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|
MIRA
INFORM REPORT
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Report No. : |
500498 |
|
Report Date : |
28.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
THE INDIAN HOTELS COMPANY LIMITED |
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Registered
Office : |
Mandlik House, Mandlik Road, Mumbai-400001, Maharashtra |
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Tel. No.: |
91-22-66395515 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
01.04.1902 |
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Com. Reg. No.: |
11-000183 |
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Capital
Investment / Paid-up Capital : |
INR 989.300 Million |
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|
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CIN No.: [Company Identification
No.] |
L74999MH1902PLC000183 |
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IEC No.: |
0388086734 |
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GST No.: |
27AAACT3957G1Z7 |
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TIN No.: |
27030246845 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
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PAN No.: [Permanent Account No.] |
AAACT3957G |
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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
: |
Subject is primarily engaged in the business of Owning, Operating and Managing Hotels, Palaces and Resorts. (Registered Activity) |
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No. of Employees
: |
5391 (Approximately) |
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++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
Maximum Credit Limit : |
USD 74740000 |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
The Indian Hotels Company Limited was incorporated in the year 1902. It is promoted by Tata Sons Limited. As per the financial records of 2017, the company has achieved 5.44% growth in its revenue as compared to the previous year’s revenue and has reported an average profitability margin of 5.94%. The company possesses strong financial position marked by roust net worth base along with low debt balance sheet profile. Rating takes into consideration the company’s long established track record, and strength that the company derives from Tata group and its well experienced management team. The company has its share price trading at around INR 124.90 on BSE as on March 26, 2018 as against the Face Value (FV) of INR 1. Business is active. Payment seems to be regular. In view of aforesaid, the company can be considered for business dealings at usual trade terms and condition. Note: As part of the Company’s restructuring plan, at a meeting held on October 19, 2015, the Board of Directors had approved the amalgamation of IHMS (formerly known as International Hotel Management Services Inc.), a wholly held subsidiary into the Company, by way of a Scheme of Arrangement amongst the Company, the Transferor Company, and the respective shareholders and creditors (the “Scheme”), as provided under Sections 391 to 394 of the Companies Act, 1956 read with Section 52 of the Act, Section 78 and Sections 100 to 103 of the Companies Act, 1956. The Appointed Date for the Scheme was January 1, 2016. The amalgamation was approved by the Members at the meeting convened on May 4, 2016, on the direction of the Honourable High Court of Judicature at Bombay (“Bombay High Court”) where the application seeking permission for the amalgamation was filed. The Bombay High Court vide its order dated August 12, 2016 had approved the Scheme which had been filed with the jurisdictional Registrar of Companies on September 15, 2016. The other conditions to effectiveness of the Scheme as specified in Clause 18(a) of the Scheme had subsequently been fulfilled including the receipt of the approval of the Securities and Exchange Board of India (''SEBI'') in terms of the SEBI Scheme Circulars and the filing of the “Certificate of Merger” with the office of the Secretary of State of the State of Delaware, both on September 29, 2016. Accordingly, the “Effective Date” of the Scheme is September 29, 2016, being the last of the dates on which all the conditions and matters referred to in Clause 18(a) of the Scheme have been fulfilled in accordance with the Scheme. Pursuant thereto, in accordance with the terms of the Scheme, IHMS has amalgamated with the Company and has ceased to exist as a separate legal entity as per the applicable law in the State of Delaware and is deemed to be dissolved without winding up for the purposes of the Companies Act with effect from the Appointed Date i.e. January 1, 2016. The necessary accounting entries have been passed in the books of accounts of the Company to reflect the same. At a meeting held on October 19, 2015, the Board of Directors of the Company had approved the amalgamation of LEPPL, a wholly held subsidiary into the Company, by way of a Scheme of Arrangement amongst the Company, the Transferor Company, and the respective shareholders and creditors (the “Scheme”), as provided under Sections 391 to 394 of the Companies Act, 1956 read with Section 52 of the Act, section 78 and Sections 100 to 103 of the Companies Act, 1956. The Appointed Date for the Scheme is March 31, 2016. The amalgamation was approved by the Members of the Company at the meeting convened on May 4, 2016, on the direction of the Honourable High Court of Judicature at Bombay (“Bombay High Court”) where the application seeking permission for the amalgamation has been filed. The Bombay High Court vide its order dated October 13, 2016 has approved the scheme of arrangement between LEPPL and the Company. Pursuant thereto, the High Court orders were filed with the jurisdictional Registrar of Companies on December 7, 2016 for reduction of capital of the Company and on December 9, 2016 in respect of the Scheme. The other conditions to effectiveness of the Scheme as specified in Clause 18(a) of the Scheme were subsequently fulfilled including receipt of approval/comments from the SEBI on December 19, 2016 vide SEBI Letter dated December 15, 2016, in terms of SEBI Circular No. CIR/CFD/DIL/5/2013 dated February 4, 2013 read with SEBI Circular No. CIR/CFD/DIL/8/2013 dated May 21, 2013. Accordingly, the “Effective Date” of the Scheme is December 19, 2016, being the last of the dates on which all the conditions and matters referred to in Clause 18(a) of the Scheme occur or have been fulfilled or waived in accordance with the Scheme. Pursuant thereto, in accordance with the terms of the Scheme, LEPPL was amalgamated with the Company with effect from the Appointed Date i.e. March 31, 2016, and consequently, LEPPL stands dissolved without winding up. The necessary accounting entries giving effect to the amalgamation have been passed in the books of accounts of the Company. |
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 |
CARE |
|
Rating |
Long Term Loans = AA+ |
|
Rating Explanation |
High degree of safety and very low credit risk. |
|
Date |
09.10.2017 |
|
|
|
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Loans = A1+ |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
|
Date |
09.10.2017 |
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 28.03.2018.
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: 91-22-66395515]
LOCATIONS
|
Registered Office : |
Mandlik House, Mandlik Road, Mumbai-400001, Maharashtra, India |
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Tel. No.: |
91-22-66395515 |
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Fax No.: |
91-22-22027442 |
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E-Mail : |
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Website : |
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Corporate Office : |
9th Floor, Express Towers, Barrister Rajni Patel Marg, Nariman Point, Mumbai-400021, Maharashtra, India |
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Tel No.: |
91-22-61371637 |
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Fax No.: |
91-22-61371919/ 61371710 |
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Hotels
: |
Located at: · Bangalore · Mumbai · New Delhi · Ernakulam · Jaipur · Kolkata · Hyderabad · Agra · Aurangabad · Bandhavgarh National Park · Bangalore · Bekal · Calicut · Chandigarh · Chennai · Chikmagalur · Cochin · Coimbatore · Coonoor · Coorg · Gir Forest · Goa · Gondia · Hyderabad · Ooty · Panna · Baghvan · Pune · Ranthambor · Srinagar · Surat · Trivandrum · Udaipur · Vadodara · Varanasi · Varkala · Vijayawada · Visakhapatnam · Bangalore · Goa · Ajmer · Kanha National Park · Kerala · Gurgaon · Guwahati · Gwalior · Hyderabad · Jaipur · Jodhpur · Khajuraho · Kovalam · Kumarakom · Lucknow · Madurai · Mangalore · Nashik |
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Sales Offices : |
Located at: · Bangalore · Ahmedabad · Mumbai · New Delhi · Kolkata · Hyderabad · Pune · Chennai |
DIRECTORS
AS ON: 31.03.2017
|
Name : |
Mr. Deepak Shantilal Parekh |
|
Designation : |
Director |
|
Address : |
Flat No. 4607, The Imperial Tower, North 46th Floor, B B Nakashe Marg (Tardeo Road), Tardeo, Mumbai – 400034, Maharashtra, India |
|
Date of Appointment : |
09.05.2000 |
|
DIN No.: |
00009078 |
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|
|
|
Name : |
Mr. Chandrasekaran Natarajan |
|
Designation : |
Director |
|
Address : |
