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Report Date : |
05.04.2012 |
IDENTIFICATION DETAILS
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Name : |
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Registered
Office : |
57, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Year of
Establishment: |
2009 |
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Capital
Investment / Paid-up Capital : |
Not Divulged |
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Legal Form : |
Partnership Concern with an Unlimited Liability of the Partners |
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Line of Business
: |
A Resort |
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No. of Employees
: |
150 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 owned by GRT Hotels and Resorts. It is an established and
reported partnership concern having good track. Trade relations are reported
as fair. Business is active. Payments are reported to be regular and as per
commitments. The concern 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 – 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 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office : |
57, |
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Tel. No.: |
91-44-27443636 |
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Mobile No.: |
91-9940166073 (Mr. Shabin Sarvotham) |
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Fax No.: |
91-44-27443838 |
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E-Mail : |
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Website : |
PARTNERS
|
Name : |
Mr. G Rajendran |
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Designation : |
Partner |
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Name : |
Mr. G R. Ananthapadmanabhan |
|
Designation : |
Partner |
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Name : |
Mr. G.R. Radhakrishnan |
|
Designation : |
Partner |
BUSINESS DETAILS
|
Line of Business : |
A Resort |
GENERAL INFORMATION
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Customers : |
End Users |
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No. of Employees : |
150 (Approximately) |
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Bankers : |
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Banking
Relations : |
-- |
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Auditors : |
Not Available |
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Sister Concern : |
All hotels, showrooms of GRT group, |
CAPITAL STRUCTURE
As on 31.03.2011
|
Capital Investment : |
|
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Owned : |
Not Divulged |
|
Borrowed : |
-- |
|
Total : |
Not Divulged |
FINANCIAL DATA
[all figures are
in Rupees Millions]
|
Particulars |
|
|
31.03.2011 |
|
Sales Turnover (Approximately) |
|
|
400.000 |
Note : Sole Proprietory and Partnership concerns are exempted
from filing their financials with the Government Authorities or Registry
Records.
LOCAL AGENCY FURTHER INFORMATION
This resort is owned by the GRT Hotels and Resorts. The GRT hotels and resorts has signed a management contract with Radisson Hotels and Resorts for their Mamalapuram property GRT Temple Bay with effect from-August 2009 and the resort will be re-branded as Subject, Mamallapuram. When this contract was signed the resort was only Subject. Later the resort was upgraded to Subject on the basis of Medallia guest satisfaction scores - property quality audits, in line distribution audits and mystery shopper scores. So now the resort reads Subject. Radisson blu brand was considered upper upscale hotel with specific service concepts. Radisson Blu Hotels are characterized by the 10 service concepts which are offered uniformly everywhere and include.
Mr. Shabin Sarvotham, Resort Manager, said that first the GRT group signed a management contract for GRT groups Chennai property at City Centre, Chennai and hence decided to gor forward with the Mamallapuram property as well. The resort is one of the international resort in the entire belt and is located 58 kms from Chennai airport. Radisson would bring in the international name which will help GRT market their resort worldwide and come under the Radisson global distribution system.
Recently the resort has added 72 rooms to its existing 72 rooms inventory bringing the room tally to 144. The new rooms have been added to bay bungalow, pools, villas and pool view chalet categories. The rooms have been refurbished and have a touch of the local theme. The resort has added a 180 covers multi-cuisine restaurant "Water's Edge Cafe.
All that the
Resort offers you in a nut shell
About the two
groups that manage the resort
The GRT group
- It was in 1964 that Mr. G Rajendran founded G R Thangamaligai in Chennai.
Like all great success stories, GRT as the shop is fondly called by customers,
began from humble origins. Through single minded focus on customer
satisfaction, GRT soon became a household name in Chennai. GRT's growing customer
base made necessary the expansion of its retail outlet. A bigger showroom was
built to give customers a great shopping ambience as well as widest choice of
collections. Silverware had its own separate floor, which boasted to the
largest collection in
G. R. Thangamaligai,
136,
T.Nagar, Chennai - 600 017
Tel: 044 - 2434 5042 / 5052 / 5062 / 5353
Fax: 044 - 24344495
About Radisson
Carlson Hotels, a division of Carlson - a vibrant, family-owned, U.S.-based global hospitality and travel company with a strong portfolio of ambitious brands and ambitious goals, and The Rezidor Hotel Group - one of the world's most dynamic, innovative and fastest growing hotel companies; operating and developing the Carlson brands Radisson Blu and Park Inn by Radisson across Europe, the Middle East and Africa, and Hotel Missoni under a worldwide licence agreement. Rezidor is a publicly listed company at Stockholm Stock Exchange. The company's legal status and ownership structure remain; Carlson is Rezidor's majority shareholder (50.3%).
Carlson and Rezidor have enjoyed a long, common history of successful growth. And so, the decision to join forces as a strategic partnership and go to market as The Carlson Rezidor Hotel Group was a natural, next step in leveraging the strengths of two great companies to create additional value for all stakeholders.
Carlson Rezidor Hotel Group, one of the world's largest and
most dynamic hotel group opened is 51st hotel in
The press release
from Radisson about their presence in Chennai - what they say about themselves;
"They achieved unprecedented growth across Asia Pacific
in 2011 and they are building upon this momentum in 2012 to establish a
stronger presence across Asia Pacific,' said Simon C. Barlow, president Carlson
Rezidor Hotel Group, Asia Pacific. "The opening of Radisson Blu Hotel
Chennai City Centre, together with another 13 scheduled openings in
Located in the heart of the
"With 18 Radisson Blu hotels in operation in
Radisson Blu Hotel Chennai City Centre has 9,700 square feet of conference and meeting space that can accommodate up to 800 people. It also has a business center offering the latest business facilities and full secretarial support. Recreational facilities at the hotel include world class spa - Chakra by Thai Sabai, a gymnasium, an outdoor swimming pool and a discotheque. The hotel also offers a range of food and beverage options, including the largest bar in town with a separate cigar lounge, signature restaurant - The Great Kebab Factory and specialty coastal Asian Cuisine restaurant - Coast to Coast.
For more information or booking enquiries, please visit:
http://www.radissonblu.com/hotel-chennaicitycentre
Radisson in a
nutshell
1,319 hotels
209,000 rooms
80,000 employees
80 countries
USD 7 billion system-wide revenues
#9 largest hotel company in the world
And so the two big groups came together to run and manage the Subject at Mamallapuram.
The Resort came into existence in 2009 has 144 rooms and their 2010-2011 turnover was 400.000 Millions. It employs about 150 people and its bankers are many listed at the end of the report.
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.51.05 |
|
|
1 |
Rs.81.09 |
|
Euro |
1 |
Rs.67.39 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
|
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
50 |
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.