MIRA INFORM REPORT 

 

 

Report Date :

09.01.2012

 

IDENTIFICATION DETAILS

 

Name :

COUNTRY CLUB (INDIA) LIMITED

 

 

Formerly Known As :

AMRUTHA INNS LIMITED (w.e.f. 14.09.1992)

AMRUTHA INNS PRIVATE LIMITED

 

 

Registered Office :

Amrutha Castle, 5-9-16, Saifabad, Opposite Secretariat, Hyderabad – 500063, Andhra Pradesh

 

 

Country :

India

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

17.05.1991

 

 

Com. Reg. No.:

01-012714

 

 

Capital Investment / Paid-up Capital :

Rs.178.929 Millions

 

 

CIN No.:

[Company Identification No.]

L91990AP1991PLC012714

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

HYDC00978F

 

 

PAN No.:

[Permanent Account No.]

AAACC8276B

 

 

Legal Form :

A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchange.

 

 

Line of Business :

Subject is an India –based Leisure, Infrastructure and Vacation Ownership Company.

 

 

No. of Employees :

4000 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (47)

 

RATING

STATUS

PROPOSED CREDIT LINE

 

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments.

 

However, it would be take advisable securities while dealing with the subject.

 

 

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)

India

A1

A1

 

 

 

 

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INFORMATION PARTED BY

 

Name :

Mr. S. B. Ravindra

Designation :

Chief Financial Officer

Date :

05.01.2012

 

 

LOCATIONS

 

Registered/ Branch Office/ Factory :

Amrutha Castle, 5-9-16, Saifabad, Opposite Secretariat, Hyderabad – 500063, Andhra Pradesh, India

Tel. No.:

91-40-66848888

Fax No.:

91-40-66843444

E-Mail :

ceooffice@countryclubmail.com

countryclub@vsnl.net

Website :

http://www.countryclubindia.net

 

 

Corporate Office :

Country Club Kool, 4th and 5th Floors, 6-3-1219, Begumpet, Hyderabad – 500016, Andhra Pradesh, India

 

 

DIRECTORS

 

(AS ON 31.03.2011)

 

Name :

Mr. Y. Rajeev Reddy

Designation :

Chairman and Managing Director (Promoter)

Address :

8-2-293/82/F/A/

Date of Birth/Age :

54 years

Qualification :

B. Com (Hons)

Experience :

30 years

 

 

Name :

Mr. Y. Siddharth Reddy

Designation :

Vice Chairman, Joint Managing Director and Chief Executive Officer

Address :

Plot No. A21 and C21, Co-operative Society Limited, Road No.9, Film Nagar, Jubilee Hills, Hyderabad-500033, Andhra Pradesh, India

Date of Birth/Age :

28 years

Experience :

12 years

 

 

Name :

Mr. Y. Varun Reddy

Designation :

Vice Chairman, Joint Managing Director and Chief Operating Officer

Address :

Plot No. A21 and C21, Co-operative Society Limited, Road No.9, Film Nagar, Jubilee Hills, Hyderabad-500033, Andhra Pradesh, India

Date of Birth/Age :

26 years

Qualification :

B.A. (Eco.), B.A. (Corp. Communications)

Experience :

10 years

 

 

Name :

Mrs. Y. Manjula Reddy

Designation :

Director

Address :

Plot No. A21 and C21, Co-operative Society Limited, Road No.9, Film Nagar, Jubilee Hills, Hyderabad-500033, Andhra Pradesh, India

Date of Birth/Age :

51 years

Qualification :

M.A. and M.B.A.

Experience :

30 years

 

 

Name :

Mr. D. Krishna Kumar Raju

Designation :

Vice Chairman and Executive Director

Address :

Villa No.117, 1009, Indu Fortune Fields, 13th PH, KPHB Colony, Hyderabad-500072, Andhra Pradesh, India

 

 

Name :

Mr. D. Venkata Ratna Kishore

Designation :

Director

Address :

8-2-293/82/A/775C, Road No. 45, Jubilee Hills, Hyderabad – 500033, Andhra Pradesh, India

Date of Birth/Age :

70 years

Qualification :

B. Tech

Experience :

40 years

 

 

Name :

Mr. D. Venkata Krishnam Raju

Designation :

Director

Address :

Plot No. 3-98/6, Srisainath Nagar, KPHB Colony, Kukatpally, Hyderabad – 500072, Andhra Pradesh, India

Date of Birth/Age :

60 years

Qualification :

Under Graduate

Experience :

35 years

 

 

Name :

Mr. Indukuri Venkata Subba Raju

Designation :

Director

Address :

Flat No.306, Primes Vedadri Towers, V.S. Raju Nagar, Nizampet Road, Hydernagar, Hyderabad – 500072, Andhra Pradesh, India

Date of Birth/Age :

55 years

Qualification :

L.M.E.

Experience :

32 years

 

 

Name :

Mr. Y. Subba Rao

Designation :

Director

Address :

H.No.1-4-1008/204, Gandhi Nagar, Hyderabad – 500080, Andhra Pradesh, India

Date of Birth/Age :

72 years

Qualification :

B. Com.

Experience :

40 years

 

 

Name :

Mr. K. Satryanarayana Raju

Designation :

Director

 

 

KEY EXECUTIVES

 

Name :

Mr. S. B. Ravindra

Designation :

Chief Financial Officer

 

 

Name :

Mr. S. Subba Raju

Designation :

Company Secretary

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

(AS ON 30.09.2011)

 

Category

No. of Shares

Percentage of Holding

 

 

 

(A) Shareholding of Promoter and Promoter Group

 

 

(1) Indian

 

 

Individuals / Hindu Undivided Family

46,637,386

52.13

Sub Total

46,637,386

52.13

 

 

 

(2) Foreign

 

 

Total shareholding of Promoter and Promoter Group (A)

46,637,386

52.13

 

 

 

(B) Public Shareholding

 

 

(1) Institutions

 

 

Financial Institutions / Banks

12,999

0.01

Foreign Institutional Investors

7,416,128

8.29

Sub Total

7,429,127

8.30

 

 

 

(2) Non-Institutions

 

 

Bodies Corporate

5,456,211

6.10

Individuals

 

 

Individual shareholders holding nominal share capital up to Rs.0.100 Millions

21,792,550

24.36

Individual shareholders holding nominal share capital in excess of Rs.0.100 Million

7,182,231

8.03

 

 

 

Any Others (Specify)

967,230

1.08

Non Resident Indians

924,103

1.03

Clearing Members

43,127

0.05

Sub Total

35,398,222

39.57

 

 

 

Total Public shareholding (B)

42,827,349

47.87

 

 

 

Total (A)+(B)

89,464,735

100.00

 

 

 

(C) Shares held by Custodians and against which Depository Receipts have been issued

-

-

(1) Promoter and Promoter Group

-

-

(2) Public

-

-

Sub Total

-

-

 

 

 

Total (A)+(B)+(C)

 

89,464,735

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is an India –based Leisure, Infrastructure and Vacation Ownership Company.

 

 

Products :

Products Description

 

Item Code No.

 

 

Food and Beverage

691

Facilities

691

 

 

Terms :

 

Selling :

Credit (30 days)

 

 

Purchasing :

Credit (60 days)

 

 

GENERAL INFORMATION

 

Customers :

End Users

 

 

No. of Employees :

4000 (Approximately)

 

 

Bankers :

·         Axis Bank Limited

Srinagar Colony, Hyderabad, Andhra Pradesh, India

 

·         ICICI Bank Limited

Hyderabad, Andhra Pradesh, India

 

·         Saraswat Co-Op Bank

·         Ratnakar Bank

·         Cosmos Bank

·         Oriental Bank of Commerce

 

 

Facilities :

Secured Loans

31.03.2011

31.03.2010

 

 

(Rs. In Millions)

Term Loans with Banks

 

 

- Ratnakar Bank Loan - I

179.829

199.999

- Ratnakar Bank Loan - II

199.953

221.198

(for expansion of existing Clubs and secured by way of Hypothecation of Land and Building)

 

 

 - Saraswat Co-Op Bank Loan

(for expansion of existing Clubs and secured by way of Hypothecation of Land and Building)

240.051

252.974

- Cosmos Bank Loan I

148.005

201.436

- Cosmos Bank Loan II

194.859

0.000

(for expansion of existing Clubs and secured by way of Hypothecation of Land and Building)

 

 

- Oriental Bank of Commerce Loan - 1

202.340

0.000

- Oriental Bank of Commerce Loan - 2

50.499

0.000

(for expansion of existing Clubs and secured by way of Hypothecation of Land and Building)

 

 

- Religare Finvest Limited - Loan

(for expansion of existing Clubs and secured by way of Hypothecation of Land and Building)

42.490

0.000

Equipment Finance

(Loans from Citibank and The Saraswat Co-Op Bank Limited. For Vehicles and the same were secured by way of hypothecation of the Vehicles)

4.414

5.570

Lease Finance

(Loan from NOIDA Authority for Plot and the same was secured)

23.743

23.743

 

 

 

Total

 

1286.183

904.920

 

 

Unsecured Loans

31.03.2011

31.03.2010

 

 

(Rs. In Millions)

 

 

 

Foreign Currency Convertible Bonds

905.780

900.080

 

 

 

Total

 

905.780

900.080

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

P. Murali and Company

Chartered Accountant

Address :

