MIRA
INFORM REPORT
|
Report Date : |
12.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
MFAR HOTELS AND RESORTS PRIVATE LIMITED |
|
|
|
|
Formerly Known
As : |
M FAR HOTELS LIMITED (w.e.f.27.07.2012) MFAR HOTELS AND RESORTS LIMITED (w.e.f.04.11.2010) M FAR HOTELS LIMITED |
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Registered
Office : |
NH 47 By |
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Country : |
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|
|
Financials (as
on) : |
31.03.2013 |
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|
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Date of
Incorporation : |
23.07.1997 |
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|
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|
Com. Reg. No.: |
09-011649 |
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|
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Capital
Investment / Paid-up Capital : |
Rs.1222.066 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U55101KL1997PLC011649 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHNM01094C |
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PAN No.: [Permanent Account No.] |
AABCM9267F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
To carry on the business of Hotel, Motel, Lodge, Resorts, Tourist
centers, Cottages, Holiday Homes, Amusement Parks, Health resorts and for
this purpose purchase, develop, construct, hire, lease, rent and deal in
land, building, houses. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (19) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
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|
|
|
Payment Behaviour : |
Slow and delayed |
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|
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. The company possesses a below average financial profile marked by weak
debt protection metrics and huge liabilities to be paid off inturn
threatening the liquidity position. Management has reported a huge loss from its operations as a result of
lower occupancy rate and average rate and average room rent in Chennai hotel
because of oversupply situation in Chennai’s hospitality industry. The rating also take into consideration, the instances of delays by
the management in servicing its term debt due to weak liquidity positions. Business is active. Payment terms are slow but delayed. In view of stable operations at its hotel in Kochi named as “Le Meridian”
and its promoter’s extensive experience, the subject can be considered for
business dealings on a safe and secured trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
The economy grew 4.7
%in 2013/14, marking a second straight year of sub-5 % growth – the worst
slowdown in more than a quarter of a century. The data was below an official
estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal
year. However, the current account deficit narrowed sharply to $ 32.4 billion
at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8
billion or 4.7 %, the year before.A sharp fall in gold imports due to
restrictions on overseas purchases and muted import of capital goods helped
shrink the current account deficit.
Online retailer
Flipkart has acquired fashion portal Myntra as it prepares to battle with the
rapidly expanding India arm of the global e-commerce giant Amazon. The company
raised $ 210 million from Russian Investment firm DST Global which has also
invested in companies like Facebook, Twitter and Alibaba Group.
General Motors will
start exporting vehicles from its Talegaon plant near Pune in the second half of
2014. GM was one of the few global carmakers that was using its India plant
only for the domestic market.
Google has overtaken
Apple as the world’s top brand in terms of value, according to global market
research agency Millward Brown. Google’s brand value shot up 40 % in a year to
$ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.
Infosys lost another
heavy weight when B G Srinivas, a board member put in his papers. He is the
third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the
company – Ashok Vemuri and V Balakrishnan being the other two.While Vemuri went
on to lead IGate, Balakrishnan joined politics.
Naresh Goyal –
promoted Jet Airways posted biggest quarterly loss – Rs 2153.37 crore – in the
three months ended March 31, mainly because it has been offering discounts to
passengers to fill planes.
William S Pinckney –
Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in
connection with a complaint against the direct selling firm. This is the second
time that he has been taken into custody. A year, ago the Kerala Police had
arrested Pinckney and two company directors on charges of financial
irregularities.
China has told its
state-owned enterprises to sever links with American consulting firms after the
United States charged five Chinese military officers wih hacking US companies.
China’s action which targets consultancies like McKinsey & Co. and the
Boston Consulting Group, sterns from fears that the first are providing trade secrets
to the US governments.
India has emerged as
a country with some of the highest unregistered businesses in the world.
Indonesia has the maximum number of shadow businesses, says a study of 68
countries by Imperial College Business School in London.
Pfizer has abandoned
its attempt to buy AstraZeneca for nearly $ 118 billion after the latter
refused an offer of 55 pounds a share.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term and short term rating = D |
|
Rating Explanation |
The company is in default or expected to be
in default soon |
|
Date |
22.10.2012 |
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.
