MIRA
INFORM REPORT
|
Report Date : |
15.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
DEGUSTIBUS HOSPITALITY PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
74-A, Mittal Court, Nariman Point, Mumbai – 400021, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
27.02.1996 |
|
|
|
|
Com. Reg. No.: |
11-097667 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.48.423 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U55101MH1996PTC097667 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMD09283B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAABCD3674P |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in
hospitality business and had fine dine restaurants. |
|
|
|
|
No. of Employees
: |
Not Available [We tried to
confirm the number of employees but no one is ready to part any information
from the company management] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 700000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record. The company has recovered is financial losses and it has achieved fair
profitability from is operation during financial year 2013. Further general
position of the company is decent. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered for business dealings at usual trade
terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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.
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 PARTED BY
MANAGEMENT NON – COOPERATIVE (91-22-43490000)
LOCATIONS
|
Registered Office : |
74-A, Mittal Court, Nariman Point, Mumbai – 400021, Maharashtra, India
|
|
Tel. No.: |
91-22-43490000 |
|
Fax No.: |
Not Available |
|
E-Mail : |
DIRECTORS
As on 27.09.2013
|
Name : |
Mr. Rahul Anand Akerkar |
|
Designation : |
Managing director |
|
Address : |
Flat No 1, Hindustan House, 28, Altamount Road, Mumbai – 400026, Maharashtra, India |
|
Date of Birth/Age : |
06.04.1959 |
|
Date of Appointment : |
28.06.1997 |
|
DIN No.: |
00518285 |
|
|
|
|
Name : |
Mr. Rishad Farhad Nathani |
|
Designation : |
Whole-time director |
|
Address : |
The Razak Heaven, 12, Darabsha Road, Off. Nepean Sea Road, Mumbai – 400036, Maharashtra, India |
|
Date of Birth/Age : |
06.06.1974 |
|
Date of Appointment : |
28.04.2003 |
|
DIN No.: |
00490487 |
|
|
|
|
Name : |
Malini Vachani Akerkar |
|
Designation : |
Whole-time director |
|
Address : |
Flat No 1, Hindustan House, 28, Altamount Road, Mumbai –
400026, Maharashtra, India |
|
Date of Birth/Age : |
16.11.1965 |
|
Date of Appointment : |
27.06.1997 |
|
DIN No.: |
00516040 |
|
|
|
|
Name : |
Lata Naresh Oberoi |
|
Designation : |
Director |
|
Address : |
181-B, Joly Maker Apartemtn Cuff Parade Colaba, Mumbai – 411005,
Maharashtra, India |
|
Date of Birth/Age : |
05.09.1948 |
|
Date of Appointment : |
20.06.2009 |
|
DIN No.: |
02691959 |
|
|
|
|
Name : |
Anupama Assomull Oberoi |
|
Designation : |
Director |
|
Address : |
31 B, Maker Towers, Cuffe Parade, Colaba, Mumbai – 400005,
Maharashtra, India |
|
Date of Birth/Age : |
14.03.1968 |
|
Date of Appointment : |
20.06.2009 |
|
DIN No.: |
02701153 |
|
|
|
|
Name : |
Yezdi Kekhasru Bhagwagar |
|
Designation : |
Director |
|
Address : |
5th Floor, Oricon House, 14, K.Dubash Marg, Fort, Mumbai – 400005, Maharashtra, India |
|
Date of Birth/Age : |
10.03.1958 |
|
Date of Appointment : |
20.06.2009 |
|
DIN No.: |
01112233 |
|
|
|
|
Name : |
Mr. Sanjay Ramesh Sanghvi |
|
Designation : |
Director |
|
Address : |
809, Cumballa Crest, 42, Peddar Road, Mumbai – 400026, Maharashtra, India |
|
Date of Birth/Age : |
08.07.1966 |
|
Date of Appointment : |
20.06.2009 |
|
DIN No.: |
01001446 |
|
|
|
|
Name : |
Anurag Aroon Katriar |
|
Designation : |
Whole-time director |
|
Address : |
Flat No. 2, E Wing, Shree Vallabh Anand Cooperative housing Society Limited, China Link Compound, Link Road, Malad, Mumbai – 400064, Maharashtra, India |
