MIRA INFORM REPORT

Report No. :	329904
Report Date :	01.07.2015

IDENTIFICATION DETAILS

Name :	THE INDIAN HOTELS COMPANY LIMITED
Registered Office :	Mandlik House, Mandlik Road, Mumbai – 400001, Maharashtra
Tel. No.:	91-22-66395515
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	01.04.1902
Com. Reg. No.:	11-000183
Capital Investment / Paid-up Capital :	Rs.807.500 Million
CIN No.: [Company Identification No.]	L74999MH1902PLC000183
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Subject is primarily engaged in the business of owning, operating and managing hotels, palaces and resorts.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

A (64)

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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is an old and established company incorporated during 1902 having good track record. The company is continuously incurring losses from its two years of operation however, reserves position of the company is sound. Fundamentals of the company are strong and healthy. The rating also takes into consideration company established position and strong brand image. Directors are reported to be experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments 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.

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank Facilities - Fund Based = AA+
Rating Explanation	High degree of safety and very low credit risk.
Date	July 8, 2014

Rating Agency Name	CARE
Rating	Short Term Bank Facilities = A1+
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	July 8, 2014

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2013.

INFORMATION DENIED

Management Non-co-operative (91-22-22026260)

LOCATIONS

Registered Office / Share Department :	Mandlik House, Mandlik Road, Mumbai – 400 001, Maharashtra, India
Tel. No.:	91-22-66395515 / 22026260
Fax No.:	91-22-22027442
E-Mail :	tajlakepalace.udaipur@tajhotels.com sumit.guha@tajhotels.com ks.srinivasan@tajhotels.com pradip.rao@tajhotels.com deepa.harris@tajhotels.com shares.dept@tajhotels.com investorrelations@tajhotels.com
Website :	http://www.tajhotels.com
Corporate Office:	15/17, N.F. Road, Mumbai – 400 001, Maharashtra, India
Tel No.:	91-22-66651000
Fax No.:	91-22-22846680/ 83
Hotels/ Units :	Indian · Mumbai · New Delhi · Kolkata · Bengaluru · Udaipur · Hyderabad · Goa · Aurangabad · Chennai · Jodhpur · Jaipur · Gwalior · Jaisalmer · Calicut · Khajuraho · Ooty · Kerala · Srinagar · Madhopur · Gurgaon , NCR · Surat · Vijaywada · Vadodara · Ahmedabad · Gir Forest Overseas · Morocco · Dubai · Bhutan · Zambia · Malaysia · Colombo

