MIRA INFORM REPORT

 

 

Report No. :

320496

Report Date :

02.05.2015

 

IDENTIFICATION DETAILS

 

Name :

JUNIPER HOTELS PRIVATE LIMITED (July 2004)

 

 

Formerly Known As :

SEAJULI PROPERTY AND VINIYOG PRIVATE LIMITED (w.e.f. 23.07.2003)

 

SEAJULI FINANACE LIMITED

 

 

Registered Office :

Off Western Express Highway, Santacruz (East), Mumbai – 400055, Maharashtra

Tel. No.:

91-22-66761234/ 66761000

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

16.09.1985

 

 

Com. Reg. No.:

11-152863

 

 

Capital Investment / Paid-up Capital :

Rs. 1437.000 Million

 

 

CIN No.:

[Company Identification No.]

U55101MH1985PTC152863

 

 

IEC:

0299004635

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AAECS6336E

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

The Company is engaged in the business of Hospitality (Hotels)

 

 

No. of Employees :

200 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (42)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Exist

 

 

Comments :

Subject is an established company having satisfactory track record.

 

There seems some continuous dip in the profit of the company. However, net worth of the company is satisfactory. General financial position of the company is normal and acceptable for business dealing.

 

Trade relations are reported as fair. Business is active. Payment terms are reported to be slow but correct.

 

In view of strong support from the renewed promoter group and established global brand, the subject can be considered for business dealings at usual trade terms and conditions. 

 

NOTES :

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

 

 

EXTERNAL AGENCY RATING

 

 

Rating Agency Name

CARE

Rating

Long Term Bank Facilities = BB

Rating Explanation

Moderate risk of default

Date

April 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 31-03-2014.

 

 

INFORMATION PARTED BY

 

Name :

Mr. Ashok Chaplot

Designation :

Deputy General Manager – Finance

Contact No.:

91-22-66761000

Date :

30.04.2015

 

 

LOCATIONS

 

Registered Office :

Off Western Express Highway, Santacruz (East), Mumbai – 400055, Maharashtra, India

Tel. No.:

91-22-66761234/ 66761000

Fax No.:

91-22-66761235/ 66761010

E-Mail :

radha.nambiar@hyattintl.com

aiyers@juniperhotels.com

India.reservations@hyatt.com

ashokchaplot@juniperhotels.com

info@juniperhotels.com

Website :

http://www.juniperhotels.com

 

 

Head Office :

Vakola Pipeline, Santacruz (East), Mumbai – 400055, Maharashtra, India

Tel. No.:

91-22-26195202

 

 

Corporate/ Branch Office :

Dial Hospitality District, Hotel Hyatt, Delhi International Airport, Delhi – 110037, India

 

 

DIRECTORS

 

As on: 09.09.2014

 

Name :

Mr. Arun Kumar Saraf

Designation :

Managing Director

Address :

Grand Hyatt Residences, Off Western Express Highway , Santacruz (East), Mumbai – 400055, Maharashtra, India

Date of Birth/Age :

10.03.1959

Date of Appointment :

01.07.1998

PAN No.:

ACTPS6880M

DIN No.:

00339772

 

 

Name :

Mr. Radhe Shyam Saraf

Designation :

Director

Address :

D 20 F, Caine Mansion, 80-88, Caine Road, Mid-Levels, Hong Kong

Date of Birth/Age :

15.08.1930

Date of Appointment :

14.01.2001

DIN No.:

00017962

 

 

Name :

Mr. Umesh Saraf

Designation :

Director

Address :

W-120, Greater Kailash, New Delhi – 110048, India

Date of Birth/Age :

27.12.1963

Date of Appointment :

14.06.2004

PAN No.:

ABHBS6562P

DIN No.:

00017985

 

 

Name :

Ms. Pallavi Shroff

Designation :

Director

Address :

S-270, Greater Kailash Part – II, New Delhi – 110048, India

Date of Birth/Age :

22.04.1956

Date of Appointment :

13.06.2001

PAN No.:

AQPPS7388Q

DIN No.:

00013580

 

 

Name :

Mr. Gangaram Niacanta Iyer

Designation :

Director

Address :

703, Golden Castle Sundarnagar Road No. 2, Kalina, Mumbai - 400098, Maharashtra, India

Date of Birth/Age :

22.09.1934

Date of Appointment :

13.06.2001

PAN No.:

AABPG0807E

DIN No.:

00001246

 

 

Name :

Mr. Charles Lemont Ephraim

Designation :

Director

Address :

2130, Sheridan Road, Highland Park, USA – 60035

Date of Birth/Age :

03.06.1952

Date of Appointment :

12.09.2007

DIN No.:

01875357

 

 

Name :

Mr. Peter Fulton

Designation :

Director

Address :

A, Hamid Amhed Qasim Seddiqi, (Villa – 10) 352-30C, Umsaqaim Area DM.157, Post Box 7978, Dubai

Date of Birth/Age :

15.07.1957

Date of Appointment :

05.12.2008

DIN No.:

02227963

 

 

Name :

Mr. Narendra Jamnadas Jhaveri

Designation :

Director

Address :

C-42, Samprat Residency, Opposite Parivar Society, Bodakdev, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

09.08.1935

Date of Appointment :

13.06.2001

PAN No.:

AAAPJ2480M

DIN No.:

00198912

 

 

KEY EXECUTIVES

 

Name :

Mr. Ashok Chaplot

Designation :

Deputy General Manager – Finance

 

 

Name :

Mr. Subramanian Naganath Iyer

Designation :

Secretary

Address :

1C1/4, Siddarthnagar, Aundh, Pune-411007, Maharashtra, India

Date of Birth/Age :

19.07.1958

Date of Appointment :

25.02.2010

PAN No.:

AABPI5956J

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

Names of Shareholders

No. of Shares

% of holding

Saraf Hotels Limited, Mauritius

71850000

50.00

Two Seas Holdings Limited, Mauritius

71850000

50.00

Total

143700000

100.00

 

 

 

Equity Share Break up (Percentage of Total Equity)

 

As on; 09.09.2014

 

Category

Percentage

Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others

                      100.000

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

The Company is engaged in the business of Hospitality (Hotels)

 

 

Products/ Services:

Business of Hospitality (Hotels)

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

 

Products :

Raw Material

Countries :

UAE

 

 

Terms :

 

Selling :

Cash and Credit (30/60/90 Days)

 

 

Purchasing :

Cash and Credit (30/60/90 Days)

 

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

Customers :

End Users and OEMs

 

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

200  (Approximately)

 

 

Bankers :
  • Standard Chartered Bank, Crescenzo, 3A/F, Plot no. C-38 and 39, G Block, Bandra Kurla Complex, Bandra East, Mumbai - 400051, Maharashtra, India
  • Axis Bank Limited, Trishul 3rd Floor Opposite Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad - 380006, Gujarat, India
  • IDBI Bank Limited, IDBI Towerwtc Complex, Cuffe Parade, Mumbai - 400005, Maharashtra, India Jammu and Kashmir Bank Limited
  • Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227, D,  Nariman Point, Mumbai - 400021, Maharashtra, India
  • Axis Bank Limited, Corporate Banking Branch, Axis Bank, Bombay Dyeing, Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai – 400025, Maharashtra, India
  • Punjab and Sind Bank, Specialized Corporate Finance Branch, P 18/90 Con Naught Circus, New Delhi - 110001, India
  • Punjab National Bank, Large Corporate Branch, A-9, Connaught Place, New Delhi, India

 

 

 

Bank Name

Kotak Mahindra Bank

Branch

Nariman Point, Mumbai, Maharashtra, India

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)

Cash and Credit – Rs. 330.000 Million

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

 

Facilities :

Secured Loan

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

Long-term Borrowings

 

 

Non-convertible debentures others

80.000

120.000

Rupee term loans from banks

6664.815

4626.796

Other external commercial borrowings

2689.110

2646.125

Short-term borrowings

 

 

Other loans and advances, others

293.416

200.998

Total

9727.341

7393.919

 

Long-term Borrowings:

 

  1. NCDs of Rs. 40.000 Million (Previous year Rs. 40.000 Million) and Term Loans of Rs. 288.955 Million (Previous year Rs. 1247.232 Million) payable in next twelve months are shown under "Other Current Liabilities".
  2. NCDs of Rs. 120.000 Million (including NCDs having current maturity aggregating Rs. 40.000 Million shown under "Other Current Liabilities") are secured by legal mortgage of the freehold land at village Kole Kalyan, Vakola, Santacruz East, Mumbai - 400 055 together with all buildings and structures constructed or erected thereon, all plant and machinery and all other movables, both present and future installed/to be installed therein on first pari passu charge in favour of IDBI Trusteeship Services Limited, who are Trustees for the Debenture holders, namely IDBI Bank Limited. The option of conversion of debentures lapsed on April 30, 2005 as the Debenture holders did not exercise their option of conversion into equity shares of the Company. The Debentures are repayable in 30 quarterly instalments commencing from October 1, 2009.

