MIRA
INFORM REPORT
|
Report Date : |
19.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
APODIS HOTELS AND RESORTS LIMITED |
|
|
|
|
Registered
Office : |
701, Dev Plaza, 68, S. V. Road, Andheri (West), Mumbai – 400058,
Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
08.05.2008 |
|
|
|
|
Com. Reg. No.: |
11-200363 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.156.589 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U55101MH2008PLC200363 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA37198A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAHCA0729L |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Hospitality Activity |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 2400000 |
|
|
|
|
Status : |
Project under implementation |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Even though the company was established in the year 2008. But they have
not yet started its business activities. As confirmed with Mr. Sachin from account department the company will
commence its activities from March 2013. The company has incurred some pre-operating losses. However, networth of the company appears to be strong. Trade relations
are reported to be fair. Business is active. Payments are slow but correct. The company can be considered for business dealings with some
cautions. |
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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
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
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed
legislative work. India's medium-term growth outlook is positive due to a young
population and corresponding low dependency ratio, healthy savings and
investment rates, and increasing integration into the global economy. India has
many long-term challenges that it has not yet fully addressed, including
widespread poverty, inadequate physical and social infrastructure, limited
non-agricultural employment opportunities, scarce access to quality basic and
higher education, and accommodating rural-to-urban migration.
|
Source
: CIA |
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 PARTED BY
|
Name : |
Mr. Sachin |
|
Designation : |
Accounts Department |
|
Date : |
18.02.2013 |
LOCATIONS
|
Registered Office/ Corporate Office : |
701, Dev Plaza, 68, S. V. Road, Andheri (West), Mumbai – 400058,
Maharashtra, India |
|
Tel. No.: |
91-22-61464800 |
|
Fax No.: |
91-22-61464813 |
|
E-Mail : |
tahersapatwala@apodishotels.com
|
|
Website : |
DIRECTORS
As on: 28.09.2012
|
Name : |
Mr. Mahesh Manilal Gandhi |
|
Designation : |
Whole Time Director |
|
Address : |
304 Sholay Apartments, Raheja Complex, Seven Bunglows, Versova, Mumbai
– 400061, Maharashtra, India |
|
Date of Birth/Age : |
16.12.1952 |
|
Qualification : |
B. Sc, LLM, MFM |
|
Date of Appointment : |
08.05.2008 |
|
PAN No.: |
AABPG3545P |
|
DIN No.: |
00165638 |
|
|
|
|
Name : |
Mr. Pravin Babulal Rathod |
|
Designation : |
Whole Time Director |
|
Address : |
101, 1st Floor, La Sonri Sa Co-operative Housing Society
Limited, Lakhamshi Napoo Road, Matunga
(East), Mumabi – 400019, Maharashtra, India |
|
Date of Birth/Age : |
17.06.1964 |
|
Qualification : |
B.Com, C.A. |
|
Date of Appointment : |
08.05.2008 |
|
PAN No.: |
AABPR7034C |
|
DIN No.: |
01119881 |
|
|
|
|
Name : |
Mr. Krishnamurthy Padmanabhan |
|
Designation : |
Director |
|
Address : |
1401/1402, Vinayak Angan, Old Prabha Devi Road, Worli, Mumbai –
400025, Maharashtra, India |
|
Date of Birth/Age : |
28.10.1948 |
|
Qualification : |
B.Com (Hons), C.A |
|
Date of Appointment : |
10.10.2008 |
|
DIN No.: |
00013565 |
|
|
|
|
Name : |
Mr. Prem Singh Rana |
|
Designation : |
Director |
|
Address : |
B-501, Karam Hi Dharam Apartments, Sector 55, Gurgaon – 122001,
Haryana, India |
|
Date of Birth/Age : |
10.09.1946 |
|
Qualification : |
B. Tech (Civil), Ph. D (Transport Engg. and Mgmt), PGD (Town and Country Planning) |
|
Date of Appointment : |
12.11.2008 |
|
DIN No.: |
00129300 |
|
|
|
|
Name : |
Mr. Rajesh Adhikary |
|
Designation : |
Nominee Director |
|
Address : |
201-2021, 2nd A Wing, CTS 586-II, Raheja Sherwood, Off W E
