MIRA INFORM REPORT
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Report Date : |
10.06.2013 |
IDENTIFICATION DETAILS
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Name : |
THE INDIAN HOTELS COMPANY LIMITED |
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Registered
Office : |
Mandlik House, |
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Country : |
India |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
01.04.1902 |
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Com. Reg. No.: |
11-000183 |
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Capital
Investment / Paid-up Capital : |
Rs. 759.500 millions |
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CIN No.: [Company Identification
No.] |
L74999MH1902PLC000183 |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
The Company is engaged in the business of owning, operating and managing hotels, palaces and resorts. |
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No. of Employees
: |
Information declined by management |
RATING & COMMENTS
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MIRA’s Rating : |
A (68) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 134700000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an old and an established company having fine track record.
Financial position of the company appears to be sound. Fundamentals are strong
and healthy. Trade relations are reported as trustworthy. Business is active.
Payments are reported to be regular and as per commitments. The company can be considered good for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
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Rating Agency Name |
CARE |
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Rating |
Long term rating: AA+ |
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Rating Explanation |
High degree of safety and very low credit risk. |
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Date |
April, 2013 |
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Rating Agency Name |
CARE |
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Rating |
Short term rating: A1+ |
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Rating Explanation |
Very strong degree of safety and lowest credit risk. |
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Date |
April, 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-COOPERATIVE (Tel. No.: 91-22-66395515)
LOCATIONS
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Registered Office : |
Mandlik House, Mandlik Road,
Mumbai-400001, Maharashtra, India |
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Tel. No.: |
91-22-66395515 |
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Fax No.: |
91-22-22027442 |
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E-Mail : |
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Website : |
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Corporate Office: |
15/17, |
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Tel No.: |
91-22-66651000 |
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Fax No.: |
91-22-22846680 / 83 |
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Overseas Office : |
Located at · Nepal · Sri Lanka · Oman · Maldives · London · Yemen · Dubai. |
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Branches : |
India Locations
·
· Jaipur · Jaisalmer ·
·
·
· Khajuraho ·
· Ahmedabad · Vadodara · Nashik · Mumbai ·
·
·
· Chennai ·
· Ooty ·
· Thekkady · Varkala ·
· Kumarakom ·
· Chiplun · Sasangi · Sawai Madhopur · Cochin |
DIRECTORS
As on 31.03.2012
|
Name : |
Mr. Ratan N Tata |
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Designation : |
Chairman |
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Name : |
Mr. R K Krishna Kumar |
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Designation : |
Vice Chairman |
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Name : |
Mr. K. B. Dadiseth |
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Designation : |
Director |
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Date of Birth/Age : |
20.12.1945 |
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Qualification : |
B. Com., Member, Institute of Chartered Accountants, England and Wales |
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Date of Appointment : |
09.05.2000 |
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Other Directorship : |
· Britannia Industries Limited · ICICI Prudential Life Insurance Company Limited · Piramal Healthcare Limited · ICICI Prudential Trust Limited · Siemens Limited · Godrej Properties Limited |
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Name : |
Mr. Deepak Parekh |
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Designation : |
Director |
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Name : |
Mr. Jagdish Capoor |
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Designation : |
Director |
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Date of Birth/Age : |
01.07.1939 |
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Qualification : |
M.Com., Certified Associate of Indian Institute of Bankers (CAIIB) |
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Date of Appointment : |
27.07.2001 |
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Other Directorship : |
· Assets Care and Reconstruction Enterprise Limited · LIC Pension Fund Limited · Manappuram General Finance and Leasing Limited · Alankit Assignments Limited · Vikas GlobalOne Limited · Entegra Limited · LIC Housing Finance Limited |
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Name : |
Mr. Shapoor Mistry |
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Designation : |
Director |
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Name : |
Mr. Nadir Godreg |
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Designation : |
Director |
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Date of Birth/Age : |
26.08.1951 |
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Qualification : |
B.Sc. Chemical Engineering - Massachusetts Institute of Technology (MIT) M.S. Chemical Engineering - Stanford University. MBA - Harvard Business School |
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Date of Appointment : |
07.11.2008 |
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Other Directorship : |
· Godrej Industries Limited · Godrej Agrovet Limited · Godrej Tyson Foods Limited · Godrej Oil Palm Limited · Godrej and Boyce Mfg. Company Limited · Godrej Properties Limited · Godrej Consumer Products Limited · Mahindra and Mahindra Limited · KarROX Technologies Limited · Tata Teleservices (Maharashtra) Limited · Cauvery Palm Oil Limited |
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Name : |
Raymond N. Bickson |
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Designation : |
Managing Director |
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Name : |
Anil P. Goel |
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Designation : |
Executive Director – Finance |
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Name : |
Mehernosh S. Kapadia |
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Designation : |
Executive Director – Corporate Affairs (w.e.f. August 10, 2011) |
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Date of Birth/Age : |
22.05.1953 |
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Qualification : |
Diploma in Travel Management |
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Date of Appointment : |
10.08.2011 |
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Other Directorship : |
· Ewart Investments Limited · Taj SATS Air Catering Limited · Tata Realty and Infrastructure Limited · Taj Air Limited |
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Name : |
Abhijit Mukerji |
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Designation : |
Hotel Operations |
KEY EXECUTIVES
|
Name : |
Deepa Misra Harris |
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Designation : |
Sr. Vice President – Sales and Marketing |
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Name : |
H. N. Shrinivas |
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Designation : |
Sr. Vice President – Human Resources |
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Name : |
Yannick Poupon |
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Designation : |
Chief Operating Officer – Luxury Hotels (International) |
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Name : |
Jyoti Narang |
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Designation : |
Chief Operating Officer – Luxury Hotels (India) |
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Name : |
P. K. Mohankumar |
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Designation : |
Chief Operating Officer – Gateway Hotels |
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Name : |
Veer Vijay Singh |
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Designation : |
Chief Operating Officer – Vivanta Hotels |
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Name : |
Beejal Desai |
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Designation : |
Vice President – Legal & Company Secretary |
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Committees of the
Board : |
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Audit Committee : |
· Mr. K. B. Dadiseth - Chairman · Mr. Deepak Parekh · Mr. Jagdish Capoor |
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Remuneration
Committee : |
· Mr. Jagdish Capoor - Chairman · Mr. Ratan N. Tata · Mr. R. K. Krishna Kumar |
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Shareholders’ /
Investor Grievance Committee : |
· Mr. R. K. Krishna Kumar - Chairman · Mr. Raymond N. Bickson · Mr. Abhijit Mukerji |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2013
|
Category
of Shareholder |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding
of Promoter and Promoter Group |
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|
303066224 |
37.54 |
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|
303066224 |
37.54 |
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Total
shareholding of Promoter and Promoter Group (A) |
303066224 |
37.54 |
|
(B) Public
Shareholding |
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|
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|
6597750 |
0.82 |
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|
127496983 |
15.79 |
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|
2900 |
0.00 |
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|
38283291 |
4.74 |
|
|
125631289 |
15.56 |
|
|
6047 |
0.00 |
|
|
6047 |
0.00 |
|
|
298018260 |
36.92 |
|
|
|
|
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|
33093088 |
4.10 |
|
|
|
|
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|
147124392 |
18.23 |
|
|
10535781 |
1.31 |
|
|
15386962 |
1.91 |
|
|
433755 |
0.05 |
|
|
4684199 |
0.58 |
|
|
880367 |
0.11 |
|
|
3716407 |
0.46 |
|
|
5672234 |
0.70 |
|
|
206140223 |
25.54 |
|
Total Public
shareholding (B) |
504158483 |
62.46 |
|
Total (A)+(B) |
807224707 |
100.00 |
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
248080 |
0.00 |
|
|
248080 |
0.00 |
|
Total
(A)+(B)+(C) |
807472787 |
0.00 |
Shareholding of securities (including shares, warrants, convertible securities)
of persons belonging to the category Promoter and Promoter Group
|
Name
of Shareholder |
No. of Shares |
Percentage of
Holding |
|
Lady Tata Memorial Trust |
1,77,28,200 |
2.20 |
|
Sir Dorabji Tata Trust |
5,02,21,040 |
6.22 |
|
Sir Ratan Tata Trust |
1,10,23,220 |
1.37 |
|
Tata Sons Limited |
20,20,52,004 |
25.02 |
|
Tata Investment Corporation Limited |
98,94,060 |
1.23 |
|
Ewart Investment Limited |
13,18,543 |
0.16 |
|
Tata Chemicals Limited |
72,71,666 |
0.90 |
|
Tata Global Beverages Limited |
16,87,742 |
0.21 |
|
Tata Industries Limited |
4,52,571 |
0.06 |
|
Tata Capital Limited |
12,000 |
0.00 |
|
Oriental Hotels Limited |
5,11,836 |
0.06 |
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Taida Trading and Industries Limited |
1,27,768 |
0.02 |
|
Taj Madurai Limited |
7,65,574 |
0.09 |
|
Total |
30,30,66,224 |
37.53 |
Shareholding of securities (including shares, warrants, convertible
securities) of persons belonging to the category Public and holding more than
1% of the total number of shares
|
Name
of Shareholder |
No. of Shares |
Percentage of
Holding |
|
Life Insurance Corporation of India |
76879324 |
9.52 |
|
LIC of India Market Plus Growth Fund |
16953393 |
2.10 |
|
LIC of India Money Plus Growth Fund |
9253512 |
1.15 |
|
General Insurance Corporation of India |
14752093 |
1.83 |
|
New India Assurance Company Limited |
11530462 |
1.43 |
|
Siwa Holdings Limited |
11923042 |
1.48 |
|
FID Funds Mauritius Limited |
8317199 |
1.03 |
|
SAIF III Mauritius Company Limited |
13107574 |
1.62 |
|
Government Pension Fund Global |
35324214 |
4.37 |
|
Total |
198040813 |
24.53 |
Shareholding of securities (including shares, warrants, convertible
securities) of persons (together with PAC) belonging to the category “Public” and
holding more than 5% of the total number of shares of the company
|
Name
of Shareholder |
No. of Shares |
Percentage of
Holding |
|
Life Insurance Corporation of India |
76879324 |
9.52 |
|
Total |
76879324 |
9.52 |
Details of Locked-in Shares
|
Name
of the Shareholder |
No.
