MIRA INFORM REPORT

Report Date :

19.10.2013

IDENTIFICATION DETAILS

Name :	PIEM HOTELS LIMITED
Registered Office :	Vivanta by Taj - President, 90, Cuffe Parade, Mumbai-400005, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	13.03.1968
Com. Reg. No.:	11-013960
Capital Investment / Paid-up Capital :	Rs. 38.100 millions
CIN No.: [Company Identification No.]	U55101MH1968PLC013960
PAN No.: [Permanent Account No.]	AAACP8376M
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Providing Hospitality Services.
No. of Employees :	Information declined by management

RATING & COMMENTS

MIRA’s Rating :

A (69)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 18000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a part of the “PIEM GROUP”. It is promoted by the “TATA GROUP” and the Nagpal family of Mumbai. There appears slight dip in the profitability of the company during 2013. However, networth of the company seems to be strong. The ratings also take into consideration the benefit that the group deserves from its association with the Taj brand of Hotels. Trade relations are reported to be fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered good for business dealings at usual trade terms and condition.

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 31^st, 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

INDIAN ECONOMIC OVERVIEW

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

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 (91-22-66650931)

LOCATIONS

Registered Office :	Vivanta by Taj - President, 90, Cuffe Parade, Mumbai – 400005, Maharashtra, India
Tel. No.:	91-22-66650931 / 22150808
E-Mail :	91-22-66650368
Website :	roxzana.mistry@tajhotels.com

DIRECTORS

As on 29.07.2013

Name :

Mr. Raymond Naylon Bickson

Designation :

Managing Director

Address :

Flat No.10, Sealand Apartment, 4^th Floor, Cuffe Parade, Mumbai – 400005, Maharashtra, India

Date of Birth/Age :

16.12.1955

Date of Appointment :

29.07.2013

DIN No.:

00050664

Other Directorship

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L74999MH1902PLC000183	THE INDIAN HOTELS COMPANY LIMITED	Managing director	19-07-13	09-01-03	-	Active	NO
2	U60300MH1977PLC019952	TAJ TRADE AND TRANSPORT COMPANY LIMITED	Director	18-04-03	18-04-03	-	Active	NO
3	L40109AP1995PLC019349	TAJ GVK HOTELS AND RESORTS LIMITED	Director	21-04-03	21-04-03	-	Active	NO
4	U99999MH1972PLC016047	INDIAN RESORTS HOTELS LIMITED	Director	05-06-03	05-06-03	-	Amalgamated	NO
5	U55101MH1968PLC013960	PIEM HOTELS LIMITED	Managing director	29-07-13	26-09-03	-	Active	NO
6	L55101TN1970PLC005897	ORIENTAL HOTELS LIMITED	Director	29-10-03	29-10-03	-	Active	NO
7	U55100MH2003PLC143639	ROOTS CORPORATION LIMITED	Director	24-12-03	24-12-03	-	Active	NO
8	U26933KL1991PLC006018	TATA CERAMICS LIMITED	Director	24-06-04	24-06-04	13-09-07	Active	NO
9	U74899DL1950PLC001861	UNITED HOTELS LIMITED	Director	07-07-06	16-09-04	-	Active	NO
10	U55200MH2004PLC149016	TAJ SAFARIS LIMITED	Nominee director	07-10-04	07-10-04	-	Active	NO
11	U55204MH2001PLC133177	TAJ SATS AIR CATERING LIMITED	Nominee director	07-10-04	07-10-04	-	Active	NO
12	L55101UP1971PLC003480	BENARES HOTELS LIMITED	Director	23-05-06	23-05-06	-	Active	NO
13	U74900MH2012PLC227486	TIFCO SECURITY SERVICES LIMITED	Director	29-02-12	29-02-12	20-03-12	Active	NO
14	U91990AP2001PTC036666	GREEN WOODS PALACES AND RESORTS PRIVATE LIMITED	Director	30-07-13	27-07-12	-	Active	NO

Name :

Mr. Sudhir Lalchand Nagpal

Designation :

Managing Director

Address :

33, Mehr-Dad, Cuffe Parade, Mumabi – 400005, Maharashtra, India

Date of Birth/Age :

29.05.1959

Date of Appointment :