 

 

  1. Term Loans from Banks aggregating Rs. 3527.406 Million (including Term Loans having current maturity aggregating Rs. 183.830 million shown under "Other Current Liabilities") are secured by:

 

  1. Joint equitable mortgage by deposit of title deeds of freehold land admeasuring 42,270.80 square meters or thereabout situated at village Kole Kalyan, Vakola, Mumbai, together with all buildings and structures constructed or erected thereon and all the plant and machinery both present and future installed / to be installed therein on first pari passu charge. The title deeds are deposited with IDBI, acting for itself and on behalf of other lenders with their consent;

 

  1. First pari passu charge on the book debts of Grand Hyatt Mumbai property, other than lease rental receivables from shops/offices situated in Grand Hyatt Plaza;

 

  1. First pari passu charge on all present and future movable assets of Grand Hyatt Mumbai; and Second pari-passu charge on other current assets of Grand Hyatt Mumbai.

 

  1. Term Loans from Banks aggregating Rs.90.500 million (including current maturity of long term debts of Rs.90.500 million shown under "Other Current Liabilities") are secured by:

 

  1. First charge on lease rental receivables from shops/offices situated in Grand Hyatt Plaza;

 

  1. First pari passu charge on the book debts of Grand Hyatt Mumbai property; and

 

  1. First charge on other current assets of Grand Hyatt Mumbai property.

 

  1. Term Loans from Banks aggregating Rs. 6024.974 Million (including current maturity of Rs. 14.625 Million shown under "Other Current Liabilities") and short term borrowings of Rs. 275.040 Million are secured by:

 

  1. First pari passu mortgage and charge on all the immovable properties of Ahmedabad and Delhi projects both present and future except on asset area no.1 i.e. land of Delhi hotel;

 

  1. First pari passu charge on entire movable assets (present and future) of Ahmedabad and Delhi projects;

 

  1. First pari passu charge on the entire current assets, present and future of Ahmedabad and Delhi projects;

 

  1. Assignment of all rights and entitlements related to project documents, letter of credits, guarantees and performance bond for the project, both
  2. present and future; and

 

  1. By way of substitution agreement entered into between the Company / DIAL and the Lenders.

 

C. Terms of Repayment:

 

 

Repayment (years) As At As At Repayment Frequency ( # MT, QT) March 31, 2014 March 31, 2013

 

External Commercial Borrowings:

 

The External Commercial Borrowings are due for repayment on June 29, 2017, December 19, 2017 and March 26, 2018 in instalments of Rs. 1195.160 Million (USD 20 million), Rs. 597.580 Million (USD 10 million), and Rs. 896.370 million (USD 15 million), respectively.

 

SHORT TERM BORROWINGS

 

The cash credits are secured by first pari passu charge on book debts, first charge on other current assets and second charge on moveable and Immoveable fixed assets at Grand Hyatt Mumbai property.

 

Borrowing cost directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalized as part of the cost of respective assets. All other borrowing costs are expensed in the period they occur. Borrowing costs consist of interest and other costs that the entity incurs in connection with the borrowing of funds.

 

 

 

Financial Institution:

IDBI Trusteeship Services Limited, IDBI Towers, WTC Complex, Cuffe Parade, Mumbai -- 400005, Maharashtra, India

 

 

Auditors :

 

Name :

Deloitte Haskins and Sells

Chartered Accountants

Tel No.:

91-79-27582542/ 27582543

Address :

'Heritage', 3rd floor, Near Gujrat Vidhyapith, Off Ashram Road, Ahmedabad-380014, Gujarat, India

PAN No:

AACFD4815A

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Other related parties:
  • Investing Parties Saraf Hotels Limited
  • Two Seas Holdings Limited

 

 

Subsidiary Company :

  • Mahima Holding Private Limited

 

 

Enterprise over which Key Management Personnel exercise significant influence :

  • Forex Finance Private Limited
  • Saraf Industries Limited (Hongkong)
  • Asian Hotels (East) Limited

