MIRA
INFORM REPORT
|
Report Date : |
21.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
INDIA TOURISM DEVELOPMENT CORPORATION LIMITED |
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Registered
Office : |
Scope Complex, Core 8, 6th Floor, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
31.03.1965 |
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Com. Reg. No.: |
004363 |
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Capital Investment
/ Paid-up Capital : |
Rs.857.694
Millions |
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|
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CIN No.: [Company Identification
No.] |
L74899DL1965GOI004363 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELI03585B/ DELI01794C/ DELI04838B |
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PAN No.: [Permanent Account No.] |
AAACI0825J |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
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Line of Business
: |
Subject provides complete tourism services including accommodation,
catering, travel-related services, event management, publicity, hotel
consultancy, duty-free shops and shopping. |
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|
|
|
No. of Employees
: |
2178 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 12000000 |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a Government of India Undertaking. It I an old and well
established company having satisfactory track. Trade relations are reported as
trustworthy. Business is active. Payments are reported to be usually correct
and as per commitments. The company can be considered for business dealings at usual trade
terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered/ Corporate Office : |
Scope Complex, Core-8, 6th Floor, 7 Lodi Road, New Delhi –
110003, India |
|
Tel. No.: |
91-11-24360303/ 24361690 |
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Fax No.: |
91-11-24360233 |
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E-Mail : |
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Website : |
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Corporate/ Marketing Office : |
Ashok Internal Trade Division Duty Free, 5th Floor, Jeevan Vihar
3 Parliament Street, New Delhi – 110001, India |
DIRECTORS
(AS ON 31.03.2011)
|
Name : |
Dr. Lalit K. Panwar |
|
Designation : |
Chairman and Managing Director |
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|
|
|
Name : |
Mrs. Dipali Khanna |
|
Designation : |
Director |
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|
Name : |
Mr. Anand Kumar |
|
Designation : |
Director |
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|
Name : |
Mr. Pradeep Kumar Agarwal |
|
Designation : |
Director (Finance) |
KEY EXECUTIVES
|
Name : |
Mr. V. K. Jain |
|
Designation : |
Company Secretary |
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|
|
|
Name : |
Mr. B L Meena |
|
Designation : |
Chief Vigilance Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.06.2012)
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
|
|
|
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
79,000,500 |
92.11 |
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|
79,000,500 |
92.11 |
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|
Total
shareholding of Promoter and Promoter Group (A) |
79,000,500 |
92.11 |
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|
(B) Public
Shareholding |
|
|
|
|
-- |
-- |
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|
|
|
|
|
|
|
|
|
6,753,475 |
7.87 |
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|
15,423 |
0.02 |
|
|
2 |
- |
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|
1 |
- |
|
|
1 |
- |
|
|
6,768,900 |
7.89 |
|
|
|
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|
Total Public shareholding
(B) |
6,768,900 |
7.89 |
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Total (A)+(B) |
85,769,400 |
100.00 |
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(C) Shares held
by Custodians and against which Depository Receipts have been issued |
- |
- |
|
|
- |
- |
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|
- |
- |
|
|
- |
- |
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|
|
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Total
(A)+(B)+(C) |
85,769,400 |
100.00 |
(1) Indian
Central Government / State Government(s)
Individual shareholders holding nominal
share capital up to Rs.0.100 Million BUSINESS DETAILS
|
Line of Business : |
Subject provides complete tourism services including
accommodation, catering, travel-related services, event management,
publicity, hotel consultancy, duty-free shops and shopping. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
2178 (Approximately) |
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Bankers : |
· Bank of India · Canara Bank · Central Bank of India · Corporation Bank · Indian Bank · Indian Overseas Bank · Punjab National Bank · State Bank of India · State Bank of Hyderabad · State Bank of Patiala · Syndicate Bank · Axis Bank · IDBI Bank Limited · HDFC Bank · United Bank of India |
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Banking
Relations : |
-- |
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|
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Auditors : |
|
|
Name : |
Grover, Lalla and
Mehta Chartered Accountant |
|
Address : |
New Delhi –
110017, India |
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|
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Branch Auditors : |
·
H. Gambhir and Company ·
Subrata Das and Company ·
Thirlochan and Company ·
R.K. Kumar and Company ·
A.R. Joshi and Company ·
Sood Brij and Associates ·
Pardeep Tayal and Company ·
Subodh Goel and Company · L.N. Chaudhary and Company ·
Dhoot and Associates ·
Dharamvir Chopra and Company ·
Purushottam Agrawal and Company ·
ASA and Associates ·
S.B. Dandeker and Company ·
Sheth and Company |
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|
|
|
Subsidiaries : |
·
Ranchi Ashok Bihar Hotel
Corporation Limited ·
MP Ashok Hotel Corporation
Limited ·
Pondicherry Ashok Hotel
Corporation Limited ·
Utkal Ashok Hotel Corporation
Limited ·
Punjab Ashok Hotel Company
Limited ·
Donyi Polo Ashok Hotel
Corporation Limited ·
Assam Ashok Hotel Corporation
Limited |
CAPITAL STRUCTURE
(AS ON 30.09.2011)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
150000000 |
Equity Shares |
Rs.10/- each |
Rs.1500.000 Millions |
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|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
85769400 |
Equity Shares |
Rs.10/- each |
Rs.857.694
Millions |
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|
|
|
|
NOTE:
a) 15,238 Equity Shares of Rs.100/-
each (since converted into 1,52,380 equity shares of Rs.10
each) were allotted as fully paid-up pursuant to the Amalgamation Order (1966)
under Section 396 of the Companies Act,1956.
