MIRA INFORM REPORT

Report No. :	345403
Report Date :	17.10.2015

IDENTIFICATION DETAILS

Name :	APPU HOTELS LIMITED
Registered Office :	PGP House, No.57,Sterling Road, Nungambakkam Nungambakkam,Chennai-600034, Tamilnadu
Tel. No.:	91-44-28311313
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	06.04.1983
Com. Reg. No.:	18-009942
Capital Investment / Paid-up Capital :	Rs.901.557 Million
CIN No.: [Company Identification No.]	U92490TN1983PLC009942
IEC No.:	0494016868
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AACCA5296M
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in hospitality business.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

B (26)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 2900000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Appu Hotels Limited (AHL) is a Chennai-based public limited company engaged in the hospitality business in the state of Tamil Nadu. AHL is part of the PGP Group of Companies which has diversified business interests in sugar, chemicals, finance, hospitality, and real estate etc. AHL owns two 5-star deluxe category hotels in the name of ‘Le Royal Méridien’ (LRM), situated in Chennai (240-rooms property) and ‘Le Meridien’ Coimbatore (254-rooms property) respectively. The rating is constrained by the continuous declining in the operational performance of the company during the last three year period ended March 2014 marked by decline in occupancy levels and average room rental due to elongated downturn in the domestic hotel industry and high competition. Rating are further constrained company’s losses from its operations which may further stretch and have adverse impact on the liquidity position of the company. The ratings, however, continue to factor in the experience of the promoter in the hospitality industry, demonstrated financial support from the PGP group and the operational and marketing support provided by the Starwood group in managing the company’s properties. Trade relations are fair. Business is active. Payment terms are reported as slow. In view of aforesaid, the company can be considered for business dealing with some caution.

NOTES :

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

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term Bank Facilities = B+
Rating Explanation	Risk-prone-credit-quality and carries very high credit risk.
Date	April, 2015

Rating Agency Name	CARE
Rating	Short term Bank Facilities = A4
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	April, 2015

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2015.

INFORMATION DENIED

MANAGEMENT NON COOPERATIVE (91-44-28311313)

LOCATIONS

Registered Office :	PGP House, No.57,Sterling Road, Nungambakkam Nungambakkam,Chennai-600034, Tamilnadu
Tel. No.:	91-44-28311313
Fax No.:	91-44-28232074
E-Mail :	secretarial@appuhotelsltd.pgp.com account@pgpgroup.in

DIRECTORS

AS ON 30.09.2014

Name :

Palani Gounder Periasamy

Designation :

Director

Address :

4A, Dugar Apartment, 3rd Floor, Rajarangasamy Road, 4th Seaward, Valmiginagar, Thiruvanmiyur, Chennai - 600041, Tamilnadu, India

Date of Birth/Age :

10.05.1938

Date of Appointment :

22.12.1992

DIN No.:

00081002

PAN No.:

AGBPP4740P

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L15421TN1987PLC014454	DHARANI SUGARS AND CHEMICALS LIMITED	Whole-time director	25/06/2014	4/6/1987	-	Active	NO
2	L65191TN1990PLC019152	DHARANI FINANCE LIMITED	Director	10/8/1990	10/8/1990	-	Active	NO
3	U92490TN1983PLC009942	APPU HOTELS LIMITED	Director	22/12/1992	22/12/1992	-	Active	NO
4	U65191TN1988PTC015938	DHARANI CREDIT AND FINANCE PRIVATE LIMITED	Director	20/09/2006	20/09/2006	-	Active	NO
5	U74999TN1910NPL002343	SOUTHERN INDIA CHAMBER OF COMMERCE AND INDUSTRY	Director	17/09/2007	17/09/2007	-	Active	NO
6	U55100TN2008PTC067883	PGP HOTELS AND RESORTS INDIA PRIVATE LIMITED	Director	26/05/2008	26/05/2008	-	Strike off	NO

Name :

Visalakshi Periasamy

Designation :

Whole-Time Director

Address :