Flat Nos 21st N & 22nd N 21st S & 22nd S 11&12 Flr "33 South", Peddar Road, (Gopalrao Deshmu Kh Marg), Mumbai-400026, Maharashtra, India |
|
Date of Birth/Age : |
02.06.1963 |
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Qualification : |
Bachelor’s Degree in Applied Science Master’s Degree in Computer Application – Trichy |
|
Expertise in
specific functional areas/ brief resume : |
Mr. N Chandrasekaran is the Chairman of Tata Sons Limited. He was appointed as a Director on its Board on October 25, 2016. He was the Chief Executive Officer and Managing Director of Tata Consultancy Services (TCS), a leading Global IT solutions and consulting firm, a position he held since 2009 till February 2017. He joined TCS in 1987 and under his leadership, TCS has become the largest private sector employer in India with the highest retention rate in a globally competitive industry. TCS remains the most valuable company in India for the year ended 2015-16 with a market capitalisation of over US $70 billion. Under Mr. N. Chandrasekaran’s leadership, TCS was rated as the world’s most powerful brand in IT services in 2015 and recognised as a Global Top Employer by the Top Employers Institute across 24 countries. He was also appointed as a director on the board of India’s central bank, the Reserve Bank of India in 2016. He has served as the chairperson of IT Industry Governors at the WEF, Davos, in 2015-16. He has been playing an active role in the Indo-US and IndiaUK CEO Forums. He is also a part of India’s business taskforces for Australia, Brazil, Canada, China, Japan and Malaysia. He served as the Chairman of Nasscom, the apex trade body for IT services firms, in India in 2012-13 and continues to be a member of its governing executive council. Mr. N. Chandrasekaran has received several awards and recognition in the business community. Recently he was honoured with the “Business Leader Award” at the ET Awards for Corporate Excellence, 2016 |
|
Date of Appointment : |
27.01.2017 |
|
DIN No.: |
00121863 |
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|
|
Name : |
Mr. Mehernosh Sorab Kapadia |
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Designation : |
Wholetime Director |
|
Address : |
29, Wodehouse Apartment, Wodehouse Road, Colaba, Mumbai – 400001, Maharashtra, India |
|
Date of Appointment : |
10.08.2011 |
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DIN No.: |
00050530 |
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|
Name : |
Mr. Puneet Chhatwa |
|
Designation : |
Managing Director |
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Address : |
Scholdererweg 6 Frankurt 60599 DE |
|
Date of Appointment : |
06.11.2017 |
|
DIN No.: |
07624616 |
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|
|
|
Name : |
Mr. Nadir Burjor Godrej |
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Designation : |
Director |
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Address : |
40-D, B.G. Kher Marg, 2nd Floor, Malabar Hill, Mumbai – 400006, Maharashtra, India |
|
Date of Appointment : |
07.11.2008 |
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DIN No.: |
00066195 |
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|
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Name : |
Mr. Gautam Banerjee |
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Designation : |
Director |
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Address : |
10 Cornwall Gardens Singapore 269639 SG |
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Date of Appointment : |
10.09.2014 |
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DIN No.: |
03031655 |
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|
|
|
Name : |
Mr. Vibha Paul Rishi |
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Designation : |
Director |
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Address : |
812, The Aralias, 12th Floor, Block - 8, Golf Link, DLF, City – V, Gurugram-122002, Haryana, India |
|
Date of Appointment : |
10.09.2014 |
|
DIN No.: |
05180796 |
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|
|
|
Name : |
Ireena Vittal |
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Designation : |
Director |
|
Address : |
4, Alhambra Carmichael Road, Mumbai – 400026, Maharashtra, India |
|
Date of Appointment : |
07.08.2013 |
|
DIN No.: |
05195656 |
KEY EXECUTIVES
|
Name : |
Mr. Beejal Akshaykumar Desai |
|
Designation : |
Company Secretary |
|
Address : |
A/13, Flower Queen Co-Operative Housing Society Limited, 18, Veera Desai Road, Andheri (West), Mumbai – 400058, Maharashtra, India |
|
Date of Appointment : |
30.05.2011 |
|
PAN No.: |
AAAPD3368C |
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|
|
|
Name : |
Mr. Rakesh Kumar Sahib Sarna |
|
Designation : |
Chief Executive Officer (KMP) |
|
Address : |
Taj Wellington Mews 33, N. Parekh, Colaba, Mumbai – 400001, Maharashtra, India |
|
Date of Appointment : |
01.09.2014 |
|
PAN No.: |
FTLPS3991H |
|
|
|
|
Name : |
Mr. Puneet Chhatwal |
|
Designation : |
Chief Executive Officer (KMP) |
|
Address : |
Scholdererweg 6 Frankurt 60599 DE |
|
Date of Appointment : |
06.11.2017 |
|
PAN No.: |
BBIPC6775N |
|
|
|
|
Name : |
Mr. Giridhar Sanjeevi |
|
Designation : |
Chief Financial Officer (KMP) |
|
Address : |
A 102, Whispering Heights, Mindspace, Link Road, Malad (West) Mumbai 400064 MH IN |
|
Date of Appointment : |
04.05.2017 |
|
PAN No.: |
ABQPS2534L |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2017
|
Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
(A) Promoter
& Promoter Group |
464856979 |
39.09 |
|
(B) Public |
724401466 |
60.91 |
|
|
|
|
|
Total |
1189258445 |
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 |
|
|
|
Any Other
(specify) |
46,48,56,979 |
39.09 |
|
|
TATA SONS LIMITED |
35,42,47,400 |
29.79 |
|
|
SIR DORABJI TATA TRUST |
5,02,21,040 |
4.22 |
|
|
LADY TATA MEMORIAL TRUST |
1,77,28,200 |
1.49 |
|
|
SIR RATAN TATA TRUST |
1,10,23,220 |
0.93 |
|
|
TATA CHEMICALS LIMITED |
1,06,89,348 |
0.90 |
|
|
TATA INVESTMENT CORPORATION LIMITED |
1,60,71,539 |
1.35 |
|
|
EWART INVESTMENTS LIMITED |
21,27,705 |
0.18 |
|
|
TAJ MADURAI LIMITED |
11,25,393 |
0.09 |
|
|
ORIENTAL HOTELS LIMITED |
7,52,398 |
0.06 |
|
|
TATA INDUSTRIES LIMITED |
6,65,278 |
0.06 |
|
|
TAIDA TRADING AND INDUSTRIES LIMITED |
1,87,818 |
0.02 |
|
|
TATA CAPITAL LTD |
17,640 |
0.00 |
|
|
Sub Total A1 |
46,48,56,979 |
39.09 |
|
|
A2) Foreign |
0.00 |
|
|
|
A=A1+A2 |
46,48,56,979 |
39.09 |
|
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/ |
155149382 |
13.05 |
|
|
RELIANCE CAPITAL TRUSTEE CO. LTD A/C
RELIANCEEQUITY OPPORTUNITIES FUND |
37583989 |
3.16 |
|
|
HDFC TRUSTEE COMPANY LTD - A/C HDFC MID -
CAPOPPORTUNITIES FUND / HDFC BALANCE FUND |
37025320 |
3.11 |
|
|
Financial
Institutions/ Banks |
103075738 |
8.67 |
|
|
LIFE INSURANCE CORPORATION OF INDIA |
100707662 |
8.47 |
|
|
Insurance
Companies |
37384472 |
3.14 |
|
|
GENERAL INSURANCE CORPORATION OF INDIA |
18919334 |
1.59 |
|
|
THE NEW INDIA ASSURANCE COMPANY LIMITED |
14816766 |
1.25 |
|
|
Any Other
(specify) |
183297259 |
15.41 |
|
|
GOVERNMENT PENSION FUND GLOBAL |
44735464 |
3.76 |
|
|
FRANKLIN TEMPLETON INVESTMENT FUNDS |
41010027 |
3.45 |
|
|
Sub Total B1 |
478906851 |
40.27 |
|
|
B2) Central
Government/ State Government(s)/ President of India |
0 |
0.00 |
|
|
Central
Government/ State Government(s)/ President of India |
1500 |
0.00 |
|
|
Sub Total B2 |
1500 |
0.00 |
|
|
B3)
Non-Institutions |
0 |
0.00 |
|
|
Individual share capital upto INR 0.200 Million |
131236686 |
11.04 |
|
|
Individual share capital in excess of INR 0.200 Million |
17347595 |
1.46 |
|
|
Any Other
(specify) |
96908834 |
8.15 |
|
|
Trusts |
3318361 |
0.28 |
|
|
Director or Director's Relatives |
66720 |
0.01 |
|
|
Foreign Individuals |
17205 |
0.00 |
|
|
NRI |
5463623 |
0.46 |
|
|
Clearing Members |
450727 |
0.04 |
|
|
HUF |
3167321 |
0.27 |
|
|
Bodies Corporate |
84424877 |
7.10 |
|
|
ICICI PRUDENTIAL LIFE INSURANCE COMPANY
LIMITED |
28234535 |
2.37 |
|
|
Sub Total B3 |
245493115 |
20.64 |
|
|
B=B1+B2+B3 |
724401466 |
60.91 |
|
BUSINESS DETAILS
|
Line of Business : |
Subject is primarily engaged in the business of Owning, Operating and Managing Hotels, Palaces and Resorts. (Registered Activity) |
|
|
|
|
Brand Names : |
“TAJ” |
|
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|
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Agencies Held : |
Not Available |
|
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|
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Exports : |
Not Divulged |
|
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Imports : |
Not Divulged |
|
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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 : |
5391 (Approximately) |
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Bankers : |
· The Hongkong and Shanghai Banking Corporation Limited · Standard Chartered Bank · State Bank of India · HDFC Bank Limited · ICICI Bank Limited |
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Facilities : |
|
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
|
|
|
Solicitors : |
Mulla & Mulla and Craigie Blunt and Caroe |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Company having
significant influence : |
Tata Sons Ltd (including its subsidiaries and joint
ventures) |
|
|
|
|
Subsidiary
Companies : |
Domestic ·
TIFCO Holdings Ltd. India ·
KTC Hotels Ltd. India ·
United Hotels Ltd. India ·
Roots Corporation Ltd. India ·
Taj Enterprises Ltd. India ·
Taj Trade and Transport Co Ltd. India ·
Benares Hotels Ltd. India Inditravel Ltd.
