MIRA
INFORM REPORT
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Report Date : |
02.05.2012 |
IDENTIFICATION DETAILS
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Name : |
MIRAH HOSPITALITY AND FOOD SOLUTIONS PRIVATE LIMITED (w.e.f.
02.03.2011) |
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Formerly Known
As : |
TWINKLE HOSPITALITY PRIVATE LIMITED |
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Registered
Office : |
208, Parvati Industrial Estate, Sun Mill Compound, Lower Parel (West),
Mumbai – 400013, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
28.01.1988 |
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Com. Reg. No.: |
11-046029 |
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Capital
Investment / Paid-up Capital : |
Rs.50.000 Millions |
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CIN No.: [Company Identification
No.] |
U55101MH1988PTC046029 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM10029F |
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PAN No.: [Permanent Account No.] |
AABCH0203Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Service Provider Cleaning Accessories, Hospitality Services, Hotel
Booking Agents, |
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No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (14) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appears
huge accumulated losses recorded by the company. Portability in under
pressure. However, trade relations are reported as fair. Business is active.
Payments are reported to be slow. The company can be considered for business dealings on a safe and
secured trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION DECLINED BY
Management Non Cooperative
LOCATIONS
|
Registered Office : |
208, Parvati Industrial Estate, Sun Mill Compound, Lower Parel (West),
Mumbai – 400013, Maharashtra, India |
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Tel. No.: |
91-22-40502900 / 40502901 |
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Fax No.: |
Not Available |
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E-Mail : |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Omprakash Basantlal Goenka |
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Designation : |
Director |
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Address : |
101,10th Floor,, Somerset House, Sophia College Lane, Warden Road,
Mumbai-400026, Maharashtra, India |
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Date of Birth/Age : |
13.04.1948 |
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Qualification : |
BA, DBM |
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Date of Appointment : |
01.05.2002 |
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DIN No.: |
00092846 |
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Name : |
Ms. Sucheta Omprakash Goenka |
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Designation : |
Director |
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Address : |
101,10th Floor,, Somerset House, Sophia College Lane, Warden Road,
Mumbai-400026, Maharashtra, India |
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Date of Birth/Age : |
22.01.1980 |
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Qualification : |
B.COM |
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Date of Appointment : |
10.05.2004 |
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DIN No.: |
00093128 |
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Name : |
Mr. Gaurav Omprakash Goenka |
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Designation : |
Director |
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Address : |
101,10th Floor,, Somerset House, Sophia College Lane, Warden Road,
Mumbai-400026, Maharashtra, India |
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Date of Birth/Age : |
03.04.1981 |
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Qualification : |
MSC |
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Date of Appointment : |
28.07.2003 |
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DIN No.: |
00093179 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
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Names of Shareholders |
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No. of Shares |
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Omprakash Goenka |
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4500 |
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Kiran Goenka |
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11375 |
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Gaurav Goenka |
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11375 |
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Twinkle Enviro-Tech Private Limited, India |
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255000 |
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Alisier Enterprises Private Limited, India |
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10000 |
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Prescient Enterprises Private Limited, India |
|
10000 |
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Royal Twinkle Star Club Limited, India |
|
197750 |
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Total |
|
500000 |
As on 30.09.2011
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Bodies corporate |
94.55 |
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Directors or relatives of Directors |
5.45 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Service Provider Cleaning Accessories, Hospitality Services, Hotel
Booking Agents, Hospitality Building
Design Service |
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Product and Services: |
·
Cleaning Accessories ·
Hospitality building Designing Service ·
Hospitality Service ·
Hotel Booking Agents ·
Platinum Room |
GENERAL INFORMATION
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No. of Employees : |
Information declined by the management. |
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Bankers : |
The Cosmos Co-Operative Bank
Limited, Mulund Branch, Goverdhan Nagar,
L B S Marg, Mulund (West), Mumbai - 400080, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
G. Daga and Company Chartered Accountants |
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Address : |
6/43, Tardeo Airconditioned
Market, 6th Floor, Tardeo Road, Mumbai – 400034, Maharashtra,
India |
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PAN.: |
ABFPD5451L |
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Subsidiaries : |
·
Citrus Chambers
Mahabaleshwar Private Limited CIN
No.: U55100MH1985PTC036569 ·
Silla Goa Hotel Private Limited CIN
No.: U55101GA2002PTC003167 ·
Citrus Retreats (Kerala) Private Limited CIN
NO.: U55101MH2005PTC219873
·
Citrus Resorts Chennai Private Limited CIN
No.: U55101MH2007PTC171884 ·
Royal Marwar Hospitality Private Limited CIN
No.: U92400MH2004PTC146693 ·
Insight Hospitality Private Limited CIN
No.: U55101MH2010PTC203726 ·
Nouvelle Cuisine Private Limited CIN
No.: U55101MH2009PTC193834 ·
Palate Foods Private Limited CIN
No.: U55209MH2007PTC168272 ·
Gladiolus Hotels Private Limited CIN
NO.: U55101MH2009PTC193838 |
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Associates : |
·
Encore Foods and Allied Services Private Limited
(Formerly Known as Encore Hotels Private Limited) ·
Twinkle Envirotech Limited ·
Royal Twinkle Star Club Limited ·
Ramkishore Resorts Private Limited ·
Ecoescape International Private Limited ·
Bonvoyage Tours and Travels Private Limited |
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Related Parties : |
·
Mangii Cafes Private Limited ·
Nouvelle Cuisine Private Limited ·
Silla Goa Resorts Private Limited ·
Citrus Resorts Private Limited CIN
No.: U55101MH2008PTC185781 |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
