1. Summary Information
|
Country |
India |
||
|
Company Name |
STERLING
HOLIDAY RESORTS (INDIA) LIMITED |
Principal Name 1 |
Mr. Siddharth Mehta |
|
Status |
Moderate |
Principal Name 2 |
Mr. S.Sidharth Shankar |
|
Registration # |
18-013044 |
||
|
Street Address |
#163,
TTK Road, Alwarpet, Chennai - 600 018, Tamilnadu, India |
||
|
Established Date |
22.05.1986 |
SIC Code |
-- |
|
Telephone# |
Not Available |
Business Style 1 |
Hospitality Services. |
|
Fax # |
Not Available |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
-- |
|
|
# of employees |
2000
(Approximately) |
Product Name 2 |
-- |
|
Paid up capital |
Rs.
597,007,850 /- |
Product Name 3 |
-- |
|
Shareholders |
Total shareholding of Promoter and Promoter Group = 11.59% Total Public shareholding = 88.41% |
Banking |
Axis Bank Limited |
|
Public Limited Corp. |
Yes |
Business Period |
27 Years |
|
IPO |
Yes |
International Ins. |
-- |
|
Public |
Yes |
Rating |
B (28) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Subsidiary Companies |
-- |
Sterling Holidays (Ooty) Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
786,990,000 |
Current Liabilities |
218,684,000 |
|
Inventories |
10,897,000 |
Long-term Liabilities |
6,102,000 |
|
Fixed Assets |
1,860,471,000 |
Other Liabilities |
2,251,710,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
2,476,496,000 |
|
Invest& other Assets |
504,101,000 |
Retained Earnings |
(92,296,000) |
|
|
|
Net Worth |
685,963,000 |
|
Total Assets |
3,162,459,000 |
Total Liab. & Equity |
3,162,459,000 |
|
Total Assets (Previous Year) |
2,683,078,000 |
|
|
|
P/L Statement as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Sales |
684,012,000 |
Net Profit |
(404,408,000) |
|
Sales(Previous yr) |
382,992,000 |
Net Profit(Prev.yr) |
(300,388,000) |
MIRA INFORM REPORT
|
Report Date : |
31.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
STERLING HOLIDAY RESORTS (INDIA) LIMITED |
|
|
|
|
Registered
Office : |
#163, TTK Road, Alwarpet, Chennai - 600 018, Tamilnadu |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on)
: |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
22.05.1986 |
|
|
|
|
Com. Reg. No.: |
18-013044 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 597.009 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L92490TN1986PLC013044 |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Subject is engaged with Hospitality Services. |
|
|
|
|
No. of Employees
: |
2000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 2700000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is an established company having a moderate track record. The financial position of the company is below average due to accumulated
losses. It has been incurring loss from its operations past some years. However, trade relations are reported as fair. Business is active.
Payment terms are reported as slow but correct. The company 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.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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. Balaji Suresh |
|
Designation : |
Purchase Manager |
|
Contact No.: |
91-9840151339 |
|
Date : |
27.07.2013 |
LOCATIONS
|
Registered Office : |
#163, TTK Road, Alwarpet, Chennai - 600 018, Tamilnadu,
India |
|
Tel. No.: |
Not Available |
|
Mobile No.: |
91-9840151339 (Mr. Mr. Balaji Suresh) |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
Owned |
|
|
|
|
Corporate Office : |
Citi Tower, No.7, 3rd Cross Street, Kasturba
Nagar, Adyar, Chennai - 600 020, Tamilnadu, India |
|
Tel. No.: |
91-44-33573300 |
|
Fax No.: |
91-44-33573423 / 33573311 |
DIRECTORS
As on 31.03.2012
|
Name : |
Mr. Siddharth Mehta |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. S.Sidharth Shankar |
|
Designation : |
Vice Chairman |
|
|
|
|
Name : |
Mr. Ramesh Ramanathan |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. K.Chandrasekaran |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. M.N.Rangamani |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Amit Jatia |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Shahzaad Siraj Dalal |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Utpal Sheth |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. M. Balasubramaniyan |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Balaji Suresh |
|
Designation : |
Purchase Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2013
|
Category
of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
7901008 |
11.59 |
|
|
7901008 |
11.59 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
7901008 |
11.59 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
7450 |
0.01 |
|
|
4650 |
0.01 |
|
|
13791872 |
20.22 |
|
|
13803972 |
20.24 |
|
|
|
|
|
|
8507005 |
12.47 |
|
|
|
|
|
|
5737669 |
8.41 |
|
|
19734334 |
28.94 |
|
|
12512534 |
18.35 |
|
|
1015704 |
1.49 |
|
|
1490591 |
2.19 |
|
|
1965742 |
2.88 |
|
|
151454 |
0.22 |
|
|
7888718 |
11.57 |
|
|
325 |
0.00 |
|
|
46491542 |
68.17 |
|
Total Public shareholding (B) |
60295514 |
88.41 |
|
Total (A)+(B) |
68196522 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
68196522 |
0.00 |
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%20LIMITED%20-%20230576%2031-Jul-2013_files/image011.gif){kind=small}
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged with Hospitality Services. |
