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|
|
MIRA INFORM REPORT
|
Report No. : |
494611 |
|
Report Date : |
01.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
HOTEL LEELAVENTURE LIMITED |
|
|
|
|
Registered
Office : |
The Leela Mumbai, Sahar, Andheri (East), Mumbai – 400059, Maharashtra |
|
Tel. No.: |
91-22-66911234 |
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|
Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
20.03.1981 |
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Com. Reg. No.: |
11-024097 |
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Capital
Investment / Paid-up Capital : |
INR 933.217 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L55101MH1981PLC024097 |
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|
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IEC No.: |
Not Divulged |
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GST No.: |
27AAACH3167J1ZI |
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TIN No.: |
27090370487 |
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|
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
|
|
PAN No.: [Permanent Account No.] |
AAACH3167J |
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|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
The Company’s main business is Hoteliering. (Registered Activity) |
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|
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No. of Employees
: |
2280 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
B |
|
Credit Rating |
Explanation |
Rating Comments |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
Maximum Credit Limit : |
USD 3867000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Exist |
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Comments : |
Subject is an established company incorporated in the year 1981 and it is having moderate track. For the financial year 2017, the company has increased in its revenue from operation as compared to previous year but reported losses. Rating takes into consideration moderate financial risk profile of the company marked by high debt balance sheet. Further, rating constrained on account of continuously incurring losses from last few year, excess of borrowing recorded during the year, cyclicality of the hospitality industry and prevailing intense competition from the existing hotels in the local vicinity. Share Price is quoted low on stock exchange (Share Price of INR 18 with Face value of INR 02). However, rating weakness is partially offset by company’s established track records of business operation and market position. Trade relations are reported as fair. Business is active. Payments terms are reported to be slow but correct. In view of aforesaid, the company can be considered for business dealings 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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
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 01.03.2018.
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
[Contact No: 91-22-66911234]
LOCATIONS
|
Registered Office : |
The Leela Mumbai, Sahar, Andheri (East), Mumbai – 400059, Maharashtra,
India |
|
Tel. No.: |
91-22-66911234/ 66911182/ 83 |
|
Fax No.: |
91-22-66911212/ 66911458 |
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E-Mail : |
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Website : |
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The Company’s
hotels : |
(A) Owned hotels: (1) The Leela Mumbai, Sahar, Andheri (East), Mumbai - 400 059, Maharashtra, India (2) The Leela Palace Bangalore, 23, Old Airport Road, Bangalore – 560 008, Karnataka, India
(3) The Leela Palace Udaipur, Lake Pichola, P.O. Box No. 125, Udaipur – 313 001, Rajasthan, India (4) The Leela Palace New Delhi, Diplomatic Enclave, Chanakyapuri, New Delhi – 110 023, India (5) The Leela Palace Chennai, Satyadev Avenue Extension, MRC Nagar, Raja Annamalapuram, Chennai- 600 028, Tamilnadu, India (6) B5, B-square, 7th Floor, 67-69 Shree Krishna Center, Near Mithakhali Six Roads, Mithakhali, Ahmedabad–38000, Gujarat, India (7) 8-2-601/V/2, 1st floor, Banjara Hills, Road No 10, Near Noor Nagar, Hyderabad - 500 034, Telangana, India (8) DBS House, 10/2 Hungerford Street, Kolkata - 700 017, West Bengal, India (9) Regus Platinum Centre , Level 8, Suyog Platinum Towers, 1 Naylor Road, Off Mangaldas Road, Bundgarden, Pune – 411001, Maharashtra, India (B) Managed hotels
