MIRA
INFORM REPORT
|
Report Date : |
22.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
THE INDIAN HOTELS COMPANY LIMITED |
|
|
|
|
Registered
Office : |
Mandlik House, |
|
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|
Country : |
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|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
01.04.1902 |
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|
|
|
Com. Reg. No.: |
11-000183 |
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|
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Capital
Investment / Paid-up Capital : |
Rs. 759.500
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L74999MH1902PLC000183 |
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|
|
|
Legal Form : |
A Public Limited Liability Company. The company’s shares are listed on the Stock Exchanges. |
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|
|
|
Line of Business
: |
The subject is engaged in the
business as Hoteliers and Caterers. |
|
|
|
|
No. of Employees
: |
7540 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (69) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 129000000 |
|
|
|
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an old and an established company having fine track.
Financial position of the company appears to be sound. Fundamentals are
strong and healthy. Trade relations are reported as fair. Business is active.
Payments are reported to be regular and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION DECLINED BY
|
Name : |
Mr. Samant Salvi |
|
Designation : |
Account Executive |
|
Date : |
04.08.2011 |
LOCATIONS
|
Registered Office : |
Mandlik House, |
|
Tel. No.: |
91-22-66395515 |
|
Fax No.: |
91-22-22027442 |
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E-Mail : |
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|
Website : |
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Corporate Office: |
15/17, |
|
Tel No.: |
91-22-66651000 |
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Fax No.: |
91-22-22846680/ 83 |
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|
|
|
Overseas Office : |
|
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Branches : |
|
DIRECTORS
AS ON 05.08.2011
|
Name : |
Mr. Ratan N Tata |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. R K Krishna Kumar |
|
Designation : |
Vice Chairman |
|
|
|
|
Name : |
Mr. K. B. Dadiseth |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Deepak Parekh |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Jagdish Capoor |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Shapoor Mistry |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Nadir Godreg |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Arnavaz Aga |
|
Designation : |
Director |
|
Name : |
Mr. Raymond N. Bickson |
|
Designation : |
Managing Director |
|
Date of Birth/Age : |
|
|
Qualification : |
Advanced Management Program at Harvard Business School in Also studied at the Goethe Institute in Francaise in Paris, the University De Sorbonne in Paris, L’ecole Hotelliere, |
|
Date of Appointment : |
19.07.2003 |
|
|
|
|
Name : |
Mr. Raymond N Bickson |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Anil P Goel |
|
Designation : |
Executive Director – Finance |
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|
|
|
Name : |
Mr. Abhijit Mukerji |
|
Designation : |
Executive Director – Hotel Operations |
KEY EXECUTIVES
|
Audit Committee: |
·
Mr. K.B. Dadiseth ·
Mr. Deepak Parekh ·
Mr. Jagdish Capoor |
|
|
|
|
Remuneration Committee: |
·
Mr. Jagdish Capoor ·
Mr. Ratan N Tata ·
R.K. Krishna Kumar |
|
|
|
|
Shareholders’ / Investors Grievance Committee: |
·
R K ·
Mr. Raymond N Bickson ·
Abhijit Mukerji |
|
|
|
|
Name : |
Mr. Ajoy K Misra |
|
Designation : |
Senior Vice President- Sales and
Marketing |
|
|
|
|
Name : |
Mr. H N Srinivas |
|
Designation : |
Senior Vice President – Human
Resouces |
|
|
|
|
Name : |
Mr. Prakash Shukla |
|
Designation : |
Senior Vice President-
Technology and CIO |
|
|
|
|
Name : |
Mr. Rajiv Gujral |
|
Designation : |
Senior Vice President - Mergers, Acquisitions and Development |
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|
|
|
Name : |
Mr. Yannick Poupon |
|
Designation : |
Chief Operating Officer – Luxury
Hotels (International) |
|
|
|
|
Name : |
Ms. Jyoti Narang |
|
Designation : |
Chief Operating Officer - Business SBU |
|
|
|
|
Name : |
Mr. P K Mohan Kumar |
|
Designation : |
Chief Operating Officer –
Gateway Hotels |
|
|
|
|
Name : |
Mr. Veer Vijay Singh |
|
Designation : |
Chief Operating Officer –
Premium Hotels |
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|
|
|
Name : |
Mr. Beejal Desai |
|
Designation : |
Vice President – Legal and Company Secretary |
|
|
|
|
Name : |
Mr. Samant Salvi |
|
Designation : |
Account Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2012
|
Category
of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
255,066,116 |
33.60 |
|
|
255,066,116 |
33.60 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
255,066,116 |
33.60 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
15,466,733 |
2.04 |
|
|
127,680,125 |
16.82 |
|
|
42,900 |
0.01 |
|
|
38,283,838 |
5.04 |
|
|
100,346,838 |
13.22 |
|
|
6,104 |
-- |
|
|
6,104 |
|
|
|
281,825,991 |
37.12 |
|
|
|
|
|
|
46,534,266 |
6.13 |
|
|
|
|
|
|
149,134,983 |
19.64 |
|
|
11,309,710 |
1.49 |
|
|
15,313,641 |
2.02 |
|
|
433,755 |
0.06 |
|
|
4,657,245 |
0.61 |
|
|
1,193,626 |
0.16 |
|
|
3,650,489 |
0.48 |
|
|
5,378,526 |
0.71 |
|
|
222,292,600 |
29.28 |
|
Total Public shareholding (B) |
504,118,591 |
66.40 |
|
Total (A)+(B) |
759,184,707 |
100.00 |
|
© Shares held by Custodians and against which Depository Receipts have
been issued |
-- |
-- |
|
|
-- |
-- |
|
|
288,080 |
-- |
|
|
288,080 |
-- |
|
Total (A)+(B)+(C) |
759,472,787 |
-- |
(1) Indian
Bodies Corporate
Foreign Financial Institutions/ BanksSHAREHOLDING
BELONGING TO THE CATEGORY :
"PROMOTER AND PROMOTER GROUP"
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Lady Tata Memorial Trust |
17,728,200 |
2.33 |
|
Sir Dorabji Tata Trust |
50,221,040 |
6.61 |
|
Sir Ratan Tata Trust |
11,023,220 |
1.45 |
|
Tata Sons Limited |
148,721,334 |
19.58 |
|
Tata Investment Corporation Limited |
9,894,060 |
1.30 |
|
Tata Chemicals Limited |
7,271,666 |
0.96 |
|
Ewart Investment Limited |
3,168,543 |
0.42 |
|
Tata Global Beverages Limited |
1,687,742 |
0.22 |
|
Tata Industries Limited |
452,571 |
0.06 |
|
Tata Capital Limited |
12,000 |
0.00 |
|
Piem Hotels Limited |
1,912,478 |
0.25 |
|
Oriental Hotels Limited |
511,836 |
0.07 |
|
United Hotels Limited |
50,900 |
0.01 |
|
Inditravel Private Limited |
329,180 |
0.04 |
|
Taida Trading and Industries Limited |
212,660 |
0.03 |
|
Taj Enterprises Limited |
106,383 |
0.01 |
|
Taj Madurai Limited |
765,574 |
0.10 |
|
Taj Trade and Transport Company Limited |
868,086 |
0.11 |
|
Northern India Hotels Limited |
128,643 |
0.02 |
|
Total |
255,066,116 |
33.58 |
Shareholding
belonging to the category
"PUBLIC"
AND HOLDING MORE THAN 1% OF THE TOTAL NO.OF SHARES
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Life Insurance Corporation of |
76,879,324 |
10.12 |
|
LIC of |
16,953,393 |
2.23 |
|
LIC of |
9,253,512 |
1.22 |
|
General Insurance Corporation of |
14,752,093 |
1.94 |
|
New India Assurance Company Limited |
11,530,462 |
1.52 |
|
Siwa Holdings Limited |
11,923,042 |
1.57 |
|
FID Funds Mauritius Limited |
8,317,199 |
1.10 |
|
SAIF III Mauritius Company Limited |
13,107,574 |
1.73 |
|
Government Pension Fund Global |
23,484,257 |
3.09 |
|
SBI Life Insurance Company Limited |
9,512,365 |
1.25 |
|
Total |
195,713,221 |
25.77 |
DETAILS OF LOCKED-IN
SHARES
|
Name of the Shareholder |
No. of Shares |
Locked-in Shares
as % of |
|
Tata Sons Limited |
36,000,000 |
4.74 |
|
Total |
36,000,000 |
4.74 |
DETAILS OF DEPOSITORY
RECEIPTS (DRS)
|
Type of Outstanding
DR (ADRs, GDRs, SDRs, etc.) |
No.
of Outstanding DRs |
No.
of Shares Underlying |
Shares
Underlying Outstanding DRs as % of Total No. of Shares |
|
Global Depository Receipts |
288,080 |
288,080 |
0.04 |
|
Total |
288,080 |
288,080 |
0.04 |
BUSINESS DETAILS
|
Line of Business : |
The subject is engaged in the
business as Hoteliers and Caterers. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
7540 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
Deloitte, Haskins and Sells Chartered Accountant |
|
|
|
|
Solicitors: |
Mulla and Mulla and Craigie Blunt and Caroe |
|
|
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Jointly Controlled
Entities: |
Domestic
International
|
|
|
|
|
Subsidiaries: |
Domestic
International
|
|
|
|
|
Associates : |
Domestic
International
|
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000000 |
Equity Shares |
Rs. 1 /- each |
Rs. 1000.000 Millions |
|
10000000 |
Cumulative Redeemable Preference Shares |
Rs. 100/- each |
Rs. 1000.000 Millions |
|
|
Total |
|
Rs. 2000.000
Millions |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
759489291 |
Equity Shares |
Rs. 1/ each |
Rs. 759.500
Millions |
|
|
|
|
|
Notes:
1. Of the total paid
up capital:
(i) 4,90,04,000 Ordinary Shares, of the face value of Re. 1/- each, were
issued as fully paid Bonus Shares by capitalisation of Reserves.
(ii) 24,88,77,170 Ordinary Shares, of the face value of Re. 1/- each,
were issued as fully paid Bonus Shares by capitalisation of Securities Premium
Account.
(iii) 13,54,84,873 Ordinary Shares, of the face value of Re. 1/- each,
were issued as fully paid shares, pursuant to exercise of option for conversion
by holders of Foreign Currency Convertible Bonds (FCCBs).
(iv) 1,62,19,670 Ordinary Shares, of the face value of Re. 1/- each,
were allotted as fully paid shares, pursuant to amalgamation of Gateway Hotels
and Getaway Resorts Limited and Indian Resort Hotels Limited with the Company.
(v) 16,504 Ordinary Shares have been issued but not subscribed to as at
the end of the year and have been kept in abeyance pending resolution of legal
dispute.