4A, Dugar Apartment, 3rd Floor, Rajarangasamy Road, 4th Seaward, Valmigi Nagar, Thiruvanmiyur, Chennai - 600041, Tamilnadu, India

Date of Birth/Age :

12.08.1946

Date of Appointment :

01.04.2007

DIN No.:

00064517

PAN No.:

ACNPV4598C

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U65191TN1988PTC015938	DHARANI CREDIT AND FINANCE PRIVATE LIMITED	Director	14/07/1989	14/07/1989	-	Active	NO
2	L65191TN1990PLC019152	DHARANI FINANCE LIMITED	Director	10/5/1990	10/5/1990	-	Active	NO
3	U92490TN1983PLC009942	APPU HOTELS LIMITED	Whole-time director	1/4/2007	20/01/1995	-	Active	NO
4	U55100TN2008PTC067883	PGP HOTELS AND RESORTS INDIA PRIVATE LIMITED	Director	26/05/2008	26/05/2008	-	Strike off	NO
5	L15421TN1987PLC014454	DHARANI SUGARS AND CHEMICALS LIMITED	Additional director	12/11/2014	12/11/2014	-	Active	NO

Name :

Vijay Janakiraman

Designation :

Director

Address :

149, Stratford Court, Hollidaysburg, PA, 16648, , United States Of America

Date of Birth/Age :

15.06.1947

Date of Appointment :

06.09.1996

DIN No.:

02309788

Name :

Muthayipalayam Chitrambalam Thirumoorthi

Designation :

Director

Address :

640, Canterbury Road, M.I., Grosse Pointe, 048236, United States Of America

Date of Birth/Age :

12.11.1947

Date of Appointment :

30.09.2014

DIN No.:

00129814

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L85110TZ1985PLC001659	KOVAI MEDICAL CENTER AND HOSPITAL LIMITED	Director	16/09/1985	16/09/1985	-	Active	NO
2	U92490TN1983PLC009942	APPU HOTELS LIMITED	Director	30/09/2014	22/12/1992	-	Active	NO

Name :

Anoop Bali

Designation :

Nominee Director

Address :

B-3/50c, Lawrence Road, Keshav Puram, Delhi -110035, India

Date of Birth/Age :

14.05.1966

Date of Appointment :

01.04.2013

DIN No.:

00302077

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U55101OR1997PLC004832	SWOSTI PREMIUM LIMITED	Nominee director	16/03/2005	16/03/2005	20/08/2010	Active	NO
2	U74999TN1995PTC033618	BLACK THUNDER THEME PARK PRIVATE LIMITED	Nominee director	6/6/2005	6/6/2005	20/08/2010	Active	NO
3	U55101PB1989PLC037667	MAJESTIC HOTELS LIMITED	Nominee director	30/06/2005	30/06/2005	9/9/2010	Active	NO
4	U55101TG1992PTC013997	SRILAKSHMI GAYATHRI HOTELS PRIVATE LIMITED	Director	7/5/2007	7/5/2007	30/09/2011	Active	NO
5	L55104WB1993PLC057971	PANCHWATI HOLIDAY RESORTS LIMITED	Nominee director	23/08/2010	23/08/2010	1/2/2012	Active	NO
6	U45202CT2006PTC020050	VICON IMPERIAL (I) PRIVATE LIMITED	Nominee director	10/1/2011	10/1/2011	2/3/2012	Active	NO
7	U55100GJ1993PLC019187	WESTINN LIMITED	Nominee director	2/2/2012	2/2/2012	1/4/2013	Active	NO
8	U55101DL1990PLC038876	A B HOTELS LIMITED	Nominee director	2/2/2012	2/2/2012	26/06/2013	Active	NO
9	U55207GJ2006PTC048117	NIDRA HOSPITALITY GUJARAT PRIVATE LIMITED	Nominee director	13/02/2012	13/02/2012	1/4/2013	Active	NO
10	U45200DL2007PTC158507	STAREX DEVELOPERS PRIVATE LIMITED	Nominee director	1/4/2013	1/4/2013	-	Active	NO
11	U92490TN1983PLC009942	APPU HOTELS LIMITED	Nominee director	1/4/2013	1/4/2013	-	Active	NO

