MIRA INFORM REPORT
|
Report No. : |
338220 |
|
Report Date : |
25.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
WONDERLA HOLIDAYS LIMITED |
|
|
|
|
Registered
Office : |
28th KM, Mysore Road, Bangalore – 562108, Karnataka |
|
Tel. No.: |
91-80-22010300 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
18.11.2002 |
|
|
|
|
Com. Reg. No.: |
08-031224 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 565.007 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L55101KA2002PLC031224 |
|
|
|
|
IEC No.: |
0703020269 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRW00431E |
|
|
|
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PAN No.: [Permanent Account No.] |
AAACW4514C |
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|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
|
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Line of Business
: |
Subject act as Amusement Parks and Resorts. |
|
|
|
|
No. of Employees
: |
739 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (63) |
|
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 10180000 |
|
|
|
|
Status : |
Good |
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|
|
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Payment Behaviour : |
Regular |
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|
|
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Litigation : |
Clear |
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Comments : |
Subject is an established company having fine track. According to the financials of the year 2015, company possesses
favorable operational performance with 23% growth in its total revenue
profile and increase in its profitability margins of the company. Further, rating also takes into account of company’s healthy financial
risk profile and sound financial base supported by good net worth base low
debt balance sheet profile of the company. Trade relations are fair. Business is active. Payments terms are reported
to be regular and as per the commitments. The company 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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long term bank facilities = A+ |
|
Rating Explanation |
Adequate degree of safety and low credit risk |
|
Date |
June, 2015 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short term bank facilities = A1 |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit |
|
Date |
June, 2015 |
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
31-03-2013.
INFORMATION DECLINED
MANAGEMENT NON CO-OPERATIVE
(TEL NO.: 91-80-22010300/311)
LOCATIONS
|
Registered Office : |
28th KM, Mysore Road, Bangalore – 562108, Karnataka, India |
|
Tel. No.: |
91-80-22010300/311 |
|
Fax No.: |
91-80-22010324 |
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E-Mail : |
|
|
Website : |
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|
|
|
|
Amusement Parks: |
803J, Pallikkara, Kumarapuram, Kochi – 683565, Kerala, India |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr. George Joseph |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Kochouseph Chittilappilly |
|
Designation : |
Non-Executive Director |
|
|
|
|
Name : |
Mr. Arun K Chittilappilly |
|
Designation : |
Managing Director |
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|
|
|
Name : |
Ms. Priya Sarah Cheeran Joseph |
|
Designation : |
Executive Director |
|
Date of Birth/Age : |
15.05.1978 |
|
Qualification : |
Post-Graduation in Public Health from University of Melbourne, Australia. |
|
Brief profile of Experience and
Achievements : |
She is actively associated with the Company looking after F and B and HR functions of the Company, She is looking after the Corporate Social Responsibility activities of the Company and is instrumental in Wonderla entering into hospitality business in the form of opening a three star Resort at Bangalore unit of Wonderla. |
|
Date of Appointment : |
22.12.2003 |
|
|
|
|
Name : |
Mr. M.P. Ramachandran |
|
Designation : |
Director |
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|
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KEY EXECUTIVES
|
Name : |
Mr. Nandakumar T |
|
Designation : |
Vice President- Finance |
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|
|
|
Name : |
Mr. Srinivasulu Raju Y |
|
Designation : |
Company Secretary |
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Audit Committee : |
· Mr. George Joseph-Chairman · Mr. Arun K Chittilappilly-Member · Mr. M.P. Ramachandran – Member |
|
|
|
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Nomination and Remuneration Committee : |
· Mr. M.P. Ramachandran –Chairman · Mr. George Joseph –Member · Mr. Kochouseph Chittilappilly – Member |
|
|
|
