MIRA
INFORM REPORT
|
Report Date : |
05.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
MFAR HOTELS AND RESORTS PRIVATE LIMITED |
|
|
|
|
Formerly Known
As : |
M FAR HOTELS LIMITED (w.e.f.27.07.2012) MFAR HOTELS AND RESORTS LIMITED (w.e.f.04.11.2010) M FAR HOTELS LIMITED |
|
|
|
|
Registered
Office : |
NH 47 By Pass Road, Kundannur Junction, Ernakulam, Cochin – 682304,
Kerala |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
23.07.1997 |
|
|
|
|
Com. Reg. No.: |
09-011649 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.1222.066 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U55101KL1997PLC011649 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHNM01094C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCM9267F |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
To carry on the business of Hotel, Motel, Lodge, Resorts, Tourist
centers, Cottages, Holiday Homes, Amusement Parks, Health resorts and for this
purpose purchase, develop, construct, hire, lease, rent and deal in land,
building, houses. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 6990000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
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|
|
|
Litigation : |
Clear |
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|
|
Comments : |
Subject is an established company having a moderate track record. The
rating takes into consideration delay by MFAR in servicing its debt; the delay
have been caused by the company’s weak liquidity position, as there appear
significant delays in completion of its hotel projects in Chennai. However
trade relations are reported as fair. Business is active. Payments are
reported to be slow. The company can be considered for business dealings with great
caution. |
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says the
latest India Development Update report released by the World Bank. The report
says that the adverse effects of rupee depreciation are likely to be offset by
the gains in the exports performance due to improved external competitiveness.
Since May this year, the local currency has depreciated substantially and fell
to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue before
the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c
(Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been
launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act
replaces a 119 year old registration. The Securities and Exchange Board of
India has approved the trading of currency futures on the Bombay Stock
Exchange. The exchange plans to launch the currency futures platform with
advanced trading technology by the end of November.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term and short term rating = D |
|
Rating Explanation |
The company is in default or expected to be
in default soon |
|
Date |
22.10.2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
NH 47 By Pass Road, Kundannur Junction, Ernakulam, Cochin – 682304,
Kerala, India |
|
Tel. No.: |
91-484-2706116 / 2706117 |
|
Fax No.: |
91-484-2706118 |
|
E-Mail : |
DIRECTORS
As on 09.09.2013
|
Name : |
Mr. Parambathekandi Mohamed Ali |
|
Designation : |
Director |
|
Address : |
Ak Barakah, |
|
Date of Birth/Age : |
06.06.1949 |
|
Date of Appointment : |
23.07.1997 |
|
DIN No.: |
00288556 |
|
|
|
|
Name : |
Mr. Mucheth Muhamed Abdul Basheer |
|
Designation : |
Director |
|
Address : |
Mucheth House, Nedumthode, Mudickal, Perumbavoor, Ernakulam – 682019, |
|
Date of Birth/Age : |
28.11.1961 |
|
Date of Appointment : |
23.07.1997 |
|
DIN No.: |
00120916 |
|
|
|
|
Name : |
Painamvilayil John Mammen |
|
Designation : |
Whole-Time Director |
|
Address : |
1A, Stone Edge Apartments, 44/49 Beach Road, Besanrt Nagar, Chennai –
600090, Tamilnadu, India |
|
Date of Birth/Age : |
11.03.1961 |
|
Date of Appointment : |
19.10.2009 |
|
DIN No.: |
02828991 |
|
|
|
|
Name : |
Mr. Aamir Alladin |
|
Designation : |
Director |
|
Address : |
220 B, |
|
Date of Birth/Age : |
10.09.1974 |
|
Date of Appointment : |
30.06.2007 |
|
DIN No.: |
01020971 |
|
|
|
|
Name : |
Fathimathul Zuhra |
|
Designation : |
Director |
|
Address : |
16-7-416, AL Manhal Vas Lane, Mangalore – 575002, Karnataka, India |
|
Date of Birth/Age : |
23.03.1976 |
|
Date of Appointment : |
09.11.2011 |
|
DIN No.: |
00482470 |
|
|
|
|
Name : |
Mr. Mohiuddin Mohamad Ali |
|
Designation : |
Director |
|
Address : |
AL Barakah Tevara Ferry Road, Tevara, Ernakulam – 682014, Kerala,
India |
|