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 |
759.500 |
723.500 |
723.400 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
4] Share Warrants |
1243.700 |
0.000 |
0.000 |
|
|
5] Reserves & Surplus |
30285.900 |
26168.700 |
29752.900 |
|
|
6] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
32289.100 |
26892.200 |
30476.300 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
14640.100 |
17527.700 |
15980.200 |
|
|
2] Unsecured Loans |
8746.600 |
8977.800 |
1684.500 |
|
|
TOTAL BORROWING |
23386.700 |
26505.500 |
17664.700 |
|
|
DEFERRED TAX LIABILITIES |
277.800 |
0.000 |
1469.400 |
|
|
Long Term Deposits |
127.600 |
216.900 |
235.300 |
|
|
Foreign Currency Monetary Item Translation Difference Account |
0.000 |
41.000 |
0.0000 |
|
|
|
|
|
|
|
|
TOTAL |
56081.200 |
53655.600 |
49845.700 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
17257.400 |
15612.600 |
15854.000 |
|
|
Capital work-in-progress |
3371.500 |
3701.200 |
2151.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
30267.800 |
24456.300 |
20268.800 |
|
|
DEFERREX TAX ASSETS |
0.000 |
307.900 |
0.000 |
|
|
Long Term Deposit |
10949.200 |
10128.100 |
6777.800 |
|
|
Foreign Currency Translation Difference Account |
0.000 |
0.000 |
116.300 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
318.300
|
312.500
|
389.100
|
|
|
Sundry Debtors |
1039.600
|
1216.200
|
1017.000
|
|
|
Cash & Bank Balances |
953.100
|
4471.200
|
234.400
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
3042.600
|
4381.200
|
7767.600
|
|
Total
Current Assets |
5353.600
|
10381.100
|
9408.100
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2408.400
|
2446.600
|
1871.400
|
|
|
Current Liabilities |
1627.500
|
1482.300
|
1332.200
|
|
|
Provisions |
7084.900
|
7007.400
|
1534.000
|
|
Total
Current Liabilities |
11120.800
|
10936.300
|
4737.600
|
|
|
Net Current Assets |
[5767.200]
|
[555.200]
|
4670.500
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
2.500 |
4.700 |
7.300 |
|
|
|
|
|
|
|
|
TOTAL |
56081.200 |
53655.600 |
49845.700 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Rooms, Restaurants, Banquets
and other services |
16735.000 |
|
17065.200 |
|
|
|
Other operating Income |
0.000 |
643.500 |
|
|
|
|
Other Income |
514.200 |
470.700 |
|
|
|
|
TOTAL (A) |
17249.200 |
15203.600 |
17065.200 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Operating and General Expenses |
12644.000 |
11014.400 |
11647.700 |
|
|
|
Exceptional Item |
171.400 |
[479.100] |
62.100 |
|
|
|
Expenditure During Construction Period Transferred to Fixed Assets |
[108.800] |
[84.600] |
[104.100] |
|
|
|
TOTAL (B) |
12706.600 |
10450.700 |
11605.700 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4542.600 |
4752.900 |
5459.500 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST (D) |
1228.500 |
1529.000 |
891.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3314.100 |
3223.900 |
4567.600 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1084.600 |
1041.400 |
944.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2229.500 |
2182.500 |
3623.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
817.000 |
651.500 |
1282.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1412.500 |
1531.000 |
2340.300 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
4545.800 |
5392.500 |
5367.800 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
759.500 |
723.500 |
868.100 |
|
|
|
Tax on Proposed Dividend |
123.200 |
111.100 |
147.500 |
|
|
|
Transfer to Debenture Redemption Reserve |
1133.000 |
1390.000 |
1000.000 |
|
|
|
Transfer to General Reserve |
141.300 |
153.100 |
300.000 |
|
|
BALANCE CARRIED
TO THE B/S |
3801.300 |
4545.800 |
5392.500 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Rooms, Restaurants, Banquets and other Services |
6890.600 |
5742.200 |
-- |
|
|
|
Interest |
6.000 |
6.000 |
-- |
|
|
|
|
0.000 |
0.000 |
6271.600 |
|
|
TOTAL EARNINGS |
6896.600 |
5748.200 |
6271.600 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
77.400 |
62.800 |
59.600 |
|
|
|
Stores & Spares |
77.800 |
49.000 |
56.800 |
|
|
|
Capital Goods |
483.300 |
454.700 |
456.000 |
|
|
TOTAL IMPORTS |
638.500 |
566.500 |
572.400 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.93 |
2.12 |
3.28 |
|
QUARTERLY /
SUMMARISED RESULTS
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
31.12.2011 |
31.03.2012 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
3rd
Quarter |
|
Sales Turnover |
3695.400 |
3575.600 |
5214.800 |
5601.500 |
|
Total Expenditure |
3014.500 |
3188.600 |
3807.800 |
4009.600 |
|
PBIDT (Excl
OI) |
680.900 |
387.000 |
1407.000 |
1591.900 |
|
Other Income |
134.700 |
176.500 |
85.900 |
99.000 |
|
Operating
Profit |
815.600 |
563.500 |
1492.900 |
1690.900 |
|
Interest |
211.200 |
247.200 |
303.500 |
295.300 |
|
Exceptional
Items |
[14.100] |
95.800 |
(148.100) |
(11.100) |
|
PBDT |
590.300 |
412.100 |
1041.300 |
1384.500 |
|
Depreciation |
275.800 |
279.200 |
265.100 |
318.900 |
|
Profit
Before Tax |
314.500 |
132.900 |
776.200 |
1065.600 |
|
Tax |
111.400 |
51.700 |
271.400 |
413.500 |
|
Reported PAT |
0.000 |
0.000 |
0.000 |
0.000 |
|
Extraordinary Items |
203.100 |
81.200 |
504.800 |
652.100 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
203.100 |
81.200 |
504.800 |
652.100 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
8.19
|
10.07 |
13.71
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
12.93
|
14.36 |
13.71
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.86
|
8.40 |
14.34
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07
|
0.08 |
0.12
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.07
|
1.39 |
0.74
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.48
|
0.95 |
1.99
|
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1. Year of Establishment |
Yes |
|
2. Locality of the firm |
Yes |
|
3. Constitution of the firm |
Yes |
|
4. Premises details |
No |
|
5. Type of Business |
Yes |
|
6. Line of Business |
Yes |
|
7. Promoter’s background |
Yes |
|
8. No. of Employees |
Yes |
|
9. Name of person contacted |
No |
|
10. Designation of contact person |
No |
|
11. Turnover of firm for last three years |
Yes |
|
12. Profitability for last three years |
Yes |
|
13. Reasons for variation <> 20% |
-- |
|
14. Estimation for coming financial year |
No |
|
15. Capital in the business |
Yes |
|
16. Details of sister concerns |
Yes |
|
17. Major suppliers |
No |
|
18. Major customers |
No |
|
19. Payments terms |
No |
|
20. Export / Import details |
No |
|
21. Market information |
-- |
|
22. Litigations that the firm / promoter involved |
-- |
|
23. Banking Details |
Yes |
|
24. Banking facility details |
Yes |
|
25. Conduct of the banking account |
-- |
|
26. Buyer visit details |
-- |
|
27. Financials, if provided |
Yes |
|
28. Incorporation details, if applicable |
Yes |
|
29. Last accounts filed at ROC |
Yes |
|
30. Major Shareholders, if available |
No |
HISTORY:
Jamsetji N Tata initiated an element of Tata group; The Indian Hotels
Company Limited was incorporated in the year of 1902. The company and its
subordinates are communally known as Taj Hotels Resorts and Palaces, is one of
Asia's prime and most excellent hotel company in hospitality sector. The Taj
Mahal Palace Hotel,
INCOME
The total income for the year
ended March 31, 2011 at Rs. 17249.200 Millions was higher than that of the
previous year by 13%. Room Income was higher than the previous year by 19%. The
Average Room Rate (ARR) increased by 9% over the previous year. Food and
Beverage (FandB) income also increased by 19% over the previous year, enabled
by a healthy growth in banqueting income, which grew by 22% over the previous
year.
EQUITY SHARE
CAPITAL
During the year, the Company
allotted 3.60 crores equity shares at a price of Rs. 103.64
per share and 48.000 Millions warrants
on preferential basis to Tata Sons Limited. Through the preferential allotment,
the Company raised Rs. 3731.000 Millions towards equity
issue and Rs. 1243.700 Millions being 25% of
the aggregate exercise price of the warrants. The Company would further receive
Rs. 3731.100 Millions, if the warrants are exercised by
the Tata Sons Limited at any time after April 1, 2011 but before June 23, 2012.
BUSINESS OVERVIEW
Travel and Tourism in Asia
Pacific grew very strongly in 2010 in line with the recovery from the global
recession. All Asia Pacific sub-regions made strong gains in 2010, but the best
growth was in South Asia, boosted by a visible recovery in
In the year 2010, the tourism
sector in
The FTA growth rate during 2009
over 2008 was (2.2)%. Foreign Exchange Earnings (FEE) from tourism during 2010
were Rs.
648890.000 Millions as compared to Rs. 549600.000
Millions during 2009, registering a growth rate of 18.1%. The growth rate in
FEE from tourism during 2009 over 2008 was 8.3%. The domestic tourist traffic
is also estimated to have increased by approximately 15%.
The fully restored heritage block
of the
Further details on the new
properties launched, product upgradation, and expansion in domestic and
international markets are provided under the section Management Discussion and
Analysis.
The Company continues to pursue the
completion of ongoing projects, both in the domestic and international market,
under various brands to achieve sustainable and profitable growth.
MANAGEMENT
DISCUSSION AND ANALYSIS
AN OVERVIEW OF THE
GLOBAL and INDIAN TOURISM INDUSTRY
The international travel and
tourism industry is currently on a recovery path from the impact of the
financial and economic crisis of the last two years and is on its way to return
to the pre-crisis peak levels. As per World Travel and Tourism Council (WTTC)
estimates, the travel and tourism sector, from both direct and indirect
activities combined, accounts for 9.2% of global GDP, 4.8% of world exports and
9.2% of world investment. According to the UN World Tourism Barometer,
International tourist arrivals globally were up by almost 7% from 874 million
in 2009 to 935 million in 2010, following the 4% decline in 2009, the year
hardest hit by the global economic crisis.
In terms of regional performance
in 2010, Asia Pacific leads the pack in Revenue Per Available Room (RevPAR)
growth at 21.8 percent over 2009 and will continue to be the key growth market
in the coming years.
As per statistics updated by the
Indian Ministry of Tourism, the Foreign Tourist Arrivals (FTAs) in
As per the Travel and Tourism
Competitiveness Report 2011 by the World Economic Forum,
FUTURE TRENDS
Following a year of global
recovery in 2010, growth is expected to continue for the tourism sector in
2011, but at a slower pace. United Nations World Trade Organisation (UNWTO)
forecasts international tourist arrivals to grow in the range of 4% to 5% in
2011, a rate slightly above the long-term average. As per UNWTO, foreign
tourist arrivals to
According to Euromonitor
International,
Companies are likely to increase
spends on corporate travel. With expectations of healthy salary increases
within the corporate world, discretionary spending is expected to increase
further, especially on leisure travel.