DIRECTORS

As on 31.03.2014

Name :	Cyrus P. Mistry
Designation :	Chairman (w.e.f. December 28, 2012)
Date of Birth/Age :	04.07.1968
Qualification :	Graduate Degree in Civil Engineering, UK, M.Sc. in Management, London Business School
Expertise in specific functional areas :	Wide business experience across a variety of Industries
Date of Appointment :	28.12.2012
Name :	Mr. K.B. Dadiseth
Designation :	Director
Date of Birth/Age :	20.12.1945
Qualification :	B. Com., Member, Institute of Chartered Accountants, England and Wales
Date of Appointment :	09.05.2000
Name :	Mr. Deepak Parekh
Designation :	Director
Date of Birth/Age :	18.10.1945
Qualification :	B. Com, FCA (England and Wales)
Expertise in specific functional areas :	Banking and Finance
Date of Appointment :	09.05.2000
Name :	Mr. Jagdish Capoor
Designation :	Director
Date of Birth/Age :	01.07.1939
Qualification :	M.Com., Certified Associate of Indian Institute of Bankers (CAIIB)
Date of Appointment :	27.07.2001
Name :	Mr. Shapoor Mistry
Designation :	Director
Date of Birth/Age :	06.09.1964
Qualification :	B.A. (England) - Business and Economics
Expertise in specific functional areas :	Management
Date of Appointment :	17.04.2003
Name :	Mr. Nadir Godreg
Designation :	Director
Date of Birth/Age :	26.08.1951
Qualification :	B.Sc. Chemical Engineering - Massachusetts Institute of Technology (MIT) M.S. Chemical Engineering - Stanford University. MBA - Harvard Business School
Date of Appointment :	07.11.2008
Name :	Guy Lindsay Macintyre Crawford
Designation :	Director (w.e.f. March 27, 2013)
Date of Birth/Age :	18.06.1952
Qualification :	Fellow, Institute of Hospitality, U.K.
Expertise in specific functional areas :	Hoteliering
Date of Appointment :	27.03.2013
Name :	Raymond N. Bickson
Designation :	Managing Director
Date of Birth/Age :	16.12.1955
Qualification :	Advanced Management Program at Harvard Business School in Boston. Also studied at the Goethe Institute in Berlin, the Alliance Française in Paris, the Université de Sorbonne in Paris, L’école Hôtellière Lausanne, and Cornell University in New York.
Expertise in specific functional areas :	Hoteliering
Date of Appointment :	09.01.2003
Name :	Mr. Anil P. Goel
Designation :	Executive Director – Finance
Date of Birth/Age :	20.05.1957
Qualification :	B. Com, A.C.A.
Expertise in specific functional areas :	Finance
Date of Appointment :	17.03.2008
Name :	Mr. Abhijit Mukerji
Designation :	Executive Director – Hotel Operations
Date of Birth/Age :	11.09.1962
Qualification :	Degree from the Ecole Superieure des Science Economiques et Commerciales (Cornell E.S.S.E.C., France), Harvard Business School – General Management Program (GMP) and is a Certified Hotel Administrator (CHA) from the Educational Institute of the American Hotel and Motel Association.
Expertise in specific functional areas :	Hoteliering
Date of Appointment :	17.03.2008
Name :	Mehernosh S. Kapadia
Designation :	Executive Director – Corporate Affairs (w.e.f. August 10, 2011)
Date of Birth/Age :	22.05.1953
Qualification :	Diploma in Travel Management
Date of Appointment :	10.08.2011

KEY EXECUTIVES

Name :	Ms. Deepa Misra Harris
Designation :	Senior Vice President – Sales and Marketing
Name :	Dr. P. V. Ramana Murthy
Designation :	Sr. Vice President – Human Resources
Name :	Jyoti Narang
Designation :	Chief Operating Officer – Luxury Hotels (India)
Name :	Veer Vijay Singh
Designation :	Chief Operating Officer – Vivanta Hotels
Name :	Mr. Prabhat Verma
Designation :	Chief Operating Officer – Gateway Hotels
Name :	Beejal Desai
Designation :	Vice President – Legal and Company Secretary
Name :	Suma Venkatesh
Designation :	Vice President – Business Development
Committees of the Board :
Audit Committee :	· Mr. K. B. Dadiseth - Chairman · Mr. Deepak Parekh · Mr. Jagdish Capoor
	·
Remuneration Committee :	K. B. Dadiseth Chairman Cyrus P. Mistry Jagdish Capoor Nadir Godrej
Shareholders’ / Investor Grievance Committee :	· Mr. Raymond N. Bickson · Mr. Abhijit Mukerji · Mr. Jagdish Capoor – Chairman

SHAREHOLDING PATTERN

As on 31.03.2015

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Bodies Corporate	303066224	37.54
Sub Total	303066224	37.54
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	303066224	37.54
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	70808873	8.77
Financial Institutions / Banks	88240851	10.93
Central Government / State Government(s)	2500	0.00
Insurance Companies	33047463	4.09
Foreign Institutional Investors	148106389	18.35
Any Others (Specify)	5951	0.00
Foreign Financial Institutions / Banks	5951	0.00
Sub Total	340212027	42.14
(2) Non-Institutions
Bodies Corporate	28987207	3.59
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	116099658	14.38
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	10983351	1.36
Any Others (Specify)	7927940	0.98
Directors & their Relatives & Friends	157225	0.02
Trusts	104892	0.01
Clearing Members	735287	0.09
Hindu Undivided Families	2408060	0.30
Foreign Nationals / NRI	4522476	0.56
Sub Total	163998156	20.31
Total Public shareholding (B)	504210183	62.46
Total (A)+(B)	807276407	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued
(1) Promoter and Promoter Group	0	0.00
(2) Public	196380	0.00
Sub Total	196380	0.00
Total (A)+(B)+(C)	807472787	100.00