India ·
Piem Hotels Ltd. India ·
Northern India Hotels Ltd. India ·
Skydeck Properties and Developers Private
Limited India ·
Sheena Investments Private Limited India ·
ELEL Hotels & Investments Limited India ·
Luthria & Lalchandani Hotel &
Properties Pvt. Ltd International · Samsara Properties Ltd.1, British Virgin Islands · Chieftain Corporation NV 2, Netherlands Antilles · Apex Hotel Management Services (Pte) Ltd.3, Singapore · IHOCO BV, Netherlands · United Overseas Holding Inc. and its subsidiaries, United States of America · St. James Court Hotel Ltd., United Kingdom · Taj International Hotels Ltd, United Kingdom · Taj International Hotels (H.K.) Ltd., Hong Kong · PIEM International (H.K.) Ltd., Hong Kong · Apex Hotel Management Services (Australia) Pty. Ltd.4, Australia 1 application for liquidation was made in May, 2017 2 liquidated on April 13, 2017 3 in process of liquidation with effect from December 21, 2016 4 sold on March 31, 2017 |
|
|
|
|
Associate Companies : |
Domestic ·
Oriental Hotels Limited and its subsidiaries
India ·
Taj Madurai Limited India ·
Taida Trading & Industries Ltd. and its
subsidiaries India International ·
Lanka Island Resort Ltd. Sri Lanka ·
TAL Lanka Hotels PLC Sri Lanka ·
BJETS Pte Ltd., Singapore and its subsidiaries
Singapore |
|
|
|
|
Joint Ventures : |
Domestic · Taj Madras Flight Kitchen Pvt. Ltd. India · Taj Sats Air Catering Ltd. India · Taj Karnataka Hotels & Resorts Ltd. India · Taj Kerala Hotels & Resorts Ltd. India · Taj GVK Hotels & Resorts Ltd. India Taj Safaris Ltd India · Kaveri Retreats and Resorts Ltd. India International · TAL Hotels & Resorts Ltd. Hong Kong · TAL Maldives Resorts Pte. Ltd. Maldives ·
IHMS Hotels (SA) (Proprietary) Ltd. and its
subsidiary South Africa |
CAPITAL STRUCTURE
AFTER: 21.08.2017
Authorised Capital : INR
2000.000 Million
Issued, Subscribed & Paid-up Capital : INR 1189.258 Million
AS ON: 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000000 |
Equity Shares |
INR 1/- each |
INR 2000.000 Million |
|
|
|
|
|
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
989307472 |
Equity Shares |
INR 1/- each |
INR 989.300 Million |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
989274015 |
Equity Shares |
INR 1/- each |
INR 989.300 Million |
|
|
|
|
|
1. The Company has one class of equity shares having a par value of INR 1 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.
2. On September 1, 2014 the Company had allotted 18,18,01,228 Compulsorily Convertible Debentures (“CCDs”) of INR 55 each aggregating to INR 9999.100 Million on a “rights” basis (Each CCD was convertible into 1 equity share of INR 1 each at a premium of INR 54 per share after 18 months from the date of allotment of the CCD). The CCDs were converted into 18,18,01,228 Equity shares of INR 1 each on March 1, 2016 as per the terms of allotment and ` 981.73 crores has been transferred to Securities Premium account.
3. Reconciliation of
the shares outstanding at the beginning and at the end of the year
|
Particulars |
31.03.2017 |
|
|
|
No. of shares |
Amount |
|
As at the beginning of the year |
989274015 |
989.300 |
|
Add : CCDs converted to Equity shares |
--- |
--- |
|
As at the end of
the year |
989274015 |
989.300 |
4. Shareholders holding more than 5% shares
in the Company:
|
Particulars |
31.03.2017 |
|
|
|
No. of shares |
% of Holding |
|
Equity share of INR
1/- each fully paid |
|
|
|
Tata Sons Limited |
277063351 |
28.01 |
|
Life Insurance Corporation of India |
89022722 |
9.00 |
|
Sir Dorabji Tata Trust |
50221040 |
5.08 |
|
Reliance Capital Trustee Company Limited |
70236948 |
7.10 |
5. 33,457 (March 31, 2016 - 33,457 and April 1, 2015 -
16,504) Equity Shares were issued but not subscribed to as at the end of the
respective years and have been kept in abeyance pending resolution of legal
dispute. (vi) Aggregate number and class of shares allotted as fully paid up
pursuant to contract(s) without payment being received in cash, bonus shares
and shares bought back for the period of 5 years immediately preceding the
balance sheet date Nil (March 31, 2016 - Nil and April 1, 2015 - Nil) (vii)
Equity Shares in the entity held by associates.
|
Particulars |
31.03.2017 |
|
|
|
No. of shares |
% of Holding |
|
Equity share of INR
1/- each fully paid |
|
|
|
Oriental Hotels Limited |
6,26,999 |
0.06 |
|
Taida Trading and Industries Limited |
1,56,515 |
0.02 |
|
Taj Madurai Limited |
9,37,828 |
0.09 |
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 |
989.300 |
989.300 |
807.500 |
|
(b) Reserves & Surplus |
25169.700 |
22766.500 |
20680.200 |
|
(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) |
26159.000 |
23755.800 |
21487.700 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
14945.400 |
15693.700 |
19296.000 |
|
(b) Deferred tax liabilities (Net) |
2883.200 |
2288.000 |
2133.200 |
|
(c)
Other long term liabilities |
2534.600 |
2983.600 |
2982.900 |
|
(d)
long-term provisions |
487.800 |
486.500 |
273.100 |
|
Total
Non-current Liabilities (3) |
20851.000 |
21451.800 |
24685.200 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
73.100 |
74.500 |
9.900 |
|
(b)
Trade payables |
1771.400 |
1728.500 |
1387.300 |
|
(c)
Other current liabilities |
11224.200 |
11880.200 |
14502.200 |
|
(d)
Short-term provisions |
857.200 |
781.400 |
624.700 |
|
Total
Current Liabilities (4) |
13925.900 |
14464.600 |
16524.100 |
|
|
|
|
|
|
TOTAL |
60935.900 |
59672.200 |
62697.000 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
21485.700 |
21009.100 |
19722.900 |
|
(ii)
Intangible Assets |
381.200 |
413.600 |
232.000 |
|
(iii)
Capital work-in-progress |
1078.800 |
552.300 |
1419.900 |
|
(iv) Intangible assets under development |
0.300 |
3.500 |
14.000 |
|
(b) Non-current
Investments |
28750.900 |
18188.400 |
15793.000 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
377.800 |
10572.900 |
11270.900 |
|
(e)
Other Non-current assets |
3798.900 |
3541.600 |
2549.600 |
|
Total
Non-Current Assets |
55873.600 |
54281.400 |
51002.300 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
531.000 |
1358.700 |
4318.200 |
|
(b)
Inventories |
475.600 |
450.800 |
431.600 |
|
(c)
Trade receivables |
2137.400 |
1618.300 |
1395.600 |
|
(d)
Cash and cash equivalents |
217.000 |
292.100 |
3574.500 |
|
(e)
Short-term loans and advances |
14.700 |
14.700 |
49.600 |
|
(f)
Other current assets |
1686.600 |
1656.200 |
1925.200 |
|
Total
Current Assets |
5062.300 |
5390.800 |
11694.700 |
|
|
|
|
|
|
TOTAL |
60935.900 |
59672.200 |
62697.000 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
23912.500 |
22678.500 |
20243.800 |
|
|
|
Other Income |
538.600 |
1062.700 |
792.200 |
|
|
|
TOTAL |
24451.100 |
23741.200 |
21036.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employees benefits expense |
6332.200 |
6150.100 |
5313.700 |
|
|
|
Food and Beverages Consumed |
2199.900 |
2098.200 |
1818.800 |
|
|
|
Other Operating and General Expenses |
10174.100 |
10207.100 |
9524.600 |
|
|
|
Exceptional Items |
(335.100) |
68.900 |
2287.000 |
|
|
|
TOTAL |
18371.100 |
18524.300 |
18944.100 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
6080.000 |
5216.900 |
2091.900 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
