MIRA
INFORM REPORT
|
Report Date : |
12.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
JUNIPER HOTELS PRIVATE LIMITED (July 2004) |
|
|
|
|
Formerly Known
As : |
SEAJULI PROPERTY AND VINIYOG PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Off Western Express Highway, Santacruz (East), Mumbai – 400055, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
16.09.1985 |
|
|
|
|
Com. Reg. No.: |
11-152863 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.1437.000
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U55101MH1985PTC152863 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAECS6336E |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Providing Hotel Services. |
|
|
|
|
No. of Employees
: |
Information denied by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (34) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 15160000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a 50:50 joint venture company formed by “Saraf Hotels Limited”,
Mauritius and the Hyatt Group. It is an established company having moderate track record. The company
owns a 5 star deluxe hotel, “The Grand Hyatt” at Santacruz (East) Mumbai.
Management of the company has filed the latest financials of 2013 with the
government department, but the same are not available as per available with
us. The company is improving its liquidity condition marked by timely
servicing its debt. The profit margin appears to be decent during 2012. The ratings take into consideration the deterioration in the
operational metrics, high leverage and concentration of revenue from a single
property and debt funded expansion plan. However, trade relations are fair. Business is active. Payment terms
are reported as slow but correct. In view of strong support from the renewed promoter group and
marketing cum management contract with Hyatt, an established global brand,
the subject can be considered for business dealings with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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 |
CARE |
|
Rating |
B [Long Term Bank Facilities] |
|
Rating Explanation |
High risk of default |
|
Date |
04.09.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
A4 [Short Term Bank Facilities] |
|
Rating Explanation |
Minimal degree of safety and very high credit risk. |
|
Date |
04.09.2013 |
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.
INFORMATION DECLINED
Management non co-operative [91-22-66761234]
LOCATIONS
|
Registered Office : |
Off Western Express Highway, Santacruz (East), Mumbai – 400055,
Maharashtra, India |
|
Tel. No.: |
91-22-66761234/ 66761000 |
|
Fax No.: |
91-22-66761235/ 66761010 |
|
E-Mail : |
|
|
|
|
|
Head Office : |
Vakola Pipeline, Santacruz (East), Mumbai – 400055, Maharashtra, India |
|
Tel. No.: |
91-22-26195202 |
|
|
|
|
Corporate/ Branch Office : |
Dial Hospitality District, Hotel Hyatt, |
DIRECTORS
AS ON 30.09.2013
|
Name : |
Mr. Arun Kumar Saraf |
|
Designation : |
Managing Director |
|
Address : |
Grand Hyatt Residences, Off Western Express Highway , Santacruz
(East), Mumbai – 400055, Maharashtra, India |
|
Date of Birth/Age : |
10.03.1959 |
|
Date of Appointment : |
01.07.1998 |
|
PAN No.: |
ACTPS6880M |
|
DIN No.: |
00339772 |
|
|
|
|
Name : |
Mr. Radhe Shyam Saraf |
|
Designation : |
Director |
|
Address : |
D 20 F, Caine Mansion, 80-88, Caine Road, Mid-Levels, Hong Kong |
|
Date of Birth/Age : |
15.08.1930 |
|
Date of Appointment : |
14.01.2001 |
|
DIN No.: |
00017962 |
|
|
|
|
Name : |
Mr. Umesh Saraf |
|
Designation : |
Director |
|
Address : |
W-120, Greater Kailash, New Delhi – 110048, India |
|
Date of Birth/Age : |