Name :

Arunachalam Sennimalai

Designation :

Managing Director

Address :

PGP Manor, Flat No.Gd, No.29, Barnaby Road, Kilpauk, Chennai - 600010, Tamilnadu, India

Date of Birth/Age :

06.02.1942

Date of Appointment :

30.09.2014

DIN No.:

00027485

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1978NPL008877	APPAREL EXPORT PROMOTION COUNCIL.	Director	26/09/2014	22/04/1985	-	Active	NO
2	U63040TZ1993PTC004512	POPPYS TOURS PRIVATE LIMITED	Whole-time director	7/2/2014	16/09/1993	-	Active	NO
3	U55101TZ1994PTC004944	POPPYS HOTEL PRIVATE LIMITED	Whole-time director	7/2/2014	23/03/1994	-	Active	NO
4	U55101TZ1997PTC007862	POPPYS INN PRIVATE LIMITED	Managing director	23/04/1997	23/04/1997	7/4/2007	Amalgamated	NO
5	U55101TZ2001PLC021435	BAY RESORTS LIMITED	Director	22/01/2001	22/01/2001	-	Active	NO
6	U45309TZ2002PLC010164	TIRUPUR INFRASTRUCTURE DEVELOPMENT COMPANY LIMITED	Director	22/04/2002	22/04/2002	-	Active	NO
7	U07513TZ2003NPL010478	NETAJI APPAREL PARK	Director	12/4/2012	7/2/2003	9/3/2015	Active	NO
8	U01730TZ2003PTC010632	POPPYS KNITWEAR PRIVATE LIMITED	Whole-time director	7/2/2014	18/06/2003	-	Active	NO
9	L65190MH2004GOI148838	IDBI BANK LIMITED	Director	18/08/2005	18/08/2005	15/07/2009	Active	NO
10	U63090TZ2006PTC012590	TEA-ST.JOHN LOGISTICS PRIVATE LIMITED	Director	16/02/2006	16/02/2006	-	Active	NO
11	U72200TZ2006PTC013137	Q FIRST TECHNOLOGY (INDIA) PRIVATE LIMITED	Director	11/10/2006	11/10/2006	6/11/2009	Active	NO
12	U17111TN2004PTC062030	SJLT SPINNING MILLS PRIVATE LIMITED	Director	28/02/2007	28/02/2007	6/11/2009	Active	NO
13	U17115TN2001PTC047542	SJLT TEXTILES PRIVATE LIMITED	Director	28/02/2007	28/02/2007	6/11/2009	Active	NO
14	U93090TZ2007PLC013514	TEXTILE ECO SOLUTIONS TAMILNADU LIMITED	Director	8/3/2007	8/3/2007	-	Under liquidation	NO
15	U80903DL2006PLC155825	SKILL TRAINING ASSESSMENT MANAGEMENT PARTNERS LIMITED	Director	30/05/2008	4/7/2007	16/06/2014	Active	NO
16	U70109DL2006PLC153767	IL AND FS CLUSTER DEVELOPMENT INITIATIVE LIMITED	Director	30/05/2008	17/07/2007	-	Active	NO
17	U62200TZ2007PTC013869	AIR VINAYAGA PRIVATE LIMITED	Whole-time director	7/2/2014	30/07/2007	-	Active	NO
18	U91990TZ1995PLC005869	NEW TIRUPUR AREA DEVELOPMENT CORPORATION LIMITED	Director	29/09/2009	7/9/2007	-	Active	NO
19	L27209GJ1999PLC036656	GYSCOAL ALLOYS LIMITED	Director	30/09/2008	18/02/2008	5/11/2009	Active	NO
20	U01122TZ2008PTC014878	AISHWARYA GARDEN PRIVATE LIMITED	Whole-time director	7/2/2014	21/11/2008	-	Active	NO
21	U74999MH1957GOI010918	CEGC LIMITED	Director	25/08/2009	25/08/2009	18/01/2011	Active	NO
22	U01403TZ2010PTC016178	POPPYS AGRICULTURE PRIVATE LIMITED	Whole-time director	7/2/2014	29/06/2010	-	Active	NO
23	U80904DL2011PLC213135	IL AND FS SKILLS DEVELOPMENT CORPORATION LIMITED	Director	21/09/2011	28/07/2011	-	Active	NO
24	U80300TZ2011NPL017303	VEDANTA ACADEMY	Director	1/8/2011	1/8/2011	15/01/2015	Active	NO
25	U92490TN1983PLC009942	APPU HOTELS LIMITED	Director	30/09/2014	29/06/2013	-	Active	NO
26	U93000HR2013NPL051406	APPAREL MADE-UPS AND HOME FURNISHING SECTOR SKILL COUNCIL	Director	24/12/2013	24/12/2013	-	Active	NO
27	U67100TZ2014PTC020363	OMKARA ASSETS RECONSTRUCTION PRIVATE LIMITED	Managing director	19/03/2014	19/03/2014	-	Active	NO
28	U80220MH1997PLC112535	IL AND FS EDUCATION AND TECHNOLOGY SERVICES LIMITED	Director	12/2/2015	10/2/2015	-	Active	NO
29	U55101TZ2015PTC021487	POPPYS VISTA HOTEL PRIVATE LIMITED	Director	17/06/2015	17/06/2015	-	Active	NO

