MIRA INFORM REPORT
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Report No. : |
352030 |
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Report Date : |
11.12.2015 |
IDENTIFICATION DETAILS
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Name : |
THE INDIAN HOTELS COMPANY LIMITED |
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Registered
Office : |
Mandlik House, Mandlik Road, Mumbai – 400001, Maharashtra |
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Tel. No.: |
91-22-66395515 |
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Country : |
India |
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Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
01.04.1902 |
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Com. Reg. No.: |
11-000183 |
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Capital
Investment / Paid-up Capital : |
Rs.807.500 Million |
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CIN No.: [Company Identification
No.] |
L74999MH1902PLC000183 |
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IEC No.: |
0388086734 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACT3957G |
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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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Line of Business
: |
Subject is primarily
engaged in the business of owning, operating and managing hotels, palaces and
resorts. (Confirmed by management) |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
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MIRA’s Rating : |
Aa (83) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Maximum Credit Limit : |
USD 75000000 |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Indian Hotal Company Limited is promoted by the Tata Sons Limited, Incorporated
in 1902. It has long standing operations spanning over 100 years and operates
the largest chain of hotels in South Asia having an excellent track. The company is continuously incurring heavy losses from its two years
of operations however, reserves position of the company is sound. General financial position of the company is decent. Fundamentals the
company are strong and healthy. The rating also takes into consideration rich experience of its
promoters, long established track record and strong brand image of the
company. Trade relations are reported as fair. Business is active. Payment
terms are reported to be regular and as per commitment. In view of long track record and extensive experience of its promoters,
the company can be considered good for business dealings at usual trade terms
and conditions. |
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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 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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 |
EXTERNAL AGENCY RATING
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Rating Agency Name |
CARE |
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Rating |
Long Term Bank Facilities = AA |
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Rating Explanation |
High degree of safety and very low credit risk. |
|
Date |
October 15, 2015 |
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Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities = A1 |
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Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
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Date |
October 15, 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
31-03-2015.
INFORMATION DENIED BY
|
Name : |
Mr. Kundan |
|
Designation : |
Assistant Manager Finance |
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Contact No.: |
91-33-22233939 |
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Date : |
10.12.2015 |
LOCATIONS
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Registered Office / Share Department : |
Mandlik House, Mandlik Road, Mumbai – 400 001, Maharashtra, India |
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Tel. No.: |
91-22-66395515 / 22026260 |
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Fax No.: |
91-22-22027442 |
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E-Mail : |
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Website : |
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Development Corporate Office: |
15/17, |
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Tel No.: |
91-22-66651000 |
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Fax No.: |
91-22-22846680/ 83/ 22821403 |
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Corporate Office |
9th Floor, Express Towers, Barrister Rajni Patel Marg, Nariman Point, Mumbai 400 021, Maharashtra, India |
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Tel No.: |
(91 22) 61371637 |
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Fax No.: |
(91 22) 61371710 |
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Hotel Units: |
No. 34-B, Belvedere Road, Kolkata – 700027, west Bengal, India |
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Hotels/
Units : |
Indian ·
Mumbai ·
New Delhi ·
Bengaluru ·
Udaipur ·
Hyderabad ·
Goa ·
Aurangabad ·
Chennai ·
Jodhpur ·
Jaipur ·
Gwalior ·
Jaisalmer ·
Calicut ·
Khajuraho ·
Ooty ·
Kerala ·
Srinagar ·
Madhopur ·
Gurgaon , NCR ·
Surat ·
Vijaywada ·
Vadodara ·
Ahmedabad ·
Gir Forest Overseas ·
Morocco ·
Dubai ·
Bhutan ·
Zambia ·
Malaysia ·
Colombo |
DIRECTORS
As on: 31.03.2015
|
Name : |
Cyrus
P. Mistry |
|
Designation : |
Chairman (w.e.f. December 28, 2012) |
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Date of Birth/Age : |
04.07.1968
|
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Qualification : |
Graduate Degree in Civil
Engineering, UK, M.Sc. in Management, London Business School |
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Expertise in specific
functional areas : |
Wide business experience across a variety of Industries |
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Date of Appointment : |
28.12.2012
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Name : |
Mr.
K.B. Dadiseth |
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Designation : |
Director |
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Date of Birth/Age : |
20.12.1945 |
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Qualification : |
B.
Com., Member, Institute of Chartered Accountants, England and Wales |
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Date of Appointment : |
09.05.2000 |
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Name : |
Mr.
Deepak Parekh |
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Designation : |
Director |
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Date of Birth/Age : |
18.10.1945 |
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Qualification : |
B.
Com, FCA (England and Wales) |
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Expertise in specific functional areas : |
Banking
and Finance |
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Date of Appointment : |
09.05.2000 |
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Name : |
Mr.
Jagdish Capoor |
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Designation : |
Director |
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Date of Birth/Age : |
01.07.1939 |
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Qualification : |
M.Com.,
Certified Associate of Indian Institute of Bankers (CAIIB) |
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Date of Appointment : |
27.07.2001 |
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Name : |
Mr.
