MIRA INFORM REPORT

Report No. :	494584
Report Date :	01.03.2018

IDENTIFICATION DETAILS

Name :	PIEM HOTELS LIMITED
Registered Office :	Vivanta By Taj President90, Cuffe Parade, Mumbai – 400005, Maharashtra
Tel. No.:	91-22-66650931 / 22150808
Country :	India
Financials (as on) :	31.03.2016
Date of Incorporation :	13.03.1968
Com. Reg. No.:	11-013960
Capital Investment / Paid-up Capital :	INR 38.100 Million
CIN No.: [Company Identification No.]	U55101MH1968PLC013960
IEC No.: [Import-Export Code No.]	0388010380
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
GSTN : [Goods & Service Tax Registration No.]	27AAACP8376M1ZR
PAN No.: [Permanent Account No.]	AAACP8376M
Legal Form :	A Closely Held Public Limited Liability Company.
Line of Business :	Providing Services in Hospitality. [Registered Activity and also Confirmed by management]
No. of Employees :	2500 (Approximately)

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A+

Credit Rating	Explanation	Rating Comments
A+	Low Risk	Business dealings permissible with low risk of default

Maximum Credit Limit :	USD 14200000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 1968 and it is having good track records. It is promoted by the Tata group and the Nagpal family of Mumbai (Maharashtra). The company owns and operates chains of hotels. It operates under the brand name The Gateway Hotel and Vivanta by Taj. The Piem group has six hotels in India, located at Mumbai, Bengaluru (Karnataka), Lucknow (Uttar Pradesh), and Pune (Maharashtra). As per Registrar of Companies the date of balance sheet (i.e. financial filed) is shown as 31-03-2017 but the documents related to the financial for the year 2017 are not available from any sources. For the financial year 2016, the company has increased in its revenue from operation as compared to previous year and maintained decent profitability margin of 9.28%. Rating takes into consideration sound financial profile of the company marked by healthy networth base and debt free balance sheet. Further, rating also reflects from established position in the hospitality industry, geographical diversity in revenue along with benefits derives from association with the Taj brand of hotels and healthy improvement in the revenue as well as profitability profile during the year. These strengths are partially offset cyclicality in the hospitality industry and exposure to risks related to stabilisation of operations. Trade relations are reported as fair. Business is active. Payments terms are seem to be regular. In view of the 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.

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

Rating Agency Name	CRISIL RATING
Rating	Short Term Rating = A1+
Rating Explanation	Very strong degree of safety and carry lowest credit risk
Date	21.12.2016

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 PARTED BY

Name :	Mr. Mithun Jayaram
Designation :	Finance Manager
Contact No.:	91-22-66650931
Date :	28.02.2018

LOCATIONS

Registered Office :	Vivanta By Taj President90, Cuffe Parade, Mumbai – 400005, Maharashtra, India
Tel. No.:	91-22-66650931 / 22150808
Fax No.:	91-22-66650368
E-Mail :	farzana.billimoria@tajhotels.com
Website :	roxzana.mistry@tajhotels.com
Location :	Owned
Locality :	Commercial

DIRECTORS

As on 31.03.2017

Name :

Mr. Ninotchka Malkani Nagpal

Designation :

Director

Address :

292, Tahnee Heights, Napeansa Road, Pett Hall, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

06.07.1971

Date of Appointment :

30.06.1998

DIN No.:

00031985

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
L85110KA1948PLC000545	ADOR MULTI PRODUCTS LIMITED	26/08/2015	-
L31909KA1974PLC020010	ADOR FONTECH LIMITED	20/07/2007	-
U51900MH1925PTC004217	J B ADVANI AND COMPANY PRIVATE LIMITED	01/04/2004	-
L70100MH1951PLC008647	ADOR WELDING LIMITED	07/05/2015	-
U74999MH2008PTC186104	ADOR GREEN-ENERGY PRIVATE LIMITED	22/08/2008	-
U74999MH2015PTC261114	3D FUTURE TECHNOLOGIES PRIVATE LIMITED	19/01/2015	-
U52602MH2015PTC267517	1908 E-VENTURES PRIVATE LIMITED	18/08/2015	-

