|
|
|
MIRA INFORM REPORT
|
Report No. : |
503744 |
|
Report Date : |
13.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
CHALET HOTELS PRIVATE LIMITED (w.e.f. 15.10.2011) |
|
|
|
|
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 |
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|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
06.01.1986 |
|
|
|
|
Com. Reg. No.: |
11-038538 |
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|
|
|
Capital
Investment / Paid-up Capital : |
INR 1521.423 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U55101MH1986PTC038538 |
|
|
|
|
IEC No.: [Import-Export
Code No.] |
Not Divulged |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
27AAACK0411E1Z9 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACK0411E |
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|
|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in the business of hospitality (hotels) and real estate development and also is engaged in construction / development of a residential property. [Registered Activity] |
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|
|
|
No. of Employees
: |
Information denied 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 |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
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|
|
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 1986, promoted by K.Raheja Corp Group. It is engaged in hospitality and real estate development. For the financial year 2017, the company has achieved decent growth in its revenue as compared to its previous year and has shown improvement in its profitability margin during the year. The company possesses satisfactory financial risk profile marked by adequate net worth base and comfortable solvency position. Rating continue to derive strength from its long and established track record of its business operation backed by strong promoter group (C. L. Raheja Group) with considerable experience in hospitality, real estate development and retail businesses, and the financial flexibility available with the company by being a part of the group. However, these rating strengths gets partially offset by excess of borrowing record by the company and its presence in both highly sensitive sectors which exerts pressure in its profitability margin. Payment seems to be slow but correct. In view of aforesaid, the company can be considered for business dealing at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Fund based working capital facilities: BBB |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
16.03.2018 |
|
Rating Agency Name |
ICRA |
|
Rating |
Non-Fund based working capital facilities:
A3+ |
|
Rating Explanation |
Moderate degree of safety and higher credit
risk. |
|
Date |
16.03.2018 |
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
31-03-2018.
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 13.04.2018
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 DENIED
MANAGEMENT NON-COOPERATIVE (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 31.03.2017
|
Name : |
Mr. Sanjay Sethi |
|
Designation : |
Managing Director |
|
Address : |
Flat No. 210, 2nd Floor, Aditya, 11th Road, Khar (West), Mumbai-400052, Maharashtra, India |
|
Date of Birth/Age : |
08.01.1965 |
|
Qualification: |
Hotel Management Graduate from IHM Pusa |
|
Date of Appointment : |
09.02.2018 |
|
DIN No : |
00641243 |
|
|
|
|
Name : |
Mr. Rajeev Newar |
|
Designation : |
Wholetime Director |
|
Address : |
Flat No. P1 16th Floor Cuffe Castle CHS
Cuffe Parade, Mumbai -400005, Maharashtra, India |
|
Date of Appointment : |
03.08.2017 |
|
DIN No.: |
00468125 |
|
|
|
|
Name : |
Mr. Josephconrad Agnelo Dsouza |
|
Designation : |
Director |
|
Address : |
501, Hasmukh Mansion, Plot No-375 14th
Road, Khar (West), Mumbai 400052, Maharashtra, India |
|
Date of Birth/Age : |
12.01.1960 |
|
Qualification: |
Master’s Degree in Commerce, Master’s Degree in Business Administration and Senior Executive Program (SEP) graduate of London Business School |
|
Date of Appointment : |
16.08.2002 |
|
DIN No.: |
00010576 |
|
|
|
|
Name : |
Mr. Chandru Lachmandas Raheja |
|
Designation : |
Director |
|
Address : |
4th Floor, Raheja House, Auxilium Convent Road,
Pali Hill, Bandra (West), Mumbai 400050, Maharashtra, India |
|
Date of Birth/Age : |
12.10.1940 |
|
Qualification: |
LLB |
|
Date of Appointment : |
06.01.1986 |
|
DIN No.: |
00027979 |
|
|
|
|
Name : |
Mr. Ravi Chandru Raheja |
|
Designation : |
Director |
|
Address : |
4th Floor, Raheja House, Auxilium Convent
Road, Pali Hill, Bandra (West), Mumbai 400050, Maharashtra, India |