of Shares |
Locked-in
Shares as % of |
|
Tata Sons Limited |
8,40,00,000 |
10.40 |
|
Total |
8,40,00,000 |
10.40 |
Details of Depository Receipts (DRs)
|
Type
of Outstanding DR (ADRs, GDRs, SDRs, etc.) |
No.
of Outstanding DRs |
No.
of Shares Underlying |
Shares
Underlying Outstanding DRs as % of Total No. of Shares |
|
Global Depository Receipts |
2,48,080 |
2,48,080 |
0.03 |
|
Total |
2,48,080 |
2,48,080 |
0.03 |
BUSINESS DETAILS
|
Line of Business : |
The Company is engaged in the business of Owning, Operating and Managing Hotels, Palaces And Resorts. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by management |
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Bankers : |
· The Hongkong and Shanghai Banking Corporation Limited · Standard Chartered Bank · Citibank N.A · HDFC Bank Limited · ICICI Bank Limited |
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Facilities : |
Note: Secured Debentures includes: a) 3,000, 10.10% Secured Non-Convertible Debentures of Rs. 10 lakhs each
aggregating Rs. 3000.000 millions, are allotted on November 18, 2011 and
repayable at par at the end of 10th year from the date of allotment i.e
November 18, 2021. b) 2,500, 9.95% Secured Non-Convertible Debentures of Rs. 10 lakhs
each aggregating Rs. 2500.000 millions, are allotted on July 27, 2011 and
repayable at par at the end of 10th year from the date of allotment i.e July
27, 2021. The Company has entered into currency swap transactions with a view
to convert these debentures into foreign currency borrowing, to hedge its
foreign currency assets. Accordingly, the underlying borrowings are
translated at the exchange rate prevailing at the Balance Sheet date. c) 3,000, 2% Secured Non-Convertible Debentures of Rs. 10 lakhs each aggregating
Rs. 3000.000 millions, are allotted on March 22, 2010 and repayable in 3
annual instalments commencing at the end of 5th, 6th and 7th year from the
date of allotment along with redemption premium of Rs. 6.13 lakhs per
debenture in the ratio of 20:30:50 so as to give a YTM of 9.5%. The Company
has entered into currency swap transactions on Rs. 2000.000 millions with a
view to convert these debentures into foreign currency borrowing, to hedge
its foreign currency assets. Accordingly, the underlying borrowings to the
extent of Rs. 2000.000 millions are translated at the exchange rate
prevailing at the Balance Sheet date. d) 3,000, 11.80% Secured Non-Convertible Debentures of Rs. 10 lakhs
each aggregating Rs. 3000.000 millions, allotted on December 18, 2008 and
repayable in 3 annual instalments in the ratio of 50:30:20 at the end of the
3rd year from the date of allotment. During the year, the Company has repaid
the first instalment which was due on December 18, 2011, of Rs. 1500.000
millions. e) 2,500, 9.50% Secured Non-Convertible Debentures of Rs. 10 lakhs
each aggregating Rs. 2500.000 millions, allotted on February 27, 2007, and
repayable at the end of 5th year from the date of allotment. These debentures
were fully redeemed by the Company during the year on its due date. f) 6,02,76,898, 6% Secured Non-Convertible Debentures of Rs. 100 each
aggregating Rs. 6027.700 millions, allotted on May 13, 2008, for the period
of 3 years which were repaid by the Company on May 13, 2011. All the Secured
Non-Convertible Debentures are rated, listed and secured by a pari passu
first charge created on all the fixed assets of the Company, both present and
future. Secured loan from bank consists of overdraft facilities. These are secured by hypothecation of operating supplies, stores, food and beverages and receivables. |
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Banking
Relations : |
-- |
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Auditors 1: |
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Name : |
Deloitte Haskins and Sells Chartered Accountants |
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Auditors 2: |
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Name : |
PKF Sridhar and Santhanam Chartered Accountants |
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Company having
substantial interest: |
Tata Sons Limited, India |
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Subsidiary Companies : |
Domestic · TIFCO Holdings Limited, India · Residency Foods and Beverages Limited, India · KTC Hotels Limited, India · United Hotels Limited, India · Taj SATS Air Catering Limited, India · Roots Corporation Limited, India · Taj Enterprises Limited*, India · Taj Trade and Transport Company Limited,* India · Benares Hotels Limited,* India · Inditravel Limited, * India · Piem Hotels Limited,* India · Northern India Hotels Limited,* India · Taj Rhein Shoes Co. Limited,* India · Ideal Ice and Cold Storage Company Limited,* India International · Samsara Properties Limited British Virgin, Islands · Apex Hotel Management Services (Pte) Limited, Singapore · Chieftain Corporation NV Netherlands, Antilles · IHOCO BV, Netherlands · St. James Court Hotel Limited, United Kingdom · Taj International Hotels Limited, United Kingdom · IHMS (Australia) Pty. Limited, Australia · International Hotel Management Services Inc., United States of America · Taj International Hotels (H.K.) Limited, Hong Kong · PIEM International (H.K.) Limited,* Hong Kong |
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Jointly Controlled Entities : |
Domestic · Taj Madras Flight Kitchen Private Limited, India · Taj Karnataka Hotels and Resorts Limited, India · Taj Kerala Hotels and Resorts Limited, India · Taj GVK Hotels and Resorts Limited, India · Taj Safaris Limited, India International · TAL Hotels and Resorts Limited, Hong Kong ·
IHMS Hotels (SA) (Proprietary) Limited, South
Africa |
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Associates : |
Domestic · Taj Air Limited (ceased to be an Associate with effect from September 27, 2010) India · Oriental Hotels Limited, India · Taj Madurai Limited, India · Taida Trading and Industries Limited, India · Taj Enterprises Limited,* India · Taj Trade and Transport Company Limited,* India · Benares Hotels Limited,* India · Inditravel Limited,* India · Piem Hotels Limited,* India · Northern India Hotels Limited,* India · Taj Rhein Shoes Company Limited,* India · Ideal Ice and Cold Storage Company Limited,* India · Kaveri Retreats and Resorts Limited, India International · Lanka Island Resort Limited, Sri Lanka · TAL Lanka Hotels PLC, Sri Lanka ·
BJETS Pte Limited, Singapore |
* Became
subsidiaries with effect from May 25, 2011.
CAPITAL STRUCTURE
After 03.08.2012
Authorised Capital : Rs. 2000.000
millions
Issued, Capital : Rs. 807.473 millions
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000000 |
Equity Shares |
Re.1/- each |
Rs. 1000.000 Millions |
|
10000000 |
Cumulative Redeemable Preference Shares |
Rs.100/- each |
Rs. 1000.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 2000.000
millions |
Issued, Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
759489291 |
Equity Shares |
Re.1/- each |
Rs. 759.500 Millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
759472787 |
Equity Shares |
Re.1/- each |
Rs. 759.500 Millions |
|
|
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Notes:
The Company has one class of equity shares having a par value of Re. 1/- per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding. During the year ended March 31, 2012, the amount of per share dividend recognised as distribution to equity shareholder was Re. 1/- (Previous year Re. 1/-).
Reconciliation of the
shares outstanding at the beginning and at the end of the year
|
Particulars |
31.03.2012 |
|
|
|
No. of shares |
Rs. In millions |
|
As at the
beginning of the year |
75,94,72,787 |
759.500 |
|
Add : Issued during
the year |
|
|
|
As at the end of
the year |
75,94,72,787 |
759.500 |
The Company had
allotted on preferential basis to Tata Sons Ltd, the Promoter, following
securities on December 23, 2010 :
(a) 3,60,00,000 Ordinary Shares of the face value of Re. 1/- each at a premium of Rs. 102.64 per share aggregating Rs. 3731.000 millions.
(b) 4,80,00,000 Warrants with an option to subscribe to one Ordinary Share of the face value of Re. 1/- each at a premium of Rs. 102.64 per share for every warrant held. The option shall be exercisable after April 1, 2011, but not later than 18 months from the date of issue of the Warrants i.e June 23, 2012. Accordingly, the Company has received Rs. 1243.700 millions, as 25% advance against the warrants from the Promoter. In the event the warrants are not converted into shares within the said period, the Company is eligible to forfeit the amounts received towards the warrants.
Shareholders holding
more than 5% shares in the Company:
|
Particulars |
31.03.2012 |
|
|
|
No. of shares |
% of Holding |
|
Equity share of Rs.