LOCATIONS
|
Registered Office : |
NH 47 By Pass Road, Kundannur Junction, Ernakulam, Cochin – 682304,
Kerala, India |
|
Tel. No.: |
91-484-2706116 / 2706117 |
|
Fax No.: |
91-484-2706118 |
|
E-Mail : |
DIRECTORS
As on 09.09.2013
|
Name : |
Mr. Parambathekandi Mohamed Ali |
|
Designation : |
Director |
|
Address : |
Ak Barakah, |
|
Date of Birth/Age : |
06.06.1949 |
|
Date of Appointment : |
23.07.1997 |
|
DIN No.: |
00288556 |
|
|
|
|
Name : |
Mr. Mucheth Muhamed Abdul Basheer |
|
Designation : |
Director |
|
Address : |
Mucheth House, Nedumthode, Mudickal, Perumbavoor, Ernakulam – 682019, |
|
Date of Birth/Age : |
28.11.1961 |
|
Date of Appointment : |
23.07.1997 |
|
DIN No.: |
00120916 |
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|
|
|
Name : |
Painamvilayil John Mammen |
|
Designation : |
Whole-Time Director |
|
Address : |
1A, Stone Edge Apartments, 44/49 Beach Road, Besanrt Nagar, Chennai –
600090, Tamilnadu, India |
|
Date of Birth/Age : |
11.03.1961 |
|
Date of Appointment : |
19.10.2009 |
|
DIN No.: |
02828991 |
|
|
|
|
Name : |
Mr. Aamir Alladin |
|
Designation : |
Director |
|
Address : |
220 B, |
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Date of Birth/Age : |
10.09.1974 |
|
Date of Appointment : |
30.06.2007 |
|
DIN No.: |
01020971 |
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|
|
|
Name : |
Fathimathul Zuhra |
|
Designation : |
Director |
|
Address : |
16-7-416, AL Manhal Vas Lane, Mangalore – 575002, Karnataka, India |
|
Date of Birth/Age : |
23.03.1976 |
|
Date of Appointment : |
09.11.2011 |
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DIN No.: |
00482470 |
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|
|
|
Name : |
Mr. Mohiuddin Mohamad Ali |
|
Designation : |
Director |
|
Address : |
AL Barakah Tevara Ferry Road, Tevara, Ernakulam – 682014, Kerala,
India |
|
Date of Birth/Age : |
27.01.1987 |
|
Date of Appointment : |
09.11.2011 |
|
DIN No.: |
02276761 |
KEY EXECUTIVES
|
Name : |
Ms. Kalleri Parambath Vijayan |
|
Designation : |
Secretary |
|
Address : |
Sreenandanam, Chambakkara, Ernakulam – 682317, Kerala, India |
|
Date of Birth/Age : |
20.05.1959 |
|
Date of Appointment : |
07.02.2002 |
|
PAN No.: |
ABNPV5010D |
MAJOR SHAREHOLDERS
As on 09.09.2013
|
Names of Shareholders (Equity) |
|
No. of Shares |
|
Rasiya Mohamed Ali |
|
9986326 |
|
Dr. P. Mohamed Ali |
|
59819932 |
|
Mfar Enterprises Private Limited, India |
|
5381603 |
|
Mohiyudeen Mohamed Ali |
|
2149056 |
|
Amina Mohamed Ali |
|
1153000 |
|
Mfar Holdings Private Limited, India |
|
1310000 |
|
Khadeeja Zeenath |
|
750000 |
|
Bismi Holdings Limited, India |
|
32506690 |
|
S. K. K. Nair |
|
1 |
|
M. M. Abdul Basheer |
|
1 |
|
Sajitha Basheer |
|
1 |
|
Mr. Shereef Ali |
|
1 |
|
Balu Paul |
|
1 |
|
Total |
|
113056612 |
|
Names of Shareholders (Preference) |
|
No. of Shares |
|
Dr. P. Mohamed Ali |
|
457500 |
|
Mrs. Rasiya Mohamed Ali |
|
457500 |
|
Total |
|
915000 |
Equity Share Break up (Percentage of Total Equity)
As on 09.09.2013
|
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 |
92.40 |
|
Bodies corporate |
5.92 |
|
Directors or relatives of Directors |
1.68 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
To carry on the business of Hotel, Motel, Lodge, Resorts, Tourist
centers, Cottages, Holiday Homes, Amusement Parks, Health resorts and for
this purpose purchase, develop, construct, hire, lease, rent and deal in