Name :

Mr. Rajesh Rajkumar Nagpal

Designation :

Managing Director

Address :

292, Tahnee Heights, Napeansa Road, Pett Hall, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

07.12.1968

Date of Appointment :

01.04.2009

DIN No.:

00032123

PAN No.:

ACOPN6090K

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U30007MH1994PLC081637	MSL DRIVELINE SYSTEMS LIMITED	17/08/2017	-
U55101UP1971PLC003838	NORTHERN INDIA HOTELSLIMITED	11/09/2014	-

Name :

Mr. Sudhir Lalchand Nagpal

Designation :

Managing Director

Address :

33, Mehr-Dad, Cuffe Parade, Mumabi – 400005, Maharashtra, India

Date of Birth/Age :

29.05.1959

Date of Appointment :

01.04.2011

DIN No.:

00044762

PAN No.:

AAAPN3020F

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U60300MH1977PLC019952	TAJ TRADE AND TRANSPORT COMPANY LIMITED	06/09/2012	-
U30007MH1990PTC056425	MPOWER INFORMATION SYSTEMS PRIVATE LIMITED	04/05/1990	-
U55101UP1971PLC003838	NORTHERN INDIA HOTELSLIMITED	27/06/1998	-

Name :

Mr. Rajkumar Mengraj Nagpal

Designation :

Whole-Time Director

Address :

Urvashi Building Flat No. 141, Napeansea Road, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

11.12.1941

Date of Appointment :

01.10.2011

DIN No.:

00058612

PAN No.:

AAAPN3021E

Name :

Mr. Farhat Jamal

Designation :

Additional Director

Address :

Jenkien House, Flat No. 20 4th Floor, Henry Road, Colaba Mumbai -400005, Maharashtra, India

Date of Appointment :

09.10.2015

DIN No.:

01875688

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U60300MH1977PLC019952	TAJ TRADE AND TRANSPORT COMPANY LIMITED	08/08/2016	-
U55101UP1971PLC003838	NORTHERN INDIA HOTELSLIMITED	29/09/2016	-

Name :

Mr. Sanjay Ganesh Ubale

Designation :

Director

Address :

Flat No.6, 2^nd Floor, Ashley House, 169 – Colaba, Near Colaba Post Office, Mumbai – 400025, Maharashtra, India

Date of Birth/Age :

22.08.1961

Date of Appointment :

28.07.2010

DIN No.:

02040738

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U45400MH2007PTC174567	TRIL ROADS PRIVATE LIMITED	20/09/2010	-
U70102MH2007PLC168300	TATA REALTY AND INFRASTRUCTURE LIMITED.	27/08/2008	-
U45200TN2008PLC066931	TRIL INFOPARK LIMITED	26/08/2009	-
U45200MH2008NPL188263	INSTITUTE FOR LEAN CONSTRUCTION EXCELLENCE	30/09/2009	-
U45202MH2008PTC188845	TRIL LOGISTICS PRIVATE LIMITED	01/08/2011	-
U45300MH1942PLC003573	TATA HOUSING DEVELOPMENT COMPANY LIMITED	06/09/2011	-
U45201MH2007PLC171985	TRIL CONSTRUCTIONS LIMITED.	25/09/2014	-

Name :

Mr. Ganesa Iyer Anantharaman

Designation :

Director

Address :

The Perigrine, Flat No.10, 10^th Floor, 400 Veera Savarkar Marg, Prabhadevi, Mumbai – 400025, Maharashtra, India

Date of Birth/Age :

21.06.1944

Date of Appointment :

29.07.2013

DIN No.:

02229822

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U65990MH1995GOI085602	SHCIL SERVICES LIMITED	01/09/2015	-
U66010RJ2006PLC029979	SHRIRAM GENERAL INSURANCE COMPANY LIMITED	05/06/2008	-
U45400MH2009PLC195605	TATA VALUE HOMES LIMITED	12/09/2013	-
U74120MH2011PLC219665	CDSL INSURANCE REPOSITORY LIMITED	05/06/2014	-

Name :

Mrs. Vibha Paul Rishi

Designation :

Additional Director

Address :