27.12.1963 |
|
Date of Appointment : |
14.06.2004 |
|
PAN No.: |
ABHBS6562P |
|
DIN No.: |
00017985 |
|
|
|
|
Name : |
Ms. Pallavi Shroff |
|
Designation : |
Director |
|
Address : |
S-270, Greater Kailash Part – II, New Delhi – 110048, India |
|
Date of Birth/Age : |
22.04.1956 |
|
Date of Appointment : |
13.06.2001 |
|
PAN No.: |
AQPPS7388Q |
|
DIN No.: |
00013580 |
|
|
|
|
Name : |
Mr. Rakesh Kumar Sarna |
|
Designation : |
Nominee Director |
|
Address : |
737, Washington Building, Unit 1204, Illinois 2185, Chicago – 60661 |
|
Date of Birth/Age : |
29.03.1957 |
|
Date of Appointment : |
12.09.2007 |
|
DIN No.: |
01875340 |
|
|
|
|
Name : |
Mr. Gangaram Niacanta Iyer |
|
Designation : |
Director |
|
Address : |
703, Golden Castle Sundarnagar Road No. 2, Kalina, Mumbai - 400098,
Maharashtra, India |
|
Date of Birth/Age : |
22.09.1934 |
|
Date of Appointment : |
13.06.2001 |
|
PAN No.: |
AABPG0807E |
|
DIN No.: |
00001246 |
|
|
|
|
Name : |
Mr. Charles Lemont Ephraim |
|
Designation : |
Director |
|
Address : |
2130, Sheridan Road, Highland Park, USA – 60035 |
|
Date of Birth/Age : |
03.06.1952 |
|
Date of Appointment : |
12.09.2007 |
|
DIN No.: |
01875357 |
|
|
|
|
Name : |
Mr. Peter Fulton |
|
Designation : |
Director |
|
Address : |
A, Hamid Amhed Qasim Seddiqi, (Villa – 10) 352-30C, Umsaqaim Area
DM.157, Post Box 7978, Dubai |
|
Date of Birth/Age : |
15.07.1957 |
|
Date of Appointment : |
05.12.2008 |
|
DIN No.: |
02227963 |
|
|
|
|
Name : |
Mr. Narendra Jamnadas Jhaveri |
|
Designation : |
Director |
|
Address : |
C-42, Samprat Residency, Opposite Parivar Society, Bodakdev, Ahmedabad
– 380015, Gujarat, India |
|
Date of Birth/Age : |
09.08.1935 |
|
Date of Appointment : |
13.06.2001 |
|
PAN No.: |
AAAPJ2480M |
|
DIN No.: |
00198912 |
|
|
|
|
Name : |
Mr. Tilakraj Bajalia |
|
Designation : |
Nominee Director |
|
Address : |
World Trade Centre, Cuffee Parade, Mumbai – 400005, Maharashtra, India |
|
Date of Birth/Age : |
25.12.1953 |
|
Date of Appointment : |
01.11.2010 |
|
PAN No.: |
ABLPB5232B |
|
DIN No.: |
02291892 |
|
|
|
|
Name: |
Mr. Manoranjan Kaul |
|
Designation : |
Director |
|
Address : |
F-621, Vikasini Co-operative Housing Society, Belapur, Navi
Mumbai-400614, Maharashtra, India |
|
Date of Birth/Age : |
20.08.1957 |
|
Date of Appointment : |
30.01.2013 |
|
PAN No.: |
AAZPK5142Q |
|
DIN No.: |
00320182 |
KEY EXECUTIVES
|
Name : |
Mr. Subramanian Naganath Iyer |
|
Designation : |
Secretary |
|
Address : |
A-603, Twin Towers, Aundh, Pune – 411007, Maharashtra, India |
|
Date of Birth/Age : |
19.07.1958 |
|
Date of Appointment : |
25.02.2010 |
|
Pan No.: |
AABPI5956J |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Saraf Hotels Limited, |
|
71850000 |
|
Two Seas Holdings Limited, Mauritius |
|
71850000 |
|
|
|
|
|
TOTAL
|
|
143700000 |
AS ON 30.09.2013
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Hotel Services. |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by the management. |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
· Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227, D, Nariman Point, Mumbai - 400021, Maharashtra, India · Punjab National Bank, Large Corporate Branch, A-9, Connaught Place, New Delhi, India · Central Bank of India · ICICI Bank Limited, Bandra Kurla Complex, Bandra (East), Mumbai - 400051, Maharashtra, India · Standard Chartered Bank, Crescenzo, 3A/F, Plot no. C-38 and 39, G Block, Bandra Kurla Complex, Bandra East, Mumbai - 400051, Maharashtra, India · State Bank of India · Axis Bank Limited, Universal Insurance Building Sir P. M. Road, Fort, Mumbai-400001, Maharashtra, India · Axis Bank Limited, Corporate Banking Branch, Axis House, Bombay Dyeing Mills Compound, PB Marg, Mumbai - 400025, Maharashtra, India · IDBI Bank Limited, IDBI Towerwtc Complex, Cuffe Parade, Mumbai - 400005, Maharashtra, India Jammu and Kashmir Bank Limited · Axis Bank Limited, Corporate Banking Branch, Axis Bank, Bombay Dyeing, Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai – 400025, Maharashtra, India |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