Shapoor Mistry |
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Designation : |
Director |
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Date of Birth/Age : |
06.09.1964 |
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Qualification : |
B.A.
(England) - Business and Economics |
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Expertise in specific functional areas : |
Management |
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Date of Appointment : |
17.04.2003 |
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Name : |
Mr.
Nadir Godreg |
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Designation : |
Director
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Date of Birth/Age : |
26.08.1951 |
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Qualification : |
B.Sc.
Chemical Engineering - Massachusetts Institute of Technology (MIT) M.S.
Chemical Engineering - Stanford University. MBA - Harvard Business School |
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Date of Appointment : |
07.11.2008 |
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|
Name : |
Guy
Lindsay Macintyre Crawford |
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Designation : |
Director
(w.e.f. March 27, 2013) |
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Date of Birth/Age : |
18.06.1952 |
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Qualification : |
Fellow,
Institute of Hospitality, U.K. |
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Expertise in specific functional areas : |
Hoteliering |
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Date of Appointment : |
27.03.2013 |
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|
Name : |
Raymond
N. Bickson |
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Designation : |
Managing
Director |
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Date of Birth/Age : |
16.12.1955 |
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Qualification : |
Advanced
Management Program at Harvard Business School in Boston. Also studied at the
Goethe Institute in Berlin, the
Alliance Française in Paris, the Université de Sorbonne in Paris,
L’école Hôtellière Lausanne, and Cornell University in New York. |
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Expertise in specific functional areas : |
Hoteliering |
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Date of Appointment : |
09.01.2003 |
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|
Name : |
Mr.
Anil P. Goel |
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Designation : |
Executive
Director – Finance |
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Date of Birth/Age : |
20.05.1957 |
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Qualification : |
B.
Com, A.C.A. |
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Expertise in specific functional areas : |
Finance |
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Date of Appointment : |
17.03.2008 |
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|
Name : |
Mr.
Abhijit Mukerji |
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Designation : |
Executive
Director – Hotel Operations |
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Date of Birth/Age : |
11.09.1962 |
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Qualification : |
Degree
from the Ecole Superieure des Science Economiques et Commerciales (Cornell
E.S.S.E.C., France), Harvard Business School – General Management Program
(GMP) and is a Certified Hotel Administrator (CHA) from the Educational
Institute of the American Hotel and Motel Association. |
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Expertise in specific functional areas : |
Hoteliering |
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Date of Appointment : |
17.03.2008
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|
Name : |
Mehernosh
S. Kapadia |
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Designation : |
Executive
Director – Corporate Affairs (w.e.f. August 10, 2011) |
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Date of Birth/Age : |
22.05.1953 |
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Qualification : |
Diploma
in Travel Management |
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Date of Appointment : |
10.08.2011 |
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|
Name : |
Ireena Vittal |
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Designation : |
Director
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Name : |
Gautam Banerjee |
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Designation : |
Director |
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Name : |
Vibha Paul Rishi |
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Designation : |
Director |
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Name : |
Rakesh Sarna Managing |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Kundan |
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Designation : |
Assistant Manager Finance |
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Management |
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Name : |
Rakesh Sarna |
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Designation : |
Managing Director and CEO |
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Name : |
Anil P. Goel |
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Designation : |
Anil P. Goel Executive Director & CFO |
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Name : |
Mehernosh S. Kapadia |
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Designation : |
Executive Director – Corporate Affairs |
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Name : |
Chinmai Sharma |
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Designation : |
Chief Revenue Officer |
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Name : |
Dr. P. V. Ramana Murthy |
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Designation : |
Senior Vice President – Human Resources |
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Name : |
Rohit Khosla |
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Designation : |
Senior Vice President – Operations (Delhi) |
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Name : |
Farhat Jamal |
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Designation : |
Senior Vice President – Operations (Mumbai |
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Name : |
Prabhat Verma |
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Designation : |
Senior Vice President – Operations (Bangalore) |
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Name : |
Suma Venkatesh |
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Designation : |
Vice President – Development |
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Name : |
Beejal Desai |
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Designation : |
Vice President – Legal & Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2015
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
(A) Shareholding of Promoter
and Promoter Group |
||
|
|
|
|
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|
303066224 |
37.53 |
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|
303066224 |
37.53 |
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Total shareholding of Promoter
and Promoter Group (A) |
303066224 |
37.53 |
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(B) Public Shareholding |
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|
|
|
|
|
|
80563302 |
10.00 |
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|
87923521 |
10.89 |
|
|
1032 |
0.00 |
|
|
28448870 |
3.52 |
|
|
138665482 |
17.18 |
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|
5951 |
0.00 |
|
|
5951 |
0.00 |
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|
335608158 |
41.59 |
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|
|
|
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|
36911684 |
4.58 |
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|
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Individual shareholders holding nominal share capital up to Rs.0.100
Million |
97591323 |
13.94 |
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Individual shareholders holding nominal share capital in excess of
Rs.0.100 Million |
10906326 |
1.43 |
|
|
7288480 |
0.91 |
|
|
104766 |
0.01 |
|
|
164185 |
0.02 |
|
|
2358111 |
0.29 |
|
|
157225 |
0.02 |
|
|
4504193 |
0.56 |
|
|
152697813 |
20.86 |
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Total Public shareholding (B) |
488305971 |
62.45 |
|
Total (A)+(B) |
791372195 |
99.98 |
|
(C) Shares held by Custodians and
against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
170870 |
0.02 |
|
|
170870 |
0.02 |
|
Total (A)+(B)+(C) |
791543065 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is primarily
engaged in the business of owning, operating and managing hotels, palaces and
resorts. (Confirmed by management) |
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Products : |
-- |
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Brand Names : |
Taj Bengal |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management. |
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Bankers : |
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Facilities : |
(Rs.