Highway, Goregaon (East), Mumbai – 400063, Maharashtra, India |
|
Date of Birth/Age : |
18.11.1969 |
|
Qualification : |
CFA, B.E, PGBM |
|
Date of Appointment : |
28.03.2011 |
|
DIN No.: |
02561123 |
|
|
|
|
Name : |
Mr. Saleh Taher Afimiwala |
|
Designation : |
Nominee Director |
|
Address : |
702, Latasoni, 30th Road, Bandra (West), Mumbai – 400050,
Maharashtra, India |
|
Date of Birth/Age : |
25.11.1969 |
|
Qualification : |
B.E, MMS |
|
Date of Appointment : |
28.03.2011 |
|
DIN No.: |
01882628 |
|
|
|
|
Name : |
Mr. Uday Sankar Roy |
|
Designation : |
Director |
|
Address : |
Flat No. 1A, Hemantika, 54 Hemanta, Mukhopadhya Sarani, Kolkata –
700029, West Bengal, India |
|
Date of Birth/Age : |
24.07.1949 |
|
Qualification : |
P.G. in Physics |
|
Date of Appointment : |
28.03.2011 |
|
DIN No.: |
00424332 |
KEY EXECUTIVES
|
Name : |
Mr. Sachin |
|
Designation : |
Accounts Department |
|
|
|
|
Name : |
Mr. Taher Saifuddin Sapatwala |
|
Designation : |
Secretary |
|
Address : |
15/17, Lakdawala Building, Saifee Jubilee St, Mumbai – 400003,
Maharashtra, India |
|
Date of Birth/Age : |
30.12.1970 |
|
Date of Appointment : |
02.01.2012 |
|
PAN No.: |
AOVPS8993M |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 28.09.2012
|
Names of Shareholders |
|
No. of Equity
Shares |
|
Devinder Prakash Kalra |
|
9600 |
|
Dharam Vir Chugh |
|
9600 |
|
Mahesh Manilal Gandhi |
|
9600 |
|
Pravin Babulal Rathod |
|
184600 |
|
Umesh Girdharilal Luthria |
|
9600 |
|
Amit Sitaram Sharma |
|
1000 |
|
Parthiv Kailash Merchant |
|
1000 |
|
Prama Consultancy Services Private Limited, India |
|
6950000 |
|
IIRF India Reality XX Limited, Mauritius |
|
6494591 |
|
IL and FS Trust Company Limited, India |
|
186443 |
|
|
|
|
|
Total
|
|
13856034 |
|
Names of Shareholders |
|
No. of
Preference Shares |
|
IIRF India Reality XX Limited, Mauritius |
|
6494591 |
|
IL and FS Trust Company Limited, India |
|
186443 |
|
Prama Consultancy Services Private Limited, India |
|
6625000 |
|
|
|
|
|
Total |
|
13306034 |
Equity Share Break up (Percentage of Total Equity)
As on: 28.09.2012
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
46.87 |
|
Bodies corporate |
|
51.50 |
|
Directors or relatives of directors |
|
1.40 |
|
Other top fifty shareholders |
|
0.23 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Hospitality Activity |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||
|
|
|
||||||||||||
|
Bankers : |
Not Available |
||||||||||||
|
|
|
||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
Deloitte 12, Dr Annie Besant Road, Opposite Shiv Sagar Estate, Worli, Mumbai - 400018, Maharashtra, India |
|
PAN No.: |
AACFD4815A |
|
|
|
|
Memberships : |
|
|
|
|
|
Enterprises which
are owned, or have significant influence of or are partners with Key
management personnel and their relatives : |
Prama Canary Wharf Hotels Private Limited CIN No.: U74900PN2011PTC140935 |
|
|
|
|
Subsidiary Company
: |
IntelliStay Hotels Private Limited CIN No.: U55101KA2007PTC044311 |
|
|
|
|
Holding Company : |
Prama Consultancy Services Private Limited CIN No.: U74140MH2008PTC185207 |
CAPITAL STRUCTURE
As on: 28.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
18675000 |
Equity Shares |
Rs.10/- each |
Rs.186.750 Millions |
|
13325000 |
Preference Shares |
Rs.10/- each |
Rs.133.250 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.320.000 Millions
|
Issued & Subscribed:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
13856034 |
Equity Shares |
Rs.10/- each |
Rs.138.560 Millions |
|
13306034 |
Preference Shares |
Rs.10/- each |
Rs.133.060 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.271.620 Millions |
Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7281034 |
Equity Shares |
Rs.10/- each |
Rs.72.810
Millions |
|
2075000 |
Equity Shares |
Rs.4.75/- each |
Rs.9.856
Millions |
|
4500000 |
Equity Shares |
Rs.0.20/- each |
Rs.0.900
Million |
|
6681034 |
Preference Shares |
Rs.10/- each |
Rs.66.810
Millions |
|
2125000 |
Preference Shares |
Rs.2.50/- each |
Rs.5.313
Millions |
|
4500000 |
Preference Shares |
Rs.0.20/- each |
Rs.0.900
Million |
|
|
|
|
|
|
|
Total |
|