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|
500000 |
Equity Shares |
Rs.100/- each |
Rs.50.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
500000 |
Equity Shares |
Rs.100/-
each |
Rs.50.000
Millions |
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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 |
|
|
|
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1] Share Capital |
50.000 |
50.000 |
50.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.850 |
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3] Reserves & Surplus |
646.809 |
647.307 |
650.645 |
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4] (Accumulated Losses) |
(261.837) |
(46.532) |
0.000 |
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NETWORTH |
434.972 |
650.775 |
701.495 |
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LOAN FUNDS |
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1] Secured Loans |
287.304 |
310.810 |
49.713 |
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2] Unsecured Loans |
1522.439 |
591.798 |
111.584 |
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TOTAL BORROWING |
1809.743 |
902.608 |
161.297 |
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DEFERRED TAX LIABILITIES |
14.339 |
7.600 |
4.117 |
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TOTAL |
2259.054 |
1560.983 |
866.909 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
458.005 |
472.849 |
245.102 |
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Capital work-in-progress |
3.151 |
0.000 |
0.000 |
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INVESTMENT |
1107.763 |
622.911 |
362.400 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
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Inventories |
9.760
|
2.355 |
0.954 |
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Sundry Debtors |
16.772
|
10.522 |
9.964 |
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Cash & Bank Balances |
20.127
|
19.029 |
11.689 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
748.079
|
510.938 |
262.226 |
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Total
Current Assets |
794.738
|
542.844 |
284.833 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Sundry Creditors |
104.556
|
81.104 |
27.630 |
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Other Current Liabilities |
0.047
|
0.047 |
0.047 |
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Provisions |
0.000
|
3.194 |
3.328 |
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Total
Current Liabilities |
104.603
|
84.345 |
31.005 |
|
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Net Current Assets |
690.135
|
458.499 |
253.828 |
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MISCELLANEOUS EXPENSES |
0.000 |
6.724 |
5.579 |
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TOTAL |
2259.054 |
1560.983 |
866.909 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
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Other Income |
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TOTAL (A) |
497.785 |
242.738 |
NA |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
679.839 |
275.758 |
NA |
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PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(182.054) |
(33.020) |
13.842 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
19.745 |
12.157 |
8.152 |
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Less |
DEFERRED REVENUE
EXPENSES WRITTEN OFF |
6.724 |
0.706 |
0.642 |
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PROFIT /
(LOSS) BEFORE TAX |
(208.523) |
(45.883) |
5.048 |
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Less |
TAX |
(6.782) |
(3.489) |
5.148 |
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PROFIT /
(LOSS) AFTER TAX |
(215.305) |
(49.372) |
(0.100) |
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BALANCE CARRIED
TO THE B/S |
(215.305) |
(49.372) |
(0.100) |
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Earnings Per Share
(Rs.) |
(430.61) |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
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|
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PAT / Total Income |
(%) |
(43.25)
|
(20.34) |
NA |
|
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Return on Total Assets (PBT/Total Assets} |
(%) |
(16.65)
|
(4.52) |
0.95 |
|
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Return on Investment (ROI) (PBT/Networth) |
|
(0.48)
|
(0.08) |
0.001 |
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Debt Equity Ratio (Total Liability/Networth) |
|
4.40
|
1.52 |
0.27 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
7.60
|
6.44 |
9.19 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITOR
DETAILS
(Rs.
In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
Sundry Creditors – Due to others |
104.556
|
81.104 |
27.630 |
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
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2) Locality of the firm |
Yes |
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3) Constitutions of the firm |
Yes |
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4) Premises details |
No |
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5) Type of Business |
Yes |
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6) Line of Business• |
Yes |
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7) Promoter’s background |
Yes |
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8) No. of employees |
No |
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9) Name of person contacted |
No |
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10) Designation of contact person |
No |
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11) Turnover of firm for last two years |
Yes |
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12) Profitability for last three years |
Yes |
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13) Reasons for variation <> 20% |
-- |
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14) Estimation for coming financial year |
No |
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15) Capital in the business |
Yes |
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16) Details of sister concerns |
Yes |
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17) Major suppliers |
No |
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18) Major customers |
No |
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19) Payments terms |
No |
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20) Export / Import details (if applicable) |
No |
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21) Market information |
-- |
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22) Litigations that the firm / promoter |
-- |
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23) Banking Details |
Yes |
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24) Banking facility details |
Yes |
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25) Conduct of the banking account |
-- |
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26) Buyer visit details |
-- |
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27) Financials, if provided |
Yes |
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28) Incorporation details, if applicable |
Yes |
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29) Last accounts filed at ROC |
Yes |
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30) Major Shareholders, if available |
Yes |
FINANCIALS:
During the year, the Company has generated total income of Rs. 497.785
millions as compared to the previous years of Rs. 242.738 Millions. However,
due to considerable increase in the expenditure, Company has incurred net loss
of Rs. 215.305 Millions as compared to the previous years of Rs. 49.372
Millions.
