MIRA
INFORM REPORT
|
Report Date : |
09.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
JUNIPER HOTELS PRIVATE LIMITED (July 2004) |
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Formerly Known
As : |
SEAJULI PROPERTY AND VINIYOG PRIVATE LIMITED (w.e.f. 23.07.2003) SEAJULI FINANACE LIMITED |
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Registered
Office : |
Off Western Express Highway, Santacruz (East), Mumbai – 400055, |
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Country : |
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Financials (as on)
: |
31.03.2013 |
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Date of
Incorporation : |
16.09.1985 |
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Com. Reg. No.: |
11-152863 |
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Capital
Investment / Paid-up Capital : |
Rs.1437.000
Millions |
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CIN No.: [Company Identification
No.] |
U55101MH1985PTC152863 |
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PAN No.: [Permanent Account No.] |
AAECS6336E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
The Company is engaged in the business of Hospitality
(Hotels) |
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No. of Employees
: |
Information denied by management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 16000000 |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having satisfactory track record. There seems some dip in turnover and profit of the company during
2013. However, net worth of the company is satisfactory. General financial
position of the company is normal and acceptable for business dealing. Trade relations are reported as fair. Business is active. Payment
terms are reported to be slow but correct. In view of strong support from the renewed promoter group and
established global brand, the subject can be considered 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.
ECGC Country Risk Classification List – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
Verdict
Implications: Apex court order may alter coal import dynamics. Traders go slowly
on talks over coal supply contracts, uncertainty over cancellation of blocks
weigh on stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn Business Empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M a M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would take
a few more quarters to bring down levels to 13-15 %.
DHL to invest Euro
100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that it had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long Term Bank Facilities = BB |
|
Rating Explanation |
Moderate risk of default |
|
Date |
12.02.2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DENIED
Management Non Co-Operative (Tel No.:
91-22-66761234)
LOCATIONS
|
Registered Office : |
Off Western Express Highway, Santacruz (East), Mumbai – 400055,
Maharashtra, India |
|
Tel. No.: |
91-22-66761234/ 66761000 |
|
Fax No.: |
91-22-66761235/ 66761010 |
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E-Mail : |
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Head Office : |
Vakola Pipeline, Santacruz (East), Mumbai – 400055, Maharashtra, India |
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Tel. No.: |
91-22-26195202 |
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Corporate/ Branch Office : |
Dial Hospitality District, Hotel Hyatt, |
DIRECTORS
As on 30.09.2013
|
Name : |
Mr. Arun Kumar Saraf |
|
Designation : |
Managing Director |
|
Address : |
Grand Hyatt Residences, Off Western Express Highway , Santacruz (East),
Mumbai – 400055, Maharashtra, India |
|
Date of Birth/Age : |
10.03.1959 |
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Date of Appointment : |
01.07.1998 |
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PAN No.: |
ACTPS6880M |
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DIN No.: |
00339772 |
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|
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Name : |
Mr. Radhe Shyam Saraf |
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Designation : |
Director |
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Address : |
D 20 F, Caine Mansion, 80-88, Caine Road, Mid-Levels, Hong Kong |
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Date of Birth/Age : |