01.04.2011

DIN No.:

00044762

PAN No.:

AAAPN3020F

Other Directorship

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U55101MH1968PLC013960	PIEM HOTELS LIMITED	Managing director	01-04-11	07-12-89	-	Active	NO
2	U30007MH1990PTC056425	MPOWER INFORMATION SYSTEMS PRIVATE LIMITED	Managing director	04-05-90	04-05-90	-	Active	NO
3	L55101UP1971PLC003838	NORTHERN INDIA HOTELSLIMITED	Nominee director	27-06-98	27-06-98	-	Active	NO
4	U60300MH1977PLC019952	TAJ TRADE AND TRANSPORT COMPANY LIMITED	Director	06-09-12	10-05-11	-	Active	NO

Name :

Mr. Rajesh Rajkumar Nagpal

Designation :

Managing Director

Address :

292, Tahnee Heights, Napeansa Road, Pett Hall, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

07.12.1968

Date of Appointment :

01.04.2009

DIN No.:

00032123

PAN No.:

ACOPN6090K

Other Directorship

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U55101MH1968PLC013960	PIEM HOTELS LIMITED	Managing director	01-04-09	03-08-94	-	Active	NO
2	L55101UP1971PLC003838	NORTHERN INDIA HOTELSLIMITED	Alternate director	15-07-13	31-10-06	-	Active	NO

Name :

Mr. Rajkumar Mengraj Nagpal

Designation :

Whole-Time Director

Address :

Urvashi Building Flat No. 141, Napeansea Road, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

11.12.1941

Date of Appointment :

01.10.2011

DIN No.:

00058612

PAN No.:

AAAPN3021E

Other Directorship

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U55101MH1968PLC013960	PIEM HOTELS LIMITED	Whole-time director	01-10-11	13-03-68	-	Active	NO
2	L55101UP1971PLC003838	NORTHERN INDIA HOTELSLIMITED	Nominee director	27-08-86	27-08-86	-	Active	NO

Name :

Mr. Ninotchka Malkani Nagpal

Designation :

Director

Address :

292, Tahnee Heights, Napeansa Road, Pett Hall, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

06.07.1971

Date of Appointment :

30.06.1998

DIN No.:

00031985

Other Directorship

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L70100MH1951PLC008647	ADOR WELDING LIMITED	Director	03-10-97	03-10-97	-	Active	NO
2	L85110KA1948PLC000545	ADOR MULTI PRODUCTS LIMITED	Director	20-10-97	20-10-97	-	Active	NO
3	U55101MH1968PLC013960	PIEM HOTELS LIMITED	Director	30-06-98	30-06-98	-	Active	NO
4	U51900MH1925PTC004217	J B ADVANI AND COMPANY PRIVATE LIMITED	Whole-time director	01-04-04	01-04-04	-	Active	NO
5	L31909KA1974PLC020010	ADOR FONTECH LIMITED	Director	20-07-07	20-07-07	-	Active	NO
6	U74999MH2008PTC186104	ADOR GREEN-ENERGY PRIVATE LIMITED	Director	22-08-08	22-08-08	-	Active	NO

Name :

Mr. Anil Pushkar Goel

Designation :

Director

Address :

93-A, Maker Tower, 9^th Floor, Cuffe Parade, Mumbai – 400005, Maharashtra, India

Date of Birth/Age :

20.05.1957

Date of Appointment :

18.10.2004

DIN No.:

00050690

Other Directorship

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U55100MH2003PLC143639	ROOTS CORPORATION LIMITED	Director	26-08-04	26-08-04	-	Active	NO
2	U55101KL1991PLC006056	TAJ KERALA HOTELS AND RESORTS LTD	Director	27-09-04	27-09-04	-	Active	NO
3	U65910MH1977PLC019873	TIFCO HOLDINGS LIMITED	Director	15-10-04	15-10-04	-	Active	NO
4	U55101MH1968PLC013960	PIEM HOTELS LIMITED	Director	18-10-04	18-10-04	-	Active	NO
5	L55101TN1970PLC005897	ORIENTAL HOTELS LIMITED	Director appointed in casual vacancy	06-08-13	20-10-04	-	Active	NO
6	U99999MH1972PLC016047	INDIAN RESORTS HOTELS LIMITED	Director	21-10-04	21-10-04	-	Amalgamated	NO
7	L40109AP1995PLC019349	TAJ GVK HOTELS AND RESORTS LIMITED	Director	23-10-04	23-10-04	-	Active	NO
8	U55204MH2001PLC133177	TAJ SATS AIR CATERING LIMITED	Nominee director	25-11-04	25-11-04	-	Active	NO
9	L74999MH1902PLC000183	THE INDIAN HOTELS COMPANY LIMITED	Whole-time director	17-03-13	17-03-08	-	Active	NO
10	U74900MH2012PLC227486	TIFCO SECURITY SERVICES LIMITED	Director	29-02-12	29-02-12	20-03-12	Active	NO
11	U55101TN2005PLC057903	KAVERI RETREATS AND RESORTS LIMITED	Director	06-08-13	06-03-13	-	Active	NO

Name :

Mrs. Deepa Misra Harris

Designation :

Director

Address :

1B, Saker Apartment, Pochkha Nawala, Road, Worli, Mumbai – 400025, Maharashtra, India

Date of Birth/Age :

26.10.1958

Date of Appointment :

13.07.2012

DIN No.:

00064912

Other Directorship

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L55101UP1971PLC003480	BENARES HOTELS LIMITED	Director	29-10-01	29-10-01	15-10-10	Active	NO
2	U85110KA1995PLC017192	TAJ KARNATAKA HOTELS AND RESORTS LIMITED	Director	24-09-11	20-12-10	-	Active	NO
3	L40109AP1995PLC019349	TAJ GVK HOTELS AND RESORTS LIMITED	Director	27-07-12	30-01-12	-	Active	NO
4	L55101UP1971PLC003838	NORTHERN INDIA HOTELSLIMITED	Director appointed in casual vacancy	09-02-12	09-02-12	-	Active	NO
5	U55101MH1968PLC013960	PIEM HOTELS LIMITED	Director	13-07-12	30-03-12	-	Active	NO

Name :

Mr. Sanjay Ganesh Ubale

Designation :

Director

Address :

Flat No.6, 2^nd Floor, Ashley House, 169 – Colaba, Near Colaba Post Office, Mumbai – 400025, Maharashtra, India

Date of Birth/Age :

22.08.1961

Date of Appointment :

28.07.2010

DIN No.:

02040738

Other Directorship

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U45203MH2002SGC136979	MAHARASHTRA AIRPORT DEVELOPMENT COMPANY LIMITED	Director	28-01-05	28-01-05	29-09-08	Active	NO
2	U74999MH2007NPL168400	NAGPUR FLYING CLUB	Director	06-03-07	06-03-07	16-07-08	Active	NO
3	U74999MH2002SGC136794	MAHARASHTRA URBAN INFRASTRUCTURE FUND TRUSTEE COMPANY LIMITED	Director	26-09-07	30-08-07	22-08-08	Active	NO
4	U74999MH2002SGC136793	MAHARASHTRA URBAN INFRASTRUCTURE DEVELOPMENT COMPANY LIMITED	Director	26-09-07	30-08-07	22-08-08	Active	NO
5	U70102MH2007PLC168300	TATA REALTY AND INFRASTRUCTURE LIMITED.	Managing director	27-08-13	27-08-08	-	Active	NO
6	U45200TN2008PLC066931	TRIL INFOPARK LIMITED	Director	26-08-09	16-09-08	-	Active	NO
7	U99999MH1942PLC003573	TATA HOUSING DEVELOPMENT COMPANY LIMITED	Director	06-09-11	30-09-08	-	Active	NO
8	U45200MH2008NPL188263	INSTITUTE FOR LEAN CONSTRUCTION EXCELLENCE	Director	30-09-09	08-12-08	-	Active	NO
9	U45202MH2008PTC177351	TRIF REAL ESTATE AND DEVELOPMENT PRIVATE LIMITED	Director	23-09-10	31-08-09	07-03-11	Active	NO
10	U45200MH2007PTC173822	TRIF KOCHI PROJECTS PRIVATE LIMITED	Director	14-09-10	31-08-09	07-03-11	Active	NO
11	U55101MH1968PLC013960	PIEM HOTELS LIMITED	Director	28-07-10	25-09-09	-	Active	NO
12	U45400MH2007PTC174567	TRIL ROADS PRIVATE LIMITED	Director	20-09-10	10-05-10	-	Active	NO
13	U45202MH2008PTC188845	TRIL LOGISTICS PRIVATE LIMITED	Director	01-08-11	24-01-11	-	Active	NO