6-3-655/2/3, Somajiuda, Hyderabad- 500082, Andhra Pradesh, India

Tel. No.:

91-40-23326666

Fax No.:

91-40-23326666

Email :

info@pmurali.com

 

 

Associates :

·         Amrutha Estates Private Limited

·         Amrutha Estates and Hospitality Private Limited

·         Zen Garden Hotel Private Limited

·         Country Condo’s Limited

 

 

Subsidiary Companies :

·         Aquarian Realtors Private Limited

·         International country Holidays Private Limited (Formerly Known as Aakruti Engineers Private Limited)

·         Bush   Betta   Holiday  Ownership  Wildlife  Adventure  Resort  Private Limited

·         Country Club Babylon Resort Private Limited

·         JJ Arts and Entertainments Private Limited

·         Kolet Resort Club Private Limited

·         Bright Resorts Private Limited

·         Chanakyapuri Resorts Private Limited

·         Jade Resorts Private Limited

·         Maruti Waterpark and Entertainments Private Limited

·         Country Vacations International Limited, India

·         Swami Vivekanand Training and Education Centre Private Limited

·         Swimwel Investment and Trading Private Limited

·         Country Vacations International Limited, Dubai

·         Country Vacations International LLC, Dubai

·         Country Vacations International LLC, Oman

·         Country Vacations International LLC, Abu Dhabi

·         Club Arzee Limited

 

 

CAPITAL STRUCTURE

 

(AS ON 31.03.2011)

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

200000000

Equity Share

Rs.2/- each

Rs.400.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

89464735

Equity Share

Rs.2/- each

Rs.178.929 Millions

 

 

 

 

 

 

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

178.929

170.237

154.849

2] Share Application Money

0.000

0.000

0.000

3] Equity Share Warrants

187.500

71.563

89.900

4] Membership Fee

282.269

394.592

517.573

5] Reserves & Surplus

6439.191

6222.107

5905.850

6] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

7087.889

6858.499

6668.172

LOAN FUNDS

 

 

 

1] Secured Loans

1286.183

904.920

8.066

2] Unsecured Loans

905.780

900.080

1092.681

TOTAL BORROWING

2191.963

1805.000

1100.747

DEFERRED TAX LIABILITIES

281.969

222.559

159.617

 

 

 

 

TOTAL

9561.821

8886.058

7928.536

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

4482.520

4331.429

3005.464

Capital work-in-progress

1544.145

983.813

1847.170

 

 

 

 

INVESTMENT

2401.458

2269.577

2082.356

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
25.619

18.819

5.387

 

Sundry Debtors
49.485

51.907

48.989

 

Cash & Bank Balances
134.481

224.633

157.686

 

Other Current Assets
0.000

0.000

0.000

 

Loans & Advances
2691.829

2463.617

2123.231

Total Current Assets
2901.414

2758.976

2335.293

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditor
465.155

313.443

430.045

 

Other Current Liabilities
1249.595

1158.672

1021.603

 

Provisions
52.966

58.688

36.233

Total Current Liabilities
1767.716

1530.803

1487.881

Net Current Assets
1133.698

1228.173

847.412

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

73.066

146.134

 

 

 

 

TOTAL

9561.821

8886.058

7928.536

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2011

31.03.2010

31.03.2009

 

SALES

 

 

 

 

 

Guest Accommodation, Restaurant and Banquets

272.692

271.594

256.034

 

 

Subscription from Members and Others

1878.314

1840.468

2652.866

 

 

 

2151.006

2112.062

2908.900

 

 

Facilities

18.954

12.316

20.430

 

 

TOTAL                                     (A)

2169.960

2124.378

2929.330

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Consumables and Provisions

74.278

89.410

91.721

 

 

Personnel Cost

753.907

772.469

1031.062

 

 

Upkeep and Service Cost

127.171

123.471

158.871

 

 

General Expenses

622.238

621.342

1229.834

 

 

Audit Fee

0.300

0.300

0.300

 

 

TOTAL                                     (B)

1577.894

1606.992

2511.788

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

592.066

517.386

417.542

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

194.211

92.506

135.172

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

397.855

422.880

282.370

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

184.268

132.711

114.363

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

213.587

292.169

168.007

 

 

 

 

 

Less

TAX                                                                  (H)

101.979

112.595

70.861

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

111.608

179.574

97.146

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

1150.350

979.810

926.197

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

General Reserve

0.000

0.000

7.300

 

 

Proposed Final Dividend on Equity Shares

8.946

7.747

30.970

 

 

Provision for Tax on divided

1.451

1.287

5.263

 

BALANCE CARRIED TO THE B/S

1251.561

1150.350

979.810

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

45.043

4.966

163.712

 

 

 

 

 

 

Earnings Per Share (Rs.)

 

 

 

 

 - Basic

1.30

2.32

1.25

 

 - Diluted

0.89

1.93

1.16

 

 

QUARTERLY RESULTS

 

PARTICULARS

 

 

30.06.2011

30.09.2011

Type

 

1st Quarter

2nd Quarter

Net Sales

 

551.190

510.500

Total Expenditure

 

385.170

348.240

PBIDT (Excl OI)

 

166.020

162.260

Other Income

 

0.000

0.000

Operating Profit

 

166.020

162.260

Interest

 

54.890

56.180

Exceptional Items

 

0.000

0.000

PBDT

 

111.130

106.080

Depreciation

 

48.120

49.090

Profit Before Tax

 

63.010

56.990

Tax

 

23.680

25.900

Provisions and contingencies

 

0.000

0.000

Profit After Tax

 

39.340

31.090

Extraordinary Items

 

0.000

0.000

Prior Period Expenses

 

0.000

0.000

Other Adjustments

 

0.000

0.000

Net Profit

 

39.340

31.090

 

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2011

31.03.2010

31.03.2009

PAT / Total Income

(%)
5.14

8.45

3.32

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
9.93

13.83

5.78

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
2.89

4.12

3.15

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.03

0.04

0.03

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
0.56

0.49

0.39

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.64

1.80

1.57

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

DETAILS OF FINANCIAL PARAMETERS FOR PICTORIAL REPRESENTATION

 

(RS. IN MILLIONS)

 

Particulars

FY 12

FY 13

FY 14

FY 15

FY 16

FY 17

FY 18

Income from Memberships

1870.000

2190.000

2570.000

3020.000

3480.000

4100.000

4840.000

Income from Subscriptions

160.000

200.000

240.000

280.000

340.000

410.000

490.000

Income from Rooms and F and B

360.000

550.000

690.000

800.000

950.000

1130.000

1350.000

Total Income

(Rs. Millions)

2390.00

2940.000

3490.000

4100.000

4770.000

564

6680.000

 

 

 

 

 

 

 

 

EBIDTA - Operations (Rs. Millions)

170.000

250.000

300.000

360.000

430.000

510.000

610.000

EBIDTA - Marketing (Rs. Millions)

650.000

790.000

930.000

1090.000

1250.000

1480.000

1740.000

PAT (Rs. Millions)

250.000

260.000

460.000

680.000

900.000

1210.000

1530.000

No. of Members - India (Rs. Millions)

0.293

0.330

0.371

0.418

0.470

0.529

0.595

Average Realisation per Member (in Rs.)

60,170

63,179

66,338

69,655

73,137

76,794

80,634

No. of Members during the year

32,587

36,661

41,243

46,399

52,199

58,723

66,064

 

 

------------------------------------------------------------------------------------------------------------------------------

 

FINANCIALS WITH 10% DROP IN MEMBERSHIPS FROM THE PROJECTIONS

 

(RS. IN MILLIONS)

 

Particulars

 

FY 12

FY 13

FY 14

FY 15

FY 16

FY 17

FY 18

 

 

 

 

 

 

 

 

Equity Share Capital

178.900

178.900

178.900

178.900

178.900

178.900

178.900

Reserves and Surplus

6580.600

6648.100

6955.700

7453.400

8135.600

9085.500

10300.300

Networth

7096.700

7155.600

7392.700

7819.800

8502.000

9451.900

10666.700

Secured Debt

2971.200

2543.700

2003.700

1473.100

1071.500

731.200

337.500

Unsecured Debt

0.000

0.000

0.000

0.000

0.000

0.000

0.000

 

 

 

 

 

 

 

 

Debt Equity Ratio

0.3

0.26

0.21

0.16

0.11

0.07

0.03

 

 

 

 

 

 

 

 

Total Turnover

2193.600

2682.00

3166.700

3683.800

4235.500

4969.800

5837.300

 

 

 

 

 

 

 

 

EBITDA

757.100

943.100

1112.300

1293.700

1486.100

1743.000

2046.200

PBT

286.600

272.500

482.200

705.700

922.800

1237.700

1608.100

PAT

193.600

181.600

359.800

549.900

734.400

1002.100

1266.900

 

 

 

 

 

 

 

 

No. of Memberships

290027

322655

358954

399336

444261

494241

549843

 

 

 

 

 

 

 

 

DSCR

1.04

1.15

1.46

2.26

3.4

3.46

0

Average DSCR

2.19

 

 

 

 

 

 

Minimum DSCR

1.04

 

 

 

 

 

 

Maximum DSCR

3.46

 

 

 

 

 

 

 

 

------------------------------------------------------------------------------------------------------------------------------

 