15.08.1930 |
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Date of Appointment : |
14.01.2001 |
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DIN No.: |
00017962 |
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Name : |
Mr. Umesh Saraf |
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Designation : |
Director |
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Address : |
W-120, Greater Kailash, New Delhi – 110048, India |
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Date of Birth/Age : |
27.12.1963 |
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Date of Appointment : |
14.06.2004 |
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PAN No.: |
ABHBS6562P |
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DIN No.: |
00017985 |
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|
Name : |
Ms. Pallavi Shroff |
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Designation : |
Director |
|
Address : |
S-270, Greater Kailash Part – II, New Delhi – 110048, India |
|
Date of Birth/Age : |
22.04.1956 |
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Date of Appointment : |
13.06.2001 |
|
PAN No.: |
AQPPS7388Q |
|
DIN No.: |
00013580 |
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|
|
|
Name : |
Mr. Gangaram Niacanta Iyer |
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Designation : |
Director |
|
Address : |
703, Golden Castle Sundarnagar Road No. 2, Kalina, Mumbai - 400098,
Maharashtra, India |
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Date of Birth/Age : |
22.09.1934 |
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Date of Appointment : |
13.06.2001 |
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PAN No.: |
AABPG0807E |
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DIN No.: |
00001246 |
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|
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|
Name : |
Mr. Charles Lemont Ephraim |
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Designation : |
Director |
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Address : |
2130, Sheridan Road, Highland Park, USA – 60035 |
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Date of Birth/Age : |
03.06.1952 |
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Date of Appointment : |
12.09.2007 |
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DIN No.: |
01875357 |
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Name : |
Mr. Peter Fulton |
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Designation : |
Director |
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Address : |
A, Hamid Amhed Qasim Seddiqi, (Villa – 10) 352-30C, Umsaqaim Area
DM.157, Post Box 7978, Dubai |
|
Date of Birth/Age : |
15.07.1957 |
|
Date of Appointment : |
05.12.2008 |
|
DIN No.: |
02227963 |
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Name : |
Mr. Narendra Jamnadas Jhaveri |
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Designation : |
Director |
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Address : |
C-42, Samprat Residency, Opposite Parivar Society, Bodakdev, Ahmedabad
– 380015, Gujarat, India |
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Date of Birth/Age : |
09.08.1935 |
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Date of Appointment : |
13.06.2001 |
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PAN No.: |
AAAPJ2480M |
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DIN No.: |
00198912 |
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Name: |
Mr. Manoranjan Kaul |
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Designation : |
Director |
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Address : |
F-621, Vikasini Co-operative Housing Society, Belapur, Navi
Mumbai-400614, Maharashtra, India |
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Date of Birth/Age : |
20.08.1957 |
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Date of Appointment : |
30.01.2013 |
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PAN No.: |
AAZPK5142Q |
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DIN No.: |
00320182 |
MAJOR SHAREHOLDERS
As on 30.09.2013
|
Names of Shareholders |
No. of Shares |
% of holding |
|
Saraf Hotels Limited, |
71850000 |
50.00 |
|
Two Seas Holdings Limited, Mauritius |
71850000 |
50.00 |
|