812, The Aralias Golf Course Road, Chakarpur, Gurugram – 122002, Haryana, India

Date of Appointment :

21.09.2017

DIN No.:

05180796

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
L24239MH1939PLC002893	TATA CHEMICALS LIMITED	12/02/2015	-
L24220MH1945PLC004598	ASIAN PAINTS LIMITED	26/06/2014	-
U70101MH1969PLC014326	ELEL HOTELS AND INVESTMENTS LIMITED	21/09/2017	-
L74999MH1902PLC000183	THE INDIAN HOTELS COMPANY LIMITED	10/08/2015	-
L52602MH1996PLC192090	FUTURE CONSUMER LIMITED	05/09/2012	-
L74899HR1944PLC039088	ESCORTS LIMITED	19/09/2014	-
U74899DL1995PLC066685	TATA TELESERVICES LIMITED	30/09/2015	-
U80101MH2002NPL136300	PRATHAM EDUCATION FOUNDATION	19/06/2015	-
U63013DL2004PLC217305	GO AIRLINES (INDIA) LIMITED	30/09/2015	-
U74900WB2015PLC206100	PHILIPS LIGHTING INDIA LIMITED	20/12/2016	-

Name :

Mr. Giridhar Sanjeevi

Designation :

Additional Director

Address :

A 102, Whispering Heights, Mindspace, Link Road, Malad (West), Mumbai – 400064, Maharashtra, India

Date of Appointment :

07.09.2017

DIN No.:

06648008

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
L40109AP1995PLC019349	TAJ GVK HOTELS AND RESORTS LIMITED	01/08/2017	-
U70101MH1969PLC014326	ELEL HOTELS AND INVESTMENTS LIMITED	31/07/2017	-
L55101TN1970PLC005897	ORIENTAL HOTELS LIMITED	25/07/2017	-
L55101UP1971PLC003480	BENARES HOTELS LIMITED	25/01/2018	-
U55204MH2001PLC133177	TAJ SATS AIR CATERING LIMITED	27/07/2017	-
U55100MH2003PLC143639	ROOTS CORPORATION LIMITED	02/08/2017	-

Name :

Mr. Beryl Joseph Fernandes

Designation :

Director

Address :

32, Mehr-Dad Chsl, Gd Somani Marg, Opposite Taj President, Cuffe Parade Mumbai -400005, Maharashtra, India

Date of Birth/Age :

11.04.1972

Date of Appointment :

20.08.2014

DIN No.:

06682181

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U30007MH1990PTC056425	MPOWER INFORMATION SYSTEMS PRIVATE LIMITED	30/09/2014	-

Name :

Mr. Rohit Khosla

Designation :

Additional Director

Address :

73 Pashimi Marg Vasant Vihar New Delhi- 110057, India

Date of Appointment :

09.10.2015

DIN No.:

07163135

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
L55101UP1971PLC003480	BENARES HOTELS LIMITED	21/08/2015	-
U74899DL1950PLC001861	UNITED HOTELS LIMITED	13/08/2015	-
U55200MH2004PLC149016	TAJ SAFARIS LIMITED	23/07/2015	-

Name :

Puneet Chhatwal

Designation :

Managing Director

Address :

Scholdererweg 6 Frankurt 60599 DE

Date of Appointment :

24.01.2018

DIN No.:

07624616

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
L40109AP1995PLC019349	TAJ GVK HOTELS AND RESORTS LIMITED	02/02/2018	-
L74999MH1902PLC000183	THE INDIAN HOTELS COMPANY LIMITED	06/11/2017	-
L55101TN1970PLC005897	ORIENTAL HOTELS LIMITED	23/01/2018	-
U55204MH2001PLC133177	TAJ SATS AIR CATERING LIMITED	24/01/2018	-

KEY EXECUTIVES

Name :	Mr. Mithun Jayaram
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2017

SHAREHOLDING DETAILS FILE ATTACHED.

