MIRA INFORM REPORT
|
Report No. : |
323089 |
|
Report Date : |
20.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
CHALET HOTELS PRIVATE LIMITED (w.e.f. 14.10.2011) |
|
|
|
|
Formerly Known
As : |
CHALET
HOTELS LIMITED |
|
|
|
|
Registered
Office : |
Raheja Tower, Plot No. C -30, Block ‘G’, Next to Bank of Baroda,
Opposite SIDBI, Bandra Kurla Complex, Bandra (East), Mumbai – 400051,
Maharashtra |
|
Tel. No.: |
91-22-26564000/ 62564000 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
06.01.1986 |
|
|
|
|
Com. Reg. No.: |
11-038538 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 1521.423 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U55101MH1986PLC038538 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMC12494G |
|
|
|
|
PAN No.: [Permanent Account No.] |
Not Available |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
The Company is engaged in the business of hospitality (hotels) and real estate Development and also engaged in construction of a hotel and mall at Sahar and construction of a residential project. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is promoted by the K. Raheja Corp Group (C.L. Raheja Group),
is a company engaged in Hospitability and real estate development. It is an
established company having satisfactory track record. For the financial year ended 2014, the company has reported loss from
its operational activities. However, the rating takes into consideration strong promoter group
(C.L. Raheja Group) with considerable experience in hospitability, real
estate development and retail businesses backed by strong support from its
group promoter and sound liquidity profile of the company. Trade relations are reported as fair. Payment terms are reported to be
usually correct. In view of strong support from K. Raheja Corp Group, the company can
be considered for business dealings at usual trade terms and conditions.
s |
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 |
ICRA |
|
Rating |
Term Loan (BBB) |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
January 2015 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short – Term, Non –Fund Based Limits
(A3+) |
|
Rating Explanation |
Moderate degree of safety and higher credit
risk. |
|
Date |
January 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 DENIED
Management Non Co-Operative (Tel No. 91-22-26564000)
LOCATIONS
|
Registered Office : |
Raheja Tower, Plot No. C -30, Block ‘G’, Next to Bank of Baroda,
Opposite SIDBI, Bandra Kurla Complex, Bandra (East), Mumbai – 400051,
Maharashtra, India |
|
Tel. No.: |
91-22-26564000/ 62564000 |
|
Fax No.: |
91-22-26565451 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on: 29.09.2014
|
Name : |
Mr. Chadru Lachmandas Raheja |
|
Designation : |
Director |
|
Address : |
Raheja House, 53A Plai Hill, Bandra, Mumbai – 400050, |
|
Date of Birth/Age : |
12.10.1940 |
|
Date of Appointment : |
06.01.1986 |
|
Election ID No : |
MT/08/036/196080 |
|
DIN No : |
00027979 |
|
|
|
|
Name : |
Mr. |
|
Designation : |
Director |
|
Address : |
Raheja House, 53A Plai Hill, Bandra, Mumbai – 400050, |
|
Date of Birth/Age : |
23.09.1971 |
|
Date of Appointment : |
04.09.1995 |
|
Election ID No : |
MT/08/036/195498 |
|
DIN No : |
00028044 |
|
|
|
|
Name : |
Mr. Neel Chandru Raheja |
|
Designation : |
Director |
|
Address : |
Raheja House, 53A Plai Hill, Bandra, Mumbai – 400050, |
|
Date of Birth/Age : |
27.06.1974 |
|
Date of Appointment : |
12.12.1996 |
|
DIN No : |
00029010 |
|
|
|
|
Name : |
Mr. Joseph Conard D’souza |
|
Designation : |
Director |
|
Address : |
17/83, MHB Colony, Bandra Reclamation, Bandra (West), Mumbai – 400050,
Maharashtra, India. |
|
Date of Birth/Age : |
12.01.1960 |
|
Date of Appointment : |
16.08.2002 |
|
DIN No : |
00010576 |
|
|
|
|
Name : |
Mr. Hetal Madhukant Gandhi |
|
Designation : |
Director |
|
Address : |
Rosy House, Flat No. 61, North Avenue, Santacruz (West), Mumbai –
400054, Maharashtra, India. |
|
Date of Birth/Age : |
29.07.1965 |
|
Date of Appointment : |
20.03.2003 |
|
DIN No : |
00106895 |
|
|
|
|
Name : |
Mr. Ramesh Valecha |
|
Designation : |
Director |
|
Address : |
501, Trailokya, |
|
Date of Birth/Age : |
25.12.1955 |
|
Qualification : |
B. Com, ACA |
|
Experience : |
27 Years |
|
Date of Appointment : |
15.12.2007 |
|
DIN No : |
00389678 |
|
|
|
|
Name : |
Mr. Sanjay Sethi |
|
Designation : |
Managing Director |
|
Address : |
Flat No. 210, 2nd Floor, Aditya, 11th Road, Khar (West), Mumbai-ss400052, Maharashtra, India |
|
Date of Appointment : |
02.01.2015 |
|
DIN No : |
00641243 |
KEY EXECUTIVES