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Promoter and Promoter Group

Sl. No.	Name of the Shareholder	Details of Shares held
		No. of Shares held	As a % of grand total
1	Lady Tata Memorial Trust	17728200	2.20
2	Sir Dorabji Tata Trust	50221040	6.22
3	Sir Ratan Tata Trust	11023220	1.37
4	Tata Sons Limited	202052004	25.02
5	Tata Investment Corporation Limited	9894060	1.23
6	Ewart Investments Limited	1318543	0.16
7	Tata Chemicals Limited	7271666	0.90
8	Tata Global Beverages Limited	1687742	0.21
9	Tata Industries Limited	452571	0.06
10	Tata Capital Limited	12000	0.00
11	Oriental Hotels Limited	511836	0.06
12	Taida Trading and Industries Limited	127768	0.02
13	Taj Madurai Limited	765574	0.09
	Total	303066224	37.53

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Public and holding more than 1% of the total number of shares

Sl. No.	Name of the Shareholder	No. of Shares held	Shares as % of Total No. of Shares
1	Life Insurance Corporation of India	65752493	8.14
2	Government Pension Fund Global	31383367	3.89
3	Reliance Capital Tustee Company Limited A/c. Reliance Equity Opportunities Fund	33418290	4.14
4	LIC of India Market Plus Growth Fund	16953393	2.10
5	General Insurance Corporation of India	12600160	1.56
6	SAIF III Mauritius Company Limited	13107574	1.62
7	The New India Assurance Company Limited	11484949	1.42
8	Siwa Holdings Limited	9278805	1.15
9	Merril Lynch Capital Markets Espana S A S V	8279989	1.03
10	ICICI Prudential Life Insurance Company Limited	8813857	1.09
11	Franklin Templeton Investments Funds	13638582	1.69
	Total	224711459	27.83

Shareholding of securities (including shares, warrants, convertible securities) of persons (together with PAC) belonging to the category “Public” and holding more than 5% of the total number of shares of the company

Sl. No.	Name(s) of the shareholder(s) and the Persons Acting in Concert (PAC) with them	No. of Shares	Shares as % of Total No. of Shares
1	Life Insurance Corporation of India	65752493	8.14
	Total	65752493	8.14

Details of Locked-in Shares

Sl. No.	Name of the Shareholder	No. of Shares	Locked-in Shares as % of Total No. of Shares
1	Tata Sons Limited	48000000	5.94
	Total	48000000	5.94

Details of Depository Receipts (DRs)

Sl. No.	Type of Outstanding DR (ADRs, GDRs, SDRs, etc.)	No. of Outstanding DRs	No. of Shares Underlying  Outstanding DRs	Shares Underlying Outstanding DRs as % of Total No. of Shares
1	Global Depository Receipts	196380	196380	0.02
	Total	196380	196380	0.02

BUSINESS DETAILS

Line of Business :	Subject is primarily engaged in the business of owning, operating and managing hotels, palaces and resorts.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

Information declined by the management.

Bankers :

Banker Name	The Hongkong and Shanghai Banking Corporation Limited
Branch Address	Not Divulged
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

· Standard Chartered Bank

· Citibank N.A

· HDFC Bank Limited

· ICICI Bank Limited

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2015	As on 31.03.2014
Long Term Borrowing
Debentures	NA	7900.000
Short Term Borrowing
Loans repayable on demand
From Bank (Secured loan from Bank consists of overdraft facilities. These are secured by hypothecation of operating supplies, stores, food and beverages and receivables.)	NA	93.400
Total	NA	7993.400