and Residences: (1) The Leela Ambience Gurgaon Hotel & Residences, Ambience Island, National Highway – 8, Gurgaon – 122 002, Haryana, India (2) The Leela Kovalam, Trivandrum – 695 527, Kerala, India (3) The Leela Goa, Mobor, Cavelossim, Goa - 403 731, India (4) The Leela Ambience Convention Hotel, Delhi 1, CBD, Near Yamuna Sports Complex, Maharaja Surajmal Marg, New Delhi-110032, India |
|
|
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The Leela Palaces, Hotels and Resorts : |
Located at: · New Delhi · Bangalore · Chennai · Mumbai · Gurugram · Udaipur · Goa · Kovalam |
DIRECTORS
AS ON: 31.03.2017
|
Name : |
Mr. Vivek Krishnan Nair |
|
Designation : |
Managing Director |
|
Address : |
Leela Baug, Andheri Kurla Road, Andheri (East), Mumbai – 400059, Maharashtra, India |
|
Date of Appointment : |
03.08.1983 |
|
DIN No.: |
00005870 |
|
|
|
|
Name : |
Mr. Dinesh Krishnan Nair |
|
Designation : |
Managing Director |
|
Address : |
Leela Baug, Andheri Kurla Road, Andheri (East), Mumbai – 400059, Maharashtra, India |
|
Date of Appointment : |
03.08.1983 |
|
DIN No.: |
00006609 |
|
|
|
|
Name : |
Mrs. Anna Rajan Malhotra |
|
Designation : |
Director |
|
Address : |
Flat No. A/202, Citiscape CHS Limited, J.B.Nagar, Chakala Village, Andherai (East), Mumbai – 400059, Maharashtra, India |
|
Date of Appointment : |
14.06.1993 |
|
DIN No.: |
00005903 |
|
|
|
|
Name : |
Mr. Vinay Hansraj Kapadia |
|
Designation : |
Director |
|
Address : |
Building No. 20, Ganga, Flat no 325, Adarsh Nagar, Near Century Bazar, Worli, Mumbai-400030, Maharashtra, India |
|
Date of Appointment : |
07.10.2017 |
|
DIN No.: |
07958301 |
|
|
|
|
Name : |
Mr. Navnit K. Batheja |
|
Designation : |
Director |
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|
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|
Name : |
Mr. M. Madhavan Nambiar |
|
Designation : |
Director |
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|
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|
Name : |
Mr. Ashok G. Rajani |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Vijay Amritraj |
|
Designation : |
Director |
|
|
|
|
Name : |
Mrs. K. Hemalatha |
|
Designation : |
Director- Nominee of AAI |
|
|
|
|
Name : |
Mr. Anil R. Bhatia |
|
Designation : |
Director- Nominee of JM Financial Asset Reconstruction Company Limited |
|
|
|
|
Name : |
Mr. V.P. Shetty |
|
Designation : |
Director- Nominee of JM Financial Asset Reconstruction Company Limited |
KEY EXECUTIVES
|
Name : |
Mr. Krishna Deshika |
|
Designation : |
Chief Financial Officer (KMP) |
|
Address : |
No.14, II Main, Aecs Layout, III Stage, Sanjaynagar, Bangalore – 560094, Karnataka, India |
|
Date of Appointment : |
11.08.2014 |
|
PAN No.: |
ACUPD9945P |
|
|
|
|
Name : |
Mr. Anand Sunder Bohra |
|
Designation : |
Company Secretary |
|
Address : |
22/1735, MHB Colony, Gorai Road, Near Post Office, Borivali (West), Mumbai – 400091, Maharashtra, India |
|
Date of Appointment : |
04.07.2015 |
|
PAN No.: |
AHFPB8423N |
|
|
|
|
Name : |
Mr. Rajiv Kaul |
|
Designation : |
President |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2017
|
Category of Shareholder |
No.
of Shares |
Percentage
of Holding |
|
(A) Promoter
& Promoter Group |
298087074 |
47.27 |
|
(B) Public |
332464692 |
52.73 |
|
|
|
|
|
Total |
630551766 |
100.00 |
Statement showing shareholding pattern of the Promoter
and Promoter Group
|
Category
of shareholder |
No.
of fully paid up equity shares held |
Shareholding
as a % of total no. of shares (calculated as per SCRR, 1957)As a % of
(A+B+C2) |
|
|
A1) Indian |
0.00 |
|
|
|
Individuals/Hindu
undivided Family |
12,45,200 |
0.20 |
|
|
LAKSHMI NAIR |
18,330 |
0.00 |
|
|
DINESH NAIR |
3,74,050 |
0.06 |
|
|
VIVEK KRISHNAN NAIR |
4,77,460 |
0.08 |
|
|
MADHU D NAIR |
360 |
0.00 |
|
|
P V LEELA AMMA NAIR |
75,000 |
0.01 |
|
|
AMRUDA NAIR |
3,00,000 |
0.05 |
|
|
Any Other
(specify) |
29,68,41,874 |
47.08 |
|
|
LEELA LACE SOFTWARE SOLUTIONS PVT LTD |
5,36,42,359 |
8.51 |
|
|
LEELA LACE HOLDINGS PVT LTD |
18,86,49,985 |
29.92 |
|
|
LEELA FASHIONS PVT LTD. |
42,50,000 |
0.67 |
|
|
ROCKFORT ESTATE DEVELOPERS PVT LTD |
4,95,07,175 |
7.85 |
|
|
Krishnan Nair Leela Family Trust (through Trustees
for beneficiaries - Mr.Vivek Nair and Mr.Dinesh Nair) |
7,92,355 |
0.13 |
|
|
Sub Total A1 |
29,80,87,074 |
47.27 |
|
|
A2) Foreign |
0.00 |
|
|
|
A=A1+A2 |
29,80,87,074 |
47.27 |
|
Statement showing shareholding pattern of the Public
shareholder
|
Category
& Name of the Shareholders |
No.