DETAILS OF EXCHANGE RATE VARIATION ON THE FCCB

 

(RS. IN MILLIONS)

 

 

DETAILS OF EXCHANGE RATE VARIATION ON THE FCCB

 

Amount

 

 

 

Exchange Rate at the time of raising FCCBs in Dec 2006

 

434.400

 

 

 

Exchange Rate today i.e., 20.12.2011

 

530.900

 

 

 

Increase in Exchange Rate

 

96.500

 

USD Mn

 

Total principal liability of FCCB

20

193.000

Premium on the FCCB

9.962

 

 

 

 

Total Liability payable

29.962

1590.700

Less: on account of Exchange Rate differential on Principal

 

193.000

 

 

 

Balance liability of FCCB

 

1397.700

 

 

 

Total FCCB Liability at the beginning

 

868.800

 

 

 

Redemption value of FCCB liability

 

1590.700

 

 

 

Differential Interest

 

721.900

 

 

 

Effective derived interest rate

 

16.62%

 

 

------------------------------------------------------------------------------------------------------------------------------

 

PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDING

 

(RS. IN MILLIONS)

 

Particulars

 

FY 12

FY 13

FY 14

FY 15

FY 16

FY 17

FY 18

 

(PROJECTED)

 

 

 

 

 

 

 

 

# of New Members

32587

36661

41243

46399

52199

58723

66064

Revenues from  Operations

358.400

550.000

688.200

800.400

949.8000

1131.700

1353.900

Revenues from subscription

163.200

195.800

235.000

282.000

338.400

406.100

487.300

Total Operational Revenues

521.600

745.900

923.200

1082.400

1288.200

1537.800

1841.200

 

 

 

 

 

 

 

 

Revenues from membership

1868.100

2190.900

2571.500

3020.400

3479.200

4103.500

4839.700

 

 

 

 

 

 

 

 

Net Sales

2389.700

2936.800

3494.700

4102.900

4767.400

5641.300

6680.900

% of rise in sales

10.13

22.89

19.00

17.4

16.2

18.33

18.43

 

 

 

 

 

 

 

 

Other Income

0.000

0.000

0.000

0.000

0.000

0.000

0.000

Operations Expenditure

 

 

 

 

 

 

 

Raw Materials

88.700

126.800

156.900

184.000

219.000

261.400

313.000

% of Total Operational revenues

17%

17%

17%

17%

17%

17%

17%

Personnel

83.500

119.300

147.700

173.200

206.100

246.100

294.600

% of Total Operational revenues

16%

16%

16%

16%

16%

16%

16%

Unkeep and Service Cost

156.500

223.800

277.000

324.700

386.500

461.300

552.400

% of Total Operational revenues

30%

30%

30%

30%

30%

30%

30%

Other Exp

20.900

29.800

36.900

43.300

51.500

61.500

73.600

% of Total Operational revenues

4%

4%

4%

4%

4%

4%

4%

Total Operational Expenses

349.500

499.700

618.500

725.200

863.100

1030.300

1233.600

Operations EBIDTA

172.100

246.100

304.700

357.200

425.100

507.500

607.600

EBIDTA Percentage

33%

33%

33%

33%

33%

33%

33%

 

 

 

 

 

 

 

 

Marketing Expenditure

 

 

 

 

 

 

 

Personnel

523.100

613.500

720.00

845.700

974.200

1149.000

1355.100

% of Revenue from membership

28%

28%

28%

28%

28%

28%

28%

Business Promo and Other Mktg Costs

74.700

87.600

102.900

120.800

139.200

164.100

193.600

% of Revenue from membership

4%

4%

4%

4%

4%

4%

4%

Financial Charges

93.400

109.500

128.600

151.000

174.000

205.200

242.00

% of Revenue from membership

5%

5%

5%

5%

5%

5%

5%

Advertisement and Publicity

186.800

219.100

257.200

302.000

347.900

410.400

484.000

% of Revenue from membership

10%

10%

10%

10%

10%

10%

10%

Other General Expenses

336.500

372.500

437.200

513.500

591.500

697.600

822.700

% of Revenue from membership

18%

17%

17%

17%

17%

17%

17%

Total Marketing Expenses

1214.500

1402.200

1645.800

1933.100

2226.700

2626.200

3097.400

Marketing EBIDTA

653.600

788.700

925.800

1087.400

1252.500

1477.300

1742.300

EBIDTA Percentage

35%

36%

36%

36%

36%

36%

36%

 

 

 

 

 

 

 

 

Total Expenditure

1564.000

1901.900

2264.300

2658.3000

3089.800

3656.600

4331.000

EBITDA

825.700

1034.900

1230.400

1444.600

1677.600

1984.700

2349.900

EBITDA Margin (%)

35%

35%

35%

35%

35%

35%

35%

Depreciation

220.400

278.500

310.900

341.600

391.000

399.700

414.300

EBIT

605.300

756.300

919.500

1102.900

1286.600

1585.000

1935.600

Interest

250.100

392.100

319.200

246.300

172.300

105.600

23.800

Amortized expenses

0.000

0.000

0.000

0.000

0.000

0.000

0.000

PBT

355.200

364.200

600.200

856.600

1114.300

1479.500

1911.800

Tax - Current

53.300

54.600

90.000

128.500

167.100

221.900

286.800

Tax Rate (%) - Current - Tax free not assumed

15%

15%

15%

15%

15%

15%

15%

Tax - Deferred

50.000

50.000

50.000

50.000

50.000

50.000

100.000

Adj PAT

251.900

259.600

460.200

678.100

897.100

1207.500

1525.100

Prior Period Expenses

 

 

 

 

 

 

 

Reported profit

251.900

259.600

460.200

678.100

897.100

1207.500

1525.100

PAT Margin

11%

9%

13%

17%

19%

21%

23%

Cash Profits

472.300

538.100

771.100

1019.700

1288.200

1607.300

1939.300

 

 

 

 

 

 

 

 

Shares Outstanding

89.500

89.500

89.500

89.500

89.500

89.500

89.500

Weighted Shares

89.500

89.500

89.500

89.500

89.500

89.500

89.500

Dividend

44.700

44.700

44.700

44.700

44.700

44.700

44.700

Dividend Tax

7.400

7.400

7.400

7.400

7.400

7.400

7.400

General Reserve

25.200

26.000

46.000

67.800

89.700

120.800

152.500

FCCB Redemption Reserve

 

 

 

 

 

 

 

Retained Earnings

199.700

207.400

408.00

625.900

845.000

1155.400

1472.900

 

 

------------------------------------------------------------------------------------------------------------------------------

 

PROJECTED BALANCE SHEET

 

(RS. IN MILLIONS)

 

 

Particulars

FY 12

 

FY 13

FY 14

FY 15

FY 16

FY 17

FY 18

 

(PROJECTED)

SOURCES OF FUNDS

 

 

 

 

 

 

 

Equity Share Capital

178.900

178.900

178.900

178.900

178.900

178.900

178.900

Share Warrants and others

187.500

187.500

187.500

187.500

187.500

187.500

187.500

Share Premium

4900.500

4900.500

4900.500

4900.500

4900.500

4900.500

4900.500

Reserves & Surplus

1676.400

1883.800

2291.900

2917.800

3762.800

4918.200

6391.100

  Capital Reserve

117.600

117.600

117.600

117.600

117.600

117.600

117.600

FCCB Reserve

0.000

0.000

0.000

0.000

0.000

0.000

0.000

  Others

1558.900

1766.300

2174.300

2800.200

364.520

4800.600

6273.500

Membership Fee

211.700

141.100

70.600

0.000

0.000

0.000

0.000

Networth

7155.000

7291.900

7629.400

8184.700

9029.700

10185.100

11658.000

 

 

 

 

 

 

 

 

Secured

2971.200

2543.700

2003.700

1473.100

1071.500

731.200

337.500

Unsecured

0.000

0.000

0.000

0.000

0.000

0.000

0.000

Total Debt

2971.200

2543.700

2003.700

1473.100

1071.500

731.200

337.500

 

 

 

 

 

 

 

 

Deferred Tax Liability

332.000

382.000

432.00

482.000

532.000

582.000

682.000

Total Funds Employed

10458.200

10217.500

10065.000

10139.800

10633.200

11498.300

12677.400

 

 

 

 

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

Gross block

6340.800

8190.800

8990.800

9790.8000

11190.800

11390.800

11740.800

Less: depreciation

928.600

1207.100

1518.000

1859.700

2250.700

2650.400

3064.700

Net Fixed Assets

5412.200

6983.600

7472.700

7931.100

8940.100

8740.300

8676.100

Capital WIP

2194.100

894.100

594.100

194.100

(305.900)

44.100

1544.100

 

 

 

 

 

 

 

 

Investments

200

200

200

200

200

200

200

 

 

 

 

 

 

 

 

Current assets

2942.100

2838.500

2989.900

3599.900

4298.200

5634.900

5378.300

     Inventory

7.400

10.600

13.100

15.300

18.2000

21.800

26.100

Days

30.42

30.42

30.42

30.42

30.42

30.42

30.42

     Debtors

62.000

77.500

96.800

121.100

151.300

189.200

236.400

Days

16.75

19.88

21.5

23.69

13.92

13.92

13.92

     Other Current Assets

 

 

 

 

 

 

 

