MIRA INFORM REPORT
|
Report Date : |
07.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
THE INDIAN HOTELS COMPANY LIMITED |
|
|
|
|
Registered
Office : |
Mandlik House, Mandlik Road, Mumbai – 400 001, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
01.04.1902 |
|
|
|
|
Com. Reg. No.: |
11-000183 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.807.500 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L74999MH1902PLC000183 |
|
|
|
|
Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Subject is primarily engaged
in the business of owning, operating and managing hotels, palaces and
resorts. |
|
|
|
|
No. of Employees
: |
Information declined by Management. |
RATING & COMMENTS
|
MIRA’s Rating : |
A (68) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 132300000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having fine track record. Financial position of the company is sound. Fundamentals are strong
and healthy. Trade relations are reported as trustworthy. Business is active.
Payments are reported to be regular and as per commitments. The company can be considered good for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab Emirates
().98 million) and Malaysia ().82 million) emerged as the preferred holidays
hotspots for Indians. The total figure is expected to increase to 1.93 million
by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Non-Convertible Debentures: AA |
|
Rating Explanation |
High degree of safety and very low credit risk. |
|
Date |
December, 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
Commercial Paper: A1+ |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
|
Date |
December, 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
Management non-cooperative
(Tel. No.: 91-22-66395515)
LOCATIONS
|
Registered Office/ Share Department : |
Mandlik House, Mandlik Road, Mumbai – 400 001, Maharashtra, India |
|
Tel. No.: |
91-22-66395515 |
|
Fax No.: |
91-22-22027442 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office: |
15/17, |
|
Tel No.: |
91-22-66651000 |
|
Fax No.: |
91-22-22846680/ 83 |
|
|
|
|
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 31.03.2013
|
Name : |
Cyrus
P. Mistry |
|
Designation : |
Chairman (w.e.f. December 28, 2012) |
|
Date of Birth/Age : |
04.07.1968
|
|
Qualification : |
Graduate Degree in Civil
Engineering, UK, M.Sc. in Management, London Business School |
|
Expertise in specific
functional areas : |
Wide business experience across a variety of Industries |
|
Date of Appointment : |
28.12.2012
|
|
Other Directorship : |
• Tata Industries Limited • The Tata Power Company
Limited • Tata Sons Limited • Tata Teleservices
Limited • Tata Global Beverages
Limited • Tata Consultancy
Services Limited • Tata Steel Limited • Tata Motors Limited •
Tata Chemicals Limited |
|
|
|
|
Name : |
Mr. Ratan N. Tata |
|
Designation : |
Chairman (retired w.e.f. December 28, 2012) |
|
|
|
|
Name : |
Mr. R.K. Krishna Kumar |
|
Designation : |
Vice Chairman |
|
|
|
|
Name : |
Mr. K.B. Dadiseth |
|
Designation : |
Director |
|
Date of Birth/Age : |
20.12.1945 |
|
Qualification : |
B. Com., Member, Institute of Chartered Accountants, England and Wales |
|
Date of Appointment : |
09.05.2000 |
|
|
|
|
Name : |
Mr. Deepak Parekh |
|
Designation : |
Director |
|
Date of Birth/Age : |
18.10.1945 |
|
Qualification : |
B. Com, FCA (England and
Wales) |
|
Expertise in specific
functional areas : |
Banking
and Finance |
|
Date of Appointment : |
09.05.2000 |
|
Other Directorship : |
• Housing Development Finance
Corporation Limited • GlaxoSmithKline
Pharmaceuticals Limited • Mahindra and Mahindra
Limited • HDFC Asset Management
Company Limited • HDFC Standard Life
Insurance Company Limited • HDFC Ergo General
Insurance Company Limited •
Siemens Limited |
|
|
|
|
Name : |
Mr. Jagdish Capoor |
|
Designation : |
Director |
|
Date of Birth/Age : |
01.07.1939 |
|
Qualification : |
M.Com., Certified Associate of Indian Institute of Bankers (CAIIB) |
|
Date of Appointment : |
27.07.2001 |
|
|
|
|
Name : |
Mr. Shapoor Mistry |
|
Designation : |
Director |
|
Date of Birth/Age : |
06.09.1964 |
|
Qualification : |
B.A. (England) - Business
and Economics |
|
Expertise in specific
functional areas : |
Management |
|
Date of Appointment : |
17.04.2003 |
|
Other Directorship : |
• Shapoorji Pallonji and
Company Limited • Afcons Infrastructure
Limited • Eureka Forbes Limited • Forbes and Co. Limited • Gokak Textiles Limited • Forvol International
Services Limited • Shapoorji Pallonji
Finance Limited • Shapoorji Pallonji
Infrastructure Capital Co. Limited • Shapoorji Pallonji
Power Co. Limited • Gokak Power and Energy
Limited |
|
|
|
|
Name : |
Mr. Nadir Godreg |
|
Designation : |
Director |
|
Date of Birth/Age : |
26.08.1951 |
|
Qualification : |
B.Sc. Chemical Engineering - Massachusetts Institute of Technology
(MIT) M.S. Chemical Engineering - Stanford University. MBA - Harvard Business
School |
|
Date of Appointment : |
07.11.2008 |
|
|
|
|
Name : |
A.R.
Aga |
|
Designation : |
Director (resigned w.e.f. June 6, 2012) |
|
|
|
|
Name : |
Guy
Lindsay Macintyre Crawford |
|
Designation : |
Director (w.e.f. March 27, 2013) |
|
Date of Birth/Age : |
18.06.1952 |
|
Qualification : |
Fellow, Institute of
Hospitality, U.K. |
|
Expertise in specific functional
areas : |
Hoteliering |
|
Date of Appointment : |
27.03.2013 |
|
|
|
|
Name : |
Raymond N. Bickson |
|
Designation : |
Managing Director |
|
Date of Birth/Age : |
16.12.1955 |
|
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. |
|
Expertise in specific
functional areas : |
Hoteliering |
|
Date of Appointment : |
09.01.2003 |
|
Other Directorship : |
• Taj Trade and Transport
Company Limited • Taj GVK Hotels and
Resorts Limited • Piem Hotels Limited • Roots Corporation
Limited • Oriental Hotels Limited • United Hotels Limited • Taj SATS Air Catering
Limited • Taj Safaris Limited •
Benares Hotels Limited |
|
|
|
|
Name : |
Mr. Anil P. Goel |
|
Designation : |
Executive Director – Finance |
|
Date of Birth/Age : |
20.05.1957 |
|
Qualification : |
B.
Com, A.C.A. |
|
Expertise in specific
functional areas : |
Finance |
|
Date of Appointment : |
17.03.2008 |
|
Other Directorship : |
• Taj Sats Air Catering
Limited • Taj GVK Hotels and
Resorts Limited • Piem Hotels Limited • Roots Corporation
Limited • TIFCO Holdings Limited • Taj Kerala Hotels and
Resorts Limited • Kaveri Retreats and
Resorts Limited |
|
|
|
|
Name : |
Mr. Abhijit Mukerji |
|
Designation : |
Executive
Director – Hotel Operations |
|
Date of Birth/Age : |
11.09.1962 |
|
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. |
|
Expertise in specific
functional areas : |
Hoteliering |
|
Date of Appointment : |
17.03.2008
|
|
Other Directorship : |
• United Hotels Limited • ELEL Hotels and
Investments Limited • Piem Hotels Limited • Kaveri Retreats and Resorts
Limited •
TRIL Infopark Limited |
|
|
|
|
Name : |
Mehernosh S. Kapadia |
|
Designation : |
Executive Director – Corporate Affairs (w.e.f. August 10, 2011) |
|
Date of Birth/Age : |
22.05.1953 |
|
Qualification : |
Diploma in Travel Management |
|
Date of Appointment : |
10.08.2011 |
KEY EXECUTIVES
|
Name : |
Ms. Deepa Misra Harris |
|
Designation : |
Senior Vice President – Sales and Marketing |
|
|
|
|
Name : |
H. N. Shrinivas |
|
Designation : |
Senior Vice President – Human Resources |
|
|
|
|
Name : |
Yannick Poupon |
|
Designation : |
Chief Operating Officer – Luxury Hotels (International) |
|
|
|
|
Name : |
Jyoti Narang |
|
Designation : |
Chief Operating Officer – Luxury Hotels (India) |
|
|
|
|
Name : |
Veer Vijay Singh |
|
Designation : |
Chief Operating Officer – Vivanta Hotels |
|
|
|
|
Name : |
Mr.