b) 75,000 Equity Shares of Rs.100/-
each (since converted into 7,50,000 equity shares of Rs.10
each) were allotted as fully paid-up in consideration for transfer of ownership
of some properties.
c) 1,82,50,000 Equity Shares of Rs.10/-
each fully paid have been allotted during the financial year 2009-10 to the
President of India at premium of Rs.30 per Equity
Share.
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 |
857.694 |
857.694 |
675.194 |
|
|
2] Share Application Money |
0.000 |
0.000 |
730.000 |
|
|
3] Reserves & Surplus |
2194.396 |
2280.259 |
1875.867 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
3052.090 |
3137.953 |
3281.061 |
|
|
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 GOVERNMENT GRANTS |
1.051 |
1.135 |
2.056 |
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|
|
|
|
|
|
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TOTAL |
3053.141 |
3139.088 |
3283.117 |
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
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|
FIXED ASSETS [Net Block] |
848.402 |
984.465 |
551.898 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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INVESTMENT |
81.377 |
81.382 |
83.095 |
|
|
DEFERREX TAX ASSETS |
331.858 |
300.599 |
169.686 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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|
Inventories |
115.148
|
110.189 |
98.536 |
|
|
Sundry Debtors |
945.648
|
745.518 |
812.495 |
|
|
Cash & Bank Balances |
2698.517
|
3008.020 |
3158.524 |
|
|
Other Current Assets |
81.559
|
65.589 |
58.036 |
|
|
Loans & Advances |
735.669
|
856.552 |
888.282 |
|
Total
Current Assets |
4576.541
|
4785.868
|
5015.873 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
1215.348
|
1118.472 |
813.106 |
|
|
Other Current Liabilities |
1123.061
|
1392.741 |
990.514 |
|
|
Provisions |
446.628
|
502.013 |
755.711 |
|
Total
Current Liabilities |
2785.037
|
3013.226 |
2559.331 |
|
|
Net Current Assets |
1791.504
|
1772.642 |
2456.542 |
|
|
|
|
|
|
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|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
21.896 |
|
|
|
|
|
|
|
|
TOTAL |
3053.141 |
3139.088 |
3283.117 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3671.767 |
2716.892 |
3727.561 |
|
|
|
Other Income |
251.808 |
280.595 |
406.762 |
|
|
|
TOTAL (A) |
3923.575 |
2997.487 |
4134.323 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material and Services |
540.673 |
392.997 |
1048.650 |
|
|
|
Employees Remuneration and benefits |
1423.936 |
1411.944 |
1186.731 |
|
|
|
Operating and Other Expenses |
2027.849 |
1299.181 |
1540.789 |
|
|
|
Provisions No Longer Required
Written Back |
(9.273) |
(21.258) |
(71.115) |
|
|
|
Net Prior Period Income/
(Expenditure) |
1.688 |
78.568 |
4.569 |
|
|
|
TOTAL (B) |
3984.873 |
3161.432 |
3709.624 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(61.298) |
(163.945) |
424.699 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.000 |
0.003 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(61.298) |
(163.948) |
424.699 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
56.024 |
41.165 |
42.777 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX
(E-F) (G) |
(117.322) |
(205.113) |
381.922 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
31.459 |
62.005 |
128.257 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(85.863) |
(143.108) |
253.665 |
|
|
|
|
|
|
|
|
|
Add |
TRANSFER
FROM CURRENT TRANSLATION RESERVE |
0.000 |
0.000 |
0.157 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
0.000 |
0.000 |
85.769 |
|
|
|
Tax on Dividend |
0.000 |
0.000 |
14.404 |
|
|
BALANCE CARRIED
TO THE B/S |
(85.863) |
(143.108) |
153.649 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Boarding, Lodging and Other Facilities |
61.691 |
94.816 |
NA |
|
|
|
Sale of Goods at Duty Free Shops |
76.832 |
54.040 |
NA |
|
|
|
Gain in Foreign Exchange (net) |