     Cash and Bank Balance

372.700

250.400

630.000

1213.500

1878.600

3173.900

2865.800

     Loans and Advances

2500.000

2500.000

2250.000

2250.000

2250.000

2250.000

2250.000

Current Liabilities/Provisions

2090.200

2498.700

2991.700

3585.400

4299.200

4921.000

4921.000

     Creditors

571.600

685.900

823.000

987.600

1185.200

1185.200

1185.200

Days

51.43

58.58

60.84

64.34

36.29

36.29

36.29

     Liabilities

1499.500

1799.400

2159.300

2591.200

3109.400

3731.300

3731.300

     Provisions

19.100

13.400

9.400

6.600

4.600

4.600

4.600

Net Core Working Capital

(502.200)

(597.800)

(713.100)

(851.200)

(1015.600)

(974.200)

(922.600)

Days

-33.34

-37.43

-38.18

-39.39

-21.77

-21.77

-21.77

Net Current Assets

851.900

339.800

(1.800)

(14.600)

(1.000)

713.800

457.200

Days

322.93

257.2

244.82

234.27

156.7

156.7

156.7

Deferred Tax

0.000

0.000

0.000

0.000

0.000

0.000

0.000

 

 

 

 

 

 

 

 

Miscellaneous Expenses

0.000

0.000

0.000

0.000

0.000

0.000

0.000

Total Assets

10458.200

10217.500

10065.000

10139.800

10633.200

11498.300

12677.400

Difference

0.000

0.000

0.000

0.000

0.000

0.000

0.000

 

 

 

 

 

 

 

 

Current Ratio

1.41

1.14

1

1

1

1.15

1.09

Debt/Equity Ration

0.29

0.26

0.21

0.15

0.11

0.07

0.03

 

29.30%

25.90%

20.80%

15.30%

10.60%

6.70%

2.80%

Secured Debt

2971.200

2543.700

2003.700

1473.100

1071.500

731.200

337.500

Equity (networth)

7155.000

7291.900

7629.400

8184.700

9029.700

10185.100

11658.000

 

------------------------------------------------------------------------------------------------------------------------------

 

CASH FLOW STATEMENT

 

(RS. IN MILLIONS)

 

Cash Flows

FY 12

FY 13

FY 14

FY 15

FY 16

FY 17

FY 18

 

 

(PROJECTED)

Cash from Operations

 

 

 

 

 

 

 

Profit after Tax

251.900

259.600

460.200

678.100

897.100

1207.500

1525.100

Add: Deferred Tax

50.000

50.000

50.000

50.000

50.000

50.000

100.000

Add: Depreciation

220.400

278.500

310.900

341.600

391.00

399.700

414.300

Cash flow from Operations

522.300

588.100

821.100

1069.700

1338.200

1657.300

2039.300

 

 

 

 

 

 

 

 

(Inc)/Dec in Core Working Capital

112.200

95.600

115.300

138.100

164.300

(41.400)

(51.600)

(Inc)/Dec in other net CA

216.100

294.200

355.900

429.100

516.300

621.900

0.000

Net Cash from Operations

850.600

977.900

1292.300

1636.900

2018.800

2237.800

1987.700

Cash from Investing

 

 

 

 

 

 

 

Capital Expenditure

(1800.100)

(550.000)

(500.000)

(400.000)

(900.000)

(550.000)

(1850.000)

Sale/(Purchase) of Investments

401.500

0.000

0.000

0.000

0.000

0.000

0.000

(Inc)/Dec in loans & advances

191.800

0.000

250.000

0.000

0.000

0.000

0.000

(Inc)/Dec in others

(184.700)

(122.700)

(122.700)

(122.700)

(52.200)

(52.200)

(52.200)

Net Cash from Investing

(1391.500)

(672.700)

(372.700)

(522.700)

(952.200)

(602.200)

(1902.200)

Cash from Financing

 

 

 

 

 

 

 

Issue of Shares

0.000

0.000

0.000

0.000

0.000

0.000

0.000

Debt Raised

779.200

(427.500)

(540.000)

(530.600)

(401.500)

(340.300)

(393.700)

Net Cash from Financing

779.200

(427.500)

(540.000)

(530.600)

(401.500)

(340.300)

(393.700)

 

 

 

 

 

 

 

 

Net change in Cash

238.300

(122.300)

379.600

583.600

665.100

1295.300

(308.200)

Opening Cash

134.400

372.700

250.400

630.000

1213.500

1878.600

3173.900

Closing cash

372.700

250.400

630.000

1213.500

1878.600

3173.900

2865.800

 

------------------------------------------------------------------------------------------------------------------------------

 

DEBT SERVICE COVERAGE

 

 

Cover

2012

2013

2014

2015

2016

2017

2018

 

 

 

 

 

 

 

 

Profit after tax

251.900

259.600

460.200

678.100

897.100

1207.500

1525.100

Depreciation

220.400

278.500

310.900

341.600

391.000

399.700

414.300

Interest on Term Loan

250.100

392.100

319.200

246.300

172.300

105.600

23.800

Preliminary & Pre-operative W/O

0.000

0.000

0.000

0.000

0.000

0.000

0.000

Total (A)

722.400

930.200

1090.400

1266.100

1460.500

1712.800

1963.100

 

 

 

 

 

 

 

 

Service

 

 

 

 

 

 

 

Term Loan Instalments-I

315.000

427.500

540.000

530.600

401.500

337.500

468.800

Interest on Term Loan

250.100

392.100

319.200

246.300

172.300

105.600

23.800

Total (B)

565.100

819.600

859.200

777.000

573.900

443.100

492.500

 

 

 

 

 

 

 

 

DSCR (A-B)

1.28

1.13

1.27

1.63

2.54

3.87

3.99

Average DSCR

2.46

 

 

 

 

 

 

 

 

Maximum DSCR 1.13

Maximum DSCR 3.99

Average DSCR 2.46

 

------------------------------------------------------------------------------------------------------------------------------

 

NET WORTH STATEMENT

 

MR. Y. RAJEEV REDDY

 

(RS. IN MILLIONS)

 

Particulars

31.03.2011

 

 

 

Immovable Property

 

Land (extent of Land in Sq. yds. 119)

Municipal No.5-9-18/2, Opp. A.P. Secretariat, Saifabad, Hyderabad - 500063

1.647

Land (Extent of Land 28 ½ Guntas)

Giddenahalli Village, Attibele Hobli, Anekat Taluk, Bangalore District

2.201

Land (Extent of 1 AC 22 Guntas along with 1 AC 18 Guntas phut Kharab land)

Hosahalli Gollarapalya Village, Yeshwanthpura Hobli, Bangalore North Taluk

8.431

Land (Extent of 90 Guntas)

Basavanapura Village Bogur Hobli, Bangalore South Taluk

1.501

 

 

Liquid Assets

 

Cash and Bank Balance

0.361

Equity Shares

136.194

Jewellery

0.083

 

 

TOTAL ASSETS

150.418

 

 

 

Less: Liabilities

 

5.765

 

 

NET WORTH AS ON DATE

 

Rs.144.653 Millions

 

 

------------------------------------------------------------------------------------------------------------------------------

 

NET WORTH STATEMENT

 

MR. Y. SIDDHARTH REDDY

 

(RS. IN MILLIONS)

 

Particulars

31.03.2011

 

 

 

Immovable Property

--

 

 

Liquid Assets

 

Cash and Bank Balance

0.155

Equity Shares

5.936

Fixed deposits

0.769

Jewellery

0.061

 

 

TOTAL ASSETS

6.921

 

 

Less: Liabilities

 

--

 

NET WORTH AS ON DATE

 

Rs.6.921 Millions

 

 

------------------------------------------------------------------------------------------------------------------------------

 

NET WORTH STATEMENT

 

MR. Y. VARUN REDDY

 

(RS. IN MILLIONS)

 

Particulars

31.03.2011

 

 

 

Immovable Property

 

Building 447 sq. yds

Town Planning Scheme No.21, Ahmedabad

15.150

 

 

Liquid Assets

 

Cash and Bank Balance

0.054

Equity Shares

5.250

Jewellery

0.046

 

 

TOTAL ASSETS

20.500

 

 

 

Less: Liabilities

 

5.250

 

 

NET WORTH AS ON DATE

 

Rs.15.250 Millions

 

 

------------------------------------------------------------------------------------------------------------------------------

 

VALUATION REPORT

 

VALUATION OF IMMOVABLE PROPERTY OF COUNTRY CLUB, BANNERGHATTA ROAD

 

At the request of Mr. Tataji, DGM Finance and Accounts, The Country Club (India) Limited, to inspect the immovable assets of the Country Club, Bannerghatta Road, they the undersigned Valuers and Appraisers did inspect the same and now report as under: 

 

 

Date of Inspection

December 25, 2011

Name of the Project

THE COUNTRY CLUB, BANNERGHATTA ROAD.