|
|
|
|
Terms : |
|
|
Selling : |
Cash |
|
|
|
|
Purchasing : |
Cash |
GENERAL INFORMATION
|
Customers : |
End Users |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
No. of Employees : |
2000 (Approximately) |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
||||||||||||||||||
|
|
|
|
Banking
Relations : |
--- |
|
|
|
|
Auditors 1 : |
|
|
Name : |
R. Subramanian and Company Chartered Accountants |
|
Address : |
Chennai - 600 004, Tamilnadu, India |
|
|
|
|
Auditors 2 : |
|
|
Name : |
V.Sankar Aiyar and Company Chartered Accountants |
|
Address : |
Chennai - 600 004, Tamilnadu, India |
|
|
|
|
Subsidiary
Companies : |
|
|
|
|
|
Enterprise owned
by/over which Key Managerial Personnel is able to exercise significant
influence |
|
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
75000000 |
Equity Shares |
Rs.10/- each |
Rs.750.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
59700785 |
Equity Shares |
Rs.10/- each |
Rs.597.008 Millions |
|
|
Add: Share capital pending allotment |
|
Rs.0.001 Million |
|
|
Total |
|
Rs.597.009 Millions |
Reconciliation of
number of shares
|
Particular |
No. of Share |
|
Equity shares at the beginning of the year |
48928585 |
|
Preferential issue |
8000000 |
|
Warrants conversion |
666667 |
|
Options under ESOS and ESPS exercised |
2105533 |
|
Equity Shares at
the end of the year |
59700785 |
Details of share holders
holding more than 5% of Equity Shares of the Company
|
Particular |
No. of shares |
% |
|
India Discovery Fund Limited |
5334542 |
8.94% |
|
India Horizon Fund Limited |
4086092 |
6.84% |
|
Bay Capital Investment Limited |
7888718 |
13.21% |
|
Mr. Siddharth Shankar |
3780500 |
6.33% |
|
Mrs. S. Dhanalakshmi |
4113334 |
6.89% |
|
Blue Ocean Investment Trust |
Holding less than 5% |
|
|
Silver Stallion Limited |
Holding less than 5% |
|
Terms / Rights
attached to Equity Shares
The Company has only one class of Equity Shares having a par value of Rs. 10/- per share. Each shareholder has a right to participate in General Meeting and is eligible for one vote per share held.
Terms of Share
Warrants convertible into Equity Shares
During the year 82,00,000 Share Warrants at an issue price of Rs. 75/- per warrant on preferential basis were issued to certain promoters/others. These warrants are to be converted in to one Equity Share of Rs. 10/- each at a premium of Rs. 65/- per share on or before 18 months from the date of issue. Out of these, 6,66,667 warrants were converted into Equity Shares on receipt of full consideration. As on March 31, 2012, 75,33,333 Share Warrants are pending for conversion. The amount received against these pending warrants are shown under “Money received against Share Warrants” and grouped under shareholder’s funds.
Allotment of Share
Capital
The Company has allotted 5,00,000 Equity Shares of Rs. 10/- each under Employee Stock Option Scheme 2009 (ESOS 2009) and 16,05,533 Equity Share of Rs. 10/- each under Employee Stock Purchase Scheme (ESPS). Consequent to the allotment of Equity Shares under ESOS ,ESPS, Conversion of Share Warrants vide (g) above, the paid up Share Capital of the Company stands increased to Rs. 59,70,07,850/- as on March 31, 2012.
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 |
|
597.009 |
489.286 |
|
(b) Reserves & Surplus |
|
(92.296) |
(372.675) |
|
(c) Money
received against share warrants |
|
181.250 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
|
685.963 |
116.611 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
6.102 |
3.796 |
|
(b) Deferred tax liabilities (Net) |
|
2159.841 |
2040.709 |
|
(c) Other long term
liabilities |
|
24.205 |
17.729 |
|
(d) long-term
provisions |
|
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
|
2190.148 |
2062.234 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
0.000 |
0.000 |
|
(b) Trade
payables |
|
137.170 |
99.811 |
|
(c)
Deferred Income |
|
68.747 |
56.491 |
|
(c) Other
current liabilities |
|
57.309 |
324.476 |
|
(d) Short-term
provisions |
|
23.122 |
23.455 |
|
Total Current
Liabilities (4) |
|
286.348 |
504.233 |
|
|
|
|
|
|
TOTAL |
|
3162.459 |
2683.078 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
1847.774 |
1841.229 |
|
(ii)
Intangible Assets |
|
12.697 |
3.962 |
|
(iii)
Capital work-in-progress |
|
487.422 |
353.848 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
7.022 |
7.021 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
218.076 |
91.290 |
|
(e) Other
Non-current assets |
|
210.055 |
82.586 |
|
Total Non-Current
Assets |
|
2783.046 |
2379.936 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
9.657 |
20.984 |
|
(b)
Inventories |
|
10.897 |
6.088 |
|
(c) Trade
receivables |
|
158.881 |
27.630 |
|
(d) Cash
and cash equivalents |
|
28.973 |
78.246 |
|
(e)
Short-term loans and advances |
|
164.102 |
169.303 |
|
(f) Other
current assets |
|
6.903 |
0.891 |
|
Total
Current Assets |
|
379.413 |
303.142 |
|
|
|
|
|
|
TOTAL |
|
3162.459 |
2683.078 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
440.527 |
|
|
2] Share Warrants |
|
|
10.486 |
|
|
3] Employee Stock Option Outstanding |
|
|
51.079 |
|
|
4] Share Application Money |
|
|
0.000 |
|
|
5] Reserves & Surplus |
|
|
1499.627 |
|
|
6] (Accumulated Losses) |
|
|
(1730.789) |
|
|
NETWORTH |
|
|