1978.600 |
2427.800 |
894.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
4101.400 |
2789.100 |
1197.300 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1512.900 |
1260.200 |
1178.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE
TAX |
2588.500 |
1528.900 |
18.800 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
1169.100 |
687.400 |
839.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER
TAX |
1419.400 |
841.500 |
(820.200) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Rooms, Restaurants, Banquets and Other Services |
|
7236.000 |
6856.900 |
|
|
|
Interest received |
|
5.300 |
8.400 |
|
|
TOTAL EARNINGS |
NA |
7241.300 |
6865.300 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials (Food and Beverages) |
|
64.500 |
85.800 |
|
|
|
Stores, Supplies and Spare Parts for Machinery |
|
73.900 |
52.500 |
|
|
|
Capital Goods |
|
252.900 |
252.900 |
|
|
TOTAL IMPORTS |
NA |
391.300 |
391.200 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (INR) |
1.43 |
0.85 |
(1.02) |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current
Maturities of Long term borrowings |
|
|
|
|
Debentures |
2927.300 |
3723.200 |
7733.900 |
|
Term Loan From Banks |
2544.000 |
2085.100 |
1959.400 |
|
Total |
5471.300 |
5808.300 |
9693.300 |
|
|
|
|
|
|
Cash Generated from Operating Activities |
5348.700 |
5348.800 |
3972.700 |
|
|
|
|
|
|
Net Cash Generated From Operating Activities |
4571.500 |
4693.500 |
4005.500 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
32.63 |
26.05 |
25.16 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
11.19 |
14.01 |
14.51 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
NA |
NA |
NA |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
12.78 |
11.57 |
4.85 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.26 |
0.24 |
0.10 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.56 |
0.60 |
0.73 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.78 |
0.91 |
1.35 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.53 |
0.61 |
0.77 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.88 |
0.93 |
1.00 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
3.07 |
2.15 |
2.34 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
5.94 |
3.71 |
(4.05) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
2.33 |
1.41 |
(1.31) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
5.43 |
3.54 |
(3.82) |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
0.36 |
0.37 |
0.71 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.33 |
0.34 |
0.68 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.43 |
0.40 |
0.34 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
20.71 |
21.81 |
35.91 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
0.36 |
0.37 |
0.71 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 1.00/- |
|
|
|
|
Market Value |
INR 124.90/- |
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 |
807.500 |
989.300 |
989.300 |
|
Reserves & Surplus |
20680.200 |
22766.500 |
25169.700 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
21487.700 |
23755.800 |
26159.000 |
|
|
|
|
|
|
long-term borrowings |
19296.000 |
15693.700 |
14945.400 |
|
Short term borrowings |
9.900 |
74.500 |
73.100 |
|
Current Maturities of Long
term debt |
9693.300 |
5808.300 |
5471.300 |
|
Total
borrowings |
28999.200 |
21576.500 |
20489.800 |
|
Debt/Equity
ratio |
1.350 |
0.908 |
0.783 |
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 |
20243.800 |
22678.500 |
23912.500 |
|
|
|
12.027 |
5.441 |
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 |
20243.800 |
22678.500 |
23912.500 |
|
Profit |
(820.200) |
841.500 |
1419.400 |
|
|
(4.05%) |
3.71% |
5.94% |
LEGAL CASES
|
HIGH COURT OF BOMBAY |
|
CASE DETAILS BENCH: BOMBAY |
|
PRESENTATION
DATE:- 17.04.2017 |
|
Stamp No: CAFST/11213/2017
Filing Date: 19.04.2017
Reg. No: CAF/3816/2017
Reg Date: 30.11.2017 |
|
Main Matter Stamp No: FAST/11210/2017 |
|
PETITIONER:
BRIHANMUMBAI MAHANAGARPALIKA- RESPONDENT: THE INDIAN
HOTELS COMPANY LIMITED Petn. ADV.: NASIR ALI SHAIKH (I10667) Resp. Adv: ADV. WADIA GHANDY AND CO. FOR RESPONDENT
DISTRICT: MUMBAI |
|
BENCH: SINGLE STATUS: Pre-Admission CATEGORY:
CONDONATION OF DELAY Next Date: 18.06.2018
Stage: FOR ORDERS (CONDONATION OF DELAY) [CIVIL SIDE MATTERS] Coram: HON’BLE MRS. JUSTICE MRIDULA BHATKAR |
|
ACT: Bombay Municipal
Corporation Act |
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 |
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 |
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 |
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 |
G66464660 |
100106721 |
CENTBANK FINANCIAL SERVICES LIMITED |
20/04/2017 |
22/11/2017 |
- |
4950000000.0 |
Central Bank of India-MMO Bldg, 3rd Flr (East),55 Mahatma Gandhi Road, Fort,MumbaiMa400001IN |
|
2 |
B31985922 |
10336608 |
Centbank Financial Services Limited |
09/02/2012 |
- |
- |
3000000000.0 |
CENTRALBANK MMO BLDG6TH FLOOR 55 MAHATMAGANDHI RD FORTMUMBAIMH400023IN |
|
3 |
B23784283 |
10314452 |
Centbank Financial Services Limited |
19/10/2011 |
- |
- |
2500000000.0 |
CENTRALBANK MMO BLDG6TH FLOOR 55 MAHATMAGANDHI RD FORTMUMBAIMH400023IN |
|
4 |
Y10265322 |
90164075 |
BANK OF INDIA |
19/09/2000 |
- |
- |
10000000.0 |
SALIGAO BRANCHSALIGAO BARDEZGOAGAIN |
|
5 |
Y10342306 |
90234669 |
ICICI LTD |
28/06/2000 |
- |
- |
293800000.0 |
ICICI TOWERBANDRA KURLA COMPLEX; BANDRA (E)MUMBAIMH400051IN |
|
6 |
Y10320698 |
90218133 |
CENTRAL BANK OF INDIA |
10/10/1997 |
- |
- |
15000000.0 |
MULLA HOUSE51; MAHARTMA GANDHI ROAD; FORTMUMBAIMH400001IN |
|
7 |
Y10264802 |
90163555 |
CENTURION BANK LIMITED |
27/06/1997 |
- |
- |
80000000.0 |
MAKER CHAMBERS IIINARIMAN POINTMUMBAIMH400021IN |
|
8 |
Y10320646 |
90218081 |
CITI BANK NA |
05/04/1997 |
- |
- |
50000000.0 |
SAKHAR BHAVAN7TH FLOOR; NARIMAN POINTMUMBAIMH400021IN |
|
9 |
Y10264752 |
90163505 |
DREADNER BANK AG. |
20/03/1997 |
- |
- |
107610000.0 |
MUMBAI BRANCHHOECHST HOUSE; 1ST FLOOR; NARIMAN POINTMUMBAIMH400021IN |
|
10 |
Y10262163 |
90160916 |
DRESDNER BANK AG. |
20/03/1997 |
- |
- |
3000000.0 |
HOECAST HOUSE; NARIMAN POINTMUMBAIMH400021IN |
UNSECURED LOANS
|
PARTICULARS |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
a) 2% Non-Convertible Debentures |
4468.700 |
4113.500 |
|
b) 2% Non-Convertible Debentures |
2927.300 |
2703.800 |
|
c) 9.90%
Non-Convertible Debentures |
0.000 |
1360.000 |
|
Term Loan from Banks |
|
|
|
Foreign Currency Term Loan From Banks November 22, 2017 |
2045.200 |
2089.800 |
|
November 22, 2016 |
0.000 |
2085.100 |
|
Term Loan from Bank |
498.800 |
1245.500 |
|
Loans |
|
|
|
From Related Party |
40.200 |
41.100 |
|
Less: Current maturities of Long term borrowings |
5471.300 |
5808.300 |
|
|
|
|
|
Total |
4508.900 |
7830.500 |
CORPORATE INFORMATION
The Indian Hotels Company Limited (“IHCL” or the “Company”), is primarily engaged in the business of owning, operating & managing hotels, palaces and resorts.
The Company is domiciled and incorporated in India in 1902 and has its registered office at Mandlik House, Mandlik Road, Mumbai – 400 001, India. It is promoted by Tata Sons Limited, which holds a significant stake in the Company.