Name :

Kandasamy Kolanda Gounder

Designation :

Director

Address :

3-D, 29 Barnaby Road, PGP Manor, Kilpauk, Chennai - 600010, Tamilnadu, India

Date of Birth/Age :

10.06.1957

Date of Appointment :

27.12.1997

PAN No.:

ALBPS7747O

DIN No.:

00277906

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L65191TN1990PLC019152	DHARANI FINANCE LIMITED	Managing director	25/06/2014	25/06/1994	-	Active	NO
2	U92490TN1983PLC009942	APPU HOTELS LIMITED	Director	27/12/1997	27/12/1997	-	Active	NO

Name :

Arumugam Sakthivel

Designation :

Director

Address :

6, Kumaravel Colony, Tirupur, Tirupur - 641607, Tamilnadu, India

Date of Birth/Age :

12.11.1947

Date of Appointment :

30.09.2014

DIN No.:

00027485

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1978NPL008877	APPAREL EXPORT PROMOTION COUNCIL.	Director	26/09/2014	22/04/1985	-	Active	NO
2	U63040TZ1993PTC004512	POPPYS TOURS PRIVATE LIMITED	Whole-time director	7/2/2014	16/09/1993	-	Active	NO
3	U55101TZ1994PTC004944	POPPYS HOTEL PRIVATE LIMITED	Whole-time director	7/2/2014	23/03/1994	-	Active	NO
4	U55101TZ1997PTC007862	POPPYS INN PRIVATE LIMITED	Managing director	23/04/1997	23/04/1997	7/4/2007	Amalgamated	NO
5	U55101TZ2001PLC021435	BAY RESORTS LIMITED	Director	22/01/2001	22/01/2001	-	Active	NO
6	U45309TZ2002PLC010164	TIRUPUR INFRASTRUCTURE DEVELOPMENT COMPANY LIMITED	Director	22/04/2002	22/04/2002	-	Active	NO
7	U07513TZ2003NPL010478	NETAJI APPAREL PARK	Director	12/4/2012	7/2/2003	9/3/2015	Active	NO
8	U01730TZ2003PTC010632	POPPYS KNITWEAR PRIVATE LIMITED	Whole-time director	7/2/2014	18/06/2003	-	Active	NO
9	L65190MH2004GOI148838	IDBI BANK LIMITED	Director	18/08/2005	18/08/2005	15/07/2009	Active	NO
10	U63090TZ2006PTC012590	TEA-ST.JOHN LOGISTICS PRIVATE LIMITED	Director	16/02/2006	16/02/2006	-	Active	NO
11	U72200TZ2006PTC013137	Q FIRST TECHNOLOGY (INDIA) PRIVATE LIMITED	Director	11/10/2006	11/10/2006	6/11/2009	Active	NO
12	U17111TN2004PTC062030	SJLT SPINNING MILLS PRIVATE LIMITED	Director	28/02/2007	28/02/2007	6/11/2009	Active	NO
