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MIRA
INFORM REPORT
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Report No. : |
508333 |
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Report Date : |
16.05.2018 |
IDENTIFICATION DETAILS
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Name : |
LEMON TREE HOTELS LIMITED [w.e.f.22.10.2012] |
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Formerly Known
As : |
LEMON TREE HOTELS PRIVATE LIMITED [w.e.f.10.06.2010] KRIZM HOTELS PRIVATE LIMITED P.M.G HOTELS PRIVATE LIMITED |
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Registered Office
: |
Asset No. 6, Aerocity Hospitality District, New Delhi - 110037 |
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Tel. No.: |
91-11-44232323 |
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Country : |
India |
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Financials (as
on) : |
31.03.2016 |
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Date of
Incorporation : |
02.06.1992 |
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Com. Reg. No.: |
55-049022 |
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Capital
Investment / Paid-up Capital : |
INR 7781.022 Million |
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CIN No.: [Company Identification
No.] |
U74899DL1992PLC049022 |
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IEC No.: [Import-Export Code No.] |
Not Divulged |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AACCK1698R |
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TIN No.: |
07910411300 |
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GSTN : [Goods & Service Tax
Registration No.] |
07AACCK1698R1ZR |
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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 engaged in Hotels Business and is Running Hotels at various location. [Registered Activity] |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Maximum Credit Limit : |
USD 26422000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Exist |
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Comments : |
Subject is a part of “Lemon Tree Group” the group is operating 11
hotels across India. The company was incorporated in the year 1992. For the financial year 2016, the revenue of the company has increased
by 2.79% but has incurred operational loss. The moderate financial profile of the company is marked by low reserve
base as compared to its capital along with negligible debt level. However, rating takes into consideration strong financial and
managerial support that the company receives from Lemon Tree Group backed by
its well experienced management team. The rating also takes into consideration the subject’s long
established track record of the business operations along with extensive
experience of its promoters. Business is active. Payment seems to be slow but correct. In view of aforesaid, the subject can be considered for business
dealings at usual trade terms and conditions. Note 1: As per
Registrar of Companies, the date of balance sheet i.e. financial filed is
shown as 31st March 2017 but documents related to the financials for the year
2017 are not available from any sources. Note 2: The Company has
issued its fresh IPO on 18 March, 2018 of INR 180.54 million to meet its
working capital requirement and commenced its trading of its equity shares on
stock exchange as on 9th April, 2018. Further as per 16th May, 2018 MV is INR
65.00 against the Face Value of INR 10 but as Registrar of Companies legal
status of the company is still reflecting as unlisted. |
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) |
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India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
EXTERNAL AGENCY RATING
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Rating Agency Name |
CRISIL |
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Rating |
Long Term = A- |
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Rating Explanation |
Adequate degree of safety and low credit risk |
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Date |
28.07.2017 |
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
31-03-2018.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 16.05.2018
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 [TEL. NO.: 91-11-44232323]
LOCATIONS
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Registered Office : |
Asset No. 6, Aerocity Hospitality District, New Delhi – 110037, India |
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Tel. No.: |
91-11-44232323 |