|
Date of Birth/Age : |
23.09.1971 |
|
Qualification: |
Masters of Business Administration from London Business School & Bachelor in Commerce |
|
Date of Appointment : |
04.09.1995 |
|
DIN No.: |
00028044 |
|
|
|
|
Name : |
Mr. Neel Chandru Raheja |
|
Designation : |
Director |
|
Address : |
4th Floor, Raheja House, Auxilium Convent Road,
Pali Hill, Bandra (West), Mumbai 400050, Maharashtra, India |
|
Date of Birth/Age : |
27.06.1974 |
|
Qualification: |
Harvard Business School (Owner/President Management Program), Masters in Commerce and LLB |
|
Date of Appointment : |
12.12.1996 |
|
DIN No.: |
00029010 |
|
|
|
|
Name : |
Ms. Hetal Madhukant Gandhi |
|
Designation : |
Director |
|
Address : |
B/2,1203 Vivarea Sane Guruji Marg,Jacob
Circle Mahalaxmi, Mumbai -400011, Maharashtra, India |
|
Date of Birth/Age : |
29.07.1965 |
|
Qualification: |
Chartered Accountant |
|
Date of Appointment : |
20.03.2003 |
|
DIN No.: |
00106895 |
|
|
|
|
Name : |
Mr. Ramesh Mohanlal Valecha |
|
Designation : |
Director |
|
Address : |
602 - 6th Floor, Uday Bhanu, 65/O, Main Avenue,
Santacruz West. Mumbai - 400054, Maharashtra, India |
|
Date of Birth/Age : |
25.12.1955 |
|
Qualification: |
Bachelor of Commerce and Chartered Accountant |
|
Date of Appointment : |
15.12.2007 |
|
DIN No.: |
00389678 |
|
|
|
|
Name : |
Mr. Rajeev Chopra |
|
Designation : |
Director |
|
Address : |
Sumander Mahal Sumander Point Hornby Vella
Road - 400018, Maharashtra, India |
|
Date of Appointment : |
01.06.2017 |
|
DIN No.: |
01154051 |
|
|
|
|
Name : |
Mr. Arthur William De Haast |
|
Designation : |
Director |
|
Address : |
Sheepleas House, Epsom Road, Leatherhead
West Horsley Kt246al GB |
|
Date of Appointment : |
03.08.2017 |
|
DIN No.: |
07893738 |
KEY EXECUTIVES
|
Name : |
Mr. Christabelle Bernadette Coelho |
|
Designation : |
Company Secretary |
|
Address : |
704 - Sai Link CHS, Gautam Buddha Lane,
Orlem, Malad (West), Mumbai -400064, Maharashtra, India |
|
Date of Birth/Age : |
27.07.1979 |
|
Qualification: |
Bachelor in Commerce, Company Secretary & LLBand |
|
Date of Appointment : |
23.09.2011 |
|
PAN No.: |
AFTPC6759E |
MAJOR SHAREHOLDERS
AS ON 31.03.2017
SHAREHOLDING DETAIL FILE ATTACHED
Equity Share Break up (Percentage of Total Equity)
AS ON 22.09.2017
|
Category |
Percentage |
|
Promoters- Individual/Hindu Undivided Family- Indian |
13.53 |
|
Promoters- Body corporate |
86.47 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of hospitality (hotels) and real estate development and also is engaged in construction / development of a residential property. [Registered Activity] |
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Products / Services
: |
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Brand Names : |
Not Available |
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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 : |
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 denied by the management |
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Bankers : |
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Facilities : |
(INR
In Million)
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Auditors : |
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|
Name : |
Deloitte Haskins and Sells LLP Chartered Accountants |
|
Address: |
Indiabulls Finance Centre, Tower 3, 27th-32nd Floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai – 400013, Maharashtra, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AACFD4815A |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Subsidiaries : |
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Associates: |
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Enterprises over which persons described
in (i) and (iii) exercise significant influence and with which the Company
had transactions during the Year: |
|
CAPITAL STRUCTURE
AFTER 22.09.2017
Authorised Capital : INR 1880.000 Million
Issued, Subscribed & Paid-up Capital : INR 1870.953
Million
AS ON 22.09.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
152,500,000 |
Equity Shares |
INR 10/- each |
INR 1525.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
152,142,253 |
Equity Shares |
INR 10/- each |
INR 1521.423 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are INR
Million]
ABRIDGED
BALANCE SHEET (STANDALONE)
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
1521.423 |
1521.423 |
1521.423 |
|
(b) Reserves and Surplus |
6024.463 |
101.303 |
2149.826 |
|
(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) |
7545.886 |
1622.726 |
3671.249 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
16792.305 |
