MIRA INFORM REPORT
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Report Date : |
05.12.2014 |
IDENTIFICATION DETAILS
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Name : |
THE INDIAN HOTELS COMPANY LIMITED |
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Registered
Office : |
Mandlik House, Mandlik Road, Mumbai – 400 001, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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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.807.500 millions |
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CIN No.: [Company Identification
No.] |
L74999MH1902PLC000183 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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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
: |
Subject is primarily
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 (64) |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having good track record. The company is continuously incurring losses from its two years of
operation however, reserves position of the company is sound. Fundamentals of
the company are strong and healthy. The rating also takes into consideration company established position
and strong brand image. Trade relations are reported as fair. Business is active. Payments
terms are reported to be regular and as per commitment. The company can be considered normal for business dealings at usual
trade terms and conditionsfg |
INDIAN ECONOMIC OVERVIEW
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks
over coal supply contracts, uncertainty over cancellation of blocks weigh on
stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of Investigation
books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
EXTERNAL AGENCY RATING
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Rating Agency Name |
CARE |
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Rating |
Long Term Bank Facilities (Fund Based) (AA+) |
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Rating Explanation |
High degree of safety and very low credit risk. |
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Date |
July 8, 2014 |
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Rating Agency Name |
CARE |
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Rating |
Short Term Bank Facilities (A1+) |
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Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
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Date |
July 8, 2014 |
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
31-03-2014.
INFORMATION DECLINED
Management Non Co-Operative (91-22-66395515)
LOCATIONS
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Registered Office / Share Department : |
Mandlik House, Mandlik Road, Mumbai – 400 001, 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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Hotels/
Units : |
Indian ·
Mumbai ·
New Delhi ·
Kolkata ·
Bengaluru ·
Udaipur ·
Hyderabad ·
Goa ·
Aurangabad ·
Chennai ·
Jodhpur ·
Jaipur ·
Gwalior ·
Jaisalmer ·
Calicut ·
Khajuraho ·
Ooty ·
Kerala ·
Srinagar ·
Madhopur ·
Gurgaon , NCR ·
Surat ·
Vijaywada ·
Vadodara ·
Ahmedabad ·
Gir Forest Overseas ·
Morocco ·
Dubai ·
Bhutan ·
Zambia ·
Malaysia ·
Colombo |
DIRECTORS
As on 31.03.2014
|
Name : |
Cyrus
P. Mistry |
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Designation : |
Chairman (w.e.f. December 28, 2012) |
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Date of Birth/Age : |
04.07.1968
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Qualification : |
Graduate Degree in Civil Engineering,
UK, M.Sc. in Management, London Business School |
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Expertise in specific
functional areas : |
Wide business experience across a variety of Industries |
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Date of Appointment : |
28.12.2012
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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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Name : |
Mr.
Deepak Parekh |
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Designation : |
Director |
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Date of Birth/Age : |
18.10.1945 |
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Qualification : |
B.
Com, FCA (England and Wales) |
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Expertise in specific functional areas : |
Banking
and Finance |
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Date of Appointment : |
09.05.2000 |
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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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Name : |
Mr.
Shapoor Mistry |
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Designation : |
Director |
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Date of Birth/Age : |
06.09.1964 |
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Qualification : |
B.A.
(England) - Business and Economics |
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Expertise in specific functional areas : |
Management |
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Date of Appointment : |
17.04.2003 |
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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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Name : |
Guy
Lindsay Macintyre Crawford |
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Designation : |
Director
(w.e.f. March 27, 2013) |
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Date of Birth/Age : |
18.06.1952 |
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Qualification : |
Fellow,
Institute of Hospitality, U.K. |
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Expertise in specific functional areas : |
Hoteliering |
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Date of Appointment : |
27.03.2013 |
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Name : |
Raymond
N. Bickson |
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Designation : |
Managing
Director |
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Date of Birth/Age : |
16.12.1955 |
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Qualification : |
Advanced
Management Program at Harvard Business School in Boston. Also studied at the Goethe
Institute in Berlin, the Alliance
Française in Paris, the Université de Sorbonne in Paris, L’école Hôtellière
Lausanne, and Cornell University in New York. |
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Expertise in specific functional areas : |
Hoteliering |
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Date of Appointment : |
09.01.2003 |
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Name : |
Mr.
Anil P. Goel |
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Designation : |
Executive
Director – Finance |
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Date of Birth/Age : |
20.05.1957 |
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Qualification : |
B.
Com, A.C.A. |
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Expertise in specific functional areas : |
Finance |
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Date of Appointment : |
17.03.2008 |
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Name : |
Mr.
Abhijit Mukerji |
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Designation : |
Executive
Director – Hotel Operations |
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Date of Birth/Age : |
11.09.1962 |
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Qualification : |
Degree
from the Ecole Superieure des Science Economiques et Commerciales (Cornell E.S.S.E.C.,
France), Harvard Business School – General Management Program (GMP) and is a
Certified Hotel Administrator (CHA) from the Educational Institute of the
American Hotel and Motel Association. |
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Expertise in specific functional areas : |
Hoteliering |
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Date of Appointment : |
17.03.2008
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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 |
KEY EXECUTIVES
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Name : |
Ms. Deepa Misra Harris |
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Designation : |
Senior Vice President – Sales and Marketing |
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Name : |
Dr. P. V. Ramana Murthy |
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Designation : |
Sr. Vice President – Human Resources |
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Name : |
Jyoti Narang |
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Designation : |
Chief Operating Officer – Luxury Hotels (India) |
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Name : |
Veer Vijay Singh |
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Designation : |
Chief Operating Officer – Vivanta Hotels |
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Name : |
Mr. Prabhat Verma |
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Designation : |
Chief Operating Officer – Gateway Hotels |
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Name : |
Beejal Desai |
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Designation : |
Vice President – Legal and Company Secretary |
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Name : |
Suma Venkatesh |
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Designation : |
Vice President – Business Development |
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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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·
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Remuneration
Committee : |
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Shareholders’ / Investor
Grievance Committee : |
·
Mr. Raymond N. Bickson ·
Mr. Abhijit Mukerji ·
Mr. Jagdish Capoor – Chairman |
SHAREHOLDING PATTERN
As on 30.09.2014
|
Category
of Shareholders |
No. of Shares |
Percentage of
Holding |
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(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 |
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(B)
Public Shareholding |
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46057238 |
5.71 |
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111253154 |
13.78 |
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2500 |
0.00 |
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34851358 |
4.32 |
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139988868 |
17.34 |
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|
5951 |
0.00 |
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|
5951 |
0.00 |
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|
332159069 |
41.15 |
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|
30246299 |
3.75 |
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|
124976933 |
15.48 |
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8855433 |
1.10 |
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|
7972449 |
0.99 |
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157225 |
0.02 |
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191942 |
0.02 |
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286605 |
0.04 |
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2773780 |
0.34 |
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4562897 |
0.57 |
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172051114 |
21.31 |
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Total
Public shareholding (B) |
504210183 |
62.46 |
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Total
(A)+(B) |
807276407 |
100.00 |
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(C)
Shares held by Custodians and against which Depository Receipts have been
issued |
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0 |
0.00 |
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|
196380 |
0.00 |
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196380 |
0.000 |
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Total
(A)+(B)+(C) |
807472787 |
0.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is primarily
engaged in the business of owning, operating and managing hotels, palaces and
resorts. |
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Products : |
Not Available |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
GENERAL INFORMATION
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Suppliers : |
Not Divulged |
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Customers : |
Not Divulged |
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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 : |
(Rs.