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Fax No.: |
91-11-46050110 |
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E-Mail : |
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Website : |
DIRECTORS
AS ON: 31.03.2017
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Name : |
Patanjali Govind Keswani |
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Designation : |
Managing Director |
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Address : |
B - 6 /17, Safdarjung Enclave, New Delhi-110029, India |
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Date of Birth/Age : |
09.02.1959 |
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Qualification : |
B. Tech and PGDBM |
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Date of Appointment : |
07.10.2002 |
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DIN No.: |
00002974 |
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Name : |
Mr. Ravi Kant Jaipuria |
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Designation : |
Director |
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Address : |
Plot No 7A, Aurangzeb Road, New Delhi 110011, India |
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Date of Birth/Age : |
28.11.1954 |
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Qualification : |
Business Management |
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Date of Appointment : |
023.12.2003 |
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DIN No.: |
00003668 |
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Name : |
Mr. Ashish Kumar Guha |
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Designation : |
Director |
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Address : |
23, Poorvi Marg, First Floor, Vasant Vihar, New Delhi 110057, India |
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Date of Appointment : |
15.06.2017 |
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DIN No.: |
00004364 |
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Name : |
Mr. Gopal Sitaram Jiwarajka |
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Designation : |
Director |
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Address : |
A - 15, Asola Homes Amar Marg, Chattar Pur, New Delhi-110030, India |
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Date of Birth/Age : |
15.06.1960 |
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Qualification : |
Graduate |
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Date of Appointment : |
09.09.2003 |
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DIN No.: |
00024325 |
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Name : |
Mr. Niten Malhan |
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Designation : |
Director |
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Address : |
Flat No. 2705, 27th Floor, North Tower, The Imperial Bldg. MP Mill Compound Tardeo, Mumbai-400034, Maharashtra, India |
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Date of Birth/Age : |
02.08.1971 |
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Qualification : |
Engineering & MBA |
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Date of Appointment : |
26.07.2006 |
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DIN No.: |
00614624 |
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Name : |
Mr. Arvind Singhania |
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Designation : |
Director |
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Address : |
Ayush Vatika, 20 Goshala Road Satbari, Chattarpur, Mehrauli, New Delhi-110074, India |
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Date of Appointment : |
15.06.2017 |
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DIN No.: |
00934017 |
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Name : |
Freyan Jamshed Desai |
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Designation : |
Director |
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Address : |
House No. B - 6, First Floor, West End, Near Club, Chanakya Puri, New Delhi-110021, India |
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Date of Appointment : |
15.06.2017 |
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DIN No.: |
00965073 |
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Name : |
Mr. Pradeep Mathur |
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Designation : |
Additional Director |
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Address : |
E 031, The Belaire, 3rd Floor, DLF Phase V, Opposite Genpact Gurgaon 122011, Haryana, India |