In Million)
Long Term
Borrowing (ii) N on Convertible Debentures - Secured include: a) 3,000, 10.10% Secured Non-Convertible Debentures of Rs. 1.000 million Each aggregating Rs. 3000.000 million, allotted on November 18, 2011 are repayable at par on November 18, 2021 i.e at the end of 10th year from the date of allotment. b) 2,500, 9.95% Secured Non-Convertible Debentures of Rs. 1.000 million Each aggregating Rs. 2500.000 million, allotted on July 27, 2011 are repayable at par on July 27, 2021 i.e at the end of 10th year from the date of allotment. c) 3,000, 2% Secured Non-Convertible Debentures of Rs. 1.000 million Each aggregating Rs. 3000.000 million, allotted on March 22, 2010 were repayable in 3 annual instalments commencing at the end of 5th, 6th & 7th year from the date of allotment along with redemption premium of Rs. 0.613 Million per debenture. During the year, the Company has repaid the first instalment of Rs. 6.000 million on March 23, 2015. The second instalment of Rs. 900.000 million Due on March 22, 2016 has been classified under current maturities of long term borrowings. The third instalment is due on March 22, 2017. All the Secured Non-Convertible Debentures are rated, listed and secured by a pari passu first charge created on all the fixed assets of the Company, both present and future. (iii) N on Convertible Debentures - Unsecured include: a) 2,500, 2% Unsecured Non-Convertible Debentures of Rs. 1.000 million Each aggregating Rs. 2500.000 million, allotted on December 9, 2009 are repayable on December 9, 2019 i.e at the end of the 10th year from the date of allotment, along with redemption premium of Rs. 1.243 million Per debenture. b) 1,360, 9.90% Unsecured Non-Convertible Debentures of Rs. 1.000 million each aggregating Rs. 1360.000 million, allotted on February 24, 2012 are repayable on February 24, 2017 i.e at the end of the 5th year from the date of allotment. c) 1,500, 2% Unsecured Non-Convertible Debentures of Rs. 1.000 million each aggregating Rs. 1500.000 million, allotted on December 9, 2009 were repayable on December 9, 2014 i.e at the end of the 5th year from the date of allotment along with redemption premium of Rs. 0.437 million per debenture. During the year, the Company has repaid these debentures on the due date. d) 2,000, 2% Unsecured Non-Convertible Debentures of Rs. 1.000 million each aggregating Rs. 2000.000 million, allotted on April 23, 2012 are repayable on April 23, 2017, i.e at the end of the 5th year from the date of allotment along with redemption premium of Rs. 0.471 million per debenture. (iv) Compulsorily Convertible Debentures - Unsecured include: 18,18,01,228 Unsecured Compulsorily Convertible Debentures (CCDs) of Rs. 55 each aggregating Rs. 9999.100 million, were allotted on September 01, 2014 on a rights basis. Each CCD is convertible into 1 equity share of Rs. 1 each at a premium of Rs. 54 per share on March 1, 2016 i.e. after 18 months from the date of allotment. (v) Term Loan from Banks (Unsecured) include: a) External commercial borrowing of US $ 95 million was taken on November 23, 2011. The loan is repayable at the end of 50th, 60th, and 72nd month from November 23, 2011 in equal instalments to achieve the average maturity of 5.05 years and carries an interest which is based on a spread over LIBOR. The first instalment of US $ 31.67 million (Rs. 1972.500 million) due on January 22, 2016, has been classified under current maturities of long term borrowings. b) Unsecured term loan from a bank of Rs. 1000.000 million was taken on August 26, 2013 for 3 years carrying interest rate of 11.50% p.a. During the year, the Company has repaid the loan on September 30, 2014. (vi) The Company has entered into cross currency swap
contracts as a part of its risk management strategy to convert Indian Rupee
borrowings into Foreign Currency borrowings which are used to hedge net
investment in a non-integral foreign operation (Refer Note 4, page 95). At
the reporting date, the notional amounts are restated at the closing exchange
rates. As at March 31, 2015, the difference aggregating Rs. 2364.800 million (Previous Year Rs. 2691.900 million) on restatement represents
a liability which is classified as "unsecured loans and advances".