270.930 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
16.217 |
|
|
2] Unsecured Loans |
|
|
162.222 |
|
|
TOTAL BORROWING |
|
|
178.439 |
|
|
DEFERRED TAX LIABILITIES |
|
|
2079.550 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
2528.919 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
1781.017 |
|
|
Capital work-in-progress |
|
|
485.609 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
114.822 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
3.426 |
|
|
Sundry Debtors |
|
|
55.151 |
|
|
Cash & Bank Balances |
|
|
65.455 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
278.618 |
|
Total
Current Assets |
|
|
402.650 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
184.641 |
|
|
Other Current Liabilities |
|
|
37.280 |
|
|
Provisions |
|
|
33.258 |
|
Total
Current Liabilities |
|
|
255.179 |
|
|
Net Current Assets |
|
|
147.471 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
2528.919 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
684.012 |
382.992 |
306.485 |
|
|
|
Other Income |
25.291 |
6.116 |
12.823 |
|
|
|
TOTAL (A) |
709.303 |
389.108 |
319.308 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
60.394 |
|
|
|
|
|
Employee benefit expense |
444.268 |
244.436 |
352.745 |
|
|
|
Administrative and other expenses |
469.407 |
279.293 |
|
|
|
|
Exceptional items |
58.042 |
42.903 |
|
|
|
|
TOTAL (B) |
1032.111 |
616.909 |
352.745 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(322.808) |
(227.801) |
(33.437) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
33.571 |
28.037 |
14.620 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(356.379) |
(255.838) |
(48.057) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
48.029 |
42.575 |
41.222 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(404.408) |
(298.413) |
(89.279) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
1.975 |
0.943 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(404.408) |
(300.388) |
(90.222) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(2425.717) |
(2125.329) |
(2035.107) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(2830.125) |
(2425.717) |
(2125.329) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Before Exceptional Items |
(6.38) |
(5.43) |
(1.29) |
|
|
|
After Exceptional Items |
(7.45) |
(6.33) |
(2.24) |
|
%20LIMITED%20-%20230576%2031-Jul-2013_files/image005.gif){kind=small}
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
31.03.2013 |
30.06.2013 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd Quarter |
4th
Quarter |
5th
Quarter |
|
Net Sales |
281.300 |
214.800 |
247.200 |
264.700 |
322.800 |
|
Total Expenditure |
283.500 |
295.300 |
312.000 |
331.000 |
336.100 |
|
PBIDT (Excl OI) |
(2.200) |
(80.500) |
(64.800) |
(66.300) |
(13.300) |
|
Other Income |
13.800 |
27.500 |
14.800 |
23.100 |
34.700 |
|
Operating Profit |
11.600 |
(53.000) |
(50.000) |
(43.200) |
21.400 |
|
Interest |
00.300 |
00.400 |
03.900 |
07.100 |
07.800 |
|
Exceptional Items |
(7.500) |
(2.800) |
(3.000) |
15.400 |
0.000 |
|
PBDT |
03.700 |
(56.200) |
(56.800) |
(34.900) |
13.500 |
|
Depreciation |
12.100 |
15.700 |
19.000 |
16.500 |
19.100 |
|
Profit Before Tax |
(8.400) |
(72.000) |
(75.800) |
(51.300) |
(5.600) |
|
Tax |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
(8.400) |
(72.000) |
(75.800) |
(51.300) |
(5.600) |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
(8.400) |
(72.000) |
(75.800) |
(51.300) |
(5.600) |
|
Particulars |
|
|
31.03.2013 |
|
Sales Turnover (Approximately) |
|
|
800.000 |
Expected Sales (2013-14) : More than Rs. 1000.000 Millions
The above information has been parted by Mr. Balaji Suresh.
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(57.01)
|
(77.20) |
(28.26) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(59.12)
|
(77.92) |
(29.13) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(15.16)
|
(12.85) |
(4.09) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.80)
|
(2.56) |
(0.33) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.01
|
0.03 |
0.66 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.33
|
0.60 |
1.58 |
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 |
Yes |
|
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 |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
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] |
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 |
No |
LITIGATIONS DETAILS
CHENNAI COURT
CASE STATUS INFORMATION SYSTEM
|
Case Status: |
Pending |
|
Status Of: |
ORIGINAL SIDE APPEAL |
|
Case No.: |
339 |
|
Year : |
2012 |
|
Petitioner : |
SHREE BUILDERS |
|
Respondent : |
STERLING HOLIDAY RESORT INDIA |
|
Pet's Advocate : |
M/S. M. VELMURUGAN |
|
Res's Advocate : |
|
|
Category : |
NO CATEGORY MENTIONED |
|
|
Last Listed on: No Date Mentioned |
|
Case Updated on : |
Sep 5 2012 |
OPERATIONS AND
FINANCIAL OVERVIEW
The Company witnessed significant growth in Vacation Ownership Sales and Resort Income during the year. Total Operating Income of the Company was reported as Rs. 709.300 Millions, as compared to Rs. 389.100 Millions in 2010-11, representing a 82.3% growth in revenues. Sales of Vacation Ownership Plans rose to Rs.269.100 Millions, an increase of 174.3%, while Total Income from Resort Operations rose to Rs. 346.400 Millions, up by 49.85%.
