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|
MIRA INFORM REPORT
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Report No. : |
501988 |
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Report Date : |
06.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
EASTERN INTERNATIONAL HOTELS LIMITED [w.e.f. 06.01.1972] |
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Formerly Known
As : |
ALLAMS ADVANIS HOTELS PRIVATE LIMITED |
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Registered
Office : |
Balraj Sahani Marg, Juhu, Mumbai-400049, Maharashtra |
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Tel. No.: |
91-22-66934444 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
13.05.1969 |
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Com. Reg. No.: |
11-014275 |
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Capital
Investment / Paid-up Capital : |
INR 17.633 Million |
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|
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CIN No.: [Company Identification
No.] |
U99999MH1969PLC014275 |
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IEC No.: [Import-Export Code No.] |
Not Divulged |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACE2487L |
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TIN No.: |
27680005006 |
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GSTN : [Goods & Service Tax
Registration No.] |
27AAACE2487L1ZC |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Providing Short Term Accommodation, Restaurant, Bar and Food Service
Activities. [Registered Activity] |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 1969 and it is having a fine track record. For the financial year 2017, the company has reported a marginal decline in its revenue as compared to its previous year and has maintained fair profit margin during the year. Rating takes into consideration, the favourable financial risk profile marked by adequate net worth base and comfortable debt protection metrics. Rating continue to derive strength from its long and established track record of its business operation backed by extensive experience of its promoters in hotel industry. However, these rating strengths gets partially offset by the company’s exposure to highly competitive fragmented hotel industry. Payments seems to be regular. In view of aforesaid, the company 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
NOT AVAILABLE
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
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 06.04.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE [91-22-66934444]
LOCATIONS
|
Registered Office : |
Balraj Sahani Marg, Juhu, Mumbai-400049, Maharashtra, India |
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Tel. No.: |
91-22-66934444 |
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Fax No.: |
91-22-66934455 |
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E-Mail : |
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Website : |
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Majorda Beach
Resort Goa: |
Majorda Beach Resort, Majorda Beach Road, Pacheco Vaddo, Majorda, Goa 403713, India |
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Tel. No.: |
91-832-668-1111 |
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Fax No.: |
91-832-288-1124 |
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E-Mail : |
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|
Novotel Mumbai Juhu
Beach : |
Novotel Mumbai Juhu Beach, Balraj Sahani Marg, Juhu Beach, Mumbai-400049, Maharashtra, India |
|
Tel. No.: |
91 22 6693 4444 |
|
Fax No.: |
91 22 6693 4455 |
|
E-Mail : |
DIRECTORS
AS ON: 31.03.2017
|
Name : |
Mr. Jagdish Prasad Khanna |
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Designation : |
Wholetime Director |
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Address : |
21-A, Aurangzeb Lane, New Delhi-110011, India |
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Date of Birth/Age : |
11.05.1940 |
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Qualification : |
B.A. in Economics MBA/ Marketing & Managerial
Economics |
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Date of Appointment : |
21.04.2008 |
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PAN No.: |
AANPK2492D |
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DIN No.: |
00140783 |
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Name : |
Mr. Manish Kumar Khanna |
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Designation : |
Wholetime Director |
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Address : |
3 Ruia Park Juhu, Mumbai-400049, Maharashtra, India |
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Date of Birth/Age : |
07.07.1971 |
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Qualification : |
B.Sc., Hotel & Restaurant Management Widener University,USA MBA Universitas 21 Global |
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Date of Appointment : |
21.04.2008 |
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PAN No.: |
