |
|
|
|
|
|
Wildflower Hall, Shimla, in the |
Best Leisure Hotels in (Ranked 2nd) Favourite Overseas Hotel Spa: (Ranked 2nd) Favourite Spas in the World (Ranked 6th) |
World Travel Awards 2010 Conde Nast Traveller, Readers’ Travel Awards 2010 Conde Nast Traveller, Conde Nast Traveller, |
|
|
|
|
|
The Oberoi, |
Amongst the Top 25 Resorts in |
Conde Nast Traveller, |
|
|
|
|
|
The Oberoi, |
Best Leisure Hotels in (Ranked 16th) |
Conde Nast Traveller, Readers’ Travel Awards 2010 |
|
|
|
|
|
The Oberoi Philae, Nile Cruiser, |
Best Small Ships in the World (Ranked 3rd) |
Conde Nast Traveler, Top Cruise Ships 2009, Readers' Survey |
|
|
|
|
|
The Oberoi, Sahl Hasheesh, |
Favourite resort/hotel spa in Africa and (Ranked 5th) |
|
|
|
|
|
|
The Oberoi, |
Best Hotels in the (Ranked 1st) Favourite Overseas Hotel Spa: Africa, Middle East and |
Readers’ Poll 2010 Conde Nast Traveller, Readers Spa Awards 2010 |
|
|
|
|
|
The Oberoi Zahra, Luxury Nile Cruiser, |
Rated the best Five Star Cruiser on the |
Ministry of |
|
|
|
|
|
Trident, Gurgaon |
|
World Travel Awards 2010 World Travel Awards 2010 World Travel Awards 2010 World Travel Awards 2009 World Travel Awards 2009 |
|
|
|
|
|
Trident, Bandra Kurla, Mumbai |
Amongst the Top 20 Best up and coming hotels Amongst the best new hotels in the world |
Travel + Leisure, Conde Nast Traveller, The Hot List 2010 |
FIXED ASSETS:
- Business Rights (Intangible Assets)
- Buildings
- Sanitary Installation
- Plant and Machinery
- Leased Machinery
- Furniture and Fittings
- Vehicles
- Leased Vehicles
- Boats
- Aircrafts
Business Description
Subjct is an India-based company. Hotels
owned and managed by EIH Limited are The Oberoi,
MANAGEMENT:
Biography
of Directors
1. Mr.
Prithviraj Singh Oberoi is
the Chairman and the Chief Executive of the Company. Mr. Oberoi is the son of
Late Rai Bahadur Mohan Singh Oberoi, the founder of the Oberoi Group. He
graduated with a degree in Hospitality from the University of Lausanne,
Switzerland and has over 60 years of experience in the hospitality industry.
Mr. Oberoi has been instrumental in pioneering the growth of the Company. He
was awarded the 'Padma Vibhushan',
2. Mr.
Shib Sanker Mukherji is
the Vice Chairman of the Company. He is a member of the Institute of Chartered
Accountants of India and has completed an Advanced Management Programme from
3. Mr.
Vikramjit Singh Oberoi is
the Chief Operating Officer and Joint Managing Director of the Company. He
holds a Bachelor's degree in Science from the Pepperdine University, United
States and has over 25 years of experience in the hospitality industry. He
joined the Board as a Non-executive Director on 15 December, 1993. He became a
Whole Time Director and was designated Deputy Managing Director in July 2004.
In July 2007, he was re-designated as Joint Managing Director of the Company.
On 29 November, 2010, he was re-designated as Chief Operating Officer and Joint
Managing Director of the Company.
4. Mr.
Arjun Singh Oberoi is
the Chief Planning Officer and Joint Managing Director of the Company. He holds
a Bachelor's degree in Science (Economics) from the
5. Mr.
Santosh Kumar Dasgupta is
an Independent Director of the Company. He is a member of the Institute of
Chartered Accountants of India. He has over 55 years of experience in
accountancy and financial management. He has served as the President of the
Institute of Chartered Accountants of India.