of fully paid up equity shares held |
Shareholding
% calculated as per SCRR, 1957 As a % of (A+B+C2) |
|
|
|||
|
|||
|
|||
|
B1) Institutions |
0 |
0.00 |
|
|
Mutual Funds/ |
250 |
0.00 |
|
|
Foreign Portfolio
Investors |
305899 |
0.05 |
|
|
Financial
Institutions/ Banks |
705880 |
0.11 |
|
|
Insurance
Companies |
23000523 |
3.65 |
|
|
LIC OF INDIA FUTURE PLUS GROWTH FUND |
21860773 |
3.47 |
|
|
Sub Total B1 |
24012552 |
3.81 |
|
|
B2) Central Government/
State Government(s)/ President of India |
0 |
0.00 |
|
|
B3)
Non-Institutions |
0 |
0.00 |
|
|
Individual share
capital upto INR 0.200 Million |
55357480 |
8.78 |
|
|
Individual share
capital in excess of INR 0.200 Million |
7397532 |
1.17 |
|
|
NBFCs registered
with RBI |
220524 |
0.03 |
|
|
Any Other
(specify) |
245476604 |
38.93 |
|
|
Trusts |
11800 |
0.00 |
|
|
NRI – Repat |
8570743 |
1.36 |
|
|
Clearing Members |
363276 |
0.06 |
|
|
NRI – Non- Repat |
1428388 |
0.23 |
|
|
Bodies Corporate |
235102397 |
37.29 |
|
|
ITC LIMITED |
49953055 |
7.92 |
|
|
JM FINANCIAL ASSET RECONSTRUCTION CO PVT
LTD |
163943459 |
26.00 |
|
|
Sub Total B3 |
308452140 |
48.92 |
|
|
B=B1+B2+B3 |
332464692 |
52.73 |
|
BUSINESS DETAILS
|
Line of Business : |
The Company’s main business is Hoteliering. (Registered Activity) |
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
|
|
Selling : |
Not Divulged |
|
|
|
|
Purchasing : |
Not Divulged |
PRODUCTION STATUS: (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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|
|||||||||||||||||||||||||||
|
No. of Employees : |
2280 (Approximately) |
|||||||||||||||||||||||||||
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|
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|
Bankers : |
· Bank of Baroda ·
Housing
Development Finance Corporation Limited ·
State
Bank of India |
|||||||||||||||||||||||||||
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|
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Facilities : |
|
|
|
|
|
Auditors : |
|
|
Name : |
Picardo and Company Chartered Accountants |
|
|
|
|
Solicitors and Advocates : |
Cyril Amarchand Mangaldas |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Subsidiary Company
: |
Leela Palaces and Resorts Limited |
|
|
|
|
Associate Companies
: |
· Leela Lace Software Solutions Private Limited · Leela Lace Holdings Private Limited · Leela Fashions Private Limited · Rockfort Estate Developers Private Limited · Season Apparels Private Limited · Leela Innovation Centre Private Limited · Elegant Eateries Private Limited · Leela Housing Private Limited · Leela Lace Estate Private Limited · Emmel Realtors and Developers Private Limited · Leela Villas Private Limited · Leela Constates Private Limited · Leela Capital and Finance Limited · Leela Realcon Private Limited · Leela IT Projects Private Limited · Leela Lace Builders Private Limited · Vibgyor Leasing Private Limited · Zillion Hotels & Resorts Private Limited · Leela Techno Parks Private Limited · Francisco Hospitality Private Limited · Leela Realty Limited · .L.M Realtors Private Limited · LMV Associates Limited · Leela Hospitality Private Limited · Leela Palace Chennai Private Limited |
CAPITAL STRUCTURE
AFTER: 18.09.2017
Authorised Capital : INR
2600.000 Million
Issued, Subscribed & Paid-up Capital : INR 1261.104 Million
AS ON: 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
600000000 |
Equity Shares |
INR 2/- each |
INR 1200.000 Million |
|
6000000 |
Preference Shares |
INR 100/- each |
INR 600.000 Million |
|
|
Total |
|
INR 1800.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
466608307 |
Equity Shares |
INR 2/- each |
INR 933.217
Million |
|
|
|
|
|
Reconciliation
of number of equity Shares
|
Particulars |
No of Shares |
|
Equity
Shares at the beginning of the year |
466608307 |
|
Equity
shares at the end of the year |
466608307 |
Details
of shareholders holding more than 5% shares
|
Particulars |
No of Shares |
%
of Shares held |
|
Leela
Lace Holdings Private Limited |
188649985 |
40.43 |
|
Leela
Lace Software Solutions Private Limited |
53642359 |
11.50 |
|
ITC
Limited |
49953055 |
10.71 |
|
Rockfort
Estate Developers Private Limited |
49507175 |
10.61 |
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 |
933.217 |
933.217 |
933.217 |
|
(b) Reserves & Surplus |
420.259 |
1445.348 |
3246.950 |
|
(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) |
1353.476 |
2378.565 |
4180.167 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
39540.681 |
42575.796 |
49949.290 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
68.846 |
|
(c)
Other long term liabilities |
214.763 |
209.548 |
217.485 |
|
(d)
long-term provisions |
185.811 |
169.147 |
246.787 |
|
Total
Non-current Liabilities (3) |
39941.255 |
42954.491 |
50482.408 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.000 |
