|
Report Date : |
28.02.2012 |
|
|
|
|
Tel. No.: |
91 755 2778383 |
Note:
Correct name of the company is “M.P. STATE TOURISM
DEVELOPMENT CORPORATION LIMITED”.
IDENTIFICATION DETAILS
|
Name : |
M.P. STATE TOURISM DEVELOPMENT CORPORATION LIMITED |
|
|
|
|
Registered
Office : |
Paryatan Bhawan, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
24.05.1978 |
|
|
|
|
Com. Reg. No.: |
10-001445 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.249.729
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U63040MP1978SGC001445 |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Hotel and Restaurant |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 11421000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an
established company having satisfactory track. There appears some accumulated
losses recorded by the company. However, trade relations are reported as
fair. Business is active. Payments are reported to be usually correct and as
per commitments. Subject being a
Government Company, it 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 DECLINED BY
|
Name : |
Mr. P.K. Chourey |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-755-2774344 |
|
Date : |
27.02.2012 |
LOCATIONS
|
Registered Office : |
Paryatan Bhawan, |
|
Tel. No.: |
91-755-2774344 |
|
Fax No.: |
Not Available |
|
E-Mail : |
DIRECTORS
As on 13.12.2010
|
Name : |
Mr. Deepak Khandekar |
|
Designation : |
Director |
|
Date of Birth/Age : |
05.08.1961 |
|
Date of Appointment : |
01.12.2010 |
|
DIN No.: |
01614412 |
|
|
|
|
Name : |
Mr. Hari Ranjan Rao |
|
Designation : |
Managing Director |
|
Address : |
|
|
Date of Appointment : |
18.02.2010 |
|
DIN No.: |
02292089 |
|
|
|
|
Name : |
Mrs. Shashi Sinho |
|
Designation : |
Director |
|
Address : |
E-2/170, Arera Colony, |
|
Date of Birth/Age : |
04.08.1949 |
|
Date of Appointment : |
13.03.2008 |
|
DIN No.: |
03060552 |
|
|
|
|
Name : |
Mr. Dhruv Narayan Singh |
|
Designation : |
Chairman |
|
Date of Appointment : |
17.04.2007 |
|
|
|
|
Name : |
Mr. G.P. Singhal |
|
Designation : |
Director |
|
Address : |
Principal Secretary Department of commercial tax, Mantralaya , |
|
Date of Birth/Age : |
05.03.1952 |
|
Date of Appointment : |
25.10.2005 |
|
|
|
|
Name : |
Mr. A.P. Shrivastav |
|
Designation : |
Director |
|
Address : |
Principal Secretary Department of commercial tax, Mantralaya , |
|
Date of Birth/Age : |
07.03.1961 |
|
Date of Appointment : |
12.10.2006 |
|
|
|
|
Name : |
Mr. Janak Ram Adwani |
|
Designation : |
Vice Chairman |
|
Address : |
|
|
Date of Appointment : |
29.11.2005 |
|
|
|
|
Name : |
Mr. A.K. Agarwal |
|
Designation : |
Director |
|
Date of Appointment : |
11.07.2007 |
|
|
|
|
Name : |
Mrs. Ranjana Choudhary |
|
Designation : |
Director |
|
Date of Birth/Age : |
30.06.1952 |
|
Date of Appointment : |
11.07.2007 |
|
|
|
|
Name : |
Mr. Prashant Mehta |
|
Designation : |
Director |
|
Address : |
Additional Chief Secretary Department of Forest,
Mantralaya , |
|
Date of Birth/Age : |
27.11.1951 |
|
Date of Appointment : |
09.01.2009 |
|
|
|
|
Name : |
Mr. M.K. Rai |
|
Designation : |
Director |
|
Address : |
Additional Chief Secretary Department of Forest,
Mantralaya , |
|
Date of Birth/Age : |
06.11.1952 |
|
Date of Appointment : |
07.06.2010 |
|
|
|
|
Name : |
Mr. Radhey Shyam Julaniya |
|
Designation : |
Director |
|
Address : |
Principal Secretary Department of Irrigation,
Mantralaya , |
|
Date of Birth/Age : |
09.09.1961 |
|
Date of Appointment : |
07.06.2010 |
|
|
|
|
Name : |
Mr. Rakesh Shrivastav |
|
Designation : |
Director |
|
Address : |
Commissioner, Department of Public Relations,
|
|
Date of Appointment : |
07.06.2010 |
|
|
|
|
Name : |
Mr. Anand Kumar |
|
Designation : |
Director |
|
Address : |
Joint Secretary, Government of |
|
Date of Appointment : |
31.08.2010 |
|
|
|
|
Name : |
Mr. Ashwin Rai |
|
Designation : |
Director |
|
Address : |
Secretary Finance, Mantralaya , |
|
Date of Appointment : |