1/- each fully paid |
|
|
|
Tata Sons Limited |
14,87,21,334 |
19.58 |
|
Life Insurance Corporation of India |
7,68,79,324 |
10.12 |
|
Sir Dorabji Tata Trust |
5,02,21,040 |
6.61 |
Aggregate number of
equity shares issued for consideration other than cash and shares issued on
conversion of Foreign Currency Convertible Bonds during the period of five
years immediately preceding the year March 31, 2012 :
|
Particulars |
31.03.2012 No. on Shares |
|
Shares allotted as fully paid shares, pursuant to amalgamation of Gateway Hotels and Getaway Resorts Limited and Indian Resort Hotels Limited with the Company. |
1,62,19,670 |
|
Shares issued as fully paid shares, pursuant to exercise of option for conversion by holders of Foreign Currency Convertible Bonds. |
903 |
16,504 Ordinary Shares have been issued but not subscribed to as at the end of the respective years and have been kept in abeyance pending resolution of legal dispute.
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 |
759.500 |
759.500 |
723.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
31674.900 |
30285.900 |
26168.700 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
5} Money received against warrants |
1243.700 |
1243.700 |
0.000 |
|
|
NETWORTH |
33678.100 |
32289.100 |
26892.200 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
9711.800 |
4612.400 |
17527.700 |
|
|
2] Unsecured Loans |
11913.300 |
8116.100 |
8977.800 |
|
|
TOTAL BORROWING |
21625.100 |
12728.500 |
26505.500 |
|
|
DEFERRED TAX LIABILITIES |
959.300 |
277.800 |
0.000 |
|
|
Long Term Deposits |
0.000 |
0.000 |
216.900 |
|
|
Foreign Currency Monetary Item Translation Difference Account |
0.000 |
0.000 |
41.000 |
|
|
|
|
|
|
|
|
TOTAL |
56262.500 |
45295.400 |
53655.600 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
18429.300 |
17285.100 |
15612.600 |
|
|
Capital work-in-progress |
2254.300 |
3332.900 |
3701.200 |
|
|
|
|
|
|
|
|
INVESTMENT |
36221.900 |
30267.800 |
24456.300 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
307.900 |
|
|
Long Term Deposit |
0.000 |
0.000 |
10128.100 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
397.900
|
318.300 |
312.500
|
|
|
Sundry Debtors |
1248.300
|
1039.600 |
1216.200
|
|
|
Cash & Bank Balances |
229.300
|
904.100 |
4471.200
|
|
|
Other Current Assets |
670.800
|
380.600 |
0.000
|
|
|
Loans & Advances |
14188.000
|
13674.000 |
4381.200
|
|
Total
Current Assets |
16734.300
|
16316.600 |
10381.100
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1488.600
|
1334.600 |
2446.600
|
|
|
Other Current Liabilities |
8730.100
|
13485.600 |
1482.300
|
|
|
Provisions |
7158.600
|
7086.800 |
7007.400
|
|
Total
Current Liabilities |
17377.300
|
21907.000 |
10936.300
|
|
|
Net Current Assets |
(643.000)
|
(5590.400) |
[555.200]
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
4.700 |
|
|
|
|
|
|
|
|
TOTAL |
56262.500 |
45295.400 |
53655.600 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
18087.300 |
16734.500 |
14089.400 |
|
|
|
Other Income |
559.900 |
636.900 |
1114.200 |
|
|
|
TOTAL (A) |
18647.200 |
17371.400 |
15203.600 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Food and Beverages Consumed |
1528.700 |
1361.800 |
|
|
|
|
Employee Benefit Expense and Payment to Contractors |
4713.800 |
4123.900 |
|
|
|
|
Other Operating and General Expenses |
7785.500 |
7064.400 |
|
|
|
|
Exceptional Items |
61.100 |
57.900 |
|
|
|
|
TOTAL (B) |
14089.100 |
12608.000 |
10450.700 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
4558.100 |
4763.400 |
4752.900 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1119.900 |
1464.900 |
1529.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3438.200 |
3298.500 |
3223.900 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1139.000 |
1084.000 |
1041.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
2299.200 |
2214.500 |
2182.500 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
845.700 |
802.000 |
651.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
1453.500 |
1412.500 |
1531.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3801.300 |
4545.800 |
5392.500 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
759.500 |
759.500 |
723.500 |
|
|
|
Tax on Proposed Dividend |
123.200 |
123.200 |
111.100 |
|
|
|
Transfer to Debenture Redemption Reserve |
0.000 |
1133.000 |
1390.000 |
|
|
|
Transfer to General Reserve |
145.400 |
141.300 |
153.100 |
|
|
BALANCE CARRIED
TO THE B/S |
4226.700 |
3801.300 |
4545.800 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Rooms, Restaurants, Banquets and other Services |
7136.000 |
6890.600 |
5742.200 |
|
|
|
Interest |
6.900 |
6.000 |
6.000 |
|
|
TOTAL EARNINGS |
7142.900 |
6896.600 |
5748.200 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
88.400 |
77.400 |
62.800 |
|
|
|
Stores & Spares |
104.900 |
77.800 |
49.000 |
|
|
|
Capital Goods |
279.300 |
483.300 |
454.700 |
|
|
TOTAL IMPORTS |
472.600 |
638.500 |
566.500 |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss)
Per Share (Rs.) |
|
|
|
|
|
|
Basic
|
1.91 |
1.93 |
2.12 |
|
|
|
Diluted |
1.00 |
1.00 |
1.00 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
31.03.2013 |
|
Type |
1st
Quarter |
2nd Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
3964.700 |
3790.100 |
5445.500 |
5558.300 |
|
Total Expenditure |
3304.300 |
3588.400 |
3931.400 |
3890.400 |
|
PBIDT (Excl OI) |
660.400 |
201.700 |
1514.100 |
1667.900 |
|
Other Income |
74.500 |
257.800 |
61.000 |
96.000 |
|
Operating Profit |
734.900 |
459.500 |
1575.100 |
1763.900 |
|
Interest |
298.900 |
233.400 |
252.100 |
267.600 |
|
Exceptional Items |
(64.200) |
(02.800) |
(15.000) |
(4247.100) |
|
PBDT |
371.800 |
223.300 |
1308.000 |
(2750.800) |
|
Depreciation |
309.500 |
321.300 |
304.900 |
314.500 |
|
Profit Before Tax |
62.300 |
(98.000) |
1003.100 |
(3065.300) |
|
Tax |
22.000 |
(34.400) |
356.900 |
323.700 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
40.300 |
(63.600) |
646.200 |
(3389.000) |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
40.300 |
(63.600) |
646.200 |
(3389.000) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
7.79
|
8.13
|
10.07 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
12.71
|
13.23
|
15.49 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.54
|
6.59
|
8.40 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07
|
0.07
|
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.64
|
0.39
|
0.99 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.96
|
0.74
|
0.95 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
(Rs. In Millions) |
||
|
Micro and Small Enterprises |
16.000 |
5.200 |
|
|
Accrued expenses and others |
1472.600 |
1329.400 |
|
|
Total |
1488.600 |
1334.600 |
2446.600 |
Note
The amount due to Micro and Small Enterprises as defined in the “The Micro, Small and Medium Enterprises Development Act, 2006” has been determined to the extent such parties have been identified on the basis of information collected by the Management. This has been relied upon by the auditors.
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
CORPORATE INFORMATION
Subject, is a listed public limited company incorporated in 1902. It is promoted by Tata Sons Limited, which holds a significant stake in the Company. The Company is primarily engaged in the business of owning, operating and managing hotels, palaces and resorts.
BUSINESS OVERVIEW
Global economic recovery is losing traction due to continuing Euro zone
debt crisis and the resultant austerity measures being taken by the Euro zone
countries.
Domestically, the state of the economy is a matter of growing concern
with slowing economy, persistently high inflation, uncertain political
environment and depreciation of the Indian Rupee weakening the overall economic
sentiment of the country.
The International tourists arrival worldwide has grown to 980 million in
2011, 4.4% above 2010 and is forecasted to grow at a moderate pace in 2012.
Emerging economies of South Asia, South-East Asia and South America led the
tourism growth with 12% increase in International tourists arrivals.
In the year 2011, the tourism sector in India witnessed a growth as
compared to 2010. The Foreign Tourist Arrivals in India during 2011 were 6.29
million which translates to a 9% growth over the previous year. Foreign
Exchange Earnings from tourism grew from Rs. 648890.000 millions during 2010 to
Rs. 775910.000 millions in 2011, registering a growth of 19.6%. The domestic
tourist traffic is also estimated to have increased by approximately 9% to 804
million during 2011.
The Taj Group launched 5 new Vivanta by Taj hotels during the year at
Srinagar, Yeshwantpur - Bengaluru, Coimbatore, Begumpet - Hyderabad and Bekal -
Kerala. Ginger Hotels currently has a portfolio of 24 hotels with a room
inventory of approximately 2345 rooms. Projects for new Ginger hotels are at
various stages of construction in Bengaluru, Noida, Jaipur, Faridabad, Greater
Noida, Chandigarh and Amritsar. The inventory of the Taj Group of Hotels now
stands at 112 hotels with 13,629 rooms.
The Company continues to pursue the completion of ongoing projects, both
in the domestic and international market, under various brands to achieve
sustainable and profitable growth.
MANAGEMENT DISCUSSION AND ANALYSIS
The Company has been reporting consolidated results taking into account the
results of its subsidiaries, joint ventures and associates (together referred
to as “the Group”). This discussion, therefore, covers the financial results
and other developments during April, 2011 to March, 2012, in respect of the
Group. Some statements in this discussion describing the projections,
estimates, expectations or outlook may be forward looking. Actual results may,
however, differ materially from those stated on account of various factors such
as changes in government regulations, tax regimes, economic developments within
India and the countries within which the Company conducts its business,
exchange rates and interest rates fluctuations, impact of competition, demand
and supply constraints.