Date of Birth/Age : |
27.01.1987 |
|
Date of Appointment : |
09.11.2011 |
|
DIN No.: |
02276761 |
KEY EXECUTIVES
|
Name : |
Ms. Kalleri Parambath Vijayan |
|
Designation : |
Secretary |
|
Address : |
Sreenandanam, Chambakkara, Ernakulam – 682317, Kerala, India |
|
Date of Birth/Age : |
20.05.1959 |
|
Date of Appointment : |
07.02.2002 |
|
PAN No.: |
ABNPV5010D |
MAJOR SHAREHOLDERS
As on 09.09.2013
|
Names of Shareholders (Equity) |
|
No. of Shares |
|
Rasiya Mohamed Ali |
|
9986326 |
|
Dr. P. Mohamed Ali |
|
59819932 |
|
Mfar Enterprises Private Limited, India |
|
5381603 |
|
Mohiyudeen Mohamed Ali |
|
2149056 |
|
Amina Mohamed Ali |
|
1153000 |
|
Mfar Holdings Private Limited, India |
|
1310000 |
|
Khadeeja Zeenath |
|
750000 |
|
Bismi Holdings Limited, India |
|
32506690 |
|
S. K. K. Nair |
|
1 |
|
M. M. Abdul Basheer |
|
1 |
|
Sajitha Basheer |
|
1 |
|
Mr. Shereef Ali |
|
1 |
|
Balu Paul |
|
1 |
|
Total |
|
113056612 |
|
Names of Shareholders (Preference) |
|
No. of Shares |
|
Dr. P. Mohamed Ali |
|
457500 |
|
Mrs. Rasiya Mohamed Ali |
|
457500 |
|
Total |
|
915000 |
Equity Share Break up (Percentage of Total Equity)
As on 09.09.2013
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
92.40 |
|
Bodies corporate |
5.92 |
|
Directors or relatives of Directors |
1.68 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
To carry on the business of Hotel, Motel, Lodge, Resorts, Tourist
centers, Cottages, Holiday Homes, Amusement Parks, Health resorts and for
this purpose purchase, develop, construct, hire, lease, rent and deal in
land, building, houses. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
· HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel West, Mumbai - 400013, Maharashtra, India · The ICICI Bank Limited, ICICI Bank Towers, Bandra Kurla Complex, Mumbai - 400051, Maharashtra, India · Axis Bank Limited, Ist Floor, Chicago Plaza, Rajaji Road, Cochin - 682035, Kerala, India · Union Bank of India, union Bank Bhavan, P.B. No. 3683, Cochin – 682035, Kerala, India · Dhanlaxmi Bank Limited, Chittoor Road, Ernakulam, Cochin – 382011, Kerala, India |
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Facilities : |
|
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Krishnamoorthy and Krishnamoorthy Chartered Accountants |
|
Address : |
Paliam Road, Cochin, Ernakulam – 682016, Kerala, India |
|
PAN No.: |
AADFK0184E |
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Associate
Company |
·
M Far Enterprises Private Limited CIN No.: U74140KL1994PTC007901 |
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|
|
|
Enterprises
under the control of persons having significant Influence over the company
and with whom transactions were carried out during the year: |
·
Active Char Products Private Limited CIN No.:
U23109KL2004PTC017583 ·
M Far Holdings Private Limited CIN No.: U07010KA1997PTC021911 ·
Cheraman Financial Services Limited |
CAPITAL STRUCTURE
As on 09.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
120850000 |
Equity Shares |
Rs.10/- each |
Rs.1208.500 Millions |
|
915000 |
Preference Shares |
Rs.100/- each |
Rs.91.500 Millions |
|
|
Total |
|
Rs.1300.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
113056612 |
Equity Shares |
Rs.10/- each |
Rs.1130.566 Millions |
|
915000 |
Preference Shares |
Rs.100/- each |
Rs.91.500 Millions |
|
|
Total |
|
Rs.1222.066
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
1222.066 |
907.767 |
773.244 |
|
(b) Reserves & Surplus |
525.741 |
466.211 |
385.100 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
6.500 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
1747.807 |
1380.478 |
1158.344 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1794.935 |
1529.393 |
892.797 |
|
(b) Deferred tax liabilities (Net) |
121.591 |
112.097 |
113.092 |
|
(c) Other long term liabilities |
7.090 |
8.090 |
8.490 |
|
(d) long-term provisions |
11.542 |
9.539 |
5.373 |
|
Total Non-current Liabilities (3) |
1935.158 |
1659.119 |
1019.752 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
48.803 |
30.467 |
27.590 |
|
(b) Trade payables |
17.362 |
10.707 |
9.207 |
|
(c) Other current
liabilities |
300.103 |
240.710 |
132.949 |
|
(d) Short-term provisions |
0.674 |
0.437 |
0.696 |
|
Total Current Liabilities (4) |
366.942 |
282.321 |
170.442 |
|
|
|
|
|
|
TOTAL |
4049.907 |
3321.918 |
2348.538 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
3554.873 |
1392.397 |
1264.971 |
|
(ii) Intangible Assets |
9.770 |
0.686 |