0.000 |
14.487 |
|
(b)
Trade payables |
827.062 |
667.609 |
648.974 |
|
(c)
Other current liabilities |
5189.971 |
3527.440 |
2903.152 |
|
(d)
Short-term provisions |
75.531 |
100.411 |
53.370 |
|
Total
Current Liabilities (4) |
6092.564 |
4295.460 |
3619.983 |
|
|
|
|
|
|
TOTAL |
47387.295 |
49628.516 |
58282.558 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
40585.857 |
41636.555 |
50592.432 |
|
(ii)
Intangible Assets |
37.294 |
87.199 |
132.476 |
|
(iii)
Capital work-in-progress |
386.102 |
380.249 |
173.712 |
|
(iv) Intangible assets under development |
0.000 |
1.447 |
0.000 |
|
(b) Non-current
Investments |
903.747 |
903.685 |
900.025 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
1268.163 |
1585.215 |
1600.931 |
|
(e)
Other Non-current assets |
30.000 |
30.000 |
30.000 |
|
(f) Fixed
assets held for sale |
2188.997 |
2188.997 |
2183.884 |
|
(g)
Foreign currency monetary
translation difference |
57.106 |
895.545 |
1080.751 |
|
Total
Non-Current Assets |
45457.266 |
47708.892 |
56694.211 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
300.903 |
436.997 |
526.037 |
|
(c)
Trade receivables |
715.761 |
635.623 |
512.237 |
|
(d)
Cash and cash equivalents |
473.100 |
447.217 |
252.358 |
|
(e)
Short-term loans and advances |
409.283 |
356.742 |
271.477 |
|
(f)
Other current assets |
30.982 |
43.045 |
26.238 |
|
Total
Current Assets |
1930.029 |
1919.624 |
1588.347 |
|
|
|
|
|
|
TOTAL |
47387.295 |
49628.516 |
58282.558 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
6999.438 |
6609.082 |
6364.514 |
|
|
|
Other Income |
138.446 |
94.277 |
66.154 |
|
|
|
TOTAL |
7137.884 |
6703.359 |
6430.668 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
616.362 |
614.609 |
599.259 |
|
|
|
Employees benefits expense |
1975.805 |
1922.128 |
1875.036 |
|
|
|
Other expenses |
2643.189 |
2541.020 |
2973.271 |
|
|
|
Exceptional Items |
0.000 |
2133.894 |
1832.776 |
|
|
|
TOTAL |
5235.356 |
7211.651 |
7280.342 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
1902.528 |
(508.292) |
(849.674) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
904.419 |
879.003 |
1975.141 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
998.109 |
(1387.295) |
(2824.815) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
2023.198 |
2398.770 |
2267.525 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(1025.089) |
(3786.065) |
(5092.340) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
(68.846) |
(542.936) |
|
|
|
|
|
|
|
|
|
Add |
DISCONTINUING
OPERATIONS |
0.000 |
1915.617 |
390.630 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(1025.089) |
(1801.602) |
(4158.774) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Sale of products & services |
3022.102 |
3652.195 |
3393.737 |
|
|
TOTAL EARNINGS |
3022.102 |
3652.195 |
3393.737 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2.086 |
12.621 |
8.367 |
|
|
|
Stores and supplies including linen |
78.006 |
81.327 |
78.212 |
|
|
|
Capital Goods |
11.782 |
13.179 |
24.400 |
|
|
TOTAL IMPORTS |
91.874 |
107.127 |
110.979 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (INR) |
(2.20) |
(3.86) |
(9.06) |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
2280.604 |
713.487 |
374.371 |
|
|
|
|
|
|
Cash generated from operations |
1979.412 |
1783.045 |
2249.546 |
|
|
|
|
|
|
Net Cash Flow from Operating Activities |
1951.363 |
1740.082 |
2309.515 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
37.32 |
35.10 |
29.38 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
9.78 |
10.40 |
12.42 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
489.77 |
396.48 |
395.28 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
6.32 |
(1.16) |
(1.62) |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.04 |
(0.01) |
(0.02) |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
1.01 |
0.96 |
0.93 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
30.90 |
18.20 |
12.04 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
4.50 |
1.81 |
0.87 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
31.92 |
18.62 |
12.70 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
2.10 |
-0.58 |
-0.43 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
(14.65) |
(27.26) |
(65.34) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
(2.16) |
(3.63) |
(7.14) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
(75.74) |
(75.74) |
(99.49) |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
0.32 |
0.45 |
0.44 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.27 |
0.35 |
0.29 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.03 |
0.05 |
0.07 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
44.81 |
46.39 |
53.94 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
0.32 |
0.45 |
0.44 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 2.00/- |
|
|
|
|
Market Value |