Name of the Owner

Mr. Y Rajeev Reddy and Mrs. Manjula Reddy

Project Address:

No.95, Sy No 7, Basavanapura, Bannerghatta Road, Bangalore 83

Purpose of valuation

For financial assistance

Basis of Valuation

Land : Market Value Basis

Building : Present cost, less depreciation

Inspection in the presence of

Mr. Ganesh, 09164349955

Conversion Order No

R457113/LR/372/37-2 of 27.4.1938

 

 

LAND

 

 

Location

The club is located off the Bannerghatta Road just before the National Park and is assessed via Bangalore Dairy, Jayadeva Heart Hospital, Doresanipalya, Bilekehalli, Apollo and Fortis Hospital, lIMB, Reliance Mart, HSBC, Mantri Apts, L&T South City, Honeywell, AECS Mangnolia and Maruthi School, Pride Regalia, Meenakshi Mall and Temple, Prestige Nottinghill apts, Rai Business School, T. John’s College, Royal Hermitage, United Bank of India Staff College, Loyala Industrial Training School, lOL Petrol Bunk, right turn before the Bannerghatta National Park Forest. It is on the road to the Weaver’s Colony. The club is developed in a serene, rustic atmosphere surrounded by landscaped gardens, large foliage trees having an ideal relaxing atmosphere for the members and family.

 

 

Landmarks

Close to junction to Nice Road, Bannerghatta National Park, behind Mangalaya Developers and Inn hotel. Important landmarks are Mantri Elite, Elegance, Paradise, Residency, Purva Panorama, Nandi Park, layouts like Classic Orchards, Royal Hermitage, Vithola, HSBC, Honeywell Software. Educational Institutions T. John’s College, Rai University, Loyolla College, Sarla Birla Academy, Maruthi Dental college and Venkateshwara Polytechnic towards Jiqani.

 

 

Classification of Locality

Upper Middle Class, Residential/ Commercial

 

 

Distance from M G Road

24 kms

 

 

Boundaries

East : Mangalya Developers Property and Inn

West : Weaver’s Colony Road

North : Sy No 9 and 7

South : Weaver’s Colony road, remaining land in Sy No 7 sold to Mangalaya Developers

 

 

Extent of land

1 acre

38.064 gunta

1.9516 acre

85,011.70 sft

 

 

Rate

Bannerghatta road is fully developed and is transformed into a wide double road. The land has become scarce and the rate has shot up to Rs.3000/- sft. However, the apartments on Bannerghatta road are selling at Rs 3000 to Rs.4000/- sft. Considering FSI 1.75, the land value recovered after deducting cost of construction is as high as Rs.3500.

 

 

Valuation of Land

85,011.7 sft @ Rs 3,500 Rs 297.541 Millions

 

 

Amenities

The Club has landscaped gardens, walkways and blossomed trees. The amenities include Snooker room, Tennis Court, Banquet hall, Restaurant, Children’s play area, Front office, Pantry, Sapota Restaurant and Bar, Swimming pool with change and shower rooms and ample car parking.

 

 

Construction

The buildings are simple with Mangalore tiled roof, vitrified, ceramic tiles, marble and red oxide flooring, size stone masonry, burnt brick walls, exteriors plastered, interiors neatly pointed. Walk ways and roads lined with terra cotta, concrete payers, raw granite slabs. The club is well maintained with good housekeeping. Car parking is under trees. Compound wall of sizes stone masonry 6’ to 8’ high, MS gate.

 

 

BUILDINGS

Features of Construction

 

 

Snooker Room

SS foundation with AC roof on tubular purlins, torracotta flooring with billiards Table,

 

 

Children’s Play Area

Open area provided with 2 slides, see-saw, roller etc.

 

 

Front Office

SS masonry foundation, AC roof, Vitrified, Redoxide, PCC flooring.

 

 

Table Tennis Room

RCC roof, grey mosaic flooring, Aluminum doors and windows.

 

 

Banquet Hall

Granite tiled flooring, aluminum roof on tubular trusses on 2 fabricated columns, walls 3’ high with aluminum glazed windows.

 

 

Sapota Restaurant

Mangalore tiled roof on trusses supported on tubluar columns, granite flooring, open towards pool on one side and sapota trees on other with bar.

 

 

Bar and Stores

Mangalore tiled roof, BB walls, PCC floor, deep freezer, electronic weighing machine.

 

 

Pantry and House Keeping

RCC roof, BB walls, PCC flooring.

 

 

Open Air Stage

Platform overlooking the lawn for performance by artists

 

 

Lawn

Lucious green lawn with coconut and ornamental palms for parties.

 

 

Kitchen

AC sheet / FRP sheets, Brick walls, PCC flooring, 5’ ceramic dado, tandoors, cooking platform, LPG gas bank room

 

 

Tennis Court

Fenced with chain link mesh on 2 sides near the cottages, wail on side.

 

 

Cottages

RCC roof, brick walls, vitrified flooring, saiwood doors & windows, glazed and mosquito proof shutters provided with AC, TV, cots, sofa and attached toilets.

 

 

Single Rooms

Rooms in GFL, suites on first floor.

 

 

Swimming Pool

2.50 Iakh litre capacity with filtration plant.

 

 

Change Rooms L & G

Ceramic tile flooring, 8ft dado, FRP roof.

 

 

Liquor Store Room

Mangalore tiled roof, BB walls, PCC flooring, refrigerator, deep freeze.

 

 

Compound Wall, Gate, Entrance Arch

Designer size stone masonry compound wall 8ft high, entrance arch covered with Mangalore tiles and MS gate.

 

 

Infrastructure

Roads, pavements laid with concrete payers, security room, landscaped garden, borewell.

 

 

VALUATION OF PROPERTY

 

Item

Length

Breadth

Area sft

Rate

Value

(Rs. in Millions)

 

 

 

 

 

 

Snooker Room

22

27

594

700

0.416

 

 

 

 

 

 

Children’s Play Area 

40

60

2400

100

0.240

 

 

 

 

 

 

Front Office, Bar, Store

23

40

920

750

0.690

 

 

 

 

 

 

Table Tennis Room

24

25

600

750

0.450

 

 

 

 

 

 

Banquet Hall, Restaurant

23

60

1380

1200

1.656

 

 

 

 

 

 

Pantry and House Keeping

10

29

290

600

0.174

 

 

 

 

 

 

Open Air Stage

25

37

925

350

0.324

 

 

 

 

 

 

Lawn

50

50

2500

150

0.375

 

 

 

 

 

 

Kitchen, Pantry

27

82

2214

600

1.328

 

 

 

 

 

 

Toilets

9

18

162

600

0.097

 

 

 

 

 

 

Tennis Court

 

 

 

 

 

Cottage 1 - GLF

22

22

484

1200

0.581

Cottage 2 - GLF

22

22

484

1200

0.581

Cottage 3 - GLF

15

36

540

1200

0.648

Cottage 3-FFL

15

18

270

1100

0.297

 

 

 

 

 

 

Swimming Pool Renovated

38

65

250000

40

10.000

 

 

 

 

 

 

Change Rooms L and G

33

17

561

700

0.393

 

 

 

 

 

 

Liquor Store Room

13.5

13.5

182

600

0.109

 

 

 

 

 

 

Sapota Restaurant

10.5

92.00

966

600

0.580

 

 

Compound Wall, Gate, Entrance Arch, Roads

1.000

 

 

Valuation of Buildings

21.188

 

 

Depreciation

5.297

 

 

Valuation Net After Depreciation

15.891

 

 

Valuation of Land

297.541

 

 

Valuation of Immovable Property of Club

 

313.432

 

 

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OUTLOOK
 
The Company’s motto is to offer best service of the best quality  at  the best  price  to its members. With this in view the  Company  is  constantly trying  to  improve its properties, increasing the  opportunities  for  its members to get the value for their money.
 
The  Company`s Dubai office has been positioned to serve as  the  strategic base for global expansion. In the coming years, the Company will expand its brand`s  footprint  across  Middle East and Africa.  The  Company  aims  to increase  memberships  by  four fold to one  million  from  about  2,50,000 members at present.
 
In  the  pipeline  the  Company has plans to  establish  offices  in  Doha, Bahrain,  Saudi  Arabia (Riyadh and Jeddah) and Kuwait in the  middle  east region.  Kenya  and South Africa are also on the expansion radar  with  the Company  looking  to set up base in Nairobi and Johannesburg  in  the  near future.  The Company is also looking at Malayasia and Singapore  to  expand its clubbing and Hospitality business.

 

 

 

SHARE CAPITAL
 
The paid-up Share Capital of the Company stands at Rs.178.929 Millions as on 31st March, 2011.
 
During the year, the company has allotted 43,45,999 Equity  Shares  at Rs.16.26 per Equity Share (which includes  a  premium  of Rs.14.26 per equity share) to Mr. Y. Rajeev Reddy, promoter of the Company, upon the conversion of 31,04,285 Share Warrants on 7th January 2011.  These shares have been listed on Bombay Stock Exchange Limited and the Company is in the process of making an application to Madras Stock Exchange  Limited for listing these shares.

 

 

MANAGEMENT DISCUSSION AND ANALYSIS
 
INDIAN HOSPITALITY SECTOR:
 
The Indian Economy:
 
According to the advance estimates provided by  the  Central  Statistics Office (CSO), GDP at factor cost at constant prices is expected to register a  growth of 8.6 percent in the year 2010-11. In the year 2009-10, GDP  at  factor  cost at constant prices grew by 8.0 percent. Although the  expected performance  of  the industry and services sector in 2010-11  is  not  very different from what was seen in 2009-10, when industry grew by 8.0 percent and  services grew by 10.1 percent, it is the much improved performance  of the  agriculture  sector in 2010-11 that is going to provide an  uptick  to overall GDP growth.
 