Rs.156.589 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
156.589 |
44.956 |
0.500 |
|
|
2] Share Application Money |
0.000 |
0.002 |
2.500 |
|
|
3] Reserves & Surplus |
453.988 |
84.493 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
(3.359) |
|
|
NETWORTH |
610.577 |
129.451 |
(0.359) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
6.694 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
32.942 |
31.997 |
31.997 |
|
|
TOTAL BORROWING |
39.636 |
31.997 |
31.997 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
650.213 |
161.448 |
31.638 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
10.151 |
1.364 |
0.275 |
|
|
Capital work-in-progress |
59.402 |
32.577 |
35.548 |
|
|
|
|
|
|
|
|
INVESTMENT |
548.427 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
0.000
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
3.800
|
107.921 |
0.233 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
35.156
|
31.942 |
3.740 |
|
Total
Current Assets |
38.956
|
139.863 |
3.973 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1.453
|
3.985 |
6.562 |
|
|
Other Current Liabilities |
5.124
|
6.391 |
0.000 |
|
|
Provisions |
0.146
|
1.980 |
2.137 |
|
Total
Current Liabilities |
6.723
|
12.356 |
8.699 |
|
|
Net Current Assets |
32.233
|
127.507 |
(4.726) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.541 |
|
|
|
|
|
|
|
|
TOTAL |
650.213 |
161.448 |
31.638 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
0.000 |
0.000 |
0.000 |
|
|
|
Other Income |
13.524 |
0.000 |
0.000 |
|
|
|
TOTAL (A) |
13.524 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employee benefit expense |
27.217 |
19.002 |
|
|
|
|
Other expenses |
16.231 |
(7.914) |
|
|
|
|
Prior period items |
0.000 |
7.406 |
|
|
|
|
TOTAL (B) |
43.448 |
18.494 |
2.741 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(29.924) |
(18.494) |
(2.741) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
0.004 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(29.928) |
(18.494) |
(2.741) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.215 |
0.067 |
0.037 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
(30.143) |
(18.561) |
(2.778) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.120 |
0.000 |
0.090 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(30.263) |
(18.561) |
(2.868) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(21.919) |
(3.358) |
(0.490) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(52.182) |
(21.919) |
(3.358) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(6.86) |
(29.90) |
(57.37) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(223.77) |
0.00 |
0.00 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(61.38) |
(13.14) |
(65.40) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.05) |
(0.14) |
7.74 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.06 |
0.24 |
(89.13) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.79 |
11.32 |
0.46 |
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 |
Yes |
|
10] |
Designation of contact person |
Yes |
|
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 |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
UNSECURED LOAN
(Rs. In Millions)
|
|
As on 31.03.2012 |
As on 31.03.2011 |
|
Inter-corporate Deposit |
32.942 |
31.997 |
|
|
|
|
|
Total |
32.942 |
31.997 |
OPERATIONS AND
IMPLEMENTATION
As part of its objectives and business, the Company is setting up a national chain of Low Cost Limited Services hotels under the “Tune Hotels” brand. These hotels are expected to increasingly be the backbone of travel, both business and leisure, as this class of quality product is made available pan India to domestic and international travelers in India. The Company has over 12 sites signed up for development and the hotels will become operational starting from early 2013. The Company expects to make this product available in most key markets as a mix of ownership and long term leases located in Metros, Tier I, Tier II cities and Industrial Townships of India like Koramangala area in Bengaluru, Motera in Ahmedabad, Dwarka in NCR, Bhiwadi and Neemrana in Rajasthan, Daman, Agra etc.