ADTPK4053B |
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DIN No.: |
00703416 |
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Name : |
Mr. Dinesh Kumar Khanna |
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Designation : |
Director |
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Address : |
501, Ashok Apartments, Gandhigram Road, Juhu, Mumbai-400049, Maharashtra, India |
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Date of Birth/Age : |
29.10.1950 |
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Qualification : |
B.COM.(Hons) M.P.S. Hotel Admn.Cornell University, USA |
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Date of Appointment : |
21.04.2008 |
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PAN No.: |
AAFPK8037Q |
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DIN No.: |
00990121 |
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Name : |
Mr. Rajesh Khanna |
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Designation : |
Wholetime Director |
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Address : |
21 A, Aurangzeb Lane, New Delhi-110011, India |
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Date of Birth/Age : |
15.07.1947 |
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Qualification : |
Commerce Graduate |
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Date of Appointment : |
21.04.2008 |
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PAN No.: |
AAOPK1366M |
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DIN No.: |
01492101 |
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Name : |
Mr. Ravish Naresh Khanna |
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Designation : |
Wholetime Director |
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Address : |
21A, Aurangzeb Lane, Delhi-110001, India |
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Date of Birth/Age : |
03.04.1969 |
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Qualification : |
B.Sc., Hotel Admin. Cornell University, USA |
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Date of Appointment : |
21.04.2008 |
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PAN No.: |
AAKPK3188K |
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DIN No.: |
01751438 |
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Name : |
Mr. Vijay Haridas Shah |
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Designation : |
Director |
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Address : |
64-302, Tulip Valley Of Flowers Thakur Village Kandivali (East), Mumbai-400101, Maharashtra, India |
|
Date of Appointment : |
20.08.2015 |
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DIN No.: |
03502649 |
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Name : |
Mr. Aditya Vijay Dhawan |
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Designation : |
Wholetime Director |
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Address : |
Iris Cuffe Parade, Mumbai-400005, Maharashtra, India |
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Date of Birth/Age : |
13.07.1978 |
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Qualification : |
B.A. in Economics Management Masters in Business Administration |
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Date of Appointment : |
04.08.2011 |
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PAN No.: |
AAHPD7535Q |
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DIN No.: |
03584113 |
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Name : |
Mr. Suraj Motilal Shah |
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Designation : |
Director |
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Address : |
A/15, Samir Apts, 169, S.V. Road Andheri (West) Mumbai-400058, Maharashtra, India |
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Date of Appointment : |
20.08.2015 |
|
DIN No.: |
07266802 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 31.03.2017
NOTE: SHAREHOLDING DETAILS FILE ATTACHED
AS ON: 29.09.2017
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Promoters – Individual/ Hindu Undivided Family – Indian |
84.73 |
|
Promoters – Body Corporate |
2.27 |
|
Public/Other than promoters – Individual/ Hindu Undivided
Family – Indian |
2.21 |
|
Public/Other than promoters - Others [IDBI Trusteeship Services
Limited] |
10.79 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Providing Short Term Accommodation, Restaurant, Bar and Food Service Activities.
[Registered Activity] |
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Products : |
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Brand Names : |
· Olio-Italian Bistro · Peche Mignon · Gadda Da Vida · Bageecha-Indian Dining · Sampan-Chinese Dining · Majorda Beach Resort Goa |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
· The Saraswat Co-op Bank Limited SME Vile Parle Branch, Bholanath Co-op Hsg Soc, Subhash Road, Vile Parle (East), Mumbai-400057, Maharashtra, India |
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Auditors : |