OVERVIEW OF THE GLOBAL and INDIAN TOURISM INDUSTRY
The international travel and tourism industry is currently on a growth
path and is set to cross an all time high of more than 1 billion international
travellers in 2012. As per World Travel and Tourism Council (WTTC) estimates,
the travel and tourism sector’s economic contribution, from both direct and
indirect activities combined, was US$ 6.3 trillion in GDP, 255 million jobs, US
$743 billion in investment and US $1.2 trillion in exports, which accounts for
9% of global GDP, 1 in 12 jobs, 5% of investment and 5% of exports. According
to the United Nations World Tourism Barometer, international tourist arrivals
globally were up by 4.4% from 935 million in 2010 to 980 million in 2011.
Emerging economies of South Asia, South-East Asia and South America led
the tourism growth in 2011, with 12% increase in international tourist arrivals
over 2010, much higher than the global average. In terms of regional
performance in the hospitality sector, a healthy RevPAR (Revenue Per Available
Room) growth was observed over 2010, across most regions in Asia Pacific
(AsPac), Europe, America and Middle East by Smith Travel Research (STR) Global
indicating a recovery from the impact of the financial and economic crisis of
the last two years on tourism.
In India, the total direct and indirect economic impact of the industry
is 6.4% of the GDP which is expected to grow at 7.8% for the next 10 years
according to the WTTC Report. As per statistics updated by the Indian Ministry
of Tourism, the foreign tourist arrivals in India for 2011, has been 6.29
million which is an 8.9% increase over 5.8 million tourists of 2010, the growth
being higher than the global scenario but less than the overall AsPac region.
Foreign Exchange Earnings from tourism increased to Rs. 775910.000 millions in
2011, from Rs. 648890.000 millions in 2010, with a growth rate in earnings of
19.6% over 2010. In terms of hospitality industry performance in India, data
from STR reports indicate that the overall rates, occupancies and RevPAR have
been stagnant owing to the impact of increased supply in the market and the
general recessionary environment.
FUTURE PROSPECTS
The United Nations World Tourism Organisation (UNWTO) expects growth to
continue for the tourism sector in 2012, although at a slower rate. It
forecasts international tourist arrivals to grow in the range of 3% to 4% in
2012. WTTC indicates that this growth will be moderate as the bounce-back for
tourism destinations that faced specific challenges last year, will be offset
by a weaker performance in other countries. Travel and tourism in China, India,
Japan (bounce-back), Latin America and Africa is expected to perform well in
2012. UNWTO, predicts that India will receive 25 million foreign tourists by
the year 2015.
Despite the economic and political scenarios worldwide, demand for
business travel has remained relatively robust. Companies are likely to
increase spends and the multiplier effect of healthy salary increases will
drive discretionary spending, especially on leisure travel. The affluent
segments plan to spend more on travel in 2012, creating opportunities for the
hospitality sector in the luxury space.
According to the STR Global Construction Pipeline Report, the AsPac
hotel development pipeline comprises over 1,600 hotels and over 3.6 lakh rooms.
India reported the largest expected room growth (+35 percent) if all 60,845
rooms in its total active pipeline are commissioned as per schedule. Among the
Chain Scale segments, the Upper Upscale segment accounted for the largest
portion of rooms in the total active pipeline with 26%, followed by the Upscale
segment at 23% and the Luxury segment at 19%.
Taj Group has also planned its growth strategy in each of these segments
over the next few years with its distinct brands ‘Taj’ in the Luxury segment,
‘Vivanta by Taj’ in the Upper Upscale segment and ‘The Gateway Hotel’ in the
Upscale segment. The latest brand ‘Vivanta by Taj’ launched in 2010, has
performed extremely well to establish market leadership across key locations.
The customer feedback has been encouraging. Research indicates that the brand
has performed higher than its competitive set and the distinct brand elements
of the Vivanta are strongly endorsed. These early success signs of Vivanta by
Taj and of The Gateway Hotels indicate that the multiple brand strategy
followed by the Company to ride the growth wave in the Indian hospitality
industry and to retain its domestic leadership, is working well.
NEW ADDITIONS
The past year witnessed 5 new properties opening under the Vivanta by
Taj brand and 1 property under The Gateway Hotels brand. This included new
markets for the Taj Group such as Srinagar in Jammu and Kashmir (JandK), Bekal
in North Kerala and Coimbatore in Tamil Nadu and emerging and established
business districts such as Yeshwantpur in Bengaluru and Begumpet in Hyderabad.
These new hotels have added a total inventory of about 800 rooms to the
Company’s portfolio. The brief details of the new properties are as under:
Vivanta by Taj – Dal View,
Srinagar
Inaugurated by the Honorable Chief Minister, Shri Omar Abdullah and
Union Minister, Shri Farooq Abdullah at an event which was telecast and carried
by all leading media and publications. The six acre property has 89 rooms; each
room and suite provides breathtaking views of the valley. This hotel will
generate employment and will have a downstream effect in bringing business to
Kashmir. Launch of this hotel signifies the Company’s commitment to promote
tourism in the state of JandK and it has received a great amount of publicity
and also has featured on the cover of the prestigious Condé Nast Traveller
magazine. The hotel is located at possibly the most vantage point and a bird’s
perch atop the Kralsangri Hill provides uninterrupted views of the Zabarwan mountain
range, the Dal Lake, Char Chinar and the Tulip Garden.
Vivanta by Taj – Bekal, Kerala
This resort and spa destination is their fifth Vivanta property in the
state of Kerala. It offers unparalleled services along with the signature
Vivanta hospitality and is a soul sanctuary for travellers seeking sentient and
sensorial experiences. This sprawling 25-acre resort is located in the Kasargod
district in Northern Kerala and their foray into this market has established
the Bekal destination on the tourism map of the country. Nestled in the midst
of a rustic environment, it is located on the meandering Kerala backwaters and
Kappil river, in a stimulating natural environment with easy access to a
pristine beach. It is home to the Jiva Grande Spa, spread over 165,000 sq feet.
The soft launch was done by the Honorable Minister of Tourism, Mr. Subodh Kant
Sahay. The formal launch was done in an innovative and unique format wherein
key trade and media were taken through seven unique experiences at the resort, including
a traditional Homam ceremony at the Jiva Grande Spa. It is the Company’s first
resort in North Kerala.
Vivanta by Taj – Surya, Coimbatore
The mix of work and play - a stylish urban oasis is what Vivanta by Taj
– Surya, brings to the city of Coimbatore. Located on the elite Race Course
Road, the 180 room hotel is the preferred address for stylish and contemporary
hospitality in the Manchester of South India. The design ensemble is an ode to
the warmth of Surya, the Sun. This cutting-edge business hotel, with
state-of-the-art conferencing and fully-wired meeting facilities, was launched
in the city of Coimbatore, with a major press and customers’ event reaching out
to more than 1000 influencers.
Vivanta by Taj – Yeshwantpur, Bengaluru
In the new and emerging business district of Yeshwantpur, this Vivanta
hotel features 327 suites and rooms, signature restaurants and one of the
largest conferencing and banqueting facilities in the city. It features
dramatic suites, delightful dining options, relaxing recreational
opportunities, mega corporate convention facilities and other enjoyable
facilities. There was a screen to life innovation format at the launch, where
the experience was brought to life through various Food and Beverages (FandB)
and spa touch points as the customers and media were carried through the
narration. Vivanta broke new ground and built a new destination district in the
garden city of Bengaluru with its largest property at Yeshwantpur. Vivanta by
Taj – Yeshwantpur, Bengaluru, is conveniently located close to the
international airport, the city centre and right in the middle of the
convention district of Bengaluru.
Vivanta by Taj – Begumpet, Hyderabad
Located at the intersection of Hyderabad and Secunderabad in close
proximity to the city centre and the fast paced business district of the twin
cities, spacious, contemporary and stylish, Vivanta by Taj - Begumpet,
Hyderabad, has 181 rooms and suites that perfectly blend delightful comforts
with smart technologies. The hotel is centrally situated, and is a short walk
away from Hyderabad’s central business districts, tourist attractions and
shopping destinations. A convenient distance from the international airport and
railway station, the hotel enjoys the unique advantage of servicing both the
business and luxury traveller.
The Gateway Hotel - Gir Forest
The Gateway Hotel - Gir Forest was launched, with a successful press
conference in Ahmedabad and a marketing campaign which included airport
hoardings and features in the likes of the Travel and Leisure Weddings and
Honeymoons Special and they also showcased the brand through the Gateway
experience zone and the Active and Regional home- style cuisine platforms.
Located at the edge of the world-renowned Gir Forest, The Gateway Hotel - Gir
Forest, is the nature lover’s ideal getaway. The 28 aesthetically designed
rooms are equipped with convenient modern-day facilities. A multi-cuisine
restaurant, GAD is the ideal hang-out option. Integral to the experience will
be the jungle safari service offered by the hotel in open Gypsy vehicles. Their
efforts to be environmentally responsible and least damaging to the ecosystem
are on and their presence in this region creates fresh opportunities for local
communities around them. It has been received very well by guests and trade
partners alike and has shown a positive performance on operational and revenue
parameters.
INTERNATIONAL AND DOMESTIC EXPANSIONS International
In pursuit of a larger presence in China, the Company entered into a
Memorandum of Co-operation for a Joint Venture with Yunnan Tourism Company
Limited (A subsidiary of Yunnan Expo Tourism Holding Limited) to engage in
development, construction, operation and management of two hotels in Kunming
Expo Garden, situated in Yunnan province of south-west China.