2.704 |
2.032 |
NA |
|
|
TOTAL EARNINGS |
141.227 |
150.888 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Beer, Wine and Spirits |
57.630 |
40.367 |
NA |
|
|
|
Cigars and Cigarettes |
8.165 |
26.196 |
NA |
|
|
|
Other items: Perfumes |
0.000 |
0.019 |
NA |
|
|
|
Capital Goods |
0.000 |
27.961 |
NA |
|
|
TOTAL IMPORTS |
65.795 |
94.543 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(1.00) |
(1.85) |
3.76 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
31.12.2011 |
31.03.2012 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
824.530 |
791.630 |
1040.500 |
1100.620 |
|
Total Expenditure |
827.770 |
875.950 |
1094.330 |
1165.120 |
|
PBIDT (Excl OI) |
(3.240) |
(84.320) |
(53.830) |
(64.500) |
|
Other Income |
100.950 |
102.470 |
167.290 |
95.810 |
|
Operating Profit |
97.710 |
18.150 |
113.460 |
31.320 |
|
Interest |
0.000 |
0.000 |
0.000 |
0.000 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
97.710 |
18.150 |
113.460 |
31.320 |
|
Depreciation |
21.040 |
18.950 |
17.640 |
1.860 |
|
Profit Before Tax |
76.670 |
(0.800) |
95.820 |
29.460 |
|
Tax |
0.000 |
0.000 |
0.000 |
0.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
76.670 |
(0.800) |
95.820 |
29.460 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
76.670 |
(0.800) |
95.820 |
29.460 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(2.19)
|
(4.77) |
6.14 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(3.20)
|
(7.55 |
10.25 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(2.16)
|
(3.55) |
6.86 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.04)
|
(0.07) |
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.91
|
0.96 |
0.78 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.64
|
1.59 |
1.96 |
LOCAL AGENCY FURTHER INFORMATION
|
Check list by info
Agents |
Available in Report (Yes/ No) |
|
|
|
|
Year of Establishment |
Yes |
|
Locality of the Firm |
Yes |
|
Constitution of the Firm |
Yes |
|
Premises details |
No |
|
Type of Business |
Yes |
|
Line of Business |
Yes |
|
Promoter’s Background |
No |
|
No. of Employees |
Yes |
|
Name of Person Contacted |
No |
|
Designation of Contact person |
No |
|
Turnover of Firm for last three years |
Yes |
|
Profitability for last three years |
Yes |
|
Reasons for variation <> 20% |
----- |
|
Estimation for coming financial year |
No |
|
Capital in the business |
Yes |
|
Details of sister concerns |
Yes |
|
Major Suppliers |
No |
|
Major Customers |
No |
|
Payments Terms |
No |
|
Export/ Imports Details (If applicable) |
No |
|
Market Information |
----- |
|
Litigations that the firm/ Promoters Involved in |
----- |
|
Banking details |
Yes |
|
Banking Facility Details |
No |
|
Conduct of the Banking Account |
----- |
|
Buyer visit details |
----- |
|
Financials, if provided |
Yes |
|
Incorporation details is applicable |
Yes |
|
Last Accounts filed at ROC |
Yes |
|
Major Shareholders, if available |
No |
PERFORMANCE:
The Company has achieved a total
turnover of Rs.3923.600 Millions as against Rs.2997.500 Millions in the
previous year indicating an overall increase by 30.90%. The increase in overall
turnover has been achieved in all the commercial divisions except AIH&TM.
The Company has recorded a Net loss (before tax) of Rs.117.300 Millions during
the year as against Net loss (before Tax) of Rs.205.100 Millions in previous
year. The decrease in overall loss is mainly due to increased turnover by
Rs.926.100 Millions. However, the corresponding increase in expenditure has
also been recorded including expenditure of Rs.357.700 Millions on renovation
of the hotel properties and charged to revenue and amount of Rs.97.000 Millions
(net) on account of amount recoverable from transferee companies for hotel
units disinvested, written off and increase in doubtful debts and advances
provided for by Rs.42.300 Millions. The increase in other expenditure is commensurate
with the increase in turnover.