INR 18.00/- |
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 |
933.217 |
933.217 |
933.217 |
|
Reserves & Surplus |
3246.950 |
1445.348 |
420.259 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
4180.167 |
2378.565 |
1353.476 |
|
|
|
|
|
|
long-term borrowings |
49949.290 |
42575.796 |
39540.681 |
|
Short term borrowings |
14.487 |
0.000 |
0.000 |
|
Current Maturities of Long
term debt |
374.371 |
713.487 |
2280.604 |
|
Total
borrowings |
50338.148 |
43289.283 |
41821.285 |
|
Debt/Equity
ratio |
12.042 |
18.200 |
30.899 |
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 |
6364.514 |
6609.082 |
6999.438 |
|
|
|
3.843 |
5.906 |
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 |
6364.514 |
6609.082 |
6999.438 |
|
Profit/ (Loss) |
(4158.774) |
(1801.602) |
(1025.089) |
|
|
(65.34%) |
(27.26%) |
(14.65%) |
LEGAL CASES
|
Case Details Bench:- Bombay |
|||||||
|
Presentation Date:-
09/01/2017 |
|||||||
|
Lodging No. : |
ITXAL/69/2017 |
Failing Date:- |
09/01/2017 |
Reg. No.:- |
ITXA/698/2017 |
Reg. Date:- |
24/04/2017 |
|
Petitioner:- |
THE COMMISSIONER OF INCOME TAX TDS 1 MUMBAI - |
Respondent:- |
HOTEL LEELAVENTURE LIMITED- |
||||
|
Petn.Adv:- |
P C CHHOTARAY (0) |
Resp. Adv.: |
0 (0) |
||||
|
District:- |
MUMBAI |
||||||
|
Bench:- |
DIVISION |
Category:- |
TAX APPEALS |
||||
|
Status:- |
Pre-Admission |
Stage:- |
FOR REJECTION [ORIGINAL SIDE MATTERS] |
||||
|
Last Date:- |
05/06/2017 |
||||||
|
Last Coram:- |
ACCORDING TO SITTING LIST
ACCORDING
TO SITTING LIST |
||||||
|
|
|
||||||
|
Act. : |
|
Under Section:- 260A |
|||||
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 |
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 |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G39822358 |
10388069 |
SBICAP TRUSTEE COMPANY LIMITED |
06/11/2012 |
30/03/2017 |
- |
40398600000.0 |
202 Maker Tower E, Cuffee ParadeColabaMumbaiMH400005IN |
|
2 |
B60251691 |
10381967 |
HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED |
09/10/2012 |
- |
- |
1000000000.0 |
RAMON HOUSE 169BACKBAY RECLAMATIONH T PAREKH MARGMUMBAIMH400020IN |
|
3 |
B36525657 |
10346157 |
BMW India Financial Services Private Limited |
21/03/2012 |
- |
- |
10562994.0 |
TOWER C, 14TH FLOOR, BUILDING NO. 10DLF CYBER CITY, PHASE-IIGURGAONHR122002IN |
|
4 |
B29442118 |
10327984 |
BMW India Financial Services Private Limited |
15/12/2011 |
- |
- |
18367180.0 |
TOWER C, 14TH FLOOR, BUILDING NO. 10DLF CYBER CITY, PHASE-IIGURGAONHR122002IN |
|
5 |
C72854292 |
10313115 |
BMW India Financial Services Private Limited |
30/09/2011 |
25/11/2015 |
- |
38825319.0 |
Tower C, 14th Floor, Building No.10DLF Cyber City, Phase IIGurgaonHR122002IN |
|
6 |
C72597875 |
10252275 |
Axis Trustee Services Limited |
22/10/2010 |
14/12/2015 |
- |
900000000.0 |
Axis House, 2nd Flr, Bombay Dyeing Mills Compound,Pandurang Budhkar Marg, Worli,MumbaiMH400025IN |
|
7 |
A83785683 |
10214069 |
SBICAP TRUSTEE COMPANY LIMITED |
29/03/2010 |
- |
- |
1300000000.0 |
202, MAKER TOWER, 'E', CUFFE PARADE,COLABA,MUMBAIMH400005IN |
|
8 |
B70355094 |
10117244 |
HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED |
30/07/2008 |
13/02/2013 |
- |
7560000000.0 |
RAMON HOUSE 169BACKBAY RECLAMATIONH T PAREKH MARGMUMBAIMH400020IN |
|
9 |
C72516818 |
80039390 |
JM Financial Asset Reconstruction Company Private Limited |
26/09/2001 |
14/12/2015 |
- |
602700000.0 |
7th Floor, Cnergy,Appasaheb Marathe Marg, Prabhadevi,MumbaiMH400025IN |
|
10 |
G06636153 |
10461366 |
HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED |
30/09/2013 |
13/05/2016 |
20/06/2016 |
400000000.0 |
RAMON HOUSE 169BACKBAY RECLAMATIONH T PAREKH MARGMUMBAIMa400020IN |
UNSECURED LOANS
|
PARTICULARS |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Rupee term loan from a related party |
192.625 |
192.625 |
|
|
|
|
|
Total |
192.625 |
192.625 |
MANAGEMENT’S
DISCUSSION AND ANALYSIS
OVERVIEW
According to the IMF estimates, the global economy grew by 3.1% in 2016 as against 3.4% in 2015. However, India continued to be the fastest growing economy, with growth rate of 7.1% in FY 2016-17. It is anticipated that both the Global economy and the Indian economy would perform better during the current year.
According to the World Travel and Tourism Council (WTTC) Report, Travel and Tourism performed better in 2016 globally compared to 2015 and is expected to improve further in the current year. The report also states that Travel and Tourism contributed as high as 9.6% to India’s GDP. The Travel and Tourism sector is the largest employment generator, contributing to over 9% of the Country’s employment.
The Hotel Industry has performed better in 2016, compared to 2015. During the year 2016, all India occupancy rose by 2.4% to 64.1% and Average Room Rate (ARR) increased by about 2%. The Occupancy and ARR are expected to improve further, in the current year.