Prabhat Verma |
|
Designation : |
Chief
Operating Officer – Gateway Hotels |
|
|
|
|
Name : |
Beejal Desai |
|
Designation : |
Vice President – Legal and Company Secretary |
|
|
|
|
Committees of
the Board : |
|
|
|
|
|
Audit Committee
: |
·
Mr. K. B. Dadiseth - Chairman ·
Mr. Deepak Parekh ·
Mr. Jagdish Capoor |
|
|
|
|
Remuneration
Committee : |
·
Mr. Jagdish Capoor - Chairman ·
Cyrus P. Mistry ·
Mr. R.K. Krishna Kumar |
|
|
|
|
Shareholders’ /
Investor Grievance Committee : |
·
Mr. R.K. Krishna Kumar - Chairman ·
Mr. Raymond N. Bickson ·
Mr. Abhijit Mukerji |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2014
|
Category
of Shareholders |
No. of Shares |
Percentage of Holding |
|
(A)
Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
303066224 |
37.54 |
|
|
303066224 |
37.54 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
303066224 |
37.54 |
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
10512747 |
1.30 |
|
|
126468253 |
15.67 |
|
|
2500 |
0.00 |
|
|
36643707 |
4.54 |
|
|
136415321 |
16.90 |
|
|
5951 |
0.00 |
|
|
5951 |
0.00 |
|
|
310048479 |
38.41 |
|
|
|
|
|
|
28534675 |
3.53 |
|
|
|
|
|
|
139991415 |
17.34 |
|
|
11177934 |
1.38 |
|
|
14407680 |
1.78 |
|
|
162225 |
0.02 |
|
|
4648419 |
0.58 |
|
|
579110 |
0.07 |
|
|
3681189 |
0.46 |
|
|
5336737 |
0.66 |
|
|
194111704 |
24.05 |
|
Total
Public shareholding (B) |
504160183 |
62.46 |
|
Total
(A)+(B) |
807226407 |
100.00 |
|
(C)
Shares held by Custodians and against which Depository Receipts have been
issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
246380 |
0.00 |
|
|
246380 |
0.00 |
|
Total
(A)+(B)+(C) |
807472787 |
0.00 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Promoter and
Promoter Group
|
Sl. No. |
Name of the Shareholder |
Details of Shares held |
Total shares (including underlying shares assuming full conversion of
warrants and convertible securities) as a % of diluted share capital |
|
|
No. of Shares held |
As a % of grand total |
|||
|
1 |
Lady
Tata Memorial Trust |
17728200 |
2.20 |
2.20 |
|
2 |
Sir
Dorabji Tata Trust |
50221040 |
6.22 |
6.22 |
|
3 |
Sir
Ratan Tata Trust |
11023220 |
1.37 |
1.37 |
|
4 |
Tata
Sons Limited |
202052004 |
25.02 |
25.02 |
|
5 |
Tata
Investment Corporation Limited |
9894060 |
1.23 |
1.23 |
|
6 |
Ewart
Investments Limited |
1318543 |
0.16 |
0.16 |
|
7 |
Tata
Chemicals Limited |
7271666 |
0.90 |
0.90 |
|
8 |
Tata
Global Beverages Limited |
1687742 |
0.21 |
0.21 |
|
9 |
Tata
Industries Limited |
452571 |
0.06 |
0.06 |
|
10 |
Tata
Capital Limited |
12000 |
0.00 |
0.00 |
|
11 |
Oriental
Hotels Limited |
511836 |
0.06 |
0.06 |
|
12 |
Taida
Trading and Industries Limited |
127768 |
0.02 |
0.02 |
|
13 |
Taj
Madurai Limited |
765574 |
0.09 |
0.09 |
|
|
Total |
303066224 |
37.53 |
37.53 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Public and holding
more than 1% of the total number of shares
|
Sl. No. |
Name of the Shareholder |
No. of Shares held |
Shares as % of Total No. of Shares |
Total shares (including underlying shares assuming full conversion of
warrants and convertible securities) as a % of diluted share capital |
|
|
1 |
Life
Insurance Corporation of India |
67797250 |
8.40 |
8.40 |
|
|
2 |
LIC
of India Market Plus Growth Fund |
16953393 |
2.10 |
2.10 |
|
|
3 |
LIC
of India Money Plus Growth Fund |
9253512 |
1.15 |
1.15 |
|
|
4 |
General
Insurance Corporation of India |
14507509 |
1.80 |
1.80 |
|
|
5 |
New
India Assurance Company Limited |
11530462 |
1.43 |
1.43 |
|
|
6 |
Siwa
Holdings Limited |
11923042 |
1.48 |
1.48 |
|
|
7 |
FID
Funds Mauritius Limited |
8317199 |
1.03 |
1.03 |
|
|
8 |
SAIF
III Mauritius Company Limited |
13107574 |
1.62 |
1.62 |
|
|
9 |
Government
Pension Fund Global |
40454747 |
5.01 |
5.01 |
|
|
10 |
Life
Insurance Corporation of India P and GS Fund |
9082074 |
1.12 |
1.12 |
|
|
|
Total |
202926762 |
25.13 |
25.13 |
Shareholding of securities (including shares, warrants, convertible
securities) of persons (together with PAC) belonging to the category “Public”
and holding more than 5% of the total number of shares of the company
|
Sl. No. |
Name(s) of the shareholder(s) and the
Persons Acting in Concert (PAC) with them |
No. of Shares |
Shares as % of Total No. of Shares |
Total shares (including underlying shares
assuming full conversion of warrants and convertible securities) as a % of
diluted share capital |
|
|
1 |
Government
Pension Fund Glob |
40454747 |
5.01 |
5.01 |
|
|
2 |
Life
Insurance Corporation of India |
67797250 |
8.40 |
8.40 |
|
|
|
Total |
108251997 |
13.41 |
13.41 |
Details of Locked-in Shares
|
Sl. No. |
Name of the Shareholder |
No. of Shares |
Locked-in Shares as % of |
|
1 |
Tata Sons Limited |
48000000 |
5.94 |
|
|
Total |
48000000 |
5.94 |
Details of Depository Receipts (DRs)
|
Sl. No. |
Type of Outstanding DR (ADRs, GDRs, SDRs, etc.) |
No. of Outstanding DRs |
No. of Shares Underlying |
Shares Underlying Outstanding DRs as % of Total No. of Shares |
|
1 |
Global Depository Receipts |
246380 |
2,46,380 |
0.03 |
|
|
Total |
246380 |
2,46,380 |
0.03 |
BUSINESS DETAILS
|
Line of Business : |
Subject is primarily engaged
in the business of owning, operating and managing hotels, palaces and
resorts. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by Management. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
· The Hongkong and Shanghai Banking Corporation Limited · Standard Chartered Bank · Citibank N.A · HDFC Bank Limited · ICICI Bank Limited |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
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.1.000 million 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 million each aggregating Rs.2500.000
millions, are allotted on July 27, 2011 and repayable at par at the end of
10th year from the date of allotment i.e. July 27, 2021. The Company has
entered into currency swap transactions with a view to convert these
debentures into foreign currency borrowing, to hedge its foreign currency
assets. Accordingly, the underlying borrowings are translated at the exchange
rate prevailing at the Balance Sheet date. c) 3,000, 2% Secured
Non-Convertible Debentures of Rs.1.000 million each aggregating Rs.3000.000
millions, are allotted on March 22, 2010 and repayable in 3 annual
instalments commencing at the end of 5th, 6th and 7th year from the date of
allotment along with redemption premium of Rs.0.613 million per debenture in
the ratio of 20:30:50 so as to give a yield to maturity of 9.5%. The Company
has entered into currency swap transactions on Rs.2000.000 millions with a
view to convert these debentures into foreign currency borrowing, to hedge
its foreign currency assets. Accordingly, the underlying borrowings to the
extent of Rs.2000.000 millions are translated at the exchange rate prevailing
at the Balance Sheet date. d) 3,000, 11.80% Secured
Non-Convertible Debentures of Rs.1.000 million 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 second instalment
which was due on December 18, 2012 of Rs.900.000 millions. All the Secured
Non-Convertible Debentures are rated, listed and secured by a pari passu first charge created on
all the fixed assets of the Company, both present and future. Maturity
Profile of Debentures : (Rs. in millions)
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors 1: |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
|
|
|
Auditors 2: |
|
|
Name : |
PKF Sridhar and Santhanam Chartered Accountants |
|
|
|
|
Solicitors : |
Mulla
and Mulla and Craigie Blunt and Caroe |
|
|
|
|
Company having
substantial interest: |
Tata Sons Limited, India |
|
|
|
|
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 |
|
|
|
|
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 |
|
|
|
|
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 |
*
Became jointly controlled entity with effect from April 1, 2012
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000000 |
Ordinary Shares |
Re.1/- each |
Rs.1000.000 millions |
|
10000000 |
Cumulative Redeemable Preference Shares |
Rs.100/- each |
Rs.1000.000 millions |
|
|
Total |
|
Rs.2000.000
millions |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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 |
|
|
|
|
|
Notes:
(i) 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, 2013, the amount of per share dividend recognised as distribution to equity
shareholder was Re.0.80/-.
(ii)
Reconciliation of the shares outstanding at the beginning and at the end of the
year
|
Particulars |
31.03.2013 |
|
|
|
No. of shares |
Amount (Rs. in
millions) |
|
As at the beginning of the year |
759472787 |
759.500 |
|
Add : Issued during the year |
48000000 |
48.000 |
|
As at the end of
the year |
807472787 |
807.500 |
(iii) On December 23, 2010,
the Company had issued on preferential basis 48000000 Warrants to Tata Sons
Limited at a price of Rs.103.64 per warrant with a right exercisable by the
warrant holder to subscribe to one Ordinary share of the face value of Re.1/-
each per warrant which option was exercisable after April 1, 2011, but not
later than 18 months from the date of issue of the warrants. The Company had
received Rs.124.37 crores, as 25% advance against the warrants at the time of
issue of the warrants .The Company has received the balance 75% application /
allotment monies amounting to Rs.373.10 crores on June 22, 2012 and pursuant to
the above the Company has allotted 48000000 Ordinary shares of face value of
Re.1/- each at a premium of Rs.102.64 per share to Tata Sons Limited on
preferential basis. The equity shares issued as aforesaid are eligible to
dividend of Re.1/- per share for the year 2011-12.