OPERATING
RATIO
The Operating Ratio has marginally
decreased by 1.33% in the current year with the overall Operating Ratio of
101.52% as against 102.85% in the previous year.
DIVISION
WISE FINANCIAL PERFORMANCE
The Division wise financial
performance is summarized as under:-
Hotel Division has achieved
turnover of Rs.2544.100 Millions during the year as against Rs.1967.100
Millions in the previous year indicating growth by 29.33% and incurred the net
loss of Rs.229.200 Millions as against the net loss of Rs.315.500 Millions in
the previous year, mainly due to increase in renovation expenditure on hotel
properties.
The turnover of Ashok
International Trade (AIT) Division has increased to Rs.83.700 Millions from
Rs.55.800 Millions in the previous year. During the year 2010-11, there were 5
duty free shops in operation i.e. at Goa, Coimbatore including new shops at
Haldia Port, Kolkata Port and Chennai Port which commenced commercial
operations during the year 2010-11.
The AIT Division has incurred a
net loss of Rs.24.900 Millions as compared to net loss of Rs.23.400 Millions in
the previous year.
The turnover of Ashok Travels and
Tours (ATT) Division has increased to Rs.677.800 Millions from Rs.471.100
Millions in the previous year registering an increase by 43.86%. The ATT
Division has suffered a net loss of Rs.10.700 Millions as against the net loss
of Rs.21.200 Millions in the previous year.
Also the turnover of Ashok Tourist
Service Station (ATSS) has increased to Rs.93.600 Millions from Rs.83.900
Millions in the previous year registering an increase by 11.56%. The ATSS has
suffered a net loss of Rs.3.100 Millions as against the net loss of Rs.3.100
Millions in the previous year.
The turnover of the Ashok
Creative’s Division (including SEL Red Fort merged during the year) has been
recorded at Rs.112.300 Millions (previous year Rs.37.400 Millions) and has
suffered a loss of Rs.23.500 Millions as against net loss of Rs.22.000
Millions. The turnover and Net Profit of SEL Red Fort unit was recorded at
Rs.6.600 Millions and Rs.2.800 Millions.
The Engineering Division has
achieved a turnover of Rs.110.900 Millions during the year 2010-11 (previous
year Rs.39.100 Millions) with net loss of Rs.15.200 Millions as against net
loss of Rs.50.400 Millions in the last financial year. The increase in turnover
includes commission of Rs.37.800 Millions earned from the furnishing of DDA
flats for Commonwealth Games 2010 and revenue from execution of deposit works.
The turnover of Ashok Reservation
and Marketing Services (ARMS) (Events) Division has marginally increased to
Rs.72.200 Millions (previous year Rs.72.000 Millions) with net profit of
Rs.7.200 Millions as against Rs.1.800 Million in the previous year.
The Ashok Institute of Hospitality
and Tourism Management (AIH&TM) has achieved turnover of Rs.26.200 Millions
as against Rs.44.500 Millions in the previous year with net loss of Rs.6.400
Millions (previous year net profit of Rs.2.400 Millions) mainly due to decrease
in turnover.
The Sound and Light Shows have
recorded a turnover of Rs.6.600 Millions (previous year Rs.7.300 Million with
net profit of Rs.2.800 Million (previous year profit of Rs.1.600 Millions).
The Corporate Head Quarter, being
the administrative office has earned an income of Rs.202.900 Millions (previous year Rs.226.400 Millions) mainly
consisting of income from Interest on short term deposits with banks from the
surplus funds available with it. The decline in income from interest is mainly
due to the expenditure on renovation of hotel properties being carried out
during the year 2010-11.
CAPITAL
STRUCTURE
There is no change in authorized
and paid-up capital of the Corporation. The Authorized Capital of the Corporation
is Rs.1500.000 Millions and the paid-up share Capital of the Company is Rs.857.700
Millions as on 31st March, 2011.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
GLOBAL
AND INDIAN SCENARIO
India is ranked 4th in terms of Travel and Tourism growth in the world and 1st in South East Asia. India is well recognized for its natural resources, cultural resources with many World Heritage sites, rich fauna, many fairs and exhibitions and strong creative industries. India has also good air transport.