Auditors 1:
Name :	Deloitte Haskins and Sells Chartered Accountants
Auditors 2:
Name :	PKF Sridhar and Santhanam Chartered Accountants
Solicitors :	Mulla and Mulla and Craigie Blunt and Caroe
Memberships :	Not Available
Collaborators :	Not Available
Company having substantial interest:	Tata Sons Limited, India
Subsidiary Companies (As on 31.03.2014) :	Domestic · TIFCO Holdings Limited, India · Residency Foods and Beverages Limited, India · KTC Hotels Limited, India · United Hotels Limited, India · Taj SATS Air Catering Limited, India · Roots Corporation Limited, India · Taj Enterprises Limited, India · Taj Trade and Transport Co. Limited, India · Benares Hotels Limited, India · Inditravel Limited, India · Piem Hotels Limited, India · Northern India Hotels Limited, India · Taj Rhein Shoes Co. Limited, India · Ideal Ice and Cold Storage Co. Limited, India International · Samsara Properties Limited, British Virgin Islands · Apex Hotel Management Services (Pte) Limited, Singapore · Chieftain Corporation NV, Netherlands Antilles · IHOCO BV, Netherlands · St. James Court Hotel Limited, United Kingdom · Taj International Hotels Limited, United Kingdom · IHMS (Australia) Pty. Limited, Australia · International Hotel Management Services Inc., United States of America · Taj International Hotels (H.K.) Limited, Hong Kong · PIEM International (H.K.) Limited, Hong Kong
Jointly Controlled Entities (As on 31.03.2014) :	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 (As on 31.03.2014) :	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 31.03.2014

Authorised Capital:

No. of Shares	Type	Value	Amount
1000000000	Ordinary Shares	Rs.1/- each	Rs. 1000.000 Million
10000000	Cumulative Redeemable Preference Shares	Rs. 10/- each	Rs. 1000.000 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:

1. The Company has one class of equity shares having a par value of Re.1/- per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.During the year ended March 31, 2014, the amount of per share dividend recognised as distribution to equity shareholder was Re.0.80/-

2. The Board of Directors at its meeting held on March 27, 2014 has approved, subject to the approval of the shareholders of the Company, the re-classification of the Authorised Share Capital of the Company comprising Rs. 2000.000 Million divided into 100,00,00,000 equity shares of Rs. 1 each and 1,00,00,000 cumulative redeemable preference shares of Rs. 100 each into 200,00,00,000 equity shares of Rs. 1 each aggregating to Rs. 200 crores.

3. Reconciliation of the shares outstanding at the beginning and at the end of the year

Particulars	31.03.2014
	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

4. 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	8.40
Sir Dorabji Tata Trust	50221040	6.22
Government Pension Fund Global	40454747	5.01

5. 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.

As on 31.03.2015

Authorised Capital: Not Available

Issued, Subscribed & Paid-up Capital: Rs.807.500 Million

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	(5252.000)	652.900	4226.700
Less	APPROPRIATIONS
	Dividend paid for previous year	NA	0.000	48.000
	Tax on Dividend	NA	0.000	105.900
	Proposed Dividend	NA	0.000	646.000
	Tax on Dividend	NA	0.000	7.800
	Transfer to General Reserve	NA	0.000	0.000
	Total	NA	0.000	807.700
	BALANCE CARRIED TO THE B/S	NA	(5252.000)	652.900
	EARNINGS IN FOREIGN CURRENCY
	Rooms, Restaurants, Banquets and other Services	NA	7197.600	7272.000
	Interest received	NA	8.100	7.300
	TOTAL EARNINGS	NA	7205.700	7279.300
	IMPORTS
	Raw Materials (Food and Beverage)	NA	102.400	88.400
	Stores, Supplies and Spare Parts for Machinery	NA	65.900	53.200
	Capital Goods	NA	285.900	180.200
	TOTAL IMPORTS	NA	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	NA	6331.000	3154.600
Cash generated from operations	NA	NA	NA

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 (PBDIT / 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)		1.11	0.86	0.74
Current Ratio (Current Asset/Current Liability)		1.20	0.27	0.42

STOCK PRICES

Face Value	Rs.1 /- each
Market Value	Rs. 90.20 /- each

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
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
Total borrowings	24616.700	23151.000	28990.900
Debt/Equity ratio	0.744	0.859	1.109