INDIAN HOSPITALITY
INDUSTRY
The Indian hospitality industry has been instrumental in contributing to the nation’s economic growth. The introduction of e-visa for foreign tourists and the increased domestic travel have helped to contribute.
International travel and tourism arrivals increased by 3.9% to reach a total of 1,235 million in 2016 (January to December), 46 million more than for the calender year 2015 in the same period. For India, during the period January – December 2016, foreign tourists’ arrivals were 88.90 lakh an increase of 10.7% as compared to 80.27 lakh in the calendar year 2015.
The facility of e-visa has been enhanced and is now available at 16 international airports to tourists arriving from 161 specified countries. In 2016, a total of 10.79 lakh tourists availed the facility as compared to 4.45 lakh in 2015 which represents, a growth of 142.5%.
The growth in demand for rooms (6.2%) has been consistently outpacing the supply (3.1%) growth in India and this trends has been sustained over the recent past. This has resulted in occupancies to be sustained at over 60% across the industry. All key markets have registered growth in room demand and no key markets were lagging compared to the previous year.
FINANCIAL HIGHLIGHTS
- STANDALONE
The Taj Group opened one Luxury hotel in Amritsar and one Gateway hotel at Corbett. The inventory of the Taj Group of Hotels now stands at 134 hotels with 16,675 rooms. The Group's portfolio also include 35 hotels under the Ginger Brand, which has an aggregate inventory of 3,324 rooms. The Company continues to pursue expansion both in the domestic and international market, in a capital light manner, to achieve sustainable and profitable growth.
AMALGAMATION OF
INTERNATIONAL HOTEL MANAGEMENT SERVICES, LLC (''IHMS'')
As part of the Company’s restructuring plan, at a meeting held on October 19, 2015, the Board of Directors had approved the amalgamation of IHMS (formerly known as International Hotel Management Services Inc.), a wholly held subsidiary into the Company, by way of a Scheme of Arrangement amongst the Company, the Transferor Company, and the respective shareholders and creditors (the “Scheme”), as provided under Sections 391 to 394 of the Companies Act, 1956 read with Section 52 of the Act, Section 78 and Sections 100 to 103 of the Companies Act, 1956. The Appointed Date for the Scheme was January 1, 2016. The amalgamation was approved by the Members at the meeting convened on May 4, 2016, on the direction of the Honourable High Court of Judicature at Bombay (“Bombay High Court”) where the application seeking permission for the amalgamation was filed. The Bombay High Court vide its order dated August 12, 2016 had approved the Scheme which had been filed with the jurisdictional Registrar of Companies on September 15, 2016.
The other conditions to effectiveness of the Scheme as specified in Clause 18(a) of the Scheme had subsequently been fulfilled including the receipt of the approval of the Securities and Exchange Board of India (''SEBI'') in terms of the SEBI Scheme Circulars and the filing of the “Certificate of Merger” with the office of the Secretary of State of the State of Delaware, both on September 29, 2016. Accordingly, the “Effective Date” of the Scheme is September 29, 2016, being the last of the dates on which all the conditions and matters referred to in Clause 18(a) of the Scheme have been fulfilled in accordance with the Scheme.
Pursuant thereto, in accordance with the terms of the Scheme, IHMS has amalgamated with the Company and has ceased to exist as a separate legal entity as per the applicable law in the State of Delaware and is deemed to be dissolved without winding up for the purposes of the Companies Act with effect from the Appointed Date i.e. January 1, 2016. The necessary accounting entries have been passed in the books of accounts of the Company to reflect the same.
AMALGAMATION OF LANDS
END PROPERTIES PRIVATE LIMITED (''LEPPL'')
At a meeting held on October 19, 2015, the Board of Directors of the Company had approved the amalgamation of LEPPL, a wholly held subsidiary into the Company, by way of a Scheme of Arrangement amongst the Company, the Transferor Company, and the respective shareholders and creditors (the “Scheme”), as provided under Sections 391 to 394 of the Companies Act, 1956 read with Section 52 of the Act, section 78 and Sections 100 to 103 of the Companies Act, 1956. The Appointed Date for the Scheme is March 31, 2016. The amalgamation was approved by the Members of the Company at the meeting convened on May 4, 2016, on the direction of the Honourable High Court of Judicature at Bombay (“Bombay High Court”) where the application seeking permission for the amalgamation has been filed. The Bombay High Court vide its order dated October 13, 2016 has approved the scheme of arrangement between LEPPL and the Company. Pursuant thereto, the High Court orders were filed with the jurisdictional Registrar of Companies on December 7, 2016 for reduction of capital of the Company and on December 9, 2016 in respect of the Scheme.
The other conditions to effectiveness of the Scheme as specified in Clause 18(a) of the Scheme were subsequently fulfilled including receipt of approval/comments from the SEBI on December 19, 2016 vide SEBI Letter dated December 15, 2016, in terms of SEBI Circular No. CIR/CFD/DIL/5/2013 dated February 4, 2013 read with SEBI Circular No. CIR/CFD/DIL/8/2013 dated May 21, 2013. Accordingly, the “Effective Date” of the Scheme is December 19, 2016, being the last of the dates on which all the conditions and matters referred to in Clause 18(a) of the Scheme occur or have been fulfilled or waived in accordance with the Scheme.
Pursuant thereto, in accordance with the terms of the Scheme, LEPPL was amalgamated with the Company with effect from the Appointed Date i.e. March 31, 2016, and consequently, LEPPL stands dissolved without winding up. The necessary accounting entries giving effect to the amalgamation have been passed in the books of accounts of the Company
DIVESTMENT OF IHMS
(BOSTON) LLC – TAJ BOSTON HOTEL
The Board of Directors of the Company had, at its meeting held on May 18, 2016, accorded its approval to United Overseas Holding Inc. (''UOH''), an indirect wholly owned subsidiary (''WOS'') of the Company incorporated in the United States of America, to pursue the option of divestment of the Taj Boston Hotel by way of sale/ disposal of its entire issued and outstanding LLC interests in IHMS (Boston) LLC (a direct WOS of UOH), at a consideration not being lower than US$ 125 million (US$ One hundred and twenty five million only), to an independent third party, subject to negotiations and execution of suitable agreements and receipt of approval from its Members.
The Company had subsequently, obtained the Members approval for the same by a Special Resolution vide Postal Ballot. Accordingly, UOH effected on July 12, 2016, the divestment of the Hotel through sale of the entire issued and outstanding LLC interests of IHMS (Boston) LLC held by UOH, to ‘AS Holdings LLC, Boston’, for an aggregate consideration of US$ 125 million (US$ One hundred and twenty five million only).
Pursuant to the sale by UOH of its entire LLC interest in IHMS (Boston) LLC, the owning company of the Hotel, the Hotel continues to be operated and managed by IHMS (USA) LLC, an indirect wholly held subsidiary of the Company. IHMS (USA) LLC has entered into a Management Services Agreement with the new owning company, thus ensuring continuity of Taj’s presence in the Boston market.
MANAGEMENT DISCUSSION
AND ANALYSIS
The Company has been reporting consolidated results which are drawn up based upon the results of its subsidiaries, joint ventures and associates (together referred to as the ‘'Taj Group’' or ‘'Group’'). This discussion, therefore, covers the financial results and other developments during the period April 2016 to March 2017, in respect of the Taj Group. Some statements in this discussion describing the projections, estimates, expectations or outlook may be forward looking. Actual results may, however, differ materially from those stated, on account of various factors such as changes in government regulations, tax regimes, economic developments within India and the countries within which the Company conducts its business, exchange rates and interest rates fluctuations, impact of competition, demand and supply constraints, etc.
GLOBAL ECONOMIC ENVIRONMENT AND OUTLOOK
The world is witnessing improved economic activity across countries and regions especially in the areas of investments, manufacturing and trade. Stronger activity and expectations of more robust global demand, with agreed restrictions on oil supply have helped commodity prices recover from the tough times in early 2016. This increase in price have helped improve exports while improving the inflation rates. Most of the momentum came in the second half of 2016 especially with advanced economies like United States and United Kingdom showing strong growth. The Economic performance has been mixed for emerging markets where China’s growth remained strong whereas India slowed mainly due to the impact of demonetisation.
The growth in the global economy was 3.1% in 2016, primarily driven by an improvement in the advanced economies in the latter half of the year on account of improved manufacturing and trade demand. Global trade is showing signs of recovery and is expected to continue the upward trajectory. This growth could be marginally impacted due to certain countries moving to inward looking policies that might give preference to home grown products and services over global trade. Other factors that could impact the global economy are increased interest rate hikes in the United States and the threat of geopolitical tensions especially in the Middle East and North Africa.