land, building, houses. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
· HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel West, Mumbai - 400013, Maharashtra, India · The ICICI Bank Limited, ICICI Bank Towers, Bandra Kurla Complex, Mumbai - 400051, Maharashtra, India · Axis Bank Limited, Ist Floor, Chicago Plaza, Rajaji Road, Cochin - 682035, Kerala, India · Union Bank of India, union Bank Bhavan, P.B. No. 3683, Cochin – 682035, Kerala, India · Dhanlaxmi Bank Limited, Chittoor Road, Ernakulam, Cochin – 382011, Kerala, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Krishnamoorthy and Krishnamoorthy Chartered Accountants |
|
Address : |
Paliam Road, Cochin, Ernakulam – 682016, Kerala, India |
|
PAN No.: |
AADFK0184E |
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Associate
Company |
·
M Far Enterprises Private Limited CIN No.: U74140KL1994PTC007901 |
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|
|
|
Enterprises
under the control of persons having significant Influence over the company
and with whom transactions were carried out during the year: |
·
Active Char Products Private Limited CIN No.:
U23109KL2004PTC017583 ·
M Far Holdings Private Limited CIN No.: U07010KA1997PTC021911 ·
Cheraman Financial Services Limited |
CAPITAL STRUCTURE
As on 09.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
120850000 |
Equity Shares |
Rs.10/- each |
Rs.1208.500 Millions |
|
915000 |
Preference Shares |
Rs.100/- each |
Rs.91.500 Millions |
|
|
Total |
|
Rs.1300.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
113056612 |
Equity Shares |
Rs.10/- each |
Rs.1130.566 Millions |
|
915000 |
Preference Shares |
Rs.100/- each |
Rs.91.500 Millions |
|
|
Total |
|
Rs.1222.066
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
1222.066 |
907.767 |
773.244 |
|
(b) Reserves & Surplus |
525.741 |
466.211 |
385.100 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
6.500 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
1747.807 |
1380.478 |
1158.344 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1794.935 |
1529.393 |
892.797 |
|
(b) Deferred tax liabilities (Net) |
121.591 |
112.097 |
113.092 |
|
(c) Other long term liabilities |
7.090 |
8.090 |
8.490 |
|
(d) long-term provisions |
11.542 |
9.539 |
5.373 |
|
Total Non-current Liabilities (3) |
1935.158 |
1659.119 |
1019.752 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
48.803 |
30.467 |
27.590 |
|
(b) Trade payables |
17.362 |
10.707 |
9.207 |
|
(c) Other current
liabilities |
300.103 |
240.710 |
132.949 |
|
(d) Short-term provisions |
0.674 |
0.437 |
0.696 |
|
Total Current Liabilities (4) |
366.942 |
282.321 |
170.442 |
|
|
|
|
|
|
TOTAL |
4049.907 |
3321.918 |
2348.538 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
3554.873 |
1392.397 |
1264.971 |
|
(ii) Intangible Assets |
9.770 |
0.686 |
1.132 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
37.568 |
1465.216 |
684.087 |
|
(b) Non-current Investments |
106.794 |
91.325 |
91.325 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
197.507 |
225.265 |
152.845 |
|
(e) Other Non-current assets |
0.280 |
0.675 |
0.354 |
|
Total Non-Current Assets |
3906.792 |
3175.564 |
2194.714 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
62.452 |
21.379 |
15.814 |
|
(c) Trade receivables |
38.029 |
32.381 |
41.580 |
|
(d) Cash and cash
equivalents |
18.355 |
80.087 |