13	U17115TN2001PTC047542	SJLT TEXTILES PRIVATE LIMITED	Director	28/02/2007	28/02/2007	6/11/2009	Active	NO
14	U93090TZ2007PLC013514	TEXTILE ECO SOLUTIONS TAMILNADU LIMITED	Director	8/3/2007	8/3/2007	-	Under liquidation	NO
15	U80903DL2006PLC155825	SKILL TRAINING ASSESSMENT MANAGEMENT PARTNERS LIMITED	Director	30/05/2008	4/7/2007	16/06/2014	Active	NO
16	U70109DL2006PLC153767	IL AND FS CLUSTER DEVELOPMENT INITIATIVE LIMITED	Director	30/05/2008	17/07/2007	-	Active	NO
17	U62200TZ2007PTC013869	AIR VINAYAGA PRIVATE LIMITED	Whole-time director	7/2/2014	30/07/2007	-	Active	NO
18	U91990TZ1995PLC005869	NEW TIRUPUR AREA DEVELOPMENT CORPORATION LIMITED	Director	29/09/2009	7/9/2007	-	Active	NO
19	L27209GJ1999PLC036656	GYSCOAL ALLOYS LIMITED	Director	30/09/2008	18/02/2008	5/11/2009	Active	NO
20	U01122TZ2008PTC014878	AISHWARYA GARDEN PRIVATE LIMITED	Whole-time director	7/2/2014	21/11/2008	-	Active	NO
21	U74999MH1957GOI010918	ECGC LIMITED	Director	25/08/2009	25/08/2009	18/01/2011	Active	NO
22	U01403TZ2010PTC016178	POPPYS AGRICULTURE PRIVATE LIMITED	Whole-time director	7/2/2014	29/06/2010	-	Active	NO
23	U80904DL2011PLC213135	IL AND FS SKILLS DEVELOPMENT CORPORATION LIMITED	Director	21/09/2011	28/07/2011	-	Active	NO
24	U80300TZ2011NPL017303	VEDANTA ACADEMY	Director	1/8/2011	1/8/2011	15/01/2015	Active	NO
25	U92490TN1983PLC009942	APPU HOTELS LIMITED	Director	30/09/2014	29/06/2013	-	Active	NO
26	U93000HR2013NPL051406	APPAREL MADE-UPS AND HOME FURNISHING SECTOR SKILL COUNCIL	Director	24/12/2013	24/12/2013	-	Active	NO
27	U67100TZ2014PTC020363	OMKARA ASSETS RECONSTRUCTION PRIVATE LIMITED	Managing director	19/03/2014	19/03/2014	-	Active	NO
28	U80220MH1997PLC112535	IL AND FS EDUCATION AND TECHNOLOGY SERVICES LIMITED	Director	12/2/2015	10/2/2015	-	Active	NO
29	U55101TZ2015PTC021487	POPPYS VISTA HOTEL PRIVATE LIMITED	Director	17/06/2015	17/06/2015	-	Active	NO

Name :

Chakkolath Ramachandran

Designation :

Director

Address :

F-108, Anna Nagar, Chennai - 600102, Tamilnadu, India

Date of Birth/Age :

15.05.1938

Date of Appointment :

30.09.2014

DIN No.:

00050893

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L23200TN1984PLC010931	TAMILNADU PETROPRODUCTS LIMITED	Director	27/05/2014	26/05/2001	-	Active	NO
2	L72300TN1990PLC019459	ELNET TECHNOLOGIES LIMITED	Director	8/8/2003	8/8/2003	-	Active	NO
3	U45203TN2004PLC052443	IG3 INFRA LIMITED	Whole-time director	1/9/2013	4/2/2004	-	Active	NO
4	U51101TN1994PLC026632	SPIC PETROCHEMICALS LIMITED	Director	15/12/2004	15/12/2004	25/06/2007	Under liquidation	NO
5	U45209TN2005PLC055728	ELNET SOFTWARE CITY LIMITED	Director	22/03/2005	22/03/2005	-	Active	NO
6	U70101TN2005PLC057540	GRAND LUXE HOTELS LIMITED	Director	19/09/2005	19/09/2005	-	Active	NO
7	U45208TN2006PTC100096	THE GREAT INDIAN LINEN AND TEXTILE INFRASTRUCTURE COMPANY PRIVATE LIMITED	Director	29/09/2007	9/1/2006	-	Active	NO
8	U74140TN2006PTC061611	ETL CORPORATE SERVICES PRIVATE LIMITED	Director	28/11/2006	28/11/2006	19/04/2011	Active	NO
9	U45207TN2006PLC061646	ETL POWER SERVICES LIMITED	Director	4/12/2006	4/12/2006	27/02/2014	Active	NO
10	U92490TN1983PLC009942	APPU HOTELS LIMITED	Director	30/09/2014	29/06/2007	-	Active	NO
11	L28920TN1947PLC007437	TULSYAN NEC LIMITED	Director	8/9/2008	12/12/2007	-	Active	NO
12	U40109TN2005PTC055442	OPG POWER GENERATION PRIVATE LIMITED	Additional director	20/07/2015	20/07/2015	-	Active	NO

MAJOR SHAREHOLDERS

AS ON 30.09.2014

Note: SHAREHOLDING DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

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	53.28
Bodies corporate	17.81
Directors or relatives of Directors	27.85
Other top fifty shareholders	1.06
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in hospitality business.

Products :

Item Code No.	Product Description
99633102	Five star Delux Hotel

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

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
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

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 :

Information declined by the management

Bankers :

• Bank of India, IV Floor, Tarapore Towers, 826 Anna Salai, Chennai - 600002, TamilNadu, India

Banker Name	State Bank Of India
Branch Address	Commercial Branch, 232 Nsc Bose Road, Chennai - 600001, Tamilnadu, 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)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Term loans from banks	1715.955	1689.586
Term loans from others	195.250	336.143
SHORT TERM BORROWING
Working capital loans from banks	46.509	63.798
Total	1957.714	2089.527

Banking Relations :	IDBI Trusteeship Services Limited, Asian Building, Ground Floor, 17 R Kamni Marg, Ballard Estate, Mumbai- 400001, Maharashtra, India
Auditors :
Name :	K. Ramkrish and Co Chartered Accountants
Address :	New No.19, (Old NO. 9A) Bhagavantham Street, T Nagar, Chennai – 600017, Tamilnadu, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAFPR4734B
Memberships :	Not Available
Collaborators :	Not Available
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives:	Dharani Sugars and Chemicals Limited, India [L15421TN1987PLC014454] Dharani Finance Limited, India [L65191TN1990PLC019152] Ananthi Developers Limited, India [U17111TN1989PLC018292] Dharani Developers Private Limited, India [U45201TN1988PTC015472] Dharani Credit And Finance Private Limited, India [U65191TN1988PTC015938] PGP Hotels and Resorts India Private Limited, India [U55100TN2008PTC067883]