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Stakeholders Relationship Committee : |
· Mr. M.P. Ramachandran –Chairman · Mr. George Joseph-Member · Mr. Arun K Chittilappilly-Member · Ms. Priya Sarah Cheeran Joseph- Member |
|
|
|
|
Corporate Social Responsibility Committee : |
· Mr. George Joseph-Chairman · Mr. Kochouseph Chittilappilly-Member · Mr. Arun K Chittilappilly-Member · Ms. Priya Sarah Cheeran Joseph-Member |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2015
|
Category of Shareholders |
No. of Shares |
Percentage of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
40109222 |
70.99 |
|
|
40109222 |
70.99 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
40109222 |
70.99 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
1082309 |
1.92 |
|
|
34406 |
0.06 |
|
|
5159031 |
9.13 |
|
|
6275746 |
11.11 |
|
|
|
|
|
|
2226588 |
3.94 |
|
|
|
|
|
|
5637700 |
9.98 |
|
|
621386 |
1.10 |
|
|
1630028 |
2.88 |
|
|
752429 |
1.33 |
|
|
35621 |
0.06 |
|
|
841978 |
1.49 |
|
|
10115702 |
17.90 |
|
Total Public shareholding (B) |
16391448 |
29.01 |
|
Total (A)+(B) |
56500670 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
56500670 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject act as Amusement Parks and Resorts. |
|
|
|
|
Brand Names : |
“Wonderla” |
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Agencies Held : |
-- |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
739 (Approximately) |
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Bankers : |
· State Bank of India · Axis Bank Limited · Dhanalaxmi Bank Limited · HDFC Bank Limited ·
Indusind Bank Limited |
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Facilities : |
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Auditors : |
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Name : |
B S R and Company LLP Chartered Accountants |
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Address : |
Maruthi Info-Tech Centre, 11-12/1 Inner Ring Road, Koramangala, Bangalore – 560071, Karnataka, India |
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Memberships : |
-- |
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|
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Collaborators : |
-- |
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Associates/Subsidiaries : |
Not Available |
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
60,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 600.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
56,500,670 |
Equity Shares |
Rs. 10/- each |
Rs. 565.007
Million |
|
|
|
|
|
Reconciliation of number of shares outstanding
at 31 March 2015 and 31 March 2014 is as under:
|
Particulars |
As at
31.03.2015 |
|
|
|
|
Equity shares outstanding as at the beginning of the year |
42.000 |
|
Shares issued* |
14.501 |
|
Shares bought back |
-- |
|
Equity shares
outstanding as at the end of the year |
56.501 |
* During the year as part of Intial Public Offer, the Company issued 14,500,670 equity shares of Rs 10 each at a premium of Rs 115 per share.
Rights, preferences and restrictions attached
to equity shares
The Company has a single class of equity shares. Accordingly, all the equity shares rank equally with regard to dividends and share in the Company's residual assets. The equity shares are entitled to receive dividend as declared from time to time. The voting rights of an equity shareholder are in proportion to its share of the paid-up equity capital of the Company. Voting rights cannot be exercised in respect of shares on which any call or other sums presently payable have not been paid.
Failure to pay any amount called up on shares may lead to forfeiture of the shares.
In the event of liquidation of the Company, the holders of the equity shares shall will be entitled to receive any of the remaining assets of the Company in proportion to the number of equity shares held by the shareholders, after the distribution of all preferential amounts.
Shares held by holding/ultimate holding
Company and/by their subsidiaries/associates
- Company's shares are held by individuals and institutions.
Particulars of shareholders holding more
than 5% shares of a class of shares
|
Name of shareholders |
As at
31.03.2015 |
|
|
|
No. of Share
|
% Holding |
|
Kochouseph Chittilappilly |
17.376 |
30.75% |
|
Sheila Kochouseph Chittilappilly |
7.044 |
12.47% |
|
Arun K Chittilappilly |
7.910 |
14.00% |
|
Mithun K Chittilappilly |
6.270 |
11.11% |
Aggregate number of bonus shares issued,
shares issued for consideration other than cash and shares bought back during
the period of five years immediately preceding the reporting date:
During the period of five year ended 31
March 2015
- No shares have been issued as bonus shares.
- No shares have been bought back.