The notional amount due within twelve months of Rs. 226.500 million has been classified under
current maturities of long term borrowings. Short Term
Borrowing (i) Secured loan from Bank consists of overdraft facilities. These are secured by hypothecation of operating supplies, stores, food and beverages and receivables. (ii) During the previous year, the Company had taken an unsecured short term loan from a bank of Rs. 2000.000 million Carrying interest rate of 10.35% p.a. The loan was drawn down in tranches of Rs. 1000.000 million each on July 25, 2013 and July 30, 2013 with a put / call option at the end of six months from the draw down date. The Company has repaid Rs. 500.000 million on March 27, 2014 and Rs. 1500.000 million on August 30, 2014. The outstanding as on March 31, 2015 is Nil. |
|
Auditors 1: |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
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Auditors 2: |
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|
Name : |
PKF Sridhar and Santhanam Chartered Accountants |
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Solicitors : |
Mulla and Mulla and Craigie Blunt and Caroe |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Company having substantial interest: |
Tata Sons Limited, India |
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Subsidiary Companies: |
Domestic
International
·
PIEM International (H.K.) Limited, Hong Kong |
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Jointly Controlled Entities : |
Domestic ·
Taj Madras Flight Kitchen Private Limited, India ·
Taj Karnataka Hotels and Resorts Limited, India ·
Taj Kerala Hotels and Resorts Limited, India ·
Taj GVK Hotels and Resorts Limited, India ·
Taj Safaris Limited, India ·
Kaveri Retreats and Resorts Limited*, India International ·
TAL Hotels and Resorts Limited, Hong Kong ·
IHMS Hotels (SA) (Proprietary) Limited, South
Africa |
|
|
|
|
Associates : |
Domestic ·
Oriental Hotels Limited, India ·
Taj Madurai Limited, India ·
Taida Trading and Industries Limited, India International ·
Lanka Island Resort Limited, Sri Lanka ·
TAL Lanka Hotels PLC, Sri Lanka ·
BJETS Pte Limited, Singapore |
CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000000 |
Ordinary Shares |
Rs.1/- each |
Rs. 2000.000 Million |
|
|
Total |
|
Rs. 2000.000
Million |
Issued Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
807489291 |
Ordinary Shares |
Re.1/- each |
Rs.807.500 Million |
Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
807472787 |
Ordinary Shares |
Re.1/- each |
Rs.807.500 Million |
NOTE:
The Company has one class of equity shares having a par value of Rs. 1 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.
During the year ended March 31, 2015, no dividend is proposed as distribution to equity shareholders (Previous year Rs. Nil per share).
The shareholders have approved vide Postal Ballot dated May 23, 2014, the re-classification of the authorised Share Capital of the Company which now comprises Rs. 2000.000 million equity shares of Rs. 1 each aggregating Rs. 2000.000 million.
The Company on September 1, 2014 has allotted 18,18,01,228
Compulsorily Convertible Debentures (CCDs) of Rs. 55 each aggregating to Rs.
9999.100 million on a “rights” basis. Each CCD is convertible into 1 equity
share of Rs. 1 each at a premium of Rs. 54 per share after 18 months from the
date of allotment of the CCD. The CCDs have been classified as a part of “Long
term Borrowings”.
- Reconciliation of the shares outstanding
at the beginning and at the end of the year
|
Particulars |
31.03.2015 |
|
|
|
No. of shares |
Amount (Rs. in Million) |
|
As at the beginning of the year |
80,74,72,787 |
807.500 |
|
Add : Issued during the year |
-- |
-- |
|
As at the end of
the year |
80,74,72,787 |
807.500 |
- Shareholders holding more than 5% shares
in the Company:
|
Particulars |
31.03.2014 |
|
|
|
No. of shares |
% of Holding |
|
Equity share of
Re.1/- each fully paid |
|
|
|
Tata Sons Limited |
202052004 |
25.02 |
|
Life Insurance Corporation of India |
67797250 |
8.14 |
|
Sir Dorabji Tata Trust |
50221040 |
6.22 |
- 16,504 (Previous year - 16,504) Ordinary
Shares were issued but not subscribed to as at the end of the respective
years and have been kept in abeyance pending resolution of legal dispute.