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
85000000	Equity Shares	Rs.10/- each	Rs.850.000 Million
15000000	Preference shares	Rs.10/- each	Rs.150.000 Million
	Total		Rs.1000.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
81155718	Equity Shares	Rs.10/- each	Rs.811.557 Million
9000000	Preference shares	Rs.10/- each	Rs.90.000 Million
	Total		Rs.901.557 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	901.557	901.557	901.557
(b) Reserves & Surplus	129.095	530.667	788.176
(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)	1030.652	1432.224	1689.733
(3) Non-Current Liabilities
(a) long-term borrowings	2356.979	2317.597	2188.747
(b) Deferred tax liabilities (Net)	0.000	43.459	166.388
(c) Other long term liabilities	279.349	130.789	193.496
(d) long-term provisions	6.151	5.805	4.829
Total Non-current Liabilities (3)	2642.479	2497.650	2553.460
(4) Current Liabilities
(a) Short term borrowings	46.509	63.798	30.756
(b) Trade payables	71.609	60.789	86.294
(c) Other current liabilities	643.097	581.971	426.338
(d) Short-term provisions	5.060	7.210	5.740
Total Current Liabilities (4)	766.275	713.768	549.128
TOTAL	4439.406	4643.642	4792.321
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4091.161	4202.253	4354.379
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	122.310	112.693	94.452
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	4.362	5.240	0.878
(c) Deferred tax assets (net)	21.114	0.000	0.000
(d) Long-term Loan and Advances	114.060	107.394	88.987
(e) Other Non-current assets	6.502	6.044	3.244
Total Non-Current Assets	4359.509	4433.624	4541.940
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	30.242	23.936	32.604
(c) Trade receivables	27.041	28.216	24.085
(d) Cash and cash equivalents	1.911	129.548	118.001
(e) Short-term loans and advances	18.759	26.384	73.661
(f) Other current assets	1.944	1.934	2.030
Total Current Assets	79.897	210.018	250.381
TOTAL	4439.406	4643.642	4792.321

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	697.408	845.947	759.808
	Other Income	12.501	20.356	13.862
	TOTAL (A)	709.909	866.303	773.670
Less	EXPENSES
	Cost of Materials Consumed	0.000	0.000	269.852
	Employees benefits expense	139.426	143.433	110.936
	Other expenses	468.174	551.201	126.238
	TOTAL (B)	607.600	694.634	507.026
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	102.309	171.669	266.644
Less	FINANCIAL EXPENSES (D)	347.987	295.321	122.334
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	(245.678)	(123.652)	144.310
Less/ Add	DEPRECIATION/ AMORTISATION (F)	220.468	256.785	136.107
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	(466.146)	(380.437)	8.203
Less	TAX (H)	(64.574)	(122.929)	(13.061)
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	(401.572)	(257.508)	21.264
	Earnings / (Loss) Per Share (Rs.)	(5.01)	(3.25)	1.87

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	520.725	463.339	368.557
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	205.389	164.249	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	(57.58)	(30.44)	2.80
Operating Profit Margin (PBIDT/Sales)	(%)	14.67	20.29	35.09
Return on Total Assets (PBT/Total Assets}	(%)	(10.86)	(8.41)	0.17
Return on Investment (ROI) (PBT/Networth)		(0.45)	(0.27)	0.00
Debt Equity Ratio (Total Debt /Networth)		2.84	1.99	1.53
Current Ratio (Current Asset/Current Liability)		0.10	0.29	0.46

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	901.557	901.557	901.557
Reserves & Surplus	788.176	530.667	129.095
Net worth	1689.733	1432.224	1030.652
long-term borrowings	2188.747	2317.597	2356.979
Short term borrowings	30.756	63.798	46.509
Current maturities of long-term debts	368.557	463.339	520.725
Total borrowings	2588.060	2844.734	2924.213
Debt/Equity ratio	1.532	1.986	2.837

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)
Sales	697.408	845.947	759.808
		21.299	(10.183)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	697.408	845.947	759.808
Profit	(401.572)	(257.508)	21.264
	(57.58%)	(30.44%)	2.80%

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	Yes
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	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

REVIEW OF OPERATIONS

The total revenue for the Financial Year (FY) 2013-14 was Rs. 709.910 million as against Rs. 866.304 million in the previous FY. The total expenditure was also lower at Rs. 607.600 million as against Rs. 694.634 million in the previous FY. Gross Operating Profit for the FY had come down to Rs. 102.310 million from Rs. 171.670 million in the previous FY. The GOP % for the FY was lower at 14.40% as against 20% in the previous FY.

The operational performance of both the Hotels at Chennai and Coimbatore continued to be affected by persistent delay in economic recovery in general and supply of room inventory far exceeding the demand.

The performance of their Chennai Hotel had declined continuously for the last three years in succession. In the year ended the 31st March, 2014, both the ARR and Occupancy continued the declining trend. The Occupancy and ARR of the hotel had declined abruptly from 70% and Rs.7100 in the FY2010-11 to about 59% and Rs.6300 respectively in FY2012-13 and further to 40% and Rs.5639 in the FY2013-14.