During the year, the Company added 2,490 new Vacation Ownership members as compared to 1,135 in 2010-11. The surge in Vacation Ownership Sales was an outcome of several factors. 5 new resorts were added in Corbett, Goa, Karwar and Thekkady. Two of these new, contemporary resorts are located in the popular holiday destination of Goa – Villagio in South Goa and Camphor in North Goa. With these additions, the Company now has a network of 18 resorts across the Indian sub-continent.
The Company also embarked on an accelerated renovation program with the objective of upgrading its existing resorts to global, best-in-class standards. While the Company began the renovation process in 2010-11, when it commenced refurbishment of rooms across several resorts in phases, 2011-12 saw two resorts – Lake View in Kodaikanal and Green Vistas in Munnar – being earmarked for a total makeover. These two resorts were temporarily shut down between January- April 2012 to enable complete renovation of all public areas and accommodation. In April 2012, both resorts opened their doors to welcome guests with a new identity – Kodai-By The Lake and Munnar-Terrace Greens - developed to represent a vastly enhanced holiday experience.
In terms of strategic direction, 2011-12 was a year of resurgence for the Company and the Sterling brand. Besides resort network expansion and renovation, the Company renewed its focus on its Vacation Ownership business by re-opening sales offices in key markets such as Mumbai, Delhi, Kolkata, Chandigarh and Lucknow. To widen its reach amongst potential Vacation Ownership customers, 10 Direct Sales Agents in key markets were also appointed.
The Company also invested significantly in upgrading its Information Communications Technology (ICT) backbone with the goal of improving service efficiencies and employee productivity. A Customer Relationship Management (CRM) program was implemented during the year using the globally reputed Salesforce.com platform. In the area of Customer Relations, a centralized Call Centre backed by a Solutions system using Altitude software, was set up to enable more efficient and smoother processing of member reservations and enquiries.
To achieve the goal of rapid growth in the Vacation Ownership and Leisure Hospitality market, the Company strengthened the Management Team by bringing on board skilled and experienced senior and middle management personnel across all key functions including Human Resources, Marketing and Sales, Resort Operations, Customer Relations, Finance, Legal and Projects. The new Leadership Team, backed with an expanded and trained work force, has been working hard to bring about the Company’s resurgence and growth.
All the measures taken during the year has already begun to yield results with the Company turning EBITDA positive in the last quarter of 2011-12.
MANAGEMENT DISCUSSION
AND ANALYSIS
Subject is a leading Vacation Ownership and Leisure Hospitality Company, offering memorable, holiday experiences that are within the reach of middle class Indian families.
Right from inception in 1986, Sterling has done pioneering work in the Vacation Ownership and Leisure Hospitality markets. When Sterling entered the Vacation Ownership market (earlier referred to as Timeshare), the concept was very new to India. Sterling had to invest a great deal in educating the market about the Timeshare concept whilst simultaneously investing in infrastructure and human resource skills to deliver memorable holidays to customers. Sterling also invested in entering and developing new holiday locales such as Munnar, which is today rated as among the best tourist destinations in Asia. In 2011-12, the Company opened a resort in Karwar, an untouched and unexplored holiday destination with tremendous potential.
Today, the Company has a network of 18 full-service resorts with an inventory of 1,374 apartments, spread across 15 of India’s most scenic holiday destinations. With over 25 years of expertise in Vacation Ownership and Resort Operations, a national network of resorts, and a member base of over 63,000 active, holidaying customers, Sterling is one of the clear leaders in the Leisure Hospitality industry in India.
This section presents an overview of the economic and market environment in which Sterling operates as well as the operational and fi nancial performance of the Company during the year in review. The section also discusses the Company’s strategy and important initiatives taken during the year to achieve growth and performance objectives.
BUSINESS PERFORMANCE
Sterling operates in both the Vacation Ownership and One-Time Hotel Stay segments within the Leisure Hospitality industry in India. The Company’s primary focus is, however, on its Vacation Ownership business, which enjoys several advantages over the traditional leisure hotels model. First and foremost, occupancy in Vacation Ownership resorts is more stable and less vulnerable to economic cycles. Second, the Vacation Ownership business is debt free and has strong upfront cash flows as customers pay upfront for holidays over tenure of 25-years. Third, the business also enjoys multiple revenue streams through yearly and annuity based fees. Fourth, unlike traditional hotels which are more impersonal and designed for individuals, Vacation Ownership resorts are designed bearing in mind the needs of the entire family from senior citizens to young children. Sterling, for instance, offers a choice of apartments to suit the needs of different family sizes. Sterling also has a team of Fun Rangers at its resorts who are trained to ensure that the entire family has a memorable and fun-filled vacation, full of interesting holiday activities.