Travel and Tourism is an important sector of the economy and has outperformed other sectors in GDP Growth. It is also the significant contributor to the employment generation and the Foreign Exchange Earnings. In the year 2010, the Tourism sector witnessed substantial growth as compared to 2009. The Foreign Tourist Arrivals (FTA) in India during 2010 were 5.58 million as compared to the FTAs of 5.17 million during 2009, showing a growth of 8.1%.
Subject on its role as a commercial organization is to construct and manage hotels, run Duty Free Shops, provide travel and tour services and produce tourist publicity material on behalf of the Ministry of Tourism and State Governments. Further, as a promotional wing of the Ministry of Tourism, it also plays a catalytic and pioneering role in the development of tourism infrastructure in the country.
SEGMENT-WISE
PERFORMANCE
HOTEL
DIVISION (DELHI HOTELS)
Hotel Division of ITDC is major business segment. It accounts for 65% of the turnover of ITDC. In Delhi, subject has three hotels namely ‘The Ashok’, Samrat and Janpath and 3 Catering Establishments at Vigyan Bhawan, Hyderabad House and the Western Court.
The focus of the year 2010-11 for Delhi based Hotels was successful hosting of Commonwealth Games in October 2010. All the three Delhi based hotels were designated as the ‘Games Family Hotels’ for the Games. Accolades were received from the VVIP delegates from 71 nations who stayed in the hotels. In addition to the delegates of Commonwealth Games and International media, those who stayed at The Ashok included HRH Prince Edwards, HRH Prince of Jordon and HRH prince of Bhutan. The services were appreciated by one and all. The commitment was met with grand success.
Some of the initiatives taken in Delhi Hotels are:
· Ashok renovated part of its inventory to match the new developments in the city by redoing its lobby, convention area, public lounges and 186 rooms.
· In Ashok, 8 new rooms in a dedicated wing cater to the physically challenged guests, fully compliant with the norms across the world.
·
Samrat refurbished its
rooms. It launched new ‘Pan Asian’ fine dining restaurant ‘SHIRO’.
·
Janpath renovated its
lobby, reception, lounge and main entrance gates. It upgraded its Banquet Hall
and Tea lounge lawn for medium size functions and also upgraded Business Centre
operations.
·
Cuisine has been a forte,
and value addition has been done in terms of coffee-table menu-books in 8
languages being introduced, as well as separate menus for guests and the host
in the specialty restaurants.
·
Advance security equipment,
electronic locks, electronic safes, Plasma/LCD TVs and New Property Management
System - Protel were introduced.
· Landscaping has been emphasised and efforts are on to bring in newer technology by way of energy saving devices, environment-friendly practices.
The renovation of The Ashok has been completed except 4th Floor which will be completed in the current year. No major renovation is planned in Samrat and Janpath Hotels during the current financial year.
Plans are underway for having a marketing tie up with an international player having Global brand identity, creation of new facilities by utilizing unutilized space.
Major threats, risks and concerns are the augmentation of anticipated 5000 rooms in Delhi NCR within the next 3-4 years, imminent price ‘pandemonium’ by Competitors, especially new entrants. Besides having public sector image, there are constraints working with the stringent and rigid policies/procedures and ageing and superannuating workforce.
HOTEL
DIVISION (HOTELS OUTSIDE DELHI)
·
Subject has five Ashok
Group of Hotels outside Delhi located at Mysore, Patna, Jammu, Bhubaneswar and
Jaipur, two MoT properties at Bharatpur and Kosi and one Restaurant at Agra.
Besides, subject has five joint venture properties running at Ranchi, Bhopal,
Puducherry, Guwahati and Itanagar. One joint venture property at Puri is closed
since March 2004 and has been planned to be leased out.
·
During the year 2010-11,
major renovation was done in Hotel Patliputra Ashok. Major renovation of
toilets have been planned in Hotel Ranchi Ashok. Other plans are renovation of
17 rooms in Hotel Kalinga Ashok at Bhubaneswar, renovation of lift and toilets
in Hotel Patliputra Ashok and renovation of Hotel Jaipur Ashok including
renovation of swimming pool, installation of new lift and heating system at
Hotel Lalitha Mahal Palace.
·
High wage bill due to
implementation of 6th Pay Commission’s recommendation has affected the profitability
of these units. Major concern is the expiry of the lease agreement of four
properties i.e. Jammu (year 2010), Bhopal (year 2012), Guwahati (year 2016) and
Mysore (year 2023).