The performance of the Coimbatore Hotel had also remained subdued in the FY 2013-14. The Average Occupancy had improved only marginally to 24% in the FY2013-14 as compared to 22% on the back of dropping of rates. The ARR in the FY2013-14 was lower at Rs.5212/- as compared to Rs.5803/- in the previous FY.

The hotel at Kumbakonam, taken on lease, has also not generated any profit. The occupancy continues to be in the range of 35% to 40%. The operation resulted in a gross loss of Rs.3.700 million. The Average Room Revenue (ARR) also has marginally come down from Rs. 2426/- to Rs.2269/-, while REVPAR has increased from Rs.892/- to Rs.907/-.

OUTLOOK

The Company would get a moratorium period of two years for servicing the rupee term loans during which we are hopeful of a turn round in hotel operations, with simultaneous easing of recessionary headwinds facilitating improvements in business travels and increased foreign tourist arrivals expected on account of policy stimulus in the form of Visa on Arrival for tourists from almost all countries and Electronic Travel Authorisation that are very much on the anvil. The expected improvement in net cash flow during the next two year period would be available for capital expenditure on renovation, besides, strengthening the current financial position of the Company.

The Company has entered into a Franchise agreement instead of Management Agreement with Starwood Asia Pacific Hotels and Resorts Private Limited. Effective from 01.01.2014, which would help the Company to plan its activities.

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Intercorporate deposits	311.256	233.800
Loans and advances from related parties	134.518	58.068
Total	445.774	291.868

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10559307	18/03/2015	1,514,242,000.00	TOURISM FINANCE CORPORATE OF INDIA LIMITED	IFCI TOWER, 13TH FLOOR, 61 NEHRU PLACE, DELHI, DE  LHI - 110019, INDIA	C49182165
2	10558235	16/03/2015	1,357,900,000.00	INDIAN BANK	MGT BRANCH, NO.155 THAMBU CHETTY STREET, CHENNAI,  TAMILNADU - 600001, INDIA	C48455281
3	10558237	16/03/2015	1,437,900,000.00	INDIAN BANK	MGT BRANCH, NO.155 THAMBU CHETTY STREET, CHENNAI,  TAMILNADU - 600001, INDIA	C48455950
4	10557402	08/10/2014	2,424,942,000.00	INDIAN BANK	NO.321 THAMBU CHETTY STREET, MGT BRANCH, CHENNAI,  TAMILNADU - 600001, INDIA	C47915384
5	10532685	25/09/2014	123,500,000.00	INDIAN BANK	321 (OLD NO.155) THAMBU CHETTY STREET, CHENNAI, TAMILNADU - 600002, INDIA	C34523191
6	10493087	26/12/2014 *	670,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BUILDING, GROUND FLOOR, 17 R KAMNI MARG, BA LLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	C38278255
7	10414207	25/09/2014 *	250,000,000.00	INDIAN BANK	321 (OLD NO.155) THAMBU CHETTY STREET, CHENNAI, TA  MIL NADU - 600001, INDIA	C34522599
8	10402748	06/03/2015 *	1,305,000,000.00	INDIAN BANK	NO.321 THAMBU CHETTY STREET, MGT BRANCH, CHENNAI,  TAMIL NADU - 600001, INDIA	C46487864
9	10269122	25/09/2014 *	166,700,000.00	INDIAN BANK	321 (OLD NO.155) THAMBU CHETTY STREET, CHENNAI, TAMIL NADU - 600001, INDIA	C34521732
10	10265293	07/12/2011 *	21,400,000.00	IDBI BANK LIMITED	115, ANNA SALAI, SAIDAPET, CHENNAI, TAMIL NADU -  600015, INDIA	B30245062

* Date of charge modification

FIXED ASSETS

Tangible assets

• Land
• Buildings
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Leasehold improvements

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.64.97
UK Pound	1	Rs.100.55
Euro	1	Rs.73.99

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KAS
Report Prepared by :	GTA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		26

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.