Total |
143700000 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2013
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is engaged in the business of Hospitality
(Hotels) |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by management |
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Bankers : |
· Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227, D, Nariman Point, Mumbai - 400021, Maharashtra, India · Punjab National Bank, Large Corporate Branch, A-9, Connaught Place, New Delhi, India · Central Bank of India · ICICI Bank Limited, Bandra Kurla Complex, Bandra (East), Mumbai - 400051, Maharashtra, India · Standard Chartered Bank, Crescenzo, 3A/F, Plot no. C-38 and 39, G Block, Bandra Kurla Complex, Bandra East, Mumbai - 400051, Maharashtra, India · Axis Bank Limited, Universal Insurance Building Sir P. M. Road, Fort, Mumbai-400001, Maharashtra, India · Axis Bank Limited, Corporate Banking Branch, Axis House, Bombay Dyeing Mills Compound, PB Marg, Mumbai - 400025, Maharashtra, India · IDBI Bank Limited, IDBI Towerwtc Complex, Cuffe Parade, Mumbai - 400005, Maharashtra, India Jammu and Kashmir Bank Limited · Axis Bank Limited, Corporate Banking Branch, Axis Bank, Bombay Dyeing, Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai – 400025, Maharashtra, India |
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Facilities : |
Notes: LONG TERM BORROWINGS a) Non - Convertible Debentures of Rs.40.000 Millions (Previous year Rs.40.000 Millions), Term Loans of Rs.1247.232 Millions (Previous year Rs.661.665 Millions) and Vehicle Loan of Rs. Nil (Previous year Rs.4.323 Millions) payable in next twelve months are shown under "Other Current Liabilities". b) Non - Convertible Debentures (NCD) of Rs.160.000 Millions (including current maturity of long term debt of Rs.40.000 Millions shown under "Other Current Liabilities") are secured by legal mortgage of the freehold land at village Kole Kalyan, Vakola, Santacruz East, Mumbai 400055 together with all buildings and structures constructed or erected thereon, all plant and machinery and all other movables, both present and future installed/to be installed therein on first pari passu charge in favour of IDBI Trusteeship Services Limited, who are Trustees for the Debenture holders, namely IDBI Bank Limited. The option of conversion of debentures lapsed on April 30, 2005 as the Debenture holders did not exercise their option of conversion into equity shares of the Company. The Debentures are repayable in 30 quarterly instalments commencing from October 1, 2009. c) Term Loans from Banks aggregating Rs.4106.352 Millions (including current maturity of long term debts of Rs.1164.651 Millions shown under "Other Current Liabilities") are secured by: i. Joint equitable mortgage by deposit of title deeds of freehold land admeasuring 42,270.80 square meters or thereabout situated at Vakola, Mumbai, together with all buildings and structures constructed or erected thereon and all the plant and machinery both present and future installed / to be installed therein on first pari passu charge. The title deeds are deposited with IDBI, acting for itself and on behalf of other lenders with their consent; ii. First pari passu charge on the book debts of Grand Hyatt Mumbai property, other than lease rental receivables from shops/offices situated in Grand Hyatt Plaza; iii. Hypothecation of all present and future movable assets of Grand Hyatt Mumbai; and iv. Second pari-passu charge on other current assets of Grand Hyatt Mumbai. d) Term Loans from Banks aggregating Rs.173.081 Millions (including current maturity of long term debts of Rs.82.581 Millions shown under "Other Current Liabilities") are secured by: i. First charge on lease rental receivables from shops/offices situated in Grand Hyatt Plaza. ii. First pari passu charge on the book debts of Grand Hyatt Mumbai property. iii. First charge on other current assets of Grand Hyatt Mumbai property. e) Term Loans from Banks aggregating Rs.4040.720 Millions and short term borrowings of Rs.16.802 Millions are secured by: i. First Pari passu mortgage and charge on all the immovable properties of Ahmedabad and Delhi Projects both present and future except on asset area no.1 i.e. land of Delhi hotel; ii. First Pari passu hypothecation charge on entire movable assets (present and future) of Ahmedabad and Delhi