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Name : |
J. G. Verma and Company Chartered Accountants |
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Address : |
301-B, Niranjan, 99,Marine Drive, Mumbai,
Maharashtra, India |
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PAN No.: |
AAAFJ2164L |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Associates/Subsidiaries : |
Not Available |
CAPITAL STRUCTURE
AS ON: 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2400000 |
Equity Shares |
INR 10/- each |
INR 24.000 Million |
|
10000 |
Equity Shares |
INR 100/- each |
INR 1.000 Million |
|
|
|
|
|
|
|
Total |
|
INR 25.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1763340 |
Equity Shares |
INR 10/- each |
INR 17.633
Million |
|
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|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
17.633 |
17.633 |
17.633 |
|
(b) Reserves and Surplus |
984.678 |
913.715 |
795.391 |
|
(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) |
1002.311 |
931.348 |
813.024 |
|
|
|
|
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|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
30.000 |
45.000 |
60.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
8.297 |
11.401 |
|
(c) Other long-term
liabilities |
2.931 |
2.457 |
2.656 |
|
(d) long-term
provisions |
5.376 |
8.901 |
9.259 |
|
Total Non-current
Liabilities (3) |
38.307 |
64.655 |
83.316 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
49.968 |
41.976 |
52.959 |
|
(c) Other
current liabilities |
89.095 |
89.097 |
59.155 |
|
(d) Short-term
provisions |
4.047 |
29.157 |
3.077 |
|
Total Current
Liabilities (4) |
143.110 |
160.230 |
115.191 |
|
|
|
|
|
|
TOTAL |
1183.728 |
1156.233 |
1011.531 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
624.264 |
681.758 |
759.903 |
|
(ii)
Intangible Assets |
1.183 |
1.599 |
1.591 |
|
(iii) Tangible assets
capital work-in-progress |
28.790 |
25.695 |
9.896 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.134 |
0.164 |
0.164 |
|
(c) Deferred tax assets (net) |
11.660 |
0.000 |
0.000 |
|
(d)
Long-term loans and advances |
12.796 |
24.354 |
26.123 |
|
(e) Other
Non-current assets |
103.293 |
48.739 |
22.828 |
|
Total Non-Current
Assets |
782.120 |
782.309 |
820.505 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
16.563 |
19.047 |
31.677 |
|
(c) Trade
receivables |
29.866 |
41.792 |
44.007 |
|
(d) Cash and
bank balances |
323.239 |
284.479 |
91.409 |
|
(e)
Short-term loans and advances |
23.781 |
20.337 |
22.905 |
|
(f) Other
current assets |
8.159 |
8.269 |
1.028 |
|
Total
Current Assets |
401.608 |
373.924 |
191.026 |
|
|
|
|
|
|
TOTAL |
1183.728 |
1156.233 |
1011.531 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Revenue
from operations |
920.228 |
1010.280 |
994.783 |
|
|
Other Income |
28.027 |
33.763 |
4.962 |
|
|
TOTAL |
948.255 |
1044.043 |
999.745 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
116.524 |
122.738 |
127.081 |
|
|
Employee benefit expense |
284.792 |
236.788 |
242.675 |
|
|
CSR expenditure |
3.300 |
3.198 |
0.000 |
|
|
Other expenses |
346.709 |
398.314 |
381.076 |
|
|
Exceptional items |
0.000 |
0.000 |
0.901 |
|
|
TOTAL |
751.325 |
761.038 |
751.733 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
196.930 |
283.005 |
248.012 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
0.431 |
0.029 |
5.052 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
196.499 |
282.976 |
242.960 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
82.968 |
98.782 |
120.420 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE
TAX |
113.531 |
184.194 |
122.540 |
|
|
|
|
|
|
|
Less |
TAX |
42.569 |
65.870 |
42.935 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
70.962 |
118.324 |
79.605 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
40.24 |
67.10 |
45.14 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
15.000 |
15.000 |
15.000 |
|
|
|
|
|
|
Net cash flows from (used in) operations |
210.078 |
315.881 |
248.012 |
|
|
|
|
|
|
Net cash flows from (used in) operating activities |
195.280 |
305.498 |
248.012 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
11.85 |
15.10 |
16.15 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
30.81 |
24.17 |
22.61 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
45.45 |
42.62 |
52.28 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
11.89 |
14.86 |
7.83 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.30 |
0.40 |
0.32 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.16 |
0.19 |
0.19 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.04 |
0.06 |
0.09 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.14 |
0.17 |
0.14 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.65 |
0.76 |
0.95 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
456.91 |
9758.79 |
49.09 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
7.71 |
11.71 |
8.00 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
5.99 |
10.23 |
7.87 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
7.08 |
12.70 |
9.79 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
2.81 |
2.33 |