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Date of Appointment : |
05.12.2017 |
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DIN No.: |
05198770 |
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Name : |
Mr. Rattan Keswani |
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Designation : |
Managing Director |
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Address : |
305-C, Laburnum Court Greens, Laburnum Complex, Sushant Lok-1, Gurgaon-122002, Haryana, India |
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Date of Birth/Age : |
12.12.1961 |
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Qualification : |
Graduate in Hotel Management |
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Date of Appointment : |
12.12.2012 |
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DIN No.: |
05317766 |
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Name : |
Mr. Paramartwa Saikia |
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Designation : |
Director |
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Address : |
103/11, Silver Oak Apts DLF Phase I, Gurgaon-122001, Haryana, India |
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Date of Appointment : |
15.06.2017 |
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DIN No.: |
07145770 |
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Name : |
Mr. Aditya Madhav Keswani |
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Designation : |
Director |
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Address : |
B-6/17, Safdarjung Enclave, Delhi-110029, India |
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Date of Birth/Age : |
07.05.1991 |
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Qualification : |
Graduate |
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Date of Appointment : |
17.06.2015 |
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DIN No.: |
07208901 |
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Name : |
Willem Albertus Hazeleger |
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Designation : |
Director |
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Address : |
Rm B 35/F Aigburth, 12 Tregunter Path, Mid-Levels Central, Hong Kong |
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Date of Appointment : |
09.08.2017 |
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DIN No.: |
07902239 |
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KEY EXECUTIVES
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Name : |
Mr. Kapil Sharma |
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Designation : |
Chief Finance Officer |
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Address : |
D-844, Gaur Green Avenue, Abhay Khand-II, Shipra Sun City, Indirapuram, Ghaziabad-201014, Uttar Pradesh, India |
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Date of Birth/Age : |
12.02.1961 |
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Date of Appointment : |
18.09.2014 |
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PAN No.: |
AANPS1534J |
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Name : |
Mr. Nikhil Sethi |
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Designation : |
Company Secretary |
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Address : |
C-7, Bali Nagar, New Delhi-110015, India |
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Date of Appointment : |
12.12.2016 |
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PAN No.: |
BCFPS3872J |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 31.03.2017
NOTE: SHAREHOLDING DETAILS FILE ATTACHED
AS ON: 29.09.2017
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
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Promoters – Individual/ Hindu Undivided Family – Indian |
0.25 |
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Promoters – Body Corporate |
23.05 |
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Public/Other than promoters – Individual/ Hindu Undivided
Family – Indian |
7.02 |
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Public/Other than promoters - Body Corporate |
69.24 |
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Public/Other than promoters - Individual/ Hindu Undivided Family - Non-resident Indian (NRI |
0.43 |
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Public/Other than promoters – Others Trust |
0.01 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in Hotels Business and is Running Hotels at various location. [Registered Activity] |
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Products : |