86.706 |
|
(e) Short-term loans and
advances |
23.829 |
12.280 |
8.899 |
|
(f) Other current assets |
0.450 |
0.227 |
0.825 |
|
Total Current Assets |
143.115 |
146.354 |
153.824 |
|
|
|
|
|
|
TOTAL |
4049.907 |
3321.918 |
2348.538 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
||
|
|
SALES |
|
|
|
||
|
|
|
Income |
521.425 |
523.792 |
482.866 |
|
|
|
|
Profit on sale of Investment |
0.000 |
0.000 |
0.000 |
|
|
|
|
TOTAL (A) |
521.425 |
523.792 |
482.866 |
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
Food and beverages consumed |
75.293 |
|
52.533 |
|
|
|
|
Other operating expenses |
208.941 |
|
203.097 |
|
|
|
|
Employees Cost |
112.476. |
|
72.320 |
|
|
|
|
Administrative expenses |
78.978 |
|
54.491 |
|
|
|
|
Lease rentals |
15.793 |
|
36.743 |
|
|
|
|
TOTAL (B) |
491.481 |
446.574 |
419.184 |
|
|
|
|
|
|
|
||
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
29.944 |
77.218 |
63.682 |
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES (D) |
48.195 |
16.982 |
18.243 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
18.251 |
60.236 |
45.439 |
||
|
|
|
|
|
|
||
|
Less |
DEPRECIATION/
AMORTISATION (F) |
47.925 |
35.412 |
34.414 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
(66.176) |
24.824 |
11.025 |
||
|
|
|
|
|
|
||
|
Less |
TAX (H) |
9.495 |
5.190 |
6.149 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
(75.671) |
19.634 |
4.876 |
||
|
|
|
|
|
|
||
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
||
|
|
|
without Thomas Cook |
73.595 |
97.173 |
110.928 |
|
|
|
|
with Thomas Cook |
88.283 |
0.000 |
0.000 |
|
|
|
TOTAL EARNINGS |
161.878 |
97.173 |
110.928 |
||
|
|
|
|
|
|
||
|
|
Earnings Per
Share (Rs.) |
(0.66) |
NA |
NA |
||
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(14.51) |
3.75 |
1.01 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(12.69) |
4.74 |
2.28 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(1.78) |
1.61 |
0.78 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.04) |
0.02 |
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.05 |
1.13 |
0.79 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.39 |
0.52 |
0.90 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
773.244 |
907.767 |
1222.066 |
|
Reserves & Surplus |
385.100 |
466.211 |
525.741 |
|
Share Application money pending
allotment |
0.000 |
6.500 |
0.000 |
|
Net
worth |
1158.344 |
1380.478 |
1747.807 |
|
|
|
|
|
|
long-term borrowings |
892.797 |
1529.393 |
1794.935 |
|
Short term borrowings |
27.590 |
30.467 |
48.803 |
|
Total
borrowings |
920.387 |
1559.860 |
1843.738 |
|
Debt/Equity
ratio |
0.795 |
1.130 |
1.055 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs. In
Millions |
Rs.
In Millions |
|
Sales |
482.866 |
523.792 |
521.425 |
|
|
|
8.476 |
(0.452) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
482.866 |
523.792 |
521.425 |
|
Profit |
4.876 |
19.634 |
(75.671) |
|
|
1.01% |
3.75% |
(14.51%) |
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 |
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 |
UNSECURED LOANS:
|
Particulars |
31.03.2013 Rs. In Millions |
31.03.2012 Rs. In Millions |
|
Long Term Borrowings |
|
|
|
oans repayable on demand from banks |
10.000 |
0.000 |
|
Borrowing from foreign companies |
379.988 |
153.120 |
|
Loans taken for vehicles |
12.315 |
14.694 |
|
Rupee term loans from bank |
86.115 |
0.000 |
|
Total |
488.418 |