During the year, the Company stepped-up the efforts it began in 2009 to raise its product and service standards with the goal of achieving customer satisfaction and rapidly growing its business. Key highlights of the year are:
- Two resorts in Kodaikanal and Munnar underwent complete renovation. Lake View in Kodaikanal was upgraded and renovated to refl ect a classical, English countryside theme while Green Vistas in Munnar was renovated to a fusion theme of contemporary and Kerala vernacular architecture. These two resorts opened their doors to welcome guests to contemporary and pleasing, best-inclass global standards, befitting their new identities, namely, Kodai – By The Lake and Munnar – Terrace Greens.
- In line with its goal of raising the product and service standards across its network, the Company had begun the work of renovating its resorts in phases in 2010-11. Under this plan, 212 rooms across 7 resorts have been refurbished with new amenities with another 105 rooms in progress. In 2012-13, more rooms across resorts will be taken up for modernisation and upgradation.
- In the year, 5 new resorts were added in Corbett, Goa, Karwar and Thekkady. With this addition, the total number of resorts currently on offer is 18. The Company has also signed MOUs for 4 additional resorts, which should go operational in the coming year, taking the total number to 22.
- Besides resort network expansion and renovation, the Company renewed its focus on its Vacation Ownership business by re-opening sales offices in key markets such as Mumbai, Delhi, Kolkata, Chandigarh and Lucknow.
- The Company’s increased efforts and visible presence in its markets grew its membership base by 2490 new customers, representing a growth of 119% over the previous year.
In terms of strategic direction, 2011-12 was a year of resurgence for the Company and the Sterling brand. The Company believes that the slew of measures taken to offer an enhanced holiday experience while improving productivity will serve as a strong foundation for growth in the coming years. In this context, it is encouraging to note that the Company turned EBITDA positive in the last quarter of 2011-12.
PROPERTIES AND NEW
PROJECTS
Sterling has a network of 18 resorts in 15 of India’s scenic and popular holiday destinations. 10 of these resorts are owned while the balance is managed on long-lease.
In 2011-12, the Company added 5 new resorts in Corbett, Goa, Karwar and Thekkady. In Goa, the Company opened 2 new resorts of significantly higher standards - Villagio in South Goa and Camphor in North Goa. With these additions, the Company increased its inventory by 13% to 1,374 rooms.
As mentioned earlier, the Company has also signed MOUs for 4 more resorts, which it expects to make operational in the coming year. Besides this, the Company has a land bank of 15 additional sites where it can plan Greenfield projects.
RESORT OPERATIONS
During the year, the Company accelerated its renovation program by taking the unprecedented step of temporarily closing two of its resorts - Lake View in Kodaikanal and Green Vistas in Munnar - to undergo complete renovation. Even prior to this, the Company had embarked on a renovation program in 2009-10 under which rooms across resorts were being refurbished and upgraded in phases. Since a phased renovation program involved a longer time frame, the Company decided to earmark resorts for complete renovation with the goal of unveiling with impact the new product and service standards being planned for the future across the network of resorts.
Today, the two resorts in Kodaikanal and Munnar have been reopened with new identities that reflect their themes - classical, English countryside in the case of Kodai - By The Lake and the fusion of contemporary and Kerala vernacular architecture in the case of Munnar - Terrace Greens.
Along with the work of substantially renovating the Kodaikanal and Munnar resorts, the Company also made progress in the phased out renovation of rooms across its resorts. Currently, 212 rooms across 7 resorts have been refurbished with new amenities with another 105 rooms underway. In 2012-13, more rooms across resorts will be taken up for modernisation and upgradation.
Besides renovation, the Company has been investing in raising its service standards in recent years. Substantial investments have been made in recruiting a skilled and experienced Resort Management team. Staff strength at resorts has also been increased to 1 employee per room from the previous ratio of 0.8 to ensure that guest expectations are met efficiently.
The Indian consumer of today is more outward looking and seeks new experiences in cuisine. To delight the evolved taste palette of consumers, the Company carried out further enhancements in its Food and Beverage services. Across resorts, the Company now offers an expanded multi-cuisine menu on the one hand, while catering to specialist diet requirements such as a Jain meal on the other. In addition to these measures, all resorts in the network host periodical food festivals and theme dinners to add value to the dining experience of members and guests.
No holiday is complete without experiencing both outdoor and indoor fun activities. Sterling was a pioneer in introducing a range of Holiday Activities at its resorts, investing in recruiting and training teams of Holiday Activities personnel to entertain guests and ensure that they have a memorable holiday. Branded Fun Rangers, these teams interact with guests, encouraging them to participate in outdoor and indoor games and entertainment in the evenings. In 2011-12, the Company expanded its range of Holiday Activities to include activities such as Night Safaris and Rope Adventure courses. To ensure that every member of the family is engaged, the Holidays Activities menu was also expanded to offer, for example, cooking and craft classes.