19179.150 |
15519.873 |
|
(b) Deferred tax liabilities (Net) |
358.130 |
436.800 |
93.590 |
|
(c) Other long-term
liabilities |
3.137 |
53.029 |
26.621 |
|
(d) long-term
provisions |
63.699 |
65.648 |
64.561 |
|
Total Non-current
Liabilities (3) |
17217.271 |
19734.627 |
15704.645 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
394.253 |
1449.974 |
948.022 |
|
(b) Trade
payables |
680.934 |
651.866 |
596.645 |
|
(c) Other
current liabilities |
3205.347 |
3439.783 |
5219.385 |
|
(d) Short-term
provisions |
329.587 |
318.342 |
271.536 |
|
Total Current
Liabilities (4) |
4610.121 |
5859.965 |
7035.588 |
|
|
|
|
|
|
TOTAL |
29373.278 |
27217.318 |
26411.482 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
18907.187 |
14480.213 |
14553.612 |
|
(ii)
Intangible Assets |
28.699 |
37.928 |
40.934 |
|
(iii) Tangible assets
capital work-in-progress |
65.106 |
3273.397 |
2596.518 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
3971.435 |
3442.483 |
3995.245 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term loans and advances |
428.903 |
354.849 |
444.032 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
23401.330 |
21588.870 |
21630.341 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
3187.446 |
3138.413 |
3032.635 |
|
(c) Trade
receivables |
396.669 |
391.452 |
279.411 |
|
(d) Cash and
bank balances |
223.313 |
329.513 |
294.081 |
|
(e)
Short-term loans and advances |
1949.873 |
1670.343 |
949.654 |
|
(f) Other
current assets |
214.647 |
98.727 |
225.360 |
|
Total
Current Assets |
5971.948 |
5628.448 |
4781.141 |
|
|
|
|
|
|
TOTAL |
29373.278 |
27217.318 |
26411.482 |
PROFIT
& LOSS ACCOUNT (STANDALONE)
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
6389.670 |
5721.702 |
4398.556 |
|
|
Other Income |
1874.605 |
161.102 |
277.774 |
|
|
TOTAL |
8264.275 |
5882.804 |
4676.330 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
0.000 |
0.000 |
732.851 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
0.000 |
0.000 |
385.372 |
|
|
Employee benefit expense |
1219.517 |
1158.239 |
927.682 |
|
|
Other expenses |
3489.932 |
3287.417 |
1678.995 |
|
|
TOTAL |
4709.449 |
4445.656 |
3724.900 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
3554.826 |
1437.148 |
951.430 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
1878.514 |
2202.880 |
1586.712 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
1676.312 |
(765.732) |
(635.282) |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1015.464 |
939.581 |
594.857 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
660.848 |
(1705.313) |
(1230.139) |
|
|
|
|
|
|
|
Less |
TAX |
(75.822) |
343.210 |
(70.710) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
736.670 |
(2048.523) |
(1159.429) |
|
|
|
|
|
|
|
|
PREVIOUS YEARS’ BALANCE BROUGHT
FORWARD |
(2592.300) |
(543.700) |
778.500 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
(1855.600) |
(2592.300) |
(543.700) |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
3467.705 |
2725.318 |
2241.999 |
|
|
TOTAL EARNINGS |
3467.705 |
2725.318 |
2241.999 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
4.84 |
(13.47) |
(7.62) |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
1840.691 |
1900.387 |
3310.774 |
|
|
|
|
|
|
Cash generated from operations |
NA |
NA |
NA |
|
|
|
|
|
|
Net cash flows from (used in) operations |
1705.539 |
1154.231 |
(148.425) |
|
|
|
|
|
|
Net cash flows from (used in) operating activities |
1606.411 |
1105.386 |
(233.160) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
22.66 |
24.97 |
23.19 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
16.11 |
14.62 |
15.74 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
0.00 |
0.00 |
297.16 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
1.12 |
0.46 |
0.31 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.19 |
0.08 |
0.06 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.79 |
0.99 |
0.98 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
2.52 |
13.88 |
5.39 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.61 |
3.61 |
1.92 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
2.52 |
10.96 |
4.68 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
1.89 |
0.65 |
0.60 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
11.53 |
(35.80) |
(26.36) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
2.51 |
(7.53) |
(4.39) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
9.76 |
(126.24) |
(31.58) |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.30 |
0.96 |
0.68 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.60 |
0.42 |
0.25 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.26 |