AWARDS AND ACCOLADES
The Leela Palace New
Delhi
• India’s Best Awards 2016- Awarded the ‘Best Hotel for Women Business Traveller in India’ by Travel+Leisure India and South Asia, November 2016
• TTG Travel Awards 2016 - Ranked as ‘The best City Hotel in Delhi’, August 2016
• Travel + Leisure USA - The hotel has been ranked #3 amongst ‘The 10 Best City Hotels in Asia’ July 2016
• Travel + Leisure USA- The hotel has been ranked amongst ‘ The 100 Best Hotels in the World’ July 2016
• Robb Report USA – The Leela Palace New Delhi has been named amongst the “10 City Hotels with Cool Rooftop Pools in the world”, July 2016
• Booking.com Awards 2016- The hotel has been awarded the ‘The Best Reviewed Score in Delhi 2016’; ‘Best Revenue Generation in Delhi 2016’;‘ Best Guest Review Award in Delhi 2016’ May 2016
• Eazy Diner Foodie Awards 2016 - Le Cirque awarded Critics Choice ‘Best European Restaurant in a Hotel,’ April 2016
• Eazy Diner Foodie Awards 2016- Lobby Lounge voted ‘Best Brewed Tea’ in a capital city, April 2016
The Leela Palace
Udaipur
• TripAdvisor 2017 Travellers’ ChoiceT Awards – The Leela Palace Udaipur awarded # 1 among Top 25 Hotels in India, January 2017
• TripAdvisor 2017 Travellers’ ChoiceT Awards – The Leela Palace Udaipur awarded # 2 among Best Luxury Hotel in India, January 2017
• TripAdvisor 2017 Travellers’ ChoiceT Awards – The Leela Palace Udaipur awarded # 7 among Top 25 Hotels in Asia, January 2017
• TripAdvisor 2017 Travellers’ ChoiceT Awards – The Leela Palace Udaipur awarded # 19 among Top 25 Hotels in the World, January 2017
• Conde Nast Traveller India Readers Travel Awards 2016 - Favourite Leisure Hotel in India, December 2016
• Conde Nast Traveller India Readers Travel Awards 2016 - Favourite Hotel Spa by Espa, December 2016
The Leela Palace Bangalore
• CNT India’s Top 100 Business Hotels – May 2017
• Eazydiner Awards – Vir Sanghvi’s Choice – Jamavar as Best Indian Restaurant in Hotel, February 2017
• Eazydiner Awards – People’s Choice – Citrus as Best Café in Hotel, February 2017
TripAdvisor 2017 Travellers’ Choice™ awards – ranked #23 among “Top 25 Luxury Hotels of India”, January 2017
• Icons of Whisky - Library Bar receives Gold Certification, October 2016
• India Nightlife Convention & Awards – Library bar won the “Best Wine bar in Bangalore” award, September 2016
• Times Food and Night Life Awards – Library bar voted Best Bars, January 2016
• Times Food and Night Life Awards – Le Cirque Signature voted Best European, January 2016
• National Energy Conservation Award- The Leela Palace Bengaluru, Hotel sector (5 star and above) category, December 2016
The Leela Palace
Chennai
• Times Food & Nightlife Awards 2017 – China XO as for Best Chinese in Fine Dining Category, December 2016
• Times Food & Nightlife Awards 2017 – Jamavar as for Best Indian in Fine Dining Category, December 2016
• Times Food & Nightlife Awards 2017 – Spectra as for Best Sunday Brunch in Fine Dining, Category December 2016
• Whiskey Bars of the World for 2016 - Library Blu got Gold Certification, October 2016
• Ritz Lifestyle Awards – ESPA as Best SPA in a 5 Star Hotel by Ritz Magazine September, 2016
• Ritz Lifestyle Awards – Spectra as Best Coffee Shop in a 5 Star Hotel, September 2016
• Make My Trip –Customer Choice Award 2016, September 2016
• Rocheston Institute Accreditation, New York - Jamavar honored as a ‘Distinguished Restaurant’, May 2016
The Leela Mumbai
• MakeMyTrip – Customer Choice Award in Luxury segment, December 2016
• Eazy Diner Foodie Awards 2016 – Le Cirque Signature voted Best European Restaurant in a Hotel, October 2016
• Eazy Diner Foodie Awards 2016 – Jamavar awarded Critic’s Choice Best Traditional Indian Restaurant, October 2016
• Wine Spectator Award of Excellence 2016 – Le Cirque Signature honored for having one of the most outstanding restaurant wine lists in the world, August 2016
The Leela Ambience
Gurgaon Hotel and Residences
• Food Food top 100 awards– Spectra awarded as Best World Cuisine restaurant, April, 2017
• Food Food top 100 awards– Spectra awarded as Best Sunday Brunch restaurant, April, 2017
• Food Food top 100 awards– Chef Leidy Liz Livition, Best rising star female, April, 2017
• BW Indian Hospitality Awards – Michel Koopman, jury award for excellence in profession, March 2017
• BW Indian Hospitality Awards – Vipul Kamboj awarded as DOSM of the year, National, March 2017
• The Times Food Guide 2017 – Zanotta awarded Best Italian Fine Dine, March 2017
• The Times Food Guide 2017 – Rubicon awarded Best Bar for Wine - Luxurious Night Life, March 2017
The Leela Goa
• BW Indian Hospitality Award – Shridhar Nair, awarded the General Manager of the Year in the Luxury Hotel Segment, March 2017
• BW Indian Hospitality Award – Sachin Shet, awarded the Food & Beverage Manager of the Year in the Luxury Hotel Segment, March 2017
• Hotel Operations Summit India – Shridhar Nair, awarded the General Manager of the Year in the Luxury Hotel Segment, April 2016.