The investments made in raising the product and service standards has begun to show results, as evidenced by Resort Occupancy increasing by 40% year-on-year and Resort Income increasing by 48.2% to Rs. 409.000 Millions from Rs. 273.100 Millions in 2010-11.
OUTLOOK
Though the macroeconomic environment has turned uncertain, the Company believes that it is in a strong position to leverage the positive trends in the Domestic Leisure Tourism market and grow its business rapidly. In the Vacation Ownership segment, the Company’s Vacation Ownership plans are attractively priced and offer consumers protection against the effects of inflation; a factor that will have enhanced appeal in the current market environment. The Company’s domain expertise and visible efforts to substantially renovate and upgrade its resorts to global, best-in-class standards will also help consolidate and strengthen the Company’s market position in the Vacation Ownership and Leisure Hospitality markets in the coming years. The Company’s outlook for 2012-13 is, therefore, optimistic.
STATEMENT OF
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30th June 2013
Rs. In Millions
|
|
STAND ALONE |
|||
|
PARTICULARS |
Quarter ended |
Year ended |
||
|
|
30.06.2013 |
31.03.2013 |
30.06.2012 |
31.03.2013 |
|
|
(unaudited) |
(audited) |
(unaudited) |
(audited) |
|
1. Income from operations |
|
|
|
|
|
(a) Net Sales / Income from Operations |
318.032 |
261.542 |
275.761 |
989.700 |
|
(b) Other operating income |
4.794 |
3.108 |
4.979 |
18.231 |
|
Total income from
operation (net) |
322.826 |
264.650 |
280.740 |
1007.931 |
|
2. Expenditure |
|
|
|
|
|
(a) Cost of materials consumed |
21.277 |
14.895 |
15.575 |
59.762 |
|
(b) Employee benefit expenses |
137.948 |
138.061 |
110.154 |
523.211 |
|
(c) Amortisation of Deferred Stock Compensation Cost |
13.992 |
- |
7.538 |
13.024 |
|
(d) Depreciation/Amortisation |
19.087 |
16.445 |
12.091 |
63.251 |
|
(e) Sales Promotion |
36.268 |
26.468 |
45.376 |
164.820 |
|
(f) Other expenses (any item exceeding 10% of the total expenses relating to continuing operations to be shown separately) |
126.659 |
151.518 |
113.398 |
474.839 |
|
Total Expenses |
355.230 |
347.387 |
304.132 |
1298.907 |
|
3. Profit / (Loss)
from Operations before Other Income, Interest and Exceptional Items (1-2) |
(32.404) |
(82.736) |
(23.392) |
(290.976) |
|
4. Other Income |
34.677 |
23.058 |
14.331 |
78.897 |
|
5. Profit / (Loss)
before finance costs and Exceptional items (3+4) |
2.273 |
(59.679) |
(9.061) |
(212.079) |
|
6. Finance costs |
7.829 |
7.065 |
0.337 |
12.229 |
|
7. Profit / (Loss) after
finance costs but before Exceptional Items (5-6) |
(5.556) |
(66.744) |
(9.398) |
(224.308) |
|
8. Exceptional items |
- |
15.438 |
- |
15.438 |
|
9. Profit / (Loss)
from Ordinary Activities before tax (7+8) |
(5.556) |
(51.306) |
(9.398) |
(208.870) |
|
10. Tax expense |
- |
- |
- |
- |
|
11. Net Profit /
(Loss) from ordinary activity after tax (9-10) |
(5.556) |
(51.306) |
(9.398) |
(208.870) |
|
12. Extraordinary items (Net of Tax expenses) |
- |
- |
- |
- |
|
13. Net Profit / (Loss) for the period (11-12) |
(5.556) |
(51.306) |
(9.398) |
(208.870) |
|
14. Share of Profit / (Loss) of associates |
|
|
|
|
|
15. Minority Interest |
|
|
|
|
|
16. Net Profit / (Loss)
after taxes, minority interest and share of Profit / (Loss) of associates |
|
|
|
|
|
17. Paid-up Equity Share Capital - (Face Value of Rs.10/- each) |
681.966 |
677.094 |
633.645 |
677.094 |
|
18. Reserves Excluding Revaluation Reserve (as per Balance Sheet of previous accounting year) |
|
|
|
20.734 |
|
19. Earnings per share (EPS) |
|
|
|
|
|
(a). Basic and diluted EPS before Extraordinary items for the period, for the year to date and for the previous year (not to be annualised) (in Rupees) |
|
|
|
|
|
- Basic |
(0.33) |
(0.78) |
(0.15) |
(3.19) |
|
- Diluted |
(0.33) |
(0.78) |
(0.15) |
(3.19) |
|
(b). Basic and diluted EPS after Extraordinary items for the period, for the year to date and for the previous year (not to be annualised) (in Rupees) |
|
|
|
|
|
- Basic |
(0.33) |
(0.78) |
(0.15) |
(3.19) |
|
- Diluted |
(0.33) |
(0.78) |
(0.15) |
(3.19) |
|
|
|
|
|
|
|
A PARTICULARS OF SHAREHOLDING |
|
|
|
|
|
1 Public shareholding |
|
|
|
|
|
- Number of shares |
60295514 |
59808343 |
55463445 |
59808343 |
|
- Percentage of shareholding |
88.41 |
88.33 |
87.53 |
88.33 |
|
2 Promoters and Promoter Group Shareholding a) Pledged / Encumbered |
|
|
|
|
|
- Number of shares |
0 |
0 |
0 |
0 |
|
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
0.00 |
0.00 |
0.00 |
0.00 |
|
- Percentage of shares (as a % of the total share capital of the company) |
0.00 |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
b) Non - encumbered - Number of shares |
7901008 |
7901008 |
7901008 |
7901008 |
|
- Percentage of shares (as a % of the total shareholding of the Promoter and Promoter group) |
100.00 |
100.00 |
100.00 |
100.00 |
|
- Percentage of shares (as a % of the total share capital of the company) |
11.59 |
11.67 |
12.47 |
11.67 |
|
|
|
|
|
|
|
B INVESTOR COMPLAINTS |
|
|
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
|
|
Received during the quarter |
Nil |
|
|
|
|
Disposed of during the quarter |
Nil |
|
|
|
|
Remaining unresolved at the end of the quarter |
Nil |
|
|
|
Notes:
- The above results have been reviewed by the Audit Committee, approved and taken on record by the Board of Directors of the Company at their meeting held on 25.07.2013.