- No shares have been issued other than for cash.
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
565.007 |
420.000 |
420.000 |
|
(b) Reserves & Surplus |
2999.440 |
1079.264 |
779.499 |
|
(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) |
3564.447 |
1499.264 |
1199.499 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
102.065 |
194.344 |
124.339 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
33.485 |
36.906 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
long-term provisions |
20.390 |
18.512 |
15.205 |
|
Total
Non-current Liabilities (3) |
122.455 |
246.341 |
176.450 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
7.939 |
8.758 |
61.563 |
|
(b)
Trade payables |
34.687 |
40.481 |
40.174 |
|
(c)
Other current liabilities |
97.743 |
84.668 |
69.560 |
|
(d)
Short-term provisions |
149.055 |
122.563 |
112.342 |
|
Total
Current Liabilities (4) |
289.424 |
256.470 |
283.639 |
|
|
|
|
|
|
TOTAL |
3976.326 |
2002.075 |
1659.588 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
1388.068 |
1449.896 |
1434.749 |
|
(ii)
Intangible Assets |
5.544 |
4.658 |
4.761 |
|
(iii)
Capital work-in-progress |
397.612 |
200.668 |
57.208 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
10.659 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
74.422 |
54.643 |
74.291 |
|
(e)
Other Non-current assets |
1.974 |
12.965 |
1.279 |
|
Total
Non-Current Assets |
1878.279 |
1722.830 |
1572.288 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
1942.777 |
0.000 |
0.000 |
|
(b)
Inventories |
41.013 |
33.441 |
28.055 |
|
(c)
Trade receivables |
5.109 |
3.424 |
4.862 |
|
(d)
Cash and cash equivalents |
83.083 |
200.387 |
28.731 |
|
(e)
Short-term loans and advances |
23.318 |
16.745 |
16.895 |
|
(f)
Other current assets |
2.747 |
25.248 |
8.757 |
|
Total
Current Assets |
2098.047 |
279.245 |
87.300 |
|
|
|
|
|
|
TOTAL |
3976.326 |
2002.075 |
1659.588 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1818.696 |
1536.259 |
1378.505 |
|
|
|
Other Income |
102.470 |
24.060 |
15.185 |
|
|
|
TOTAL (A) |
1921.166 |
1560.319 |
1393.690 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Direct Operating Expenses |
319.862 |
257.870 |
246.520 |
|
|
|
Purchases of Stock-in-Trade |
117.707 |
94.269 |
73.422 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(5.757) |
0.267 |
(1.210) |
|
|
|
Employees benefits expense |
270.832 |
252.774 |
234.976 |
|
|
|
Other expenses |
310.492 |
227.710 |
198.955 |
|
|
|
TOTAL (B) |
1013.136 |
832.890 |
752.663 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
908.030 |
727.429 |
641.027 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
16.723 |
16.278 |
22.251 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
891.307 |
711.151 |
618.776 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
161.861 |
132.046 |
118.448 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
729.446 |
579.105 |
500.328 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
223.141 |
180.185 |
164.435 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
506.305 |
398.920 |
335.893 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Components and spares |
8.888 |
5.370 |
7.317 |
|
|
|
Capital Goods |
115.814 |
164.224 |
7.303 |
|
|
TOTAL IMPORTS |
124.702 |
169.594 |
14.620 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
9.19 |
9.50 |
8.00 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current
Maturities of Long term debt |
|
|
|
|
Current maturities of long-term loans |
20.368 |
26.650 |
21.400 |
|
Current maturities of corporate loan |
18.134 |
6.680 |
2.396 |
|
Current maturities of vehicle loans |
2.786 |
2.360 |