FINANCIAL DATA
[all figures are
in Rupees 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 |
807.500 |
807.500 |
807.500 |
|
(b) Reserves & Surplus |
25344.000 |
26130.900 |
32269.000 |
|
(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) |
26151.500 |
26938.400 |
33076.500 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
28981.000 |
21535.100 |
22681.300 |
|
(b) Deferred tax liabilities (Net) |
1910.600 |
1071.600 |
955.000 |
|
(c) Other long term
liabilities |
5854.700 |
773.500 |
747.500 |
|
(d) long-term
provisions |
273.100 |
5810.800 |
6744.200 |
|
Total Non-current
Liabilities (3) |
37019.400 |
29191.000 |
31128.000 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
9.900 |
1615.900 |
1935.400 |
|
(b) Trade
payables |
1654.900 |
1734.800 |
1516.400 |
|
(c) Other
current liabilities |
6337.900 |
6331.000 |
3154.600 |
|
(d) Short-term
provisions |
810.200 |
1852.600 |
1443.000 |
|
Total Current
Liabilities (4) |
8812.900 |
11534.300 |
8049.400 |
|
|
|
|
|
|
TOTAL |
71983.800 |
67663.700 |
72253.900 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
21536.600 |
16776.500 |
17453.000 |
|
(ii)
Intangible Assets |
0.000 |
197.600 |
111.600 |
|
(iii)
Capital work-in-progress |
0.000 |
4304.600 |
3075.000 |
|
(iv)
Intangible assets under development |
0.000 |
14.200 |
17.300 |
|
(b) Non-current Investments |
25461.400 |
27616.400 |
33691.400 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
14395.500 |
15547.200 |
14410.200 |
|
(e) Other
Non-current assets |
32.800 |
47.000 |
123.600 |
|
Total Non-Current
Assets |
61426.300 |
64503.500 |
68882.100 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
4318.200 |
0.000 |
0.000 |
|
(b)
Inventories |
431.600 |
401.800 |
383.700 |
|
(c) Trade
receivables |
1388.800 |
1244.100 |
1252.200 |
|
(d) Cash
and cash equivalents |
3558.300 |
431.700 |
489.600 |
|
(e) Short-term
loans and advances |
532.400 |
676.700 |
821.000 |
|
(f) Other
current assets |
328.200 |
405.900 |
425.300 |
|
Total
Current Assets |
10557.500 |
3160.200 |
3371.800 |
|
|
|
|
|
|
TOTAL |
71983.800 |
67663.700 |
72253.900 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Rooms,
Restaurants, Banquets and Other Operating Income |
20243.800 |
19295.100 |
18758.600 |
|
|
Other Income |
792.200 |
478.200 |
489.300 |
|
|
TOTAL |
21036.000 |
19773.300 |
19247.900 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Food and Beverages Consumed |
1818.800 |
1768.300 |
1640.800 |
|
|
Employee Benefit Expense and Payment to Contractors |
5313.700 |
4725.300 |
4767.300 |
|
|
Other Operating and General Expenses |
9524.600 |
8906.900 |
8306.400 |
|
|
Exceptional Items |
2287.000 |
7371.000 |
4329.100 |
|
|
TOTAL
|
18944.100 |
22771.500 |
19043.600 |
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
2091.900 |
(2998.200) |
204.300 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
894.600 |
988.200 |
1052.000 |
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
1197.300 |
(3986.400) |
(847.700) |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1178.500 |
1222.600 |
1250.200 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
18.800 |
(5209.000) |
(2097.900) |
|
|
|
|
|
|
|
Less |
TAX |
839.000 |
695.900 |
668.200 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
(820.200) |
(5904.900) |
(2766.100) |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(3894.800)
|
652.900 |
4226.700 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Dividend paid
for previous year |
0.000 |
0.000 |
48.000 |
|
|
Transfer from Debenture Redemption Reserve |
0.000 |
1350.000 |
0.000 |
|
|
Tax on Dividend |
0.000 |
0.000 |
105.900 |
|
|
Proposed Dividend |
0.000 |
0.000 |
646.000 |
|
|
Tax on Dividend |
0.000 |
7.200 |
7.800 |
|
|
Transfer to General Reserve |
0.000 |
0.000 |
0.000 |
|
|
Total
|
0.000 |
0.000 |
807.700 |
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(4715.000)
|
(3894.800) |
652.900 |
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
Rooms, Restaurants, Banquets and other Services |
6856.900 |
7197.600 |
7272.000 |
|
|
Interest received |
8.400 |
8.100 |
7.300 |
|
|
TOTAL EARNINGS |
6865.300 |
7205.700 |
7279.300 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials (Food and Beverage) |
85.800 |
102.400 |
88.400 |
|
|
Stores,
Supplies and Spare Parts for Machinery |
52.500 |
65.900 |
53.200 |
|
|
Capital Goods |
252.900 |
285.900 |
180.200 |
|
|
TOTAL IMPORTS |
391.200 |
454.200 |
321.800 |
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(1.01) |
(7.31) |
(3.47) |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
3099.000 |
3755.000 |
606.000 |
|
Cash generated from operations |
5145.000 |
6171.300 |
3781.100 |
|
Net Cash flows from operating activities |
4947.700 |
5389.200 |
3320.200 |
QUARTERLY
RESULTS
|
PARTICULARS |
|
1 Quarter |
2 Quarter |
|
|
|
30.06.2015 |
30.09.2015 |
|
Revenue |
|
4,534.800 |
4,703.500 |
|
Other Income |
|
269.200 |
350.300 |
|
Total Income |