09.04.2010 |
|
|
|
|
Name : |
Mr. Pankaj Rag |
|
Designation : |
Managing Director |
|
DIN No.: |
03626822 |
KEY EXECUTIVES
|
Name : |
Sandesh Yashlaha |
|
Designation : |
Secretary |
|
Date of Appointment : |
13.07.2010 |
|
PAN No.: |
AABPY9136A |
|
|
|
|
Name : |
Mr. P.K. Chourey |
|
Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 13.12.2010
|
Names of Shareholders |
|
No. of Shares |
|
For and on
behalf of Governor of Madhya Pradesh Secretary Department of finance Government
of Madhya Pradesh |
|
1 |
|
For and on
behalf of Governor of Madhya Pradesh Special Secretary Department of Tourism Government
of Madhya Pradesh |
|
1 |
|
For and on
behalf of Governor of Madhya Pradesh Director of Tourism Government of Madhya
Pradesh |
|
1 |
|
For and on
behalf of Governor of Madhya Pradesh Secretary Department of Tourism Government
of Madhya Pradesh |
|
2497287 |
|
Total |
|
2497290 |
As on 13.12.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Government [Central and State] |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Hotel and Restaurant |
|
|
|
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
|
|
|
|
Bankers : |
v
State Bank of v
Central Bank of v
State Bank of v
Syndicate Bank v
ICICI Bank Limited v
Punjab National Bank v
Andhra Bank v
Allahabad Bank v
Bank of v
Bank of v
HDFC bank Limited v
Bank of v
UCO Bank v
Union Bank |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Bhawsar and Company Chartered Accountants |
|
Address : |
C-33/34, |
|
Tel. No.: |
91-755-2466445 |
|
Mobile No.: |
91-9425011445 |
|
E-Mail : |
|
|
Income-tax
PAN of auditor or auditor's firm : |
AHDFB2852Q |
CAPITAL STRUCTURE
As on 13.12.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3000000 |
Equity Shares |
Rs.100/- each |
Rs.300.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2497290 |
Equity Shares |
Rs.100/- each |
Rs.249.729
millions |
|
|
|
|
|
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 |
249.729 |
249.729 |
249.729 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2649.024 |
2134.856 |
1600.312 |
|
|
4] (Accumulated Losses) |
(43.379) |
(45.667) |
(60.719) |
|
|
NETWORTH |
2855.374 |
2338.918 |
1789.322 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
Capital Grant in add from M.P. Government |
|
|
|
|
|
1] For Assets Transferred (Tourism Department) |
6.394 |
6.394 |
6.394 |
|
|
2] For Capital Work |
0.664 |
0.664 |
0.664 |
|
|
|
|
|
|
|
|
TOTAL |
2862.432 |
2345.976 |
1796.380 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
515.229 |
502.876 |
501.324 |
|
|
Capital work-in-progress |
1532.975 |
953.789 |
524.249 |
|
|
|
|
|
|
|
|
INVESTMENT |
7.840 |
7.840 |
7.840 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2.087
|
1.656 |
1.581 |
|
|
Sundry Debtors |
64.053
|
55.050 |
63.450 |
|
|
Cash & Bank Balances |
914.769
|
913.649 |
669.691 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
169.845
|
125.318 |
129.917 |
|
Total
Current Assets |
1150.754
|
1095.673 |
864.639 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
215.871
|
100.372 |
78.800 |
|
|
Other Current Liabilities & Provisions |
128.495
|
113.830 |
22.872 |
|
Total
Current Liabilities |
344.366
|
214.202 |
101.672 |
|
|
Net Current Assets |
806.388
|
881.471 |
762.967 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2862.432 |
2345.976 |
1796.380 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Accommodation Restaurant and Transport (Package Tour Net of Expenses) |
505.897 |
411.654 |
357.714 |
|
|
|
Other Income |
99.561 |
88.961 |
72.950 |
|
|
|
Grants Received – For Tourism Promotion (From M.P./ Central
Government) |
157.670 |
164.691 |
154.758 |
|
|
|
TOTAL (A) |
763.128 |
665.306 |
585.422 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Operating Expenses |
214.482 |
197.094 |
191.616 |
|
|
|
Payment to and Provision for Employee |
217.378 |
135.327 |
112.305 |
|
|
|
Administrative Expenses |
149.447 |
137.611 |
92.057 |
|
|