In Millions)
Notes: Long-term
Borrowings Current
and Non-Current Components of Long-Term Borrowing as at: (Rs. in millions)
secured debentures include: 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. 1.000
millions each aggregating ` 250 crores, 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. c) 3,000, 2% Secured Non-Convertible Debentures of Rs. 1.000 millions
each aggregating ` 300 crores, are allotted on March 22, 2010 and repayable
in 3 annual instalments commencing at the end of 5th, 6th & 7th year from
the date of allotment along with redemption premium of ` 6.13 lakhs per debenture
in the ratio of 20:30:50 so as to give a yield to maturity of 9.50%. d) 3,000, 11.80% Secured Non-Convertible Debentures of Rs. 1.000 millions 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 third instalment which was due on
December 18, 2013 of ` 60 crores. Short-term
Borrowings Maturity
Profile of Debentures : (Rs. in millions)
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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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Solicitors : |
Mulla and Mulla and Craigie Blunt and Caroe |
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Memberships : |
-- |
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Collaborators : |
-- |
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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 Co. 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 Co. 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 ·
Kaveri Retreats and Resorts Limited*, India International ·
TAL Hotels and Resorts Limited, Hong Kong ·
IHMS Hotels (SA) (Proprietary) Limited, South
Africa |
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Associates : |
Domestic ·
Oriental Hotels Limited, India ·
Taj Madurai Limited, India ·
Taida Trading and Industries Limited, India International ·
Lanka Island Resort Limited, Sri Lanka ·
TAL Lanka Hotels PLC, Sri Lanka ·
BJETS Pte Limited, Singapore |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000000 |
Ordinary Shares |
Rs.1/- each |
Rs. 1000.000 Millions |
|
10000000 |
Cumulative Redeemable Preference Shares |
Rs. 10/- each |
Rs. 1000.000 Millions |
|
|
Total |
|
Rs. 2000.000
Millions |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
807489291 |
Ordinary Shares |
Re.1/- each |
Rs.807.500 millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
807472787 |
Ordinary Shares |
Re.1/- each |
Rs.807.500 millions |
|
|
|
|
|
NOTE:
- 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, 2014, the amount of per share
dividend recognised as distribution to equity shareholder was Re.0.80/-
- The Board of Directors at its meeting held on
March 27, 2014 has approved, subject to the approval of the shareholders of the
Company, the re-classification of the Authorised Share Capital of the
Company comprising Rs. 2000.000 Millions divided into
100,00,00,000 equity shares of Rs. 1 each and 1,00,00,000 cumulative
redeemable preference shares of Rs. 100 each into 200,00,00,000 equity
shares of Rs. 1 each aggregating to Rs. 200 crores.
- Reconciliation of the shares outstanding
at the beginning and at the end of the year
|
Particulars |
31.03.2014 |
|
|
|
No. of shares |
Amount (Rs. in
millions) |
|
As at the beginning of the year |
80,74,72,787 |
807.500 |
|
Add : Issued during the year |
-- |
-- |
|
As at the end of
the year |
80,74,72,787 |
807.500 |
- Shareholders holding more than 5% shares
in the Company:
|
Particulars |
31.03.2014 |
|
|
|
No. of shares |
% of Holding |
|
Equity share of
Re.1/- each fully paid |
|
|
|
Tata Sons Limited |
202052004 |
25.02 |
|
Life Insurance Corporation of India |
67797250 |
8.40 |
|
Sir Dorabji Tata Trust |
50221040 |
6.22 |
|
Government Pension Fund Global |
40454747 |
5.01 |
- 16,504 (Previous year - 16,504) Ordinary
Shares were 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 |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
807.500 |
807.500 |
759.500 |
|
(b) Reserves & Surplus |
26130.900 |
32269.000 |
31767.000 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
1243.700 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
26938.400 |
33076.500 |
33770.200 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
21535.100 |
22681.300 |
20399.400 |
|
(b) Deferred tax liabilities (Net) |
1071.600 |
955.000 |
959.300 |
|
(c) Other long term
liabilities |
773.500 |
747.500 |
742.200 |
|
(d) long-term
provisions |
5810.800 |
6744.200 |
5846.400 |
|
Total Non-current
Liabilities (3) |
29191.000 |
31128.000 |
27947.300 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
1615.900 |
1935.400 |
1225.700 |
|
(b) Trade
payables |
1734.800 |
1516.400 |
1488.600
|
|
(c) Other
current liabilities |
6331.000 |
3154.600 |
7895.800
|
|
(d) Short-term
provisions |
1852.600 |
1443.000 |
1312.200
|
|
Total Current Liabilities
(4) |
11534.300 |
8049.400 |
11922.300 |
|
|
|
|
|
|
TOTAL |
67663.700 |
72253.900 |
73639.800 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
16776.500 |
17453.000 |
18265.500 |
|
(ii)
Intangible Assets |
197.600 |
111.600 |
122.000 |
|
(iii)
Capital work-in-progress |
4304.600 |
3075.000 |
2254.300 |
|
(iv)
Intangible assets under development |
14.200 |
17.300 |
41.800 |
|
(b) Non-current Investments |
27616.400 |
33691.400 |
36221.900 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
15547.200 |
14410.200 |
13469.300 |
|
(e) Other
Non-current assets |
47.000 |
123.600 |
275.800 |
|
Total Non-Current
Assets |
64503.500 |
68882.100 |
70650.600 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
401.800 |
383.700 |
397.900
|
|
(c) Trade
receivables |
1244.100 |
1252.200 |
1248.300
|
|
(d) Cash
and cash equivalents |
431.700 |
489.600 |
229.300
|
|
(e)
Short-term loans and advances |
676.700 |
821.000 |
718.700 |
|
(f) Other
current assets |
405.900 |
425.300 |
395.000 |
|
Total
Current Assets |
3160.200 |
3371.800 |
2989.200 |
|
|
|
|
|
|
TOTAL |
67663.700 |
72253.900 |