The design planning of the Company’s Management Contract project in
Beijing, China, has been significantly completed and construction of mock-up of
the standard room is underway. It is expected that full fledged construction of
the hotel will commence around September, 2012. Design work on the Hainan
Project has picked up momentum with the engagement of the master planner and
architect for the project. Taj Palace - Marrakech, is expected to open around
the middle of the year.
The other international projects under management contracts in the
cities of Tangiers, Doha and Dubai continue to be on hold / witnessing slow
progress on account of the economic slowdown.
Domestic
Luxury
For the Sea Rock project in Mumbai, design planning and process of
obtaining approvals is underway.
The Company, through one of its joint ventures, has been awarded a
concession lease to fit out and operate a 275 key Luxury hotel at the Mumbai
Domestic Airport by the Mumbai International Airport Private Limited.
The Company also entered into a management contract for operating an
exclusive ‘Members Only’ Club at the Imperial Residences in Mumbai.
Vivanta by Taj
The “Vivanta” brand will witness further growth with the execution of
Memorandum of Understanding (MoUs) for a resort in Lonavala and a foray in the
Serviced Apartments segment with a property planned in the vicinity of IT hubs
in Chennai and Gurgaon.
Vivanta by Taj - Dwarka, is in advanced stages of construction with the
commencement of work on interior fit outs of public areas and guestrooms and
the façade. The project is targeting a phase-wise hand over towards the end of
the current year. For the Vivanta by Taj - Guwahati project, the construction
drawings are ready and piling works have been completed at site.
As for some of the projects being developed by the subsidiary /
associate companies, the Vivanta by Taj - Amritsar, owned by Piem Hotels
Limited, has received most of the pre-construction approvals and work has
commenced on the site.
Vivanta by Taj – Gurgaon and Vivanta by Taj – Coorg are expected to be
opened this year.
The Gateway Hotel
The Company continued its thrust on flagging properties under the
“Gateway” brand in prominent leisure, economic, commercial and industrial
centres of India by entering into MoUs for hotels in Kabini, Tirupati, Nagpur,
Gurgaon, Gangtok and Bengaluru. Furthermore, the Company completed execution of
the management contract for hotels in Faridabad, Chiplun, Hubli and Chennai,
which are expected to be opened this year.
The Gateway Hotel - Bannerghatta, Bengaluru, under a joint venture
development by Oriental Hotels Limited, saw the commencement of the scope of
work last year with the masonry works.
RENOVATIONS
The Company undertook renovation projects for certain key properties as
per the ongoing product upgradation initiatives as under:
Luxury
International
After refurbishing 5 new suites at 51 Buckingham Gate and 27 rooms in St.
James last year, they have completed additional 3 Suites in 51 Buckingham Gate
and 26 rooms at St. James during the first half of 2011-12. One of the suites,
done in collaboration with Jaguar Cars Limited and aptly named The Jaguar
Suite, has received excellent reviews from the guests and media.
52 rooms at St. James and 11 suites at 51 Buckingham Gate have been
refurbished together with soft refurbishment of 9 Falconers Suites well in time
for the London Olympics in July, 2012. Refurbishment of the Lobby and Hampton’s
Bar was also completed in February, 2012.
Domestic
The Taj Palace Hotel, one of the Company’s key hotels in New Delhi,
completed renovation of 54 rooms and 4 suites on the fourth floor. These modern
and upto date rooms have been well received. In addition, as the hotel caters
to primarily a business clientele, the Business Centre and Function Hall have
also been renovated to meet the changing demands of their well travelled and
discerning guests.
At the Taj West End - Bengaluru, the Board Room and meeting spaces have
been renovated and work on the Health Club, Salon and associated wet areas is
currently underway. In keeping with the demands of the market, the hotel also
renovated its banquet outlets in the garden city of Bengaluru.
After dazzling their customers with a new lobby last year, renovations
at the Taj Coromandel - Chennai, continued this year with a completely new
“Southern Spice”, Chennai’s favourite South Indian restaurant, which opened for
its guests with a new contemporary look. In addition, keeping abreast with the
trend for health and wellness, a new gymnasium and spa are under construction
at the hotel. The Rambagh Palace, Jaipur, also renovated two historical suites
and ten palace rooms.
Vivanta by Taj
International
The Company, through one of its associate companies, has also completed
two mock-up rooms at Vivanta by Taj - Bentota, Sri Lanka and also commenced
masterplan renovation works including rooms and key public areas such as the
lobby, coffee shop, bar and the poolside. Taj Samudra - Colombo, Sri Lanka, the
flagship property of the associate company is also poised to undergo large
scale renovations on the basis of a detailed market research, design planning
for which work has already commenced.
Domestic
The Vivanta division has also experienced a spate of renovations and new
introductions within existing properties so as to enhance guest experiences. At
Vivanta by Taj - Blue Diamond, Pune, the landscape works to spruce up the
entrance driveway and poolside, have concluded. The introduction of ‘Grill at
11” and “Latitude’ at the Vivanta by Taj – Blue Diamond, Pune and ‘Saqi’ at the
Vivanta by Taj – Gomti Nagar, Lucknow, have helped boost the already impressive
image of the division’s FandB prowess. Vivanta by Taj - President in Mumbai,
saw the launch of the spankingly new, state-of-the-art Business Centre Complex.
Vivanta by Taj – Kumarakom, restored and re-launched the heritage part i.e. the
Baker’s Bungalow. Vivanta by Taj – Fisherman’s Cove, Chennai, added a new wing
of rooms, Convention Centre, Gym and Rhythm Lounge.
The Gateway Hotel
Work on the Lobby, Deli and Bar at The Gateway Hotel - Bengaluru, is in
advanced stages of completion and is expected to be open to guests by July,
2012.
Ginger Hotels
The Company’s subsidiary under the “Ginger” brand has 24 operational
hotels. One property has been added in Tirupur under management contract, while
the Haridwar property was divested out of the portfolio effective November,
2011. Further projects are at various stages of construction in Faridabad,
Bengaluru - Koramangala, Mumbai – Andheri East, Chennai – Vadapalani, Noida -
Greater Noida, Jaipur, Chandigarh and Amritsar. Ginger Hotels had a year-end
inventory of 22 owned / leased hotels (with a room inventory of approximately
2150 rooms) in addition to two hotels under management contract (with a room
inventory of 195 rooms).
Keeping in view the changing profile of customers and anticipated degree
of competition, Ginger Hotels has focused upon tying-up with specialized
partners for FandB. Restaurants have been refurbished in Ahmedabad, Pantnagar,
Nashik, Mangalore, Goa and East Delhi. 16 locations received Hazard Analysis
and Critical Control Points (HACCP) certification, while all others completed
Stage 1 of HACCP audit process. A new contract has been signed with Café Coffee
Day.
Ginger has also upgraded its facilities to enhance the guest experience.
WILDLIFE LODGES
The Company’s Joint Venture, Taj Safaris Limited operates four lodges
with a unique interpretative experience in the tiger state of India – Madhya
Pradesh. The four lodges viz. Mahua Kothi at Bandhavgarh, Baghvan at Pench,
Pashan Garh at Panna and Banjaar Tola at Kanha, continued to delight the guest
and educate them about the fragile eco-landscapes of the country.
JIVA SPA
Jiva Spa is an eco-sensitive brand. All spa products are natural and
contain Indian herbs, pure essential oils, lipids, clays, mud, salts and flower
waters; all of a botanical source. Jiva Spa uses organic linen and eco-friendly
toxin-free pottery.
The Jiva Spas based on various parameters, are broadly categorised as
‘Jiva Grande’, ‘Jiva’ and ‘The Spa’ across the Taj Group hotel properties. In
the year 2011 – 12, two new Jiva Spas which are housed in the Vivanta brand of
the Taj Hotels Resorts and Palaces at Yeshwantpur-Bengaluru and Bekal-Kerala,
were launched.
The Jiva Spa at Vivanta by Taj – Yeshwantpur, Bengaluru, boasts of three
generously sized single massage rooms, one couple massage suite, one room
dedicated to beauty, hammam, sauna, experiential and chill showers, a gymnasium
and a relaxation area.
Jiva Grande at Vivanta by Taj – Bekal, Kerala, spread over 165,000 sq
feet, unfolds a refreshing idiom of spa design that creates beautiful spaces
infused with energy, soothing harmony and restorative balance. The spa is
equipped with single and double treatment suites, beauty treatment rooms,
meditation pavilions and yoga studio, relaxation and vitality pools, dedicated
wet area experiences and fully-equipped gym and beauty salon. All the treatment
rooms have their own private courtyards for post-treatment relaxation; each
courtyard is idyllically designed against a setting of serene water gardens and
lush tropical landscaping.
Jiva Spa also offers in-room treatment at The Pierre, New York, where
for the first time in USA, guests can experience traditional therapies rooted
in ancient wellness heritage of India.
AWARDS AND ACCOLADES
The Taj Hotels Resorts and Palaces (THRP)
1 The Indian Hotels Company Limited (IHCL) has been conferred the Gallup
Global Great Workplace Award for the year 2012, i.e. the 3rd year in
succession.
2 Taj InnerCircle, the guest loyalty programme of THRP, was awarded Best
Hotel Program of the Year, Best Redemption Ability and Best Customer Service at
the 2012 Freddie Awards. Taj InnerCircle won this award for the Middle East,
Asia and Oceania region.