FOOD AND BEVERAGE:
The company has done strategic investment in Himesh Foods Private Limited and Impressario Entertainment and Hospitality Private Limited for their brands Mad over Donuts and Mocha respectively. With these partnerships the Company has expanded its horizon from QSR formats to Fine-Dining experience under its banner.In the past few years, the company has also acquired controlling stakes in Rajdhani (a chain of Rajasthani thali restaurants in which they were JV partners), Falafels (a Lebanese fast food chain) and Caf Mangii (Italian fast food chain). They have also expanded Manchester United Caf Bars and Institutional catering in southern region and believe that these investments will help us to further capture significant opportunities lying in the market and will also give good return.
HOTELS:
Their hotel brand, Citrus Hotels, already has 6 hotels in India at popular tourist destinations like Lonavala, Pune, Alleppey, Mahableshwar, Goa and Sriperumbudur. The company has also invested in few new properties across Jodhpur, Bengaluru, Thekkady (Kerala), as well as a jungle resort in Nagpur, Tadoba and Pench which shall commence in the next two years. All these Citrus Hotels properties would be Greenfield and boast itself of smart and sophisticated hotels that provide a globally differentiated lifestyles. All these hotels offer distinctive style and connect at best value in any location that they are situated in.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate identity number of the company |
U55101MH1988PTC046029 |
|
Name of the company |
MIRAH HOSPITALITY AND FOOD SOLUTIONS PRIVATE LIMITED |
|
Address of the registered office or of the principal place of business in India of the company |
208, Parvati Industrial Estate, Sun Mill Compound, Lower Parel (West),
Mumbai – 400013, Maharashtra, India Email : cs_legal@mirahgroup.in
|
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the charge to be modified |
10208174 |
|
Type of charge |
Immovable property Movable property (not being pledge) |
|
Particular of charge holder |
The Cosmos Co-Operative Bank
Limited, Mulund Branch, Goverdhan
Nagar, L B S Marg, Mulund (West), Mumbai - 400080, Maharashtra, India E-mail : njbhatia@rediffmail.com
|
|
Nature of instrument creating charge |
Composite Deed of Mortgage and Hypothecation |
|
Date of instrument Creating the charge |
16.11.2011 |
|
Amount secured by the charge |
Rs.250.000 Millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of Interest 13.5% p.a. as per present credit rating or at such rate as maybe determined by the
bank from time to time Terms of Repayment 72 months+ 12 months moratorium period Margin 25% in bank's favour Extent and Operation of the charge Term loan: Rs 150.000 Millions (existing) Term loan: Rs 100.000 Millions (new) |
|
Short particulars of the property or asset(s) charged (including complete
address and location of the property) |
Mortgage of all that piece and parcel of land and ground bearing CTS
no 15B ward and situate, lying and being at village Lonawal Taluka Maval
District Pune All that 8/9th undivided share in three rooms towards west numbered as
municipal no C 4/61 actually bearing CTS no 16 and situate , lying and being
at village Lonawala Taluka Maval District Pune All that piece and parcel of land bearing CTS no 14A,B, ward and
situate lying and being at village Lonawala Taluka Maval District Pune
including undivided share in land bearing sno 199A CTS no 14A and situate ,
lying and being at village Lonawala Taluka Maval District Pune all these
properties together with 8/9th shares, right and interest in the said land
with present/ proposed construction of Hotel building standing/to be standing
thereon as per plan Hypothecation of furniture,
fixture, interior work, plant and machineries, kitchen equipments installed
and situate in all the immovable properties and also at 21 Rajdhani Restaurants outlets and two
windmill machinery |
|
Particulars of the present modification |
New Term loan of Rs 100.000 Millions. Overall limit secured is
enhanced to Rs 250.000 Millions ( Term loan : Rs 150.000 Millions, Term loan:
Rs 100.000 Millions) |
FIXED ASSETS:
·
Land and Building
·
Air Conditioner
·
Electric Fittings
·
Generator
·
Bar Equipments
·
Games Equipments
·
Gymnasium Equipments
·
Kitchen Equipments
·
Office Equipments
·
Telephone Equipments
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.52.52 |
|
|
1 |
Rs.85.49 |
|
Euro |
1 |
Rs.69.61 |
INFORMATION DETAILS
|
Information
Gathered by : |
SBA |
|
|
|
|
Report Prepared
by : |
BSN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
1 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
1 |
|
--CREDIT LINES |
1~10 |
1 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
14 |
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.