Equity Share Break up (Percentage of Total Equity)

As on 23.08.2017

Category	Percentage
Promoter – (Individual/ Hindu Undivided Family – Indian)	39.47
Promoter - Bodies corporate	52.49
Public – (Individual/ Hindu Undivided Family – Indian)	1.24
Public – Foreign institutional investors	6.80
Total	100.00

BUSINESS DETAILS

Line of Business :

Providing Services in Hospitality. [Registered Activity and also Confirmed by management]

Products :

Item Code No.	Product Description
99633101	Hotels (services provided in hotels or other lodging)

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Products :

Items required for hotels

Countries :

• Malaysia
• Thailand

Terms :

Selling :

Cash

Purchasing :

Credit (30 days)

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

Customers :

End Users

Reference :	Not Divulged
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

No. of Employees :

2500 (Approximately)

Bankers :

Bank Name	HDFC Bank Limited
Branch	--
Person Name (With Designation)	--
Contact Number	--
Name of Account Holder	--
Account Number	--
Account Since (Date/Year of Account Opening)	--
Average Balance Maintained (If Possible)	--
Credit Facilities Enjoyed (If any)	--
Account Operation	--
Remarks (If any)	--

Auditors 1 :
Name :	Price Waterhouse Chartered Accountants
Address :	252 Veer Savarkar Marg, Shivaji Park, Dadar, Mumbai – 400028, Maharashtra, India
PAN No.:	AAFFP3698A
Auditors 2 :
Name :	P K F Sridhar and Santhanam Chartered Accountants
Address :	98 A, IV Floor, Dr. Radhakrishnan Salai, Mylapore, Chennai – 600004, Tamilnadu, India
PAN No.:	AAOFS2783G
Memberships :	Not Available
Collaborators :	Not Available
Holding Company :	The Indian Hotels Company Limited L74999MH1902PLC000183
Associates :	Inditravel Limited U74999MH1981PLC023924 Taj Trade and Transport Company Limited U60300MH1977PLC019952 Taida Trading and Industries Ltd. Taj Enterprises Limited
Others :	Mpower Information Systems Private Limited U30007MH1990PTC056425 TRIL Roads Private Limited U45400MH2007PTC174567
Subsidiary Company :	Premium Aircraft Leasing Corporation Ltd, Ireland
Fellow Subsidiary Company :	Tifco Holdings Limited U65910MH1977PLC019873 Apex Hotel Management Services (Australia) Pty. Limited, Australia Roots Corporation Limited U55100MH2003PLC143639 United Hotels Limited U74899DL1950PLC001861 Taj SATS Air Catering Limited U55204MH2001PLC133177 KTC Hotels Limited Benares Hotels Limited TRIL Logistics Private Limited Ador Green Energy Private Limited J.B. Advani and Company Private Limited Omnicom India Marketing Advisory Services Private Limited Taj International Hotels (H.K) Limited Cheiftain Corporation NV IHOCO BV Taj International Hotels Limited Samsara Properties Limited International Hotel Management Services LLC United Overseas Holdings Inc Apex Hotel Management Services (Australia) Pty. Limited St. James Court Hotel Limited

CAPITAL STRUCTURE

As on 31.03.2016

Authorised Capital :

No. of Shares	Type	Value	Amount
4750000	Equity Shares	INR 10/- each	INR 47.500 Million
18000	9.5% First Redeemable Cumulative Preference Shares	INR 100/- each	INR 1.800 Million
7000	3% Second Redeemable Cumulative Preference Shares	INR 100/- each	INR 0.700 Million
	Total		INR 50.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3810000	Equity Shares	INR 10/- each	INR 38.100 Million

FINANCIAL DATA

[all figures are in INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2016	31.03.2015	31.03.2014
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	38.100	38.100	38.100
(b) Reserves & Surplus	4953.232	4826.317	4690.895
(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)	4991.332	4864.417	4728.995
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	144.773	149.490	140.290
(c) Other long term liabilities	23.913	1.327	1.081
(d) long-term provisions	42.413	32.107	26.306
Total Non-current Liabilities (3)	211.099	182.924	167.677
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	237.506	164.706	199.613
(c) Other current liabilities	338.340	264.314	231.029
(d) Short-term provisions	60.841	255.446	299.032
Total Current Liabilities (4)	636.687	684.466	729.674
TOTAL	5839.118	5731.807	5626.346
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2939.083	2362.590	2489.015
(ii) Intangible Assets	29.751	16.128	16.077
(iii) Capital work-in-progress	1286.048	908.669	455.968
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	947.414	947.414	947.414
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	127.082	158.744	136.342
(e) Other Non-current assets	43.055	40.170	36.638
Total Non-Current Assets	5372.433	4433.715	4081.454
(2) Current assets
(a) Current investments	16.624	411.559	714.677
(b) Inventories	87.227	79.827	72.976
(c) Trade receivables	139.150	108.499	106.336
(d) Cash and cash equivalents	118.563	100.832	99.152
(e) Short-term loans and advances	104.700	586.200	545.845
(f) Other current assets	0.421	11.175	5.906
Total Current Assets	466.685	1298.092	1544.892
TOTAL	5839.118	5731.807	5626.346