3 THRP was voted the Best Hotel Group in India at the Travel + Leisure
India’s Best Awards, 2012.
4 Taj Inner Circle received The Condé Nast Traveller India Readers
Travel Award, 2011, for the “Favourite Hotel Loyalty Programme.”
5 IHCL has won the award for “Outstanding Exporter Of The Year - Travel
and Tourism” at the DHL and CNBC-TV18 International Trade Awards 2010-11,
powered by ICRA.
INTERNATIONAL
Luxury
Taj Cape Town was voted as the 3rd best hotel in the “Top 25
Luxury Hotels in Africa” by Trip Advisor Travellers’ Choice, 2012.
51 Buckingham Gate has been accoladed with Condé Nast Traveller 14th
Annual Readers’ Travel Awards.
Taj Campton Place Restaurant
1. MICHELIN Guide San Francisco, Bay Area and Wine Country, 2011, has recognized renowned San Francisco landmark Campton Place Restaurant with 1 star in its latest annual dining guide for the second year in a row. Featured in the list of Travel + Leisure’s Top 500 World’s Best Hotels, 2012.
2. Voted the top large City Hotel in San Francisco in Travel and Leisure’s World’s Best Awards, 2011.
BLUE, Sydney
1 Won the Best International Hotel at the 5th Annual BI-MINT Partners in Success Awards.
2 Included in the Best Hotels for Location category, Australasia and South Pacific region, on the Condé Nast Traveller UK Gold List, 2012.
3 Featured 9th and 11th on Trip Advisor’s Traveller’s Choice Awards, 2012, Top 25 Trendiest Hotels in Australia and Top 25 Trendiest Hotels in the South Pacific respectively.
Taj Exotica Resort and Spa, Maldives
1 The Taj Exotica Resort and Spa has been ranked “No. 1 Resort in Asia” and “No. 4 Resort in the World” in Trip Advisor’s Traveller’s Choice Awards, 2012, in the “All Inclusive Resort” category.
2 Won The Virgin Holidays Partnership Award for Sustainable Tourism, 2011. Listed among the 100 Best Hotels in Times, France.
DOMESTIC Luxury Taj Falaknuma Palace, Hyderabad (TFP)
1 Brand new entry in the category for Best Hotels for Ambience and Design in Asia on the Condé Nast UK Gold List, 2012.
2 The Condé Nast Traveller India Readers Travel Awards, 2011, for the “Best New Hotel in India”.
3 Featured in Elite Traveller USA’s Top 101 Suites in the World.
4 The Robb Report has featured TFP in its 23rd Annual “Best of Best” Hotels in the World.
5 Condé Nast Traveller UK - Readers’ Poll Awards judges TFP as the Best Overseas Leisure Hotel in Asia (7th in the world’s top 100 across all categories).
6 Travel + Leisure, USA It List: TFP is featured in the sixth annual list of “It” hotels. Editors scoured the globe for the best new properties as they do every year, Travel + Leisure editors and writers logged thousands of miles in search of the next best new hotels for you to lay the head.
7 Featured in the Condé Nast Traveller, USA - The Hot List, 2011 - 124 Best New Hotels in the World.
8 Featured in the Condé Nast Traveller, UK Hotlist, 2011 - The World’s Best New Hotels.
9 HVS India announced Hotel of the Year Awards, 2011, during the 7th Hotel Investment Conference South Asia (HICSA), 2011, for luxury, mid-market and budget/economy categories.
The Taj Mahal Palace, Mumbai (TMP)
1 Voted the Best Heritage Hotel in India at the Travel + Leisure India’s
Best Awards, 2012.
2 Voted as the Hotel of the Year (Editor’s Choice) in the latest edition
of the UK Gallivanter’s Guide.
3 Featured in the T+L US Top 500 World’s Best Hotels List, the Asia
Category.
4 Included in the Best Hotels for Location category (Asia) on the Condé
Nast Traveller UK Gold List, 2012.
5 Received the Condé Nast Traveller India Readers Travel Award, 2011,
for the “Favourite Business Hotel in India.”
6 Featured in Elite Traveller USA’s Top 101 Suites in the World.
7 Condé Nast Traveller UK - Readers’ Poll Awards judges TMP as Runner up
for Overseas Business Hotel (12th in the world’s top 100 across all categories)
8 Ranked number 9 in the Top 10 Hotels in Asia category in Travel +
Leisure’s World’s Best Awards, 2011, Readers’ Poll.
9 The Daily Telegraph has brought out a “Travel Supplement of the Year”
on January 1, 2011 with a cover story of “The 50 Best Hotels in the World”. TMP
is placed 23rd in the list.
10 Featured in the highly coveted Condé Nast Traveller, UK Hotlist, 2011
- The World’s Best New Hotels.
Taj Lake Palace, Udaipur
1 Ranked number one in Asia as well as in India in Trip Advisor’s
Traveller’s Choice Awards, 2012, Top 25 Hotels.
2 Featured on Condé Nast Traveller USA’s Gold List, 2012.
3 Featured in the Travel + Leisure US Top 500 World’s Best Hotels List,
the Asia Category.
4 Conferred with Commitment to Quality Award as the Best in Asia and
Pacific at the recent 2011 Annual Convention of The Leading Hotels of the World
held in Amsterdam.
5 Ranked number 6 in the Top 10 Hotels in Asia category in Travel +
Leisure’s World’s Best Awards, 2011, Readers’ Poll.
Umaid Bhawan Palace, Jodhpur
1 Featured in the T+L US Top 500 World’s Best Hotels List, the Asia
Category.
2 Featured on Condé Nast Traveller USA’s Gold List, 2012.
Rambagh Palace, Jaipur
1 Featured in the Travel + Leisure US Top 500 World’s Best Hotels List,
the Asia Category.
2 Featured in the Condé Nast Traveller USA’s Gold List, 2012.
3 Ranked number 6 in the Top 10 Hotels in Asia category in Travel +
Leisure’s World’s Best Awards, 2011, Readers’ Poll.
Taj Palace Hotel, New Delhi (TPH)
1 Featured in the T+L US Top 500 World’s Best Hotels List, the Asia
Category.
2 Travel + Leisure’s annual World’s Best Awards Survey, 2011,
acknowledges TPH as the Best Business Hotel.
Taj Mahal Hotel, New Delhi
1 Featured in the Trip Advisor’s Traveller’s Choice Awards, 2012, Top 25
Hotels in India.
2 Featured in the Travel +Leisure’s US Top 500 World’s Best Hotels List,
the Asia Category.
The Taj West End, Bengaluru
1 Featured in Trip Advisor’s Traveller’s Choice Awards, 2012, Top 25
Hotels in India.
Taj Safari Lodges
1 Banjar Tola - Kanha was named to the coveted list of Andrew
Harper’s Hideaway Report of The 2011 Grand Award Winners.
2 Mahua Kothi – Bandhavgarh has featured 4th in Condé Nast
Traveller USA’s Hot List, 2012, under the section “All-Stars: 8 of their
Favourite Hot Hotels” Hot List Hotels that changed the reviewers lives.
Vivanta by Taj Vivanta by Taj – Bekal, Kerala
1 Featured in the Condé Nast Traveller, UK Hot List, 2012 - it has been
included as one of the “60 Best New Hotels” in the World.
2 Awarded the best Upscale Resort by Hotel Investment Conference South
Asia (HICSA), 2012.
3 Featured in the Condé Nast Traveller, Russia Hot list, 2012.
4 Awarded the Hotel of the Year, 2012, Best New Hotel Upper Upscale,
2012 and Special Critic’s Award for Creating a New Destination at the HISCA
Conference.
5 Accorded the “Must Visit” acclamation by Vanity Fair UK.
6 SATTE has chosen Vivanta by Taj - Bekal, Kerala, as the Best Upscale
property of the year. The choice was made for its contemporary and traditional
mix of design, combining the best in customer comfort.
Vivanta by Taj - Dal Lake, Srinagar
1 Won the Deal of the Year Award in the Development of the Year category
(under Rs. 2 billion) at the Hotel Investment Forum India (HIFI).
Vivanta by Taj - Hari Mahal, Jodhpur
1 Featured in the Condé Nast USA’s Gold List, 2012.
2 Featured in the in Condé Nast
Readers’ Choice Awards, 2011, Top 100 Resorts in the World category. It also
ranked 15th in the Top 125 Hotels and Resorts in Asia category.
Vivanta by Taj - Fort Aguada, Goa
1 Ranked 13th in the Top 125 Hotels and Resorts in Asia category in the
Condé Nast Readers’ Choice Awards, 2011.
Taj Exotica, Goa
1 Featured in the Trip Advisor’s Traveller’s Choice Awards, 2012, Top 25
Hotels in India.
2 Featured in the Condé Nast Traveller USA’s Gold List, 2012.
3 Ranked 48th in the Top 125 Hotels and Resorts in Asia category in the
Condé Nast Readers’ Choice Awards, 2011.
Jai Mahal Palace, Jaipur
1 The Condé Nast Traveller USA Gold List, 2012, features The Jai Mahal
Palace.
2 Ranked 56th in the Top 125 Hotels and Resorts in Asia category in the
Condé Nast Readers’ Choice Awards, 2011.
Vivanta by Taj - President, Mumbai
1 Ranked 105th in the Top 125 Hotels and Resorts in Asia category in the
Condé Nast Readers’ Choice Awards, 2011.
Vivanta By Taj - Malabar, Kochi
1 Brand new entrant on the Travel + Leisure’s US Top 500 World’s Best
Hotels List, the Asia Category.