FY11 marked the turnaround of the hotel industry as the economy  recovered after  the  financial crisis. The industry saw rapid recovery as the year progressed.  While  foreign  tourist arrival increased  over  2009  levels, domestic  travelers also provided a big boost to the Hospitality  industry. As  a result of sharp increase in demand, occupancy and average  room  rent (ARR)  returned  to levels before the slowdown. Revenue  per  average  room 
(RevPAR)  also increased by 6.2% YoY during the year. While there is  a shortage  of  rooms, several domestic hotel companies and  foreign  players launched new projects across different segments. These new hotel properties are expected to close the demand-supply gap in the industry in the coming years.

 

 

INDIAN HOSPITALITY INDUSTRY OVERVIEW:
 
Hospitality is emerging as one of the biggest industries when it comes to employment.  Today, the term "Hospitality" has gone beyond the  borders  of the  hotel  industry and has seeped into almost every sector  of  business. Over the last few years the industry has undergone a complete makeover  and has  become  a  crucial part of functioning of any company.  If  one  looks closely at sectors such as entertainment, education, and retail industries, Hospitality plays a major role in supporting these sectors.
 
As per an analysis done by retail consultancy Technopak, at the end of 2010 the Indian hotel industry`s worth was estimated around  US$  17  billion. However  the  hotel  industry is estimated to grow at  a  CAGR (Compounded Annual  Growth  Rate)  of  around 15 per cent over  the  next  five  years. According  to Economic Survey of 2010-11 the average annual growth rate  of hotel  and  restaurant sector has been 8.8 per cent for the period  during 2005-06  and  2009-10. However after a patch of rough  time  and  stagnated growth,  the sector is back in the positive growth territory and clocked  a growth of 2.2 per cent in 2009-10.
 
The mood  is upbeat in the travel and tourism industry especially in  the hotel business.  At the Hotel  Investment  Forum  India,   Indian   and international  hotel chains expressed optimism at the growth  potential  of the  Indian market and outlined big investment plans for the  coming  year. The Indian hotel industry is looking very good because the kind of  growth expected  over the next couple of years or more is to the tune of 15-20%  - something  of that we have already seen in the last year. Importantly, the hotel  industry and the hotel chain groups are very bullish and  optimistic about their investments and commitment as far as the growth is concerned.

 

 

GROWTH AND ITS POSSIBLE REASONS:

 

The Hospitality Industry is major service sector in the world economy. Since Indian Hospitality industry is projected to grow at a rate of 8.8 per cent during 2007-16, it is thus placing India as the second-fastest growing tourism market in the world. Initiatives like massive investment in hotel infrastructure and open-sky policies made by the government are all aimed at propelling growth in the Hospitality sector. According to industry data, India is expected to double the number of branded hotel rooms from 100,000 now  in  just three years. Leading the pack is global hotel chains,  which will  add  over  300 hotel properties (an estimated 55,000  rooms)  in  the  country by 2013, as per data compiled by companies.

 

Over  the  last  decade  and  half the  mad  rush  to  India  for  business opportunities has intensified and elevated room rates and occupancy  levels in India. The successful growth story of `Hotel Industry in India`  seconds only to China in Asia Pacific. The Hotel Industry is inextricably linked to the  tourism  industry and the growth in the Indian  tourism  industry  has fueled  the  growth  of Indian hotel industry.  The  thriving  economy  and increased  business opportunities in India have acted as a boon for  Indian hotel  industry. The arrival of low cost airlines and the associated  price wars have given domestic tourists a host of options. The `Incredible India` destination campaign and the recently launched Atithi Devo  Bhavah`  (ADB) campaign  have  also  helped in the growth of domestic  and  international tourism and consequently the hotel industry.

 

Due  to  such a huge potential available in this  segment,  several  global hotel chains have all announced major investment plans for the country. The Government`s move to declare hotel and tourism industry as a high  priority sector  with a provision for 100 per cent foreign direct  investment  (FDI) has  also provided a further impetus in attracting investments in  to  this industry.

 

It  is  estimated that the Hospitality sector is likely to  see  US$  11.41 billion  rise  in the next two years, with around  40  international  hotel brands making their presence known in the country by 2011.  Simultaneously, international  hotel  asset management companies are also likely  to  enter India.

 

One of the major reasons for the increase in demand for hotel rooms in  the country is the boom in the overall economy and high growth in sectors  like information  technology,  telecom,  retail and real  estate.  Rising  stock

market and new business opportunities are also attracting hordes of foreign investors  and  international  corporate travelers  to  look  for  business opportunities in the country.

 

Also India has been ranked as the fourth most preferred travel  destination and   with  Lonely  Planet  selecting  the  country  among  the  top   five destinations  from  167 countries; India has finally made its mark  on  the world  travel  map. Thus, the increase in the need  for  accommodation  has hugely  increased  the  demands for hotels which in turn  has  boosted  the growth  of  the Hospitality sector in India especially that  of  the  hotel industry.

 

 

EMERGING TRENDS IN THE HOTEL INDUSTRY: RAPIDLY CHANGING OPERATING MODELS:

 

Unlike in the west, the franchise model has not been a success  in  India. What accounted for its success in the west is a consistency in the product offering along  with strict regulations by the Government on  hygiene  and health standards,  which helped the franchise model  to flourish.  Recent trends strongly suggest that the franchise model of business has  taken  a backseat and the focus is shifting to the management model.

 

 

DIMINISHING BRAND LOYALTY:

 

Guests  today  are becoming increasingly unpredictable and  quickly  switch their  patronage for better deals across hotel segments,  thereby  reducing efficacy  of  many  loyalty  programs which  hotels  target  towards  their customers.

 

 

NEW AVENUES OF GROWTH:

 

Service apartments, time sharing, fractional ownership, and company hotels or guest houses, have immense potential to grow. Their growth is likely to be due to increased demand of the IT, ITES, BPO, KPO, Biotechnology and Medical tourism sectors.

 

Heightened awareness of consumers towards their environment has  brought into  prominence the concept of `eco-tourism` and `agri-tourism`. There  is an  increased flow of people, especially those from the west to  India  for medical  services.  This  has also brought into limelight  the  concept  of `medical tourism`. The current market for `medical tourism` in India is USS 533 million, and is expected to grow to USS 3.29 billion by 2018.

 

Diversification  holds  the  key to survival in the  long  run.  The  hotel  industry  isn`t  behind.  Spas  are appearing  at hotel  properties  at  a  remarkable rate and are becoming independent profit centers. Cafes, Lounges and  Bars which have high profit margins, are increasing their presence  in several hotels.

 

 

GROWTH OF BUDGET HOTELS:

 

Currently, 3 and 4 star category hotels together account for 22% of the total room  supply in India, which clearly indicates a huge growth potential  for budget  hotels.  Due  to the vast demand supply gap  of  mid-segment  hotel rooms,  an investment of USS 835 million (Exhibit 15) is proposed for this hotel category over the next three years.

 

Therefore to conclude, with a lot of hotels opening up  in  the country, India is being touted as the next destination for the Hospitality Industry. According  to figures from the World Travel and Tourism Council,  by  2019, there would be 275 million jobs pertaining to the Hospitality Industry.

 

 

INDUSTRY OUTLOOK

 

Tourism and Hospitality being the largest service sector in  the  country, contributes  around 6.23 per cent to the national GDP and 8.78 per cent  of  the  total  employment  in the country. The  country  welcomes  around  562  million domestic tourists.

 

 

GOVERNMENT INITIATIVES:
 
The  Government  has  allowed 100 per cent  foreign  investment  under  the automatic route in the hotel and tourism related industry, according to the Consolidated  FDI  Policy,  released  by DIPP,  Ministry  of  Commerce  and Industry,  Government  of India. The terms `Hotel`  includes  restaurants, beach  resorts and other tourism complexes providing accommodation and  /or catering and food facilities to tourists.
 
 
The term tourism related industry includes:
 
Travel  agencies, tour operating agencies and tourist  transport  operating agencies,  units providing facilities for cultural, adventure and  wildlife experience  to  tourists Surface, air and water  transport  facilities  for tourists Convention/seminar units and organizations.
 
The government has taken up a number of initiatives to enhance the tourism and Hospitality sector performance and  profits.  Identification   and development of 37 destinations within the last two years, and execution  of 600 projects for 300 tourist spots across the country with an investment of over  US$24 million are some projects taken by the Government to boost  the travel  industry  and  create awareness for the sector.  According  to  the Eleventh  Five  Year  Plan,  a total of USS472 billion  is  planned  to  be invested  in upgrading and modernizing civil amenities like  bridges,  rope ways, roads, telecom services, ports, and other forms of transport as per a report by the Planning Commission.
 
 
INDUSTRY INITIATIVES:
 
The Indian Hospitality sector is expected to see an estimated investment of USS 12 billion in the next 2 years, and various new  industry  initiatives are  being  taken  up.  Given the current growth,  demand-supply  gap  and 
investment norms (100% FDI allowed), the country provides opportunities for International  brands to enter India with a long term commitment as  stated in a report by the Ministry of External Affairs.
 