ASHOK
CREATIVES DIVISION
The Ashok Creatives as in past played an important role in tourism promotion and developmental projects of the Ministry of Tourism as well as other clients. However, in view of the changed scenario of outsourcing by the clients directly, the quantum of work has comparatively reduced. More emphasis has been given to the execution of work of creative nature.
Advertising assignments were taken up for various Govt. agencies such as Ministry of Tourism, Ministry of Culture, Central Pollution Control Board etc. Among the new projects, a 10-minute information CD on West Bengal Tourism in Hindi and Bengali language was produced.
On the design and print production front, the division
designed and produced several jobs for various Govt. departments such as
Ministry of Tourism, Election Commission of India, Nagaland University, CWG
2010 Delhi etc. and for various conferences of Ashok Events Division such as
Cabinet Secretariat Workshop, Nirmal Gram Purskar Function, NAREGA, Civil
Aviation, ASI etc.
The Ashok Creatives has taken up the assignments of mounting
SEL Show at various places for the Ministry of Tourism/ various State Tourism
Departments. During the year, the SEL Show at Purana Quila with
State-of-the-Art Technology was commissioned and brought laurels to ITDC. The
show is under commercial operation since January 2011. Progress has been made in other projects at Sarnath (UP),
Deoghar (Jharkhand), Hampi (Karnataka), Ludhiana (Punjab) and Kanyakumari
(Tamil Nadu).
The work for
upgradation/modernisation of the SEL at Red Fort, Delhi is also in progress.
The constraint is that manpower is not adequate and also not exposed to the
latest developments in their respective fields through workshops, seminars etc.
held in India and abroad.
ASHOK
INTERNATIONAL TRADE DIVISION
Through AIT Division, subject offers duty free shopping facilities to
international travellers.
Subject is consolidating its duty free business at seaports. Presently,
there are three duty free shops at Kolkata, Haldia and Chennai Seaports which
has been working well. The shop at Chennai Seaport has achieved a turnover of
Rs.12.800 Millions in just 10 months. The operation of shops at Haldia and
Kolkata seaport are at nascent stage. New shops are to be opened at Mangalore
and Goa Seaports during 2011-12 and plans are underway to open the shops at
Mumbai and Cochin Seaports also.
The duty free shop at Goa Airport is in loss due to higher rental and
employee cost. The duty free shop at Coimbatore has done a turnover of
Rs.12.300 Millions with a bit of loss despite downfall in traffic due to
diversion of traffic to new Airports i.e. Madurai and Trichy.
Major threat is the shrinking entity and the reduced size
due to which AIT division is not able to get economy of scale and besides it is
also losing its attractiveness as a viable joint venture business partner for
prospective international operators whom we need to be able to bid for future
airport concession rights and go to the next level.
ASHOK
TRAVELS AND TOURS DIVISION
Ashok Travels and Tours – a Travel
Division of ITDC provides all travel related services like Air Ticketing / Car
Rentals/ Hotel Bookings/ Package Tours/ LTC Packages to various Ministries,
Govt. Departments, Corporate and also to general public.
During the year 2010-11, Ashok
Travels and Tours has shown a phenomenal growth and has achieved all time high
turnover of Rs.700.000 Millions, a jump of 68% over the turnover of year
2009-10 which was Rs.480.000 Millions.
During 2011-12, the Division has poised to achieve the turnover of Rs.1000.000
Millions and in order to achieve this, following initiatives has been taken:
· Increasing the volume both in Air ticketing and Package tours;
· Developing the online portal for the cash business;
· Going big way to develop LTC packages for all regions and promote them aggressively;
· Appointing GSA to reach to niche market across the country;
· Expanding the activities of the existing offices particularly converting Mumbai and Hyderabad offices into full fledged IATA offices;
· Inducing fresh and young professional manpower on contractual basis for the very expansion and customer satisfaction.
ASHOK
INSTITUTE OF HOSPITALITY AND TOURISM MANAGEMENT
The Ashok Institute of Hospitality and Tourism Management (AIH&TM), an ISO 9001:2000 Certified Institute run by subject in New Delhi came into existence in 1971 for in-house training of staff and executives of subject hotels. The Institute became a strategic business unit in 2002 and started taking up training assignments for outside agencies in the Hospitality industry.