Domestic short haul travel across
Asia Pacific is a growing trend although long haul travellers from
According to the STR Global
Construction Pipeline Report, the Asia Pacific hotel development pipeline
comprises over 1,000 hotels and over 2.6 lakhs rooms. Among the Chain Scale
segments, the Upscale segment accounted for the largest portion of rooms in the
total active pipeline with 25%, followed by the Upper Upscale segment at 23.3%
and the Luxury segment at 18.5%. Among the countries in the region,
In this scenario, Taj is well
poised for growth in various brands with its distinct brand “Taj” in the Luxury
space, “Vivanta by Taj” in the Upper Upscale space, “The Gateway Hotel” in the
Upscale space and Ginger hotels in the Budget space. As per a Credit Suisse
Research Institute Study, Taj is one of the 27 Great Brands of Tomorrow, the
only hospitality brand recognised by this study. The key catalyst identified
for Taj by this study is the successful emergence of the new brands and the
ability to leverage these brands across customer segments and geographies.
NEW PROPERTIES
OPENED
The Company’s efforts of restoring
the once resplendent Falaknuma Palace, Hyderabad eventually fructifi ed with
the grand opening of the Taj Falaknuma Palace in November 2010, with an
exclusive get together of global connoisseurs of luxury who came together in
Hyderabad for this occasion.
EXPANSION IN
DOMESTIC AND INTERNATIONAL MARKETS
After witnessing a period of
economic slowdown for the past 2 years, the world markets witnessed signs of
recovery, resulting in increase in travel and leisure business. The Company
ventured into new geographies by entering into management contracts in
The Company continued its thrust
on flagging properties under the “Gateway” brand in prominent economic,
commercial and industrial centres of
UPDATE ON KEY
ONGOING EXPANSION INITIATIVES
Due to politically unstable
conditions in the
The design planning of the
Company’s management contract project in
Last year the Company acquired
the erstwhile “Sea Rock” Hotel in Mumbai with the intention of redeveloping it
in conjunction with the existing Taj Lands End Hotel, Bandra. The dismantling
works have been completed during the year and currently design planning is
underway for developing this property into a landmark hotel of the city.
Preliminary construction works for its Premium Hotel project in Guwahati have
commenced and the Company’s Vivanta by Taj hotel project in
The Company invested through one
of its subsidiaries in ‘Vivanta by Taj’ resort at Coorg, which is scheduled to
open by end of 2011. The resort shall be operated by the Company on a
management contract basis. Of the 64 room expansion of Vivanta by Taj Fisherman’s
Cove hotel in Chennai, 48 rooms are currently operational and work on the
balance 16 rooms is in progress. Vivanta by Taj hotels in
The Company’s management contract
projects under the Vivanta and Gateway brands are progressing rapidly. In April
2011, the Company made a foray into one of
PRODUCT
UPGRADATION
The restoration of the
The Company undertook renovation
projects for certain key properties of Associate Companies as per the ongoing
product upgradation initiatives. Vivanta by Taj Blue Diamond, Pune, saw the
re-opening of the renovated Coffee Shop and Banquet Hall in a contemporary
avatar, corresponding to the “Vivanta” brand’s design philosophy. At the
Vivanta by Taj President, Mumbai, one guestroom floor was renovated and opened
to guests during first quarter of the current financial year. The Coffee Shop
at The Gateway Hotel, Ernakulam, was renovated and re-lauched as a contemporary
all day diner. The Lobby, ‘Chambers’ and select meeting spaces were renovated
at the Taj Coromandel Hotel, Chennai.
The Company’s subsidiary under
the Ginger brand added four new
To provide a consistent brand
experience for customers and following the positive feedback to the upgraded
product in new hotels such as in
Corporate Business from the
contracted large companies continued to be the focus area for majority of the
hotels. Many new companies were brought on board, including from the new source
market for the company, Chennai. The focus at the units and the source markets
continues to be on getting permanent rooms, long-stay business, Groups and
conferences from the Corporate segment.
To effectively and efficiently
cater to the growth plans of the Company, the promoters after discussions with
a few Private Equity players have finalised Omega TC Holdings Pte. Limited
(‘the Investor’) as the Private Equity investor for infusion of equity into a
Subsidiary. The Investor will invest an amount of Rs. 1500.000 Millions in
various tranches, which will give the Investor a minority stake. The first
tranche of RS. 500.000 Millions was allotted to the Investor in April, 2011.
WILDLIFE LODGES
The Company’s Joint Venture Taj
Safaris Limited operates four lodges viz. Mahua Kothi at Bandhavgarh, Baghvan
at Pench, Pashan Garh at Panna and Banjaar Tola at Kanha. The four spectacular
lodges complete the tiger wilderness circuit in all the well known Tiger
Reserves in the state of Madhya Pradesh.
JIVA SPA
The philosophy of the spas is
rooted inherently in
In the year 2010-11, they
launched one new Jiva Spa at The Taj Falaknuma Palace,
As on March 31, 2011, the
following 22 Jiva Spas are operational in Taj Hotels Resorts and Palaces in
Jiva Grande
1. Taj
2. Taj Exotica Resort and
3.
4.
5. Taj
Jiva
6.
7.
8.
9.
10.
11. Vivanta by Taj - President,
Mumbai
12. Taj Exotica,
13. Vivanta by Taj -
14. Vivanta by Taj - Panaji,
15. Vivanta by Taj –
16. Vivanta by Taj - Whitefi eld,
17. Vivanta by Taj - Fisherman’s
Cove, Chennai
18. Vivanta by Taj -
19. Vivanta by Taj – Kovalam,
Kerala
20. Vivanta by Taj –
21. Vivanta by Taj -
22. Taj
Jiva Spa also runs non-branded spas
under the brand “The Spa”. As of today, they are operating 14 ‘The Spas’, as
under:
1. Taj
2. Vivanta by Taj - Blue Diamond,
Pune
3. Vivanta by Taj -
4. Vivanta by Taj - Ambassador,
5. Vivanta by Taj - Gomti Nagar,
6. Vivanta by Taj -
7. Vivanta by Taj - Hari Mahal,
8. Gateway Hotel,
9. Gateway Hotel, Vizag
10. Gateway Hotel, Mangalore
11. Gateway Hotel,
12. Taj Mahal,
13. Taj West End,
14. Taj Residency,
GUEST EXPERIENCE
The Company continues in its
quest for excellence by constant enhancement of the Guest Experience through
improved service levels and product upgrades.
Taj Palace Hotel, one of the Company’s
hotels in
The focus for the fi rst half of
the year was on the re-launch of the flagship hotel, The Taj Mahal Palace,
Mumbai and the opening of the iconic
The Company commissioned a study
to understand the key drivers of customer satisfaction amongst Luxury hotel
guests.
The findings of this study will
be used to improve key products and service offerings. With the intention of moving
guest satisfaction to the higher order of engagement, a new guest engagement
program was successfully piloted at The Taj Mahal Palace, Mumbai. As guests who
have been touched by it had much higher levels of satisfaction and loyalty,
this initiative has been rolled out to all Luxury hotels. In order to position
The Taj Mahal Palace, Mumbai as the best hotel in the world, an internationally
renowned company, Yates and Partners, was commissioned to enhance service
levels at the hotel.
The Company wanted to take the
The Company undertakes several
initiatives to develop the competencies of the associates. The associates in
the Company are provided continuous training inputs through Learning and
Development Managers and specially designated ‘Certified Taj Departmental
Trainers’. They continue to utilise e–Learning modules covering the Taj
Leadership System, Taj Leadership Behaviour and Tata Code of Conduct to help
associates learn in their own time and at their own pace.
The learning experience is
further enhanced using varied processes such as Cross Exposure Training and a
Systematic Induction Programme.
To strengthen the operational
focus and develop attention to detail, the Learning and Development team has
actively embarked upon various “Back to basics” skill training - The Spirit of
the Taj, certification of key skills in operational departments, listening
skills etc. are some examples. In addition, specifically tailored programs for
all levels of associates to focus on improving and delivering consistent, high
quality service were conducted for key associates such as butlers and
bartenders.
The outcome of all these
activities and the continuous drive for quality has led to several of the
hotels being recognised by prestigious global institutions –
- The
- The
- Travel and Leisure USA also awarded The Taj
Mahal Palace, Mumbai, the
- choice awards, amongst others, the
- Every year travellers rank the top 25 business
hotels worldwide in the Travel and Leisure survey. The Taj Mahal Hotel,
- The speciality Japanese restaurant, Wasabi by
Morimoto at The Taj Mahal Palace, Mumbai, was ranked 54 in the S.
Pellegrino List of Top 100 Restaurants in the World 2010. The list is the
result of an extensive poll of the world’s most celebrated chefs, renowned
food critics, leading restaurateurs and well-travelled gourmands. Signifi
cantly, Wasabi is the only restaurant in
TAJ LUXURY HOTELS,
INTERNATIONAL
Enhancing guest experience
continues to be the Company’s focus area. Apart from product upgrades, they
achieve this through sustained efforts to improve service levels.
High quality service is ensured
by making the work processes robust using TBEM framework and Balanced
Scorecard. The hotels in the SBU continue to build a sustainable culture of
improvement with well trained teams working on Continuous Improvement Projects.
Taj Luxury Experience Training
and Audit, Cross Exposure Training and Systematic Induction Programmes continue
to be the basic training modules for ensuring consistent service. Additionally,
Guest Engagement Programme was successfully launched in some of the hotels
during the year. In this programme, the associates were trained to share their
guest experiences and thus take anticipatory service a notch higher. With
enthusiastic participation of the associates, the guests’ Overall Satisfaction
scores have shown significant improvement in the hotels. In order to lead the
market, the Company continually upgrades the product and introduces new
offerings in the hotels.
The 5 new refurbished 51 Buckingham
Gate suites have been launched during the year and the response has been very
positive, fetching them fantastic ARR. 27 rooms of 2nd floor refurbishment
project in
Taj Exotica Resort and
The resort continues to win
numerous prestigious international awards; it received 12th International
recognition of the year in January, 2011 when Trip Advisor, Traveler’s Choice
2011 voted the resort as one of the ‘Top 10 Luxury Hotels in
The innovative food and beverage
offerings also got their due recognition. While the restaurant Quilon in
VIVANTA BY TAJ
The Taj Group of Hotel’s Upper
Upscale segment continued with its branding strategy with the launch of the
Vivanta by Taj brand in September 2010. The launch witnessed the introduction
of 19 hotels within the portfolio and led to the introduction of a service
style designed for the ‘work-hard-play-hard’ global traveller. Creating unique
guest experiences is the forte of the brand and Vivanta by Taj is sharply
defined with a set of unique values and a distinctive brand identity. All the
guest experiences have arisen out of a deep understanding of the targeted
customer groups and have been in tune with their needs and aspirations. The
introduction of in car amenity kits, special children experiences, hi energy
bars, lounges, the pet policy and “Night rider” services (offer of a
chauffeured car drop post a night out advocating safe drinking) are but a few
experiences and services provided to cater to the ever changing needs of
today’s clientele. The Motifs, specially curated and handpicked by each
individual hotel offer signature experiences which are cued around the property
and the destination they represent be it the Coral propagation initiative at
Maldives or a stroll through Goa’s culinary history with Chef Rego at Holiday
Village or a guided visit to the village of Aymenem at Kumarakom, Kerala. In
keeping with the endeavor of addressing the “bon vivant” each of the 20 hotels
offer these handpicked experiences as distinct value additions and ensure that
the guest is “touched” by the brand values of Vivanta by Taj.