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2016	31.03.2015	31.03.2014
	SALES
	Income	3343.657	3043.763	2953.394
	Other Income	130.660	183.979	310.959
	TOTAL	3474.317	3227.742	3264.353
Less	EXPENSES
	Cost of Materials Consumed	398.845	373.486	361.335
	Employees benefits expense	847.167	750.508	665.495
	CSR Expenditure	7.660	7.899	0.000
	Other expenses	1567.704	1427.135	1391.704
	Exceptional Items	0.000	0.000	31.629
	TOTAL	2821.376	2559.028	2450.163
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	652.941	668.714	814.190
Less	FINANCIAL EXPENSES	0.000	0.000	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	652.941	668.714	814.190
Less	DEPRECIATION/ AMORTISATION	198.917	186.220	222.056
	PROFIT/ (LOSS) BEFORE TAX	454.024	482.494	592.134
Less	TAX	143.683	164.200	181.490
	PROFIT/ (LOSS) AFTER TAX	310.341	318.294	410.644
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	881.867	765.315	951.461
	TOTAL EARNINGS	881.867	765.315	951.461
	IMPORTS
	Raw Materials	29.141	41.143	46.728
	Components and Stores parts	2.411	3.162	2.258
	Capital Goods	128.201	67.478	28.902
	TOTAL IMPORTS	159.753	111.783	77.888
	Earnings / (Loss) Per Share (INR)	81.45	83.54	107.78

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2016	31.03.2015	31.03.2014
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flow from operating activity	558.570	562.601	917.142

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Average Collection Days (Sundry Debtors / Income * 365 Days)	15.19	13.01	13.14
Account Receivables Turnover (Income / Sundry Debtors)	24.03	28.05	27.77
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	217.35	160.96	201.64
Inventory Turnover (Operating Income / Inventories)	7.49	8.38	11.16
Asset Turnover (Operating Income / Net Fixed Assets)	0.15	0.20	0.27

LEVERAGE RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.11	0.12	0.13
Debt Equity Ratio (Total Liability / Networth)	0.00	0.00	0.00
Current Liabilities to Networth (Current Liabilities / Net Worth)	0.13	0.14	0.15
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.85	0.68	0.63

PROFITABILITY RATIOS

PARTICULARS		31.03.2016	31.03.2015	31.03.2014
Net Profit Margin ((PAT / Sales) * 100)	%	9.28	10.46	13.90
Return on Total Assets ((PAT / Total Assets) * 100)	%	5.31	5.55	7.30
Return on Investment (ROI) ((PAT / Networth) * 100)	%	6.22	6.54	8.68

SOLVENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Current Ratio (Current Assets / Current Liabilities)	0.73	1.90	2.12
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.60	1.78	2.02
G-Score Ratio Financial (Networth / Total Assets)	0.85	0.85	0.84
G-Score Ratio Debt (Debts / Equity Capital)	0.00	0.00	0.00
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	0.73	1.90	2.12

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	31.03.2014	31.03.2015	31.03.2016
	INR In Million	INR In Million	INR In Million
Share Capital	38.100	38.100	38.100
Reserves & Surplus	4690.895	4826.317	4953.232
Net worth	4728.995	4864.417	4991.332
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2014	31.03.2015	31.03.2016
	INR In Million	INR In Million	INR In Million
Sales	2953.394	3043.763	3343.657
		3.060	9.853