|
4,804.000 |
5,053.800 |
|
Expenditure |
|
(3,628.900) |
(4,530.100) |
|
Interest |
|
(212.600) |
9219.100) |
|
PBDT |
|
962.500 |
304.600 |
|
Depreciation |
|
(295.000) |
(301.400) |
|
PBT |
|
667.500 |
3.200 |
|
Tax |
|
(156.700) |
(2.000) |
|
Net Profit |
|
510.800 |
1.200 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
(4.05) |
(30.60) |
(14.75) |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
10.33 |
(15.54) |
1.09 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.04 |
(14.58) |
(5.91) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.00 |
(0.19) |
(0.06) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.23 |
1.00 |
0.76 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.20 |
0.27 |
0.42 |
STOCK
PRICES
|
Face Value |
Rs.1/- |
|
Market Value |
Rs.106/- |
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 |
807.500 |
807.500 |
807.500 |
|
Reserves & Surplus |
32269.000 |
26130.900 |
25344.000 |
|
Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
33076.500 |
26938.400 |
26151.500 |
|
|
|
|
|
|
long-term borrowings |
22681.300 |
21535.100 |
28981.000 |
|
Short term borrowings |
1935.400 |
1615.900 |
9.900 |
|
current maturities of
long-term debts |
606.000 |
3755.000 |
3099.000 |
|
Total borrowings |
25222.700 |
26906.000 |
32089.900 |
|
Debt/Equity ratio |
0.763 |
0.999 |
1.227 |
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 |
18758.600 |
19295.100 |
20243.800 |
|
|
|
2.860 |
4.917 |
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 |
18758.600 |
19295.100 |
20243.800 |
|
Profit (Loss) |
(2766.100) |
(5904.900) |
(820.200) |
|
|
(14.75%) |
(30.60%) |
94.05%) |
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 |
No |
|
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 |
Yes |
|
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 |
Yes |
|
33 |
Market information |
--- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
LITIGATION
|
LITIGATION DETAILS |
|||||||
|
Bench:- Bombay PRESENTATION DATE: 31.08.2015 |
|||||||
|
Lodging No. : |
CHOLL/734/2015 |
Failing Date:- |
31.08.2015 |
|
|
|
|
|
Lodging No. : |
SL/1552/2008 |
||||||
|
Petitioner:- |
DR. RUSTUM SAM BOYCE |
Respondent:- |
INDIAN HOTELS COMPANY LIMITED |
||||
|
Petn.Adv:- |
AJAY N. KHANDHAR (818) |
Resp. Adv.: |
0 (0) |
||||
|
District:- |
MUMBAI |
||||||
|
Bench:- |
SINGLE |
Category:- |
CHAMBER ORDER |
||||
|
Status:- |
Pre-Admission |
Stage:- |
FOR REJECTION (ORIGINAL SIDE MATTERS) |
||||
|
Last Date:- |
02.12.2015 |
||||||
|
Last Coram:- |
REGISTRAR (OS) / PROTHONOTARY AND SR. MASTER. |
||||||
|
|
|
||||||
|
Act. : |
CODE OF CIVIL PROCEDURE 1908 |
|
|||||
CORPORATE INFORMATION
The Company, is a listed
public limited company incorporated in 1902. It is promoted by Tata Sons
Limited, which holds a significant stake in the Company. The Company is
primarily engaged in the business of owning, operating and managing hotels,
palaces and resorts.
STATE OF AFFAIRS OF
THE COMPANY /BUSINESS OVERVIEW
GDP growth in India during the year is estimated at 7.4%. Inflation has decreased significantly from as high as 11.2% in November, 2013 to 5.2% in March, 2015. Inflation expectation in the future has softened to single digit. The Indian Rupee was relatively stable against the US Dollar and from 59/$ as at the beginning of the year, the exchange rate hovered around 61/$ levels on the average and closed at 62/$ at the year end. All the above factors have led the Indian Economy on a recovery and growth path.
International tourist arrivals, worldwide, have grown to 1.14 billion in 2014, 4.7% above 2013 and are likely to grow 3% to 4% in 2015.
Foreign Tourist Arrivals, in India, during 2014 was 7.46 million, which translates to a 7.1% growth over the previous year. Foreign Exchange Earnings (FEEs) have grown by 6.6% at US$ 19.65 billion for the year.
Taj Group launched one new Vivanta by Taj hotel during the latter part of the year at Dwarka, New Delhi, besides
three new Gateway hotels at Raipur, Gondia and Gurgaon, respectively. The Group also entered into a new management contract for a new Taj at Downtown, Dubai (296 rooms). Also, the Taj Group exited two of its international properties at Marrakech and Sydney, respectively. The Group currently has a portfolio of 33 Ginger hotels with an inventory of 3,038 rooms (including 5 hotels under management contract and one transit guest house). The inventory of the Taj Group of Hotels now stands at 131 hotels with 15,751 rooms.
The Company continues to pursue expansion both in the domestic and international market, under various brands to achieve sustainable and profitable growth.
Income
Total Income for the year ended March 31, 2015 at Rs. 2,1036.000 million was higher than previous year by 6%. While Room Income was higher by 3% than the previous year due to improved ARR, Food & Beverage income increased by 5% over the previous year, aided by growth in restaurant sales and banqueting income.