The Company’s Joint Venture for operation and management of Hotels and Brand Franchise Agreement with Tune Hotel, Malaysia (one of the fastest growing hotel chain in Asia/ANZ and United Kingdom markets, founded by promoters of Air Asia, #1 Low cost carrier in Asia) is making steady progress with active participation of experts from the Tune Hotel team for approvals of the identified sites, demand drivers, project participation and implementation of brand standards in Tune Hotel projects of the Company.
During the year the Company has established tendering process, prequalification norms for contractors, negotiations process and standardized documentation for award of contracts and guidelines thereto to ensure smooth implementation of several projects. The Company has a strong engineering team that is expected to become part of ‘Apodis Projects Private Limited’ (APPL), whose focus will be to ensure timely and quality execution within cost parameters of hotel projects in line with the Company’s focus on shortening project implementation cycle. As part of this initiative the company has worked intensively with Tune Hotels, Malaysia in finalizing a Brand Standard Manual for India. The Company is evaluating the possibilities of strategic business investment in APPL which proposes to provide design and architectural expertise and materials innovation to the projects. The Company is also evaluating the possibilities of strategic business investment in Apodis Foods and Brand Private Limited (AFBL), a company incorporated recently, in order to provide best in class food, beverage, facilities management and allied guest services like Spa and conference / banquets at all Hotels.
HOTEL PROJECTS
a. AHEMADABAD –
MOTERA
The Company had signed definitive documents for setting up 100 room hotel in Motera, Ahmedabad on 30 year long term lease of property. Project has gone into full implementation mode with Developer completing modifications to shell structure and related civil work. The company has appointed contractors in HVAC, Electrical, Fire fighting, Plumbing works and work is progressing as per schedule. The mock-up rooms are ready for review and adoption and interior works will commence soon with target to complete all finishing work by end of 15th December making it ready for soft launch in January 2013.
b. BENGALURU –
KORAMANGALA
The Company had signed definitive documents for setting up 103 room hotel and 48 Suites in Koramangala, Bengaluru on 30 year long term lease of property. The designs and drawings of the property are finalized and Developer has applied for various permissions for commencing construction of the property expected by December, 2012 with a target to commission the project in financial year 2014-15.
c. LONAVALA – AAMBY
VALLEY
The Company had entered into arrangements for the Joint Venture with Valanj Family to develop a 100 room’s leisure facility adjacent to Aamby Valley, Lonavala in affordable segment through an SPV- Prama Canary Wharf Hotels Private Limited and the company has contributed Rs.10.500 Millions by way of advance share application for the acquisition of the land from the Valanj Family. The SPV has appointed Shift Architects to develop the facility using sustainable design and material use. A civil contractor has been appointed for Phase I related work and the work on site levelling, compound wall and foundation structures has commenced during the year. This project is expected to be completed by December 2013.
d. BHIWADI:
The Company had signed definitive documents for setting up 120 room hotel at Bhiwadi, Rajasthan. Post due diligence and technical evaluation, the definitive documents have been executed and the Owner is in full implementation mode of the project and is likely to deliver a semi-finished hotel as per the arrangement March quarter of 2013 with simultaneous work commencing by the Company in the same quarter. The hotel is likely to be commissioned June 2013.
CONTINGENT
LIABILITIES:
(Rs. In Millions)
|
Particular |
31.03.2012 |
|
Arrears of Dividend on Class A 0.001% Cumulative Compulsory Convertible Preference Shares of Rs.10 each fully paid up (including premium paid thereon) (previous year from 24th March 2011 to 31st March 2011) |
0.001 |
FIXED ASSETS
Tangible Assets
· Plant and Equipment
· Furniture and Fixtures
· Vehicles
· Office Equipment
· Computer Equipments
· Electrical Installations
· Computers
Intangible Assets
· 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 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.54.29 |
|
|
1 |
Rs.84.09 |
|
Euro |
1 |
Rs.72.44 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
27 |
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.