|
Name : |
Mr. Christabelle Bernadette Coelho |
|
Designation : |
Secretary |
|
Address : |
704 - Sai Link CHS, Gautam Buddha Lane, Orlem, Malad(W), Mumbai-400064, Maharashtra, India |
|
Date of Appointment : |
23.09.2011 |
|
PAN No.: |
AFTPC6759E |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 29.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Raheja Lachmandas Chandru Raheja Chandru Jyoti |
|
2213088 |
|
Raheja Chandru Jyoti Raheja Lachmandas Chandru |
|
2220000 |
|
Raheja Chandru Neel Raheja Lachmandas Chandru Raheja Chandru Jyoti |
|
7768056 |
|
Raghukool Estate Development Private Limited, India |
|
16495680 |
|
Capstan Trading Private Limited, India |
|
16495680 |
|
Casa Maria Properties Private Limited, India |
|
16495680 |
|
Anbee Constructions Private Limited, India’ |
|
13116180 |
|
Raheja Chandru Ravi |
|
1944 |
|
Raheja Chandru Neel |
|
1944 |
|
Avacado Properties & Trading (India) Private Limited, India |
|
8000000 |
|
Total |
|
152142253 |
Equity Share Break up (Percentage of Total Equity)
As on: 29.09.2014
|
Category |
Percentage |
|
Bodies corporate |
86.47 |
|
Directors or relatives of Directors |
13.53 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is engaged in the business of hospitality (hotels) and real estate Development and also engaged in construction of a hotel and mall at Sahar and construction of a residential project. |
||||
|
|
|
||||
|
Product or service: |
|
||||
|
|
|
||||
|
Brand Names : |
Not Available |
||||
|
|
|
||||
|
Agencies Held : |
Not Available |
||||
|
|
|
||||
|
Exports : |
Not Divulged |
||||
|
|
|
||||
|
Imports : |
Not Divulged |
||||
|
|
|
||||
|
Terms : |
Not Divulged |
PRODUCTION STATUS : NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Customers : |
|
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
No. of Employees : |
Not Divulged |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Bankers : |
|
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Facilities : |
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
12 Dr. Annie Besant Road, Opposite Siv Sagar Estate, Worli, Mumbai - 400 018, Maharashtra, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AACFD4815A |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Subsidiary
Companies : |
|
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
152,500,000 |
Equity Shares |
Rs.10/- each |
Rs.1525.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
152,142,253 |
Equity Shares |
Rs.10/- each |
Rs. 1521.423 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 |
1521.423 |
1521.423 |
1521.423 |
|
(b) Reserves &
Surplus |
3309.254 |
3944.885 |
3679.290 |
|
(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) |
4830.677 |
5466.308 |
5200.713 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
14114.993 |
11700.163 |
8496.654 |
|
(b) Deferred tax
liabilities (Net) |
164.300 |
273.080 |
269.250 |
|
(c) Other long term
liabilities |
15.393 |
40.948 |
32.182 |
|
(d) long-term provisions |
40.943 |
43.766 |
38.316 |
|
Total Non-current
Liabilities (3) |
14335.629 |
12057.957 |
8836.402 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1020.215 |
906.470 |
1780.380 |
|
(b) Trade payables |
611.808 |
722.455 |
711.265 |
|
(c) Other current
liabilities |
3985.988 |
3652.754 |
4906.682 |
|
(d) Short-term provisions |
411.364 |
28.621 |
27.870 |
|
Total Current Liabilities
(4) |
6029.375 |
5310.300 |
7426.197 |
|
|
|
|
|
|
TOTAL |
25195.681 |
22834.565 |
21463.312 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
7532.074 |
7880.141 |
8517.518 |
|
(ii) Intangible Assets |
6.159 |
9.528 |
12.375 |
|
(iii) Capital
work-in-progress |
6435.827 |
3792.081 |
2368.492 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
4577.410 |
0.636 |
0.636 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
518.733 |
307.186 |
494.613 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
510.954 |
|
Total Non-Current Assets |
19070.203 |
11989.572 |
11904.588 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
2397.566 |
2398.451 |
3936.641 |
|
(c) Trade receivables |
588.231 |
619.971 |
234.204 |
|
(d) Cash and cash
equivalents |
999.171 |
1413.549 |
179.472 |
|
(e) Short-term loans and advances |
1939.893 |
5691.166 |
4703.305 |
|
(f) Other current assets |
200.617 |
721.856 |
505.102 |
|
Total Current Assets |
6125.478 |
10844.993 |
9558.724 |
|
|
|
|
|
|
TOTAL |
25195.681 |
22834.565 |
21463.312 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Total Revenue From Hotel Operations |
4331.900 |
3911.500 |
3678.400 |
|
|
Other Income |
NA |