MANAGEMENT DISCUSSION
AND ANALYSIS
OVERVIEW OF THE
GLOBAL & INDIAN TOURISM INDUSTRY
Over the past few years, tourism has proven to be a strong and resilient economic activity and a fundamental contributor to the economic recovery by generating billions of dollars in exports and creating millions of jobs at a global scale. Travel & Tourism not only outpaced the general economy worldwide but also grew faster than major industries such as automotive manufacturing, financial services and health care.
2014 proved to be yet another successful year for the Travel & Tourism sector, off the back of a modestly stronger economic environment. The uplift in Travel & Tourism sector growth in 2014 improved though the actual growth achieved trailed the forecast.
As per the United Nations World Tourism Organization (UNWTO), World Tourism Barometer, it is estimated that international tourist arrivals globally grew by 4.7% in 2014, reaching a record of 1.14 billion from 1.09 billion last year.
International tourism receipts increased by US$48 billion in 2014 to touch a record US$1,245 billion (UNWTO World Tourism Barometer). An additional US$ 221 billion was generated from international passenger transport, bringing total receipts to US$ 1.5 trillion.
Demand for International tourism was strongest for destinations in the Americas (+7%), Asia and the Pacific (+5%) while the increase in Europe (+4%), the Middle East (+4%) and Africa (+2%) was at a slightly more modest pace. By sub region, North America (+8%) saw the best results, followed by North-East Asia, South Asia, Southern and Mediterranean Europe, Northern Europe and the Caribbean, all increasing by 7%.
The long term outlook for the Indian hospitality business continues to be positive, both for the business as well as the leisure segments, with potential for economic growth, increases in disposable incomes and the burgeoning middle class. The Company is looking at various revenue enhancement and cost containment measures so that it can take advantage of the upswing as the business and economy recovers and the demand supply imbalance gets corrected.
UNSECURED LOAN
(Rs.
In Million)
|
Particulars |
As
on 31.03.2015 |
As
on 31.03.2014 |
|
LONG TERM
BORROWING |
|
|
|
Debentures |
5860.000 |
5860.000 |
|
Compulsorily Convertible Debentures |
9999.100 |
0.000 |
|
Term loans from Banks |
3945.000 |
5701.000 |
|
loans and advances |
|
|
|
From Related Party |
38.600 |
37.200 |
|
Liability on currency swap contracts |
2138.300 |
2036.900 |
|
SHORT TERM
BORROWING |
|
|
|
loans repayable on demand |
|
|
|
from Bank |
9.900 |
22.500 |
|
From Bank |
0.000 |
1500.000 |
|
Total |
21990.900 |
15157.600 |
INDEX OF CAHREGS:
|
S. NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10336608 |
09/02/2012 |
3,000,000,000.00 |
CENTBANK FINANCIAL SERVICES LIMITED |
CENTRALBANK MMO
BLDG6TH FLOOR 55 MAHATMA, GANDHI |
B31985922 |
|
2 |
10314452 |
19/10/2011 |
2,500,000,000.00 |
CENTBANK FINANCIAL SERVICES LIMITED |
CENTRALBANK MMO
BLDG6TH FLOOR 55 MAHATMA, GANDHI |
B23784283 |
|
3 |
10239811 |
15/09/2010 |
3,000,000,000.00 |
CENTBANK FINANCIAL SERVICES LIMITED |
CENTRALBANK MMO
BLDG6TH FLOOR 55 MAHATMA, GANDHI |
A94439031 |
|
4 |
90164075 |
19/09/2000 |
10,000,000.00 |
BANK OF INDIA |
SALIGAO BRANCH, SALIGAO BARDEZ, GOA, INDIA |
- |
|
5 |
90234669 |
28/06/2000 |
293,800,000.00 |
ICICI LTD |
ICICI TOWER, BANDRA
KURLA COMPLEX; BANDRA (E), MU |
- |
|
6 |
90218133 |
10/10/1997 |
15,000,000.00 |
CENTRAL BANK OF INDIA |
MULLA HOUSE, 51; MAHARTMA GANDHI ROAD; FORT, MUMBAI - 40000, MAHARASHTRA 1, INDIA |
- |
|
7 |
90163555 |
27/06/1997 |
80,000,000.00 |
CENTURION BANK LIMITED |
MAKER CHAMBERS III, NARIMAN POINT, MUMBAI - 40002, MAHARASHTRA1, INDIA |
- |
|
8 |
90218081 |
05/04/1997 |
50,000,000.00 |
CITI BANK NA |
SAKHAR BHAVAN, 7TH
FLOOR; NARIMAN POINT, MUMBAI- 400021, |
- |
|
9 |
90160916 |
20/03/1997 |
3,000,000.00 |
DRESDNER BANK AG. |
HOECAST HOUSE; NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA , INDIA |
- |
|
10 |
90163505 |
20/03/1997 |
107,610,000.00 |
DREADNER BANK AG. |
MUMBAI BRANCH,
HOECHST HOUSE; 1ST FLOOR; NARIMAN |
- |
* Date
of charge modification
FIXED ASSETS
Tangible Assets
· Freehold Land
· Leasehold Land
· Buildings
· Plant and Equipment
· Furniture and Fixtures
· Office Equipment
· Vehicles
Intangible Assets
· Website Development Cost
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PRESS RELEASE:
Tata Group eyes buyout route to achieve $350 bn market cap by 2025
December 7, 2015: With its listed
firms adding over $100 billion to market capitalization in the last 15 years,
the Tata Group is looking at an increase of nearly $250
billion by 2025, including through acquisitions.