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Brand Names : |
· “Lemon Tree Premier” · “Lemon Tree Hotels” ·
“Red Fox Hotels” |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Divulged |
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Bankers : |
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Facilities : |
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Financial Institution : |
Axis Trustee Services Limited |
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Auditors : |
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Name : |
SR Batliboi and Company LLP Chartered Accountants |
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Address : |
Golf View Corporate Tower-B, Sector-42
Gurgaon-122002, Haryana, India |
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PAN No.: |
ACHFS9118A |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Subsidiary company: |
· Fleur Hotels Private Limited [U55101DL2003PTC207912] · Hyacinth Hotels Private Limited [U55204DL2007PTC166050] · Begonia Hotels Private Limited [U55101DL2009PTC189339] · Nightingale Hotels Private Limited [U55101DL2007PTC158178] · Meringue Hotels Private Limited [U55101DL2006PTC144533] · Oriole dr. Fresh Hotels Private Limited [U85110DL2004PTC128937] · Sukhsagar complexes Private Limited [U70101DL1993PTC172878] · Grey Fox Project Management Company Private Limited [U74140DL2012PTC238272]\ · Canary Hotels Private Limited [U55101DL2006PTC144532] · Valerian Management Services Private Limited [U20296DL2007PTC169518] · Celsia Hotels Private Limited [U45201DL2003PTC191326] · Iora Hotels Private Limited [U55101DL2009PTC192981] · Manakin Resorts Private Limited [U55101DL2005PTC212230] · Carnation Hotels Private Limited [U55101DL2002PTC118180] · Dandelion Hotels Private Limited [U55101DL2007PTC166044] · Inovoa Hotels And Resorts Limited [U65921DL1995PLC067686] · Lemon Tree Hotel Company Private Limited · PSK Resorts & Hotels Private Limited · Oriole Dr. Fresh Hotels Private Limited · Red Fox Hotel Company Private Limited · Pelican Facilities Management Private Limited · Ophrys Hotels Private Limited |
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Enterprises which are owned, or have
significant influence of or are partners with Key management personnel and
their relatives : |
· Spank Management Services Private Limited [U74140DL2004PTC130400] · Toucan Real Estates Private Limited [U45200DL2006PTC156838] · HeadStart Institute Private Limited · Aster Hotels and Resorts Private Limited · Buzzard Real Estates Private Limited · Crow Real Estates Private Limited · Myna Real Estates Private Limited · Unistar Hotels Private Limited · Vulture Management Services Private Limited · Sparrow Buildwell Private Limited ·
Garnet Hotels Private Limited |
CAPITAL STRUCTURE
AFTER: 29.09.2017
Authorised Capital : INR 10028.900 Million
Issued, Subscribed & Paid-up Capital : INR 7864.127 Million
AS ON: 29.09.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
998550000 |
Equity Shares |
INR 10/- each |
INR 9985.500 Million |
|
145000 |
Preference Shares |
INR 100/- each |
INR 14.500
Million |
|
|
|
|
|
|
|
Total |
|
INR 10000.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
781274065 |
Equity Shares |
INR 100/- each |
INR 7812.741
Million |
|
|
|
|
|
AS ON: 31.03.2016
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
998550000 |
Equity Shares |
INR 10/- each |
INR 9985.500 Million |
|
145000 |
Preference Shares |
INR 100/- each |
INR 14.500
Million |
|
|
|
|
|
|
|
Total |
|
INR 10000.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
778102163 |
Equity Shares |
INR 10/- each |
INR 7781.022
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 |
7781.022 |
7764.868 |
1286.268 |
|
(b) Reserves and Surplus |
1466.802 |
1617.012 |
8011.477 |
|
(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) |
9247.824 |
9381.880 |
9297.745 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
2810.667 |
2786.780 |
2668.831 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long-term
liabilities |
91.353 |
72.394 |
74.561 |
|
(d) long-term
provisions |
7.843 |
6.264 |
5.415 |
|
Total Non-current
Liabilities (3) |
2909.863 |
2865.438 |
2748.807 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
441.918 |
416.366 |
573.890 |
|
(b) Trade
payables |
314.465 |
295.875 |
220.541 |
|
(c) Other
current liabilities |
330.166 |
150.355 |
234.113 |
|
(d) Short-term
provisions |
9.920 |
8.895 |
9.085 |
|
Total Current
Liabilities (4) |
1096.469 |
871.491 |
1037.629 |
|
|
|
|
|
|
TOTAL |
13254.156 |
13118.809 |
13084.181 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