73639.800 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Rooms,
Restaurants, Banquets and Other Operating Income |
19295.100 |
18758.600 |
18087.300 |
|
|
|
Other Income |
478.200 |
489.300 |
559.900 |
|
|
|
TOTAL |
19773.300 |
19247.900 |
18647.200 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Food and Beverages Consumed |
1768.300 |
1640.800 |
1528.700 |
|
|
|
Employee Benefit Expense and Payment to Contractors |
4725.300 |
4767.300 |
4713.800 |
|
|
|
Other Operating and General Expenses |
8906.900 |
8306.400 |
7785.500 |
|
|
|
Exceptional Items |
7371.000 |
4329.100 |
61.100 |
|
|
|
TOTAL
|
22771.500 |
19043.600 |
14089.100 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
(2998.200) |
204.300 |
4558.100 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
988.200 |
1052.000 |
1119.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
(3986.400) |
(847.700) |
3438.200 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1222.600 |
1250.200 |
1139.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
(5209.000) |
(2097.900) |
2299.200 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
695.900 |
668.200 |
845.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
(5904.900) |
(2766.100) |
1453.500 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
652.900 |
4226.700 |
3801.300 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend paid
for previous year |
0.000 |
48.000 |
0.000 |
|
|
|
Tax on Dividend |
0.000 |
105.900 |
0.000 |
|
|
|
Proposed Dividend |
0.000 |
646.000 |
759.500 |
|
|
|
Tax on Dividend |
0.000 |
7.800 |
123.200 |
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
145.4000 |
|
|
|
Total
|
0.000 |
807.700 |
1028.100 |
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(5252.000) |
652.900 |
4226.700 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Rooms, Restaurants, Banquets and other Services |
7197.600 |
7272.000 |
7136.000 |
|
|
|
Interest received |
8.100 |
7.300 |
6.900 |
|
|
TOTAL EARNINGS |
7205.700 |
7279.300 |
7142.900 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials (Food and Beverage) |
102.400 |
88.400 |
88.400 |
|
|
|
Stores,
Supplies and Spare Parts for Machinery |
65.900 |
53.200 |
104.900 |
|
|
|
Capital Goods |
285.900 |
180.200 |
279.300 |
|
|
TOTAL IMPORTS |
454.200 |
321.800 |
472.600 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
(7.31) |
(3.47) |
1.91 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
(30.60) |
(14.75) |
8.04 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT / Sales) |
(%) |
(15.54) |
1.09 |
25.20 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(14.58) |
(5.91) |
6.55 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.19) |
(0.06) |
0.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.86 |
0.74 |
0.64 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.27 |
0.42 |
0.25 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
759.500 |
807.500 |
807.500 |
|
Reserves & Surplus |
31767.000 |
32269.000 |
26130.900 |
|
Net
worth |
32526.500 |
33076.500 |
26938.400 |
|
|
|
|
|
|
long-term borrowings |
20399.400 |
22681.300 |
21535.100 |
|
Short term borrowings |
1225.700 |
1935.400 |
1615.900 |
|
Total
borrowings |
21625.100 |
24616.700 |
23151.000 |
|
Debt/Equity
ratio |
0.665 |
0.744 |
0.859 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales
|
18087.300 |
18758.600 |
19295.100 |
|
|
|
3.711 |
2.860 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
18087.300 |
18758.600 |
19295.100 |
|
Profit |
1453.500 |
(2766.100) |
(5904.900) |
|
|
8.04% |
(14.75)% |
(30.60)% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF LONG-TERM
BORROWINGS
(Rs. In Million)
|
Particulars
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Debentures |
2100.000 |
600.000 |
900.000 |
|
Term Loans |
1000.000 |
0.000 |
1414.700 |
|
Liability on currency swap contracts |
655.000 |
0.000 |
0.000 |
|
Fixed Deposits |
0.000 |
6.000 |
2854.000 |
|
Payables on Current account dues |
|
|
|
|
Related Parties |
102.700 |
191.400 |
92.00 |
|
Others |
146.100 |
110.800 |
87.400 |
|
Deposits (unsecured) |
229.600 |
196.600 |
202.200 |
|
Interest accrued but not due on borrowings |
404.000 |
400.100 |
398.900 |
|
Income received in advance |
124.000 |
152.900 |
133.100 |
|
Advances collected from customers |
340.900 |
369.300 |
414.800 |
|
Creditors for capital expenditure |
194.600 |
102.200 |
175.900 |
|
unclaimed dividend (Refer Footnote (i |
30.700 |
31.500 |
30.400 |
|
unclaimed Share Application Money (Refer
Footnote (i)) |
0.600 |
1.300 |
1.300 |
|
unclaimed Matured Deposits and interest
accrued thereon (Refer Footnote (i)) |
20.700 |
26.800 |
20.200 |
|
unclaimed Matured Debentures and interest accrued thereon Rs. 0.025
Million (Previous Year - 0.025 Million) (Refer Footnote (i) |
0.000 |
0.000 |
0.000 |
|
Other Liabilities |
982.100 |
965.700 |
1170.900 |
|
Total |
6331.000 |
3154.600 |
7895.800 |
NOTE:
A sum of Rs. 2.900 Millions (Previous year Rs. 2.400 Millions) due for transfer to the Investor Education and Protection Fund during the year has been transferred and there are no dues in this respect which have remained unpaid as at the Balance Sheet date.
Other liabilities include accruals related to employee benefits Rs. 661.8 Millions (Previous Year Rs. 661.500 Millions).
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
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 |
|
LITIGATION DETAILS |
|||||||
|
Bench:- Bombay |
|||||||
|
Lodging No. : |
ITXAL/1658/2014 |
Failing Date:- |
05/09/2014 |
|
|
|
|
|
Petitioner:- |
THE COMMISSIONER OF INCOME TAX , 2 |
Respondent:- |
M/S INDIAN HOTELS COMPANY LIMITED |
||||
|
Petn.Adv:- |
MR SURESH KUMAR(I2100) |
Resp. Adv.: |
0 (0) |
||||
|
District:- |
MUMBAI |
||||||
|
Bench:- |
DIVISION |
Category:- |
TAX APPEALS |
||||
|
Status:- |
Pre-Admission |
Stage:- |
|||||
|
Last Date:- |
12.09.2014 |
||||||
|
Last Coram:- |
REGISTRAR (OS) / PROTHONOTARY AND SR. MASTER. |
||||||
|
|
|
||||||
|
Act. : |
Income Tax Act,1961 |
Under Section 260A |
|||||
UNSECURED LOAN
(Rs.