CIN No.: L15122WB2007PLC162762

  • Blue Energy Private Limited
  • Chartered Hotels Private Limited

CIN No.: U55101MH1996PTC180473

  • Yak and Yeti Hotel Limited (Nepal)
  • Taragaon Regency Hotels Limited (Nepal)
  • Saraf Industries Limited (Mauritius)
  • Saraf International Limited (Hongkong)
  • Juniper Investments Limited
  • Robust Hotels Private Limited

CIN No.: U55101TN2007PTC062085

  • Chartered Hampi Hotels Private Limited

 

 

CAPITAL STRUCTURE

 

As on 09.09.2014

 

Authorised Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

190000000

Equity Shares

Rs.10/- each

Rs.1900.000 Million

 

Issued, Subscribed & Paid-up Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

143700000

Equity Shares

Rs.10/- each

Rs.1437.000 Million

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2014

31.03.2013

31.03.2012

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

1437.000

1437.000

1,437.000

(b) Reserves & Surplus

2618.868

2509.029

2354.515

(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)

4055.868

3946.029

3791.515

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

9433.925

7192.921

4964.477

(b) Deferred tax liabilities (Net)

416.188

430.976

394.482

(c) Other long term liabilities

216.588

140.092

209.874

(d) long-term provisions

60.940

53.221

46.082

Total Non-current Liabilities (3)

10127.641

7817.210

5614.915

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

293.416

200.998

107.527

(b) Trade payables

494.085

379.632

325.801

(c) Other current liabilities

823.361

1686.852

1058.240

(d) Short-term provisions

16.856

21.525

86.595

Total Current Liabilities (4)

1627.718

2289.007

1578.163

 

 

 

 

TOTAL

15811.227

14052.246

10984.593

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

5762.962

5959.631

6003.483

(ii) Intangible Assets

0.765

1.457

1.302

(iii) Capital work-in-progress

7141.127

4493.424

2783.008

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

51.720

51.720

51.720

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

2245.893

1806.958

1758.283

(e) Other Non-current assets

3.236

5.001

42.068

Total Non-Current Assets

15205.703

12318.191

10639.864

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

88.119

69.345

87.437

(c) Trade receivables

134.282

114.245

98.650

(d) Cash and cash equivalents

288.156

1463.802

92.539

(e) Short-term loans and advances

90.287

50.231

55.248

(f) Other current assets

4.680

36.432

10.855

Total Current Assets

605.524

1734.055

344.729

 

 

 

 

TOTAL

15811.227

14052.246

10984.593

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

 

Income

 

 

 

Other Income

 

 

 

 

 

TOTAL                                    

2654.400

2692.800

3004.100

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

TOTAL                                    

1959.500

1840.200

1861.700

 

 

 

 

 

 

PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

694.900

852.600

1142.400

 

 

 

 

 

Less

FINANCIAL EXPENSES                       

335.000

345.400

384.300

 

 

 

 

 

 

PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

359.900

507.200

758.100

 

 

 

 

 

Less

DEPRECIATION/ AMORTISATION        

235.600

233.700

239.500

 

 

 

 

 

 

PROFIT/(LOSS) BEFORE TAX

124.300

273.500

518.600

 

 

 

 

 

Less

TAX                                         

14.500

119.000

178.200

 

 

 

 

 

 

PROFIT/(LOSS) AFTER TAX

109.800

154.500

340.400

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

2287.200

2,112.700

1802.300

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Transfer to General Reserve

(40.000)

(20.000)

30.000

 

BALANCE CARRIED TO THE B/S

2437.000

2287.200

2112.700

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

1045.300

778.500

1076.200

 

 

 

 

 

 

IMPORTS

 

 

 

 

Components and Stores parts

9.995

5.329

12.611

 

Capital Goods

433.021

35.558

22.907

 

TOTAL IMPORTS

443.016

40.887

35.518

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

0.76

1.08

                2.37

 

 

Particulars

 

 

 

31.03.2015

Sales Turnover (Approximately)

 

 

2700.000

 

 

 

 

                                     

 

The above information has been parted by Mr. Ashok Chaplot (Deputy General Manager (Finance) 

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

1.44

2.88

6.36

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.03

0.07

0.14

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

2.40

1.87

1.34

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

0.37

0.76

0.22

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

1437.000

1437.000

1437.000

Reserves & Surplus

2354.515

2509.029

2618.868

Net worth

3791.515

3946.029

4055.868

 

 

 