Vivanta by Taj is also one of the
fastest growing within the Company. The year 2011-12 will have 7 hotels open
under the brand, with venues ranging from quintessential paradise at
The SBU has also experienced a
spate of renovations and new introductions within existing properties so as to
enhance guest experiences. The introduction of Resto bars ‘Bait’ at the Vivanta
by Taj – Kovalam and ‘Syn’ at the Taj Deccan,
There has been tremendous focus
on employee engagement and initiatives within the SBU as this directly
contributes in creating unique experiences for the guest. Workshops like ‘I Am
Vivanta’ and ‘Brand Standard Focus’ have helped reinforce the brand behavior
within individuals working at every level within the hotels. Pre-opening
workshops such as the ‘Ready to Rumble’ (a service culture workshop consisting
of a 6 day count down at a new opening hotel) have helped the associates
acclimatise to the behavior and nature of the brand and its service philosophy,
apart from this other extensive training modules are conducting to ensure that
effective trained staff and processes are in place prior to the opening of new
hotels. These associates are knowledgeable on the various brand specific services
available and are far more responsive towards the needs of their guests, hence,
taking the guest’s stay experience to a whole new level.
THE GATEWAY HOTEL
The Gateway Hotel is the upscale,
full-service brand from the Taj Hotels Resorts and Palaces portfolio. Spread
across
The Gateway Hotels are divided
into seven zones - Stay, Hangout, Meet, Work, Workout, Unwind and Explore, in line
with the brand philosophy of keeping things simple and fl exible. The brand’s
uniqueness is its 24/7 concept on essential services, menus and facilities.
Team Gateway’s intense focus on
total guest satisfaction through excellence in product and service, deep guest
engagement and total service recovery makes it a differentiating experience.
The Gateway Hotel’s main theme is holistic wellness which is reflected in its
new age lifestyle activities like - instructional yoga videos on in house TV,
round the clock fitness and pool facilities. A new age culinary innovation
which promotes “Active Foods” that features fresh, high-energy, natural
ingredients that go into creating delicious yet healthy signature dishes. Brand
USP – regional home style meals, “Breakfast Gateway”, “Chef’s hat @ Gateway” –
co-creating with the customer, dynamic price point, right size portioning, have
received very high visibility and recognition.
Post Gateway brand Launch there
is an active and ongoing program of renovation / refurbishment and upgradation
of the hotels to bring them to the brand standards. In the past year, many
rooms, lobbies and restaurants have been renovated and refurbished in The
Gateway Hotels.
The specialty restaurants
operating in some of the hotels, are Varuna at The Gateway Hotel-Varanasi,
Narmada at The Gateway Hotel - Ahmedabad, Bubble Cafe at The Gateway Hotel -
Ernakulam, KaiAsia at The Gateway Hotel - Vadodara, Ashiyana at The Gateway
Hotel -
The Gateway Hotel -
The Gateway brand has continued
to dominate markets in all the 21 locations, where it has been launched.
SALES and
MARKETING
Key Initiatives:
- Brand
Architecture: Nineteen hotels migrated to
the Upper Upscale brand at the Vivanta by Taj – Hotels and Resorts Brand
Launch in September, 2010 in
- Taj Cape Town
Grand opening - The Taj Cape Town was offi
cially inaugurated by the Chairman at a red-carpet
- event attended by over 300 guests that
included government officials, corporates, key trade and media. The
historic structure of the Taj Cape Town is home to the Heritage Rooms and
Suites, Tower Rooms and Suites, The Presidential Suite and the Taj Club.
These 177 exquisite rooms offer guests old-world quality complemented by
modern features and luxury amenities.
- November, 2010, with an exclusive get together
of global connoisseurs of luxury who came together in
- Preferred
destination of Heads of States - Taj has had a legacy of welcoming world guests over 100 years. Taj
hotels have historically played the perfect host to the world’s eminent
leaders, celebrities, and royalty. This year saw the launch of the much
awaited palatial Presidential Suite – The Tata Suite at the recently
reopened The Taj Mahal Palace, Mumbai and Taj Palace Hotel,
- President of United States Barack Obama and
First Lady Michelle Obama – The Taj Mahal Palace, Mumbai
- H. E. David Cameron, Prime Minister of the
- H.E. Wen Jiabao, Premier of the People’s
Republic of
- H.E. Dmitry A Medvedev, President of the
- H.E. Nicolas Sarkozy, President of France –
Taj Palace Hotel,
- Re-launch of
Surprises campaign: They
fi rst launched the Surprises campaign in 2009-10 and based on the
tremendous success of the campaign in driving revenues during the tough
years they decided to continue with the same in 2010-11 as well. The
Surprises campaign was re-launched for the period May - July, 2010 with
an objective to drive revenues during the lean season. The various
initiatives undertaken for this campaign are :
- Stay a bit longer
- Suite surprises
- Taj Holidays Bonus Rewards
- Taj Holidays Monsoon Tactical
- Taj
- Urban Sanctuary - Experimental and Value
vouchers.
- “Suite Celebrations” – An initiative to drive incremental suite sales and revenues was
launched across Luxury
- hotels worldwide in December 2010. The basis
for the campaign was feedback from a Customer Survey on Suite
- Usage, internal Suite usage analysis for the
last 2 years and a thorough competitive scan.
- Harvard
Business School Case Studies on Taj –
- Taj Hotels Resorts and Palaces which emerge
from the business practices. The fi rst is on the Crisis Management
during and post 26/11 which focuses on the work culture, employee
engagement and bravery, HR initiatives and crisis management communication.
The second is on the overall Brand Architecture initiative at Taj
resulting in 4 distinct brands catering to different consumer segments
and the launch of Vivanta by Taj brand.
PATA awards for Taj Forever campaign -
PATA, the prestigious Travel Association that spans The America and
Frequent Traveler Awards 2010 for Taj InnerCircle - The Taj InnerCircle was voted the ‘Hotel Program
of the Year’ for Asia, Oceania and the
BUSINESS EXCELLENCE
TATA BUSINESS
EXCELLENCE MODEL
The Company continues to apply
for assessment as one organization under the Tata Business Excellence Model
(TBEM).
Using the feedback provided by
the team of external assessors has helped to improve processes and guest
satisfaction scores. New courses to impart knowledge on excellence and quality
improvement methodologies have been conducted so that associates across the
organization are able to improve the processes that they work with.
Participation in an External Assessment
process as a
BALANCED SCORECARD
AUTOMATION
The Company has initiated a
project to automate the Balanced Scorecard, which is in the fi rst phase of
implementation. This has helped the Company evolve from using the Balanced Scorecard
as a simple performance measurement framework to a full strategic planning and
management system.
With IT connectivity across
hotels helping to establish synergy of metrics, the automation project is
translating the
organization’s strategic plan
into the “marching orders” for the organization on a daily basis. It provides a
framework that not only provides performance measurements, but helps managers
identify what should be done and measured and enables them to execute the
strategy.
AWARDS and ACCOLADES
1. Gallivanter’s Award
Jiva Grande, Umaid Bhawan Palace,
Jodhpur has been voted the 4th ‘Best Hotel Spa Worldwide’ in ‘The 2010
Gallivanter’s Awards for Excellence’, as voted for by readers in the
Gallivanter’s Guide Annual Reader Poll.
2. Les Nouvelles Esthetiques Spa Awards
The Jiva Grande Spa at Taj Cape
Town, South Africa, has won its fi rst spa award in October, for the category
Best Unique Spa Concept in
3. Conde Nast Traveller Spa Special Magazine- 2011 Reader’s Spa Awards
Jiva Spa at Taj Exotica, Goa, has
been voted as the 6th in the ‘
4. Luxury Travel Readers award survey – Gold List 2010.
Jiva Grande at Taj Exotica Resort
and
5. 6th Annual AsiaSpa Awards 2010.