- The Company has alloted 4,87,171 equity shares of Rs 10 each under ESPS 2011. Consequently the issued and paid up capital of the Company stands increased to Rs.681.966 Millions as on 30th June 2013.
- The Company has identified the "Time share" as the only primary reportable segment.
- Pursuant to the scheme of Amalgamation of Manchanda Resorts Private Limited (Transferor Company) with Sterling Holiday Resorts (India) Limited (Transferee Company) filed with the High Court of Madras, it is proposed to merge Transferor company, the appointed date being 1st April 2012. The scheme shall be given effect in the books of Company with effect from the appointed date, on receipt of necessary approvals.
- During this quarter, the company has added one leased resort at Yelagiri.
- Figures for the previous period are re-classified/re-arranged/re-grouped, wherever necessary.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10431482 |
23/05/2013 |
70,000,000.00 |
HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED |
RAMON HOUSE 169 BACKBAY RECLAMATION, H T PAREKH MARG, MUMBAI, Maharashtra - 400020, INDIA |
1 |
|
2 |
10378797 |
14/09/2012 |
50,000,000.00 |
HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED |
RAMON HOUSE 169 BACKBAY RECLAMATION, H T PAREKH MARG, MUMBAI, Maharashtra - 400020, INDIA |
2 |
|
3 |
10371517 |
21/08/2012 |
100,000,000.00 |
KOTAK MAHINDRA BANK LIMITED |
36-38A, NARIMAN BHAVAN, 227, D, NARIMAN POINT, M |
3 |
|
4 |
10367784 |
21/05/2013 * |
550,000,000.00 |
ILandFS FINANCIAL SERVICES LIMITED |
II and FS FINANCIAL CENTREPLOT NO C-22 G BLOCK, BANDRA
KURLA COMPLEX BANDRA E, MUMBAI, Maharashtra - |
4 |
|
5 |
90289760 |
10/11/2005 |
100,000,000.00 |
WIPRO LIMITED. |
DODDAKANNELLI, SARJAPUR ROAD, BANGALORE, Karnataka - 560036, INDIA |
5 |
|
6 |
90286871 |
30/03/1998 |
526,800.00 |
STATE BANK OF TRAVANCORE |
AGRICULTURAL DEVELOPMENT, NAGERCOIL, Tamilnadu, |
6 |
|
7 |
90286861 |
15/09/1997 * |
20,000,000.00 |
V.S.DEMPO and COMPANY LIMITED |
DEMPO HOUSE, CAMPAL, PANAJI, Goa - 403001, INDIA |
7 |
|
8 |
90287422 |
25/06/1996 |
60,000,000.00 |
THE HONGKONG and SHANGHAI BANKING CORPORATION LIMITE |
30; RAJAJI SALAI, MADRAS, Tamilnadu - 600001, INDIA |
8 |
|
9 |
90290127 |
26/12/1996 * |
60,000,000.00 |
THE HONGKONG and SHANGHAI BANKING CORPORATION LIMITE |
30; RAJAJI SALAI, MADRAS, Tamilnadu - 600001, INDIA |
9 |
|
10 |
90288878 |
14/02/1996 |
100,000,000.00 |
INDUSTRIAL CREDIT AND INVESTMENT CORPORATION OF IN |
30; RAJAJI SALAI, MADRAS, Tamilnadu - 600001, INDIA |
10 |
|
11 |
90287404 |
29/01/1996 |
155,000,000.00 |
THE HONGKONG and SHANGHAI BANKING CORPORATION LIMITE |
30; RAJAJI SALAI, MADRAS, Tamil Nadu - 600001, IND |
11 |
|
12 |
90290118 |
26/12/1996 * |
310,000,000.00 |
THE HONGKONG and SHANGHAI BANKING CORPORATION LIMITE |
30; RAJAJI SALAI, MADRAS, Tamilnadu - 600001, INDIA |
12 |
|
13 |
90291109 |
02/08/1995 |
3,374,400.00 |
DCL FINANCE LIMITED |
6-3-666/B; DECCAN CHAMBERS, 6TH FLOOR; SOMAJIGUDE, HYDERABAD, Andhra Pradesh - 500018, INDIA |
13 |
|
14 |
90288868 |
29/07/1995 |
10,000,000.00 |
SYNDICATE BANK |
OVERSEAS BRANCH, 37; WHITES ROAD, MADRAS, Tamil N |
14 |
|
15 |
90288858 |
01/02/1995 |
6,000,000.00 |
SYNDICATE BANK |
OVERSEAS BRANCH 37; WHITES ROAD, MADRAS, Tamilnadu - 600014, INDIA |
15 |
|
16 |
90291095 |
12/01/1993 |
1,112,664.00 |
DCL FINANCE LIMITED |
6-3-666/B; DECCAN CHAMBERS, 6TH FLOOR; SOMAJIGUDE, HYDERABAD, Andhra Pradesh - 500018, INDIA |
16 |
|
17 |
90291091 |
16/07/1990 |
686,660.00 |
DCL FINANCE LIMITED |
6-3-666/B; DECCAN CHAMBERS, 6TH FLOOR; SOMAJIGUDE, HYDERABAD, Andhra Pradesh - 500018, INDIA |
17 |
* Date of charge modification
FIXED ASSETS
- Building
- Plant and Machinery
- Office Equipments
- Electrical Fittings
- Furniture and Fixtures
- Vehicles
AS PER WEBSITE
PRESS RELEASE
STERLING HOLIDAY RESORTS TURNAROUND STRATEGIES DELIVER PROFITABLE QUARTER
July 25. 2013
Highlights of Q1 FY14 Results:
- Total Operating Income for the quarter rose to Rs.395.000 millions, up 25% from the corresponding quarter of the previous year