0.000 |
|
Total |
41.288 |
35.690 |
23.796 |
|
|
|
|
|
|
Cash Generated from operating activities |
813.964 |
700.182 |
636.888 |
|
|
|
|
|
|
Net Cash Generated from operating activities |
562.452 |
502.303 |
485.692 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
27.84 |
25.97 |
24.37 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
49.93 |
47.35 |
46.50 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
20.44 |
32.15 |
31.22 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.20 |
0.39 |
0.42 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.04 |
0.16 |
0.17 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
7.25 |
1.09 |
0.31 |
Total Liability = Short-term Debt + Long-term Debt + Current Maturities
of Long-term debts
STOCK
PRICES
|
Face Value |
Rs. 10/- |
|
|
|
|
Market Value |
Rs. 263.10/- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
420.000 |
420.000 |
565.007 |
|
Reserves & Surplus |
779.499 |
1079.264 |
2999.440 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
1199.499 |
1499.264 |
3564.447 |
|
|
|
|
|
|
Long-term borrowings |
124.339 |
194.344 |
102.065 |
|
Short term borrowings |
61.563 |
8.758 |
7.939 |
|
CURRENT MATURITIES OF
LONG-TERM DEBTS |
23.796 |
35.690 |
41.288 |
|
Total
borrowings |
209.698 |
238.792 |
151.292 |
|
Debt/Equity
ratio |
0.175 |
0.159 |
0.042 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
1378.505 |
1536.259 |
1818.696 |
|
|
|
11.444 |
18.385 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
1378.505 |
1536.259 |
1818.696 |
|
Profit |
335.893 |
398.920 |
506.305 |
|
|
24.37% |
25.97% |
27.84% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
No |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10570137 |
13/05/2015
* |
250,000,000.00 |
STANDARD
CHARTERED BANK |
112,
"SERENITY", 3RD FLOOR, EAST WING, KORAMANGALA INDUSTRIAL AREA, 5TH
BLOCK,KORAMANGALA, BANGALORE - 560095, KARNATAKA, INDIA |
C55329304 |
|
2 |
10505482 |
26/06/2014 |
1,800,000.00 |
AXIS
BANK LIMITED |
TRISHUL
3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD -
380006, GUJARAT, INDIA |
C08941189 |
|
3 |
10506277 |
06/06/2014 |
800,000.00 |
AXIS
BANK LIMITED |
NO.8,
SONA TOWER,32 E CROSS, 4TH T BLOCK, JAYANAGAR, BANGALORE - 560041, KARNATAKA,
INDIA |
C09439951 |
|
4 |
10505479 |
05/06/2014 |
1,200,000.00 |
AXIS
BANK LIMITED |
NO.8,
SONA TOWER,32 E CROSS, 4TH T BLOCK,, JAYANAGAR, BANGALORE - 560041,
KARNATAKA, INDIA |
C08940645 |
|
5 |
10483360 |
11/03/2014 |
100,000,000.00 |
HDFC
BANK LIMITED |
HDFC
BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013,
MAHARASHTRA, INDIA |
B98808439 |
|
6 |
10386832 |
02/11/2012 |
230,000,000.00 |
DHANLAXMI
BANK LIMITED |
INDUSTRIAL
FINANCE BRANCH, MINI ENCLAVE DOOR NO.40/9036 CHITTOOR ROAD, ERNAKULAM -
682011, KERALA, INDIA |
B62171707 |
|
7 |
10319852 |
09/04/2015
* |
60,000,000.00 |
AXIS
BANK LIMITED |
CORPORATE
BANKING BRANCH, EXPRESS BUILDING, SECOND FLOOR, NO.1, QUEEN'S ROAD, BANGALORE
- 560001, KARNATAKA, INDIA |
C58133224 |
* Date of charge modification
COMPANY’S STATE OF
AFFAIRS
For the year ended 31st March 2015 the Company’s income from operations was Rs. 1818.696 Million as against Rs. 1536.259 Million during the same period of the previous financial year registering growth of around 18%. The Profit before Tax was Rs. 729.446 Million as against Rs. 579.105 Million for the same period during the previous year. The net profit for the fiscal year 2014-15 was Rs. 506.305 Million as against Rs. 398.920 Million in 2013-14 registering growth of around 27%. During the Financial year the combined footfall was 2340 Million as against 2.291 Million during the previous year.