The global economic growth is expected to continue the momentum witnessed from the latter half of 2016. It is expected to increase from 3.1% in 2016 to 3.5% in 2017 largely driven by emerging markets. For 2016, the growth in Emerging and Developing Economies was 4.1%, and is projected to reach 4.5% in 2017.
Amongst the Emerging Market and Developing Economies, China’s economic growth in 2016 stood at 6.7% while India’ economy grew at 6.8%. There was a drop in India’s growth from the original forecast due to the short term impact of demonetisation in November 2016. In the past decade, India’s USD 2.2 trillion economy has surpassed economies such as Italy, Brazil, Canada, South Korea and Russia. India continues to be among the fastest growing of the G20 countries with a projected GDP growth of 7.2% in 2017. One of the positive factors contributing to this is the roll out of GST which aims to transform the multiple taxes into a uniform tax code. Other positive factors contributing to this growth are the potential young working population, rise of India as an entrepreneurial hub and government push towards a digital economy.
OVERVIEW OF THE
GLOBAL & INDIAN TOURISM INDUSTRY
The direct contribution of Travel and Tourism to GDP was USD 2,306 billion (3.1% of total GDP) in 2016. This is expected to have increased to 3.8% in 2017 and to 4.0% from 2017-2027. Demand for international tourism remained robust in 2016 despite challenges. The year 2016 was the seventh consecutive year of sustained growth following the 2008 global economic and financial crisis. As per the United Nations World Tourism Organisation (UNWTO), it is estimated that international tourist arrivals increased by 3.9% in 2016 (although the growth was slower than growth in 2015 of 4.6%) reaching a total of 1.23 billion. Approximately 46 million more tourists (overnight visitors) travelled internationally last year compared to 2015.
Demand for International tourism was strongest in Asia and the Pacific (+8%) which lead to a growth in international tourist arrivals in 2016. Africa (+8%) enjoyed a strong rebound after two relatively weak years. In the Americas (+4%) the positive momentum continued. Europe (+2%) showed rather mixed results, with double-digit growth in some destinations offset by decreases in others. Demand in the Middle East (-4%) was also uneven, with positive results in some destinations, but decline in others.
Across the globe, the spend on leisure travel (inbound and domestic) generated 76.8% of direct Travel and tourism GDP for 2016 with business travel comprising the balance. The split of domestic to overseas travel indicates that domestic travel generated 72% of the contribution to GDP while foreign visitor spending was the balance 28%.
In India, the total contribution of Travel & Tourism to GDP for 2016 was INR 14,018.5 billion (USD 208.9 billion), which represents 9.6% of India’s GDP. Over this period, the total contribution of Travel & Tourism to employment, including jobs indirectly supported by the industry was 9.3% of total employment (over 40 million jobs). Visitor exports generated INR 1,529.3 billion (USD 22.8 billion), which represents 5.4% of total exports for 2016. Travel & Tourism investment in 2016 was INR 2,284.9 billion, which represents 5.7% of the total investment of (USD 34.0 billion).
It is estimated that the travel and tourism industry generated about over 292 million jobs in 2016 and this is expected to rise by 1.9% in 2017. Investment in Travel & Tourism in 2016 was USD 806.5 billion and this is expected to rise by 4.1% in 2017. The 10 year growth in investment in Travel & Tourism is forecasted at a CAGR of 4.5% to reach USD 1,307.1 billion by 2027. In FY 2016/17 foreign tourist arrivals were 92.25 lakh which represents a growth of 12% over 2015/16 foreign tourist arrivals which were 82.46 lakh. In 2016, foreign tourist arrivals on e-visas more than doubled from 4,45,300 to 10,79,696, partially on account of the e-visa facility extended to 161 countries from 113 previously.
FUTURE TRENDS
The global economy is expected to grow at 3.5% in 2017 as compared to growth of 3.1% in 2016. In 2017, the Travel and Tourism industry’s contribution to global GDP is expected to grow at 3.8%. For many economies, continued demand support and well-targeted structural reforms to lift supply potential and broaden economic opportunities across the skills spectrum remain key goals. In India the total contribution of Travel & Tourism to GDP is forecast to rise by 6.7% in 2017. The 10 year forecast indicates a CAGR of 6.7% to INR 28,491.8 billion (USD 424.5 billion) by 2027, at which point the sector is expected to comprise 10.0% of India’s GDP. Leisure travel spending is expected to grow by 3.9% in 2017 to USD 3,970.4 billion and the 10 year forecast indicates a CAGR of 4.1% p.a. to reach USD 5,917.7 billion by 2027. Business travel spending is expected to grow by 4.0% in 2017 to USD 1,199.7 billion and the 10 year forecast indicates a CAGR of 3.7% p.a. to reach USD 1,719.9 billion in 2027. The total contribution of Travel & Tourism to employment, including jobs indirectly supported by the industry is expected to rise by 1.8% in 2017 and at a 10 year CAGR of 2.0% p.a. to 49 million jobs by 2027. Visitor exports is forecast to grow by 5.4% in 2017, and at a 10 year CAGR of 6.1% p.a. from 2017-2027.
Travel & Tourism investment in 2016 was INR 2,284.9 billion, which represents 5.7% of total investment (USD 34.0 billion). It is expected to increase by 4.5% in 2017, and at a 10 year CAGR of 5.7% pa to reach INR 4,149.0 billion (USD 61.8 billion) by 2027. Emerging Market and Developing Economies are forecast to grow at 4.5% and 4.8%, respectively, in 2017 and 2018, representing a steeper trajectory from 4.1% in 2016. China’s GDP growth is expected to decrease marginally from 6.7% to 6.6% in spite of continued policy support in the form of credit growth and reliance on public investments to achieve growth targets. India’s economy has grown at a strong pace in recent years owing to the implementation of critical structural reforms, favourable terms of trade, and lower external vulnerabilities. It is expected that India would recover in the medium to long term period from the demonetization initiative with GDP growth forecast standing at 7.2% for 2017 and 7.7% for 2018.
The Government of India established drive is based upon growth stimulation, providing relief to the middle class, providing affordable housing, curbing black money, digitalisation of the economy, enhancing transparency in political funding and simplifying the tax administration. The Government of India, under the Make in India initiative, is attempting to give a boost to the contribution made by the manufacturing sector and aims to take it up to 25% of the GDP from the current 17%. Additionally, the Government has also unveiled the ‘Digital India’ initiative, which focuses on three core components, namely, creation of digital infrastructure, delivering services digitally and to increase the digital literacy. The Government of India has certified 20 private organisations as incubators under the ‘Startup India Action Plan’, which are expected to promote entrepreneurship, provide pre-incubation training and a seed fund for high growth start-ups in the country.
In 2016, a total of 10.79 lakh tourists availed of the e-visa facility which has now been extended to residents of 161 countries arriving at 16 international airports. This represents a significant growth over e-visas issued in 2015 which stood at 4.45 lakh. The strong forecast on travel and tourism industry in India will propel it to the 8th spot in terms of travel and tourism GDP by 2027. In India leisure travel spending (inbound and domestic) generated 94.6% of direct Travel & Tourism to GDP in 2016 (INR12,079.0 billion) as compared with 5.4% for business travel spending (INR 689.0 billion). Leisure travel spending is expected to grow by 6.9% in 2017 and and at a 10 year CAGR of 7.0% p.a. to reach INR 25,391.1 billion by 2027. Business travel spending is expected to grow by 5.5% in 2017 and at a 10 year CAGR of 7.2% p.a. to reach INR 1,453.5 billion by 2027.
INDIAN HOSPITALITY
INDUSTRY LANDSCAPE AND OUTLOOK
The Indian hospitality industry has been instrumental in contributing to the nation’s economic growth. This trend is expected to continue especially with the introduction of e-visa for foreign tourists and with the domestic economy improving, there are clear signs of increased domestic travel. Tourism in India has significant potential considering the rich cultural and historical heritage, variety in ecology, terrains and places of natural beauty spread across the country. India is projected to be the fastest growing nation in the wellness tourism sector in the next five years, clocking over 20 % gains annually through 2017, according to a study conducted by SRI International. The growth rate in room demand (6.2%) has been consistently outpacing the supply (3.1%) growth in India for the past many quarters this financial year (For 2016/17 this was the case. to be sustained at over 60% over the recent past.