4533.701 |
4318.888 |
4672.391 |
|
(ii)
Intangible Assets |
3.690 |
6.285 |
12.364 |
|
(iii) Tangible assets
capital work-in-progress |
52.704 |
117.789 |
48.258 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
5790.455 |
5636.354 |
4340.525 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term loans and advances |
2431.056 |
2723.628 |
2705.462 |
|
(e) Other
Non-current assets |
59.428 |
63.904 |
67.219 |
|
Total Non-Current
Assets |
12871.034 |
12866.848 |
11846.219 |
|
|
|
|
|
|
(2) Current
assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
22.915 |
19.974 |
25.816 |
|
(c) Trade
receivables |
170.679 |
106.978 |
96.607 |
|
(d) Cash and
bank balances |
50.460 |
42.129 |
302.207 |
|
(e)
Short-term loans and advances |
71.872 |
54.869 |
798.641 |
|
(f) Other
current assets |
67.196 |
28.011 |
14.691 |
|
Total
Current Assets |
383.122 |
251.961 |
1237.962 |
|
|
|
|
|
|
TOTAL |
13254.156 |
13118.809 |
13084.181 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
1932.832 |
1880.345 |
1497.715 |
|
|
Other Income |
16.318 |
369.119 |
548.246 |
|
|
TOTAL |
1949.150 |
2249.464 |
2045.961 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
129.993 |
131.808 |
119.190 |
|
|
Employee benefit expense |
454.543 |
469.110 |
385.749 |
|
|
Other expenses |
893.535 |
932.409 |
827.898 |
|
|
TOTAL |
1478.071 |
1533.327 |
1332.837 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
471.079 |
716.137 |
713.124 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
410.762 |
446.590 |
348.713 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
60.317 |
269.547 |
364.411 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
218.373 |
227.565 |
219.745 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(158.056) |
41.982 |
144.666 |
|
|
|
|
|
|
|
Less |
TAX |
1.252 |
15.358 |
0.080 |
|
|
|
|
|
|
|
Less |
TAX EXPENSE OF
DISCONTINUING OPERATIONS |
0.000 |
33.905 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(159.308) |
(7.281) |
144.586 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
223.020 |
193.747 |
130.250 |
|
|
TOTAL EARNINGS |
223.020 |
193.747 |
130.250 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Capital Goods |
14.457 |
4.278 |
5.703 |
|
|
TOTAL IMPORTS |
14.457 |
4.278 |
5.703 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
(0.20) |
(0.01) |
0.19 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Maturities of Long term debt |
196.199 |
83.269 |
113.710 |
|
|
|
|
|
|
Net cash flows from (used in) operations |
505.473 |
423.108 |
(29.573) |
|
|
|
|
|
|
Net cash flows from (used in) operating activities |
466.034 |
399.016 |
(53.563) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
32.23 |
20.77 |
23.54 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
11.32 |
17.58 |
15.50 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
882.97 |
819.33 |
675.37 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
20.56 |
35.85 |
27.62 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.10 |
0.16 |
0.15 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.31 |
0.29 |
0.29 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.37 |
0.35 |
0.36 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.12 |
0.09 |
0.11 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.50 |
0.47 |
0.51 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
1.15 |
1.60 |
2.05 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
(8.24) |
-0.39 |
9.65 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
(1.20) |
-0.06 |
1.11 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
(1.72) |
-0.08 |
1.56 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Ratio (Current
Assets / Current Liabilities) |
0.35 |
0.29 |
1.19 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.33 |
0.27 |
1.17 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.70 |
0.72 |
0.71 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
0.44 |
0.42 |
2.61 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
0.35 |
0.29 |
1.19 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 10.00/- |
|
|
|
|
Market Value |
INR 65.00/- |
FINANCIAL ANALYSIS
[all figures are
in 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 |
1286.268 |
7764.868 |
7781.022 |
|
Reserves & Surplus |
8011.477 |
1617.012 |
1466.802 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
9297.745 |
9381.880 |
9247.824 |
|
|
|
|
|
|
long-term borrowings |
2668.831 |
2786.780 |
2810.667 |
|
Short term borrowings |
573.890 |
416.366 |
441.918 |
|
Current Maturities of Long
term debt |
113.710 |
83.269 |
196.199 |
|
Total
borrowings |