For FY 2014-15 the turnover of Resort stood at Rs. 99.676 Million as against Rs. 65.634 Million in FY 2013-14. The capital expenditure including capital work in progress during the year was Rs. 374.961 Million against Rs. 298.479 Million during the previous year. The net block of fixed assets stood at Rs. 1393.612 Million compared to Rs. 1454.554 Million during previous year.
MANAGEMENT DISCUSSION
AND ANALYSIS
INDUSTRY STRUCTURE
AND DEVELOPMENTS
INDIA ECONOMIC
OVERVIEW
Despite global economic upheaval, the Indian economy has met its resolve to get back on a solid growth trajectory. It faced a challenging phase during FY 2012-13 and FY 2013-14, marked by economic slowdown, policy paralysis, rising inflation and a widening Current Account Deficit (CAD). This was further escalated by an unsupportive external environment. However, India has weathered the challenges rather boldly and is now back on a revival path with strong policies and with a whiff of new optimism.
India’s Gross Domestic Product (GDP) improved from 5.1% in FY 2012-13 to 6.9% in FY 2013-14. It is projected to clock a 7.4% growth in FY 2014-15, crossing the $2.1-trillion mark. During the Oct-Dec quarter of 2014, the economy registered a growth rate of 7.5%, overtaking China’s 7.3% growth in the same quarter and becoming the fastest growing major economy in the world. Growth is set to rise from recent policy reforms, a consequent pick-up in investment, and lowering crude oil prices, which will enable a rise in real disposable incomes and further drive down inflation.
India’s
twin deficits, i.e., the fiscal deficit and CAD, which turned the economy
vulnerable in 2013, have improved significantly. Its gross fiscal deficit is
budgeted to decline from 4.5% in FY 2013-14 to 4.1% in FY 2014-15. India’s
CAD-GDP ratio has also declined from 4.7% in FY 2012-13 to 1.7% in FY 2013-14.
Similarly,
CAD has declined from $26.9 billion in Apr-Sep 2013 to $17.9 billion in Apr-Sep
of 2014, led by lower global oil prices. The government is on track to
meet the challenging fiscal target of 4.1% of GDP. As oil prices continue to
fall, it has the capability to narrow the deficit further. Inflation too, has
come down significantly
from double digits in 2013 to 5.1% in January 2015. India has also been
receiving large portfolio inflows from foreign investors. Consequently, India’s
foreign exchange reserves have also increased significantly.
Revival in GDP growth, complemented by mild inflation, manageable Current Account Deficit, stable rupee and rising foreign exchange reserves are enabling the creation of a strong and stable macro-economic environment that can support high levels of sustained economic growth.
The International Monetary Fund (IMF), has projected India’s economy to grow at 7.5% in FY 2015-16 and 2016-17.Undoubtedly, the Indian economy continues to be a bright spot in the global landscape, having become the fastest-growing big market economy in the world. A positive economic outlook clearly indicates that the Indian growth story is seen gaining strength in the years to come.
INDUSTRY OVERVIEW
GLOBAL PARKS
INDUSTRY: AN OVERVIEW
The Global Parks industry earned total revenue of $28 billion in 2012, which is expected to touch $29.5 billion by 2015. There are more than 800 parks the world over, marking an attendance of over 600 million visitors each year. United States is the largest market with more than 400 parks with an annual attendance of 300 million, followed by Europe with approximately 250 parks and attracting 165 million visitors a year.
U.S. constitutes a lion’s share of 50% the global parks market. This is followed by Asia Pacific at 26%, which is the most promising market. This market is projected to witness excellent growth on the back of a rising Gross Domestic Product (GDP), burgeoning disposable incomes, increasing urbanisation and spurt in total spending on entertainment and leisure facilities. The Asia Pacific economies are witnessing a good growth, as is evident by a 100-million visitor mark in 2011.