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	(2766.100)	(5904.900)	(820.200)
	(14.75%)	(30.60%)	(4.05%)

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	----------------------
6	Contact numbers	Yes
7	Name of the person contacted	No
8	Designation of contact person	No
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	No
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	No
35	Negative Reporting by Auditors in the Annual Report	No

LITIGATION DETAILS
Bench:- Bombay
Lodging No. :	ITXAL/1658/2014	Failing Date:-	05/09/2014
Petitioner:-	THE COMMISSIONER OF INCOME TAX , 2		Respondent:-	INDIAN HOTELS COMPANY LIMITED
Petn.Adv:-	MR SURESH KUMAR(I2100)		Resp. Adv.:	0 (0)
District:-	MUMBAI
Bench:-	DIVISION		Category:-	TAX APPEALS
Status:-	Pre-Admission		Stage:-
Last Date:-	12.09.2014
Last Coram:-	REGISTRAR (OS) / PROTHONOTARY AND SR. MASTER.
Act. :	Income Tax Act,1961			Under Section 260A

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2015	As on 31.03.2014
LONG TERM BORROWING
Debentures	NA	5860.000
Term loans from Banks	NA	5701.000
loans and advances
From Related Party	NA	37.200
Liability on currency swap contracts	NA	2036.900
SHORT TERM BORROWING
loans repayable on demand
from Bank	NA	22.500
From Bank	NA	1500.000
Total	NA	15157.600