'Heritage', 3rd floor, Near Gujrat Vidhyapith, Off Ashram Road, Ahmedabad-380014, Gujarat, India |
|
PAN No: |
AACFD4815A |
|
|
|
|
Subsidiary : |
Mahima Holding Private Limited |
|
|
|
|
Other Related Parties |
· Chartered Hotels Private Limited CIN No.: U55101MH1996PTC180473 · Asian Hotels (East) Limited CIN No.: L15122WB2007PLC162762 · Robust Hotels Private Limited CIN No.: U55101TN2007PTC062085 · Taragaon Regency Hotels Limited |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
190000000 |
Equity Shares |
Rs.10/- each |
Rs.1900.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
143700000 |
Equity Shares |
Rs.10/- each |
Rs.1437.000
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
1437.000 |
1437.000 |
|
(b) Reserves & Surplus |
|
2354.515 |
2014.134 |
|
(c) Money received
against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total Shareholders’ Funds (1) + (2) |
|
3791.515 |
3451.134 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
|
4964.477 |
4323.825 |
|
(b) Deferred tax liabilities (Net) |
|
394.482 |
376.287 |
|
(c) Other long
term liabilities |
|
276.703 |
255.980 |
|
(d) long-term
provisions |
|
46.794 |
34.425 |
|
Total Non-current
Liabilities (3) |
|
5682.456 |
4990.517 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
107.527 |
124.587 |
|
(b)
Trade payables |
|
325.801 |
330.771 |
|
(c)
Other current liabilities |
|
991.411 |
1019.534 |
|
(d) Short-term
provisions |
|
85.882 |
24.225 |
|
Total Current
Liabilities (4) |
|
1510.621 |
1499.117 |
|
|
|
|
|
|
TOTAL |
|
10984.592 |
9940.768 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
6003.483 |
6176.389 |
|
(ii)
Intangible Assets |
|
1.302 |
0.982 |
|
(iii)
Capital work-in-progress |
|
2783.008 |
1558.851 |
|
(iv) Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
51.720 |
51.720 |
|
(c) Deferred tax
assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
1800.350 |
1714.836 |
|
(e) Other
Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current
Assets |
|
10639.863 |
9502.778 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current
investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
87.437 |
88.425 |
|
(c)
Trade receivables |
|
98.650 |
130.620 |
|
(d) Cash
and cash equivalents |
|
92.764 |
128.107 |
|
(e)
Short-term loans and advances |
|
65.878 |
90.838 |
|
(f) Other
current assets |
|
0.000 |
0.000 |
|
Total
Current Assets |
|
344.729 |
437.990 |
|
|
|
|
|
|
TOTAL |
|
10984.592 |
9940.768 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
1437.000 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
1692.984 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
3129.984 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
4730.520 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
4730.520 |
|
|
DEFERRED TAX LIABILITIES |
|
|
351.506 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
8212.010 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
6342.444 |
|
|
Capital work-in-progress |
|
|
806.002 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
121.720 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
92.934
|
|
|
Sundry Debtors |
|
|
172.281
|
|
|
Cash & Bank Balances |
|
|
64.462