1.132 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
37.568 |
1465.216 |
684.087 |
|
(b) Non-current Investments |
106.794 |
91.325 |
91.325 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
197.507 |
225.265 |
152.845 |
|
(e) Other Non-current assets |
0.280 |
0.675 |
0.354 |
|
Total Non-Current Assets |
3906.792 |
3175.564 |
2194.714 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
62.452 |
21.379 |
15.814 |
|
(c) Trade receivables |
38.029 |
32.381 |
41.580 |
|
(d) Cash and cash
equivalents |
18.355 |
80.087 |
86.706 |
|
(e) Short-term loans and
advances |
23.829 |
12.280 |
8.899 |
|
(f) Other current assets |
0.450 |
0.227 |
0.825 |
|
Total Current Assets |
143.115 |
146.354 |
153.824 |
|
|
|
|
|
|
TOTAL |
4049.907 |
3321.918 |
2348.538 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
||
|
|
SALES |
|
|
|
||
|
|
|
Income |
521.425 |
523.792 |
482.866 |
|
|
|
|
Profit on sale of Investment |
0.000 |
0.000 |
0.000 |
|
|
|
|
TOTAL (A) |
521.425 |
523.792 |
482.866 |
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
Food and beverages consumed |
75.293 |
|
52.533 |
|
|
|
|
Other operating expenses |
208.941 |
|
203.097 |
|
|
|
|
Employees Cost |
112.476. |
|
72.320 |
|
|
|
|
Administrative expenses |
78.978 |
|
54.491 |
|
|
|
|
Lease rentals |
15.793 |
|
36.743 |
|
|
|
|
TOTAL (B) |
491.481 |
446.574 |
419.184 |
|
|
|
|
|
|
|
||
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
29.944 |
77.218 |
63.682 |
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES (D) |
48.195 |
16.982 |
18.243 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
18.251 |
60.236 |
45.439 |
||
|
|
|
|
|
|
||
|
Less |
DEPRECIATION/
AMORTISATION (F) |
47.925 |
35.412 |
34.414 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
(66.176) |
24.824 |
11.025 |
||
|
|
|
|
|
|
||
|
Less |
TAX (H) |
9.495 |
5.190 |
6.149 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
(75.671) |
19.634 |
4.876 |
||
|
|
|
|
|
|
||
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
||
|
|
|
without Thomas Cook |
73.595 |
97.173 |
110.928 |
|
|
|
|
with Thomas Cook |
88.283 |
0.000 |
0.000 |
|
|
|
TOTAL EARNINGS |
161.878 |
97.173 |
110.928 |
||
|
|
|
|
|
|
||
|
|
Earnings Per
Share (Rs.) |
(0.66) |
NA |
NA |
||
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(14.51) |
3.75 |
1.01 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(12.69) |
4.74 |
2.28 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(1.78) |
1.61 |
0.78 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.04) |
0.02 |
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.05 |
1.13 |
0.79 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.39 |
0.52 |
0.90 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions 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 |
No |
|
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
(if applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------- |
|
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 |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOANS:
|
Particulars |
31.03.2013 Rs. In Millions |
31.03.2012 Rs. In Millions |
|
Long Term Borrowings |
|
|
|
oans repayable on demand from banks |
10.000 |
0.000 |
|
Borrowing from foreign companies |
379.988 |
153.120 |
|
Loans taken for vehicles |
12.315 |
14.694 |
|
Rupee term loans from bank |
86.115 |
0.000 |
|
Total |
488.418 |
167.814 |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10422073 |
01/03/2013 |
1,070,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE SENAPATI BAPAT
MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA |
B73840175 |
|
2 |
10422082 |
01/03/2013 |
1,070,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE SENAPATI BAPAT
MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA |
B73840787 |
|
3 |
10422089 |
01/03/2013 |
1,070,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE SENAPATI BAPAT
MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA |
B73841900 |
|
4 |
10422091 |
01/03/2013 |
1,070,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE SENAPATI BAPAT
MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA |
B73842387 |
|
5 |
10422085 |
01/03/2013 |
1,300,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE SENAPATI BAPAT
MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA |
B73841363 |
|
6 |
10417883 |
18/02/2013 |
60,000,000.00 |
DHANLAXMI BANK LIMITED |
Industrial Finance Branch,
Chittoor Road, Ernakulam, Kerala - 682011, INDIA |
B72637010 |
|
7 |
10371982 |