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10336608	09/02/2012	3,000,000,000.00	CENTBANK FINANCIAL SERVICES LIMITED	CENTRALBANK MMO BUILDING, 6TH FLOOR, 55, MAHATMA, GANDHI ROAD FORT, MUMBAI, MAHARASHTRA - 400023, INDIA	B31985922
2	10314452	19/10/2011	2,500,000,000.00	CENTBANK FINANCIAL SERVICES LIMITED	CENTRALBANK MMO BUILDING, 6TH FLOOR, 55, MAHATMA, GANDHI ROAD FORT, MUMBAI, MAHARASHTRA - 400023, INDIA	B23784283
3	10239811	15/09/2010	3,000,000,000.00	CENTBANK FINANCIAL SERVICES LIMITED	CENTRALBANK MMO BUILDING, 6TH FLOOR, 55, MAHATMA, GANDHI ROAD FORT, MUMBAI, MAHARASHTRA - 400023, INDIA	A94439031
4	90164075	19/09/2000	10,000,000.00	BANK OF INDIA	SALIGAO BRANCH, SALIGAO BARDEZ, GOA, GOA, INDIA	-
5	90234669	28/06/2000	293,800,000.00	ICICI LIMITED	ICICI TOWER, BANDRA KURLA COMPLEX; BANDRA (EAST), MUMMBAI, MAHARASHTRA - 400051, INDIA	-
6	90218133	10/10/1997	15,000,000.00	CENTRAL BANK OF INDIA	MULLA HOUSE, 51; MAHARTMA GANDHI ROAD; FORT, MUMB AI, MAHARASHTRA - 400001, INDIA	-
7	90163555	27/06/1997	80,000,000.00	CENTURION BANK LIMITED	MAKER CHAMBERS III, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	-
8	90218081	05/04/1997	50,000,000.00	CITI BANK NA	SAKHAR BHAVAN, 7TH FLOOR; NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	-
9	90160916	20/03/1997	3,000,000.00	DRESDNER BANK AG.	HOECAST HOUSE; NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	-
10	90163505	20/03/1997	107,610,000.00	DREADNER BANK AG.	MUMBAI BRANCH, HOECHST HOUSE; 1ST FLOOR; NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	-
11	90218030	02/09/1996	350,000,000.00	ANZ GRINDLAYS BANK LIMITED	90; MAHATMA GANDHI ROAD, MUMBAI, MAHARASHTRA, INDIA	-
12	90218028	29/08/1996	17,500,000.00	THE BENARES STATE BANK LIMITED	5; ANSARI ROAD, DARYAGANJ, NEW DELHI, MAHARASHTRA - 400002, INDIA	-
13	90222557	03/11/1995	1,494,000.00	INDIAN BANK	M.G. ROAD, BANGALROE, KARNATAKA, INDIA	-
14	90217831	01/09/1994	187,300,000.00	SCICI LIMITED	MAKER TOWER "F", CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	-
15	90219971	25/04/1994	1,085,800,000.00	SCICI LIMITED	141; MAKER TOWER "F", CUFFE PARADE, BOMBAY, MAHARASHTRA - 400005, INDIA	-
16	90162821	10/12/1993	20,000,000.00	BANK OF BARODA	CALANGUTE BRANCH, GOA, GOA, INDIA	-
17	90217683	20/05/1993	5,000,000.00	BANK OF BARODA	MANDVI, BOMBAY, MAHARASHTRA, INDIA	-
18	90219573	20/05/1993	5,000,000.00	BANK OF BARODA	CALANGUTE BR., GOA, GOA, INDIA	-
19	90216186	20/05/1993	150,000,000.00	CENTRAL BANK OF INDIA	JEHANGIR WADIA BUILDING, 51; M.G. ROAD, MUMBAI, MAHARASHTRA - 400001, INDIA	-
20	90217594	04/07/1992	150,000,000.00	IDBI BANK LIMITED	IDBI TOWER, CUFFE PARADE, BOMBAY, MAHARASHTRA - 400005, INDIA	-
21	90221914	03/06/1991	1,500,000.00	INDIAN BANK	M.;G. ROAD, BANGALROE, KARNATAKA, INDIA	-
22	90216153	25/06/1990	150,000,000.00	CENTRAL BANK OF INDIA	JEHANGIR WADIA BUILDING, 51; M.G. ROAD, MUMBAI, MAHARASHTRA - 400001, INDIA	-
23	90221661	14/10/1989	5,000,000.00	VIJAYA BANK	MAYAO HALL BRANCH, BANGALROE, KARNATAKA, INDIA	-
24	90217336	12/09/1989	20,000,000.00	ICICI LIMITED	163; BACKBAY RECLAMATION, BOMBAY, MAHARASHTRA - 400020, INDIA	-
25	90221617	06/06/1989	20,000,000.00	ORIENTAL BANK OF COMMERCE	FORT, BOMBAY, MAHARASHTRA, INDIA	-
26	90217238	17/06/1988	15,350,000.00	ICICI LIMITED	163; BACKBAY RECLAMATION, BOMBAY, MAHARASHTRA - 400020, INDIA	-
27	90162061	09/06/1990 *	10,000,000.00	AMERICAN EXPRESS BANK LIMITED	ORIENT BUILDING, 364; DR. DADABHAI NAOROJI ROAD, BOMBAY, MAHARASHTRA - 400001, INDIA	-
28	90221325	05/03/1987	55,000,000.00	TOURISM FINNACE CORP. OF INDIA LIMITED	CORE V SCOPE, NEW DELHI, DELHI - 110000, INDIA	-
29	90161951	23/10/1986 *	1,500,000.00	STATE BANK OF INDIA	FORT AGUADA BRANCH, SINQUERIM, GOA, GOA, INDIA	-
30	90217041	23/03/1987 *	150,000,000.00	CENTRAL BANK OF INDIA	JEHANGIR WADIA BUILDING, 83; M.G. ROAD FORT, BOMBAY, MAHARASHTRA - 400023, INDIA	-
31	90216994	29/09/1996 *	3,000,000.00	CANARA BANK	NUNGAMBAKKAM, MADRAS, MAHARASHTRA - 600034, INDIA	-
32	90166987	16/01/1985	4,500,000.00	THE ECONOMIC DEVELOPMENT CORPN. OF GOA; DAMAN AND DI U LIMITED	SHREE SARASWATI MANDIR BUILDING, 18TH JUNE ROAD, PANAJI, GOA, INDIA	-
33	90161781	27/03/1991 *	500,000.00	STATE BANK OF INDIA	FORT AGUADA BRANCH, CANDOLIM BARDEZ, GOA, GOA, INDIA	-
34	90161722	03/03/1988 *	5,500,000.00	THE INDUSTRIAL CREDIT AND INVESTMENT CORPN. OF INDIA LIMITED	163; BACKBAY RECLAMATION, BOMBAY, MAHARASHTRA - 400020, INDIA	-
35	90216785	25/09/1987 *	225,043.00	ICICI LIMITED	163; BACKBAY RECLAMATION, BOMBAY, MAHARASHTRA - 400020, INDIA	-
36	90166954	05/11/1977	1,000,000.00	THE INDUSTRIAL CREDIT AND INVESTMENT CORPN. OF INDIA LIMITED	163, BACKBAY RECLAMATION, BOMBAY, MAHARASHTRA - 400020, INDIA	-
37	90161455	21/07/1977	4,000,000.00	THE INDUSTRIAL CREDIT AND INVESTMENT CORPN. OF INDIA LIMITED	163, BACKBAY RECLAMATION, BOMBAY, MAHARASHTRA - 400020, INDIA	-
38	90160707	11/03/1976	12,740,000.00	AMERICAN EXPRESS INTERNATIONAL BANKING CORPORATION	364; DR. D.N. ROAD, P.B. 507, BOMBAY, MAHARASHTRA - 400001, INDIA	-