|
Date of Birth/Age : |
17.02.1971 |
|
Date of Appointment : |
25.11.2011 |
|
DIN No.: |
05130682 |
|
|
|
|
Name : |
Mr. Naresh Chander Oberoi |
|
Designation : |
Director |
|
Address : |
181-B, Joly Maker Apartemtn Cuff Parade Colaba, Mumbai – 411005,
Maharashtra, India |
|
Date of Birth/Age : |
03.03.1942 |
|
Date of Appointment : |
20.06.2009 |
|
DIN No.: |
00009000 |
|
|
|
|
Name : |
Mr. Bharat Naresh Oberoi |
|
Designation : |
Director |
|
Address : |
31-B Maker Tower, Cuff Parade , Mumbai – 400005, Maharashtra, India |
|
Date of Birth/Age : |
22.02.1971 |
|
Date of Appointment : |
20.06.2004 |
|
DIN No.: |
00083664 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
P. K. Akerkar and J. H. Akerkar |
|
27760 |
|
J. H. Akerkar and P. K. Akerkar |
|
27760 |
|
Rahul Akerkar and Malini Vachani - Akerkar |
|
95000 |
|
Malini Vachani-Akerkar & Rahul Akerkar |
|
141530 |
|
Pritam Vachani and Indira Vachani |
|
5855 |
|
Rishad Nathani |
|
109370 |
|
Rahul Akerkar |
|
318223 |
|
Malini Vachani-Akerkar |
|
267000 |
|
Delna Sanghavi Jt. |
|
1 |
|
Bharat Oberoi |
|
601540 |
|
Powerica Sales and Services Private Limited, India |
|
1246064 |
|
Naresh Oberoi |
|
962464 |
|
Sanjay Sanghvi |
|
1039732 |
|
Total |
|
4842299 |
Equity Share Break up (Percentage of Total Equity)
As on 27.09.2013
|
Category |
Percentage |
|
Bodies corporate |
25.73 |
|
Directors or relatives of Directors |
73.00 |
|
Other top fifty shareholders |
1.27 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in
hospitality business and had fine dine restaurants. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available [We tried to
confirm the number of employees but no one is ready to part any information from
the company management] |
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|
Bankers : |
· HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel West, Mumbai - 400013, Maharashtra, India ·
Syndicate Bank, Nariman Point Branch, Nariman
Bhavan, Nariman Point, Mumbai - 400021, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
Ray and Ray Chartered Accountants |
|
Address : |
305, Eastern Court, C Wing,
Tejpal Road, Vile Parle (East), Mumbai – 400057, Maharashtra, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AADFR8764R |
|
|
|
|
Associate Concern: |
· Powerica Sales and Services Private Limited |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs. 50.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4842299 |
Equity Shares |
Rs.10/- each |
Rs. 48.423
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
48.423 |
48.423 |
48.423 |
|
(b) Reserves & Surplus |
127.164 |
93.349 |
105.874 |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
175.587 |
141.772 |
154.297 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
6.100 |
19.929 |
93.784 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.249 |
1.658 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
2.749 |
3.679 |
3.715 |
|
Total
Non-current Liabilities (3) |
8.849 |
23.857 |
99.157 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
59.234 |
69.443 |
0.000 |
|
(b) Trade payables |
58.144 |
52.907 |
47.062 |
|
(c) Other current liabilities |
36.002 |
36.767 |
39.179 |
|
(d) Short-term provisions |
24.766 |
19.862 |
16.894 |
|
Total
Current Liabilities (4) |
178.146 |
178.979 |
103.135 |
|
|
|
|
|
|
TOTAL |
362.582 |
344.608 |
356.589 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
235.392 |
229.774 |
262.895 |
|
(ii) Intangible Assets |
6.257 |
7.120 |
7.983 |
|
(iii) Capital work-in-progress |
0.000 |
5.033 |
0.000 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.024 |
0.020 |
0.020 |
|
(c) Deferred tax assets (net) |
0.954 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
30.519 |
27.950 |
24.076 |
|
(e) Other Non-current assets |
10.007 |
0.000 |
0.768 |
|