3356.431 |
3286.415 |
3448.784 |
|
Debt/Equity
ratio |
0.361 |
0.350 |
0.373 |
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 |
1497.715 |
1880.345 |
1932.832 |
|
|
|
25.548 |
2.791 |
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 |
1497.715 |
1880.345 |
1932.832 |
|
Profit/ (Loss) |
144.586 |
(7.281) |
(159.308) |
|
|
9.65% |
(0.39%) |
(8.24%) |
LEGAL CASES
|
DISTRICT AND SESSIONS JUDGE,NEW DELHI, PHC Case Details Case Type: CS - CIVIL SUIT FOR DJ and ADJ Filing Number: 30614/2016Filing Date: 08-06-2016 Registration No.: 58120/2016Registration Date: 09-06-2016 CNR NO: DLND01-004497-2016 Case Status First Hearing Date: 09th June 2016 Next Hearing Date: 19th September 2016 Stage of Case: Misc. cases Court No. and Judge: 52-Additional District Judge Petitioner and Advocate 1) India cast distribution Private Limited Address - INDIA GLYCOLS LTD. GROUND FLOOR, TOWER NO. III, PLOT NO.2 B, SECTOR-126, NOIDA, DISTT. GAUTAM BUDH NAGAR, UTTAR PRADESH Respondent and Advocate 1) LEMON TREE HOTELS LTD Acts
|
||||||||||||||||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||||||||||
|
SESSIONS JUDGE, NEW DELHI, PHC CASE
DETAILS Case Type: CS - CIVIL SUIT FOR
DJ and ADJ CASE STATUS First Hearing Date: 09th June 2016 Next Hearing Date: 19th September 2016 Stage of Case: Misc. cases Court
No. and Judge: 52-Additional District Judge PETITIONER AND ADVOCATE India cast distribution ptv ltd Address - INDIA GLYCOLS LTD.
GROUND FLOOR, TOWER NO. III, PLOT NO.2 B, SECTOR-126, NOIDA, DISTT. GAUTAM
BUDH NAGAR, UTTAR PRADESH RESPONDENT AND ADVOCATE 1)
LEMON TREE HOTELS LTD ACTS
|
||||||||||||||||||||||||||||||||||||||||||||
|
DISTRICT AND SESSIONS JUDGE,NEW DELHI,
PHC CASE DETAILS Case Type: CS - CIVIL SUIT FOR DJ and ADJ Filing Number: 3815/2016Filing Date: 09-02-2016 Registration No.: 57425/2016Registration Date: 10-02-2016 CNR NO: DLND01-001594-2016
CASE STATUS First Hearing Date: 28th April 2016 Next Hearing Date: 09th September 2016 Date Not Updated Stage of Case: Misc. cases Court No. and Judge: 16-Additional District Judge PETITIONER AND ADVOCATE 1) INDIACAST DISTRIBUTION PRIVATE
LTD RESPONDENT AND ADVOCATE 1)
LEMON TREE HOTELS LTD
|
||||||||||||||||||||||||||||||||||||||||||||
|
DISTRICT AND SESSIONS JUDGE,NEW DELHI,
PHC Case Details Case Type: CS - CIVIL SUIT FOR DJ and ADJ Filing
Number: 3813/2016Filing Date: 09-02-2016
CASE STATUS First Hearing Date: 28th April 2016 Next Hearing Date: 09th September 2016 Date Not Updated Stage of Case: Misc. cases Court No. and Judge: 16-Additional District Judge PETITIONER AND ADVOCATE 1) INDIACAST DISTRIBUTION PRIVATE
LTD RESPONDENT AND ADVOCATE 1)
LEMON TREE HOTELS LTD
|
||||||||||||||||||||||||||||||||||||||||||||
|
DISTRICT AND SESSIONS JUDGE,NEW DELHI,
PHC CASE DETAILS Case Type: CS - CIVIL SUIT FOR DJ and ADJ Filing Number: 3814/2016Filing Date: 09-02-2016 Registration No.: 57424/2016Registration Date: 10-02-2016 CNR NO: DLND01-001593-2016
CASE STATUS First Hearing Date: 28th April 2016 Next Hearing Date: 09th
September 2016 Date Not
Updated Court No. and Judge: 16-Additional District Judge PETITIONER AND ADVOCATE 1) INDIACAST DISTRIBUTION PRIVATE
LTD RESPONDENT AND ADVOCATE 1)
LEMON TREE HOTELS LTD
|
||||||||||||||||||||||||||||||||||||||||||||
|
DISTRICT AND SESSIONS JUDGE,NEW DELHI,
PHC
CASE DETAILS Case Type: CS - CIVIL SUIT FOR DJ and ADJ Filing Number: 3812/2016Filing Date: 09-02-2016 Registration No.: 57422/2016Registration Date: 10-02-2016 CNR NO: DLND01-001591-2016 CASE STATUS First Hearing Date: 28th April 2016 Next Hearing Date: 09th September 2016 Date Not Updated Stage of Case: Misc. cases Court No. and Judge: 16-Additional District Judge PETITIONER AND ADVOCATE 1) INDIACAST DISTRIBUTION PRIVATE
LTD RESPONDENT AND ADVOCATE 1)
LEMON TREE HOTELS LTD
|
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
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 |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
CHARGES REGISTERED |
||||||||
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G83977926 |
100169254 |
HDFC BANK LIMITED |
21/03/2018 |
- |
- |
12600000.0 |
HDFC BANK HOUSE, SENAPATI BAPAT MARGLOWER PAREL WESTMUMBAIMH400013IN |
|
2 |
G80913981 |
100163658 |
HDFC BANK LIMITED |
12/03/2018 |
- |
- |
839000.0 |
HDFC BANK HOUSE, SENAPATI BAPAT MARGLOWER PAREL WESTMUMBAIMH400013IN |
|
3 |
G80180516 |
100162291 |
HDFC BANK LIMITED |
27/02/2018 |
- |
- |
868500.0 |
HDFC BANK HOUSE, SENAPATI BAPAT MARGLOWER PAREL WESTMUMBAIMH400013IN |
|
4 |
G78185733 |
100157561 |
AXIS TRUSTEE SERVICES LIMITED |
31/01/2018 |
- |
- |
450000000.0 |