In Million)
|
Particulars |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
Long Term
Borrowing |
|
|
|
Debentures |
5860.000 |
7360.000 |
|
Term loans from Banks |
5701.000 |
5159.000 |
|
loans and advances |
|
|
|
From Related Party |
37.200 |
33.700 |
|
Liability on currency swap contracts |
2036.900 |
1628.600 |
|
|
|
|
|
Short Term
Borrowing |
|
|
|
loans repayable on demand |
|
|
|
from Bank |
22.500 |
0.000 |
|
other short-term loans from related parties |
0.000 |
450.000 |
|
From Bank |
1500.000 |
0.000 |
|
From others |
0.000 |
1485.400 |
|
Total |
15157.600 |
16116.700 |
Notes:
Long-term
Borrowings
Current
and Non-Current Components of Long-Term Borrowing as at:
(Rs. in millions)
|
Particulars |
31.03.2014 |
31.03.2013 |
||
|
|
Non-Current |
Current |
Non-Current |
Current |
|
Non
Convertible Debentures (NCDs) |
|
|
|
|
|
a)
2% Non-Convertible Debentures |
2500.000 |
-- |
2500.000 |
-- |
|
b)
9.90% Non-Convertible Debentures |
1360.000 |
-- |
1360.000 |
-- |
|
c)
2% Non-Convertible Debentures |
-- |
1500.000 |
1500.000 |
-- |
|
d)
2% Non-Convertible Debentures |
2000.000 |
-- |
2000.000 |
-- |
|
|
5860.000 |
1500.000 |
7360.000 |
-- |
|
Term
Loan From Banks |
|
|
|
|
|
Foreign
Currency Term Loan From Banks |
5701.000 |
-- |
5159.000 |
-- |
|
Term
Loans from Bank |
-- |
1000.000 |
-- |
-- |
|
|
5701.000 |
1000.000 |
5159.000 |
-- |
|
Fixed
Deposits |
|
|
|
|
|
From
Shareholders |
-- |
-- |
-- |
600.000 |
|
|
|
|
|
|
|
Loans
and Advances |
|
|
|
|
|
From
Related Party |
37.200 |
-- |
33.700 |
-- |
|
Liability
on Currency swap contract |
2036.900 |
655.000 |
1628.600 |
-- |
|
|
2074.100 |
655.000 |
1662.300 |
-- |
Unsecured Debentures include:
a)
2,500,
2% Unsecured Non-Convertible Debentures of Rs.1.000 million 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.1.243 millions per debenture.
b)
1,360,
9.90% Unsecured Non-Convertible Debentures of Rs.1.000 million each, allotted
on February 24, 2012 aggregating Rs.1360.000 millions and repayable at the end
of the 5th year from the date of allotment.
c)
1,500,
2% Unsecured Non-Convertible Debentures of Rs.1.000 million 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.0.437 million per debenture.
d)
2,000,
2% Unsecured Non-Convertible Debentures of Rs.1.000 million each, allotted on
April 23, 2012 aggregating Rs.2000.000 millions and repayable at the end of the
5th year from the date of allotment, along with redemption premium of Rs.0.471
million per debenture
Maturity
Profile of Debentures:
(Rs. in millions)
|
Non-Convertible
Debentures (NCDs) |
Redeemable on |
Principal |
Premium |
Total |
|
a)
2% Non-Convertible Debentures |
December 9, 2019 |
2500.000 |
3108.400 |
5608.400 |
|
b)
9.90% Non-Convertible Debentures |
February 24, 2017 |
1360.000 |
-- |
1360.000 |
|
c)
2% Non-Convertible Debentures |
April 23, 2017 |
2000.000 |
942.300 |
2942.300 |
|
d)
2% Non-Convertible Debentures |
December 9, 2014 |
1500.000 |
654.600 |
2154.600 |
|
|
|
7360.000 |
4705.300 |
12065.300 |
Secured loan from Bank consists of overdraft facilities. These are secured
by hypothecation of operating supplies, stores, food and beverages and
receivables.
Short-term loans from related parties for the previous year consisted of
inter-corporate deposits for a period of 90 days with an option of pre-payment
, which have been repaid during the year.
The Company had taken an unsecured short term loan from a bank of Rs.
2000.000 Millions carrying interest rate of 10.35% p.a. during the year. The
loan was drawn down in tranches of Rs. 1000.000 millions each on July 25, 2013
and July 30, 2013 with a put / call option at the end of six months from the
draw down date. The Company has repaid Rs500.000 Millions on March 27, 2014.
The outstanding as on March 31, 2014 is Rs. 150 Millions
Short-terms loans from others for the previous year consisted of
commercial paper issued, which has been repaid during the year.