 
MEDICAL TOURISM:
 
India has emerged as the major destination for medical tourists from across the globe. Lower costs combined with effective healthcare therapies have attracted  a number of foreign patients. The Indian medical tourism sector valued  at US$ 310 million, currently, receives more than  100,000  foreign patients each year and is expected to reach US$ 2 billion by 2012. With  an annual growth of the sector projected at 30 per cent, the number of medical tourists  is anticipated to grow at a CAGR of over 19 per cent  during  the forecast period to reach 1.3 million by 2013.
 
To  offer  superior  healthcare services, the government  has  adopted  the Public  Private Partnership (PPP) Model  to  enhance  the  infrastructure requirements of the sector with the expertise of private sector and  better 
support of public sector.
 
Kerala, termed as `God`s Own Country` promises  world  class  hospitals coupled  with cost-effective treatments and opportunities for  tourists  to relax  and  enjoy. The state has been witnessing a stead growth  in  the number  of foreign nationals visiting the country for procedures like  knee replacement, weight  reduction surgery, liver  transplant,  cardiac  care, ophthalmic care and dentistry.
 
 
HOSPITALITY:
 
The  Indian Hospitality industry, estimated at US$ 17 billion,  contributes 2.2  per  cent  of India`s GDP. The sector is expected to grow  to  US$  36 billion by the end of 2018. Seventy per cent of the total contribution (US$ 11.85  billion)  comes from the unorganized sector and  the  remaining  30% (estimated  at  US$ 5.08 billion) comes from the organized  sector  of  the Hospitality industry.
 
 
ROAD AHEAD:
 
The  tourism  and  Hospitality sector report by  the  Ministry  of  Tourism suggests  that the demands are expected to increase up to US$ 34.7  billion by  the  end  of 2020. In order to promote this target,  the  Ministry  has already  sanctioned the development of 169 rural sites across the  country. These sites have been selected based upon their competencies for craft and hand loom skills.
 
Statistics suggest a triple  fold increase in  the  number  of  tourists visiting  the country. The sector has witnessed a steady growth from four million travelers in 1998 to 11 million in 2008. As expected, the figure in intended  to  reach  a mark of 29 million visitors by  2018. There is an opportunity in the inbound MICE sector (meetings, incentives, conventions and events) which has already registered a growth of 15 per cent to 20  per cent during the last five years as stated in the report by the Ministry of Tourism.

 

 

INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY:
 
Country  Club  has a robust internal audit and control system  which  is  a process  overdriven  by  the  Board  of  Directors, Management  and  other personnel and provides reasonable assurance regarding the effectiveness and efficiency of operations, reliability of financial reporting and compliance with applicable laws and regulations. The Company`s Internal Audit function is  staffed with qualified and experienced people. The Standard  Operating Procedures  (SOPs)  put in place by the Company are in line with  the  best global  practices  and have been laid down across the process  flows  along with authority controls for each activity.

 

 

FINANCIAL PERFORMANCE:

 

The Company had a strong 5-year CAGR of 38% in the topline (consolidated financials). In  the past few years the Company made many  Greenfield  and brown field  acquisitions  and  has successfully  completed  those  projects resulting  in a steady growth. For the FY2010-11, EBIDTA has grown by over 23% as compared  to  previous year. Interest cost has increased from Rs.106.500 Millions in previous year to Rs.210.993 Millions during the current year. PBT was Rs.5,28.077 Millions. PAT was Rs.420.864 Millions for the FY2010-11. The PAT margin was maintained at 13%.

 

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STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2011

 

(RS. IN MILLIONS)

 

Sr. No

PARTICULARS

Unaudited

Quarter Ended

30-06-2011

 

 

 

1

(a) Net Sales/Income from Operations

551.187

 

(b) Other Operating Income

 

 

 

 

2

Expenditure

 

 

a. Consumption of Materials

17.363

 

b. Employees Cost

200.245

 

c. Depreciation

48.115

 

d. Other Expenditure

167.558

 

e. Total

433.281

 

 

 

3

Profit from Operations before Other Income, Interest & Exceptional Items (1-2)

117.906

4

Other Income

 

5

Profit before Interest & Exceptional   Items (3+4)

117.906

6

Financial Charges

54.887

7

Profit after Interest but before Exceptional   Items (5-6)

63.019

8

Exceptional Items

--

9

Profit (+)/ Loss (-) from Ordinary Activities before tax (7-8)

63.019

10

Tax Expenses

23.682

11

Net Profit (+)/ Loss (-) from Ordinary Activities after tax (9-10)

39.337

12

Extraordinary Items (net of Tax Expenses Rs…)

--

13

Net Profit(+)/ Loss(-) for  the  period  (11-12)

39.337

 

 

 

14

Paid-up Equity Share Capital

 

 

    - Face Value of Rs.2/- per share

178.930

15

Reserves excluding Revaluation Reserves as per Balance Sheet of previous accounting year

--

 

 

 

16

Earnings Per Share (EPS)

 

 

a) Before Extraordinary items  for the period, for the year to date and for the previous year

 

 

               Basic

0.44

 

               Diluted

0.31

 

b) After Extraordinary items for the period, for the year to date and for the previous year

 

 

               Basic

0.44

 

               Diluted

0.31

 

 

 

17

Public Shareholding

 

 

- Number of shares

 

 

    - Face Value of Rs.2/- per share

42,827,349

 

- Percentage of shareholding

47.87%

 

 

 

18

Promoters and promoter group Shareholding **

 

 

a) Pledged/Encumbered

 

 

- Number of shares

Nil

 

- Percentage of shares (as a % of the total shareholding of promoter and promoter group)

Nil

 

- Percentage of shares (as a% of the total share capital of the company)

Nil

 

 

 

 

b) Non-encumbered

 

 

- Number of Shares

46,637,386

 

- Percentage of shares (as a% of the total shareholding of promoter and promoter group)

100%

 

- Percentage of shares (as a % of the total share capital of the company)

52.13%

 

 

NOTES TO UNAUDITED ACCOUNTS AS ON 30-06-2011

 

1.  The above Unaudited results were reviewed by the Audit Committee and were taken on record by the Board of Directors at their meeting held on August 14, 2011 and was continued on 15-08-2011.

 

2.  Income from Operations Includes Guest Accommodation, Restaurant and Banquet sales of Rs.69.024 Millions. Subscription from Members and Others of Rs.482.163 Millions.

 

3. It is difficult to identify segment wise Profitability and Capital Employed considering that Infrastructure is common for all the revenue activities of the Company.

 

4. Tax indicates Provision for IT / Deferred Tax

 

5. Status of Investor Complaints:  Received during the quarter 5, Solved 5, Pending 1

 

6. EPS has been computed in accordance with the Accounting Standard AS - 20.

 

7. Figures for the previous year have been re-grouped wherever necessary.

 

 

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FIXED ASSETS:

                          

·         Land and Site Development

·         Building

·         Furniture and Fixture

·         Plant and Machinery

·         Computers

·         Vehicles                                                                                                                                                                                                                                                                             

·         Electrical Equipments

 

 

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WEBSITE DETAILS:

 

PROFILE:

 

Subject is one of the fastest growing entertainment and leisure conglomerate in India. A Multi-Million dollar entity and a listed company on BSE (Bombay Stock Exchange), Subject is a pioneer in the concept of family clubbing in the country. Subject has established 205 properties of which over 55 are owned and 175 are franchised properties plus a global gateway via Country Vacations and RCI affiliation of 4000 resorts for its esteemed members.

 

Subject‘s very first leisure infrastructure project is Country Club Coconut Grove which is over much 100 acre and completely eco friendly project near Tumkur Bangalore. The Project a resultant of a synergy between the core expertise of the founding organization Amrutha Estates and the innovative vision of participatory clubbing; that hinges on community living and holiday homes with clubbing pleasures.

 

Subject is Country's biggest chain of Family Clubs recognized by the Limca Book of World Records. Besides prominent citizens from all walks of life, we have around 600 Corporate Members, including Microsoft, Brooke Bond Lipton (India) Limited, CMC Limited and Dr. Reddy's Labs.

 

Subject provides a state-of-the-art Health Club, multi-cuisine restaurants, business centre, swimming pool and other facilities. A unique benefit to members joining The Country Club is the facility of transferability of membership from one city to another, paying the differential membership fee, in case the membership fee at the city to which transfer is sought is higher.

 

Subject is a powerhouse of entertainment organizes shows including beauty pageants, Holi, Navarathri, Dasara, Diwali, Christmas, Lodi and New Year regularly and invite celebrities. Performing artists and entertainers who have participated in the shows include King Khan - Sharukh Khan, Govinda, Salman Khan, Bipasha Basu, Mahima Chaudary, Yana Gupta, Koena Mitra, Sangeetha, Usha Uthup, Remo Fernandez, Daler Mehndi, Raageshwari, Shan and Sagarika, Bali Brahmbhatt, Sukhvinder Singh, Sushmitha Sen And Mamta Kulkarni to name a few.


Subject has entered into Strategic Alliances with all the major banks in the market, wherein all these banks Credit Cardholders will be entitled to the 0% interest free installments starting from 6 months to 36 months to avail Country Club membership.