The current
activities of AIH&TM are:
· 4-year bachelor’s degree course in International Hospitality Business Management (BIHBM) in association with Kurukshetra University since July 2004;
· 3-year BBA (IHM) in association with Guru Gobind Singh Indraprastha University (GGSIPU);
· One year training in Air Hostess, Travel and Hospitality Management at Bengaluru;
·
6 and 8 weeks Skill Development training for
youths under the Hunar-se-Rozgar Tak scheme of the Ministry of Tourism;
·
For Government of India’s
‘Capacity Building for Service Providers’ (CBSP) Programme, the Ministry of
Tourism, Government of India is the implementing agency on all India basis.
Under CBSP programme implementation, ‘Tourism Awareness’ training has been
conducted for immigration officers, Taxi Drivers at IGI Airport. In addition,
CBSP training has also been conducted for Uttarakhand Tourism, Nagaland
Tourism, Himachal Pradesh and J&K Tourism.
·
Imparting on-the-job
training to industrial/summer trainees from various professional Hospitality
Institutes in the country;
·
Designing and conducting
customized Hospitality related Training Programmes for prestigious Institutions
like State Tourism, Indian Railways, Foreign Service Institute, etc.
·
MoU with National Institute
of Open Schooling offering diploma of one year duration in Hotel trade.
·
Complete furbishing and
upgradation of Institute’s infrastructure has been done recently.
Major constraints are lack of adequate infrastructure, limited subject Faculty Strength, Competition from private and Government Institutes and absence of regularization of the land in favour of subject by L&DO, Government of India.
ASHOK
CONSULTANCY AND ENGINEERING DIVISION
The Ashok Consultancy and Engineering Division of subject works mainly in the following three fields:
a) Execution of Tourism infrastructure projects.
b) Consultancy Services to the Ministry of Tourism and State Tourism Departments for Engineering related projects.
c) Maintenance, upkeep, renovation, upgradation and expansion of subject owned and joint venture Hotels.
The Engineering Division continued to prepare Detailed Project Reports for the development of major tourist circuits/ destinations in various states of the country. During the CWG 2010, the Division is involved in a big way to renovate hotels mainly The Ashok, Samrat and Janpath and furnishing of additional alternative accommodation at Games Village Akshardham and Vasant Kunj, a CWG project. The Division has also been entrusted with the task of illumination works of prestigious monuments in Delhi for Night Tourism during the CWG 2010.
The Engineering Division is also executing tourist infrastructure projects funded by the Ministry of Tourism/ various State Governments in the states of Rajasthan, Mizoram, Puducherry and Andaman and Nicobar.
Major constraints are strict and lengthy procedure for
awarding and execution of projects and the cost of manpower as large number of
people need to be deputed for individual projects scattered all over the
country.
ASHOK EVENTS DIVISION
The Ashok Events Division manages events, conferences and exhibitions
both within the country and abroad and has established itself as a leader in
the field of Event Management.
The Ashok Events Division has handled more than 75 events during the
year 2010-11 including Civil Service Day, CCRAS Conference, National Urban
Sanitation Policy Conference, Climate Change Conference, Public Private
Partnership in State Highways, Round Table on Higher Education for discussion
on draft legislation on innovation Universities, PATA Travel Mart-2010,
Ministerial Dialogue on Presentation of Best Practices “Climate Change :
Technlogy Mechanism”, 6th World and 1st Indian Organ Donation Day, 10th Indira
Gandhi Conference, an Indian Social Democracy: Integrating Markets, Democracy
and Social Justice, Centenary Year Celebration of Civil Aviation, India Evening
at ITB Berlin, 2011, Award function of Ministry of Social Justice and
Empowerment, Nrega Conference etc. The Division also designated and fabricated
various exhibitions like Petrotech, ASI etc.
Through its Event Management activity, the Division also acts as a
definite catalyst in the generation of business for other divisions of the
Corporation like Ashok Group of Hotels, Ashok Travels and Tours, Ashok
Creatives etc.
OUTLOOK
According to various estimates, the total demand for branded hotels in India as on date is about 2,00,000 rooms whereas the supply is only about 1,20,000 rooms. Therefore, there is a huge gap to be filled. Further, Corporates are likely to increase spends on corporate travel. With expectation of healthy salary increase within its corporate world, discretionary spending is expected to increase further, especially on leisure travel. Demand levels are also likely to improve in the coming year as the economic growth is around 8%. Thus strong economic growth, improving business travel, increased tourism numbers are all positives for India in way ahead.
The creation of niche tourism products like heliport tourism, medical
tourism, wellness tourism, adventure tourism, cruise
tourism and caravan tourism has served to widen the network of this sector.
The CWG 2010 was the grand
success. With upgraded/renovated Ashok, we hope that ITDC will achieve
significant growth in the coming years.