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10336608 |
09/02/2012 |
3,000,000,000.00 |
CENTBANK FINANCIAL
SERVICES LIMITED |
CENTRALBANK MMO BUILDING,
6TH FLOOR, 55, MAHATMA, GANDHI |
B31985922 |
|
2 |
10314452 |
19/10/2011 |
2,500,000,000.00 |
CENTBANK FINANCIAL
SERVICES LIMITED |
CENTRALBANK MMO BUILDING,
6TH FLOOR, 55, MAHATMA, GANDHI |
B23784283 |
|
3 |
10239811 |
15/09/2010 |
3,000,000,000.00 |
CENTBANK FINANCIAL
SERVICES LIMITED |
CENTRALBANK MMO BUILDING,
6TH FLOOR, 55, MAHATMA, GANDHI |
A94439031 |
|
4 |
90164075 |
19/09/2000 |
10,000,000.00 |
BANK OF INDIA |
SALIGAO BRANCH, SALIGAO
BARDEZ, GOA, GOA, INDIA |
- |
|
5 |
90234669 |
28/06/2000 |
293,800,000.00 |
ICICI LIMITED |
ICICI TOWER, BANDRA KURLA
COMPLEX; BANDRA (EAST), MUMMBAI, MAHARASHTRA - 400051, INDIA |
- |
|
6 |
90218133 |
10/10/1997 |
15,000,000.00 |
CENTRAL BANK OF INDIA |
MULLA HOUSE, 51; MAHARTMA
GANDHI ROAD; FORT, MUMB |
- |
|
7 |
90163555 |
27/06/1997 |
80,000,000.00 |
CENTURION BANK LIMITED |
MAKER CHAMBERS III,
NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
- |
|
8 |
90218081 |
05/04/1997 |
50,000,000.00 |
CITI BANK NA |
SAKHAR BHAVAN, 7TH FLOOR;
NARIMAN POINT, MUMBAI, |
- |
|
9 |
90160916 |
20/03/1997 |
3,000,000.00 |
DRESDNER BANK AG. |
HOECAST HOUSE; NARIMAN
POINT, MUMBAI, MAHARASHTRA |
- |
|
10 |
90163505 |
20/03/1997 |
107,610,000.00 |
DREADNER BANK AG. |
MUMBAI BRANCH, HOECHST
HOUSE; 1ST FLOOR; NARIMAN |
- |
|
11 |
90218030 |
02/09/1996 |
350,000,000.00 |
ANZ GRINDLAYS BANK
LIMITED |
90; MAHATMA GANDHI ROAD, MUMBAI,
MAHARASHTRA, INDIA |
- |
|
12 |
90218028 |
29/08/1996 |
17,500,000.00 |
THE BENARES STATE BANK
LIMITED |
5; ANSARI ROAD,
DARYAGANJ, NEW DELHI, MAHARASHTRA |
- |
|
13 |
90222557 |
03/11/1995 |
1,494,000.00 |
INDIAN BANK |
M.G. ROAD, BANGALROE,
KARNATAKA, INDIA |
- |
|
14 |
90217831 |
01/09/1994 |
187,300,000.00 |
SCICI LIMITED |
MAKER TOWER
"F", CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
- |
|
15 |
90219971 |
25/04/1994 |
1,085,800,000.00 |
SCICI LIMITED |
141; MAKER TOWER
"F", CUFFE PARADE, BOMBAY, MAHARASHTRA - 400005, INDIA |
- |
|
16 |
90162821 |
10/12/1993 |
20,000,000.00 |
BANK OF BARODA |
CALANGUTE BRANCH, GOA,
GOA, INDIA |
- |
|
17 |
90217683 |
20/05/1993 |
5,000,000.00 |
BANK OF BARODA |
MANDVI, BOMBAY,
MAHARASHTRA, INDIA |
- |
|
18 |
90219573 |
20/05/1993 |
5,000,000.00 |
BANK OF BARODA |
CALANGUTE BR., GOA, GOA,
INDIA |
- |
|
19 |
90216186 |
20/05/1993 |
150,000,000.00 |
CENTRAL BANK OF INDIA |
JEHANGIR WADIA BUILDING, 51;
M.G. ROAD, MUMBAI, MAHARASHTRA - 400001, INDIA |
- |
|
20 |
90217594 |
04/07/1992 |
150,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWER, CUFFE PARADE,
BOMBAY, MAHARASHTRA - 400005, INDIA |
- |
|
21 |
90221914 |
03/06/1991 |
1,500,000.00 |
INDIAN BANK |
M.;G. ROAD, BANGALROE,
KARNATAKA, INDIA |
- |
|
22 |
90216153 |
25/06/1990 |
150,000,000.00 |
CENTRAL BANK OF INDIA |
JEHANGIR WADIA BUILDING,
51; M.G. ROAD, MUMBAI, MAHARASHTRA - 400001, INDIA |
- |
|
23 |
90221661 |
14/10/1989 |
5,000,000.00 |
VIJAYA BANK |
MAYAO HALL BRANCH,
BANGALROE, KARNATAKA, INDIA |
- |
|
24 |
90217336 |
12/09/1989 |
20,000,000.00 |
ICICI LIMITED |
163; BACKBAY RECLAMATION,
BOMBAY, MAHARASHTRA - 400020, INDIA |
- |
|
25 |
90221617 |
06/06/1989 |
20,000,000.00 |
ORIENTAL BANK OF COMMERCE |
FORT, BOMBAY,
MAHARASHTRA, INDIA |
- |
|
26 |
90217238 |
17/06/1988 |
15,350,000.00 |
ICICI LIMITED |
163; BACKBAY RECLAMATION,
BOMBAY, MAHARASHTRA - 400020, INDIA |
- |
|
27 |
90162061 |
09/06/1990 * |
10,000,000.00 |
AMERICAN EXPRESS BANK
LIMITED |
ORIENT BUILDING, 364; DR.
DADABHAI NAOROJI ROAD, |
- |
|
28 |
90221325 |
05/03/1987 |
55,000,000.00 |
TOURISM FINNACE CORP. OF
INDIA LIMITED |
CORE V SCOPE, NEW DELHI,
DELHI - 110000, INDIA |
- |
|
29 |
90161951 |
23/10/1986 * |
1,500,000.00 |
STATE BANK OF INDIA |
FORT AGUADA BRANCH,
SINQUERIM, GOA, GOA, INDIA |
- |
|
30 |
90217041 |
23/03/1987 * |
150,000,000.00 |
CENTRAL BANK OF INDIA |
JEHANGIR WADIA BUILDING, 83;
M.G. ROAD FORT, BOMBAY, MAHARASHTRA - 400023, INDIA |
- |
|
31 |
90216994 |
29/09/1996 * |
3,000,000.00 |
CANARA BANK |
NUNGAMBAKKAM, MADRAS,
MAHARASHTRA - 600034, INDIA |
- |
|
32 |
90166987 |
16/01/1985 |
4,500,000.00 |
THE ECONOMIC DEVELOPMENT CORPN.
OF GOA; DAMAN AND DI |
SHREE SARASWATI MANDIR
BUILDING, 18TH JUNE ROAD, |
- |
|
33 |
90161781 |
27/03/1991 * |
500,000.00 |
STATE BANK OF INDIA |
FORT AGUADA BRANCH,
CANDOLIM BARDEZ, GOA, GOA, INDIA |
- |
|
34 |
90161722 |
03/03/1988 * |
5,500,000.00 |
THE INDUSTRIAL CREDIT AND
INVESTMENT CORPN. OF INDIA |
163; BACKBAY RECLAMATION,
BOMBAY, MAHARASHTRA - 400020, INDIA |
- |
|
35 |
90216785 |
25/09/1987 * |
225,043.00 |
ICICI LIMITED |
163; BACKBAY RECLAMATION,
BOMBAY, MAHARASHTRA - 400020, INDIA |
- |
|
36 |
90166954 |
05/11/1977 |
1,000,000.00 |
THE INDUSTRIAL CREDIT AND
INVESTMENT CORPN. OF INDIA |
163, BACKBAY RECLAMATION,
BOMBAY, MAHARASHTRA - 400020, INDIA |
- |
|
37 |
90161455 |
21/07/1977 |
4,000,000.00 |
THE INDUSTRIAL CREDIT AND
INVESTMENT CORPN. OF INDIA |
163, BACKBAY RECLAMATION,
BOMBAY, MAHARASHTRA - 400020, INDIA |
- |
|
38 |
90160707 |
11/03/1976 |
12,740,000.00 |
AMERICAN EXPRESS
INTERNATIONAL BANKING CORPORATION |
364; DR. D.N. ROAD, P.B.