The group will not shy away from
global buyout activity and will continue to make significant investments in
both existing as well as new businesses, including in the digital space to meet
its vision 2025 targets.
It is looking to build on the
platform set up by its previous Chairman Ratan Tata, who made "the
difference" and transformed the group from a largely India-oriented entity
into a global multinational.
"At the turn of the century,
we had a relatively small market cap of just under $8 billion. We have added a
100 billion dollars plus to that in the last 15 years. I am quite confident
that this will continue to grow," Member - Group Executive Council and
Brand Custodian, Tata Sons, Mukund Rajan told PTI.
The Tata group has over 100
independent operating companies out of which 29 are publicly-listed. The listed
entities had a combined market capitalization of about $134 billion as on March
31, 2015. It has presence in over 100 countries across six continents.
The main listed Tata group
companies, include Tata Steel, Tata Motors, Tata Consultancy Services, Tata
Power, Tata Chemicals, Tata Global Beverages, Tata Teleservices, Titan, Tata
Communications and Indian Hotels.
When asked about the target M-cap
under the group's 2025 vision, Rajan said: "Today we are well over $100
billion. By 2025, if we want to be amongst the 25 most valuable companies in
the world, the number we would need to hit would be around $350 billion."
As per its 2025 vision, Tata group
aims to be amongst "the 25 most admired corporate and employer brands
globally, with a market capitalization comparable to the 25 most valuable
companies in the world".
Recollecting how the Tata group
has grown, Rajan said: "In 2000, we were principally an India-based group
with 20 per cent of their turnover generated outside India. Fast forward 15
years, and we are now substantially a global group with $108 billion of
turnover, 70 per cent of it generated outside of India."
The group has been growing both in
the publicly listed space and also in the unlisted space, he added.
"If you look at the true
valuation of Tata enterprises (today) as a group, it would in fact be
substantially higher than what the additional $100 billion of market cap
represents," he said.
Elaborating on the role played by
Tata Sons Chairman Emeritus Ratan Tata in transforming the group, Rajan said:
"Where we are today, owes much to the critical strategic choices that Mr.
Tata made after India started liberalizing and opening up its market."
Tata had decided to benchmark the
group with the best in the world and "not just confine the group to the
domestic market but to become an international player".
"What was clear to Mr. Tata
in the 1990s was unless they were able to hold their own against the best in
the world, foreign competition would come into the domestic market and encroach
on their market share and business," he added.
"What was clear to Mr Tata in
the 1990s was unless they were able to hold their own against the best in the
world, foreign competition would come into the domestic market and encroach on
their market share and business," he added.
Underlining Tata's risk-taking
ability and strong leadership, Rajan said: "Very often you say that one
man can make the difference. I can confidently assert that for Tatas that one
man was Ratan Tata. If they had not had him as their leader, I do not believe
they would be in the position that they are in today."
With the group taking the
acquisition route successfully, such as Tetley, JLR and Corus to expand
globally, it will not shy away from such activity again.
"I can't predict what the
future will bring to us but what I can certainly say is that thanks to Mr Tata
they have the courage to make such acquisitions and when opportunities present
themselves, they will appropriately deploy their learnings from the past in any
future acquisitions," Rajan said when asked if there could be as big an
acquisition as Corus or JLR by the Tata group again.
Clearly stating the group's
appetite for inorganic route of growth, he said: "They have significant
cash on the books of many of their companies. When they contemplate
acquisitions, the timing will have to be picked carefully and they will need to
pick the right moment in the economic cycle to close those acquisitions."
Rajan, however, said apart from
acquisitions the group would need to continue to make significant investments
in both existing businesses and some of the new businesses, including in the
digital space to meet its vision 2025 targets.
"There are new markets that
they need to expand their footprint in. Obviously, markets like China will
continue to grow in stature and size and they need to correspondingly ensure
that their focus in those markets is also enhanced," he said.
Besides, Rajan said: "They need to see growth in multiple domains, and multiple markets, including India. India also offers dramatic growth opportunities, and with the kind of projections being made for India, a significant part of their growth will come from this market also."
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.66.79 |
|
|
1 |
Rs.101.37 |
|
Euro |
1 |
Rs.73.46 |
INFORMATION DETAILS
|
Information Gathered
by : |
PRT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
MTN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
10 |
|
PAID-UP CAPITAL |
1~10 |
10 |
|
OPERATING SCALE |
1~10 |
10 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
10 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
10 |
|
--CREDIT LINES |
1~10 |
9 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
83 |
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.