1.66 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
2.69 |
2.21 |
1.38 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.85 |
0.81 |
0.80 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
2.55 |
3.40 |
4.25 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
2.81 |
2.33 |
1.66 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
17.633 |
17.633 |
17.633 |
|
Reserves & Surplus |
795.391 |
913.715 |
984.678 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
813.024 |
931.348 |
1002.311 |
|
|
|
|
|
|
long-term borrowings |
60.000 |
45.000 |
30.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Current Maturities of Long
term debt |
15.000 |
15.000 |
15.000 |
|
Total
borrowings |
75.000 |
60.000 |
45.000 |
|
Debt/Equity
ratio |
0.092 |
0.064 |
0.045 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
994.783 |
1010.280 |
920.228 |
|
|
|
1.558 |
(8.914) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
994.783 |
1010.280 |
920.228 |
|
Profit/ (Loss) |
79.605 |
118.324 |
70.962 |
|
|
8.00
% |
11.71
% |
7.71
% |
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 |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
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 |
INDEX OF CHARGES
|
CHARGES REGISTERED |
||||||||
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
B65106742 |
10394805 |
THE SARASWAT COOPERATIVE BANK LTD |
14/12/2012 |
- |
- |
11000000.0 |
SME VILE PARLE BRANCH, BHOLANATH CO-OP HSG SOCSUBHASH ROAD, VILE PARLE EASTMUMBAIMH400057IN |
|
2 |
A95402871 |
10117917 |
THE SARASWAT COOPERATIVE BANK LTD |
02/08/2008 |
06/09/2010 |
- |
779716000.0 |
SME VILE PARLE BRANCH, BHOLANATH CO-OP HSG SOCSUBHASH ROAD, VILE PARLE EASTMUMBAIMH400057IN |
|
3 |
G03703345 |
10080667 |
THE SARASWAT CO-OP BANK LTD |
13/11/2007 |
- |
27/04/2016 |
5000000.0 |
JUHU BRANCH, JUHMUMBAIMH400049IN |
|
4 |
G03704335 |
10147427 |
THE SARASWAT CO-OP BANK LTD |
06/03/2009 |
- |
25/04/2016 |
11000000.0 |
JUHU BRANCH, JUHUMUMBAIMH400049IN |
|
5 |
C66296013 |
10152627 |
THE SARASWAT CO-OP BANK LTD |
19/03/2009 |
- |
16/09/2015 |
7000000.0 |
JUHU BRANCH, JUHUMUMBAIMH400049IN |
|
6 |
C66174541 |
10117919 |
THE SARASWAT CO-OP BANK LTD |
02/08/2008 |
- |
16/09/2015 |
48000000.0 |
JUHU BRANCH, JUHUMUMBAIMH400049IN |
|
7 |
C66175068 |
10247548 |
THE SARASWAT COOPERATIVE BANK LTD |
14/10/2010 |
- |
16/09/2015 |
2653000.0 |
SME VILE PARLE BRANCH, BHOLANATH CO-OP HSG SOCSUBHASH ROAD, VILE PARLE EASTMUMBAIMH400057IN |
|
8 |
C52286622 |
10060415 |
THE SARASWAT CO-OP BANK LTD |
04/07/2007 |
- |
08/04/2015 |
7000000.0 |
JUHU BRANCH, JUHUMUMBAIMH400049IN |
|
9 |
B85194744 |
80066870 |
THE SARASWAT CO-OPERATIVE BANK LTD |
15/11/1991 |
15/11/1991 |
16/09/2013 |
800000.0 |
CENTRAL ADMINISTRATIVE OFFICEAPSARA CINEMA BUILDING DR.D.B.MARG, GRANTROADBOMBAYMH400007IN |
|
10 |
B42313114 |
10050961 |
THE SARASWAT CO-OP BANK LIMITED |
09/05/2007 |
- |
27/06/2012 |
2700000.0 |
JUHU BRANCH, JUHUMUMBAIMH400049IN |
UNSECURED LOANS
|
PARTICULARS |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Deposits from others |
45.000 |
60.000 |
|
Other loans and advances |
(15.000) |
(15.000) |
|
|
|
|
|
Total |
30.000 |
45.000 |
BUSINESS OVERVIEW:
The
year 2016 was the seventh consecutive year of sustained growth in tourism industry
following the 2008 global economic and financial crisis. As per the United
Nations World Tourism Organisation (UNWTO), it is estimated that international
tourist arrivals increased by 3.9% in 2016 (although the growth was slower than
growth in 2015 of 4.6%) reaching a total of 1.23 billion. Approximately 46
million more tourists (overnight visitors) travelled internationally last year
compared to 2015. Demand for International tourism was strongest in Asia and
the Pacific, which lead to a growth in international tourist arrivals in 2016.
In
India, the total contribution of Travel & Tourism to GDP for 2016 was INR
14,018.5 billion, which represents 9.6% of India’s GDP. Over this period, the
total contribution of Travel & Tourism to employment, including jobs
indirectly supported by the industry was 9.3% of total employment (over 40
million jobs). Visitor exports generated INR 1,529.3 billion (USD 22.8
billion), which represents 5.4% of total exports for 2016. Travel & Tourism
investment in 2016 was INR 2,284.9 billion, which represents 5.7% of the total
investment of (USD 34.0 billion). It is estimated that the travel and tourism
industry generated about over 292 million jobs in 2016 and this is expected to
rise by 1.9% in 2017. Investment in Travel & Tourism in 2016 was USD 806.5
billion and this is expected to rise by 4.1% in 2017. In FY 2016/17 foreign
tourist arrivals were 92.25 lakh which represents a growth of 12% over 2015/16
foreign tourist arrivals which were 82.46 lakh. In 2016, foreign tourist
arrivals on e-visas more than doubled, partially on account of the e-visa
facility extended to 161 countries from 113 previously. The global economy is
expected to grow at 3.5% in 2017 as compared to growth of 3.1% in 2016. In
2017, the Travel and Tourism industry’s contribution to global GDP is expected
to grow at 3.8%.