507, BOMBAY, MAHARASHTRA |
- |
* Date of charge modification
CORPORATE INFORMATION
The Company, 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.
INCOME:
The total income for the
year ended March 31, 2014 at Rs.197773.300 millions was higher than that of the
previous year by 3%. While Room Income was marginally lower (1%) than the
previous year, Food and Beverage income increased by 7% over the previous year,
aided by growth in banqueting income.
BUSINESS OVERVIEW
The GDP growth in
India during the year is estimated to have been around 4.7%. Inflation was at
very high levels during the first half of the year, but has gradually come down
to 6% by the end of the year. The Indian Rupee’s recent depreciation against
the US$ has not been helpful in so far as it unexpectedly enhanced the
effective cost of borrowings in $ for Indian corporates. In the Indian market,
the impact of the economic slowdown, coupled with the very substantial increase
in new hotel capacity across all the key markets, combined to put unprecedented
pressure on revenue per available room for the sector. However, the new supply
is an investment for the future and a facilitator for the much needed
improvement in tourism-related infrastructure across the country. Thus, with
the anticipated improvement in the domestic economic environment, the fortunes
of the hospitality sector are expected to now improve.
The International
tourists arrival, worldwide, have grown to 1.1 billion in 2013, 5% above 2012
and are forecast to grow at 4% to 4.5% in 2014.
The Foreign
Tourist Arrival, in India, during 2013 was 6.85 million, which translates to a
4.1% growth over the previous year. Foreign Exchange Earnings from tourism grew
to ` 105,836 crores during 2013 from ` 94,487 crores in 2012, registering a
growth of 12%.
The Taj Group
launched one new Vivanta by Taj hotel during the year at Surajkund, New Delhi
and three new Gateway Hotels during the year, at Hubli, Chennai and Kolkata,
respectively. The Group currently has a portfolio of 30 Ginger hotels with a
room inventory of 2,843 rooms (including 3 hotels under management contract).
Projects for 15 new Ginger hotels are at various stages of construction and
expected to be operational in the next 18 to 36 months. The inventory of the
Taj Group of Hotels now stands at 125 hotels with 15,503 rooms, cutting across
all there 4 brands.
The Company
continues to pursue the completion of on-going projects in a time bound manner,
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, 2013 to March, 2014, in respect of the Taj 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 past year was
a difficult year for the industry and for theCompany. While there was some
improvement in the US and UK where the Company has a presence, the Indian
market was adversely impacted by the large additions to inventory, the bulk of
which were planned upto 2008, when the performance of the industry peaked. The
demand picked up, albeit gradually, with Foreign Tourist Arrivals (FTAs)
growing by 4.1% to 6.8 million tourists in 2013 and Foreign Exchange Earnings
(FEEs) growing by 2.2% to US$ 18.13 billion. The domestic economy stagnated
with businesses waiting for the outcome of the General Elections that were held
in May and June 2014, prior to taking any significant investment decisions. The
GDP growth in India, during 2013-14, remained at a subdued level of around
4.7%. For the financial year, India witnessed growth in Occupancy by 1.0% to
57%, while ADR decreased by 3.4% to INR 5,648 owing to supply pressures and
market conditions resulting in RevPAR decreasing by 2.5% to INR 3,216 across
all market classes.
The factors that
resulted in the poor performance are expected to persist in the first half of
the new financial year. The Company is hopeful that with a stable government at
the centre, there will be an improvement in the situation in the economy with
measures being taken to encourage both domestic foreign investment as well as
investments being directed towards infrastructure development. The long term
outlook for the Indian hospitality business continues to be positive, both for
the business and leisure segments with the potential for economic growth,
increases in disposable incomes and the burgeoning middle class. In the
meanwhile, the Company is looking at various revenue enhancement and cost
containment measures to tide over the tough times so that it can take advantage
of the upswing in business as the economy recovers and the demand supply
imbalance gets corrected.
FUTURE PROSPECTS
Travel &
Tourism’s contribution to the world economy has grown for the fourth
consecutive year and is expected to show even stronger growth in 2014. As per
Cushman & Wakefield (C&W) reports, hospitality sector of India is
expecting to witness better infrastructure growth. Approximately 4,304 new
hotel rooms are expected to open in 2014, of which 36% for Mid-scale, 13% in
the upscale segment, 17% is expected for Budget segment, 13% in Upper Upscale,
and 20% in the Luxury segment. The Taj Group has over 2,000 rooms in
development in pipeline over 2014-15 with its distinct brands, of which 404
rooms for Ginger Hotels in Budget segment, 624 rooms for Gateway Hotels in
Upscale segment, 400 rooms for Vivanta Hotels in Upper Upscale and 588 rooms
for Taj Luxury segment. The Taj Group is well poised to capture the growing
demand from Domestic markets with the largest presence in India with over 100
hotels in key corporate and leisure destinations across brands suiting the
requirements of such travellers. The Company’s brands – Taj, Vivanta and
Gateway - continue to command a premium in the marketplace.
AWARDS AND ACCOlADES
Taj Hotels Resorts and Palaces
• Ranked No. 1 in India in the Top Breakaway Brands as per Young & Rubicam’s
annual brand study – Brand Asset
Valuator (BAV). Breakaway Brands define and dominate their category
codes.
• Awarded the Best Hotel Chain in India at the UK Business Traveller
Awards 2013.
• Conferred the Conde Nast Traveler USA World Savers Award 2013 for
Poverty Relief. The award recognizes travel
companies exhibiting excellence in social and environmental
responsibility.
• Crowned as the Best Hotel Group in India at the T+L India’s Best
Awards 2013.
Taj Falaknuma Palace, Hyderabad
• The Nizam Suite made it to the list of T+L India’s Top 25 Presidential
Suites 2013 and the hotel was named the Best
Heritage Hotel in India.
• Ranked 2nd in the ‘Best Overseas Holiday Hotels in Asia and India’
category at the Conde Nast Traveller UK Readers’
Travel Awards 2013. It also ranked 37th on the list of the ‘World’s Top
100 Hotels.
• Jiva Spa has been awarded the Best Spa Interiors award (Hotel &
Resort at the Geospa asia Spa India Awards).