(iv) Shareholders holding more than 5% shares
in the Company:
|
Particulars |
31.03.2013 |
|
|
|
No. of shares |
% of Holding |
|
Equity share of
Re.1/- each fully paid |
|
|
|
Tata Sons Limited |
202052004 |
25.02 |
|
Life Insurance Corporation of India |
76879324 |
9.52 |
|
Sir Dorabji Tata Trust |
50221040 |
6.22 |
(v) Aggregate number of equity shares issued for consideration other
than cash and shares issued on conversion of Foreign Currency Convertible Bonds
during the period of five years immediately preceding the year March 31, 2013:
|
Particulars |
31.03.2013 No.
of Shares |
|
Shares allotted as fully paid shares, pursuant to amalgamation of Gateway
Hotels and Getaway Resorts Limited and Indian Resort Hotels Limited with the
Company. |
-- |
|
Shares issued as fully paid shares, pursuant to exercise of option for
conversion by holders of Foreign Currency Convertible Bonds. |
-- |
(vi) 16,504 Ordinary Shares
have been issued but not subscribed to as at the end of the respective years
and have been kept in abeyance pending resolution of legal dispute.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1) Shareholders' Funds |
|
|
|
|
(a) Share Capital |
807.500 |
759.500 |
759.500 |
|
(b) Reserves & Surplus |
32269.000 |
31767.000 |
30285.900 |
|
(c) Money received against share warrants |
0.000 |
1243.700 |
1243.700 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
33076.500 |
33770.200 |
32289.100 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
22681.300 |
20399.400 |
12590.900 |
|
(b) Deferred tax liabilities (Net) |
955.000 |
959.300 |
277.800 |
|
(c)
Other long term liabilities |
747.500 |
742.200 |
227.600 |
|
(d)
Long-term provisions |
6744.200 |
5846.400 |
5666.900 |
|
Total
Non-current Liabilities (3) |
31128.000 |
27947.300 |
18763.200 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
1935.400 |
1225.700 |
137.600 |
|
(b)
Trade payables |
1524.700 |
1488.600
|
1334.600 |
|
(c)
Other current liabilities |
3430.100 |
7895.800
|
13258.000 |
|
(d)
Short-term provisions |
1167.500 |
1312.200
|
1419.900 |
|
Total
Current Liabilities (4) |
8057.700 |
11922.300 |
16150.100 |
|
|
|
|
|
|
TOTAL |
72262.200 |
73639.800 |
67202.400 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
17453.000 |
18265.500 |
17102.300 |
|
(ii)
Intangible Assets |
111.600 |
122.000 |
155.100 |
|
(iii)
Capital work-in-progress |
3075.000 |
2254.300 |
3332.900 |
|
(iv) Intangible assets under development |
17.300 |
41.800 |
27.700 |
|
(b) Non-current
Investments |
33691.400 |
36221.900 |
24093.100 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
14410.200 |
13469.300 |
12549.000 |
|
(e)
Other Non-current assets |
123.600 |
275.800 |
104.600 |
|
Total
Non-Current Assets |
68882.100 |
70650.600 |
57364.700 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
6174.700 |
|
(b)
Inventories |
383.700 |
397.900
|
318.300 |
|
(c)
Trade receivables |
1252.200 |
1248.300
|
1039.600 |
|
(d)
Cash and cash equivalents |
489.600 |
229.300
|
904.100 |
|
(e)
Short-term loans and advances |
926.900 |
718.700 |
1125.000 |
|
(f)
Other current assets |
327.700 |
395.000 |
276.000 |
|
Total
Current Assets |
3380.100 |
2989.200 |
9837.700 |
|
|
|
|
|
|
TOTAL |
72262.200 |
73639.800 |
67202.400 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Rooms,
Restaurants, Banquets and Other Operating Income |
18758.600 |
18087.300 |
16734.500 |
|
|
|
Other Income |
489.300 |
559.900 |
636.900 |
|
|
|
TOTAL (A) |
19247.900 |
18647.200 |
17371.400 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Food and Beverages Consumed |
1640.800 |
1528.700 |
1361.800 |
|
|
|
Employee Benefit Expense and Payment to Contractors |
4767.300 |
4713.800 |
4123.900 |
|
|
|
Other Operating and General Expenses |
8306.400 |
7785.500 |
7064.400 |
|
|
|
Exceptional Items |
4329.100 |
61.100 |
57.900 |
|
|
|
TOTAL (B) |
19043.600 |
14089.100 |
12608.000 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
204.300 |
4558.100 |
4763.400 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1052.000 |
1119.900 |
1464.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(847.700) |
3438.200 |
3298.500 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1250.200 |
1139.000 |
1084.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
(2097.900) |
2299.200 |
2214.500 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
668.200 |
845.700 |
802.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
(2766.100) |
1453.500 |
1412.500 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
4226.700 |
3801.300 |
4545.800 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend
paid for previous year |
48.000 |
-- |
-- |
|
|
|
Tax on Dividend |
7.800 |
-- |
-- |
|
|
|
Proposed Dividend |
646.000 |
759.500 |
759.500 |
|
|
|
Tax on Dividend |
105.900 |
123.200 |
123.200 |
|
|
|
Transfer to Debenture Redemption Reserve |
-- |
-- |
1133.000 |
|
|
|
Transfer to General Reserve |
-- |
145.400 |
141.300 |
|
|
BALANCE CARRIED
TO THE B/S |
652.900 |
4226.700 |
3801.300 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Rooms, Restaurants, Banquets and other Services |
7272.000 |
7136.000 |
6890.600 |
|
|
|
Interest received |
7.300 |
6.900 |
6.000 |
|
|
TOTAL EARNINGS |
7279.300 |
7142.900 |
6896.600 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials (Food and Beverage) |
88.400 |
88.400 |
77.400 |
|
|
|
Stores,
Supplies and Spare Parts for Machinery |
53.200 |
104.900 |
77.800 |
|
|
|
Capital Goods |
180.200 |
279.300 |
483.300 |
|
|
TOTAL IMPORTS |
321.800 |
472.600 |
638.500 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(3.47) |
1.91 |
1.93 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(14.37) |
7.79 |
8.13 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(11.18) |
12.71 |
13.23 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(5.91) |
6.55 |
5.57 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.06) |
0.07 |
0.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.74 |
0.64 |
0.39 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.42 |
0.25 |
0.61 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
759.500 |
759.500 |
807.500 |
|
Reserves & Surplus |
30285.900 |
31767.000 |
32269.000 |
|
Money
received against share warrants |
1243.700 |
1243.700 |
0.000 |
|
Net worth |
32289.100 |
33770.200 |
33076.500 |
|
|
|
|
|
|
Long-term borrowings |
12590.900 |
20399.400 |
22681.300 |
|
Short term borrowings |
137.600 |
1225.700 |
1935.400 |
|
Total borrowings |
12728.500 |
21625.100 |
24616.700 |
|
Debt/Equity ratio |
0.394 |
0.640 |
0.744 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Rooms, Restaurants, Banquets and Other Operating Income |
16,734.500 |
18,087.300 |
18,758.600 |
|
|
|
8.084 |
3.711 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Rooms, Restaurants, Banquets and Other Operating Income |
16,734.500 |
18,087.300 |
18,758.600 |
|
Profit |
1,412.500 |
1,453.500 |
(2,766.100) |
|
|
8.44% |
8.04% |
(14.75%) |
LOCAL AGENCY FURTHER INFORMATION
Details of Current maturities of
long-term borrowings:
|
Particulars |
31.03.2013 (Rs.
in millions) |
31.03.2012 (Rs.
in millions) |
31.03.2011 (Rs.
in millions) |
|
Current
maturities of long-term borrowings |
|
|
|
|
-
Debentures |
600.000 |
900.000 |
10027.700 |
|
-
Term Loans |
-- |
1414.700 |
-- |
|
-
Fixed Deposits |
6.000 |
2854.000 |
658.200 |
|
Total |
606.000 |
5168.700 |
10685.900 |
|
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] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
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
|
Unsecured Loans |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
LONG-TERM
BORROWINGS |
|
|
|
Debentures |
8090.700 |
5816.800 |
|
Term Loans from Banks |
5159.000 |
4859.900 |
|
Fixed
Deposits |
|
|
|
- From Shareholders |
0.000 |
6.000 |
|
- From Others |
0.000 |
0.000 |
|
Loans and advances from Related Parties |
33.700 |
31.700 |
|
SHORT-TERM
BORROWINGS |
|
|
|
Other
Short-term Loans |
|
|
|
- From Related Parties |
450.000 |
250.000 |
|
- From Others |
1485.400 |
948.900 |
|
Total
|
15218.800 |
11913.300 |
Notes:
Long-term
Borrowings
Current
and Non-Current Components of Long-Term Borrowing as at:
(Rs. in millions)
|
Particulars |
31.03.2013 |
31.03.2012 |
||
|
|
Non-Current |
Current |
Non-Current |
Current |
|
Non
Convertible Debentures (NCDs) |
|
|
|
|
|
a)
2% Non-Convertible Debentures |
2500.000 |
-- |
2500.000 |
-- |
|
Add:
Exchange Loss on currency swap of the above Debentures |
399.000 |
-- |
231.300 |
-- |
|
b)
9.90% Non-Convertible Debentures |
1360.000 |
-- |
1360.000 |
-- |
|
c)
2% Non-Convertible Debentures |
1500.000 |
-- |
1500.000 |
-- |
|
Add:
Exchange Loss on currency swap of
the above Debentures |
331.700 |
-- |
225.500 |
-- |
|
d)
2% Non-Convertible Debentures |
2000.000 |
-- |
-- |
-- |
|
|
8090.700 |
-- |
5816.800 |
-- |
|
Term
Loan From Banks |
|
|
|
|
|
Foreign
Currency Term Loan From Banks |
5159.000 |
-- |
4859.900 |
-- |
|
Foreign
Currency Term Loan From Banks |
-- |
-- |
-- |
1414.700 |
|
|
5159.000 |
-- |
4859.900 |
1414.700 |
|
Fixed
Deposits |
|
|
|
|
|
From
Shareholders |
-- |
6.000 |
6.000 |
606.000 |
|
From
Others |
-- |
-- |
-- |
2248.000 |
|
|
-- |
6.000 |
6.000 |
2854.000 |
|
Loans
and Advances |
|
|
|
|
|
From
Related Party |
33.700 |
-- |
31.700 |
-- |
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. The
Company has entered into currency swap transactions with a view to convert
these debentures into foreign currency borrowing to the extent of Rs.2492.700
millions, to hedge its foreign currency assets. Accordingly, the underlying borrowings
are translated at the exchange rate prevailing at the Balance Sheet date.
b) 1,360, 9.90% Unsecured
Non-Convertible Debentures of Rs.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.