India’s
economy has grown at a strong pace in recent years owing to the implementation
of critical structural reforms, favorable terms of trade, and lower external
vulnerabilities. It is expected that India would recover in the medium to long
term period from the demonetization initiative with GDP growth forecast
standing at 7.2% for 2017 and 7.7% for 2018. The Government of India
established drive is based upon growth stimulation, providing relief to the
middle class, providing affordable housing, curbing black money, digitalisation
of the economy, enhancing transparency in political funding and simplifying the
tax administration. The Government of India, under the Make in India initiative,
is attempting to give a boost to the contribution made by the manufacturing
sector and aims to take it up to 25% of the GDP from the current 17%.
Additionally, the Government has also unveiled the ‘Digital India’ initiative,
which focuses on three core components, namely, creation of digital
infrastructure, delivering services digitally and to increase the digital
literacy. The Government of India has certified 20 private organizations as
incubators under the ‘Startup India Action Plan’, which are expected to promote
entrepreneurship, provide pre-incubation training and a seed fund for high
growth start-ups in the country.
In
India leisure travel spending (inbound and domestic) generated 94.6% of direct
Travel & Tourism to GDP in 2016 (INR 12,079.0 billion) as compared with
5.4% for business travel spending (INR 689.0 billion). Leisure travel spending
is expected to grow by 6.9% in 2017 and at a 10 year CAGR of 7.0% p.a. to reach
INR 25,391.1 billion by 2027. Business travel spending is expected to grow by
5.5% in 2017 and at a 10 year CAGR of 7.2% p.a. to reach INR 1,453.5 billion by
2027,
THE STATE OF COMPANY
AFFAIRS
This is the 8th year of Operations for Novotel Mumbai Juhu Beach (NMJB). The Turnover of NMJB for the year ended March 31, 2017amounted to INR 921.191 Million as against INR 877.265 Million in the previous year. The hotel has made a cash profit of INR 384.196 Million as against INR 358.094 Million in the previous year.
The operations of the Unit Majorda Beach Resort were temporarily closed on the 1st of April, 2016 as it was the need of the hour to renovate extensively and bring it to par with the requisites standards that had started falling in view of the fact that the unit was required to be refurbished in its entirety. As such, during the year the Hotel operations were closed for the entire year ended March 2017. In order to facilitate the proposed renovation, the Company offered voluntary Retirement Scheme to the employees, which was accepted by the employees baring few and accordingly the Company paid VRS dues of INR 55.781 Million during the year.
After the close of the financial year the company has also appointed auctioneers to dispose of the old and used items of furniture, fixture, fitting, plant and equipments, operating supplies etc. and the same is in progress.
The Directors have initiated the relevant steps to bring this unit to the level of International Standards and for these purposes are in advanced negotiations with the leading Brands of Management Operators.
As a
result the total income of the Company as a whole for the year under report
reduced to INR 948.255 Million from INR 1044.044 Million in the previous year.
Due to strict control on costs, the operating and other expenses were
restricted to INR 751.325 million in the current year as compared to INR
761.039 in the previous year. The charge of depreciation and amortization
expense decreased to INR 82.968 Million in the current year as compared to INR
98.782 Million in the previous year. The combined effect of all these resulted
into decreased profit of INR 113.531 Million in the current year as compared to
INR 184.194 Million in the previous year. After deducting provision for tax and
deferred tax of INR 42.569 Million (net), the year resulted into a reduced net
profit of INR 709.62 Million as compared to INR 118.324 Million in the previous
year.
FIXED ASSETS:
· Land
· Buildings
· Plant and equipment
· Furniture and fixtures
· Vehicles
· Office equipment
· Computer equipments
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 records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
INR |
|
US Dollar |
1 |
INR 65.06 |
|
UK Pound |
1 |
INR 91.50 |
|
Euro |
1 |
INR 79.78 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
RUP |
SCORE FACTORS
|
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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably on
secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the business
is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.