The Taj Mahal Palace, Mumbai
• The legendary Wasabi by Morimoto has been voted 32nd on the San
Pellegrino’s list of 50 Best Restaurants in Asia and named the Best Hotel
Restaurant at the T+L India’s Best Awards 2013
• Featured on the T+L Top 500 World’s Best Awards survey with a score of
93.02.
• Featured in the Conde Nast Traveler USA Gold List 2014 - a list of the
best ranked properties in the world – with a score of 95.4.
• Ranked as the First Runner-Up award for Favourite Hotel Visited on
Business - India at the Conde Nast Traveller India
Readers’ Travel Awards 2013.
• The Rajput Suite made it to the list of T+L India’s Top 25
Presidential Suites 2013.
• Ranked 3rd in the ‘Best Overseas Business Hotels’ category at the
Conde Nast Traveller UK Readers’ Travel Awards
2013. It also ranked 32nd on the list of the ‘World’s Top 100 Hotels’.
• Ranked no. 8 on the list of “Top City Hotels in Asia” in the Travel +
Leisure World’s Best Awards 2013 with a score of
93.02. It also
featured on the list of “Top 100 Hotels in the World”.
Taj lake Palace, Udaipur
• Conferred the prestigious National Tourism Award in the Five Star
Deluxe category by the Ministry of Tourism, in recognition of its commitment to
excellence and contribution to tourism in the country.
• Featured on the T+L Top 500 World’s Best Awards survey with a score of
94.50 and was also ranked 29th on the list of 50 Best Hotels in the World.
• Featured in the Conde Nast Traveler USA Gold List 2014 - a list of the
best ranked properties in the world – with a score of 92.4. It also featured in
the Platinum Circle 2014 - a list of hotels that have made it to the Gold List
for
5 consecutive years.
• Ranked no. 6 on the list of “Top Resorts in Asia” and no. 29 on the
list of “Top 50 Hotels in the World” in the Travel
+ Leisure World’s Best Awards 2013. It received a score of 94.50.
• The Grand Presidential Suite has been named one of the “Best on the
Planet” in Elite Traveler’s Top 101 Suites of the World 2013.
Umaid Bhawan Palace, Jodhpur
• Featured on the T+L Top 500 World’s Best Awards survey with a score of
95.33.
• Ranked no. 3 on the list of “Top Resorts in Asia” and no. 14 on the
list of “Top 50 Hotels in the World” in the Travel
+ Leisure World’s
Best Awards 2013. It received a score of 95.33.
Rambagh Palace, Jaipur
• Featured on the T+L Top 500 World’s Best Awards survey with a score of
91.76.
• Featured in the Conde Nast Traveler USA Gold List 2014 - a list of the
best ranked properties in the world - with a score of 96.0.
• Awarded for Favourite Leisure Hotel in India at the Conde Nast
Traveller India Readers’ Travel Awards 2013.
• Ranked 9th in the ‘Best Overseas Holiday Hotels in Asia and India’
category at the Conde Nast Traveller UK Readers’
Travel Awards 2013.
• Ranked no. 11 on the list of “Top Resorts in Asia” in the Travel +
Leisure World’s Best Awards 2013. It received a score of 91.76.
• Ranked as the first runner up in the second edition of the T+L India’s
Best Awards 2013 in the category of Best
Heritage Hotel, India.
Taj Palace Hotel, New Delhi
• Featured among the “World’s Best Business Hotels” by Travel + Leisure
USA readers in the most recent World’s Best
Awards survey 2013.
• The Tata Suite made it to the list of T+L India’s Top 25 Presidential
Suites 2013.
Taj Mahal Hotel, New Delhi
• The iconic restaurant Varq has been voted 36th on the San Pellegrino’s
list of 50 Best Restaurants in Asia.
• Featured on the T+L Top 500 World’s Best Awards survey with a score of
89.78.
Taj Safari lodges
• Banjaar Tola, lodge in Kanha National Park was conferred the award
Excellence in the category of Most Innovative
Guest Experience at the Virtuoso Best of Best Hotels Awards 2013.
Taj Palace, Marrakech
• Royal Suite was recently named one of the “Top 101 Suites of the
World” 2013 by Elite Traveler.
• Featured in CNT USA Hot List 2013 and T+L USA IT List 2013 - a list of
the Best New Hotels of 2013.
The Pierre, A Taj Hotel, New York
• Featured on the T+L Top 500 World’s Best Awards survey with a score of
88.35.
Taj Boston
• Featured on the T+L Top 500 World’s Best Awards survey with a score of
88.47 and named “World’s Best Business
Hotels”.
• Featured on the list of “Top Large City Hotels in Continental US” in
the Travel + Leisure World’s Best Awards 2013. It received a score of 88.47.
51 Buckingham gate, London
• Awarded for Favourite Hotel Visited on Business Overseas at the Conde
Nast Traveller India Readers’ Travel Awards
2013.
• The Cinema Suite has been named one of the “Best on the Planet” in
Elite Traveler’s Top 101 Suites of the World 2013.
Taj Exotica Resort & Spa, Maldives
• The Jiva Grande Spa won the award for Favourite Hotel Spa - Overseas
at the Conde Nast Traveller India Readers’
Travel Awards 2013.
• Conde Nast Traveler USA declared Vivanta by Taj as the 3rd best hotel
brand in the world in its 16th Annual Business
Travel Awards
2013.
Taj Exotica, goa
• The Jiva Spa was named the Best Destination Spa in India at the T+L
India’s Best Awards 2013.
Vivanta by Taj - gurgaon, NCR
• Featured on the Travel + Leisure USA 2014 “IT” List among “The Coolest
New Hotels Of The Year”.
Vivanta by Taj – Bekal
• The Jiva Grande Spa made it to the CNT USA Hot Spas List 2013 - a list
of Best New Spas of 2013.
Vivanta by Taj - Madikeri, Coorg
• Ranked as the First Runner-Up award for Favourite New Leisure Hotel -
India at the Conde Nast Traveller India
Readers’ Travel Awards 2013.
• Featured in CNT USA Hot List 2013 - a list of the Best New Hotels of
2013. It has also made it to the list of Best New
Hotels under 300 USD.
• Featured in CNT UK Hot List 2013 - a list of the Best New Hotels of
the World, 2013.
• Awarded the Trip Advisor Traveler’s Choice Award 2013 - it was among
the top 1% of hotels that earned the award.
• Featured in T+L USA “IT” List 2013 -a list of the Best New Hotels of
2013.
Vivanta By Taj - Whitefield, Bangalore
• Featured as the Best Business Hotel in India at the T+L India’s Best
Awards 2013.
The gateway Hotel Residency Road Bangalore
• Karavalli, renowned for its authentic coastal cuisine, has been voted
49th on the S. Pellegrino’s list of 50 Best
Restaurants in Asia.