167.814 |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10422073 |
01/03/2013 |
1,070,000.00 |
HDFC
Bank Limited |
HDFC
Bank House Senapati Bapat Marg, Lower Parel W, Mumbai, Maharashtra - 400013,
India |
B73840175 |
|
2 |
10422082 |
01/03/2013 |
1,070,000.00 |
HDFC
Bank Limited |
HDFC
Bank House Senapati Bapat Marg, Lower Parel W, Mumbai, Maharashtra - 400013,
India |
B73840787 |
|
3 |
10422089 |
01/03/2013 |
1,070,000.00 |
HDFC
Bank Limited |
HDFC
Bank House Senapati Bapat Marg, Lower Parel W, Mumbai, Maharashtra - 400013,
India |
B73841900 |
|
4 |
10422091 |
01/03/2013 |
1,070,000.00 |
HDFC
Bank Limited |
HDFC
Bank House Senapati Bapat Marg, Lower Parel W, Mumbai, Maharashtra - 400013,
India |
B73842387 |
|
5 |
10422085 |
01/03/2013 |
1,300,000.00 |
HDFC
Bank Limited |
HDFC
Bank House Senapati Bapat Marg, Lower Parel W, Mumbai, Maharashtra - 400013,
India |
B73841363 |
|
6 |
10417883 |
18/02/2013 |
60,000,000.00 |
Dhanlaxmi
Bank Limited |
Industrial
Finance Branch, Chittoor Road, Ernakulam, Kerala - 682011, India |
B72637010 |
|
7 |
10371982 |
04/07/2012 |
1,055,000.00 |
The
ICICI Bank Limited |
ICICI
Bank Towers, Bandra Kurla Complex, Mumbai, Maharashtra - 400051, INDIA |
B56182462 |
|
8 |
10176495 |
31/08/2009 |
20,000,000.00 |
Dhanalakshmi
Bank Limited |
Industrial
Finance Branch, M.G. Road, Ernakulam, Kerala - 682035, India |
A70075221 |
|
9 |
10176488 |
27/08/2009 |
6,500,000.00 |
Axis
Bank Limited |
Ist Floor,
Chicago Plaza, Rajaji Road, Cochin, Kerala - 682035, India |
A69910032 |
|
10 |
10171070 |
23/07/2009 |
1,500,000.00 |
Axis
Bank Limited |
Ist
Floor, Chicago Plaza, Rajaji Road, Cochin, Kerala - 682035, India |
A67774208 |
|
11 |
10125830 |
18/09/2008 |
1,250,000,000.00 |
Union
Bank of India |
Overseas
Branch, Ernakulam, Kerala - 682035, India |
A48610836 |
|
12 |
10126179 |
17/09/2008 |
1,250,000,000.00 |
Union
Bank of India |
Overseas
Branch, Ernakulam, Kerala - 682035, India |
A48613350 |
|
13 |
10120812 |
21/08/2008 |
2,270,000.00 |
Federal
Bank Limited |
M.G.
Road, Ernakulam, Kerala - 682035, India |
A45262227 |
|
14 |
10081094 |
09/11/2007 |
527,000.00 |
Federal
Bank Limited |
Ernakulam
North Branch, Cochin, Cochin, Kerala - 682018, India |
A29375573 |
|
15 |
90023277 |
27/06/2012 * |
170,000,000.00 |
State
Bank of India |
Wellingdon
Island, Cochin, Kerala - 682003, India |
B44722072 |
|
16 |
90023235 |
19/06/2013 * |
165,000,000.00 |
Dhanlaxmi
Bank Limited |
Chittoor
Road, Ernakulam, Cochin, Kerala - 682011, India |
B79602918 |
|
17 |
90018310 |
21/10/2005 * |
5,000,000.00 |
Dhanlaxmi
Bank Limited |
M.
G. Road, Ernakulam, Kerala, India |
- |
* Date of charge modification
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Furniture and Fixture
·
Computer
·
Vehicles
NEWS:
MFAR HOTELS AND RESORTS
LIMITED WOULD INVEST RS 15000.000 MILLIONS IN THE NEXT FIVE YEARS
In a major expansion
of its activities, Mfar Hotels and Resorts Limited would invest Rs.15000.000
Millions in the next five years to set up hotel projects in India and abroad.
The new projects
would come up in major South Indian cities like Chennai, Bangalore, Hyderabad,
tourist centres like Thekkady and in countries like Sri Lanka and Oman
The new five star
hotel project at Chennai would be under the Westin brand, M M Abdul Basheer,
director, Mfar Hotels & Resorts told reporters here. The hotel, with 210
rooms, is being set up at a cost of Rs.3000.000 Millions.