The Company has entered
into currency swap transactions with a view to convert these debentures into
foreign currency borrowing, to hedge its foreign currency assets. Accordingly,
the underlying borrowings are translated at the exchange rate prevailing at the
Balance Sheet date.
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.
The Company had taken
external commercial borrowing of US $ 95 million on November 23, 2011. The loan
is repayable at the end of 50th, 60th, and 72nd month from November 23, 2011 in
equal instalments to achieve the average maturity of 5.05 years and carries an
interest based on spread over LIBOR.
The Company had taken
interest bearing external commercial borrowing of US $ 30 million on April 25, 2007.
The company has repaid the external commercial borrowings which was due on
April 25, 2012.
The Company had taken Fixed
Deposits from Public as well as Shareholders carrying interest @ 9.50% and 10%
for 2 and 3 years respectively, with an additional interest @ 0.25% p.a. for
senior citizens, shareholders and employees.
The interest on these
deposits was being paid on half-yearly basis and on maturity. As on April 1,
2012 Rs.2860.000 millions of fixed deposits were outstanding of which
Rs.2854.000 millions matured in current year. The Company has repaid
Rs.2839.500 millions being fixed deposits which were claimed.
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 |
Short-term
Borrowings
Short-term loans from related
parties consists of inter-corporate deposits for a period of 90 days with an
option of prepayment and carries interest @ 9%.
The
Company has issued 3,000 Commercial Paper of Rs.0.500 million each aggregating
Rs.1500.000 millions (net proceeds Rs.1475.700 millions and interest accrued
for current year Rs.9.700 millions) on March 8, 2013. The Commercial Paper
carries interest @10 % and is repayable at par at the end of 60 days from the
date of allotment.
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, 2013 at Rs.19247.900 millions was higher than that of the
previous year by 3%. While Room Income was marginally higher than the previous
year, Food and Beverage income increased by 7% over the previous year, aided by
growth in banqueting income.
EQUITY SHARE CAPITAL:
During the financial year
2012-13, 4.80 crores Warrants issued to Tata Sons Limited aggregating to
Rs.4974.700 millions have been converted into fully paid equity shares. Thus,
the Company had received Rs.3731.000 millions, being the balance 75% of the
aggregate exercise share price, and allotted 4.80 crores Equity Shares (at a
price of Rs.103.64 per share) against conversion of the Warrants into equity
shares.
BUSINESS OVERVIEW:
Global economic recovery
has been very gradual with the Eurozone volatility continuing during 2012,
albeit at a lower intensity. The Eurozone countries continued to adopt
austerity measures, as part of the fiscal adjustment.
The GDP growth in India during
the year is estimated to have been around 5%. Inflation was at very high levels
during the first half of the year, but has gradually come down to 7% by the end
of the year. The Indian Rupee witnessed a seesaw against the US Dollar and
hovered between Rs.55 to 56/$ levels on the average. All the above factors went
to weaken the overall economic mood of the country.
The International tourists
arrival, worldwide, have grown to 1.035 billion in 2012, 4% above 2011 and are
forecast to grow at a moderate pace in 2013. While emerging economies
(constituting 47%) grew by 4.1%, the developed economies (constituting 53%)
grew by 3.6%.
The Foreign Tourist
Arrivals, in India, during 2012 was 6.65 million, which translates to a 5.4%
growth over the previous year. Foreign Exchange Earnings from tourism grew to
Rs.944870.000 millions during 2012 from Rs.775910.000 millions in 2011,
registering a growth of 21.8%.
The Taj Group launched 2
new Vivanta by Taj hotels during the year at Coorg and Gurgaon, respectively. The
Group currently has a portfolio of 27 Ginger hotels with a room inventory of
~2600 rooms (including 2 hotels under management contract). Projects for new
Ginger hotels are at various stages of execution at Noida, Jaipur, Greater
Noida, Chandigarh and Amritsar. The inventory of the Taj Group of Hotels now
stands at 118 hotels with ~14,300 rooms.
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
OVERVIEW OF THE GLOBAL AND
INDIAN TOURISM INDUSTRY
The international travel
and tourism industry continues to show moderate growth and as per United
Nations World
Tourism Organisation
(UNWTO) International Tourist Arrivals, worldwide, grew by 4% in 2012 to reach
1.035 billion from 996 million in 2011. As per World Travel and Tourism Council
(WTTC) estimates, travel and tourism sector’s importance to the global economy
continued to grow. Its economic contribution, from both direct and indirect
activities combined, was US$6.6 trillion in Gross Domestic Product (GDP), 260
million jobs, US$764 billion in investment and US$1.2 trillion in exports.
Thus, travel and tourism sector accounts for 9.3% of global GDP, 1 in 11 jobs,
5% of investment and 5% of exports.
Emerging economies
(representing 47% of global arrivals) grew by 4.1% in volumes over 2011 which
was higher than developed economies (representing 53% of global arrivals) which
grew by 3.6% in volumes, which has been a long term trend now in the industry.
Demand held well throughout the year across regions, with a strong fourth
quarter. Asia Pacific continued to lead the regions with a 7% growth, much
higher than the global average.
In terms of regional
performance in the hospitality sector, a RevPAR (Revenue Per Available Room)
growth of about 4% to 6% was observed in 2012 in America, Middle East and South
East Asia by Smith Travel Research Global (STR). Europe and the Indian
subcontinent however, saw a decline in RevPARs of 4% and 12% respectively.
Supply-Demand mismatch in the Indian subcontinent and economic volatility in
the Eurozone are the primary reasons for this performance trend.
As per WTTC, in India, the total
direct and indirect economic impact of the travel and tourism industry was
Rs.6,385 billion, being 6.6% of the GDP and over 39 million jobs. As per
statistics updated by the Indian Ministry of Tourism, the Foreign Tourist
Arrivals in India for 2012 has been 6.65 million which is a 5.4% increase over
6.31 million tourists of 2011 – there has been a considerable slowdown in the
growth rate as compared to the 9.2% growth in 2011, although it is at par with
the global scenario. Foreign Exchange Earnings from tourism increased to
Rs.944870.000 millions in 2012 from Rs.775910.000 millions in 2011, with a
growth rate in earnings of 21.8% over 2011.
In terms of hospitality
industry performance in India, data from STR reports indicate that the overall
rates, occupancies and RevPAR have seen a decline in 2012, owing to the impact
of increased supply in the marketplace and this trend is expected to continue
for the next few years, given the gestation period for new hotel supply. The
overall RevPAR for the industry is at Rs.3,625 which is still 10% lower than
the peak RevPAR seen in 2008.
FUTURE PROSPECTS:
The UNWTO expects growth to
continue in 2013 at 3%, in line with UNWTO long term forecast. While Asia
Pacific and America will lead the growth, Europe and Middle East are expected
to remain under pressure.
As per WTTC, Foreign
Tourist Arrivals to India are forecasted to grow at a rate of 8% - 9% in the
next few years and predict that India will receive 14 million tourists by 2023.
While key source markets of
America and Europe are expected to continue to be the largest contributors to
tourism, domestic short haul travel across Asia Pacific continues to be a
growing trend, with Asia Pacific being the growth driver for outbound tourism.
The Domestic Indian traveller has emerged in 2012 and increasing discretionary
spends continue to propel domestic travel and tourism.
According to the STR Global
Construction Pipeline Report, as of March 2013, the Asia Pacific hotel
development pipeline comprises over 1,700 hotels and over 3.8 lakh rooms. India
reported an expected room growth of 29% with 54,478 rooms in its total active
pipeline open. The Upscale segment accounts for the largest portion of rooms in
the total active pipeline with 26%, followed by the Upper Upscale segment at
23% and the Luxury segment at 18%.
Taj Group has also
positioned itself to capture the maximum benefit from the industry boom in
India. Taj Group recently launched its 100th hotel in India and is also
pursuing a growth strategy across each of the different segments over the next
few years, with its distinct brands ‘Taj’ in the Luxury segment, ‘Vivanta by
Taj’ in the Upper Upscale segment, Gateway in the Upscale segment and ‘Ginger’
in the Economy segment, following its Brand Architecture initiative.
NEW HOTELS OPENED DURING
2012-13
The Company continued its
focus on consolidating past commitments in terms of project completion, opening
of new hotels and growth through management contracts in the Domestic and
International markets.
The past year witnessed
opening of seven new hotels including two ‘Vivanta by Taj’ hotels in Madikeri,
Coorg and in Gurgaon, NCR. The Company also concluded the soft opening of the
Taj Palace Hotel, Marrakech, Morocco and also increased the Ginger footprint by
opening four hotels in Chennai (Vadapalani), Faridabad, Mumbai (Andheri) and
Bengaluru (Koramangala).
Expansion In Domestic And
International Markets Luxury
The Company is poised to
augment its presence in the Middle-East with the signing of a Taj luxury hotel
in Down Town Dubai.
The Taj luxury hotel at the
Mumbai Domestic airport, being developed through a JV Company, is under
execution, with civil and MEP works currently in progress. Guest room interior
works are also progressing well and the project is slated for completion by
2014.
For the Sea Rock project in
Mumbai, design planning and process of obtaining approvals is underway. Whilst
the project has got delayed because mandatory pre-construction approvals are
yet to be received, as also on account of a Public Interest Litigation (PIL)
filed against the project at the Bombay High Court.
Vivanta by Taj
The ‘Vivanta by Taj’ brand
will witness further growth with the execution of a Memorandum of Understanding
(MOU) for a 282 room hotel in Faridabad, NCR.