AXIS HOUSE, BOMBAY DYEING MILLSCOMPOUND, PANDHURANG BUDHKAR MARG, WORLIMUMBAIMA400025IN |
|
5 |
G73604209 |
100146785 |
HDFC BANK LIMITED |
29/12/2017 |
- |
- |
900000.0 |
HDFC BANK HOUSE, SENAPATI BAPAT MARG,LOWER PAREL (WEST)MUMBAIMH400013IN |
|
6 |
G73605016 |
100146788 |
HDFC BANK LIMITED |
29/12/2017 |
- |
- |
867000.0 |
HDFC BANK HOUSE, SENAPATI BAPAT MARG,LOWER PAREL (WEST)MUMBAIMH400013IN |
|
7 |
G73605388 |
100146789 |
HDFC BANK LIMITED |
29/12/2017 |
- |
- |
913000.0 |
HDFC BANK HOUSE, SENAPATI BAPAT MARG,LOWER PAREL (WEST)MUMBAIMH400013IN |
|
8 |
G73195729 |
100145823 |
RBL BANK LIMITED |
28/12/2017 |
- |
- |
242000000.0 |
SHAHUPURI,KOLHAPUR,KOLHAPURMA416001IN |
|
9 |
G73749863 |
100147156 |
HDFC BANK LIMITED |
23/12/2017 |
- |
- |
576000.0 |
HDFC BANK HOUSE, SENAPATI BAPAT MARG,LOWER PAREL (WEST)MUMBAIMH400013IN |
|
10 |
G70796123 |
100141284 |
HDFC BANK LIMITED |
28/11/2017 |
- |
- |
960000.0 |
HDFC BANK HOUSE, SENAPATI BAPAT MARGLOWER PAREL WESTMUMBAIMH400013IN |
CHANGE OF ADDRESS:
The Registered address of the company has been shifted from B-6/17, Safdarjung
Enclave, New Delhi-110029, India to the present address w.e.f 20.03.2014
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2016 (INR
In Million) |
31.03.2015 (INR
In Million) |
|
Canary Hotels Private Limited |
250.000 |
250.000 |
|
Hyacinth Hotels Private Limited |
860.500 |
860.500 |
|
Sukhsagar Complexes Private Limited |
450.000 |
450.000 |
|
Oriole Dr. Fresh Hotels Private Limited |
250.000 |
220.000 |
|
Nightingale Hotels Private Limited |
600.000 |
550.000 |
|
Fleur Hotels Private Limited |
1350.000 |
0.000 |
|
Matter of service tax credit |
20.078 |
28.720 |
|
Luxury tax |
3.600 |
3.600 |
CORPORATE INFORMATION
Lemon Tree Hotels Limited (the company) is a public company domiciled in India. The Company owns and manages chain of hotels, motels, resorts, restaurants, etc. under the brand name of Lemon Tree Hotel, Lemon Tree Premier and Red Fox Hotel
PERFORMANCE REVIEW AND STATE OF COMPANY AFFAIRS
The revenue from the operations of the Company during the current year was INR 1932.832 million increased from INR 1880.345 million in the previous year.
The long term outlook for the Indian hospitality business continues to be positive, both for the business and leisure segments with the potential for economic growth, increase in disposable incomes and the burgeoning middle class. Also, the Indian government, in order to strengthen the tourism and hospitality sector, has taken various initiatives like E-visa for 150 countries, M-visa and has also initiated Project Mausam' under which it has proposed to establish cross cultural linkages and to revive historic maritime cultural and economic ties with other Indian Ocean countries.
Thus
the revenue growth of Indian hotel industry, mainly driven by the incremental
rooms and food and beverages income, is expected to strengthen to 9-10 per cent
in financial year 2016-17. With this positive outlook, the Company is focused
to improve and streamline its core business and look for higher market share in
the hotel business segment in which it operates.
OPERATIONAL HOTELS
AND UPCOMING PROJECTS
Lemon Tree Hotels Limited is a Company engaged in hotel business and there has been no change in the nature of its business during the year.
During the year, Lemon Tree Group had twenty nine (29) hotels operating in 15 cities under its various brands i.e. Lemon Tree Premier, Lemon Tree Hotels and Red Fox Hotels in the Company and its subsidiaries including the managed hotel properties.
Out
of the total, six (6) hotel properties continued to operate under the new upper
upscale Lemon Tree Premier brand at Bengaluru, Gurgaon including Lemon Tree
Premier, HITEC City-Hyderabad and Lemon Tree Premier, Delhi Aerocity operating
in the subsidiary companies and two managed properties i.e. Lemon Tree
Premier-Jaipur and Lemon Tree Premier-Ahmedabad and one (1) Hotel property i.e.
LTH-City Centre Gurgaon which has been re-constructed become operational during
the year and has been upgraded and named as Lemon Tree Premier, City
Centre-Gurgaon.
Lemon Tree Group had Eleven (11) hotels operating under the brand Lemon Tree Hotel at Ahmedabad, Aurangabad, Chennai, Chandigarh, Gurgaon, Indore, Pune including the four hotel properties i.e. Lemon Tree Hotel, East Delhi Mall-Kaushambi, Lemon Tree Hotel, Electronics City-Bengaluru, Lemon Tree Hotel, Whitefield-Bengaluru, Lemon Tree Hotel, Gachi Bowli-Hyderabad in the subsidiary companies.
Two resorts i.e. Lemon Tree Vembanad Lake Resort at Allepey, Kerala and Lemon Tree Amarante Beach Resort, Goa, are also operating in the subsidiary companies.