Vivanta By Taj - Komarakom, Kerala
1 Ranks 5th on Trip Advisor’s Traveller’s Choice Awards, 2012, Top 25
Hotels in India.
Vivanta By Taj - Kovalam, Kerala
1 Featured in the Trip Advisor’s Traveller’s Choice Awards 2012 Top 25
Hotels in India.
Vivanta By Taj - Whitefield, Bengaluru
1 Won the Second Runners-Up Award for Best Business Hotel for Women
Travellers (India) at the T+L (India and S. Asia) India’s Best Awards.
2 Featured 7th on Trip Advisor’s Traveller’s Choice Awards, 2012, Top 25
Trendiest Hotels in India.
Vivanta By Taj - Panaji, Goa
1 Featured on Trip Advisor’s Traveller’s Choice Awards, 2012, Top 25
Trendiest Hotels in India.
The Gateway Hotels (TGH)
1 TGH –Ernakulum, received the prestigious National Tourism Award from
the President of India for being the Best Hotels in the category.
2 It has also been awarded as the Best Hotel in the country in the
5-Star Category by the Ministry of Tourism, Government of India as well as
winning the Kerala State Tourism Award for the ‘Best Five Star Hotel’ in Kerala
for the 6th time.
3 TGH - Akota Gardens, Vadodara, received the prestigious National Tourism
Award from the President of India for being the Best Hotels in the category.
4 “Karavalli” at TGH – Residency Road, Bengaluru, also featured in The
Miele Guide as one of the top restaurants in Asia.
5 TGH – Chandela, Khajuraho, won the Best Hotel in a Tourist Centre
Award from the Madhya Pradesh State Tourism Development Corporation Limited.
Jiva Spa
1 Jiva Spa at Falaknuma Palace, Hyderabad, has been voted the 5th best
Hotel Spa in the Asia and Indian Subcontinent category by the Condé Nast
Traveller Reader’s Spa Awards, 2012.
2. It has also won an award for ‘Nawab-e- Khaas ~Regal Splendor’, under
the category the best body treatment at the Vogue Beauty Awards, 2011.
3 Jiva Spa at Taj Mahal Palace, Mumbai, was nominated for Men’s Spa of the
Year, 2011. 4 The Jiva Spa at Nadesar Palace, Varanasi, has won the Crystal
Awards, 2012 for Best Boutique Hotel Spa, AsPac, Singapore, 2011.
UNSECURED LOAN
|
Particulars |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
In Millions) |
|
Debentures |
5816.800 |
3884.800 |
|
Term Loans from Banks |
4859.900 |
1320.000 |
|
Fixed Deposits - From Shareholders |
6.000 |
619.200 |
|
Fixed Deposits – From Others |
0.000 |
2264.400 |
|
Loans and advances from Related Parties |
31.700 |
27.700 |
|
Other Short-term Loans - From Related Parties |
250.000 |
0.000 |
|
Other Short-term Loans - From Others |
948.900 |
0.000 |
|
Total |
11913.300 |
8116.100 |
Note:
Unsecured Debentures includes:
a) 2,500, 2% Unsecured Non-Convertible Debentures of Rs. 10 lakhs each,
allotted on December 9, 2009, aggregating Rs. 2500.000 millions and repayable
at the end of the 10th year, along with redemption premium of Rs. 12.43 lakhs
per debenture. The Company has entered into currency swap transactions with a
view to convert these debentures into foreign currency borrowing, to hedge its
foreign currency assets. Accordingly, the underlying borrowings are translated
at the exchange rate prevailing at the Balance Sheet date.
b) 1,360, 9.90% Unsecured Non-Convertible Debentures of Rs. 10 lakhs
each, allotted on February 24, 2012, aggregating Rs. 1360.000 millions and
repayable at the end of the 5th year.
c) 1,500 2% Unsecured Non-Convertible Debentures of Rs. 10 lakhs each,
allotted on December 9, 2009, aggregating Rs. 1500.000 millions and repayable
at the end of the 5th year, along with redemption premium of Rs. 4.37 lakhs per
debenture. The Company has entered into currency swap transactions with a view
to convert these debentures into foreign currency borrowing, to hedge its
foreign currency assets. Accordingly, the underlying borrowings are translated
at the exchange rate prevailing at the Balance Sheet date.
(iv) The Company has taken interest bearing external commercial borrowing of
US $ 95 million on November 23, 2011. The loan is repayable at the end of 50th,
60th, and 72nd month from November 23, 2011, in equal instalments to
achieve the average maturity of 5.05 years.
(v) The Company has taken interest bearing external commercial borrowing of
US $ 30 million on April 25, 2007. The loan is repayable at the end of 5th year
from the date of borrowing.
(vi) The Company has taken Fixed Deposits from Public as well as Shareholders
carrying interest @ 9.50% and 10% for 2 and 3 years respectively, with an
additional interest @ 0.25% p.a. for senior citizens, shareholders and
employees. The interests on these deposits are being paid on half-yearly basis
and on maturity. Deposits from Shareholders includes deposit from a Director -
Rs. 6.000 millions.
Short-term loans from related parties consists of inter-corporate deposits for a period of 90 days with an option of pre-payment and carries interest @ 9.5%.
The Company has issued 2,000 Commercial Paper of Rs. 5 lakhs
each aggregating Rs. 1000.000 millions (net proceeds Rs. 909.100 millions and
interest accrued for current year Rs. 39.800 millions) on October 24, 2011. The
Commercial Paper carries interest @10 % and is repayable at par at the end of
365 days from the date of allotment.
CONTINGENT
LIABILITIES:
(Rs. in millions)
(a) On account of Income Tax matters in dispute : In respect of tax matters for which Company’s appeals are pending – Rs. 273.400 millions (Previous year - Rs. 142.500 millions). The said amounts have been paid / adjusted and will be recovered as refund if the matters are decided in favour of the Company.
(b) On account of other disputes in respect of :
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
|
Luxury tax |
-- |
1.700 |
|
Entertainment tax |
5.300 |
5.300 |
|
Sales tax / VAT |
73.700 |
71.500 |
|
Property tax |
86.000 |
92.400 |
|
Stamp Duty |
6.000 |
23.400 |
|
Others |
88.600 |
123.600 |
(c) In a hotel on land under license agreement, there is a demand for increased rentals with effect from 2006-07 amounting to Rs. 1612.600 millions (Previous year Rs. 1295.500 millions) plus interest thereon. The Company has been legally advised that the demand is not sustainable as it is not in accordance with principles / guidelines laid down by the Honourable Supreme Court. The Company has contested the claim and does not expect any additional liability in this regard. In another hotel under licence agreement, the authorities have sought to revise licence fees with effect from 1986-87 amounting to Rs. 259.500 millions (Previous year Rs. 242.400 millions) plus interest thereon due to a difference in interpretation. The Company has contested the same, but provided for a sum of Rs. 10.00 millions and no additional liability is anticipated. In some hotels, proposed revisions in property taxes are contested by the Company, amounts of which are indeterminate.
(d) Guarantees given by the Company in respect of loans obtained by other companies and outstanding as on March 31, 2012 - Rs. 6700.500 millions (Previous year - Rs. 4982.000 millions).