In addition to the Vivanta
by Taj hotel at Dwarka, New Delhi, slated to open in 2013-14, Vivanta by Taj,
Guwahati, is progressing well wherein earthwork excavation works have been
completed, foundation works and mock-up room execution is in progress.
Substructure works are in progress at the Vivanta by Taj, Amritsar, owned by a
subsidiary of the Company.
The Gateway Hotel
The Company continued its
thrust on flagging properties under the ‘Gateway’ brand in key commercial and
industrial centres of India. It has entered into an MOU for a 100 room business
hotel within a mixed use development in Adityapur (Jamshedpur). The Company
continued with its approach of flagging new markets with the signing of an MOU
for a 80 room Gateway hotel on Dehradun – Mussoorie road in Dehradun.
The openings slated for
2013-14 are Gateway hotels in the city of Kolkata, Hubli, Chennai (OMR) and
Raipur.
At the Gateway Hotel,
Bannerghatta, Bengaluru which is under one of their associate companies,
mock-up rooms have been approved and interior fit-out works are in progress.
PRODUCT UPGRADATION /
RENOVATION
The Company undertook
renovation projects for certain key properties as per the ongoing product
upgradation initiatives.
The Taj West End, Bengaluru
now features a fully renovated Health Club and Salon. The Lobby, Deli and Bar
at The Gateway Hotel, Bengaluru have been upgraded and were opened to guests in
May, 2012.
Some of the key hotels
within the portfolio of subsidiary/ associate/ joint venture companies also
underwent successful renovation programs during the last year. The ballroom of
the Taj Coromandel, Chennai, has been upgraded with the infusion of the
latest-in-design and technology. The hotel also dons an all new Health Club for
guest comfort and delight.
The renovated Trattoria, at
Vivanta by Taj, President, a favorite 24x7 Italian restaurant of South Mumbai
re-opened with a unique design modelled on an ‘Italian Home’ last year. At the
Vivanta by Taj, MG Road, Bengaluru, the oriental restaurant, ‘Memories of
China’ has been upgraded and re-opened to guests in February, 2013. At the
Vivanta by Taj, Blue Diamond, Pune wellness areas are currently undergoing
renovation and are expected to be operational in 2013-14. In continuation with
the upgradation agenda for the Gateway Hotel, Ernakulam, the newly renovated
Pan Asian restaurant and bar were unveiled in December, 2012.
The Company, through one of
its associate companies, has largely completed the upgradation works at Vivanta
by Taj, Bentota, Sri Lanka including renovation of Guest Rooms, Coffee Shop,
Bar, Lobby, and the poolside.
Taj Samudra Hotel, Colombo,
Sri Lanka, the flagship property of one of the associate companies will be
undergoing large scale renovations this year, wherein larger rooms will be
introduced along with a Grand Presidential Suite and a Club Lounge. Key public
areas such as the lobby, tea lounge and bar will also be renovated. As a first
step to this renovation, two mock up rooms were executed during the year and
have been approved by management for roll out in this year.
Ginger Hotels
The Company’s subsidiary,
Roots Corporation Limited, which operates hotels under the ‘Ginger’ brand, has
27 operational Hotels. Four properties have been added in Faridabad, Chennai –
Vadapalani, Mumbai – Andheri East and Bengaluru – Koramangala. Further projects
are at various stages of execution in Noida, Jaipur, Amritsar, Chandigarh and
Greater Noida.
Ginger Hotels had a
year-end inventory of 25 owned / leased hotels in addition to 2 hotels under
management contracts.
Ginger Hotels continues its
pursuit of Operational Excellence through redesigned Guest Satisfaction
Tracking System (GSTS), Voice of the Customer, mystery and internal audits.
WILDLIFE LODGES
The Company’s Joint
Venture, Taj Safaris Limited, which operates four lodges in Madhya Pradesh at
Bandhavgarh, Pench, Panna and Kanha National Parks, continues to provide
distinctive experiences and informs the guests of the ecological settings of
these National Parks and tiger habitat, while continuing to delight the guests.
JIVA SPA
The philosophy of their
spas is rooted inherently in India’s ancient approach to wellness. The ethos of
their carefully recreated treatments is drawn on the rich and ancient wellness
heritage of India; the fabled lifestyle and culture of Indian royalty and the
healing therapies that embrace Indian spirituality.
Jiva Spa is an
eco-sensitive brand. Hence, all spa products are natural and contain Indian
herbs, pure essential oils, lipids, clays, mud, salts and flower waters all of
a botanical source. Jiva Spa uses organic linen and eco-friendly toxin-free
pottery.
In the year 2012–13, the
Company launched three new Jiva Spas at Taj Club House, Chennai, Vivanta by
Taj, Madikeri, Coorg and Vivanta by Taj, Gurgaon.
The Jiva Grande Spa at
Vivanta by Taj, Madikeri has already got some great coverage in the Style
Magazine of December, 2012. This is great positioning in one of the UK’s most
well read supplements. The article includes JIVA Spas at Vivanta by Taj Madikeri,
Coorg and Vivanta by Taj, Bekal as a twin centered option, giving good exposure
for both spas and positioning the spas as among the spas for the UK traveler.
Jiva Grande Spa at Vivanta by
Taj, Bekal, Kerala has also won many awards and accolades including being cited
as amongst the ‘Top 10 spas in the world’ by UK Sunday Times Style Magazine,
’Best New Spas in the World’ by the US Conde Nast Traveller Hot List 2013. It
was the only spa included in the list from India. It has also won the Best
Destination/Resort Spa and as The Spa of the Year in the recently announced
Indian Salon Awards 2013.
New Hotels and Resorts
The Company launched 2 new
Vivanta by Taj hotels in the year 2012–2013.
Vivanta by Taj – Madikeri,
Coorg:
Perched on an idyllic
hill-side nearly 4000 feet above sea level, Vivanta by Taj - Madikeri, Coorg is
a private Eden on Earth.
Seven kilometres from
Madikeri town, Vivanta Madikeri is spread across a 180-acre rainforest with
more than 250 flora species around it.
Vivanta Madikeri offers 66
rooms and villas with panoramic views from every room. The resort houses an
amphitheatre, a conservatory, Pottery Studio, a restaurant serving traditional
Coorg cuisine, a strawberry farm, a Buddha garden and unique Vivanta motif
experiences. Vivanta by Taj - Madikeri also offers the Jiva Grande Spa, and
indoor and outdoor swimming pools. The 30,000 sq. ft. spa and wellness space
sports eight private treatment rooms with steam and showers, a relaxation deck,
a wellness café and the Gudda bath (wood-fired bath in an outdoor pavilion).
The resort was launched
with a live performance of grammy winning international band Deep Forest which
also celebrated the “Deep India” album – a powerful collaboration between Deep
Forest and maestro Rahul Sharma. As a part of the much awaited album, Deep
Forest and Rahul Sharma have created a special track called Viva Madikeri –
inspired by the Vivanta by Taj - Madikeri Coorg and its environs.
Unique Vivanta Motif
experiences that are offered includes:
1. Backpacker Diaries – a
private label adventure experience with Muddy boots that includes survival
training. Forest walks, Nature trails, offsite tenting, Terrain biking, Bird
trails.
2. The Gudda bath experience
at the Jiva Spa – a hot wood fired bath overlooking the rainforests.
3. The 2500 square feet
Pottery studio and Earth Craft in partnership with Clay Station, which teaches
ceramic art exploration and expression, Raku workshops (developed by early Japanese
potters).
4. The “Tales from
Madikeri” host table with Dr. Belliappa the noted historian of Coorg.
5.
The Vivanta Coorg Conservatory – a living chroncile of the land of Kodavas.
6. Prayer session at the
Bylakuppe Monastery.
7. Alternative dining experiences
– Nook Dining at the Buddha Garden, 101 Candles dining at the Amphitheater,
Gazebo dining, Sundowners at the Outdoor Celsius (Poolside) area.
8. Private label line of
Coffee with Tata Coffee and unique cocktails – the Coorg Coffee Martini (Vodka
shaken with Coorg Coffee and Kahlua) and Jappletini (Gin shaken with fresh lime
juice and homemade strawberry purée made from strawberries picked from the
organic garden) at the Hive Bar.
9. Chef’s Table and cookery
swapshop.
10. Bird Trail and the star
birds compilation (Flights of fancy) with the ornithologist of Madikeri – Dr.
Narsimhan
The Company’s resort has
received a lot of positive reviews with some notable wins like Conde Nast Traveler
UK Hotlist Best hotels listing, Mary Gostelow’s Girlahead.com, Sunday Times,
the Telegraph, Voyager’s travel and extremely enthusiastic feedback from the
leading international operators and DMCs including Greaves. This has also seen
Coorg being heralded in international markets like UK, Germany, France and the
US.
Vivanta by Taj – Gurgaon,
NCR:
The Company launched its
first hotel in the heart of India’s millennium city Gurgaon; Vivanta by Taj –
Gurgaon, NCR is an urban cocoon. A metropolitan marvel with distinctive design
and edgy spaces, it seeks to redefine relaxed luxury. The lofty facade is
inspired by the “Jalis” of Indo-Islamic architecture, beautiful latticework
that diffuses the sunlight to create an aura of comfort. The careful mix of glass
and stone builds the impression of a sharp, yet beautifully robust, structure.
Keeping the next-gen
business traveler in mind, Vivanta by Taj – Gurgaon welcomes guests with a
grand triple-height lobby, flooded with natural light. The lobby opens up into
a breathtaking courtyard, while sunlit double-loaded corridors incite a feeling
of warmth on the way to each of their 208 plush rooms. Every room in the hotel
is laid out with stylish Merbau and Oak Wood flooring equipped with a grand
all-day diner – Latitude, signature restaurants including the iconic Thai
Pavilion, the Tease bar and its “live vibe” alfresco spaces, a deli,
state-of-the-art meeting facilities, large banquet halls, an energizing Jiva
Spa and unique Vivanta Motif experiences, Vivanta by Taj – Gurgaon promises
imaginative hospitality with a keen twist.