0.06 |
0.14 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
12.51 |
14.81 |
13.00 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.30 |
0.96 |
0.68 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
FINANCIAL ANALYSIS
[all figures are
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 |
1521.423 |
1521.423 |
1521.423 |
|
Reserves & Surplus |
2149.826 |
101.303 |
6024.463 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
3671.249 |
1622.726 |
7545.886 |
|
|
|
|
|
|
Long-term borrowings |
15519.872 |
19179.150 |
16792.305 |
|
Short term borrowings |
948.022 |
1449.974 |
394.253 |
|
Current maturities of
long-term debts |
3310.774 |
1900.387 |
1840.691 |
|
Total
borrowings |
19778.668 |
22529.511 |
19027.249 |
|
Debt/Equity
ratio |
5.387 |
13.884 |
2.522 |
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 |
4398.556 |
5721.702 |
6389.670 |
|
|
|
30.081 |
11.674 |
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 |
4398.556 |
5721.702 |
6389.670 |
|
Profit/ (Loss) |
(1159.429) |
(2048.523) |
736.670 |
|
|
(26.36
%) |
(35.80
%) |
11.53
% |
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
1521.423 |
1521.423 |
|
(b) Reserves and Surplus |
|
5532.287 |
(228.799) |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
(d) Minority interest |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
7053.710 |
1292.624 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
17197.259 |
19179.151 |
|
(b) Deferred tax liabilities (Net) |
|
358.513 |
437.183 |
|
(c) Other long-term
liabilities |
|
39.142 |
53.029 |
|
(d) long-term
provisions |
|
63.699 |
65.648 |
|
Total Non-current
Liabilities (3) |
|
17658.613 |
19735.011 |
|
|
|
|
|
|
(4) Current
Liabilities |
|
|
|
|
(a) Short-term
borrowings |
|
1240.655 |
2468.477 |
|
(b) Trade
payables |
|
684.552 |
651.889 |
|
(c) Other
current liabilities |
|
3312.620 |
3570.924 |
|
(d) Short-term
provisions |
|
329.588 |
318.342 |
|
Total Current Liabilities
(4) |
|
5567.415 |
7009.632 |
|
|
|
|
|
|
TOTAL |
|
30279.738 |
28037.267 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
18797.542 |
14370.533 |
|
(ii) Intangible
Assets |
|
28.699 |
37.928 |
|
(iii) Tangible assets
capital work-in-progress |
|
65.106 |
3268.337 |
|
(iv)
Intangible assets under development |
|
36.581 |
36.581 |
|
(b) Non-current Investments |
|
4952.811 |
4443.328 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d)
Long-term loans and advances |
|
440.707 |
376.388 |
|
(e) Other
Non-current assets |
|
14.021 |
0.000 |
|
Total Non-Current
Assets |
|
24335.467 |
22533.095 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
3189.457 |
3140.582 |
|
(c) Trade
receivables |
|
400.546 |
393.371 |
|
(d) Cash and
bank balances |
|
235.545 |
341.798 |
|
(e)
Short-term loans and advances |
|
1923.031 |
1587.930 |
|
(f) Other
current assets |
|
195.692 |
40.491 |
|
Total
Current Assets |
|
5944.271 |
5504.172 |
|
|
|
|
|
|
TOTAL |
|
30279.738 |
28037.267 |
PROFIT
& LOSS ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Income |
|
6456.895 |
5731.553 |
|
|
Other Income |
|
1855.565 |
96.184 |
|
|
TOTAL |
|
8312.460 |
5827.737 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
|
0.000 |
0.000 |
|
|
Employee benefit expense |
|
1219.517 |
1158.813 |
|
|
Other expenses |
|
3540.927 |
3292.279 |
|
|
Exceptional items |
|
0.992 |
0.966 |
|
|
TOTAL |
|
4761.436 |
4452.058 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION |
|
3551.024 |
1375.679 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
2003.631 |
2177.930 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
1547.393 |
(802.251) |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
1048.619 |
943.636 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
|
498.774 |
(1745.887) |
|
|
|
|
|
|
|
Less |
TAX |
|
(75.822) |
343.225 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER
TAX |
|
574.596 |
(2089.112) |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
3.78 |
(13.73) |
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 |
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 |
COMPANY
BACKGROUND:
Subject was incorporated on January 6, 1986. The Company is engaged in the business of hospitality (hotels) and real estate development. At March 31, 2017, the Company has, (a) four hotels operating at Powai and Sahar (Mumbai), Vashi (Navi Mumbai) and Hyderabad, (b) developed residential property at Hyderabad and (c) Shopping Arcade at Sahar, Mumbai (d) is engaged in construction / development of a residential property at Bengaluru and the balance of the Hotel Complex at Sahar (Mumbai) covering Business Centre and Administrative offices.