Jiva Spa at Taj Hotels Resorts
and Palaces, were nominated in the following categories
a. Urban Spa of the Year – Taj
b. Most innovative Spa of the
Year – Jiva Spa, Taj Hotels
AWARDS AND
ACCLAIMS
|
Date |
Hotel and
Details of the Award |
|
GROUP |
Taj Hotels Resorts and Palaces |
|
Oct ‘10 |
Taj Hotels Resorts and Palaces has
been voted 2nd best Overseas Hotel Group in the Guardian Travel Awards 2010. |
|
April ‘10 |
The Taj Hotels Resorts and
Palaces has been voted as Readers Travel Awards |
|
LUXURY HOTELS |
|
|
|
|
|
June ‘11 |
Travel+Leisure, USA It List:
Taj Falaknuma is featured in the sixth annual list of ‘It’ otels. Editors
scoured the globe for the best new
properties as they do every year, T+L editors and writers logged thousands of miles in search of the next
best new hotels for you to lay the head. |
|
May ‘11 |
Taj Falaknuma Palace, Hyderabad
- Conde Nast Traveler, USA - The Hot List 2011 - 124 Best New Hotels in the World. |
|
Dec ‘10 |
Accolade: “Hot hotels in perfect
destinations for winter travel”. |
|
The |
|
|
June ‘11 |
TMPM in the T+L Editors’ Choice
Awards 2011 ‘It’ list of the Top 5 City Hotels in 96.49%. |
|
Jan ‘11 |
Travel+Leisure, |
|
Jan ‘11 |
Accolade: The Daily Telegraph has brought
out a “Travel Supplement of the Year” on January 1, 2011 with a cover story of “The 50
Best Hotels in the World”. The list. |
|
Dec ‘10 |
|
|
Sept ‘10 |
Conde Nast Traveller Readers’
Travel Awards: The Taj Mahal Palace, Mumbai with a score of 74.66% was voted 20th in the Overseas
Business Hotels for |
|
April ‘10 |
The legendary Wasabi at The Taj
Mahal Palace and Tower, Mumbai has been voted 54th in the top 100 restaurants of the world in the
Ninth annual listing of The S. Pellegrino World’s |
|
April ‘10 |
Accolade: Conde Nast Special India Awards,
2010 : The Taj Mahal Palace and Tower, Mumbai were also conferred a special
commendation for the resilience and strength the staff demonstrated in the
last year. |
|
|
|
|
Jan ‘11 |
Travel+Leisure, |
|
April ‘10 |
Conde Nast Special India
Awards, 2010 - The fi rst runner up in the Favourite Palace Hotels category
is |
|
|
|
|
Jan ‘11 |
Travel+Leisure, |
|
April ‘10 |
Conde Nast Special India
Awards, 2010 - The second runner up in the Favourite Palace Hotel is Umaid |
|
|
|
|
Jan ‘11 |
Travel+Leisure, |
|
Sept ‘10 |
Conde Nast Traveller, UK 2010
Readers’ Travel Awards - Rambagh was voted 5th in the Best Overseas Leisure Hotels in |
|
April ‘10 |
Conde Nast Special India
Awards, 2010 - The Rambagh Palace, Jaipur was voted the Hotel. |
|
Taj Palace Hotel, |
|
|
Jan ‘11 |
Travel+Leisure, |
|
Taj Mahal Hotel, |
|
|
Nov ‘10 |
Business Hotels 2010, overall score:
94.67%. |
|
Taj Safari Lodges |
|
|
Jan ‘11 |
Banjaar Tola was named to the
coveted list, which is comprised of Mr. Harper’s 19 favorite properties visited within the past
calendar year in the January 2011 issue of Andrew Harper’s Hideaway Report of THE 2011 GRAND AWARD WINNERS
and online at www.AndrewHarper.com on January 3, 2010. |
|
May ‘10 |
Taj Banjaar Tola (Mukki), Sector Hotel” category of State
Tourism Awards. |
|
April ‘10 |
Conde Nast Special India
Awards, 2010 - Banjaar Tola at Favourite Leisure Hotel
category. |
|
Taj Exotica |
|
|
Jan ‘11 |
Trip Advisor has bestowed on Taj
Exotica Resort and Spa the “2011 Traveller’s Choice Award” under the Top 10 Luxury Hotels in around the globe. |
|
Sept ‘10 |
Conde Nast Traveller, UK 2010
Readers’ Travel Awards - TERS Maldives was voted 10th in the Overseas Leisure Hotels in the Middle
East, Africa and the |
|
April ‘10 |
TERS |
|
|
|
|
May ‘10 |
TATLER’s Ninth Annual
Restaurant Awards 2010 - Best Front of House to Arun Harnal at Brasserie |
|
Taj |
|
|
Dec ‘10 |
Travel + Leisure, |
|
Taj |
|
|
Oct ‘10 |
Accolade: CAMPTON PLACE RESTAURANT
AWARDED MICHELIN STAR. MICHELIN Guide San Francisco, Bay Area and Wine
Country 2011 has recognized renowned Place Restaurant with 1 star in
its latest annual dining guide. |
|
Taj |
|
|
April ‘11 |
Accolade: in the category Business Hotel
Africa and |
|
VIVANTA HOTELS |
|
|
June ‘11 |
Vivanta Hotels and Resorts by
Taj is featured in the T+L Editors’ Choice Awards 2011 ‘It’ list on Spin-Off Brands. |
|
Vivanta by Taj – Kumarakom, Kerala |
|
|
March ‘11 |
Department of Tourism (National
Tourism Awards)-Best 4 star Hotel in |
|
Jan ‘11 |
Trip Advisor Top 10 Hotels for
Romance in |
|
Jan ‘11 |
Trip Advisor - Best 25 hotels
in |
|
Jan ‘11 |
Trip Advisor Top 10
Relaxation/Spa Hotels in |
|
|
|
|
March ‘11 |
Best 5 Star Deluxe Hotel by
Department of Tourism, Government Of |
|
Feb ‘11 |
Trip Advisors’ Travellers’
Choice 2011 award for top 10 Family Hotels in |
|
Vivanta by Taj - Exotica, |
|
|
Feb ‘11 |
Rated by Trip Advisor – top 10
Luxury hotels in |
|
Vivanta by Taj - Kovalam, Kerala |
|
|
March ‘11 |
Trip Advisor, |
|
|
|
|
August ‘10 |
Vogue |
|
BLUE, |
|
|
|
|
|
Oct ‘10 |
Conde Nast Traveller, the ‘Top Hotels Oceana’
category. |
|
GATEWAY HOTELS |
|
|
The Gateway Hotel Pasumalai, |
|
|
March ‘11 |
National Tourism Award,
Department of Tourism, Government of |
CONTINGENT
LIABILITIES:
(a) On account of Income Tax
matters in dispute :
i. In respect of matters which
have been decided in the Company’s favour by the Appellate Authorities, where
the Income Tax Department has preferred an appeal – Rs.162.800 Millions (previous year – RS.130.300 Millions).
ii. In respect of other matters
for which Company’s appeals are pending – RS. 142.500
Millions (previous year –Rs. 18.300 Millions).
The said amounts have been paid /
adjusted and will be recovered as refund if the matters are decided in favour
of the Company.
(b) On account of other disputes
in respect of :-
i. Luxury tax – Rs.1.700 Millions (previous year – Rs. 3.200 Millions).
ii. Entertainment tax – Rs. 5.300 Millions (previous year – Rs. 5.300 Millions).
iii. Sales tax – RS. 70.200
Millions (previous year – Rs. 66.300
Millions).
iv. Property tax – Rs. 92.400
Millions (previous year – RS. 74.000
Millions).
v. Stamp Duty – Rs. 23.400
Millions (previous year – Rs. 23.400
Millions).
vi. Others – Rs. 123.600
Millions (previous year – Rs. 77.400
Millions).
Fixed Assets:
·
·
·
Building
·
Plant and Machinery
·
Furniture, Fixtures and Office Equipments
·
Vehicles
MANAGEMENT:
Mr. Raymond Bickson
Managing Director and Chief Executive Officer
Raymond Bickson’s experience in hospitality spans thirty years and four
continents. In January 2003, Mr. Bickson moved to
Mr. Bickson brings extensive international hotel experience to the Taj Group in
operations and management. He most recently served fifteen years as the Vice
President and General Manager of The Mark in
An American national, Mr. Bickson attended the École Hôtelière Lausanne in
Mr. Anil P. Goel
Executive Director – Finance
Anil Goel is charged with the task of overseeing the Taj Group’s Finance,
Mergers and Acquisitions, Purchase and Legal and Secretarial functions. With
over 28 years of experience in the Tata Group in various financial roles,
including Chief Financial Officer of Tata Tea, he brings a unique understanding
of fiscal responsibility to Taj. Anil is also a Non-Executive Director in Taj
GVK Limited, amongst others.
Anil graduated in Honors from Shri Ram College of Commerce in
Mr. Abhijit Mukerji
Executive Director – Hotel Operations
Abhijit Mukerji oversees hotel operations of the Taj Hotels Resorts and Palaces
which includes Taj Luxury Hotels –
A career hotelier, Mr. Mukerji’s experience spans 22 years and four continents.
He has spent almost 10 years as a General Manager and run several hotels that
have won international acclaim under his stewardship. His last assignment was
as Chief Operating Officer –
Mr. Mukerji is an alumnus of Cornell (ESSEC) and Harvard Business School (GMP),
and has a flair for European languages.
Mr. Ajoy K. Misra
Sr. Vice President, Sales and Marketing
In his 28 years with the Taj Group, Ajoy Misra has worked in various
capacities, from sales and marketing to operations. Ajoy joined the Taj in 1980
in the Corporate Sales and Marketing Department through the Tata Administrative
Services. He served as General Manager of the Taj President in Mumbai and Area
Director in the
Ajoy Misra holds a degree in Civil Engineering and an MBA from
Mr. Ajoy K. Misra
Sr. Vice President, Sales and Marketing
In his 28 years with the Taj Group, Ajoy Misra has worked in various
capacities, from sales and marketing to operations. Ajoy joined the Taj in 1980
in the Corporate Sales and Marketing Department through the Tata Administrative
Services. He served as General Manager of the Taj President in Mumbai and Area
Director in the
Ajoy Misra holds a degree in Civil Engineering and an MBA from
Mr. H.N. Shrinivas
Sr. Vice President - Human Resources
Mr. Shrinivas has over 30 years of experience in the field of Human Resources.
He holds a Masters Degree in Social Work from the National Institute of Social
Sciences,
Mr. Shrinivas has also done an Advance Management Programme
-
Mr. Shrinivas has worked for 18 years with the Taj in Human Resources, Learning
and Development and Business Excellence functions. After leaving the Taj in
2002, he headed the HR function in BPL and subsequently Tata Tea. His last
assignment before joining them was with Hewlett Packard Global Delivery India
Centre as Director, Human Resources.
Mr. Sumit Guha
Vice President Development and Projects
Mr. Sumit Guha oversees the development function of the Indian Hotels Company
Limited and is responsible for planning and implementing the growth strategy of
the Company through the multiple routes of renovation, management contracts,
Before joining the Taj Group, Sumit worked in different functions in other Tata
companies like Titan Industries, Tata Tea and Tata NYK Transport Systems.
Within these companies he has had exposure across various functions including
projects, sales and marketing and general administration.
Mr. Guha is a graduate from the Indian Institute of Technology, Kharagpur and
holds a PGDM from the Indian Institute of Management, Ahmedabad. He is a member
of the Tata Administrative Service.
Mr. Sanker Parameswaran
Vice President - Legal and Company Secretary
Mr. Sanker Parameswaran has over 26 years of experience in the field of Legal
and Secretarial. He is an ACS from the Institute of Company Secretaries of
India and holds a Masters Degree in Law from
Mr. Veer Vijay Singh
Chief Operating Officer – Upper Upscale Hotels
As the Chief Operating Officer of the Taj Group-Upper Upscale Hotels, Veer
Vijay Singh is responsible for the Operations and Overall Performance of 36
hotels in 26 locations spread across seven (7) countries.
In a career span of 33 years with the Taj, he has had a wide experience in Food
and Beverage Operations and has been a General Manager for over 17 years at Taj
Hotels in
He has graduated from IHMCTandN,
His values, passion and loyalty towards his work and his Forte of building
relationships, makes him who he is today.
Ms. Jyoti Narang
Chief Operating Officer, Luxury Division
Taj Hotels Resorts and Palaces
Jyoti Narang began her career with the Taj group in 1982 and has since handled a
variety of portfolios across the chain, from sales and marketing to operations.
She is currently the Chief Operating Officer of the Luxury Division of Taj
Hotels Resorts and Palaces and is in charge of the overall performance and
expansion of the division.