THE NETWORK OF ITDC SERVICES
A. ASHOK GROUP OF HOTELS
1. Ashok Hotel, New Delhi
2. Hotel Samrat, New Delhi
3. Hotel Janpath, New Delhi
4. Hotel Jammu Ashok, Jammu
5. Lalitha Mahal Palace Hotel,
Mysore
6. Hotel Patliputra Ashok, Patna
7. Hotel Jaipur Ashok, Jaipur
8. Hotel Kalinga Ashok,
Bhubaneswar
B. RESTAURANT
1. Taj Restaurant, Agra
C. TRAVEL/TRANSPORT UNITS
1. Varanasi
2. Bengaluru
3. Chennai
4. Aurangabad
5. Patna
6. Delhi
7. Kolkata
8. Mumbai
9. Hyderabad
10. Guwahati
11. Ranchi
Ashok Tourist Service Station
Chanakyapuri, New Delhi
D. DUTY FREE SHOPS
1. Goa Airport Arrival Lounge
2. Goa Airport Departure Lounge
3. Coimbatore Airport Arrival
Lounge
4. Chennai Seaport
5. Kolkata Seaport
6. Haldia Seaport
E.
SOUND And LIGHT SHOWS
1. Red Fort, Delhi
2. Purana Quila, Delhi
F.
JOINT VENTURE HOTELS
1. Hotel Brahmaputra Ashok, Guwahati
2. Hotel Ranchi Ashok, Ranchi
3. Hotel Nilachal Ashok, Puri (closed since March 2004)
4. Hotel Pondicherry Ashok, Puducherry
5. Hotel Lake View Ashok, Bhopal
6. Hotel Donyi Polo Ashok, Itanagar
G.
MANAGED UNITS
1. Hotel Bharatpur Ashok, Bharatpur
2. Kosi Restaurant, Kosi
H.
CATERING ESTABLISHMENTS
1. State Guest House and Hospitality Centre at Hyderabad House, New Delhi
2. Western Court Catering Service, New Delhi
3. Ashok Mayur Restaurant at Vigyan Bhawan, New Delhi
FIXED ASSETS:
·
Leasehold Land
·
Freehold Land
· Building and Roads
· Sanitary Installations
· Plant and Machinery
· Electrical Installations
· Lifts
· Kitchen Equipment
·
Sound System and Musical
Instruments
· Furniture, Fixtures and Furnishings
· Office Equipment including Computers
· Air-Conditioners, Coolers and Refrigerators
·
Vehicles
·
Intangible Assets-Software
WEBSITE DETAILS:
PROFILE:
Subject came into existence in October 1966 and has been the prime mover in the progressive development, promotion and expansion of tourism in the country. Broadly, the main objectives of the Corporation are:
· To construct, take over and manage existing hotels and market hotels, Beach Resorts, Travellers' Lodges/Restaurants;
· To produce, distribute, tourist publicity material;
· To produce, distribute, tourist publicity material;
· To produce, distribute, tourist publicity material;
·
To render consultancy-cum-managerial services in
India and abroad;
·
To carry on the business as Full-Fledged Money
Changers (FFMC), restricted money changers etc; and
· To provide innovating, dependable and value for money solutions to the needs of tourism development and engineering industry including providing consultancy and project implementation.
The Corporation is running hotels, restaurants at various places for tourists, besides providing transport facilities. In addition, the Corporation is engaged in production, distribution and sale of tourist publicity literature and providing entertainment and duty free shopping facilities to the tourists. The Corporation has diversified into new avenues/innovative services like Full-Fledged Money Changer (FFMC) services, engineering related consultancy services etc. The Ashok Institute of Hospitality and Tourism Management of the Corporation imparts training and education in the field of tourism and hospitality.
Subject has a network of eight Ashok Group of Hotels, six Joint Venture Hotels, 2 Restaurants (including one Airport Restaurant), 12 Transport Units, one Tourist Service Station, 37 Duty Free Shops at International as well as Domestic Customs Airports, one Tax Free outlet and two Sound and Light Shows.
Subject is also managing a hotel at Bharatpur and a restaurant at Kosi on behalf of the Department of Tourism. In addition, it is also managing catering services at Western Court, Vigyan Bhawan, Hyderabad House and National Media Press Centre at Shastri Bhawan, New Delhi.
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.55.38 |
|
|
1 |
Rs.86.75 |
|
Euro |
1 |
Rs.68.06 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
|
49 |
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.