All key markets have shown good growth in room demand with no key markets lagging as compared to last year Domestic airline traffic has been increasing steadily over the past year. Domestic airlines will operate over 17,170 flights every week during the on-going summer schedule, an increase of 15.5% compared to the year-ago period. As per the data, some airlines like AirAsia India and Vistara airlines have increased their services by nearly 80 % during the upcoming summer schedule (Source: Times of India, April 17, 2017) India has moved up 13 positions from 65 to now rank 52 in the Tourism & Travel competitive index. The tourism and hospitality sector is among the top 10 sectors in India to attract the highest Foreign Direct Investment (FDI). The Union Cabinet has approved a MoU between India and South Africa, aimed at expanding bilateral cooperation in the tourism sector through exchange of information and data, establishing exchange programmes and increasing investments in the tourism and hospitality sector. 2017 has also been announced as the India – U.S. Travel and Tourism Partnership Year allowing both governments and private sectors to increase travel and tourism between the two countries.
With the travellers becoming more digitally savvy along with an improvement in network and internet connections, the industry is gearing up to meet these technical needs. Web and mobile based channels traffic have increased exponentially which has resulted in significant investments in related areas. Apart from hotels direct websites and mobile apps, online travel agents have also seen a spike in traffic. It has also enabled consumers to seamlessly move across platforms and check other guests’ reviews of hotels before confirming any bookings resulting in more power at the hands of the consumer. A bouquet of hotel choices are easily available to the traveller through online travel agents like Expedia, Priceline, Booking.com and MakeMyTrip.
A testimony to the increasing importance of the digital space to the travel industry is Indian travel booking platform MakeMyTrip which has agreed to buy Ibibo Group’s India travel business at a deal value of USD 720 million, thus creating India’s largest online travel firm. With increased consolidation and competition, the industry is likely to see innovative transformations and more partnerships in order to stay relevant in the market place. The recent tie up between the Company and Shangri La Hotels and Resorts for the loyalty program was one such movement. Operating in this environment of a growing presence of competition, increasing distribution costs and ever evolving customer preferences, the Company looks to the future well equipped to address these challenges and retain its position as a significant hospitality player in the markets it operates in.
AWARDS AND
CERTIFICATIONS
The Company’s hotel Taj Palace New Delhi was awarded the National Energy Conservation Award 1st Prize in the category ‘'Hotels: 5 Star and Above’' by the Bureau of Energy Efficiency, Ministry of Power, Government of India. The hotel was recognized for optimizing its heating, ventilation and air-conditioning ('‘HVAC'’) system, and also implementing energy efficient lighting, thermal efficient methodology and operational optimization of ancillaries, resulting in considerable energy savings.
The Company achieved LEED Gold certification in Taj Swarna Amritsar, in the category of ‘New Construction’.
In the CDP India Climate Change Report 2016, at an overall level, your Company has achieved score band C, which is at par with the sector (Consumer Discretionary Sector) and industry average (Tourism Services Sector), ranking among the top 200 companies across 9 sectors in India.
AWARDS AND ACCOLADES
Taj Hotels
Palaces Resorts Safaris
• CNBC – TV18 India Risk Management Awards - IHCL was awarded ‘Firm of the Year’ in the hospitality industry
• Travel + Leisure India’s Best Awards – Voted Best Hotel Group in India
• Business Traveller Awards - Rated Best Business Hotel Chain in India
The Taj Mahal Palace, Mumbai
• TripAdvisor
Travellers’ Choice Awards – ranked 18th in the list of ‘Top Hotels in India’
• Condé Nast
Traveller Readers’ Travel Awards UK - Listed among the top 20 Overseas Business
Hotels
• Condé Nast
Traveller Readers’ Choice Awards US – ranked 7th in the list of Top Hotels in
India
• Condé Nast
Traveller US Gold List 2016 and 2017 - Featured on the Condé Nast Traveler US
Gold List 2016 and 2017
• Business Traveller Asia-Pacific Awards - Named Best Business Hotel in
Mumbai
Taj West End,
Bangalore
• Karnataka
Tourism Awards - FKCCI Conferred Taj West End, Bangalore with the ‘The Best in Luxury
Hotel Award’ at Karnataka Tourism Awards 2016
Umaid Bhawan
Palace, Jodhpur
• TripAdvisor
Travellers’ Choice Awards 2016 - Best Hotel in the World, Asia and India
• TripAdvisor
Travellers’ Choice Awards 2017 - Ranked 21st in the list of ‘Top 25 Hotels in
the World’; 8th in the list of Top 25 Hotels in Asia’; 2nd in the list of ‘Top
Hotels in India
• Condé Nast
Traveller Readers’ Choice Awards US - named Best Hotel in India and ranked 4th
in the Top 50 hotels in the World list
• Condé Nast Traveller US Gold List - Featured on the Condé Nast
Traveller US Gold List
Taj Lake Palace,
Udaipur
• Condé Nast
Traveller Readers’ Travel Awards UK - Named Best Hotel in Asia and the Indian
Sub-Continent
• Condé Nast
Traveller Readers’ Choice Awards US – ranked 3rd in the list of ‘Top Hotels in
India'
• Condé Nast
Traveller US Gold List - Featured on the Condé Nast Traveller US Gold List 2016
• Travel+Leisure
USA World’s Best Awards – ranked 4th in in list of 'The Best Resort Hotels in
India’
• TripAdvisor
Travellers’ Choice Awards – ranked 15th in the list of ‘Top 25 Hotels in Asia’
• TripAdvisor Travellers’ Choice Awards – ranked 3rd in the list of ‘Top
Hotels in India’
Rambagh Palace,
Jaipur
• TripAdvisor
Travellers’ Choice Awards - Ranked 16th in the list of ‘Top Hotels in India’
• Condé Nast
Traveller Readers’ Travel Awards UK - Ranked 13th on the Condé Nast Traveller
Readers’ Travel Awards UK 2016
• Condé Nast Traveller Readers’ Choice Awards US - Ranked 8th in the
list of Top Hotels in India
Taj Exotica Resort
& Spa, Goa
• TripAdvisor
Travellers’ Choice Awards 2017 – ranked 20th in the list of ‘Top Hotels in
India’
Taj Falaknuma
Palace, Hyderabad
• Travel + Leisure
India’s Best Awards – Voted Best Heritage Hotel
• Condé Nast
Traveller Readers’ Choice Awards US - Ranked 11th in the list of Top Hotels in
India
• Condé Nast
Traveller Readers’ Travel Awards UK - Ranked 16th on the Condé Nast Traveller
Readers’ Travel Awards UK 2016
• Condé Nast
Traveller US Gold List - Featured on the Condé Nast Traveller US Gold List
Taj Exotica Resort
& Spa Maldives
• Condé Nast
Traveller Readers’ Travel Awards – Voted Favorite Overseas Leisure Hotel
Taj Campton Place,
San Francisco
• Forbes Travel
Guide Star Ratings - Awarded a four-star rating on the 2016 Forbes Travel Guide
Star Ratings
• Michelin Guide -
Awarded second Michelin Star in the Michelin Guide 2016
Taj 51 Buckingham
Gate Suites and Residences, London
• Forbes Travel
Guide Star Ratings - Awarded a four-star rating on the 2016 Forbes Travel Guide
Star Ratings
Jai Mahal Palace,
Jaipur
• TripAdvisor
Travellers’ Choice Awards – ranked 19th in the list of ‘Top Hotels in India’
Vivanta by Taj –
Madikeri, Coorg
• TripAdvisor
Travellers’ Choice Awards – ranked 24th in the list of ‘Top Hotels in India’
Taj Tashi, Bhutan
• Condé Nast
Traveller US Gold List - Featured on the Condé Nast Traveller US Gold List 2016
Meghauli Serai, A
Taj Safari Lodge, Chitwan National Park
• Travel + Leisure
US It List 2017 - Featured on the list of Best New Hotels in the World
Taj Boston
• Forbes Travel
Guide Star Ratings - Awarded a four-star rating on the 2016 Forbes Travel Guide
Star Ratings
The Pierre, A Taj
Hotel, New York
• Forbes Travel Guide Star Ratings - Awarded a five-star rating on the
2016 Forbes Travel Guide Star Ratings
SCHEMES OF
ARRANGEMENT
During the current year, the Honourable High Court of Bombay vide its Orders dated August 12, 2016 and October 13, 2016 respectively has approved the Schemes of Arrangement (the “IHMS Scheme” and the “LEPPL Scheme” ) which inter alia includes the amalgamation of International Hotel Management Services LLC (“IHMS LLC”) and Lands End Properties Private Ltd (“LEPPL”) with the Company. Both these Schemes were approved by the Board and members on October 19, 2015 and May 4, 2016 respectively. Consequent to the said Orders and subsequent approval of SEBI and the filing of the final certified Orders with the Registrar of the Companies, Maharashtra and with the Secretary of the State of the Delaware, the IHMS Scheme has become effective on September 29, 2016 with effect from the Appointed Date of January 1, 2016 and the LEPPL Scheme has become effective on December 19, 2016 with effect from the Appointed Date of March 31, 2016.