OUTLOOK OF THE INDIAN
AMUSEMENT PARK INDUSTRY
The Amusement Parks industry in India is expected to witness robust growth and reach a total size of approximately Rs. 50 billion to Rs. 60 billion over the next five years. With this, it is seen registering a CAGR of 15-18% revenue terms on the back of positive demographics, increasing disposable incomes and rising discretionary spending. Footfalls are seen growing by 10-15%, touching around 78-80 million over the next couple of years.
STATEMENT OF STANDALONE FINANCIAL RESULTS FOR
THE QUARTER ENDED JUNE 30, 2015
PART I
(Rs.
in Million)
|
|
Particulars |
Unaudited 30.06.2015 |
|
1. |
Income
from operations |
|
|
|
a)
Sale of services |
589.642 |
|
|
b)
Sale of products |
82.459 |
|
|
Total Income from Operations (net) |
672.101 |
|
|
|
|
|
2. |
Expenses |
|
|
|
a)
Direct operating expenses |
81.759 |
|
|
b)
Purchase of traded goods |
43.632 |
|
|
c)
Changes in inventories of finished goods, work-in-progress and traded goods |
(3.481) |
|
|
d)
Employee benefits expense |
71.651 |
|
|
e)
Depreciation and amortisation expense |
44.020 |
|
|
f)
Advertisement and marketing expenses |
47.598 |
|
|
g)
Other expenses |
28.053 |
|
|
Total Expenses |
313.232 |
|
|
|
|
|
3. |
Profit/(Loss) from
Operations before other income, Interest, finance costs and exceptional Items
(1-2) |
358.869 |
|
4. |
Other
Income |
74.438 |
|
5. |
Profit/(Loss) from ordinary activities before finance costs
and exceptional Items (3+4) |
433.307 |
|
6. |
Finance
costs |
3.809 |
|
7. |
Profit/(Loss) from ordinary activities after finance
costs but before exceptional Items (5-6) |
429.498 |
|
8. |
Exceptional
Items |
0.000 |
|
9. |
Profit/(Loss) from ordinary activities before tax (7-8) |
429.498 |
|
10. |
Tax
expense |
149.082 |
|
11. |
Profit/(Loss) from ordinary activities after tax (9-10) |
280.416 |
|
12. |
Share of Profit/(Loss)
associates |
0.000 |
|
13. |
Minority
Interest |
0.000 |
|
14. |
Net Profit/ (Loss) After Taxes Minority Interest and Share of
Profit/(Loss) of Associates (11+12-13) |
280.416 |
|
15. |
Paid-up Eq. Share Capital (Face Value of Equity Shares: Rs.10/- each) |
565.007 |
|
16. |
Reserves excluding Revaluation Reserve |
|
|
17. |
Earnings
Per Share (of Rs. 10/- each) |
|
|
|
Weighted
average number of shares (Lakhs) |
56.501 |
|
|
a) Basic and diluted |
4.96** |
|
|
|
|
|
PART II SELECT
INFORMATION FOR THE QUARTER ENDED 30.06.2015 |
|
|
|
A. |
PARTICULARS
OF SHAREHOLDING (the details related only to share of the company) |
30.06.2015 |
|
1. |
Public Shareholding |
|
|
|
-
Number of Shares |
16391448 |
|
|
-
Percentage of Shareholding |
29.01% |
|
2. |
Promoter and Promoter Group Shareholding |
|
|
|
a) 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) |
-- |
|
|
b) Non-Encumbered |
|
|
|
-
Number of Shares |
40109222 |
|
|
-Percentage
of Shares (as a % of the total shareholding of promoter and promoter group) |
100% |
|
|
-Percentage
of Shares (as a % of the total share capital of the Company) |
70.99% |
|
|
||
|
|
Particulars |
30.06.2015 (3
Month ended) |
|
B. |
INVESTOR
COMPLAINTS |
|
|
|
Pending
at the beginning of the quarter |
-- |
|
|
Received
during the quarter |
49 |
|
|
Disposed
of during the quarter |
49 |
|
|
Remaining
unresolved at the end of the quarter |
-- |
|
|
|
|
|
|
||
|
A. |
PARTICULARS
OF SHAREHOLDING (the details related only to share of the company) |