projects; iii. First Pari passu charge on the entire current assets, present and future of Ahmedabad and Delhi projects; iv. Assignment of all rights and entitlements related to project documents, LC, guarantees and performance bond for the project, both present and future and v. By way of substitution agreement entered into between the Company / DIAL and the Lenders. SHORT TERM BORROWINGS The cash credit and working capital loans are secured by first pari passu charge on book debts, first charge on other current assets and second charge on moveable and immoveable fixed assets at Grand Hyatt Mumbai property. Borrowing costs directly attributable to the
acquisition, construction or production of an asset that necessarily takes a
substantial period of time to get ready for its intended use or sale are
capitalised as part of the cost of respective assets. All other borrowing
costs are expensed in the period they occur. Borrowing costs consist of
interest and other costs that an entity incurs in connection with the
borrowing of funds. |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
'Heritage', 3rd floor, Near Gujrat Vidhyapith, Off Ashram Road, Ahmedabad-380014, Gujarat, India |
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PAN No: |
AACFD4815A |
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Subsidiary Company
: |
· Mahima Holding Private Limited |
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Enterprise over which Key Management Personnel
exercise significant influence : |
· Forex Finance Private Limited · Saraf Industries Limited (Hongkong) · Asian Hotels (East) Limited CIN No.: L15122WB2007PLC162762 · Blue Energy Private Limited · Chartered Hotels Private Limited CIN No.: U55101MH1996PTC180473 · Yak and Yeti Hotel Limited (Nepal) · Taragaon Regency Hotels Limited (Nepal) · Saraf Industries Limited (Mauritius) · Saraf International Limited (Hongkong) · Juniper Investments Limited · Robust Hotels Private Limited CIN No.: U55101TN2007PTC062085 · Chartered Hampi Hotels Private Limited |
CAPITAL STRUCTURE
As on 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
190000000 |
Equity Shares |
Rs.10/- each |
Rs.1900.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
143700000 |
Equity Shares |
Rs.10/- each |
Rs.1437.000
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 |
1,437.000 |
1,437.000 |
1,437.000 |
|
(b) Reserves & Surplus |
2,509.029 |
2,354.515 |
2,014.134 |
|
(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) |
3,946.029 |
3,791.515 |
3,451.134 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
7,192.921 |
4,964.477 |
4,323.825 |
|
(b) Deferred tax liabilities (Net) |
430.976 |
394.482 |
376.287 |
|
(c) Other long term liabilities |
140.092 |
209.874 |
255.980 |
|
(d) long-term provisions |
53.221 |
46.082 |
34.425 |
|
Total Non-current Liabilities (3) |
7,817.210 |
5,614.915 |
4,990.517 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
200.998 |
107.527 |
124.587 |
|
(b) Trade payables |
379.632 |
325.801 |
330.771 |
|
(c) Other current
liabilities |
1,686.852 |
1,058.240 |
1,019.534 |
|
(d) Short-term provisions |
21.524 |
86.595 |
24.225 |
|
Total Current Liabilities (4) |
2,289.006 |
1,578.163 |
1,499.117 |
|
|
|
|
|
|
TOTAL |
14,052.245 |
10,984.593 |
9,940.768 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
5,959.631 |
6,003.483 |
6,176.389 |
|
(ii) Intangible Assets |
1.457 |
1.302 |
0.982 |
|
(iii) Capital
work-in-progress |
4,493.424 |
2,783.008 |
1,558.851 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
51.720 |
51.720 |
51.720 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1,806.958 |
1,758.283 |
1,714.836 |
|
(e) Other Non-current assets |
5.001 |
42.068 |
0.000 |
|
Total Non-Current Assets |
12,318.191 |
10,639.864 |
9,502.778 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
69.345 |
87.437 |
88.425 |
|
(c) Trade receivables |
114.244 |
98.650 |
130.620 |
|
(d) Cash and cash
equivalents |
1,463.802 |
92.539 |
128.107 |
|
(e) Short-term loans and
advances |
50.231 |
55.248 |
90.838 |
|
(f) Other current assets |
36.432 |
10.855 |
0.000 |
|
Total Current Assets |
1,734.054 |
344.729 |
437.990 |
|
|
|
|
|
|
TOTAL |
14,052.245 |
10,984.593 |
9,940.768 |
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
||
|
|
SALES |
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
|
TOTAL (A) |
2,692.800 |
3,004.100 |