Total
Non-Current Assets |
283.153 |
269.897 |
295.742 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
30.321 |
26.359 |
22.574 |
|
(c) Trade receivables |
24.324 |
17.974 |
20.114 |
|
(d) Cash and cash equivalents |
1.919 |
2.130 |
1.537 |
|
(e) Short-term loans and
advances |
22.865 |
28.248 |
16.622 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
79.429 |
74.711 |
60.847 |
|
|
|
|
|
|
TOTAL |
362.582 |
344.608 |
356.589 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
SALES |
|
|
|
|
|
Income |
653.939 |
554.668 |
497.612 |
|
|
Other Income |
33.464 |
24.894 |
14.695 |
|
|
TOTAL
(A) |
687.403 |
579.562 |
512.307 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
|
|
|
|
|
Purchases of Stock-in-Trade |
607.472 |
538.040 |
475.560 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
|
|
|
|
Employees benefits expense |
|
|
|
|
|
Other expenses |
|
|
|
|
|
TOTAL
(B) |
607.472 |
538.040 |
475.560 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
79.931 |
41.522 |
36.747 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
6.836 |
11.246 |
11.799 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
73.095 |
30.276 |
24.948 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
40.483 |
42.109 |
48.923 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
32.612 |
(11.833) |
(23.975) |
|
|
|
|
|
|
|
Less |
TAX
(I) |
(1.203) |
0.692 |
(1.560) |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
33.815 |
(12.525) |
(22.415) |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
6.98 |
(2.59) |
(4.63) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
4.92 |
(2.16) |
(4.38) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.99 |
(2.13) |
(4.82) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.02 |
(3.48) |
(6.72) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19 |
(0.08) |
(0.16) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.37 |
0.63 |
0.61 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.45 |
0.42 |
0.59 |
FINANCIAL ANALYSIS
[all figures are in
Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
48.423 |
48.423 |
48.423 |
|
Reserves & Surplus |
105.874 |
93.349 |
127.164 |
|
Net
worth |
154.297 |
141.772 |
175.587 |
|
|
|
|
|
|
long-term borrowings |
93.784 |
19.929 |
6.100 |
|
Short term borrowings |
0.000 |
69.443 |
59.234 |
|
Total
borrowings |
93.784 |
89.372 |
65.334 |
|
Debt/Equity
ratio |
0.608 |
0.630 |
0.372 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
497.612 |
554.668 |
653.939 |
|
|
|
11.466 |
17.897 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
497.612 |
554.668 |
653.939 |
|
Profit |
(22.415) |
(12.525) |
33.815 |
|
|
(4.50%) |
(2.26%) |
5.17% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
NOTE: Registered office of the company has been shifted from 2nd Floor, Badamia Manor, S.K. Rathod Marg, Mahalaxmi, Mumbai – 400034, Maharashtra, India to the present address w.e.f. 01.03.2013
BUSINESS PERFORMANCE
The total income for the year increased by 18.61% to ₨ 687.404 Millions, up from ₨ 579.562 Millions in the previous year. Finance costs were reduced to ₨ 6.836 Millions, from ₨ 11.246 Millions last year, while the depreciation charge was ₨ 40.483 Millions. Earnings before Depreciation and Taxation (EBDT) i.e. the cash profit was ₨ 73.095 Millions against a cash profit of ₨ 30.276 Millions in 20011-12, while the Profit before Taxation (PBT) was ₨ 32.612 Millions as compared to a loss of ₨ 11.833 Millions in the previous year. However, no provision for income tax was made this year in spite of posting profits because of the brought forward losses of previous years.
The company saw a ₨ 99.200 Millions growth in sales of over last year, with the opening of two new Indigo Delis in Mumbai at Bandra and Ghatkopar, which were responsible for contributing ₨ 69.200 Millions towards that.