REVIEW OF OPERATIONS / STATE OF COMPANY’S AFFAIRS
(i) Revenue from
hotel operations was INR 6278.200 Million Crores (Previous Year INR 5644.300
Million) whilst Revenue generated from sales in the Company’s residential real
estate projects was INR 111.400 Million (Previous Year INR 77.400 Million).
(ii) During the
year, all operating hotels of the Company performed to their potential. Four
Points by Sheraton, Navi Mumbai and Westin, Hyderabad maintained their
leadership position in their competitive set. Business at J W Marriott at Sahar
continued to grow as the hotel comes closer to a steady state, having completed
two years of operations. Renovation of the Renaissance Hotel at Powai was
completed during the year and the Hotel has performed well post renovations and
was well received by its guests.
(iii) The
litigation with Hindustan Aeronautics Limited (HAL) in respect of its
residential project at Koramangala continues in the Karnataka High Court. The losses
from the aforementioned project have adversely impacted the net worth of the
Company.
(iv) The Company
has disposed offits investments in a few companies resulting in a net gain of
INR1356.600 Million during the year.
In accordance with
the requirement of Accounting Standard 10, the Company undertook a revaluation
of its freehold land across locations. Consequently the Revaluation Surplus has
been credited with INR 5186.500 Million during the year.
Indian Economy:
The Indian economy
is reported to have achieved an annualized growth of 7.1% in Financial Year
2016-17 notwithstanding a slowdown in the last two quarters of the year. As per
a recent Reserve Bank of India report, the economic growth in 2017-18 is
projected to be sustained at current years’ levels.It is expected that
implementation of GST, ongoing reforms in the real estate sectorand continuing
political and economic stability will have a positive implication on the
demand.. The impact of GST could result in increase in the share of taxes of
states due to higher compliance and larger number of assesses in the tax net
but that would be seen in the years to come. As regards public sector
undertakings, the government is considering a two-pronged approach to improve
their fiscal health – merger with healthy undertakings and divestment.
Hotel Industry Outlook:
The hotel industry
which was witnessing a sluggish growth over the past couple of years is now
witnessing an uptrend. This is reflected in the improved occupancy levels
across hotel segments.
India is becoming
increasingly attractive globally and this is expected to augur well for the
hospitality industry and foreign arrivals. Given the current global scenario,
it is being seen as a safe and affordable destination. As per reports, hotel
room supply in India which grew at 10% per annum over past five years and is
expected to grow at 5.9% for the next couple of years whilst demand is expected
to grow in double digits. The delta in demand would lead to improved
occupancies, and progressively increase in room rates. This euphoria may
however be partially diluted or offset on account of the high rate of GSTonroom
accommodation.
Company’s Projects and Plans
(i) The Company is
in an advanced stage to operationalize the retail complex adjoining JW Marriott
at Sahar.The Business Center and Administrative officeareas of the said complex
at Sahar are expected to commence operations once the last set of approvals are
received.
(ii) The Company
will review the proposed Development Plan for Greater Mumbai to explore
opportunities to build additional capacity at Powai,
Mumbai
MERGER
Proposed merger of Magna Warehousing and Distribution Private Limited, wholly owned subsidiary of the Company.The Board of Directors of the Company at its meeting held on January 5, 2017, approved the merger of Magna Warehousing and Distribution Private Limited, its wholly owned subsidiary,with the Company under Section 230 to 232 of the Companies Act, 2013, with effect from November 01, 2016, (“the Appointed Date”) subject to obtaining necessary approvals of National CompanyLaw Tribunal (NCLT) at Mumbai and Bangalore.
The Company has obtained consent of Shareholders of the Company to the proposed Merger (Scheme of Arrangement) subject to the approval of the National Company Law Tribunal (NCLT) atMumbai and Bangalore and other statutory and regulatory authorities and therefore no impact of the demerger is given in the standalone financial statements of the Company for the year ended March 31, 2017. The effect of demerger shall be given on receivingnecessary approvals of National CompanyLaw Tribunal (NCLT) at Mumbai and Bangaloreand on the Effective Date as set out in the said Scheme of Arrangement.
2. Proposed merger of Hotel and Retail undertaking of Genext Hardware and Parks Private Limited with the Company The Board of Directors of the Company at its meeting held on January 5, 2017, approved the de-merger proposal and approved the "Scheme of Arrangement " ('the Scheme') to demerge the Hotel Undertaking and the Retail Undertaking of Genext Hardware and Parks Private Limited with the Company under Section 230 to 232 of the Companies Act, 2013, with effect from November 01, 2016, (“the Appointed Date”) subject to obtaining necessary approvals of National CompanyLaw Tribunal (NCLT) at Mumbai.