Jyoti started off as a sales executive (in Sales) with Taj Hotels in
In 2008, Jyoti was appointed as the Chief Operating Officer of The Gateway
Hotels, the new upscale brand of the Taj, and was actively involved in
developing the concept and launching the brand with an aim to be present in all
economic and commercial hubs in
Jyoti obtained her B.A. in Economics from
Jyoti has always worked at maintaining the company's strong identification with
Mr. P.K. Mohankumar
Chief Operating Officer
Gateway Brand
Mr. P. K. Mohankumar has over 35 years of experience in hotel operations with
the Taj Hotels, Resorts and Palaces. His career commenced with the flagship
hotel –
Mr.Mohankumar is an alumnus of Institute of Hotel Management, Mumbai and has
participated in several senior leadership workshops conducted by
Currently, he is the Chief Operating Officer of the Gateway brand of the Taj
Hotels Resorts and Palaces, and is responsible for the operations and
performance of 19 properties in
Mr. Rajiv Gujral
Chief Operating Officer and Sr. Vice President
Mergers, Acquisitions and Development
Rajiv Gujral is heading Merger, Acquisitions and Development for the Group. In
the 33 years with the Group Mr. Gujral has held various positions in the
company from Sales and Marketing, heading operations and development for
Eastern Region and International Division. Mr. Gujral has served on the Board
of International Hotel and Restaurant Association (IHandRA), currently a member
of the Chain Council, President of Federation of Hotel and Restaurant
Association of India (FHRAI), apart from being the Chairman of West Bengal
Tourism Development Corporation and Chairman Tourism Sub-Committee of the
Associate Chamber of Commerce and Industry (ASOCHAM).
He has been responsible for creating Taj Asia Limited, and for bringing in CC
Africa to develop Wildlife Safaris in
Mr. Gujral has been appointed the Chairman of the All India Board of Hotel
Management and Catering Technology by the Union Ministry of Human Resources for
a period of 3 years from 1st September 2006. He is also a member of the World
Presidents Organisation (WPO).
Mr. Rajiv Gujral graduated in Business Management, majoring in Marketing from
Banares University (BHU).
Mr. Prabhat Pani
Chief Executive Officer
Roots Corporation Limited
As CEO of the wholly-owned subsidiary of The Indian Hotels Company Limited,
Prabhat Pani manages the operations of
Before joining the Taj Group, Prabhat Pani served as Chief Operating Officer in
Tata Telesevices Limited. He has extensive experience across wide geographies
in
He has been actively associated with Confederation of Indian Industry (CII),
and has been a member of the Southern Regional Council the last three years,
while co-chairing the Sub-Committee on Corporate Social Responsibility.
Prabhat Pani holds a degree in Engineering from Birla Institute of Technology
and Science, Pilani, and Post-Graduate Diploma in Management from IIM,
Ahmedabad.
Mr. Kothari
Vice President
Projects
Born in a Dhar, MP, Mr. Kothari is a qualified BE graduate with a
specialization in PMP. He has an exhaustive experience of over 35 years. He's
worked in various organizations like Union Carbide, Hospitech Services Limited,
Burj Dubai, Lanco Hills, Global Electro-Mechanical Company He's based out in
The Middle East. He's joined SUBJECT on 15 Oct 2009 as Vice President Projects.
AUDITED
STATEMENT OF FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2012
(Rs.
in Millions)
|
Particular |
Quarter Ended |
Year Ended |
|
|
|
31.03.2012 |
31.12.2011 |
31.03.2012 |
|
Income from Operations |
|
|
|
|
Net Sales/Income from Operations |
5601.500 |
5214.800 |
18087.300 |
|
Other Operating Income |
-- |
-- |
-- |
|
Total Income from operations
(net) |
5601.500 |
5214.800 |
18087.300 |
|
|
|
|
|
|
Expenses |
|
|
|
|
a. Consumption of Raw Materials |
439.300 |
442.500 |
1528.700 |
|
b. Staff Costs |
1199.200 |
1245.500 |
4713.800 |
|
C. Licence Fees |
431.300 |
319.700 |
1191.100 |
|
d. Fuel, Power and Light |
340.000 |
334.900 |
1329.200 |
|
e. Depreciation |
318.900 |
265.100 |
1139.000 |
|
f. Other Expenditure |
1599.800 |
1467.700 |
5265.200 |
|
Total Expenses |
4328.500 |
4075.400 |
15167.000 |
|
Profit from Operations before Other Income,
Interest and Exceptional Items |
1273.000 |
1139.400 |
2920.300 |
|
Other Income |
99.000 |
85.900 |
497.200 |
|
Profit before Interest and Exceptional
Items |
1372.000 |
1225.300 |
3417.500 |
|
Interest (Net) |
295.300 |
303.500 |
1057.200 |
|
Profit after Interest but before
Exceptional Items |
1076.700 |
921.800 |
2360.300 |
|
Exceptional item -
Notional Exchange Gain / (Loss) (Note 4) |
(11.100) |
(68.100) |
(87.500) |
|
Exceptional item -
Others (Note 3) |
-- |
(80.000) |
(26.400) |
|
Profit from Ordinary Activities before tax |
1065.600 |
773.700 |
2299.200 |
|
Provision for
Taxes |
749.700 |
268.900 |
1181.900 |
|
Minimum
Alternative Tax Credit |
(336.200) |
-- |
(336.200) |
|
Tax Provision of
earlier years (Net) |
-- |
-- |
-- |
|
Profit I (Loss ) from Ordinary Activities
after tax |
652.100 |
504.800 |
1453.500 |
|
Add :Share of
Profit in Associates |
-- |
-- |
-- |
|
Less :Share of
Loss of an Associate for Prior Period |
-- |
-- |
-- |
|
Less : Minority Interest
in Subsidiaries |
-- |
-- |
-- |
|
Profit I (Loss ) after taxes , minority
interest and share of profit I (loss ) of associates |
652.100 |
504.800 |
1453.500 |
|
Paid-up Equity
Share Capital (Face value per
share - 1 each) |
759.500 |
759.500 |
759.500 |
|
Reserves
(excluding Revaluation Reserves) |
|
|
31674.900 |
|
Earnings Per Share
(^) Basic and Diluted
(not annualised ) |
0.86 |
0.66 |
1.91 |
|
Debt Service
Coverage Ratio (Note 9 ) |
|
|
0.38 |
|
Interest Service
Coverage Ratio (Note 9) |
|
|
4.25 |
|
|
|
|
|
|
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1. Public
shareholding |
|
|
|
|
Number of
Shares |
504406671 |
504406671 |
504406671 |
|
Percentage of Shareholding |
66.42 |
66.42 |
66.42 |
|
2. Promoters and
promoter group shareholding |
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
- Number of Shares |
-- |
-- |
-- |
|
- Percentage of Shares (as a % of the Total Shareholding
of promoter and promoter group) |
-- |
-- |
-- |
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
-- |
-- |
-- |
|
|
|
|
|
|
Non - encumbered |
|
|
|
|
- Number of
Shares |
255066116 |
255066116 |
255066116 |
|
- Percentage
of Shares (as a % of the
total shareholding of promoter and promoter
group) |
100.00 |
100.00 |
100.00 |
|
- Percentage
of Shares (as a % of
the total share capital of the company) |
33.58 |
33.58 |
33.58 |
|
Particulars |
Quarter Ended 31st
March 2012 |
|
Investor
complaints |
|
|
Complaints outstanding at the beginning of the quarter |
-- |
|
Received during the quarter |
3 |
|
Disposed of during the quarter |
3 |
|
Remaining unresolved at the end of the quarter |
-- |
STANDALONE STATEMENT OF ASSETS AND
LIABILITIES (AUDITED)
(Rs. in Millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
|
|
A. EQUITY AND LIABILITIES |
Audited |
Audited |
|
|
1.
Shareholders Funds |
|
|
|
|
Share Capital |
759.500 |
759.500 |
|
|
Reserves and Surplus |
31674.900 |
30285.900 |
|
|
Preference shares issued by a subsidiary |
-- |
-- |
|
|
Money received against Share Warrants |
1243.700 |
1243.700 |
|
|
Sub-total –
Shareholders’ funds |
33678.100 |
32298.100 |
|
|
|
|
|
|
|
Minority Interest |
|
|
|
|
2. Non-current
Liabilities |
|
|
|
|
Long term Borrowings |
20399.400 |
12590.900 |
|
|
Deferred Tax Liabilities |
959.300 |
277.800 |
|
|
Other current liabilities |
834.300 |
227.600 |
|
|
Long term provisions |
5846.400 |
5666.900 |
|
|
Sub-total -
Non-current Liabilities |
28039.400 |
18763.200 |
|
|
|
|
|
|
|
3. Current Liabilities |
|
|
|
|
Short term Borrowings |
1225.700 |
137.600 |
|
|
Trade Payables |
1488.600 |
1334.600 |
|
|
Other Current Liabilities |
7895.800 |
13258.000 |
|
|
Short Term Provision |
1312.200 |
1419.900 |
|
|
Sub-total - Current Liabilities |
11922.300 |
16150.100 |
|
|
TOTAL - EQUITY
AND LIABILITIES |
73639.800 |
67202.400 |
|
|
|
|
|
|
|
B ASSETS |
|
|
|
|
1. Non-current assets |
|
|
|
|
Fixed Assets (including
Capital work-in-progress) |
20683.600 |
20618.000 |
|
|
Goodwill on
Consolidation |
-- |
-- |
|
|
Non-current investments |
36221.900 |
24093.100 |
|
|
Deferred Tax Assets
(Net) |
-- |
-- |
|
|
Long-term loans and
advances |
13469.300 |
12549.000 |
|
|
Other non-current
assets |
275.800 |
104.600 |
|
|
Sub-total – Non- current assets |
70650.600 |
57364.700 |
|
|
|
|
|
|
|
2.
CURRENT ASSETS |
|
|
|
|
|
Current Investments |
--
|
6174.700 |
|
|
Inventories |
397.900
|
318.300 |
|
|
Trade Receivables |
1248.300
|
1039.600 |
|
|
Cash and Bank Balances |
229.300
|
904.100 |
|
|
Short Term loans and advances |
718.700
|
1125.000 |
|
|
Other Current Assets |
395.00
|
276.000 |
|
Sub-total – Current Assets |
2989.200
|
9837.700 |
|
|
|
|
|
|
|
TOTAL - ASSETS |
73639.800 |
67202.400 |
|
NOTES:
1. The Hotel sector witnessed an improvement in room sales across some key
markets driven by select improvement in demand, albeit with marginal growth in
Average Room Rates. Resultantly, Net Sales / Income from Operations improved by
6% and 8% for the quarter and year ended March 31, 2012, respectively.
2. With effect from April 1, 2011, the Company has adopted hedge
accounting principles to account for hedging of loans extended to subsidiaries
forming a part of the Company's net investment in non-integral foreign
operations by converting its rupee borrowings into foreign currency borrowings,
using cross-currency swap derivative instruments. Accordingly, the translation
difference on the borrowings and on the net investment in non-integral foreign
operations have been recognised within "Reserves and Surplus" in the
Balance Sheet. Had the Company chosen to amortise the foreign currency
translation differences over the balance maturity period of such loans, the
charge to the Statement of Profit and Loss for the year ended March 31, 2012
would have been higher by 140.100 Millions.