Name :

Mr. Ganesa Iyer Anantharaman

Designation :

Director

Address :

The Perigrine, Flat No.10, 10^th Floor, 400 Veera Savarkar Marg, Prabhadevi, Mumbai – 400025, Maharashtra, India

Date of Birth/Age :

21.06.1944

Date of Appointment :

29.07.2013

DIN No.:

02229822

Other Directorship

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U66010RJ2006PLC029979	SHRIRAM GENERAL INSURANCE COMPANY LIMITED	Director	25-09-08	05-06-08	-	Active	NO
2	U70102MH2007PLC168300	TATA REALTY AND INFRASTRUCTURE LIMITED.	Director	30-06-09	10-12-08	-	Active	NO
3	U67190MH1986PLC040506	STOCK HOLDING CORPORATION OF INDIA LIMITED	Director	27-09-10	17-05-10	-	Active	NO
4	U67120MH1996GOI097783	CANARA BANK SECURITIES LIMITED	Additional director	21-10-10	21-10-10	15-06-11	Active	NO
5	U67120MH2007PLC170358	INDIAN CLEARING CORPORATION LIMITED	Director	23-04-13	07-07-12	-	Active	NO
6	U45400MH2009PLC195605	TATA VALUE HOMES LIMITED	Director	12-09-13	28-12-12	-	Active	NO
7	U55101MH1968PLC013960	PIEM HOTELS LIMITED	Director	29-07-13	07-05-13	-	Active	NO

Name :

Mr. Abhijit Mukerji

Designation :

Director

Address :

292, Jupiter Apartment, 29^th Floor, 41, Cuffe Parade, Mumbai – 400025, Maharashtra, India

Date of Birth/Age :

11.09.1962

Date of Appointment :

29.07.2013

DIN No.:

00565023

Other Directorship

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1950PLC001861	UNITED HOTELS LIMITED	Nominee director	10-05-02	10-05-02	-	Active	NO
2	L74999MH1902PLC000183	THE INDIAN HOTELS COMPANY LIMITED	Whole-time director	17-03-13	17-03-08	-	Active	NO
3	U45200TN2008PLC066931	TRIL INFOPARK LIMITED	Director	26-08-09	16-09-08	-	Active	NO
4	U70101MH1969PLC014326	ELEL HOTELS AND INVESTMENTS LIMITED	Director	30-09-09	30-06-09	-	Active	NO
5	U55101MH1968PLC013960	PIEM HOTELS LIMITED	Director	29-07-13	23-07-12	-	Active	NO
6	U55101TN2005PLC057903	KAVERI RETREATS AND RESORTS LIMITED	Director	06-08-13	06-03-13	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Farzana Sam Billimoria
Designation :	Secretary
Address :	Imperial Mahal, C/4, Khodadad Circle, Dadar, Mumbai – 400014, Maharashtra, India
Date of Birth/Age :	22.10.1974
Date of Appointment :	27.09.2007
PAN No.:	AABPB8677M

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.07.2013

SHAREHOLDING DETAILS FILE ATTACHED

As on 29.07.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	6.80
Bodies corporate	52.49
Directors or relatives of Directors	39.47
Other top fifty shareholders	1.24
Total	100.00

BUSINESS DETAILS

Line of Business :

Providing Hospitality Services.