6. Mr.
Anil Kumar Nehru is
an Independent Director of the Company. He holds a Bachelor's degree in Science
and a Master of Sciences degree in Chemical Engineering from the Massachusetts
Institute of Technology,
7. Mr.
Rajan Biharilal Raheja is
an Independent Director of the Company. He holds a Bachelor's degree in
Commerce from the
8. Mr.
Lakshminarayan Ganesh is
an Independent Director of the Company. He is an associate Chartered Accountant
from the Institute of Chartered Accountants of India. Mr. Ganesh holds a
Bachelor's degree in Commerce from
UNAUDITED FINANCIAL RESULTS
FOR THE NINE MONTHS ENDED 30th JUNE, 2011
|
Particulars |
|
Quarter
ended |
|
|
30.06.2011 |
|
|
|
|
|
|
Net Sales |
|
2273.300 |
|
Other Operating Expenses |
|
192.300 |
|
Total |
|
2465.600 |
|
|
|
|
|
Expenditure |
|
|
|
a) Consumption of Provision Stores Wires and Others |
|
361.000 |
|
b) Employees’ Cost |
|
784.000 |
|
c) Power and Fuel |
|
205.100 |
|
d) Depreciation |
|
215.000 |
|
e) Other Expenditure |
|
637.200 |
|
Total |
|
2202.300 |
|
|
|
|
|
Profit from
Operations before Other Income and Interest |
|
263.300 |
|
Other Income |
|
92.800 |
|
Profit before
Interest |
|
356.100 |
|
Interest |
|
206.600 |
|
Profit/ (Loss)
before Tax and Exceptional Item |
|
149.500 |
|
Exceptional Item – Income |
|
Nil |
|
Profit Before
Tax |
|
149.500 |
|
Tax |
|
(05.00) |
|
Profit After Tax
|
|
154.500 |
|
Paid – up Equity
Share Capital (Face Value – Rupees 2 each) |
|
1143.100 |
|
Reserves
excluding Revaluation Reserves |
|
|
|
|
|
|
|
Basic and
Diluted Earning per Equity Shares - Rupees |
|
2.700 |
|
|
|
|
|
Public
Shareholding |
|
|
|
Number of Equity Shares |
|
375112049 |
|
Percentage of Shareholding |
|
65.63 |
|
|
|
|
|
Promoter and
Promoter Group’s shareholding pledged |
|
Nil |
|
Pledged Number of Shares |
|
Nil |
|
Percentage of pledged shares on shareholding of Promoter / Promoter
Group |
|
Nil |
|
Percentage of pledged on Total Share Capital of the Company |
|
|
|
|
|
|
|
Promoter and
Promoter Group’s shareholding non-encumbered |
|
|
|
Number of Shares |
|
196457365 |
|
Percentage of shareholding of Promoter / Promoter Group |
|
100.00 |
|
Percentage Total Share Capital of the Company |
|
34.37 |
(Rs. in Millions)
SEGMENT WISE REVENUE RESULTS AND CAPITAL EMPLOYED
|
Particulars |
|
Quarter
ended |
|
|
30.06.2011 |
|
|
Segment Reserve |
|
|
|
a. Hotels |
|
2313.700 |
|
b. Others |
|
151.900 |
|
Total |
|
2465.600 |
|
|
|
|
|
Segment Results |
|
|
|
Profit Before
Tax interest from each Segment |
|
|
|
a. Hotels |
|
740.300 |
|
b. Others |
|
(36.600) |
|
Total |
|
703.700 |
|
|
|
|
|
Less: |
|
|
|
i. Interest |
|
206.600 |
|
ii. Other Un-allocated expenditure |
|
347.600 |
|
Profit Before Tax and exceptional item |
|
149.500 |
|
Exceptional
items (Net) – (Loss) |
|
Nil |
|
Profit/ (Loss)
before Tax |
|
149.500 |
|
|
|
|
|
Capital Employed
|
|
|
|
a. Hotels |
|
25489.200 |
|
b. Others |
|
2370.800 |
|
Total |
|
27860.000 |
(Rs. In Millions)
Notes:
- The results for the first quarter are not
indicative of a full year’s working due to the seasonal nature of the
Indian Hotel Industry.