Their flagship restaurant Indigo, now in its fourteenth year of operation, continued to gain international recognition for its superlative cuisine and service. It was voted number 28 at the San Pellegrino 50 Best Restaurants in Asia 2013 Awards held in Singapore, and also made the New York based, Daily Meal 101 Best Restaurants in Asia 2013 list, coming in at number 32. In both cases Indigo was the only international cuisine restaurant from India to make these hallowed lists. Unfortunately, this recognition failed to generate an anticipated increase in business, as Indigo recorded a ₨ 6.000 Millions drop in revenue to ₨ 908.08 lakh from the year before. The general economic downturn; a several week-long shutdown during a major refurbishment of the kitchen and restaurant; and the overall shift in the city’s epicenter to the northern suburbs, were some of the contributing factors that led to the loss in footfalls.
The performance of their three existing Indigo Delicatessens in Colaba, Lower Parel and Lokhandwala, remained steady, generating combined revenues of ₨ 2,478 lakh, a modest growth of ₨ 3.800 Millions over last year. This was expected as these outlets were already performing at close to their maximum capacity. Unit-wise, the Indigo Deli (Colaba) achieved a 3.27% increase in sales to ₨ 81.701 Millions against the previous year’s ₨ 79.112 Millions, while turnover of the Delis in Lokhandwala (₨ 50.055 Millions) and Palladium in Lower Parel (₨ 116.067 Millions) remained relatively flat with only marginal growths of 0.26% and 0.93% respectively, over last year.
Building on the success of the popular Indigo Deli brand, they opened two more eateries in Mumbai this financial year. The first, which opened in April 2012, generated sales of ₨ 63.101 Millions in its first year of operations. This 74-seater restaurant located in the young, vibrant suburb of Bandra, draws in diners from a much wider demographic, making it one of the most popular eating destinations in the area. The second Deli opened in February 2013 in Ghatkopar, a rapidly maturing eastern suburb of Mumbai, and recorded sales of ₨ 6.123 Millions during the 1½ months of operation in the fiscal year under review. Ideally located in the heavily trafficked R-City Mall, it brings their offering of delicious comfort food to not only a hungry local audience, but also to an eager, upmarket dining clientele from Powai, a stones throw away. The R-City Deli has already raised the bar on the standard of neighborhood dining offerings, and they expect this outlet to perform increasingly well over the next year.
The company’s catering arm, Moveable Feast, grew by 16.50% over last year to ₨ 71.182 Millions, reflecting an increasing recognition and appreciation of its product and consistent delivery. Tote on the Turf increased its revenues by 14.48% over the previous year to ₨ 174.900 Millions. The major contribution to this growth stemmed from an increase in events held at Tote Banquets, which grew by an impressive 20%, while the Tote Bar and their specialty Indian restaurant, Neel grew by 14.5% and 4.8% respectively.
The Company is poised for aggressive expansion with the opening of their flagship restaurant Indigo, in New Delhi, towards the end of the 2013. This marks the beginning of their first foray and expansion into new markets outside Bombay, and they plan on also opening several Indigo Delicatessens in Delhi in the next few years. Concurrently we’re also developing another Indigo Deli at the In Orbit Mall in Malad, as well as taking Neel with a banqueting space to the sprawling Mumbai suburbs of Andheri West.
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10121141 |
22/08/2008 |
27,500,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
A45085545 |
|
2 |
10105806 |
26/11/2007 |
35,500,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
A29158136 |
|
3 |
10105809 |
27/06/2007 |
22,500,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
A19257831 |
|
4 |
80021147 |
14/09/2010 * |
124,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
A97709406 |
* Date of charge modification
UNSECURED LOAN
|
PARTICULARS |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
Short-term
borrowings |
|
|
|
Loans and Advances from Related Parties From Directors |
18.500 |
13.500 |
|
Total |
18.500 |
13.500 |
|
NOTE: Interest free loan payable on demand pertains to loans and advances from Related Parties. |
||
CONTINGENT LIABILITIES:
(As on 31.03.2013)
Income tax demand for AY 2003-04 Rs. 0.033 Million
FIXED ASSETS
·
Air- Conditioning Plant
·
Computer Systems
·
Civil
·
Plumbing and Fitting
·
Electrical Equipments
·
Plant and Machinery
·
Office Equipments
·
Music System
·
Vehicle
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] 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.59.88 |
|
|
1 |
Rs.100.98 |
|
Euro |
1 |
Rs.82.40 |
INFORMATION DETAILS
|
Information
Gathered by : |
JML |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
44 |
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.