• Conde Nast Traveller Reader’s Travel Awards 2016 – The Leela Goa featured among The World’s Top 100 hotels, October 2016, The Leela Kovalam
• Metro Food Awards for “The Tides” and “The Terrace” Restaurants in the categories of Best Fine Dining and Best North Indian Restaurants, December 2016
The Leela – Corporate
• Travel + Leisure USA World’s Best Awards – The Leela Palaces, Hotels and Resorts ranked the fifth best hospitality brand in the world, July 2016
EXPANSION /
UPGRADATION PLANS
The Company has adopted an “Asset Light Strategy” for future growth and plans to operate hotels through Management Contracts, instead of owning hotels and has executed Memorandum of Understanding with some reputed developers to manage their hotels and residences being developed by them. Properties at Bangalore, Jaipur, Agra, and Chandigarh are at different stages of planning and implementation.
STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 31.12.2017
(INR IN MILLION)
|
Particulars |
Quarter ended |
Nine months ended |
|
|
|
31.12.2017 (Unaudited) |
30.09.2017 (Unaudited) |
31.12.2017 (Unaudited) |
|
INCOME FROM OPERATIONS |
|
|
|
|
Net Sales/ Income from operations |
2036.100 |
1583.900 |
5121.000 |
|
Other Income |
262.500 |
(91.400) |
206.100 |
|
Total
Income |
2298.600 |
1492.500 |
5327.100 |
|
|
|
|
|
|
EXPENSES |
|
|
|
|
Cost of materials consumed |
180.300 |
155.500 |
478.700 |
|
Employee benefits expense |
509.300 |
488.300 |
1484.000 |
|
Fuel, power and light |
123.900 |
89.500 |
341.700 |
|
Finance Costs |
199.700 |
207.000 |
613.400 |
|
Depreciation and Amortization |
307.800 |
322.200 |
950.600 |
|
Other Expenditure |
571.100 |
471.800 |
1532.900 |
|
Total
Expenses |
1892.100 |
1736.900 |
5401.300 |
|
Profit/(Loss) from operations before
Exceptional Items and tax |
406.500 |
(244.400) |
(74.200) |
|
Exceptional Items |
--- |
--- |
--- |
|
Profit / (Loss) before Tax |
406.500 |
(244.400) |
(74.200) |
|
Tax Expense |
--- |
--- |
--- |
|
Net Profit/ loss for the period |
(406.500) |
(244.400) |
(74.200) |
|
Other comprehensive income |
|
|
|
|
Items that may not be reclassified
subsequently to the statement of profit and loss |
|
|
|
|
Remeasurement of defined benefit plan |
(2.900) |
(1.600) |
(8.800) |
|
Gain/ (Losses) on financial assets to fair value |
(2.900) |
(2.900) |
(8.600) |
|
Items that may be reclassified subsequently to the statement of profit and loss |
--- |
--- |
--- |
|
Total other comprehensive income for the
period |
(5.800) |
(4.500) |
(17.400) |
|
Total comprehensive income for the
period |
400.700 |
(248.900) |
(91.600) |
|
Paid-up Equity Share Capital (Face value INR 2/- per share) |
1261.100 |
933.200 |
1261.100 |
|
Earnings per Share
(EPS) (IN INR) – Basic and Diluted |
0.68 |
(0.53) |
(0.18) |
Notes:
1. The above financial results have been reviewed by the Audit Committee and have been approved by the Board of Directors at their meetings held on 9th February, 2018.
2. In view of the seasonality of the industry, the financial results for the
quarter are not indicative of the full year's expected performance.
3. As the Company does not have reportable segment other than Hoteliering,
segment-wise reporting is not applicable.
4. Other Income for the quarter includes exchange rate difference amounting to
profit of INR 248.000 Million (previous year loss INR 220.200 Million) and nine
months profit of INR 161.500 Million (previous year loss of INR 276.500
Million)
5. The Company has adopted Indian Accounting Standards ("Ind AS")
from 1st April, 2017 and accordingly these financial results have been prepared
in accordance with the recognition and measurement principles laid down in Ind
AS 34 Interim Financial Reporting prescribed under Section 133 of the Companies
Act, 2013 read with the relevant rules issued thereunder and the other
accounting principles generally accepted in India. Accordingly the results for
the quarter and nine months ended 31st December, 2016 have also been restated
and prepared in accordance with the recognition and measurement principles of
Ind AS 34.
6. The Format for above results as prescribed in SEBI's Circular
CIR/CFD/CMD/15/2015 dated 30th November, 2015 has been modified to comply with
the requirements of SEBI's Circular dated 5th July, 2016, Ind AS and Schedule
III [Division II] to the Companies Act, 2013.