NA |
NA |
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
1335.851 |
2666.304 |
1555.086 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
1442.806 |
1452.075 |
1004.354 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
(106.955) |
1214.229 |
550.732 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
579.801 |
789.090 |
462.118 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
(686.756) |
425.139 |
88.614 |
|
|
|
|
|
|
|
Less |
TAX |
(51.125) |
159.543 |
52.180 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
(635.631) |
265.596 |
36.434 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
1569.914 |
1430.263 |
1496.808 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to Furniture
& Fixtures Renewal Reserve |
155.807 |
125.944 |
102.979 |
|
|
Total |
155.807 |
125.944 |
102.979 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S |
778.476 |
1569.914 |
1430.263 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
2289.889 |
2335.673 |
1974.217 |
|
|
TOTAL EARNINGS |
2289.889 |
2335.673 |
1974.217 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
(4.18) |
1.75 |
-- |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
1,972.181 |
1,484.096 |
1,998.426 |
|
Cash generated from operations |
NA |
NA |
NA |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(4.84) |
2.23 |
0.46 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.14) |
0.08 |
0.02 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
3.54 |
2.58 |
2.36 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.02 |
2.04 |
1.29 |
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 |
1521.423 |
1521.423 |
1521.423 |
|
Reserves & Surplus |
3679.290 |
3944.885 |
3309.254 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
5200.713 |
5466.308 |
4830.677 |
|
|
|
|
|
|
long-term borrowings |
8496.654 |
11700.163 |
14114.993 |
|
Short term borrowings |
1780.380 |
906.470 |
1020.215 |
|
Current Maturities of
Long Term Debt |
1998.426 |
1484.096 |
1972.181 |
|
Total borrowings |
12275.460 |
14090.729 |
17107.389 |
|
Debt/Equity ratio |
2.360 |
2.578 |
3.541 |
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 Revenue from hotel
operations |
3678.400 |
3911.500 |
4331.900 |
|
|
|
6.337 |
10.748 |
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 Revenue from hotel
operations |
3678.400 |
3911.500 |
4331.900 |
|
Profit/Loss |
36.434 |
265.596 |
-635.631 |
|
|
0.99% |
6.79% |
-14.67% |
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 |
No |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
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
|
LITIGATION DETAILS |
|
Bench
- Bombay |
|
Presentation Date: 18.07.2014 |
|
Landing Date: CPL/496/2014 Filing Date: 18.07.2014 Reg. No.: CP//599/2014 Reg. Date: 25.08.2014 |
|
Petitioner No.: V. Three Designs Private Limited
Respondent : Chalet Hotel Private Limited |
|
Pet. Adv.: T.N. Tripathi and Company Resp. Adv.: Mahernosh
Humranawal (0) |
|
District: Mumbai |
|
Bench: Single category: Company
Petition U/Sec 433, 4333, 439 companies Act |
|
Next Date: 08.06.2015 Stage: FOR
ADMISSION – FRESH (ORIGINAL Side Matters)
|
|
Corum:- HON’BLE SHRI
JUSTICE S.J. KATHAWALLA |
|
Last Date: 08.01.2015 stage: FOR
ADMISSION – FRESH (ORIGINAL SIDE MATTERS)
|
|
Last Corum: Hon’ble shri justice S.J. KATHAWALLA |
UNSECURED LOAN
|
PARTICULARS |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
Short-term
borrowings |
|
|
|
Rupee term loans from others |
846.773 |
64.380 |
|
Total |
846.773 |
64.380 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10535516 |
14/11/2014 |
8,800,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE, SENAPATI BAPAT MARG,, LOWER PARE |
C36309946 |
|
2 |
10531045 |
13/10/2014 |
1,350,000,000.00 |
HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED |
RAMON HOUSE, H.T. PAREKH MARG,, 169, BACKBAY RECL |
C33467259 |
|
3 |
10511281 |
06/06/2014 |
7,696,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE,, SENAPATI BAPAT MARG, LOWER PARE |
C13846217 |
|
4 |
10511285 |
06/06/2014 |
7,696,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE,, SENAPATI BAPAT MARG, LOWER PARE |
C13847546 |
|
5 |
10515157 |
06/06/2014 |
7,696,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE,, SENAPATI BAPAT MARG, LOWER PARE |
C16561417 |
|
6 |
10520805 |
24/05/2014 |
1,870,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE, SENAPATI BAPAT MARG,, LOWER PARE |
C21371067 |
|
7 |
10520808 |
03/05/2014 |
4,035,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE, SENAPATI BAPAT MARG,, LOWER PARE |
C21373279 |
|
8 |
10521307 |