GENERAL INFORMATION

No. of Employees :	Information declined by management
Bankers :	The Hongkong and Shanghai Banking Corporation, 52/60,Mahatma Gandhi Road, Fort, Mumbai - 400001, Maharashtra, India

Banking Relations :	---
Auditors 1 :
Name :	Price Waterhouse Chartered Accountants
Address :	252, Veer Savarkar Marg, Shivaji Park, Dadar, Mumbai – 400028, Maharashtra, India
PAN No.:	AAFFP3698A
Auditors 2 :
Name :	PKF Sridhar and Santhanam Chartered Accountants
Address :	KRD Gee, Gee Crystal, 7^th Floor, 91 – 92, Dr. Radhakrihnan Salai May lapore –Chennai 600004, Tamilnadu, India
PAN No.:	AAOFS2783G
Holding Company :	The Indian Hotels Company Limited (IHCL)
Subsidiay Companies :	· Northern India Hotels Limited · Piem International (H.K.) Limited (PIHK) · BAHC 5 Pte Limited (Subsidiary of PIHK) · Premium Aircraft Leasing Corporation Limited (Subsidiary of PIHK)
Associate Companies	· Taj Enterprises Limited * · Taj Trade and Transport Company Limited * · Inditravel Limited * · Taida Trading and Industries Limited · St. James Court Hotels Limited (Associate of PIHK) *
Fellow Subsidiaries :	Domestic: · TIFCO Holdings Limited · KTC Hotels Limited · Taj SATS Air Catering Limited · Roots Corporation Limited · Residency Food and Beverages Limited · United Hotels Limited · Ideal Ice and Cold Storage Company Limited · Taj Rhein Shoes Company Limited · Benares Hotels Limited International: · Taj International Hotels (H.K) Limited · Cheiftain Corporation NV · IHOCO BV · Taj International Hotels Limited · IHMS Inc. · IHMS LLC - Boston · IHMS LLC - San Francisco · IHMS LLC - USA · Samsara Properties Limited · IHMS (Australia) Pty Limited · Apex Hotel Management Services Pte Limited
Firms/Companies in which Key Management personnel are interested :	· Pokhardas Menghraj · Pokhardas Menghraj and Sons · MPOWER Information Systems Private Limited

CAPITAL STRUCTURE

As on 29.07.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
4750000	Equity Shares	Rs.10/- each	Rs. 47.500 Millions
18000	9.5% First Redeemable Cumulative Preference Shares	Rs.100/- each	Rs. 1.800 Millions
7000	3% Second Redeemable Cumulative Preference Shares	Rs.100/- each	Rs. 0.700 Million
	Total		Rs.500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3810000	Equity Shares	Rs.10/- each	Rs.38.100 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2103	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	38.100	38.100	38.100
(b) Reserves & Surplus	4547.702	4225.947	3814.341
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	4585.802	4264.047	3852.441
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	138.800	135.290	123.090
(c) Other long term liabilities	3.445	3.926	5.774
(d) long-term provisions	29.640	36.889	32.323
Total Non-current Liabilities (3)	171.885	176.105	161.187
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	218.477	165.409	155.048
(c) Other current liabilities	236.935	335.314	184.399
(d) Short-term provisions	225.441	226.238	204.296
Total Current Liabilities (4)	680.853	726.961	543.743
TOTAL	5438.540	5167.113	4557.371
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2514.226	2512.818	2522.864
(ii) Intangible Assets	4.283	6.410	8.454
(iii) Capital work-in-progress	301.623	217.547	110.078
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	944.414	972.622	980.559
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	74.254	41.020	50.226
(e) Other Non-current assets	29.683	0.922	27.954
Total Non-Current Assets	3868.483	3751.339	3700.135
(2) Current assets
(a) Current investments	279.922	557.090	39.512
(b) Inventories	60.732	59.615	55.608
(c) Trade receivables	94.449	99.699	100.761
(d) Cash and cash equivalents	93.787	109.852	357.256
(e) Short-term loans and advances	1033.430	586.315	299.853
(f) Other current assets	7.737	3.203	4.246
Total Current Assets	1570.057	1415.774	857.236
TOTAL	5438.540	5167.113	4557.371