04/07/2012 |
1,055,000.00 |
The ICICI Bank Ltd. |
ICICI Bank Towers, Bandra
Kurla Complex, Mumbai, |
B56182462 |
|
8 |
10176495 |
31/08/2009 |
20,000,000.00 |
Dhanalakshmi Bank Limited |
Industrial Finance Branch,
M.G. Road, Ernakulam, |
A70075221 |
|
9 |
10176488 |
27/08/2009 |
6,500,000.00 |
Axis Bank Limited |
Ist Floor, Chicago Plaza,
Rajaji Road, Cochin, Kerala - 682035, INDIA |
A69910032 |
|
10 |
10171070 |
23/07/2009 |
1,500,000.00 |
Axis Bank Limited |
Ist Floor, Chicago Plaza,
Rajaji Road, Cochin, Kerala - 682035, INDIA |
A67774208 |
|
11 |
10125830 |
18/09/2008 |
1,250,000,000.00 |
Union Bank of India |
Overseas Branch, Ernakulam, Kerala
- 682035, INDIA |
A48610836 |
|
12 |
10126179 |
17/09/2008 |
1,250,000,000.00 |
Union Bank of India |
Overseas Branch, Ernakulam,
Kerala - 682035, INDIA |
A48613350 |
|
13 |
10120812 |
21/08/2008 |
2,270,000.00 |
Federal Bank Limited |
M.G. Road, Ernakulam, Kerala -
682035, INDIA |
A45262227 |
|
14 |
10081094 |
09/11/2007 |
527,000.00 |
FEDERAL BANK LIMITED |
ERNAKULAM NORTH BRANCH,
COCHIN, COCHIN, Kerala - 682018, INDIA |
A29375573 |
|
15 |
90023277 |
27/06/2012 * |
170,000,000.00 |
State Bank of India |
Wellingdon Island, Cochin,
Kerala - 682003, INDIA |
B44722072 |
|
16 |
90023235 |
19/06/2013 * |
165,000,000.00 |
DHANLAXMI BANK LIMITED |
Chittoor Road, Ernakulam,
Cochin, Kerala - 682011, INDIA |
B79602918 |
|
17 |
90018310 |
21/10/2005 * |
5,000,000.00 |
THE DHANALAKSHMI BANK LIMITED |
M. G. ROAD, ERNAKULAM, Kerala,
INDIA |
- |
* Date of charge modification
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Furniture and Fixture
·
Computer
·
Vehicles
NEWS:
MFAR GROUP OF HOTELS TO INVEST $150M TO BUILD MALDIVES RESORT
He resort will be a combination of villas on the land as
well as villas built on stilts in the lagoon
A leading Indian hotel firm, Mfar Group of Hotels will invest $150 million to develop a high end resort for well-heeled tourists in Maldives.
The Mfar Group of Hotels, which has around 700 rooms altogether in India and
Oman, has acquired an island for building the resort.
"We have just acquired an island measuring six hectares in land area, and
we have the permission to reclaim land up to 30 hectares. We got the land on a
15-year lease from the government," P Mohammed Ali, owner of the firm,
told the Times of Oman newspaper.
Ali said Maldives has a great potential for hotel and tourism industry and provides opportunities for investment in the financial, infrastructure and tourism sectors.
The resort will be a combination of villas on the land as well as villas built
on stilts in the lagoon.
MFAR HOTELS AND RESORTS LTD
WOULD INVEST RS 15000.000 MILLIONS IN THE NEXT FIVE YEARS
In a major
expansion of its activities, Mfar Hotels and Resorts Limited would invest
Rs.15000.000 Millions in the next five years to set up hotel projects in India
and abroad.
The new projects
would come up in major South Indian cities like Chennai, Bangalore, Hyderabad,
tourist centres like Thekkady and in countries like Sri Lanka and Oman
The new five star
hotel project at Chennai would be under the Westin brand, M M Abdul Basheer,
director, Mfar Hotels & Resorts told reporters here. The hotel, with 210
rooms, is being set up at a cost of Rs.3000.000 Millions.
The company is
also launching a 5 star resort project at Thekkady. The Rs.750.000 Millions
project, consisting of 60 cottages, would be commissioned this year. An
investment of Rs.3000.000 Millions would go into the construction of the
company's hotel project at Muscat, Oman.
The project would
be completed in early 2014. Le Meridien Kochi, Mfar's Kochi venture, has in the
meanwhile won the award for the best hotel based five star convention hotel at
the national tourism award, 2010-11.
The hotel project
is managed by Starwood Hotels and Resorts Worldwide Inc. Mr Rajesh K Madan, general
manager, Le Meridien Kochi said that the hotel's convention centre has led to
the all-round development of the region apart from making kochi a MICE
(meeting, incentive, conferences and exhibitions) destination
CMT REPORT (Corruption, Money Laundering & Terrorism ]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No 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 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.62.33 |
|
UK Pound |
1 |
Rs.102.48 |
|
Euro |
1 |
Rs.84.68 |
INFORMATION DETAILS
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
26 |
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.