 

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BUSINESS DESCRIPTION

 

Subject is an India-based leisure, infrastructure and vacation ownership Company. The Company is an entertainment and leisure conglomerates in India having ownership of 53 properties in India and abroad. The Company offers services, such as health club, multi-cuisine restaurants, business centre, swimming pool and other recreational facilities. It also provides a range of membership products for the customers. During the fiscal year ended March 31, 2010 (fiscal 2010), the Company had set up a new overseas branch at Muscat, Sultanate of Oman. The branch is set up as Country Vacations International LLC - Oman and is a subsidiary of Country Vacations International Limited - Dubai, United Arab Emirates. During fiscal 2010, the Company acquired Swimwel Investment and Trading Private Limited, Swami Vivekanand Training and Education Centre Private Limited and Country Vacations International Limited - India. For the nine months ended 31 December 2010, Subejct’s revenues remained flat at R2.3B. Net income decreased 10% to RS296.7M. Revenues reflect decreased income from operations. Net income also reflects decreased operating profit margin and increase in depreciation expenses. Subject is one of the fastest growing entertainment and leisure conglomerate in India, it operates in the hospitality.

 

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BOARD OF DIRECTORS:

 

 

Mr. Y. Rajeev Reddy

Mr. Y. Rajeev Reddy is Chairman of the Board, Managing Director for Subject. He is the Man with the vision, a entrepreneur with an innovation up his sleeve, he is the driving force of the organization. Armed with Bachelor in Commerce (Hon), He started a career in business with a burning desire to establish an entity that will last beyond him. From the then Amrutha estates to the newly evolved conglomerate Company, he is an inspiring success story.

 

 

Mr. D. Venkata Krishnam Raju

Mr. D. Venkata Krishnam Raju is Independent Non-Executive Director of Subject. He is a matured mind with time tested experience in Business Administration. A under grad who has scaled corporate ladder based on his skills, He is all well versed to carve paths for the management and organization.

 

 

Mr. Y. Varun Reddy

Mr. Y. Varun Reddy is Vice Chairman of the Board, Chief Operating Officer, Joint Managing Director for Subject. He is a graduate from University of Rutgers Newiersey with a BA in Economics, Marketing and Corporate Communications, he is a perfect fit at the executing side. The new surge of technology driven into operations comes from this youngest member of the team.

 

 

Mr. Y. Siddharth Reddy

Mr. Y. Siddharth Reddy is Vice Chairman of the Board, Chief Executive Officer, Joint Managing Director for Subject. He has a tutorship in business in the growing years and a degree in Finance from University of Texas, Austin, He is at the helm of functions as the CEO. The building of an online finance network has exposed his experience to plunge into main stream with an agenda definitive and complementing growth of the company.

 

 

Mr. D. Venkata Ratna Kishore

Mr. D. Venkata Ratna Kishore is Independent Non-Executive Director of Subject. He holds a degree in B. Tech. He is well educated and experienced in the Textile Industry. He is a director of Bhimavaram Hospitals Limited.

 

 

Mr. Indukuri Venkata Subba Raju

Mr. Indukuri Venkata Subba Raju is Independent Non-Executive Director of Subject. He has experience of 32 years in different Manufacturing Industries.

 

 

Mrs. Y. Manjula Reddy

Mrs. Y. Manjula Reddy is Non-Executive Director of Subject. She holds a Degree M.A., M.B.A. from Andhra University. She is one of the Promoter Director of the Company. She has experience in Management and Administration. She has directorships in four other Companies, namely Arnrutha Estates Private Limited, Amrutha Investments Limited, Country Club Bangalore Limited, Country Vacations International Limited.

 

 

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NEWS:

 

COUNTRY CLUB INDIA SURGES ON GETTING NOD FOR SCHEME OF AMALGAMATION

 

02 September 2011

 

India, Sept. 02 -- Country Club India is currently trading at Rs 9.29, up by 0.21 points or 2.31% from its previous closing of Rs 9.08 on the BSE. The scrip opened at Rs 8.92 and has touched a high and low of Rs 9.29 and Rs 8.92 respectively. So far 6415 shares were traded on the counter. The BSE group 'B' stock of face value Rs 2 has touched a 52 week high of Rs 23.20 on 27-Sep-2010 and a 52 week low of Rs 8.10 on 19-Aug-2011.Last one week high and low of the scrip stood at Rs 9.42 and Rs 8.20 respectively. The current market cap of the company is Rs 812.300 Millions. The promoters holding in the company stood at 52.13% while Institutions and Non-Institutions held 8.33% and 39.54% respectively. Country Club India has received an approval for draft scheme of amalgamation of Amrutha Estates and Hospitality, Hyderabad with Country Club (India) as it would add substantial value to shareholders. The company has received an approval at its board meeting held on September 01, 2011. The board has approved the share exchange ratio at 37 new shares of Rs 2 each of Country Club (India) for every 10 shares of Rs 2 each of Amrutha Estates and Hospitality. Due to amalgamation, the company feels that there would be addition of the prime property which will result in a large increase in the asset base of the company. Further, there will be consolidation under one umbrella which will increase room inventory significantly and the integration to result in improved performance, a stronger financial structure, healthy cash flows and higher profitability. Also, the company has received approval to raise funds by issue GDR / ADR / QIP / ECB / FCCB upto the tune of $150 million. Country Club India (CCIL) is one of fastest growing players in the leisure and entertainment industry. The company is a pioneer in the concept of family clubbing in the country. The company operates through its 205 properties out of which 50 are owned and 155 are franchised properties. CCIL presently has 9 subsidiary companies in Goa, Mumbai, Karnataka, Chennai, Kerala, Gujarat and Sri Lanka.

 

 

 

COUNTRY CLUB INDIA GETS NOD FOR SCHEME OF AMALGAMATION

 

02 September 2011

 

India, Sept. 02 -- Country Club India has received an approval for draft scheme of amalgamation of Amrutha Estates and Hospitality, Hyderabad with Country Club (India) as it would add substantial value to shareholders. The company has received an approval at its board meeting held on September 01, 2011. The board has approved the share exchange ratio at 37 new shares of Rs 2 each of Country Club (India) for every 10 shares of Rs 2 each of Amrutha Estates and Hospitality. Due to amalgamation, the company feels that there would be addition of the prime property which will result in a large increase in the asset base of the company. Further, there will be consolidation under one umbrella which will increase room inventory significantly and the integration to result in improved performance, a stronger financial structure, healthy cash flows and higher profitability. Also, the company has received approval to raise funds by issue GDR / ADR / QIP / ECB / FCCB upto the tune of $150 million. Country Club India (CCIL) is one of fastest growing players in the leisure and entertainment industry. The company is a pioneer in the concept of family clubbing in the country. The company operates through its 205 properties out of which 50 are owned and 155 are franchised properties. CCIL presently has 9 subsidiary companies in Goa, Mumbai, Karnataka, Chennai, Kerala, Gujarat and Sri Lanka.

 

 

BOARD RECOMMENDS FINAL DIVIDEND

 

02 September 2011

 

India, Sept. 02 -- Country Club India Limited has informed BSE that the Board of Directors of the Company at its meeting held on September 01, 2011, inter alia, has transacted, the following business: 1. Recommended a Final Dividend of 5% i.e. Re. 0.10 each equity share of Rs. 2/- (Rupees Two Only) each fully paid - up equity share of the Company for the Financial Year 2010-11.2. Taken note of the Valuation Certificate and the Share Exchange Ratio Certificate issued by M/s. M. Anandam and Company, Chartered Accountants for Amalgamation of M/s. Amrutha Estates and Hospitality Private Limited with M/s. Country Club (India) Limited 3. After extensive discussion the Board of Directors of the Company have approved the Draft Scheme of Amalgamation of M/s. Amrutha Estates and Hospitality Private Limited, Hyderabad with M/s. Country Club (India) Limited, Hyderabad, as it would add substantial Shareholder value for the following reasons:(a) The addition of the prime property results in a large increase in the Asset base of the Company.(b) Consolidation under one umbrella to increase room inventory significantly.(c) The integration to result in improved performance, a stronger financial structure, healthy cash flows and higher profitability.4. Approved the Shore Exchange Ratio at 37 new Shares of Rs. 2/- each of M/s. Country Club (India) Limited for every 10 Shares of Rs. 2/- each of M/s. Amrutha Estates and Hospitality Private Limited 5. Authorised Mr. Y. Rajeev Reddy, Chairman and Managing Director and Mr. Subba Rao, Company Secretary to make all submissions and do all such acts things, deeds which may be necessary / required for getting approval from various statutory authorities including Stock Exchanges, Courts, etc., on behalf of the Company.6. Approved to raise funds by issue GDR / ADR / QIP / ECB / FCCB upto the tune of USD 150 Million.

 

 

COUNTRY CLUB (INDIA) MAY MERGE AMRUTHA ESTATES HOSPITALITY WITH ITSELF

 

23 August 2011

 

India, Aug. 23 -- Country Club India (CCIL) may merge Amrutha Estates Hospitality with itself. The board will meet on September 01, 2011 to consider the proposal of amalgamation and transact the business. CCIL is one of fastest growing players in the leisure and entertainment industry. The company is a pioneer in the concept of family clubbing in the country. The company operates through its 205 properties out of which 50 are owned and 155 are franchised properties. CCIL presently has 9 subsidiary companies in Goa, Mumbai, Karnataka, Chennai, Kerala, Gujarat and Sri Lanka.

 

 

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.52.78

UK Pound

1

Rs.81.79

Euro

1

Rs.67.46

 

 

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

6

--PROFITABILIRY

1~10

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--CREDIT LINES

1~10

5

--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

 

47

 

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

 

-

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.