Unique Vivanta Motif
experiences that are offered includes:
1. Live musicals on a grand
stage, food boulevards and an exclusive “behind the scenes” peek at the larger
than life ‘Kingdom of Dreams’, a destination in itself at Gurgaon.
2. Vivanta Trails with
Tallis – Hunt for a new experience or discover an alternative life in Delhi
with the Vivanta trails in association with Tallis and Co. This ranges from a
stint at Kabootar Baazi or Pigeon Flying inside the lanes and by-lanes around
Jama Masjid to a farming experience at a 300 acre private farm or a trip to the
hot springs of Sohna situated in the foothills of the Aravallis or maybe a trip
to the Sultanpur bird sanctuary.
3. Carpe diem with the
Vivanta Instalife project which lets the guests experience various facets of
the city and its life through experimental analog cameras.
4. Sample the best of
Delhi’s street food with the Yellow Line metro menu that recreates some of the
best street food to be had from HUDA chowk to Chandni Chowk, in petite bites.
5. Savour master mixologist
Atilla Iskifoglu’s tribute to Gurgaon with his 6 signature cocktails, namely
Skyscraper, Gurgaonpolitan, Healthy City, Back to the Future, Huda Hub and
Electric Avenue.
6. Themed Tea parties at
the Glass House.
7. Jet Alleviation
treatment called Jagr, for corporate jet setters flitting through time zones,
looking for a quick remedy to ease their jet lag.
The
hotel featured as one of the mainline stories in T&L as also hit the
headlines as the 100th Taj Group hotel in India.
Food and Beverage
The Company’s brand has
also commenced certain critical renovations / new introductions, as also
created unique dining experiences within existing / new properties so as to
enhance guest experiences in line with the brand promise.
Renovations and launches
• The renovation and the
launch of the Trattoria in its spanking new avatar at Vivanta by Taj –
President.
• Chinapolis – New Chinese
restaurant at Vivanta by Taj - Trivandrum.
• The renovation and
re-launch of Memories of China at Vivanta by Taj – M.G. Road, Bengaluru.
• Launch of By the Bay
restaurant at Vivanta by Taj - Bekal.
• Lutyen’s Lounge at
Vivanta by Taj - Ambassador.
• The re-launch of the Whispering
Bamboo as a Chinese restaurant at Vivanta by Taj – Blue Diamond, Pune.
Launch of the signature
Fuse 2.0 Cocktails
The Company’s brand saw the
rollout of 6 signature cocktail drinks across all the Vivanta by Taj Hotels and
Resorts. The launch event held in association with Canali and GQ was held at
Mumbai, Hyderabad, Bengaluru and now would move into Vivanta by Taj – Gurgaon
at Delhi.
The brand also saw a launch
of new refreshed designs for toiletries and the new uniforms by Raghavendra
Rathore across Vivanta by Taj Hotels and Resorts in a phased rollout fashion.
BUSINESS EXCELLENCE
Wining the JRDQV Award
through adoption of the Tata Business Excellence Model
The Company has won the
prestigious and coveted JRDQV Award this year. The award is conferred on
companies scoring at least 600 out of a maximum score of 1,000.
Each company writes an
application in which it describes what job it does and how it does the job in
the context of the criteria set by TBEM. This application is then “assessed” by
trained TBEM assessors who study the document, visit the company and interact
with its people, draw out the strengths and the improvement opportunities, and
then provide feedback to the leadership team. An in-built scoring mechanism
enables the company to track its progress over time and ensure that it keeps
improving.
The Company has diligently
pursued business excellence by adopting the Tata Business Excellence Model
(TBEM) both in letter and spirit. The process demands a certain discipline and
the results of the assessments are very useful to the company leading to
process improvements, new initiatives and enterprise wide improvement and
innovation projects and ensuring enhanced focus on Climate Change, Innovation,
Corporate Governance and Safety.
Internal TBEM Blitzes are
conducted at hotels, to assess process readiness and drive improvements,
establishing synergies across hotels and regions and associates are trained on
quality improvement methodologies and problem solving tools to equip associates
with the skills required to improve processes that they work with, thus
preventing recurring issues or breakdowns of service and impacting guest
satisfaction scores positively.
Balanced Scorecard enables
Data Driven Decision making
The Company has installed
automated Balanced Scorecards across all hotels, key corporate functions and at
the Enterprise level. With more than 100 scorecards and 1500 users across
hotels, the BSC system allows managers across levels to access data and
information relevant to role and responsibility, enabling decision making. The
data for these measures are updated automatically through integration with
legacy hotel systems across the functions, translating the organization’s
strategic plan into the “marching orders” for the organization on a daily
basis.
Customer Driven Excellence
The Company is continually
looking at strengthening its focus on Customer Centricity. Initiatives to
gather more feedback from guests, data mining, identification of improvement opportunities
are uniformly deployed across hotels, reflecting in process and product
improvement. Guest feedback is used in conjunction with feedback from mystery
shopper audits to align guest expectations and performance on products and
services to build guest delight.
AWARDS AND ACCOLADES
Taj Hotels Resorts and
Palaces
• Accredited with the
Silver Award for Best Luxury Hotel Spa Resort Company at the British Travel
Awards 2012.
• Taj Inner Circle was
honoured with the Award for Best Loyalty Programme at the Conde Nast Traveller
India Readers' Choice Awards 2012. The guest loyalty programme of the Taj
Hotels Resorts and Palaces, was awarded Best Hotel Program of the Year, Best
Redemption Ability and Best Customer Service at the 2012 Freddie Awards. Taj InnerCircle
won this award for the Middle East, Asia and Oceania region.
• Taj Group was conferred
the Award for Brand Excellence at the Conde Nast Traveller India Readers'
Choice Awards 2012. The company was awarded for taking Brand India global.
• Taj Hotels Resorts and
Palaces was given recognition in the T+L Global Vision Awards for its Corporate
Social Responsibility activities.
• Conferred the Award for
Best Business Hotel Chain in India at the Business Traveller Awards 2012.
• IHCL has been conferred the
Gallup Global Great Workplace Award for the year 2013, i.e. the fourth year in
succession.
Taj Falaknuma Palace,
Hyderabad
• Recipient of the
prestigious NDTV Good Times Lifestyle Hotel/Resort of the Year Award 2013.
• Awarded the prestigious
Andrew Harpers ‘Grand Prize as the Best Hotel of the Year’ 2013.
• Declared the Best Hotel
in India at the Harpers's Bazaar (India) Luxury Awards 2012.
• Ranked first on the list
of Overseas Leisure Hotels in Asia and the Indian Subcontinent at the Conde
Nast Traveller UK Readers' Travel Awards 2012.
• The Jiva Spa at Falaknuma
Palace won the Best New Spa (Hotel) award at the Fifth Asia Spa Awards.
The Taj Mahal Palace,
Mumbai
• The legendary Wasabi by
Morimoto has been voted 20th on the S. Pellegrino's list of 50 Best Restaurants
in Asia.
• Featured on the list of
T+L Top 500 Best Hotels in the world.
• Conferred the 1st
Runner's Up Award for Best Business Hotel in India at the Conde Nast Traveller
India Readers' Choice Awards 2012.
• Ranked 9th on the Conde
Nast Traveller USA Readers' Choice Awards 2012 list of Top 10 Hotels in India.
• Ranked 3rd on the list of
Overseas Business Hotels at the Conde Nast Traveller UK Readers' Travel Awards
2012
• Features in the T+L
World's Best Awards 2012 list of Top City Hotels in Asia.
Taj Lake Palace, Udaipur
• Featured on the list of
T+L Top 500 Best Hotels in the world.
• Featured in Platinum
Circle (list of hotels that have made it to the Gold List for 5 consecutive
years) of the CNT USA Gold List 2013.
• Ranked 3rd on the Conde
Nast Traveller USA Readers' Choice Awards 2012 list of Top 10 Hotels in India.
• Featured in the T+L
World's Best Awards 2012 list of Top 100 hotels in the world.
Umaid Bhawan Palace,
Jodhpur
• Featured on the list of
T+L Top 500 Best Hotels in the world.
• Featured among the top 25
winners at the Trip Advisor 2012 Travellers' Choice Awards for Best Heritage
Hotels.
• Featured in the T+L
World's Best Awards 2012 list of Top 100 hotels in the world. It also features
on the list of Top Resorts in Asia.
Rambagh Palace, Jaipur
• Featured on the list of
T+L Top 500 Best Hotels in the world.
• Featured on the CNT USA
Gold List 2013.
• Conferred the Rajasthan
Energy Conservation Award 2012 by the Government of Rajasthan for its outstanding
efforts towards energy conservation.
• Ranked 4th on the Conde
Nast Traveler USA Readers' Choice Awards 2012 list of Top 10 Hotels in India.
•
Ranked 16th on the list of Overseas Leisure Hotels in Asia and the Indian
Subcontinent at the Conde Nast Traveller UK Readers' Travel Awards 2012
• 1st on the list of Top 10
winners at the Trip Advisor 2012 Travellers' Choice Awards for Best Heritage
Hotels.
• Features in the T+L
World's Best Awards 2012 list of Top 100 hotels in the world. It also features
on the list of Top Resorts in Asia.
•
Awarded the Best Luxury Hotel in India at the Lonely Planet India Awards 2012.
Taj Palace Hotel, New Delhi
• Featured on the list of
T+L Top 500 Best Hotels in the world.
• Ranked 8th on the Conde
Nast Traveler USA Readers' Choice Awards 2012 list of Top 10 Hotels in India.