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
1228.579
|
|
Total
Current Assets |
|
|
1558.256
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
253.662
|
|
|
Other Current Liabilities |
|
|
402.588
|
|
|
Provisions |
|
|
34.121
|
|
Total
Current Liabilities |
|
|
690.371
|
|
|
Net Current Assets |
|
|
867.885
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
73.959 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
8212.010 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3004.100 |
3040.100 |
2759.400 |
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL (A) |
3004.100 |
3040.100 |
2759.400 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
1696.900 |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
1861.700 |
1880.500 |
1696.900 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1142.400 |
1159.600 |
1062.500 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
384.300 |
435.100 |
466.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
758.100 |
724.500 |
595.900 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
239.500 |
227.500 |
318.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
518.600 |
497.000 |
277.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
178.200 |
175.800 |
98.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
340.400 |
321.200 |
178.700 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1802.300 |
1511.100 |
1362.400 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
30.000 |
30.000 |
30.000 |
|
|
BALANCE CARRIED
TO THE B/S |
2112.700 |
1802.300 |
1511.100 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
1076.200 |
1123.900 |
1138.803 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.37 |
2.24 |
1.24 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
11.33
|
10.57 |
6.48
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.36
|
5.97 |
3.51
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14
|
0.14 |
0.09
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.34
|
1.29 |
1.51
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.23
|
0.29 |
2.26
|
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF CURRENT MATURITIES OF LONG TERM
DEBT:
|
Particulars |
31.03.2012 [Rs. in millions] |
31.03.2011 [Rs. in millions] |
31.03.2010 [Rs. in millions] |
|
|
|
|
|
|
Current Maturities
of Long Term Debt |
705.988 |
873.171 |
NA |
|
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 |
Yes |
|
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] |
PAN of Proprietor/Partner/Director, if available |
Yes |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
INDEX OF CHARGES:
|
S.
No. |
Charge
ID |
Date
of Charge Creation/Modification |
Charge
amount secured |
Charge
Holder |
Address |
Service
Request Number (SRN) |
|
1 |
10456138 |
01/10/2013 |
500,000,000.00 |
STANDARD
CHARTERED BANK |
CRESCENZO,
3A/F, PLOT NO. C-38 & 39, G BLOCK, BANDRA KURLA COMPLEX, BANDRA EAST,
MUMBAI - 400051, MAHARASHTRA, INDIA |
B87993077 |
|
2 |
10456139 |
01/10/2013 |
960,000,000.00 |
STANDARD
CHARTERED BANK |
CRESCENZO, 3A/F, PLOT NO. C-38 & 39, G BLOCK, BANDRA KURLA COMPLEX, BANDRA EAST, MUMBAI - 400051, MAHARASHTRA, INDIA |
B87993382 |
|
3 |
10370439 |
01/10/2013
* |
1,920,000,000.00 |
STANDARD
CHARTERED BANK |
CRESCENZO, 3A/F, PLOT NO. C-38 & 39, G BLOCK, BANDRA KURLA COMPLEX, BANDRA EAST, MUMBAI - 400051, MAHARASHTRA, INDIA |
B87993655 |
|
4 |
10294225 |
14/06/2011 |
3,000,000,000.00 |
AXIS
BANK LIMITED |
CORPORATE
BANKING BRANCH, AXIS BANK, BOMBAY DYEING, MILLS COMPOUND, PANDURANG BUDHKAR
MARG, WORLI, |
B15547961 |
|
5 |
10287285 |
05/07/2013
* |
1,636,300,000.00 |
PUNJAB
AND SIND BANK |
SPECIALIZED