* Date of charge modification

CORPORATE INFORMATION (As on 31.03.2014)

The Company, is a listed public limited company incorporated in 1902. It is promoted by Tata Sons Limited, which holds a significant stake in the Company. The Company is primarily engaged in the business of owning, operating and managing hotels, palaces and resorts.

INCOME (As on 31.03.2014)

The total income for the year ended March 31, 2014 at Rs.197773.300 Million was higher than that of the previous year by 3%. While Room Income was marginally lower (1%) than the previous year, Food and Beverage income increased by 7% over the previous year, aided by growth in banqueting income.

BUSINESS OVERVIEW (As on 31.03.2014)

The GDP growth in India during the year is estimated to have been around 4.7%. Inflation was at very high levels during the first half of the year, but has gradually come down to 6% by the end of the year. The Indian Rupee’s recent depreciation against the US$ has not been helpful in so far as it unexpectedly enhanced the effective cost of borrowings in $ for Indian corporates. In the Indian market, the impact of the economic slowdown, coupled with the very substantial increase in new hotel capacity across all the key markets, combined to put unprecedented pressure on revenue per available room for the sector. However, the new supply is an investment for the future and a facilitator for the much needed improvement in tourism-related infrastructure across the country. Thus, with the anticipated improvement in the domestic economic environment, the fortunes of the hospitality sector are expected to now improve.

The International tourists arrival, worldwide, have grown to 1.1 billion in 2013, 5% above 2012 and are forecast to grow at 4% to 4.5% in 2014.

The Foreign Tourist Arrival, in India, during 2013 was 6.85 million, which translates to a 4.1% growth over the previous year. Foreign Exchange Earnings from tourism grew to ` 105,836 crores during 2013 from ` 94,487 crores in 2012, registering a growth of 12%.

The Taj Group launched one new Vivanta by Taj hotel during the year at Surajkund, New Delhi and three new Gateway Hotels during the year, at Hubli, Chennai and Kolkata, respectively. The Group currently has a portfolio of 30 Ginger hotels with a room inventory of 2,843 rooms (including 3 hotels under management contract). Projects for 15 new Ginger hotels are at various stages of construction and expected to be operational in the next 18 to 36 months. The inventory of the Taj Group of Hotels now stands at 125 hotels with 15,503 rooms, cutting across all there 4 brands.

The Company continues to pursue the completion of on-going projects in a time bound manner, both in the domestic and international market, under various brands to achieve sustainable and profitable growth.

FIXED ASSETS

Tangible Assets

· Freehold Land

· Leasehold Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Office Equipment

· Vehicles

Intangible Assets

· Website Development Cost

· Software

· Service and Operating Rights

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 63.75
UK Pound	1	Rs.100.12
Euro	1	Rs. 71.20

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	DIV
Report Prepared by :	PNM

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--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		64

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	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.