|
Publicity Promotion and Festival |
150.340 |
151.210 |
151.689 |
|
|
|
Audit Fees |
0.081 |
0.071 |
0.073 |
|
|
|
Expenses Relating to Previous Year |
0.159 |
0.310 |
0.590 |
|
|
|
Income Relating to Previous Year |
(0.062) |
(0.237) |
(0.281) |
|
|
|
TOTAL (B) |
731.825 |
621.386 |
548.049 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
31.303 |
43.920 |
37.373 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.649 |
2.569 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
30.654 |
41.351 |
37.373 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
28.366 |
26.300 |
20.644 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2.288 |
15.051 |
16.729 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
2.288 |
15.051 |
16.729 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(45.668) |
(60.719) |
(77.448) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(43.380) |
(45.668) |
(60.719) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.92 |
6.03 |
6.70 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total
Income |
(%) |
0.30
|
2.26 |
2.86 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.45
|
3.66 |
4.68 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.14
|
0.94 |
1.22 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.00
|
0.01 |
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.12
|
0.09 |
0.06 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.34
|
5.12 |
8.50 |
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 |
|
|
|
|
- Sundry
Creditors for Goods and Services |
43.525 |
35.828 |
33.052 |
|
- Deposit for
Accommodation |
20.679 |
21.897 |
18.179 |
|
Sundry Creditors Others |
151.667 |
42.647 |
27.569 |
|
Total |
215.871 |
100.372 |
78.800 |
|
Sundry Creditors Others (Partial Details) |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Salary Payable |
60.227 |
8.441 |
5.511 |
|
Security Deposit
payable to Staff |
0.117 |
0.117 |
0.117 |
|
Audit Fee Payable
|
0.294 |
0.286 |
0.289 |
|
Security Deposit
from Others |
62.723 |
27.201 |
12.653 |
|
|
0.562 |
0.464 |
0.511 |
|
Amount in Transit
|
0.088 |
0.088 |
0.088 |
|
Luxury Tax |
2.381 |
2.638 |
2.560 |
|
Rent Payable |
0.004 |
0.000 |
0.000 |
|
Co-Operative Bank
Collection A/c |
0.000 |
0.020 |
0.020 |
Note:
The registered office of the company has been shifted from 4th
Floor,
CONTINGENT
LIABILITIES: (As on 31.03.2010)
(a) Estimated amount of contracts remaining to be executed on capital
account not provided for is not ascertainable.
(b) Bank guarantees outstanding Rs.0.500 million.
(c) (i) Demand of Rs.3.756
millions against construction Yatri Niwas Ujjain by CPWD is to be decided.
|
Particulars |
Amount |
Forum in which
the appeal is pending |
|
(ii) Income tax A.Y. 2007-2008 |
Rs.25.800 millions |
The Commissioner
Income Tax Appeals |
|
(iii) Provident Fund |
Rs.20.000 millions |
The
Commissioner, Department of Labour |
(d) The fraudulent withdrawals of Rs.18.743 millions during the period
08th November 2010 to 14th December 2010 by outsider/s
from the State Bank of India, Main Branch, Bhopal, Bank account No.10571032404
of the corporation has been came in knowledge on 22nd December 2010
and an F.I.R has been filed with S.T.F. (Special Task Force) - Bhopal, vide FIR
no: 5/10 dated 22.12.2010, which was followed up with the bankers by the
corporation and the said amount is recovered from State Bank of India and credited to the current account no.
10571032404 of the corporation on 26.07.2011.
FIXED ASSETS:
v Land
v Building
v Electrical Equipment
v Furniture and Fixtures
v Crockery and Cutlery
v Office Equipment
v Vehicles
v Tent and Tarpoline
v Live Stock
v Boat
v Temporary Structure
v Cycle
v Computer and Accessories
v K. Utensils
v Computer
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.49.05 |
|
|
1 |
Rs.77.77 |
|
Euro |
1 |
Rs.65.89 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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.