CORPORATE FINANCE BRANCH, P 18/90 CONNAUGHT CIRCUS, NEW DELHI - 110001, INDIA |
B82799388 |
|
6 |
10286580 |
23/03/2011 |
3,000,000,000.00 |
IDBI
BANK LIMITED |
IDBI
TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA |
B10321867 |
|
7 |
10163797 |
24/12/2009
* |
500,000,000.00 |
AXIS
BANK LIMITED |
CREDIT
MANAGEMENT CENTRE, UNIT NO.6,, CORPORATE P |
A76991033 |
|
8 |
10164338 |
13/06/2009 |
500,000,000.00 |
AXIS
BANK LIMITED |
FORT
BRANCH, UNIVERSAL INSU. BLDG., SIR P.M. ROAD, MUMBAI - 400001, MAHARASHTRA,
INDIA |
A64240617 |
|
9 |
10153837 |
14/11/2013
* |
330,000,000.00 |
KOTAK
MAHINDRA BANK LIMITED |
36-38A,
NARIMAN BHAVAN, 227, D, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
B91118885 |
|
10 |
80031772 |
24/10/2002
* |
300,000,000.00 |
IDBI
TRUSTEESHIP SERVICES LIMITED |
IDBI
TOWERS, WTC COMPLEX, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA |
- |
|
* Date of charge modification |
||||||
|
CASE DETAILS BENCH: BOMBAY PRESENTATION DATE: 07.10.2013 LODGING NO.:
ARBPL/1660/2013
FILING
DATE: 07/10/2013 REG. NO.: ARBP/1239/2013
REG. DATE: 28/11/2013
|
PERFORMANCE OF THE
HOTEL:
During the year, Grand Hyatt Mumbai completed its seventh full year of operation. The Hotel achieved a total turnover of Rs.3004.100 Millions (Rs 3040.100 Millions in 2010-11) on which it made profit before tax of Rs. 518.600 Millions (Rs 497.000 Millions in the previous year). After accounting for total tax provision of Rs. 178.200 Millions, the Company’s net profit after tax for the year amounted to Rs. 340.400 Millions as against Rs 321.200 Millions in 2010-11. There is a marginal reduction in the turnover during the year. However, due to reduction in the interest cost, profit before tax was marginally higher compared to 2010-11.
Although competition from other comparable hotels in its area of operation is on the rise, the Company hopes to improve upon its growth and profitability in the current year, cashing in on its known and established brand name.
BUSINESS OVERVIEW:
During the year, the Indian economy was due to a variety of national and international factors, notably the slow-down in the euro zone following sovereign debt crisis, volatility of exchange rates and the steep depreciation of the Indian Rupee, unrelenting inflation and high commodity prices, political uncertainties and slow-down in reforms. This apart, deficient monsoon may pull down the economic growth to about 6% in the current year. Thus, FY 2012-13 is expected to be a challenging one for the Company, calling for step-up in marketing efforts in the face of stiff competition, significant improvement in ARR and maximum possible reduction in operational costs.
NEW PROJECTS:
The Company’s new 5 Star Hotel Projects in Ahmedabad and New Delhi are making satisfactory progress. The requisite statutory and other approvals for the establishment of the Hotels have been received and project work is under way. According to present indications, the Ahmedabad Hyatt Regency Project with about 271 keys is likely to be completed by June 2013 and the Delhi DIAL Project with about 389 rooms and 146 apartments by June 2014, both as per schedule and within the estimated capital cost.
FIXED ASSETS:
·
Hotel building
·
Land (Free hold)
·
Plant and Machinery
·
Electrical Installations
·
Furniture and Fixture
·
Hotel Equipment
·
Office Equipment
·
Vehicle
·
Computer
·
Computer Software
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 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.61.33 |
|
|
1 |
Rs.100.79 |
|
Euro |
1 |
Rs.84.37 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
34 |
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.