3. Exceptional item -"Others" for the year ended March 31,
2012 in Consolidated Financial Results comprises of 140.100 Millions profit on
sale of hotel property and (10.200) millions for settlement of claims due to
disposal of a subsidiary. In addition, Standalone Financial Results includes
(87.300) millions shortfall in the Business Interruption Insurance claim,
(30.800) millions expenditure on a discontinued project charged off for
commercial reasons and interest income received of 144.500 millions on surrender
of leasehold land in terms of a Supreme Court Order. The figures relating to
the corresponding period of the previous year in the Standalone Financial
Results comprises of (52.000) millions being expenditure on a project abandoned
for commercial reasons, 42.900 millions being profit on sale of a hotel
property and (162.300) millions being provision for diminution in the value of
an investment in a subsidiary.
4. The Company has exercised the option granted vide notification No.
G.S.R.225(E) dated March 31, 2009, issued by the Ministry of Corporate Affairs
and subsequent Notification No G.S.R.378(E) (F.No17/133/2008-CL.V) dated May
11, 2011 and Amendment Notification No G.S.R.914(E) dated December 29, 2011
incorporating the new paragraph 46(A) relating to Accounting Standard (AS) 11
"The Effects of Changes in Foreign Exchange Rates" and accordingly,
the exchange differences arising on revaluation of long term foreign currency
monetary items for the year ended March 31, 2012 have been accumulated in
"Unamortised Foreign Currency Monetary Item Translation Difference"
and amortised over the balance period of such long term asset or liability, by
recognition as income or expense in each of such period.
5. The auditors in their report have invited attention to the Company's
exposures in long-term investments and advances (including through wholly-owned
subsidiaries) given to certain companies aggregating 146285 lakhs, wherein the
carrying costs of these investments as at March 31, 2012, significantly exceed
their book/market values as on that date. In view of the strategic nature of
the investments and the Company's long term commitment and strategies, in the
opinion of the Management there is no diminution, other than temporary, in the
value of the afore said investments.
6. On May 25, 2011, the Company, along with a wholly-owned subsidiary,
acquired additional shares in Piem Hotels Limited from an existing shareholder
for 501.100 millions consequent to which Piem Hotels Limited ("Piem")
and through it its subsidiaries and associates has also become a subsidiary
from an associate, effective that date.
7. The Board of Directors has recommended a dividend of 1.00 per share
(previous year,, 1.00 per share). 8. The Consolidated financial results of the
company have been prepared in accordance with applicable accounting standards,
based on the audited accounts of its Subsidiaries, Joint Ventures and Associate
companies, some of which are yet to be adopted by the respective Boards of such
companies. The Consolidated Net Sales / Income from Operations for the year
ended March 31, 2012 grew by 20% over the preceding year supported by improved
business in the Company's domestic as well overseas hotel portfolio, as also on
account of the consolidation benefit of newly acquired subsidiaries. Reduction
in interest cost improved the consolidated profitability.
9. The formulae used for calculation of Debt Service Coverage Ratio and
Interest Service Coverage
Ratio are as follows:
·
Debt Service Coverage Ratio =Profit before Interest
(Net), Depreciation and Tax /(Interest (Net) + Principal Repayment of long-term
Debt).
·
Interest Service Coverage Ratio =Profit before
Interest (Net), Depreciation and Tax /Interest (Net).
·
The ratios have been computed on a trailing twelve months
basis.
10. The aforementioned results were reviewed by the Audit Committee of
the Board and subsequently approved by the Board of Directors at its meeting
held on May 28, 2012. The results for the twelve months ended March 31, 2012,
have been audited by the Statutory Auditors of the Company. The figures for the
quarter ended March 31, 2012 and March 31, 2011 are derived after taking into
account the audited financial information for the period of nine months ended
December 31, 2011 and December 31, 2010.
AS PER WEBSITE
DETAILS
PROFILE
Indian Hotels Limited operates the largest hotel chain in
BACKGROUND
Indian Hotels Company (IHL), belonging to
Over the years IHL has increased its scale of operations from to 58
hotels in
IHL has also become a trendsetter in foods and beverages by introducing
international cuisines through its speciality restaurants. Recognising the
importance of people in the service industry IHL established the Indian
Institute of Hotel Management,
The hotel business of IHL has grown through ownership of hotels as well
as by strategic partnerships. For example, IHL signed a strategic marketing
alliance in 2004 with Raffles International, a renowned hotel group that
markets its hotels and resorts under two brands – Raffles and Swissôtel. The
marketing alliance will enable both the hotel groups to harness each other’s
strengths in their respective stronghold markets, through cross promotion of 14
Taj Luxury hotels and 15 Raffles Hotels.
In March 2006, IHL also entered into a marketing alliance with
Shilla Hotels and Resorts,
The current IHL shareholding pattern as on 31st March 2006
has the Indian promoters, the Tata group with 29.28 per cent, followed by
foreign institutional investors with 22.23 per cent stake. Others like domestic
financial institutions, Indian public etc account for the remaining 48.49 per
cent stake.
FINANCIAL ANALYSIS
The company’s turnover in the year 2005 crossed USD 205 million. The
company which had been enjoying a healthy growth in revenues till 2001, faced a
downturn in revenues and corresponding profits since 2002 due to unforeseen
events of acts of terror and SARS epidemic which resulted in a fall in number
of global tourists. This was the time when the entire hotel industry was facing
a slowdown. However the situation has become favourable since 2003. As a result
of the "Incredible India" campaign started by the Indian government,
The year 2005 saw a marked improvement in operating margin and net
margin, which stood at 23.2 per cent and 11.8 per cent respectively. A major
factor responsible for the improvement in the net margin has been the lower
interest burden of the company which has come about because of IHL’s issue of
Foreign Currency Convertible Bonds in 2004 worth USD 150 million, which lowered
the debt-equity ratio of the company substantially.
IHL’S CONTRIBUTION IN MAKING ‘MADE IN
IHL’s foray in the global arena was marked by the licensing agreement
way back in 1982, with
The company’s globalisation efforts in the past have been towards
acquisition of properties in attractive markets.The latest acquisition is that
of a 100- room hotel in Sydney in December 2005, currently operated by the
Starwood Group, for Australian $ 36 million.This hotel is rated among the top 5
hotels in Sydney and is located in the central business district of the city.
It marks IHL’s first entry into
IHL is also increasing its global presence through the route of
management contracts. In July 2005 the company entered into a management
contract with The Pierre, New York a luxury hotel in
In the same year IHL made its first entry in Southeast Asia by getting
into a management contract with the Rebak Island Marina Berhad, to operate and
manage the Rebak Marina Resort, a luxury resort on the
gateway cities and leisure destinations.
The management contract route to expansion is important for IHL as it
restricts its risk ofoperations to paying the management fee, rather than
bearing the interest cost for the investment made in purchasing a property. In
global markets, other management contracts that have been undertaken by IHL
include Taj Denis Island, Seychelles and Taj Exotica Resort & Spa,
FACTORS FUELLING IHL’S GLOBAL INITIATIVES
In
provides stability to revenues and profits. The globalisation of IHL’s
operations has been a success for several reasons:
• Strong sales and marketing: The company’s international
operations have been supported by a strong sales and marketing network that
also includes its international sales offices in various locations. IHL has an
efficient reservation network that includes a National Call Centre with toll
free number that provides unified access to information to potential guests and
well as facility for making reservations. The company’s innovative website has
been awarded the Best Travel Online Campaign world-wide in the Web Marketing Association’s
2005 Internet Advertising Competition, the premier event for web developers and
marketers each year. The website is highly interactive and user-friendly, with
an enhanced reservations section, a Taj Holidays search tool and a versatile
hotel finder.
• Innovative product ideas: The company has sought to pursue
innovative product ideas to derisk its business. These include luxury serviced
apartments that were first launched and tested in Mumbai and then extended to
its properties in
• Marketing alliances: IHL has entered into strategic tie-ups
with other players in the business for the promotion of its properties.
Currently IHL has marketing alliances with Raffles Hotels and Resorts, Shilla
Hotels and Resorts and CC Africa. Such alliances not only allow for cross
promotion of hotels with alliance partners, but also allow members of
corresponding loyalty programmes to avail of special amenities and privileges at
participating hotels. In addition, several partnerships have been entered into
with international and domestic airlines for cross promotions with key
customers and package tours.
• Maintaining high service standards: IHL has launched a
programme across its hotels called “Taj Brand Standards” that identifies
standard operating procedures to ensure consistency in guest experience. In
order to ensure that these standards are consistently implemented and sustained
across the organisation, a robust third party audit system has also been
initiated.
• Creating a talent pool of people: High calibre senior
executives have been introduced in the company at high levels from other
countries, supplemented by one or two top Indian managers to enable mentoring
and cultural integration with the company. In addition to the expatriate
managers, young Indian managers are also made to work in international
properties to gain overseas work experience.
FUTURE PLANS
IHL is well poised for growth and to leverage the advantage of the
rapidly growing tourism industry in
IHL has recently entered into a joint venture with Conservation
Corporation Africa and Cigen Corporation to provide tourists with wildlife
experiences within
To take its globalisation plans further IHL is also eyeing the hotel
industry in
COMPANY INTRODUCTION
Subject and its subsidiaries
are collectively known as Taj Hotels Resorts and Palaces and is recognised as
one of
Taj Hotels Resorts
and Palaces comprises 93 hotels in 55 locations across India with an additional
16 international hotels in the Maldives, Malaysia, Australia, UK, USA, Bhutan,
Sri Lanka, Africa and the Middle East.
Spanning the length
and breadth of the country, gracing important industrial towns and cities,
beaches, hill stations, historical and pilgrim centres and wildlife
destinations, each Taj hotel offers the luxury of service, the apogee of Indian
hospitality, vantage locations, modern amenities and business facilities.
IHCL operate in the
luxury, premium, mid-market and value segments of the market through the
following:
Taj (luxury full-service
hotels, resorts and palaces) is their
flagship brand for the world's most discerning travelers seeking authentic
experiences given that luxury is a way of life to which they are accustomed.
Spanning world-renowned landmarks, modern business hotels, idyllic beach
resorts, authentic Rajput palaces and rustic safari lodges, each Taj hotel
reinterprets the tradition of hospitality in a refreshingly modern way to
create unique experiences and lifelong memories.
Taj also encompasses
a unique set of iconic properties rooted in history and tradition that deliver
truly unforgettable experiences. A collection of outstanding properties with
strong heritage as hotels or palaces which offer something more than great
physical product and exceptional service. This group is defined by the
emotional and unique equity of its iconic properties that are authentic, non-
replicable with great potential to create memories and stories.