- Details of utilization of the proceeds
from the Rights Issue of Rs.11788.600 millions is given below.
(Rs. In Millions)
|
|
Proposed
Utilisation |
Utilisation upto |
|
Issue Related
Expenses |
109.000 |
111.100 |
|
Repayment/Prepayment
of debt |
9000.000 |
8660.000 |
|
Construction of Flight
Kitchen |
1000.000 |
582.100 |
|
General
corporate purposes |
1679.600 |
1677.500 |
|
|
11788.600 |
11030.700 |
The unutilized amount of Rs.757.900 millions remained invested in Mutual
Fund liquid schemes.
- No investor complaint was pending at the
beginning of the quarter. Two investor complaints were received and
redressed during the quarter.
- Figures have been regrouped or
rearranged, wherever necessary.
- The above unaudited Financial Result were
reviewed by the Audit Committee and approved by the Board of Directors at
its Meeting held on 8th August, 2011. The Statutory Auditors
have carried out a limited review of the above Financial Result.
MEDIA RELEASE:
May 30, 2011
Total
Revenue increases by 26% to Rs.11429.500
millions
EBIDTA increases by 30% to Rs.3340.500
millions
Outlook for the current year encouraging
Gurgaon, May 30, 2011
The Board of Directors of EIH Limited (a member of
The Oberoi Group) met on Monday, 30th May, 2011 and announced the Audited
Results for the Financial Year 2010-2011.
The Company's Total
Revenue, including Other Income, during the Financial Year was Rs.1429.500 millions compared to Rs.9072.700 millions during the
previous year. This represents an increase of 26%.
EBIDTA during the
Financial Year was Rs.3340.500
millions compared to Rs.2579.100
millions during the previous year. This is an increase of nearly 30%.
The Profit before Tax
was Rs.870.000 millions against Rs.88.990 millions during the previous
year.
The Consolidated Total
Revenue, including Other Income was Rs.1296.870
millions compared to Rs.1047.740
millions in the previous year.
The Company made a
Rights Issue of 17,86,15,442 Equity Shares of face value 2 each at a premium of 64 per Equity Share (Issue Price 66 per Equity Share). The Rights
Issue raised 11788.600 millions
to the existing shareholders. The proceeds will help the Company to
substantially reduce debt, bring down interest costs and enhance profitability.
A dividend has been
proposed at 0.90 per Equity
Share. Following the Rights Issue allotment on 26th March, 2011 the number of
Equity Shares on which the dividend will be paid has increased from
39,29,53,972 to 57,15,69,414.
The Chairman, Mr. P.R.S. Oberoi stated, "It
was widely expected that the global economy would recover during the current
Financial Year, reversing the trend of the previous two years. Unfortunately,
this has yet to happen. The
Mr. Oberoi further added, "The Oberoi
Gurgaon consisting of 202 keys opened on 12th April, 2011. We hope that the
hotel will redefine the city hotel experience with a design philosophy of
height, light and space. We expect demand to be strong for hotels in the
National Capital Region. The Company's two luxury business hotels, The Oberoi
New Delhi and Trident Gurgaon, are located in this region. The opening of The
Oberoi Gurgaon will further enable the Company to take advantage of the strong
demand for hotel rooms in the New Delhi National Capital Region."
Mr. Oberoi concluded by saying, "We expect
the overall outlook for the current Financial Year to be stable with a
continuing revival of demand for hotel rooms which began during the last few
months."
SIGNIFICANT
DEVELOPMENTS:
EIH Limited
Plans Realty Along With Hotel Projects-CNBC-TV18
Aug
09, 2011
CNBC-TV18 reported that EIH Limited has decided to develop realty projects, a
move that will also help achieve cost efficiency in its future hotel projects.