03/05/2014 |
4,035,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE, SENAPATI BAPAT MARG,, LOWER PARE |
C21843826 |
|
9 |
10508960 |
28/03/2014 |
1,870,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJ |
C11249364 |
|
10 |
10480897 |
28/02/2014 |
2,500,000,000.00 |
HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED |
RAMON HOUSE 169BACKBAY RECLAMATION, H T PAREKH MA |
B97736995 |
COMPANY BACKGROUND:
Chalet Hotels Private Limited was incorporated on January 6, 1986. The Company is engaged in the business of hospitality (hotels) and real estate development. At March 31, 2013, the Company has three operating hotels located at Powai, Vashi and Hyderabad and is engaged in construction of a hotel and mall at Sahar and construction of residential projects at Hyderabad and Bengaluru.
On October 14, 2011, the Company converted from “Limited” to a “Private Limited Company”.
REVIEW OF OPERATIONS
The total Revenue from hotel operations was Rs. 4331.900 Million (Rs. 3911.500 Million in the previous year). Gross Revenue from sales in the Company’s residential real estate projects at Hyderabad and Bangalore was Rs. 677.300 Million (Previous Year was Rs. 2905.000 Million).
All the operating hotels of the Company viz. The Renaissance Mumbai Hotel & Convention Centre and the Marriott Executive Apartments at Powai, Mumbai, the Four Points By Sheraton at Vashi, Navi Mumbai and the Westin Hyderabad Mindspace at Hyderabad maintained a steady occupancy during the year under report.
Work on the residential project at Koramangala, Bangalore had to be suspended beyond 10 floors in several wings of the project due to a litigation forced upon the Company by Hindustan Aeronautics Ltd. (HAL) which revoked height approval earlier granted by it. The company filed a Writ Petition against HAL’s order and its prayer for an aeronautical study to determine whether construction beyond 40 meters affects aircraft operations has been granted by the Hon’ble High Court of Karnataka. The case will continue after the aeronautical study. In the meantime, due to a delay in the project, the Company has offered a mitigation program to customers. The year under report reflects losses on account of payments and provisions pursuant to the aforesaid mitigation program.
ECONOMIC AND INDUSTRY
OUTLOOK
Slow growth, rising inflation and a depreciating rupee continued to pose challenges for the Indian economy, leading to a 4.7% economic growth, marginally higher than the previous year. However, with a change in government at the centre and a strong one at that, it is widely believed that the Indian economy is better placed for robust economic growth which is projected to be 6% in 2014-15 with a scope for a further increase in years to come. The environment is one of optimism and expectation and not without reason, with countries like Japan and China committing huge investments and global funds, institutions and private investors displaying renewed interest in India.
The supply of hotel rooms continues to grow and given India’s low base in the industry it is expected that heightened economic activity and investments will not only help improve occupancy and room rates but also revive projects that were either stalled or were on the back burner.
COMPANY’S PROJECTS
& PLANS
Work on the hotel project at Sahar, Mumbai is nearing completion and the hotel is expected to commence operations by the end of the calendar year 2014. Recruitment of operating staff has commenced and orders for operating equipments are in process.
The 324 room Whitefield Marriott Hotel at Bangalore owned by the Company’s subsidiary, which commenced operations last year, has achieved a leadership position in its market within a short span of a year.
Renovation of further Marriott Executive Apartments at Powai was taken up during the year and has been completed recently. As on date, 95 apartments out of 177 have been renovated. Renovation of the balance apartments will be completed by the end of 2014-2015.
Renovation of the rooms in the old wing of the Renaissance Hotel is planned to be taken up in a phased manner, after the Company’s hotel project at Sahar is commissioned.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.69 |
|
|
1 |
Rs.99.73 |
|
Euro |
1 |
Rs.71.90 |
INFORMATION DETAILS
|
Information Gathered
by : |
NYA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
0 |
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
0 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
45 |
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.