• At the TTG Travel Awards
2012, Taj Palace Hotel was voted as the Best City Hotel - Delhi by the readers
of TTG Asia, TTG China, TTG India, TTGmice and TTG - BTmice China.
Taj Mahal Hotel, New Delhi
• The iconic restaurant
Varq has been voted 30th on the S. Pellegrino's list of 50 Best Restaurants in
Asia.
• Featured on the list of
T+L Top 500 Best Hotels in the world.
• Features in the T+L
World's Best Awards 2012 list of Top City Hotels in Asia.
Taj Land's End, Mumbai
• Expedia.com's Insiders'
Select rankings named Taj Lands End, Mumbai as one of the top 10 hotels in the
world, based on consistent delivery of values such as competitive pricing and
impeccable customer service.
Taj Safari Lodges
• Mahua Kothi Jungle Lodge
was honoured as ‘Most Inspirational Eco Lodge of the Year’ at the 2012 Tour
Operators for Tigers (TOFT) Wildlife Tourism Awards.
• Mahua Kothi has featured
4th in Conde Nast Traveler USA's Hot List 2012 under the section “All-Stars: 8
of their Favourite Hot Hotels”… Hot List Hotels that changed the reviewers
lives.
The Pierre, A Taj Hotel,
New York
• Featured on the list of
T+L Top 500 Best Hotels in the world.
• Ranked 44th in the
"Top 50 Large City Hotels in the Continental US" category in the T+L
World's Best Awards 2012.
• Ranked 12th on the Conde
Nast Traveler USA Readers' Choice Awards 2012 list of Top 25 Hotels in New York
City.
Taj Campton Place, San
Francisco
• Featured on the list of
T+L Top 500 Best Hotels in the world. 51 Buckingham Gate, London
• Ranked 14th on the list
of UK Business Hotels at the Conde Nast Traveller UK Readers' Travel Awards
2012
Taj Exotica Resort and Spa,
Maldives
• Rated by TripAdvisor as
the top hotel in Maldives for Service and Luxury.
• Featured on the CNT USA
Gold List 2013.
• Announced the Best
Overseas Leisure Hotel at the Conde Nast Traveller India Readers' Choice Awards
2012.
• Ranked 2nd on the Conde
Nast Traveler USA Readers' Choice Awards 2012 list of Top 100 Hotels in the
World.
•
Ranked 1st on the Conde Nast Traveler USA Readers' Choice Awards 2012 list of
Top 15 Resorts in Asia.
Premium Hotels / Vivanta by
Taj
• Vivanta by Taj Hotels and
Resorts was given the award for Best Luxury Hotel Chain at the World Travel Brands
Awards organised by Brands Academy with NDTV Profit as partner.
• Vivanta by Taj Hotels and
Resorts was conferred with the award for the Most Popular Hospitalty Brand at
the Today's Traveller Awards 2012.
Vivanta by Taj -Dal View,
Srinagar
• 1st Runner's Up Award for
Best New Hotel in India at the Conde Nast Traveller India Readers' Choice
Awards 2012.
Vivanta by Taj – Bekal
• Awarded for Best Luxury
Spa Resort (5-star category) in Kerala at the World Travel Brands Awards
organised by Brands Academy with NDTV Profit as partner.
• Included in the Travel
and Leisure USA IT List 2012.
• Featured in the Conde
Nast Traveller, UK Hot List 2012 - it has been included as one of the "60
Best New Hotels" in the world.
•
Featured in the Conde Nast Traveller, Russia Hot list 2012.
Vivanta by Taj - Fort
Aguada, Goa
• Awarded for Best Beach
Resort (5-star category) at the World Travel Brands Awards organised by Brands
Academy with NDTV Profit as partner.
Usha Kiran Palace, Gwalior
• Featured among the top 25
winners at the Trip Advisor 2012 Travellers' Choice Awards for Best Heritage
Hotels.
Jai Mahal Palace, Jaipur
• Featured among the top 25
winners at the Trip Advisor 2012 Travellers' Choice Awards for Best Heritage
Hotels.
Vivanta by Taj - President,
Mumbai
• Awarded for Most
Promising Luxury Business Hotel in Mumbai at the World Travel Brands Awards
organised by Brands Academy with NDTV Profit as partner.
Vivanta by Taj -
Ambassador, New Delhi
• Awarded for Best Heritage
Hotel in Delhi at the World Travel Brands Awards organised by Brands Academy
with NDTV Profit as partner.
Vivanta by Taj -
Yeshwantpur, Bengaluru
•
Featured in the Wallpaper Magazine List of Best Business Hotels in the World
2012.
Vivanta By Taj -
Whitefield, Bengaluru
• Second Runners-Up Award
for Best Business Hotel for Women Travellers (India) at the T+L (India and S.
Asia) India's Best Awards.
The Gateway Hotel Ummed,
Ahmedabad
• Mentioned in the Conde
Nast Traveller India list of Top 100 Business Hotels in India
The Gateway Hotel, Vizag
• Awarded for Best Business
Hotel in Vishakhapatnam at the World Travel Brands Awards organised by Brands
Academy with NDTV Profit as partner.
The Gateway Hotel Old Port
Road, Mangalore
• Mentioned in the Conde
Nast Traveller India list of Top 100 Business Hotels in India
The Gateway Hotel Athwa
Lines, Surat
• Mentioned in the Conde
Nast Traveller India list of Top 100 Business Hotels in India
The Gateway Hotel Vadodra,
Gujarat
• Kai Asia, the restaurant
at The Gateway Hotel, Vadodra, Gujarat was given the award for Best Pan-Asian
Restaurant in Gujarat at the World Travel Brands Awards organised by Brands
Academy with NDTV Profit as partner.
The Gateway Hotel Ambad,
Nashik
•
Mentioned in the Conde Nast Traveller India list of Top 100 Business Hotels in
India
The Gateway Hotel Residency
Road, Bengaluru
• ‘Karavalli’, renowned for
its authentic coastal cuisine, has been voted 44th on the S. Pellegrino's list
of 50 Best Restaurants in Asia and was conferred the All Time Favourite Restaurant
for 2012 at the NDTV Good Times Food Awards.
• ‘Karavalli’, the iconic
restaurant of the hotel, was conferred the All Time Favourite Restaurant for
2012 at the NDTV Good Times Food Awards.
The Gateway Hotel Ramgarh
Lodge, Jaipur
•
Featured among the top 25 winners at the Trip Advisor 2012 Travellers' Choice
Awards for Best Heritage Hotels.
CONTINGENT
LIABILITIES (TO THE EXTENT NOT PROVIDED FOR):
(a)
On account of Income Tax matters in dispute:
In respect of tax matters for
which Company’s appeals are pending - Rs.601.200 millions (Previous year -
Rs.273.400 millions). The said amounts have been paid / adjusted and will be
recovered as refund if the matters are decided in favour of the Company.
(b)
On account of other disputes in respect of:
|
Particulars |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
Entertainment
tax |
0.300 |
5.300 |
|
Sales
tax / VAT |
77.000 |
73.700 |
|
Property
tax |
109.800 |
86.000 |
|
Stamp
Duty |
6.000 |
6.000 |
|
Service
Tax |
73.500 |
70.300 |
|
Others |
19.600 |
18.300 |
The Company is a defendant
in various legal actions and a party to claims which arose during the ordinary
course of business. The Company’s management believes based on the facts presently
known, that the results of these actions will not have a material impact on the
Company’s financial statements.
(c)
In a hotel on land
under license agreement, there is a demand for increased lease rentals with
effect from 2006-07 amounting to Rs.1948.500 millions (Previous year
Rs.1612.600 millions) plus interest thereon. The Company has disputed this
enhanced lease rental and filed a suit in the High Court and taken out a Notice
of Motion, inter alia, for a stay against any further proceedings by the
licensor pending resolution of dispute by the Court. The Company has been
legally advised that the demand is not sustainable as it is not in accordance
with the judgment of the Hon’ble Supreme Court.
The
Company does not expect any additional liability in this regard.
In
some hotels, proposed revisions in property taxes are contested by the Company,
amounts of which are indeterminate.
(d)
Guarantees / Letter
of Comfort given by the Company in respect of loans obtained by other companies
and outstanding as on March 31, 2013 - Rs.8686.800 millions (Previous year -
Rs.6700.500 millions).
AUDITED
STATEMENT OF FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2014
(Rs.