30.06.2015 |
|
1. |
Segment
Revenues |
|
|
|
(a)
Amusement park |
570.904 |
|
|
(b)
Resort |
31.507 |
|
|
(c)
Others |
69.690 |
|
|
Total operating revenue (a) |
672.101 |
|
|
Allocable other income |
|
|
|
(a)
Amusement park |
3.939 |
|
|
(b)
Resort |
0.323 |
|
|
(c)
Others |
0.000 |
|
|
Total other income (b) |
4.262 |
|
|
Segment revenue (a+b) |
676.363 |
|
2. |
Segment
results |
|
|
|
(a)
Amusement park |
336.317 |
|
|
(b)
Resort |
6.256 |
|
|
(c)
Others |
30.448 |
|
|
Total |
373.021 |
|
|
Less: Unallocated expenses |
13.699 |
|
|
Operating profit |
359.322 |
|
|
Add: Interest and dividend income |
70.176 |
|
|
Total Profit Before Tax |
429.498 |
|
3. |
Capital Employed |
|
|
|
(Segment
Assets-Segment Liabilities) |
|
|
|
(a)
Amusement park |
1650.017 |
|
|
(b)
Resort |
238.315 |
|
|
(c)
Others |
2.420 |
|
|
(c)
Unallocated |
1954.109 |
|
|
Total |
3844.861 |
NOTES:
· The above financial results for the quarter ended 30June 2015 have been reviewed by the Audit Committee of the Board and taken on record at the meeting of the Board of Directors held on 12 August 2015. The statutory auditors have carried out a limited review on the above.
· The figures for the quarter ended 31 March 2015 are the balancing figures between the audited figures for the year ended 31 March 2015 and the published figures for the nine months ended 31 December 2014.
· Utilisation of funds raised through Initial Public Offer (IPO) of equity shares for setting up of Amusement park at Hyderabad as follows:
|
Issue proceeds |
1812.584 |
|
Less: Issue expenses |
112.593 |
|
Net proceeds from IPO |
1699.991 |
|
Amount utilized up to year ended 31 March 2015 |
179.731 |
|
Amount utilized during the quarter ended 30 June 2015 |
161.680 |
|
Fund to be utilized (Remain invested in mutual fund and bank
deposits) |
1358.580 |
· Figures for the previous/year have been regrouped/reclassified wherever necessary, in order to make then comparable.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2015 (Rs.
In Million) |
|
Contingent
liabilities |
|
|
Claims against the Company
not acknowledged as debts: |
|
|
Special entry tax demand pending appeal (the disputed tax is fully paid) |
0.535 |
|
Income tax demands pending appeal (paid to the extent Rs 7.817 Million) |
10.749 |
|
Entertainment tax |
0.989 |
|
Interest on water cess |
0.167 |
|
Service tax demand pending appeal |
13.418 |
|
Claims for compensation |
17.28 |
|
Guarantee issued by the bank on behalf of the Company to Kerala State Electricity Board |
1.943 |
|
Guarantee issued by the bank on behalf of the Company to Entertainment Tax Office |
3.000 |
|
Guarantee issued by the bank on behalf of the Company to Bombay Stock Exchange Limited |
9.100 |
FIXED ASSETS:
Tangible assets
·
Freehold Land
·
Buildings
·
Gardening and Landscaping
·
Plant and Equipment’s
·
Electrical Equipment’s
·
Office Equipment’s
·
Restaurant Equipment’s
·
Vehicles
·
Furniture and Fixtures
Intangible assets
·
Film rights
·
Computer software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.51 |
|
|
1 |
Rs.104.01 |
|
Euro |
1 |
Rs.76.27 |
INFORMATION DETAILS
|
Information
Gathered by : |
KMN |
|
|
|
|
Analysis Done by
: |
HNA |
|
|
|
|
Report Prepared
by : |
ARC |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
63 |
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.