 

long-term borrowings

4964.477

7192.921

9433.925

Short term borrowings

107.527

200.998

293.416

Total borrowings

5072.004

7393.919

9727.341

Debt/Equity ratio

1.338

1.874

2.398

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Total Income

3004.100

2692.800

2654.400

 

 

(10.363)

(1.426)

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Total Income

3004.100

2692.800

2654.400

Profit

340.400

154.500

109.800

 

11.33%

5.74%

4.14%

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

CURRENT MATURITIES OF LONG-TERM DEBT DETAILS:

 

Particulars

31.03.2014

31.03.2013

31.03.2012

 

(Rs. In Million)

Current maturities of long-term debt

328.955

1287.232
705.988

 

 

 

 

Total

328.955

1287.232
705.988

 

 

Sr. No.

Check List by Info Agents

Available in Report (Yes / No)

1]

Year of Establishment

Yes

2]

Locality of the firm

Yes

3]

Constitutions of the firm

Yes

4]

Premises details

No

5]

Type of Business

Yes

6]

Line of Business

Yes

7]

Promoter's background

Yes

8]

No. of employees

Yes

9]

Name of person contacted

Yes

10]

Designation of contact person

Yes

11]

Turnover of firm for last three years

Yes

12]

Profitability for last three years

Yes

13]

Reasons for variation <> 20%

--

14]

Estimation for coming financial year

No

15]

Capital in the business

Yes

16]

Details of sister concerns

Yes

17]

Major suppliers

No

18]

Major customers

No

19]

Payments terms

Yes

20]

Export / Import details (if applicable)

Yes

21]

Market information

--

22]

Litigations that the firm / promoter involved in

Yes

23]

Banking Details

Yes

24]

Banking facility details

Yes

25]

Conduct of the banking account

--

26]

Buyer visit details

--

27]

Financials, if provided

Yes

28]

Incorporation details, if applicable

Yes

29]

Last accounts filed at ROC

Yes

30]

Major Shareholders, if available

Yes

31]

Date of Birth of Proprietor/Partner/Director, if available

Yes

32]

PAN of Proprietor/Partner/Director, if available

Yes

33]

Voter ID No of Proprietor/Partner/Director, if available

No

34]

External Agency Rating, if available

Yes

 

 

 

LITIGATION DETAILS

 

Case Details

Bench:- Bombay

Presentation Date:-

07/10/2013

Lodging No.:-

ARBPL/1660/2013

Filing Date:-

07/10/2013

Reg. No.:-

ARBP/1239/2013

Reg. Date:-

28/11/2013

Petitioner:-

RADIANT FIRE PROTECTION ENGINEERS PRIVATE LIMITED

Respondent:-

JUNIPER HOTEL PRIVATE LIMITED AND ORS

Petn.Adv:-

K.R. BESLOSAY AND BHARAT PUNEKAR ()

Resp. Adv.:

BERI AND COMPANY (PESP. 1) (I6435)

District:-

MUMBAI

Bench:-

SINGLE

 

 

Status:-

Admitted(Unready)

Category:-

ARBITRATION ACT

Last Date:-

01/10/2014

Stage:-

FOR DIRECTION

 

Last Coram:-

HON'BLE SHRI JUSTICE S.C. GUPTE

 

Act :-

Arbitration and Conciliation Act 1996

Under Section:-

34

 

 

PERFORMANCE OF THE HOTEL

 

During the year, Grand Hyatt Mumbai completed its tenth full year of operation. The Hotel achieved a total turnover of Rs.2654.400 Million (Rs 2692.800 Million in 2012-13) on which it made profit before tax of Rs. 124.300 Million (Rs 273.500 Million in the previous year). After accounting for total tax provision of Rs. 14.600 Million, the Company’s net profit after tax for the year amounted to Rs. 109.800 Million as against Rs 154.500 Million in 2012-13. The bottom line has taken a hit due to reduction in turnover due to sluggish market and the ever increasing cost. Although competition from other comparable hotels in its area of operation is on the rise, the Company hopes to improve its market share and profitability in the current year.

 

BUSINESS OVERVIEW

 

The Indian hotel industry witnessed a below average year in 2013 on account of general slowdown while taxation issues continue to plague the sector. Most of the hotels occupancy levels hovered between 50% and 65% depending on the location of properties (source: economic times). The demand continues to be sluggish and with the new Government at the Centre sending positive signals about reviving the economy, the management hopes a turnaround in the hospitality sector in the coming months.