- EBITDA increases by 336% over corresponding quarter
- PAT of Rs. 6.000 millions
Sterling Holiday Resorts (India) Limited (STERLINH), a pioneer and leading Vacation Ownership and Leisure Hospitality company in India, today, announced its results for the quarter ending June 30 2013.
For the quarter ended June 30, 2013, the Company reported Profit after Tax of Rs. 6.000 millions on Total Operating Income of INR 395 million, EBITDA was reported as INR 47 million, an increase of 336% over the corresponding quarter of the previous fiscal.
The significant improvement in the Company's performance is a result of the strategic initiatives over the last couple of years and the investments made in enhancing the product and service on offer to contemporary, best-in-class standards. These efforts have seen a rise in the number of Vacation Ownership members and non-members holidaying at the Company's resorts, leading to an increase in resort occupancy to 65% from 52% in the same period last year.
The Company added 1 new resort - Yelagiri - MariGold Ridge - during the quarter, taking the total room inventory to 1512 across 19 resorts- The ongoing expansion in the Company's destination network and inventory has been welcomed by its Vacation Ownership members as it signals that Sterling will continue to maintain a healthy member to room ratio, providing members with more opportunities to holiday in locales and seasons of their choice.
Commenting on the results, Mr. Siddharth Mehta, Chairman, Sterling Holidays, said, "We have been working towards turning the Company's performance around and creating a strong brand in the marketplace. I am pleased that the investments made in the last few years to substantially raise the standards of our resorts and holiday experience have begun to yield results. We continue to make investments to further enhance customer experience and strengthen the Company's market position. We are optimistic about our future growth prospects as we navigate in the current environment to become more modern, relevant and aspire to be the market leader."
Mr. Ramesh Ramanathan, Managing Director, Sterling Holidays added, "I am delighted to see the increase in the number of families holidaying with us over the summer, leading to some of our resorts enjoying very high levels of occupancy. The figures tell a story of Brand Sterling's resurgence and the fact that our members are enjoying the enhanced holiday experience at both our refurbished and new resorts. We intend to continue our focus on delivering Great Holiday experiences and value to our customers. In the last quarter, we have introduced Sterling Hotshots, an all-new Entertainment initiative for toddlers, children and teenagers in select resorts. In the year to come, we will be extending the concept to our other resorts as the initiative has been much appreciated by our members and guests."
About Sterling
Holiday Resorts (India) Limited
Sterling Holiday Resorts (India) Limited is a pioneer in Vacation Ownership and a leading Leisure Hospitality company in India. Sterling was incorporated in 1986 with the vision of delivering Great Holiday experiences to Indian Families. To achieve this vision, the company pioneered Vacation Ownership in India and set about building a network of leisure resorts at some of the best holiday destinations in India. Currently, Sterling has an inventory of 1512 rooms spread across 19 resorts located in Corbett, Darjeeling, Dharamshala, Gangtok, Goa, Karwar, Kodaikanal, Lonavala, Manali Munnar, Mussoorie, Ooty, Puri, Thekkady, Yelagiri and Yercaud. The company also has 15 additional sites where it plans to add new resorts in the coming years.
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.59.83 |
|
|
1 |
Rs.91.76 |
|
Euro |
1 |
Rs.79.33 |
INFORMATION DETAILS
|
Information
Gathered by : |
JML |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
28 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.