3,040.100 |
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
TOTAL (B) |
1,840.200 |
1,861.700 |
1,880.500 |
|
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
852.600 |
1,142.400 |
1,159.600 |
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL EXPENSES (D) |
345.400 |
384.300 |
435.100 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
507.200 |
758.100 |
724.500 |
||
|
|
|
|
|
|
||
|
Less |
DEPRECIATION/
AMORTISATION (F) |
233.700 |
239.500 |
227.500 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
273.500 |
518.600 |
497.000 |
||
|
|
|
|
|
|
||
|
Less |
TAX (H) |
119.000 |
178.200 |
175.800 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
154.500 |
340.400 |
321.200 |
||
|
|
|
|
|
|
||
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2,112.700 |
1,802.300 |
1,511.100 |
||
|
|
|
|
|
|
||
|
Less |
APPROPRIATIONS |
|
|
|
||
|
|
|
Transfer to General Reserve |
(20.000) |
30.000 |
30.000 |
|
|
|
BALANCE CARRIED
TO THE B/S |
2,287.200 |
2,112.700 |
1,802.300 |
||
|
|
|
|
|
|
||
|
|
EARNINGS IN
FOREIGN CURRENCY |
778.500 |
1076.200 |
1123.900 |
||
|
|
|
|
|
|
||
|
|
Earnings / (Loss)
Per Share (Rs.) |
1.08 |
2.37 |
2.24 |
||
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
5.74 |
11.33 |
10.57 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.88 |
6.36 |
5.97 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07 |
0.14 |
0.14 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.87 |
1.34 |
1.29 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.76 |
0.22 |
0.29 |
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 |
1437.000 |
1437.000 |
1437.000 |
|
Reserves & Surplus |
2014.134 |
2354.515 |
2509.029 |
|
Net
worth |
3451.134 |
3791.515 |
3946.029 |
|
|
|
|
|
|
long-term borrowings |
4323.825 |
4964.477 |
7192.921 |
|
Short term borrowings |
124.587 |
107.527 |
200.998 |
|
Total
borrowings |
4448.412 |
5072.004 |
7393.919 |
|
Debt/Equity
ratio |
1.289 |
1.338 |
1.874 |
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 |
|
Total Income |
3,040.100 |
3,004.100 |
2,692.800 |
|
|
|
(1.184) |
(10.363) |
\NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Total Income |
3,040.100 |
3,004.100 |
2,692.800 |
|
Profit |
321.200 |
340.400 |
154.500 |
|
|
10.57% |
11.33% |
5.74% |
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 |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION DETAILS
|
Case Details |
||||||||||
|
Bench:- Bombay |
||||||||||
|
Presentation Date:- |
07/10/2013 |
|||||||||
|
Lodging No.:- |
ARBPL/1660/2013 |
Filing Date:- |
07/10/2013 |
Reg. No.:- |
ARBP/1239/2013 |
Reg. Date:- |
28/11/2013 |
|||
|
|
||||||||||
|
Petitioner:- |
RADIANT FIRE PROTECTION ENGINEERS PRIVATE LIMITED |
Respondent:- |
JUNIPER HOTEL PRIVATE LIMITED AND ORS |
|||||||
|
Petn.Adv:- |
K.R. BESLOSAY AND BHARAT PUNEKAR () |
Resp. Adv.: |
BERI AND COMPANY (PESP. 1) (I6435) |
|||||||
|
District:- |
MUMBAI |
|||||||||
|
|
||||||||||
|
Bench:- |
SINGLE |
|
|
|||||||
|
Status:- |
Admitted(Unready) |
Category:- |
ARBITRATION ACT |
|||||||
|
Last Date:- |
01/10/2014 |
Stage:- |
FOR DIRECTION |
|||||||
|
|
||||||||||
|
Last Coram:- |
HON'BLE SHRI JUSTICE S.C. GUPTE |
|||||||||
|
|
||||||||||
|
Act :- |
Arbitration and Conciliation Act 1996 |
Under Section:- |
34 |
|||||||
GENERAL INFORMATION
The company was incorporated on September 16, 1985. The Company is engaged in the business of Hospitality (Hotels). As at March 31, 2013, the Company has one operating hotel located at Santacruz East, Mumbai and is coming up with two more five star hotels one in Ahmedabad and the other in New Delhi.
PERFORMANCE OF THE HOTEL
During the year, Grand Hyatt Mumbai completed its eighth full year of operation. The Hotel achieved a total turnover of Rs.2692.800 Millions (Rs.3004.100 Millions in 2011-12) on which it made profit before tax of Rs.273.500 Millions (Rs.518.600 Millions in the previous year). After accounting for total tax provision of Rs.119.000 Millions, the Company’s net profit after tax for the year amounted to Rs.154.500 Millions as against Rs.340.400 Millions in 2011-12. The bottom line has taken a hit due to the reduction in turnover due to sluggish market and the ever increasing cost.
Although competition from other comparable hotels in its area of operation is on the rise, the Company hopes to improve its market share and profitability in the current year.