The Company has obtained consent of Shareholders of the Company to the proposed Scheme of Arrangement subject to the approval of the National Company Law Tribunal (NCLT) at Mumbai and other statutory and regulatory authorities and therefore no impact of the demerger is given in the standalone financial statements of the Company for the year ended March 31, 2017. The effect of demerger shall be given on receiving necessary approvals fromNational CompanyLaw Tribunal (NCLT) at Mumbai and on the Effective Date as set out in the said Scheme of Arrangement.
UNSECURED LOANS:
(INR
In Million)
|
Particulars |
As
on 31.03.2017 |
As
on 31.03.2016 |
|
SHORT TERM
BORROWING |
|
|
|
Loans repayable on demand from banks |
251.731 |
686.735 |
|
Loans and advances from directors |
74.000 |
0.000 |
|
Total |
325.731 |
686.735 |
INDEX OF CHARGE:
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
AMOUNT |
ADDRESS |
|
1 |
G79088738 |
100159575 |
ST HELEN'S
NOMINEES INDIA PRIVATE LIMITED |
19/02/2018 |
- |
1950000000.0 |
1ST FLOOR,
CRESCENZO BUILDING, C-38/39,"G" BLOCK, BANDRA KURLA COMPLEX,BANDRA (EAST)MUMBAIMH400051IN |
|
2 |
G39417472 |
100086073 |
IDBI TRUSTEESHIP
SERVICES LIMITED |
17/03/2017 |
- |
1100000000.0 |
ASIAN BUILDING,
GROUND FLOOR, 17, R. KAMANI MARG,BALLARD ESTATE,MUMBAIMH400001IN |
|
3 |
G04185732 |
100028474 |
ST HELEN'S NOMINEES
INDIA PRIVATE LIMITED |
27/04/2016 |
- |
2000000000.0 |
1ST FLOOR,
CRESCENZO BUILDING, C-38/39,"G" BLOCK, BANDRA KURLA COMPLEX,BANDRA
(EAST)MUMBAIMA400051IN |
|
4 |
G02159077 |
100022263 |
IDBI TRUSTEESHIP
SERVICES LIMITED |
25/04/2016 |
- |
900000000.0 |
ASIAN BLDG.,
GROUND FLOOR, 17, R.KAMANI MARG,BALLARD ESTATE,MUMBAIMH400001IN |
|
5 |
G03641438 |
100027096 |
HOUSING
DEVELOPMENT FINANCE CORPORATION LIMITED |
22/03/2016 |
- |
3600000000.0 |
RAMON HOUSE 169BACKBAY
RECLAMATIONH T PAREKH MARGMUMBAIMA400020IN |
|
6 |
C77490993 |
10609944 |
IDBI TRUSTEESHIP
SERVICES LIMITED |
01/12/2015 |
14/01/2016 |
2567000000.0 |
ASIAN BLDG.,
GROUND FLOOR,17, R. KAMANI MARG, BALLARD ESTATEMUMBAIMH400001IN |
|
7 |
C65875312 |
10594339 |
RBL BANK LIMITED |
28/08/2015 |
- |
1500000000.0 |
SHAHUPURI,KOLHAPUR,KOLHAPURMH416001IN |
|
8 |
C58600164 |
10579314 |
RBL BANK LIMITED |
13/05/2015 |
- |
1500000000.0 |
SHAHUPURI,KOLHAPUR,KOLHAPURMH416001IN |
|
9 |
C36309946 |
10535516 |
HDFC BANK LIMITED |
14/11/2014 |
- |
8800000.0 |
HDFC BANK HOUSE,
SENAPATI BAPAT MARG,LOWER PAREL (WEST),MUMBAIMH400013IN |
|
10 |
C33467259 |
10531045 |
HOUSING
DEVELOPMENT FINANCE CORPORATION LIMITED |
13/10/2014 |
- |
1350000000.0 |
RAMON HOUSE, H.T.
PAREKH MARG,169, BACKBAY RECLAMATION, CHURCHGATE,MUMBAIMH400020IN |
FIXED ASSETS:
Tangible assets
- Land
- Buildings
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Office equipment
- Leasehold improvements
Intangible assets
- Brands and trade marks
- Trade marks
- Computer software
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 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 65.35 |
|
|
1 |
INR 92.70 |
|
Euro |
1 |
INR 80.80 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
KVT |
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.