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	2936.152	2841.322	2728.896
		Other Income	147.357	125.147	73.229
		TOTAL (A)	3083.509	2966.469	2802.125
Less	EXPENSES
		Cost of materials consumed	338.649	311.134	269.323
		Employee Benefits Expense	629.181	615.803	553.372
		Other expenses	1259.644	1163.073	1095.403
		Exceptional Items	(90.718)	(172.790)	0.000
		TOTAL (B)	2136.756	1917.220	1918.098
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		946.753	1049.249	884.027
Less	FINANCIAL EXPENSES (D)		0.000	0.000	1.013
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		946.753	1049.249	883.014
Less/ Add	DEPRECIATION/ AMORTISATION (F)		222.900	220.777	215.134
	PROFIT BEFORE TAX (E-F) (G)		723.853	828.472	667.880
Less	TAX (H)		201.510	217.603	210.403
	PROFIT AFTER TAX (G-H) (I)		522.343	610.869	457.477
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2821.682	2472.576	2238.022
Less	APPROPRIATIONS
		Interim Dividend	0.000	0.000	152.400
		Tax on Interim Dividend	0.000	0.000	24.723
		Proposed Dividend	171.450	171.450	0.000
		Tax on Proposed Dividend	29.198	27.813	0.000
		General Reserve	52.500	62.500	45.800
	BALANCE CARRIED TO THE B/S		3090.877	2821.682	2472.576
	EARNINGS IN FOREIGN CURRENCY
		Earnings from Rooms, Restaurants, Banquets and Other Operating Income excluding pure encashment	856.995	881.413	809.875
	TOTAL EARNINGS		856.995	881.413	809.875
	IMPORTS
		Food and Beverages	34.808	36.724	28.022
		Components and Spare parts	10.788	4.457	3.000
		Capital Goods (including professional fees)	58.034	27.197	48.774
	TOTAL IMPORTS		103.630	68.378	79.796
	Earnings Per Share (Rs.)		137.10	160.33	120.07

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	16.94	20.59	16.33
Net Profit Margin (PBT/Sales)	(%)	24.65	29.16	24.47
Return on Total Assets (PBT/Total Assets}	(%)	17.27	20.83	19.27
Return on Investment (ROI) (PBT/Networth)		0.16	0.19	0.17
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		2.31	1.95	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	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	No
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

OPERATING RESULTS AND PERFORMANCE

The Company earned a Total Income of Rs. 3083.509 Millions, which is 3.95% more than the previous year’s income of Rs. 2966.469 Millions. Profit for the year, before exceptional items, has decreased by 3.44% to Rs. 633.135 Millions, as compared to Rs. 655.682 Millions in the previous year. During the year, the outlook for the hotel industry has improved. The operational performance of the Company witnessed an increase, as compared to the previous year, due to increase in F and B and Rooms across all hotels, as economic growth gathered momentum. The domestic market continued to play a dominant role, not just within hospitality, but across all sectors and has helped to insulate, to a significant extent, the Indian economy from recessionary trends in other countries.

In order to maintain its premium image, the Company continuously endeavours to renovate and modernize its hotels. During the year, 2 restaurants viz. Trattoria, at Vivanta by Taj - President, Mumbai and Memories of China at Vivanta by Taj - M. G. Road, Bengaluru, underwent a successful makeover and had been well - received by the guests. Refurbishments and renovations were also carried out during the year at Vivanta by Taj - Blue Diamond, Pune and The Gateway Hotel - Ambad, Nashik.

FINANCE

The Company does not have any outstanding borrowings. The Company does not accept public deposits. There were no public deposits outstanding or unclaimed as on March 31, 2013 (previous year - Nil) as all the outstanding deposits were repaid on respective due dates.

CONTINGENT LIABILITIES:

(Rs. in millions)

PARTICULARS	31.03.2013	31.03.2012
(a) Claims against the Company not acknowledged as debts	5.423	5.137
(b) Disputed Tax Matters:
- Income-Tax	6.574	5.740
- Luxury tax	26.784	1.397
- Service tax	99.336	85.625
- Value added tax (VAT)	1.881	0.082
- Sales tax	38.685	77.330
- Property Tax	12.011	11.601
- Water Tax	12.724	13.130
- Others	5.464	5.319

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

FIXED ASSETS

Tangible Assets

· Freehold Land

· Leasehold Land

· Buildings

· Plant, Machinery and Data Processing Equipments

· Furniture and Fixtures

· Office Equipment

· Vehicles

Intangible Assets

· Goodwill

· Customer Reservation System

· Website Development Cost

· Computer Software

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.28
UK Pound	1	Rs.99.03
Euro	1	Rs.83.80

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		69

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	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.