The company is
also launching a 5 star resort project at Thekkady. The Rs.750.000 Millions
project, consisting of 60 cottages, would be commissioned this year. An
investment of Rs.3000.000 Millions would go into the construction of the
company's hotel project at Muscat, Oman.
The project would
be completed in early 2014. Le Meridien Kochi, Mfar's Kochi venture, has in the
meanwhile won the award for the best hotel based five star convention hotel at
the national tourism award, 2010-11.
The hotel project
is managed by Starwood Hotels and Resorts Worldwide Inc. Mr Rajesh K Madan,
general manager, Le Meridien Kochi said that the hotel's convention centre has
led to the all-round development of the region apart from making Kochi a MICE
(meeting, incentive, conferences and exhibitions) destination
MFAR GROUP OF HOTELS TO INVEST $150M TO BUILD MALDIVES RESORT
He resort will be a combination of villas on the land as
well as villas built on stilts in the lagoon
A leading Indian hotel firm, Mfar Group of Hotels will invest $150 million to develop a high end resort for well-heeled tourists in Maldives.
The Mfar Group of Hotels, which has around 700 rooms altogether in India and
Oman, has acquired an island for building the resort.
"We have just acquired an island measuring six hectares in land area, and
we have the permission to reclaim land up to 30 hectares. We got the land on a
15-year lease from the government," P Mohammed Ali, owner of the firm,
told the Times of Oman newspaper.
Ali said Maldives has a great potential for hotel and tourism industry and provides opportunities for investment in the financial, infrastructure and tourism sectors.
The resort will be a combination of villas on the land as well as villas built
on stilts in the lagoon.
STARWOOD TO LAUNCH THE
WESTIN CHENNAI VELACHERY 
Starwood Hotels & Resorts Worldwide Inc. is planning to
launch its new property The Westin Chennai Velachery. The hotel is franchised
under the Westin Hotels and Resorts brand. The property is owned by Dr P
Mohamed Ali under the Mfar Hotels and Resorts Limited. The 215 room property is
scheduled to open in July this year and will cater to leisure and business
travellers.
Dilip Puri, Managing Director India and Regional Vice President
South Asia, Starwood Asia Pacific Hotels and Resorts, said, “With the success
of our new Westin properties in India we believe the brand has been well
received and has the potential to be present in many more gateway cities and
resort locations in India. The Westin Chennai Velachery is a significant
addition to the robust portfolio of the brand. We will continue to explore
opportunities to further strengthen our footprint as the brand gathers
increased traction from our owners, partners and our guests.”
The hotel will feature four food and beverage venues,
including an all day dining, a specialty restaurant, a bar and a poolside
restaurant. In addition, a state of the art Westin Workout, a pool and a
spacious Heavenly Spa by Westin will also be available. With over 12,600 square
feet of refined meeting and function space, high speed internet access and
sophisticated audio visual technology, the hotel will offer facilities for the
corporate travellers as well.
Vasant Prabhu, Vice Chairman and Chief Financial Officer,
Starwood Hotels & Resorts Worldwide, said, “India remains an under-supplied
market as far as hotels are concerned and Starwood sees huge potential and
growth opportunity in the country. Demand for high-end lodging in India
is expected to continue to exceed current supply. The country is rapidly
expanding its infrastructure, especially in its second and third tier cities
and tourism is estimated to grow substantially. These are fertile conditions
for the growth of all of our world-class brands.”
Mfar Hotels and Resorts own the Le Meridien Kochi which is
managed by Starwood. “After a successful partnership for the Le Meridien Kochi,
we are delighted to partner with Starwood Hotels and Resorts for our second
hospitality project The Westin Chennai Velachery. We are extremely
excited and will continue to look at opportunities for new projects in
hospitality both in domestic and international markets with Starwood Hotels and
Resorts,” said Dr P Mohamed Ali, Managing Director Mfar Hotels and Resorts.
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 records 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.60.18 |
|
|
1 |
Rs.103.15 |
|
Euro |
1 |
Rs.81.87 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
1 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
19 |
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.