Upon the coming into effect of the Schemes and with effect from the Appointed Dates, the undertaking of IHMS LLC and LEPPL have been transferred to and vested in the Company from the respective Appointed Dates. Further, in terms of the above referred Orders, the effect of the capital reduction aggregating to INR 20203.600 Million for both the Schemes has been given effect to on the respective Appointed Dates and adjusted against the Securities Premium Account.
As these are business combinations of entities under common control, the amalgamation has been accounted using the ‘pooling of interest’ method (in accordance with the approved Schemes). The figures for the previous period have been recast as if the amalgamation had occurred from the beginning of the preceding period to harmonise the accounting for the Scheme with the requirements of Appendix C of Ind AS 103 on Business Combinations and the following assets and liabilities were included (after eliminating the intercompany balances and adjusting the accumulated losses of the Company as on January 1, 2016 aggregating to INR 3585.800 Million) in the financial statements of the Company as of April 1, 2015:
|
Particulars |
In respect of the IHMS Scheme |
In respect of the LEPPL Scheme |
|
Assets |
|
|
|
Investments |
6675.600 |
2759.400 |
|
Trade receivables |
0.000 |
6.800 |
|
Cash and bank balances |
0.000 |
16.200 |
|
Other Current financial assets |
0.000 |
1177.600 |
|
Other Current assets |
0.000 |
1.600 |
|
Total |
6575.600 |
3961.600 |
|
|
|
|
|
Liabilities |
|
|
|
Current financial liabilities |
0.000 |
6423.000 |
|
Provisions |
0.000 |
0.800 |
|
Trade payables (under INR 0.100 Million) |
0.000 |
0.000 |
|
Total |
0.000 |
6423.800 |
|
|
|
|
|
Debit balance in the profit and loss account transferred and adjusted against the Securities Premium Account |
13344.700 |
2562.00 |
|
Difference between the consideration and recorded amount of investment |
0.000 |
71.200 |
|
Total |
13344.700 |
2633.400 |
Further, the investments held by the Company in IHMS LLC. (INR 20020.300 Million) and LEPPL (INR 100.000 Million) have been eliminated.
The difference between the consideration and the recorded investment as of the Appointed Dates i.e. INR 71.200 Million has been transferred to Capital Reserve and shown separately in the Statement of Changes in Equity.
The effect of capital reduction has been given on the respective Appointed Dates. Consequently INR 20203.600 Million has been reduced from the Security Premium Account at the respective Appointed Dates.
STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS 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 |
|
|
|
|
Revenue from operations |
7599.900 |
5100.400 |
17977.400 |
|
Other Income |
151.600 |
110.800 |
329.700 |
|
Total
Income from Operations |
7751.500 |
5211.200 |
18307.100 |
|
|
|
|
|
|
EXPENSES |
|
|
|
|
Food and Beverages Consumed |
690.200 |
510.100 |
1701.200 |
|
Employee benefits expense and Payment to Contractors |
1648.500 |
1573.000 |
4836.200 |
|
Finance Costs |
576.600 |
506.200 |
1513.400 |
|
Depreciation and Amortization expenses |
386.100 |
359.700 |
1111.000 |
|
Other Operating and General Expenses |
2956.000 |
2345.200 |
7706.000 |
|
Total
Expenses |
6257.400 |
5294.200 |
16867.800 |
|
Profit/(Loss)
before exceptional items and tax |
1494.100 |
(83.000) |
1439.300 |
|
Exceptional Items |
188.500 |
(312.600) |
(16.200) |
|
Profit/(Loss) before tax |
1682.600 |
(395.600) |
1423.100 |
|
Tax
Expense |
|
|
|
|
Current
tax |
816.200 |
(180.600) |
650.400 |
|
Deferred
tax |
(57.300) |
(11.200) |
(15.800) |
|
Total |
758.900 |
(191.800) |
634.600 |
|
Profit/ Loss for the period |
923.700 |
(203.800) |
788.500 |
|
Other comprehensive income |
|
|
|
|
Items that will not be reclassified subsequently to profit or loss |
|
|
|
|
Change in Fair value of equity instruments |
(25.100) |
(122.000) |
692.700 |
|
Remeasurement of defined benefit obligation |
58.600 |
51.600 |
38.600 |
|
Less/(Add):- Income tax expense/ (Credit) |
18.200 |
16.000 |
11.900 |
|
Items that will be reclassified subsequently to profit or loss |
--- |
--- |
--- |
|
Other Comprehensive Income for the
period |
15.300 |
(86.400) |
719.400 |
|
Total comprehensive income |
939.000 |
(290.200) |
1507.900 |
|
Paid-up Equity Share Capital (Face value INR 1/- each) |
1189.300 |
989.300 |
1189.300 |
|
Other Equity |
|
|
|
|
Earnings Per Share (Face Value – INR 1 each) |
|
|
|
|
Basic and Diluted (*not annualised) |
*0.82 |
*(0.19) |
*0.73 |
Notes:
1. These results were reviewed by the Audit Committee of the Board and subsequently approved by the Board of Directors at its meetings held on February 12, 2018. The results have been reviewed by the Statutory Auditors of the Company.
2. In view of the seasonality of the sector, the financial results for the
quarter and nine months ended December 31, 2017 are not indicative of the full
year's expected performance.
3. These financial results have been prepared in accordance with the
recognition and measurement principles of Indian Accounting Standards
("Ind AS") 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.
4. Exceptional Item for the quarter and nine months ended December 31, 2017
comprises:
* Gain on change in fair value on Cross Currency Swap derivative contracts for
the nine months ended December 31, 2017 was INR 374.200 Million (Previous
Period Gain INR 171.300 Million) and for the quarter ended December 31, 2017
was Rs. 1733 lakhs (Previous Period Loss INR 5.800 Million)
* Exchange Loss on Long Term Borrowings/ Assets (Net) for the nine months ended
December 31, 2017 was INR 2.000 Million (Previous Period Gain INR 131.200
Million) and gain for the quarter ended December 31, 2017 was INR 15.200
Million (Previous Period Gain INR 94.100 Million)
* Provision for impairment of investment in a subsidiary that incurred losses
for the nine months ended December 31, 2017 was Rs. 3884 lakhs. No provision
for impairment has been recognised for the quarter ended December 31, 2017.
5. On November 7, 2017, the Company allotted 19,99,84,430 Equity Shares of face
value of Rs. 1 each for cash, at a price of INR 75 per equity share (including
a premium of INR 74 per share), aggregating to INR 14998.800 Million to the
existing shareholders on a "rights" basis in the ratio of 1 Equity
Share for every 5 equity shares held by equity shareholders. Earnings per share
for the quarter ended September 30, 2017, quarter and nine months ended
December 31, 2016 and year ended March 31, 2017 have been retrospectively adjusted
for the bonus element in respect of the Rights issue.
6. Disclosure of segment-wise information is not applicable, as hoteliering is
the Company's only business segment.
7. Figures of the previous period/ year have been regrouped/ reclassified, wherever
necessary, to conform to the current year's classification.
FIXED ASSETS:
Tangible Assets
· Freehold Land
· Leasehold Land
· Buildings
· Plant and Equipment
· Furniture and Fixtures
· Office Equipment
· Vehicles
PRESS RELEASE :
TATA SONS TO BUY 6.64% INDIAN HOTELS COMPANY SHARSE FROM PROMOTER
ENTITIES
March 7, 2018
Indian Hotels Company Ltd (IHCL) today said Tata Sons will be acquiring up to 6.64 per cent shares of the company from three promoter entities as part of restructuring the investment portfolio.
Tata Sons will be acquiring shares from Sir Dorabji Tata Trust, Lady Tata Memorial Trust and Sir Ratan Tata Trust, according to a regulatory filing by Indian Hotels Company Ltd to BSE.
While the maximum number of shares up to which acquisitions may be made from Sir Dorabji Tata Trust is up to 50,221,040. It is up to 17,728,200 from Lady Tata Memorial Trust and up to 11,023,220 from Sir Ratan Tata Trust, it added.
The rationale of the proposed transfer is "restructuring of the investment portfolio," the filing said.
The shares are proposed to be acquired at or around the prevailing price on date of proposed acquisition that is on or before March1 13, 2018, it added.
Shares of Indian Hotels Company Ltd today closed at INR 133.75 per scrip on BSE, down 0.30 per cent from its previous close.
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 64.80 |
|
UK Pound |
1 |
INR 92.26 |
|
Euro |
1 |
INR 80.76 |
INFORMATION DETAILS
|
Information
Gathered by : |
SAV |
|
` |
|
|
Analysis Done by
: |
NIY |
|
|
|
|
Report Prepared
by : |
IND |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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.