AUDITED STATEMENT OF FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED
MARCH 31, 2013
(Rs. In millions)
|
Particulars |
Standalone |
||
|
Quarter Ended |
Year Ended |
||
|
31.03.2013 |
31.03.2012 |
31.03.2013 |
|
|
Net Sales/ Income from Operations |
5558.300 |
5445.500 |
18758.600 |
|
Other Operating Income |
- |
- |
- |
|
Total Income |
5558.300 |
5445.500 |
18758.600 |
|
Expenditure |
|
|
|
|
a. Consumption of Raw Materials |
440.200 |
470.100 |
1640.800 |
|
b. Employee Benefits Expense |
1242.400 |
1122.700 |
4767.300 |
|
c. Licence Fees |
348.900 |
408.300 |
1276.900 |
|
d. Fuel, Power and Light |
384.200 |
394.200 |
1572.500 |
|
e. Depreciation and Amortisation Expense |
314.500 |
304.900 |
1250.200 |
|
f. Other Expenditure |
1474.700 |
1536.100 |
5457.000 |
|
Total Expenditure |
4204.900 |
4236.300 |
15964.700 |
|
Profit/ (Loss) from Operations before Other
Income, Finance Costs and Exceptional Items |
1353.400 |
1209.200 |
2793.900 |
|
Other Income |
96.000 |
61.000 |
489.300 |
|
Profit/ (Loss) before Finance Costs and Exceptional Items |
1449.400 |
1270.200 |
3283.200 |
|
Finance Costs |
267.600 |
252.100 |
1052.000 |
|
Profit/ (Loss) after Finance Costs but
before Exceptional Items |
1181.800 |
1018.100 |
2231.200 |
|
Exceptional item - Exchange Loss on Long
term borrowings |
(10.500) |
(15.000) |
(92.500) |
|
Exceptional item - Others (Refer Note 5) |
(4236.600) |
- |
(4236.600) |
|
Profit/ (Loss) from Ordinary Activities
before tax |
(3065.300) |
1003.100 |
(2097.900) |
|
Provision for Taxes |
435.900 |
356.900 |
780.400 |
|
Minimum Alternative Tax Credit |
- |
- |
- |
|
Tax Provision of earlier years (Net) |
(112.200) |
- |
(112.200) |
|
Profit/ (Loss) from Ordinary Activities
after tax |
(3389.000) |
646.200 |
(2766.100) |
|
Add :Share of Profit in Associates |
|
|
|
|
Less : Minority Interest in Subsidiaries |
|
|
|
|
Profit / (Loss) after taxes, minority
interest and share of profit / (loss) of associates |
(3389.000) |
646.200 |
(2766.100) |
|
Paid-up Equity Share Capital (Face value
per share – Rs. 1 each) |
807.500 |
807.500 |
807.500 |
|
Reserves (excluding Revaluation Reserves) |
|
|
32269.100 |
|
Earnings Per Share (<f) |
|
|
|
|
Basic and Diluted (* not annualised) |
*(4.26) |
* 0.82 |
(3.47) |
|
Debt Service Coverage Ratio (Refer Note 9) |
|
|
0.63 |
|
Interest Service Coverage Ratio (Refer Note
9) |
|
|
3.90 |
|
See accompanying notes to the financial
results |
|
|
|
|
Particulars |
Standalone |
||
|
Quarter Ended |
Year Ended |
||
|
31.03.2013 |
31.03.2012 |
31.03.2013 |
|
|
A PARTICULARS OF SHAREHOLDING |
|
|
|
|
Public Shareholding: |
|
|
|
|
Number of Shares |
50,44,06,563 |
50,44,06,563 |
50,44,06,563 |
|
Percentage of Shareholding |
62.47 |
62.47 |
62.47 |
|
Promoters and Promoter Group Shareholding: |
|
|
|
|
Pledged/Encumbered |
|
|
|
|
Number of Shares |
-- |
-- |
-- |
|
Percentage of Shares (as a % of the total shareholding of promoter and promoter group) |
-- |
-- |
-- |
|
Percentage of Shares (as a % of the total share capital of the company) |
-- |
-- |
-- |
|
Non-encumbered |
|
|
|
|
Number of Shares |
30,30,66,224 |
30,30,66,224 |
30,30,66,224 |
|
Percentage of Shares (as a % of the total shareholding of promoter and promoter group) |
100.00 |
100.00 |
100.00 |
|
Percentage of Shares (as a % of the total share capital of the company) |
37.53 |
37.53 |
37.53 |
|
Items |
Quarter Ended |
|
31.03.2013 |
|
|
Investor Complaints (Nos.) |
|
|
Pending at the beginning of the quarter |
- |
|
Received during the quarter |
7 |
|
Disposed off during the quarter |
7 |
|
Remaining unresolved at the end of the
quarter |
- |
ASSETS AND LIABILITIES AS AT MARCH 31, 2013
(Rs. In millions)
|
Particulars |
Standalone |
|
As at |
|
|
Mar 31, 2013 |
|
|
Audited |
|
|
EQUITY AND LIABILITIES |
|
|
Shareholders' Funds: |
|
|
Share
Capital |
807.500 |
|
Reserves
and Surplus |
32269.100 |
|
Money
received against Share Warrants |
- |
|
Sub-total - Shareholders'
funds |
33076.600 |
|
Minority Interest |
- |
|
Non-current liabilities |
|
|
Long-term
borrowings |
22681.400 |
|
Deferred
Tax Liabilities (Net) |
955.000 |
|
Other
Long Term Liabilities |
747.500 |
|
Long
Term Provisions |
6744.200 |
|
Sub-total - Non-current
liabilities |
31128.100 |
|
Current liabilities |
|
|
Short-term
borrowings |
1935.400 |
|
Trade
payables |
1524.700 |
|
Other
current liabilities |
3430.000 |
|
Short-term
provisions |
1167.400 |
|
Sub-total - Current liabilities |
8057.500 |
|
TOTAL - EQUITY AND
LIABILITIES |
72262.200 |
|
ASSETS |
|
|
Non-Current assets |
|
|
Fixed Assets (including
Capital work-in-progress and Intangible assets under development) |
20656.900 |
|
Goodwill
on Consolidation |
- |
|
Non-current
investments |
33691.400 |
|
Deferred
Tax Assets (Net) |
- |
|
Long-term
loans and advances |
14410.200 |
|
Other
non-current assets |
123.600 |
|
Sub-total - Non-Current
assets |
68882.100 |
|
Current assets |
|
|
Current
investments |
- |
|
Inventories |
383.700 |
|
Trade
receivables |
1252.200 |
|
Cash and
Bank Balances |
489.600 |
|
Short-term
loans and advances |
926.900 |
|
Other
current assets |
327.700 |
|
Sub-total - Current assets |
3380.100 |
|
TOTAL - ASSETS |
72262.200 |
Note
1. These results were reviewed by the
Audit Committee of the Board on May 29, 20135 and subsequently
approved by the Board of Directors at its meeting also held on May 30, 2013.
These results have been audited by the Statutory Auditors of the Company.
2. The figures for
the quarter ended March 31, 2013 and March 31, 2012 are derived after taking
into account the audited financial information for the period of 9 months ended
December 31, 2012 and December 31, 2011.
3. Net Sales/Income
from Operations for the year ended March 31, 2013, improved by 4% over the
previous year in what was a challenging environment for the sector.
4. 480,00,000
Warrants issued to Tata Sons Limited aggregating to Rs. 4974.700 millions have
been converted into fully paid equity shares during the year. The equity shares
issued as aforesaid were eligible to dividend of Rs. 1A
per share for the year 2011/12 which has since been paid
during the year.
5. Exceptional Item -
Others for the current year and quarter ended March 31, 2013 are explained as
under:
a)
Over a period of time
the Company has made long term strategic investments, either directly or
through its overseas subsidiaries, which are being carried at "cost55
in its financial statements. Selectively, some of these investments have
witnessed a decline in the fair value and consequent erosion in net worth on
account of the global recessionary conditions that have continued unabated in
recent years. Thus, it was considered prudent to recognize a diminution in the
value of the investments, other than temporary, in select entities for an amount
of Rs. 3730.000 millions (previous year Rs. NIL). This covers a diminution of
Rs. 3050.000 millions in the Company's investment in Taj International Hotels
(HK) Ltd (a WOS), which in turn holds investments in the Company's various
international entities, including Orient-Express Hotels Limited In addition, a
diminution other than temporary of Rs. 680.000 millions has been recognised in
the Company's investments in BJets Pte Limited. The Company will continue to
monitor the performance of these assets on a periodic basis.
b)
The Company has
created a provision of Rs. 275.500 millions, to satisfy the obligations of
BJets Pte. Limited, an associate company, currently under restructuring.
c)
An amount paid of Rs.
231.100 millions (including interest Rs. 179.700 millions) has been accounted
for towards a satisfactory settlement of a dispute that was under arbitration
for over 25 years.
d)
In addition to above,
consolidated financial statement also includes profit on sale of long term
investment of Rs. 139.500 millions
earned by certain subsidiary companies.
6. The Company has
been a shareholder of Orient-Express Hotels Ltd, through a wholly owned
subsidiary, and currently holds approximately 6.9% of Orient-Express' Class A
common shares. On October 18, 2012, the Company had formally written to the
Board of Directors of Orient-Express Hotels Ltd communicating its desire to
acquire all outstanding Class A shares of Orient-Express Hotels Limited and
seeking the Board's consent and approval towards the proposal. The Company was
valued at approximately $ 1.86 billion, including Orient-Express' existing
outstanding debt.
The Company received
a response from Orient-Express Hotels Limited on November 8, 2012, wherein,
inter alia, the view of that Company's Board was that it would be, in their
opinion a highly disadvantageous time to sell the Company. The Company
continues to explore avenues for fulfilling its strategic goals.
7. The Board of Directors at their meeting has recommended a dividend of ? 0.80 per share (previous year f 1.00 per share), subject to the approval of the members at the ensuing Annual General Meeting.
8. The Consolidated financial results of the company have been prepared in accordance with applicable accounting standards, based on the audited accounts of its Subsidiaries, Joint Ventures and Associate companies. The Consolidated Net Sales / Income from Operations for the year ended March 31, 2013 grew by 9 % over the preceding year.
9. The formulae used for calculation of Debt Service Coverage Ratio and Interest Service Coverage Ratio are as follows:
a.Debt Service Coverage Ratio = Profit before Tax + Interest (Net) + Provision for diminution in value of long term investments + Depreciation and Tax / (Interest (Net) + Principal Repayment of long-term Debt).
b.Interest Service Coverage Ratio = Profit before Tax + Interest (Net) + Provision for diminution in value for long term investments + Depreciation and Tax / Interest (Net).
c.The ratios have been computed on a trailing twelve months basis
WEBSITE DETAILS
INDIAN HOTELS SAYS NO DECISION YET ON ORIENT-EXPRESS BID
MAY 31, 2013
Indian Hotels Company said on Thursday it had not decided on whether to revise its bid to acquire Orient-Express Hotels Limited.
In November, U.S.-listed Orient-Express, which owns the Hotel Cipriani in Venice and the '21' Club in New York, rejected a $1.2 billion unsolicited takeover offer from Indian Hotels as too cheap.
"The board has not yet taken a decision on the Orient-Express bid. Different options are open to us," Anil Goel, executive director for finance, told reporters on Thursday.
FIXED ASSETS
v
Tangible
Assets
· Freehold Land
· Leasehold Land
· Buildings
· Plant and Equipment
· Furniture and Fixtures
· Office Equipment
· Vehicles
v
Intangible
Assets
· Website Development Cost
· Software
· Service and Operating Rights
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.56.74 |
|
|
1 |
Rs.88.53 |
|
Euro |
1 |
Rs.75.20 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
68 |
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.