BUSINESS OVERVIEW
During the year, the Indian hotel industry had a negative growth according to the latest study by ICRA. During the year 2012, global tourist volume had grown by 3%-4% compared to 5.9% during 2011. India witnessed a growth of about 5.4% during 2012 with a total tourist arrival of 67 lacs. The Pan India revenue per available room (RevPar) had declined by 6% during 2012, on top of a 4% dip in 2011. The industry was adversely affected by falling revenue mainly due to reduction in room rates. This was compounded by the rising power cost and fixed cost, leading to erosion in the bottom line. The global consumer confidence continues to be low due to general uncertainty with sluggish demand. The Management hopes that the good numbers coming from other industries for the fiscal 2012-13 and the first quarter of 2013-14 will propel demand in the days to come.
NEW PROJECTS
The Directors are pleased to state that the Company’s new 5 Star Hotel Projects in Ahmedabad and New Delhi are making satisfactory progress. According to present indications, the Ahmedabad Hyatt Regency Project with about 201 keys is likely to be completed by the end of the current year, 2013--14 (April-March) and the Delhi Andaz Project with about 389 rooms and 146 apartments by October 2014. Both the Projects will achieve completion as per the revised schedule and within the estimated capital cost except for interest cost which has gone up over the past year.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10456138 |
01/10/2013 |
500,000,000.00 |
Standard Chartered Bank |
Crescenzo, 3a/F, Plot No. C-38 & 39, G Block, Bandra Kurla Complex, Bandra East, Mumbai, Maharashtra - 400051, India |
B87993077 |
|
2 |
10456139 |
01/10/2013 |
960,000,000.00 |
Standard Chartered Bank |
Crescenzo, 3a/F, Plot No. C-38 & 39, G Block, Bandra Kurla Complex, Bandra East, Mumbai, Maharashtra - 400051, India |
B87993382 |
|
3 |
10370439 |
01/10/2013 * |
1,920,000,000.00 |
Standard Chartered Bank |
Crescenzo, 3a/F, Plot No. C-38 & 39, G Block, Bandra Kurla Complex, Bandra East, Mumbai, Maharashtra - 400051, India |
B87993655 |
|
4 |
10294225 |
14/06/2011 |
3,000,000,000.00 |
Axis Bank Limited |
Corporate Banking Branch, Axis Bank, Bombay Dyeing , Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai, Maharashtra - 400025, India |
B15547961 |
|
5 |
10287285 |
05/07/2013 * |
1,636,300,000.00 |
Punjab and Sind Bank |
Specialised Corporate Finance Branch, P 18/90 Connaught Circus, New Delhi, Delhi - 110001, India |
B82799388 |
|
6 |
10286580 |
23/03/2011 |
3,000,000,000.00 |
IDBI Bank Limited |
Idbi Towerwtc Complex, Cuffe Parade, Mumbai, Maharashtra - 400005, India |
B10321867 |
|
7 |
10163797 |
24/12/2009 * |
500,000,000.00 |
Axis Bank Limited |
Credit Management Centre, Unit No.6, Corporate Park, Sion Trombay Road, Chembur,, Mumbai, Maharashtra - 400071, India |
A76991033 |
|
8 |
10164338 |
13/06/2009 |
500,000,000.00 |
Axis Bank Limited |
Fort Branch, Universal Insu. Bldg., Sir P.M. Road, Mumbai, Maharashtra - 400001, India |
A64240617 |
|
9 |
10153837 |
14/11/2013 * |
330,000,000.00 |
KOTAK MAHINDRA BANK LIMITED |
36-38a, Nariman Bhavan, 227,D, Nariman Point, Mumbai, Maharashtra - 400021, India |
B91118885 |
|
10 |
80031772 |
24/10/2002 * |
300,000,000.00 |
IDBI trusteeship Services Ltd. |
Idbi Towers, Wtc Complex, Cuffe Parade, Mumbai, Maharashtra - 400005, India |
- |
*Date of modification Charges
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction registered
against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.46 |
|
UK Pound |
1 |
Rs.96.69 |
|
Euro |
1 |
Rs.77.65 |
INFORMATION DETAILS
|
Information Gathered
by : |
NYA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--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 |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
4 |
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.