• Ginger Hotels been voted as Best Value Hotel (Indian) for 2013 by the
readers of Lonely Planet Magazine India, in the magazine and through an online
poll.
AUDITED STATEMENT OF FINANCIAL RESULT FOR THE QUARTER AND HALF YEAR
ENDED SEPTEMBER 30, 2014
|
Sr. No |
Particulars |
Standalone |
|||
|
Quarter Ended |
Half Year Ended |
||||
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|||
|
|
|
|
|||
|
1 |
Income From
Operations |
|
|
|
|
|
|
a. Net Sales/ Income from Operations (Net of Excise Duty) |
4156.600 |
3978.000 |
3909.200 |
|
|
|
b. Other Operating Income |
-- |
-- |
-- |
|
|
|
Total Income from
Operations (Net) |
4156.600 |
4156.600 |
8313.200 |
|
|
2 |
Expenditure |
|
|
|
|
|
|
a. Cost of material Consumed |
411.600 |
392.300 |
803.900 |
|
|
|
b. Employees Benefit Expenses |
1269.700 |
1201.400 |
2471.100 |
|
|
|
c. license Fees |
274.900 |
240.00 |
514.900 |
|
|
|
d. Fuel, Power and Light |
468.200 |
448.500 |
916.700 |
|
|
|
e. Depreciation and Amortisation Expenses |
295.00 |
297.400 |
592.400 |
|
|
|
f. Other expenses |
1531.100 |
1344.200 |
2875.300 |
|
|
|
Total Expenses |
4250.500 |
3923.800 |
8174.300 |
|
|
3 |
Profit from
Operations before Other Income, Interest and Exceptional Items |
(93.900) |
54.200 |
(39.700) |
|
|
4 |
Other Income |
258.100 |
117.400 |
375.500 |
|
|
5 |
Profit from ordinary
activities before finance cost & exceptional items |
164.200 |
171.600 |
335.800 |
|
|
6 |
Finance Costs |
249.500 |
246.500 |
496.000 |
|
|
7 |
Profit from
ordinary activities after finance costs & exceptional items |
(85.300) |
(46.100) |
(93.200) |
|
|
8 |
Exceptional items |
(47.000) |
(46.100) |
(93.200) |
|
|
9 |
Profit from
ordinary activities before tax |
(132.400) |
(121.000) |
(253.400) |
|
|
10 |
Tax Expense |
|
|
|
|
|
|
- Income Tax |
|
|
|
|
|
|
- Deferred Tax |
(56.600) |
(49.500) |
(106.100) |
|
|
11 |
Net Profit from
ordinary activity after tax |
(75.800) |
(71.500) |
(147.300) |
|
|
12 |
Extraordinary Items |
-- |
-- |
-- |
|
|
13 |
Net Profit After
Tax |
(75.800) |
(71.500) |
(147.300) |
|
|
14 |
Paid-up equity share capital (face value of Rs.1 per share) |
807.500 |
807.500 |
807.500 |
|
|
15 |
Reserves excluding Revaluation Reserve as per balance sheet of previous accounting Year |
|
|
|
|
|
16 |
Earning Per Share (of Rs.10 each) (not annualized) |
|
|
|
|
|
|
Basic EPS |
(0.09) |
(0.09) |
(0.18) |
|
|
|
Diluted EPS |
(0.09) |
(0.09) |
(0.18) |
|
|
|
|
|
|
|
|
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
|
17 |
Public Shareholding |
|
|
|
|
|
|
- No. of shares |
|
|
|
|
|
|
- Percentage of shareholding |
|
|
|
|
|
18 |
Promoter &
Promoter Group Shareholding |
|
|
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
|
|
- No. of shares |
504406563 |
5044006563 |
504406563 |
|
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
62.47 |
62.47 |
62.47 |
|
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
-- |
-- |
-- |
|
|
|
b) Non-encumbered |
|
|
|
|
|
|
- No. of shares |
303066224 |
303066224 |
303066224 |
|
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
100.00 |
100.00 |
100.00 |
|
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
37.53 |
37.53 |
37.53 |
|
|
|
Particulars |
Quarter ended
30.09.2014 |
|
B |
Investor Complaints |
|
|
|
Pending at the beginning of the quarter |
-- |
|
|
Received during the quarter |
4 |
|
|
Disposed off during the quarter |
4 |
|
|
Remaining unresolved at the end of the
quarter |
-- |
STATEMENT OF ASSET
AND LIABILITIES AS AT SEPTEMBER 31, 2014
|
SOURCES OF FUNDS |
|
|
As on 30.09.2014 (Audited) |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
|
|
807.500 |
|
(b) Reserves & Surplus |
|
|
25896.100 |
|
|
|
|
26703.600 |
|
|
|
|
|
|
(2)
Minority Interest |
|
|
0.000 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
31996.300 |
|
(b) Deferred tax liabilities (Net) |
|
|
1136.500 |
|
(c) Other long term
liabilities |
|
|
6382.500 |
|
(d) long-term
provisions |
|
|
215.900 |
|
|
|
|
39731.200 |
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
|
509.600 |
|
(b) Trade
payables |
|
|
1519.300 |
|
(c) Other
current liabilities |
|
|
6511.200 |
|
(d) Short-term
provisions |
|
|
931.600 |
|
|
|
|
9471.700 |
|
|
|
|
|
|
TOTAL |
|
|
75906.500 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
21287.800 |
|
(b)Goodwill
on Consolidation |
|
|
0.000 |
|
(c) Non-current Investments |
|
|
27616.400 |
|
(d) Deferred tax assets (net) |
|
|
0.000 |
|
(e) Long-term Loan and Advances |
|
|
15665.700 |
|
(f) Other
Non-current assets |
|
|
43.200 |
|
|
|
|
64613.100 |
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
|
3447.600 |
|
(b)
Inventories |
|
|
449.200 |
|
(c) Trade
receivables |
|
|
1411.700 |
|
(d) Cash
and cash equivalents |
|
|
4623.500 |
|
(e)
Short-term loans and advances |
|
|
804.500 |
|
(f) Other
current assets |
|
|
556.900 |
|
|
|
|
11293.400 |
|
|
|
|
|
|
TOTAL |
|
|
75906.500 |
FIXED ASSETS
Tangible Assets
· Freehold Land
· Leasehold Land
· Buildings
· Plant and Equipment
· Furniture and Fixtures
· Office Equipment
· Vehicles
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. 61.87 |
|
|
1 |
Rs. 97.01 |
|
Euro |
1 |
Rs. 76.12 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
KLS |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
64 |
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.