 

NEW PROJECTS

 

The Directors are pleased to state that the Company’s new 5 Star Hotel Projects in Ahmedabad and New Delhi are making satisfactory progress. According to present indications, the Ahmedabad Hyatt Regency Project with 210 keys is likely to be completed in the third quarter of this fiscal year 2014-15 and the Delhi Hyatt Andaz Project with about 389 rooms and 146 apartments by second quarter of 2015-16, both as per revised schedule and within the estimated capital cost excepting the interest cost which has moved up over the few years and the imported items which are costing more due to depreciation in rupee. Keeping in view the Company’s expansion Projects and the need to conserve resources, the Directors do not recommend any dividend for the year.

 

 

COMPANY BACKGROUND:

 

Juniper Hotels Private Limited was incorporated on September 16, 1985. The Company is engaged in the business of hospitality (Hotels). As at March 31, 2014, the Company has one operating hotel located at Santacruz East, Mumbai and is coming up with two more five star hotels in Ahmedabad and New Delhi.

 

 

 

INDEX OF CAHREGS:

S. NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10456138

01/10/2013

500,000,000.00

STANDARD CHARTERED BANK

CRESCENZO, 3A/F, PLOT NO. C-38 & 39, G BLOCK, BANDRA KURLA COMPLEX, BANDRA EAST, MUMBAI - 400051, MAHARASHTRA, INDIA

B87993077

2

10456139

01/10/2013

960,000,000.00

STANDARD CHARTERED BANK

CRESCENZO, 3A/F, PLOT NO. C-38 & 39, G BLOCK, BANDRA KURLA COMPLEX, BANDRA EAST, MUMBAI - 400051, MAHARASHTRA, INDIA

B87993382

3

10370439

01/10/2013 *

1,920,000,000.00

STANDARD CHARTERED BANK

CRESCENZO, 3A/F, PLOT NO. C-38 & 39, G BLOCK, BANDRA KURLA COMPLEX, BANDRA EAST, MUMBAI - 400051, MAHARASHTRA, INDIA

B87993655

4

10294225

14/06/2011

3,000,000,000.00

AXIS BANK LIMITED

CORPORATE BANKING BRANCH, AXIS BANK, BOMBAY DYEING, MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI - 400025, MAHARASHTRA, INDIA

B15547961

5

10287285

05/07/2013 *

1,636,300,000.00

PUNJAB AND SIND BANK

SPECIALISED CORPORATE FINANCE BRANCH, P 18/90 CONNAUGHT CIRCUS, NEW DELHI - 110001, INDIA

B82799388

6

10286580

23/03/2011

3,000,000,000.00

IDBI BANK LIMITED

IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA

B10321867

7

10164338

13/06/2009

500,000,000.00

AXIS BANK LIMITED

FORT BRANCH, UNIVERSAL INSURANCE BUILDING SIR P.M. ROAD, MUMBAI - 400001, MAHARASHTRA, INDIA

A64240617

8

10153837

14/11/2013 *

330,000,000.00

KOTAK MAHINDRA BANK LIMITED

36-38A, NARIMAN BHAVAN, 227,D, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA

B91118885

9

80031772

24/10/2002 *

300,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

IDBI TOWERS, WTC COMPLEX, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA

-

10

80031771

12/03/2003 *

200,000,000.00

PUNJAB NATIONAL BANK

A-9, CANNAUGHT PLACE, NEW DELHI - 110001, INDIA

-

* Date of charge modification

 

CONTINGENT LIABILITIES:

 

(Rs. in million)

PARTICULARS

31.03.2014

 

 

Claims made by Third Parties

2.776

Disputed Income Tax demand

10.691

Property Tax

69.654

Total

83.121

 

 

FIXED ASSETS:

 

·         Land

·         Building

·         Plant and Machinery

·         Computer

·         Vehicles

·         Furniture and Fixture

 

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, 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.63.58

UK Pound

1

Rs.97.99

Euro

1

Rs.70.53

 

 

INFORMATION DETAILS

 

Information Gathered by :

PPT

 

 

Analysis Done by :

DIV

 

 

Report Prepared by :

MTN

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILITY

1~10

4

--LIQUIDITY

1~10

4

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--CREDIT LINES

1~10

4

--MARGINS

-5~5

-

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

YES

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

42

 

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.