In millions)
|
Particulars |
Standalone |
||
|
Quarter Ended |
Year Ended |
||
|
31.03.2014 |
31.12.2013 |
31.03.2014 |
|
|
Income
from Operations |
|
|
|
|
Net Sales/ Income from Operations |
5777.200 |
5642.400 |
19295.100 |
|
Other Operating Income |
-- |
-- |
-- |
|
Total Income |
5777.200 |
5642.400 |
19295.100 |
|
|
|
|
|
|
Expenditure |
|
|
|
|
a. Cost of materials consumed |
496.900 |
519.200 |
1768.300 |
|
b. Employee Benefits Expense |
1238.900 |
1202.600 |
4725.300 |
|
c. Licence Fees |
374.900 |
356.900 |
1257.400 |
|
d. Fuel, Power and Light |
403.900 |
421.200 |
1657.000 |
|
e. Depreciation and Amortisation Expense |
319.700 |
299.600 |
1222.600 |
|
f. Other Expenditure |
1737.700 |
1561.100 |
5992.500 |
|
Total Expenditure |
4572.000 |
4360.600 |
16623.100 |
|
Profit/ (Loss) from Operations before Other
Income, Finance Costs and Exceptional Items |
1205.200 |
1281.800 |
2672.000 |
|
Other Income |
36.200 |
71.400 |
478.200 |
|
Profit/ (Loss) before Finance Costs and Exceptional Items |
1241.400 |
1353.200 |
3150.200 |
|
Finance Costs |
231.600 |
249.400 |
988.200 |
|
Profit/ (Loss) after Finance Costs but
before Exceptional Items |
1009.800 |
1103.800 |
2162.000 |
|
Exceptional item - Exchange Loss on Long
term borrowings |
(45.600) |
(62.100) |
(221.600) |
|
Exceptional item - Others (Refer Note 5) |
(4279.400) |
-- |
(7149.400) |
|
Profit/ (Loss) from Ordinary Activities
before tax |
(3315.200) |
1041.700 |
(5209.000) |
|
Provision for Taxes |
339.400 |
435.000 |
744.300 |
|
Minimum Alternative Tax Credit |
-- |
-- |
-- |
|
Tax Provision of earlier years (Net) |
-- |
(48.400) |
(48.400) |
|
Profit/ (Loss) from Ordinary Activities
after tax |
(3954.600) |
655.100 |
(5904.900) |
|
Add :Share of Profit in Associates |
-- |
-- |
-- |
|
Less : Minority Interest in Subsidiaries |
-- |
-- |
-- |
|
Profit / (Loss) after taxes, minority
interest and share of profit / (loss) of associates |
(3954.600) |
655.100 |
(5904.900) |
|
Paid-up Equity Share Capital (Face value
per share – Re.1 each) |
807.500 |
807.500 |
807.500 |
|
Reserves (excluding Revaluation Reserves) |
-- |
-- |
26130.900 |
|
Earnings Per Share (Rs.) |
|
|
|
|
Basic and Diluted (* not annualised) |
*(4.53) |
*0.81 |
(7.31) |
|
Debt Service Coverage Ratio (Note 7) |
|
|
2.50 |
|
Interest Service Coverage Ratio (Note 7) |
|
|
4.16 |
|
|
|
|
|
|
|
|
|
|
|
A PARTICULARS OF SHAREHOLDING |
|
|
|
|
Public
Shareholding: |
|
|
|
|
- Number of Shares |
504406563 |
504406563 |
504406563 |
|
- Percentage of Shareholding |
62.47 |
62.47 |
62.47 |
|
- Promoters and Promoter Group Shareholding: |
|
|
|
|
Pledged/Encumbered |
|
|
|
|
- Number of Shares |
-- |
-- |
-- |
|
- Percentage of Shares (as a % of the total shareholding of promoter
and promoter group) |
-- |
-- |
-- |
|
- Percentage of Shares (as a % of the total share capital of the
company) |
-- |
-- |
-- |
|
Non-encumbered |
|
|
|
|
- Number of Shares |
303066224 |
303066224 |
303066224 |
|
- Percentage of Shares (as a % of the total shareholding of promoter and
promoter group) |
100.00 |
100.00 |
100.00 |
|
- Percentage of Shares (as a % of the total share capital of the
company) |
37.53 |
37.53 |
37.53 |
|
Items |
Quarter Ended |
|
31.03.2014 |
|
|
Investor Complaints |
|
|
Pending at the beginning of the quarter |
-- |
|
Received during the quarter |
-- |
|
Disposed off during the quarter |
-- |
|
Remaining unresolved at the end of the
quarter |
-- |
STATEMENT OF ASSETS AND LIABILITIES AS AT MARCH 31, 2014
(Rs.
in millions)
|
Particulars |
Standalone |
|
As at |
|
|
March 31, 2014 |
|
|
Audited |
|
|
EQUITY AND LIABILITIES |
|
|
Shareholders' Funds: |
|
|
Share
Capital |
807.500 |
|
Reserves
and Surplus |
26130.900 |
|
Sub-total - Shareholders'
funds |
26938.400 |
|
|
|
|
Minority Interest |
-- |
|
|
|
|
Non-current liabilities |
|
|
Long-term
borrowings |
21535.100 |
|
Deferred
Tax Liabilities (Net) |
1071.600 |
|
Other
Long Term Liabilities |
773.500 |
|
Long
Term Provisions |
5810.800 |
|
Sub-total - Non-current liabilities |
29191.000 |
|
|
|
|
Current liabilities |
|
|
Short-term
borrowings |
1615.900 |
|
Trade
payables |
1734.800 |
|
Other
current liabilities |
6331.000 |
|
Short-term
provisions |
1852.600 |
|
Sub-total - Current liabilities |
11534.300 |
|
|
|
|
TOTAL - EQUITY AND
LIABILITIES |
67663.700 |
|
|
|
|
ASSETS |
|
|
Non-Current assets |
|
|
Fixed
Assets (including Capital work-in-progress and Intangible assets under
development) |
21292.900 |
|
Goodwill
on Consolidation |
-- |
|
Non-current
investments |
27616.400 |
|
Deferred
Tax Assets (Net) |
-- |
|
Long-term
loans and advances |
15547.200 |
|
Other
non-current assets |
47.000 |
|
Sub-total - Non-Current
assets |
64503.500 |
|
|
|
|
Current assets |
|
|
Current
investments |
-- |
|
Inventories |
401.800 |
|
Trade
receivables |
1244.100 |
|
Cash and
Bank Balances |
431.700 |
|
Short-term
loans and advances |
676.700 |
|
Other
current assets |
405.900 |
|
Sub-total - Current assets |
3160.200 |
|
|
|
|
TOTAL - ASSETS |
67663.700 |
Notes:
1. These results were
reviewed by the Audit Committee of the Board on May 29, 2014, and subsequently
approved by the Board of Directors at its meeting held on May 30, 2014. These results
have been audited by the Statutory Auditors of the Company.
2. The figures for the quarter ended March 31,
2014 and March 31, 2013 are derived after taking into account the audited
financial information for the period of 9 months ended December 31, 2013 and
December 31, 2012, respectively.
3. Net Sales/Income from Operations for the year
ended March 31, 2014, improved by 3% over the previous year in what continued
to be a challenging environment for the sector.
4. Exceptional Item - Others
for the current year and quarter ended March 31, 2014 covering the standalone
financials are explained as under:
a. The Board of Directors at its meeting held on
November 8, 2013 decided not to pursue the offer made for acquisition of
Orient-Express Hotels Limited and in view of the above, the Company reviewed
its carrying value of long term investments and considered it prudent to
recognise a further diminution, other than temporary, during the quarter ended
September 30, 2013, of Rs.2870.000 millions in its investment in Taj
International Hotels (HK) Limited (a WOS), which in turn holds investments in
the Company's various international entities, one of which holds its investment
in Orient-Express Hotels Limited.
b. The performance of the long term investments
of the Company were being monitored by the Company on a continuous basis and
further, at a meeting of the Board of Directors held on March 11, 2014, a
review was undertaken of adjustments necessary to the carrying values of these
investments and based on conclusions reached, the Company has recognised a
further diminution, other than temporary, during the quarter ended March 31,
2014, of Rs.4000.000 millions which includes diminution in its investment in
International Hotel Management Services Inc (a WOS that holds the Company's
assets in the USA) as also a diminution in its investment in Taj International
Hotels (HK) Limited (a WOS) on account on the latter's financial exposures.
c. During the last quarter,
the Company has also created a provision for contingency towards property tax,
of Rs.190.400 millions relating to one of its hotels. Separately, an amount of
Rs.89.000 millions has been written off during the quarter, being expenses
incurred on a Greenfield hotel project that is no longer being pursued for
commercial reasons.
5. The consolidated financial results for the
year ended March 31, 2014 have been determined after an exceptional charge of
Rs.5256.900 millions has been taken by the Group (the Company and its
subsidiaries comprise the Group) on account of provisions for other than
temporary diminution in the value of long term investments, loss in respect of
receivables evaluated as doubtful of recovery, employee separations under
voluntary retirement scheme and other obligations, the key elements having been
described in paragraph 4 above.
6. On account of the Loss
After Tax reported by the Company during the current year, resultant of the
recognition of the other than temporary diminution in the value of some of the
investments, the Board of Directors do not recommend a dividend for the year
2013/14 (previous year Rs.0.80 per share).
7. The formulae used for calculation of Debt
Service Coverage Ratio and Interest Service Coverage Ratio are as follows:
a. Debt Service Coverage Ratio = (Profit before
Tax + Interest (Net) + Provision for diminution in value of long term
investments + Depreciation)/(Interest (Net) + Principal Repayment of long-term
Debt).
b. Interest Service Coverage Ratio = (Profit before Tax + Interest (Net) + Provision for diminution in value for long term investments + Depreciation) / Interest (Net).
c. The ratios have been computed on a trailing twelve months basis.
8. The Consolidated financial results of the Company have been prepared in accordance with applicable accounting standards, based on the audited accounts of its Subsidiaries, Joint Ventures and Associate companies. The Consolidated Net Sales/ Income from Operations for the year ended March 31, 2014 grew by 9% over the preceding year.
9. Figures of the previous period/year have been regrouped/reclassified, wherever necessary, to conform to the current period's classification.
10. In accordance with the requirements
of the Equity Listing Agreement entered into by the Company with the BSE
Limited and the National Stock Exchange of India Limited, the Board of
Directors of the Company at its meeting held on March 27, 2014 had, inter alia,
considered and approved, subject to the approval of the shareholders of the
Company to the extent applicable, and receipt of relevant approvals from
regulatory authorities, as may be required, issue of compulsorily convertible
debentures by way of a Rights Issue to the existing shareholders of the Company
on a record date for an amount not exceeding Rs.10000.000 millions in
accordance with the Securities and Exchange Board of India (Issue of Capital
and Disclosure Requirements) regulations, 2009, as amended. The terms and conditions
of the Rights Issue including the rights entitlement ratio, the issue price,
record date, timing of the Rights Issue and other related matters shall be
decided subsequently by a duly constituted committee of the Board pursuant to
receipt of the required regulatory approvals for the Issue.
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 records 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 o
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] on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.20 |
|
|
1 |
Rs.99.52 |
|
Euro |
1 |
Rs.80.83 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
68 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.