To begin with, EIH will construct 60 luxury Oberoi apartments at their
EIH
Limited Announces Allotment Of Equity Shares On Right Basis
Mar
28, 2011
EIH Limited announced that the Company has successfully completed its Rights
Issue of 178,615,442 Equity Shares with a face value of INR2 each at a premium
of INR64 per Equity Share (Issue Price INR66 per Equity Share) amounting to
INR11.7886 billion (INR11788.600 millions) to the existing Shareholders. The
Rights were given to those Shareholders whose name appeared in the books of the
Company as on February 22, 2011, the Record date fixed for the purpose, in the
ratio of five Equity Shares for every 11 Equity Shares held.
EIH
Limited Announces Update On Rights Issue
Feb
16, 2011
EIH Limited announced that the issue price of the equity shares being offered
in the rights issue (the issue price) was inadvertently mentioned as INR65 per
equity share including a premium of INR63 per equity share. The rights issue
committee has approved the issue price of INR66 per equity share including a
premium of INR64 per equity share. Therefore, the Company requested to kindly
take the issue price of INR66 per equity share and the consequent increase in
the amount being raised in the rights issue to INR11788.620 million.
EIH
Limited Announces Issue Of Equity Shares
Feb
11, 2011
EIH
Limited announced that the Company proposes to issue 178,615,442 Equity Shares
on a rights basis to its existing equity shareholders aggregating to
approximately INR11,610.000 million. The Company will issue five Equity Shares
for every 11 Equity Shares held by the shareholders as on the record date. The
Issue price per Equity Share is INR65 per Equity Share including a premium of
INR63 per Equity Share. The issue will open on March 01, 2011 and will close on
March 15, 2011
Mint
14 October 2011
[What follows is the full text of the news story.]
On an average, the industry added 8-10% room capacity over last year.
Despite sluggish demand, incremental growth in rooms will boost revenue for the
quarter by 10-12% from a year earlier. Therefore, occupancy rates at 63-65% may
be marginally better compared with that of the year-ago period, but will
perhaps be lower than the June quarter. One could link this performance to the
data on foreign tourist arrivals, which indicated an 8.7% growth in September
from a year earlier. Growth in foreign tourist arrivals in September 2010, when
compared with 2009, was higher at 11.6%.
Hotels with higher exposure to leisure destinations are expected to
register barely 53% occupancy rates. What's encouraging for tourism as a whole
is the 10% increase in foreign tourist arrivals from January till September
over the year-ago period. But analysts feel that this may not reflect in
increased revenue and profit for luxury hotels, mainly because of stiff
competition from the relatively less expensive mid-sized hotels such as Taj GVK
Hotels and Resorts Limited, Royal Orchid Hotels Limited and Kamat Hotels India
Limited.
Economic recession and increased competition will also hit average room
rates (ARR), at least until demand catches up a few quarters down the line. In
a report, Rashesh Shah of ICICI Securities Limited says, "ARR is expected
to increase by a mere 1-2% year-on-year mainly to offset rising cost
pressure."
Meanwhile, capacity addition even in the premium segment from the likes
of Indian Hotels Co. Limited, EIH Limited and Hotel Leelaventure Limited has
already translated into higher fixed overheads, which account for about 35% of
the total operating cost of a premium hotel. Obviously, lower revenue and
higher operating costs will hit profitability.
An Edelweiss Securities Limited report says that operating margins for
the September quarter could be in the region of 12-15%. This is less than half
the margins clocked during the peak period of 2006-07. Poor operating returns,
along with higher interest and depreciation costs, would crimp profits across
the sector during the quarter.
Hence, in the near term, the hotel sector
seems far from comforting for investors. Hotel stocks have taken a beating.
Market capitalization of most stocks is down to half compared with that a year
ago. However, while the Street has already factored in the falling fortunes of
hotel firms for the near term, management cues on occupancy rates and tariff
revisions for the forthcoming tourism season will determine stock valuations.
Published by HT Syndication with permission from MINT.
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.50.06 |
|
|
1 |
Rs.79.15 |
|
Euro |
1 |
Rs.69.04 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
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 |
|
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.