Taj Exotica is our
resort and spa brand found in the most exotic and relaxing locales of the
world. The properties are defined by the privacy and intimacy they provide. The
hotels are clearly differentiated by their product philosophy and service
design. They are centered around high end accommodation, intimacy and an
environment that allows its guest unrivalled comfort and privacy. They are
defined by a sensibility of intimate design and by their varied and eclectic
culinary experiences, impeccable service and authentic Indian Spa sanctuaries.
Taj Safaris are
wildlife lodges that allow travelers to experience the unparalleled beauty of
the Indian jungle amidst luxurious surroundings. They offer
Vivanta by Taj
Hotels and Resorts span options for the work-hard-play-hard traveller across
metropolitan cities, other commercially important centres as well as some of
the best-loved vacation spots. Stylish and sophisticated, Vivanta by Taj
delivers premium hotel experiences with imagination, energy and efficiency.
It's the flavour of contemporary luxury, laced with cool informality and the
charming Taj hospitality. Created for the cosmopolitan global traveller and bon
vivant, Vivanta by Taj Hotels and Resorts create experiences that will amuse,
invigorate and inspire you. Vivanta revels in a spirit that presents the normal
with an unexpected twist. Experiences which make you pause and appreciate the
hidden beauty in life! It challenges the expectations of a hotel and unfolds
multiple layers of delight. Innovative cuisine concepts, the smart use of
technology and the challenge to constantly engage, energize and relax you all
add up to make Vivanta by Taj the new signature in hospitality.
The Gateway Hotel (upscale/mid-market
full service hotels and resorts) is a
pan-India network of hotels and resorts that offers business and leisure
travelers a hotel designed, keeping the modern nomad in mind. At the Gateway
Hotel, they believe in keeping things simple. This is why, their hotels are
divided into 7 simple zones- Stay, Hangout, Meet, Work, Workout, Unwind and
Explore.
As travel often
means more hassle than harmony, more stress than satisfaction, modern travelers
are looking for smarter choices. Driven by our passion for perfection, they
welcome our customers to a refreshingly enjoyable and hassle-free experience,
anytime, everywhere. Offering the highest consistency in quality, service and
style we set new standards and take the unwanted surprises out of traveling.
Their warm welcomes make their guests feel at home, away from home and our
crisp and courteous service empowers them to get more done with greater
effectiveness and control. And through our unrivalled network we provide
service that is effortless, simple, never overwhelming, always warm.
Ginger (economy
hotels) is subject revolutionary
concept in hospitality for the value segment. Intelligently designed
facilities, consistency and affordability are hallmarks of this brand targeted
at travelers who value simplicity and self-service.
Taj Hotels Resorts
and Palaces is committed to replicate its domestic success onto international
shores with plans to build an international network of luxury hotels, which will
provide an exemplary product-service combination and in the process create a
global brand. The current international portfolio includes luxury resorts in
the Indian Ocean, business and resort destinations in the Middle East and
Africa, serviced apartments in the UK, the first hotel in Australia and three a
top-end luxury hotels in the US.
Throughout the
Company's expansion, its mandate has been twofold: to infuse a sense of Indian
heritage and culture within each diverse property, while also anticipating the
needs and desires of the sophisticated traveller. Over the years, the Taj has
won international acclaim for its quality hotels and its excellence in business
facilities, services, cuisine and interiors.
The Taj strengthened
its presence in the
Taj Hotels further
expanded its global footprint by securing management contracts at
The presence of Taj
Hotels Resorts and Palaces internationally has been developed through a network
of Taj regional sales and PR offices in the
At the Taj Hotels
Resorts and Palaces luxurious living and fine dining find common ground.
Whether it is introducing exotic world cuisines to
Taj Hotels also
promise a whole new experience of tranquillity and total 'wellness', through
Jiva Spas a unique concept, which brings together the wisdom and heritage of
the Asian and Indian Philosophy of Wellness and Well-being. Rooted in ancient
Indian healing knowledge, Jiva Spas derive inspiration and spirit from the
holistic concept of living. There is a rich basket of fresh and unique
experiences under the Jiva Spa umbrella of offering, Yoga and Meditation,
mastered and disseminated by accomplished practitioners, authentic Ayurveda,
and unique Taj signature treatments. Royal traditions of wellness in service
experiences, holistic treatments involving body therapies, enlivening and
meaningful rituals and ceremonies and unique natural products blended by hand,
come together to offer a truly calming experience.
Subject operates Taj
Air, a luxury private jet operation with state-of-the-art Falcon 2000 aircrafts
designed by Dassault Aviation, France; and Taj Yachts, two 3-bedroom luxury
yachts which can be used by guests in Mumbai and
Subject also
operates Taj Sats Air Catering Limited, the largest airline catering service in
Additionally, it
operates the Indian Institute of Hotel Management,
CORPORATE SUSTAINABILITY AND SOCIAL
RESPONSBILITY
As a part of Tatas;
India's premier business house; they; at Taj Hotels, have always believed in
society and environment being integral stakeholders in their business along
with our shareholders, customers, vendors and others. Over the last decade, the
movement towards ecologically sound tourism has gained urgency and importance
across the globe and we recognize that responsible practices in vogue are as
diverse as the geographies.
They promote
corporate citizenship through our strategic public-private partnerships which
encourage building livelihoods of less-advantaged youth and women. The causes
they promote include reducing malnutrition, promoting indigenous artisans and
craftsmen and enhancing employability of identified target groups by sharing
our core competencies as a leading hospitality company. They encourage training
and development of differently abled youth.
They at Taj have the
unique scope and opportunity to develop raw potential into a skilled workforce
that is immediately employable by various players in the industry. A majority
of our community projects are focused around extending our key strengths in
food production, kitchen management, housekeeping, customer service and spas to
promote economic empowerment of candidates from vulnerable socio-economic
backgrounds. They are fully committed to the cause of building a sustainable
environment by reducing the impact of our daily operations on the environment
and improving operational efficiencies, resource conservation, reuse and
recycling of key resources.
Their eight
Corporate Sustainability Report has been submitted to United Nations Global
Compact Society in August 2011. The United Nations Global Compact is a
strategic policy initiative for businesses that are committed to aligning their
operations and strategies with ten universally accepted principles in the areas
of human rights, labor, safety and security, environment and anti-corruption.
This Corporate Sustainability report also serves as their GRI (Global Reporting
Initiative) as well as Triple Bottom Line report. The report focuses on
identified priorities at IHCL and responds to key stakeholder needs. They plan
to continue and further strengthen their commitment to the environment and societies
in which they operate.
They believe in
continuous learning and sharing and would be delighted to have the thoughts and
suggestions.
PRESS RELEASES
June 05, 2012
Hyderabad: June
05, 2012: : - Immerse
yourself in the pleasures of royalty with exciting & unbelievable
experiences at Hyderabad's iconic properties Taj Falaknuma Palace and Taj
Krishna to live the princely life and experience the Nizam's
hospitality.
Retrace the steps of
Nizams and the enchanting Begums, as you take an exclusive weekend journey to Taj
Falaknuma Palace, once the
sole preserve of royalty now yours to discover at an unbelievable rate of INR
19,750 + taxes for a Luxury room on double occupancy and INR 21,000 + taxes for
a Palace room on double occupancy, valid until 31st July 2012.
Feel like royalty in
the beautifully restored guest rooms
and suites with Italian marble
flooring, valance curtains, colonial furniture, 310 Thread Count Egyptian
cotton linen sheets and Ploh bathrobes. This summer make your weekends more luxurious
as you revel in the opulence of Taj Falaknuma; its large Venetian chandeliers,
rare furniture, grand marble staircases and gurgling fountains, priceless
statues, unique sketches and murals as well as the Mughal, Rajasthani and Oriental
gardens personally conceived by the Nizam.
Custom designed to
make you feel like nobility is a specially created package that includes a Jaguar pick-up and drop from your residence in Hyderabad,
royal arrival on a horse drawn chariot,
custom made welcome drinks, breakfast
in Celeste, champagne heritage walk with the Palace Historian, room drawn bath, and evenings of Sufi
Qawwali. With an additional discount of 15% on food and soft beverages and a 10%
discount on treatments at our award winning Jiva Spa, here's an experience that you will cherish for a
lifetime!
Nestled in Banjara
Hills Road No.1, Taj Krishna is one of the most distinguished addresses in the
city. With graceful architecture blending aesthetically with modern facilities Taj Krishna is a contemporary luxury
hotel with distinctive charm of
Taj
A plethora of fine dining options at Taj
Krishna will help you explore the nuances of the finest in cuisines. Be it a
luxurious breakfast at Encounters, a traditional Shahi Dawat platter at
Firdaus, authentic Chinese cuisine at the iconic Golden Dragon or intimate
dining experience at Alfresco, artistry and innovation in cuisine come together
to create a dining experience that makes the hotel, the city's dining
destination of choice.
With an enviable
advantage of hotel credits at INR 1500 per stay against the usage of Spa or
internet and a seamless blend of royal Indian charm and new-age luxuries, Taj
Krishna promises the finest and most-unique experiences. Adroitly blending the
comfort and convenience the Hotel continues to be the bedrock of fine living
and hospitality in
May 2012
May 2012 - 51 Buckingham Gate, Taj Suites &
Residences,
is pleased to announce its 2012 Summer Music Season, which will see the hotel’s
leafy courtyard transformed into an open air opera house on selected weekend
dates in July and August.
The exclusive
five-star hotel, located just minutes from
Going Classical
in the Capital
51 Buckingham Gate is honoured to welcome the musical expertise of UK-based Viva Live Music . The company has over 25
years of outstanding operatic experience, with highlights including private events
for Royalty, broadcasts on BBC1 and Radio 3 as well as performances at The
Royal Albert Hall and The Royal Opera House.
On Saturday 14th
July and Friday the 20th July, as well as Saturday 18th August and Friday 24th
August, The Courtyard will be alive with the sound of operatic arias performed
by Helen Winter and Nicola Stonehouse (Soprano), Gillian McIlwraith (Mezzo
Soprano), Neil Simon (Tenor) and Oliver Gibbs (Baritone). Accompanied by a
piano and string trio (including Michael Wigram (cello) and Matthew Fairman
(violin) and coordinated by acclaimed Musical Director, Helen Ireland, the
musical evenings are set to be a must-visit for music-lovers seeking special.
Five-star Dining
Al-fresco
To ensure that the evenings are the last word in luxury, the hotel’s Executive
Chef Vikas Milhoutra has prepared a special three course menu. Guests will dine
on delights such as mille-feuille of char-grilled vegetables with tomato and
hickory salt sorbet, a duo of sea bass and lamb cutlets with tobiko beur blanc
and English rhubarb panacotta followed by petit fours and coffee.
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. 56.42 |
|
|
1 |
Rs. 88.45 |
|
Euro |
1 |
Rs. 71.52 |
INFORMATION DETAILS
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
69 |
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.