NET PROFIT MARGIN

Net Profit Margin	31.03.2014	31.03.2015	31.03.2016
	INR In Million	INR In Million	INR In Million
Sales	2953.394	3043.763	3343.657
Profit	410.644	318.294	310.341
	13.90%	10.46%	9.28%

ABRIDGED BALANCE SHEET – (CONSOLIDATED)

SOURCES OF FUNDS	31.03.2016	31.03.2015
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	38.100	38.100
(b) Reserves & Surplus	7226.415	7004.331
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	15.399	13.799
Total Shareholders’ Funds (1) + (2)	7279.914	7056.230
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	145.641	150.390
(c) Other long term liabilities	23.913	1.327
(d) long-term provisions	42.413	32.107
Total Non-current Liabilities (3)	211.967	183.824
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	234.471	163.982
(c) Other current liabilities	339.486	265.068
(d) Short-term provisions	60.841	255.446
Total Current Liabilities (4)	634.798	684.496
TOTAL	8126.679	7924.550
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2943.207	2366.809
(ii) Intangible Assets	29.790	16.180
(iii) Capital work-in-progress	1286.048	908.669
(iv) Intangible assets under development	44.620	44.620
(b) Non-current Investments	2565.816	2550.644
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	127.624	159.953
(e) Other Non-current assets	43.055	40.170
Total Non-Current Assets	7040.160	6087.045
(2) Current assets
(a) Current investments	16.624	411.559
(b) Inventories	87.227	79.825
(c) Trade receivables	269.593	322.324
(d) Cash and cash equivalents	300.904	426.174
(e) Short-term loans and advances	410.763	586.226
(f) Other current assets	1.408	11.397
Total Current Assets	1086.519	1837.505
TOTAL	8126.679	7924.550

PROFIT & LOSS ACCOUNT– (CONSOLIDATED)

	PARTICULARS	31.03.2016	31.03.2015
	SALES
	Income	0.000	0.000
	Other Income	3526.384	3277.361
	TOTAL	3526.384	3277.361
Less	EXPENSES
	Cost of Materials Consumed	398.845	373.486
	Employees benefits expense	844.282	746.508
	CSR Expenditure	7.660	7.899
	Other expenses	1566.981	1445.954
	TOTAL	2817.768	2573.847
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	708.616	703.514
Less	FINANCIAL EXPENSES	0.000	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	708.616	703.514
Less	DEPRECIATION/ AMORTISATION	199.025	184.487
	PROFIT/ (LOSS) BEFORE TAX	509.591	519.027
Less	TAX	153.652	174.659
	PROFIT/ (LOSS) AFTER TAX	355.939	344.368
	Earnings / (Loss) Per Share (INR)	124.26	98.79

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	Yes
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
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)	Yes
16	No. of employees	Yes
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	No
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	Yes
35	Negative Reporting by Auditors in the Annual Report	No

State Of Companies Affair

The Company earned a total income of INR 3474.317 Million, which is 8% more than the previous year’s income of INR 3227.742 Million. Room income was INR 1497.138 Million which is 9% more than the previous year’s income of INR 1369.069 Million. F&B income was INR 1681.853 Million which is 9% more than the previous year’s income of INR.1538.633 Million. Profit for the year has decreased by 6% to INR 454.024 Million, compared to INR 482.494 Million in the previous year. Although Average Room Rate for the year increased by 2%, occupancies remained flat. The Company completed its expansion project at The Gateway Hotel, Nashik, wherein the inventory increased from 70 keys to 148 keys. A new Banquet Hall was also added. Work on the Amritsar hotel is in progress & likely to be completed shortly.

INDEX OF CHARGES:

Charges Registered
SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	A18881672	80034107	The Hongkong & Shanghai Banking Corporation	06/11/2003	-	29/06/2007	1000000000.0	52/60,Mahatma Gandhi Road, Fort, Mumbai MH 400001 IN

FIXED ASSETS

• Land
• Building
• Plant and Equipment
• Furniture and Fixture
• Vehicle
• Motor Vehicle
• Office Equipment
• Computer Equipment

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 :	PNM
Analysis Done by :	PRA
Report Prepared by :	JYO

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)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.