7. During the quarter, the Company has allotted 16,39,43,459 fully paid up
Equity Shares of INR 2 each, at a price INR 16.78 per Equity Shares (including
premium of INR 14.78 per Equity Shares) aggregating to INR 2750.900 Million, to
JM Financial Asset Reconstruction Company Limited towards conversion of loan in
terms of the Master Restructuring Agreement dated 28th September, 2012 with
lenders of the Company.
8. A reconciliation between financial results, as previously reported (referred
to as 'Previous GAAP') and Ind AS for the quarter and nine months ended 31st
December, 2016 is presented as under.
|
Particulars |
Quarter
ended |
Nine month ended |
|
|
31.12.2016 (Unaudited) |
31.12.2016 (Unaudited) |
|
Net Loss for the quarter and nine months ended 31st December, 2016 as reported |
(184.500) |
(1159.500) |
|
Reclassification of actuarial gains/losses, arising in respect of employee benefit schemes, to Other Comprehensive Income (OCI). This was previously charged to the Statement of Profit and Loss |
4.300 |
13.000 |
|
Exchange difference on revaluation of Long Term Borrowings. The translation differences were previously being amortised over the tenure of the loan. |
100.200 |
500.500 |
|
Depreciation/Amortisation cost difference on account of change in method of accounting of exchange difference on long term foreign currency loans. |
(23.900) |
(30.100) |
|
Gain/(Loss) on financial assets to their fair value |
(3.200) |
(9.600) |
|
Net Profit/(Loss) as per Ind AS |
(107.000) |
(685.700) |
|
Other comprehensive income |
(4.300) |
(13.000) |
|
Total comprehensive income under Ind AS |
(111.400) |
(698.600) |
9. The erstwhile CDR Lenders with exposure of 95.6% of the CDR Debt assigned their
debt to JM Financial Asset Reconstruction Company Limited and 1 lender with
exposure of about 1% of the CDR Debt to Phoenix ARC Private Limited on 30th
June, 2014. The Company is pursuing with the ARC for a viable restructuring
package, with certain concessions in interest and repayment terms and pending
approval of the same, has not provided for the interest. The ARCs have notified
the Company that the interest and penal interest are applicable as per the
rates contracted prior to admission to CDR and the impact of the non-provision
is understatement of finance cost for the quarter and nine months ended to the
extent of INR 1847.300 Million (previous period INR 1843.700 Million) and INR
5880.200 Million (previous period INR 5414.000 Million). Had the Company
provided for interest, the loss would have been higher to that extent.
10. The Division bench of the Delhi High Court had dismissed the appeal filed
by the Company against the Single Bench judgement setting aside the Award
passed by the sole arbitrator in relation to a dispute with Airports Authority
of India (AAI) regarding the minimum guaranteed amounts on lease of 11000 sq.
meters of land. The Company had filed a Special Leave Petition before the
Supreme Court against the Division bench order. The Supreme Court has dismissed
the SLP on 05th February, 2018. The amount due according to AAI is about INR
3111.900 Million, for which no provision is made, as the Company is in the
process of filing the review petition.
11. AAI has initiated eviction proceeding relating to 18000 sq. meters of land
on which the Mumbai hotel is built. The Company has contested the same.
12. The listed non-convertible debentures of the Company amounting to Rs 6750
lakhs as at 31st December, 2017 are secured by way of mortgage/charge on
certain properties of the Company. Details of Non-convertible debentures are as
follows:
|
|
Previous Due
Date |
Previous Due
Date |
Next Due Date |
Next Due Date |
|
|
Principal |
Interest |
Principal |
Interest |
|
12.5% Non Convertible
Debentures |
30th Sep 17 |
19th Dec 17 |
30th Sep 18 |
19th Mar 18 |
Interest overdue as on 31st December 17 is INR 93.800 Million. Principal redemption amount overdue INR 450.000 Million of which INR 225.000 Million since 30th September 2016.
13. Figures have been regrouped or rearranged, wherever necessary.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
Contingent
liabilities and commitments (to the extent not provided for) |
|
|
|
(a) Claims against the Company not acknowledged as debts |
2178.314 |
1975.105 |
|
(b) Disputed statutory liabilities |
633.043 |
579.021 |
|
(c) Other contingent liabilitie |
13.099 |
13.099 |
|
(d) Estimated amount of contracts remaining to be executed
on capital account and not provided for |
2.916 |
2.940 |
FIXED ASSETS:
Tangible Assets
· Land Freehold
· Land Leasehold
· Buildings
· Plant and equipment
· Furniture and fixtures
· Vehicles
· Office equipment
· 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, India Prisons Service,
Interpol, etc.
1] INFORMATION ON DESIGNATED
PARTY
No records 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 65.10 |
|
UK Pound |
1 |
INR 90.45 |
|
Euro |
1 |
INR 79.59 |
INFORMATION DETAILS
|
Information
Gathered by : |
KMN |
|
|
|
|
Analysis Done by
: |
PRS |
|
|
|
|
Report Prepared
by : |
IND |
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 |
YES |
|
--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.