Further, there are five (5) hotel properties which are managed and operated under Lemon Tree Hotel Brand by the management arm of the Lemon Tree Group i.e. Lemon Tree Hotel, Shimona-Chennai, Lemon Tree Hotel-Dehradun including new additions Lemon Tree Hotel-Vadodra, Lemon Tree Hotel-Dahej and Lemon Tree Hotel-Tarudhan which have commenced their operations during the period.
Further,
four (4) hotel properties were operating under Red Fox Hotel brand at Hyderabad
and Delhi Aerocity including Red Fox Hotel, East Delhi and Red Fox Hotel,
Jaipur operating in subsidiary companies.
Further,
several new hotel projects have been taken up by the Group at Kolkatta, Mumbai,
Udaipur, Pune, Shimla and Gurgaon, which are at various stages of development.
AWARDS AND
RECOGNITION
During the year, the Company has received various awards and recognition as detailed herein below:
BW Hotelier Editors Choice Award 2016 for being an equal opportunity employer
TripAdvisor Hall of Fame: Republic of Noodles| Lemon Tree Amarante Beach Resort, Goa
Lemon Tree Smiles adjudged the Best Loyalty Program at the 9th Loyalty Awards Summit by AIMIA
HICAP 2015 Sustainable Hotel Awards 2015 in the Sustainable Communities category for our commitment to practicing and expanding sustainable development as a standard practice in all our hotels
Asian Human Capital Award, 2015 for innovative and Impactful people practices by Ministry of Manpower, Singapore and Human Capital Leadership Institute
Ranked #30 in the Top 50 Great Places to Work For 2011
Ranked #2 Best Company in India with Unique Initiative/ Programme 2011
18 hotels out of 26 hotels awarded TripAdvisors Certificate of Excellence 2015:
Lemon
Tree Premier Ahmedabad | Gurgaon | Hyderabad | New Delhi
Lemon Tree Hotel Aurangabad | Bangalore Electronics City and Whitefield | Chandigarh | Chennai | East Delhi | Gurgaon-Udyog Vihar | Indore |Muhamma (Kerala) | Pune
Red Fox Hotel East Delhi | Hyderabad | Jaipur | New Delhi.
Republic of Noodles Bangalore Ulsoor Lake & Electronic City | Goa | Hyderabad- Hitech City
CNBC AWAAZ Travel Awards 2015 (in association with Chattisgarh Tourism) Best Budget Hotel awarded to Lemon Tree Vembanad Lake Resort, Muhamma, Kerala
Zomato Users Choice Award 2015: Slounge, Lemon Tree Premier, Jaipur
FIXED ASSETS:
· Land
· Buildings
· Plant and equipment
· Furniture and fixtures
· Vehicles
· Office equipment
· Computer equipments
· Leasehold improvements
WEBSITE DETAILS:
PRESS RELEASE:
LEMON TREE HOTELS IPO
OPENS: SHOULD YOU SUBSCRIBE?
26.03.2018
The price band of the issue is INR 54- INR 56 per equity share of the company of face value of INR 10 each.
Lemon Tree Hotels, one of the largest hotel chains in the mid-priced hotel segment, is coming out with its initial public offering on March 26, 2018. The issue will close on March 28, 2018.
The price band of the issue is INR 54- INR 56 per equity share of the company of face value of INR 10 each.
The IPO consists an offer for sale of up to 185479400 equity shares of the company.
Equity shares are proposed to be listed on BSE and NSE.
Kotak Mahindra Capital Company, CLSA India, JP Morgan India and YES Securities (India are the book running lead managers to the issue. The registrar to the issue is Karvy Computershare.
The bid can be made for a minimum lot of 265 equity shares and in multiples of 265 equity shares thereafter.
Brokerage: Hem
Securities | Rating: Avoid
The company is a hospitality platform with operations and competencies spread across the hotel value chain. Co’s operations range from acquiring land to owning, developing, managing and marketing hotels.
Although co is leading mid-priced hotel chain with a differentiated business model & has strategically positioned in key geographical areas but, as company was loss making since FY’15 & has turned around only in 9MFY18, hence limited track record of profit making doesn’t instil confidence in company at present level. Hence, we recommend avoid on issue.
Brokerage: Choice
Broking | Rating: Subscribe with caution
At the higher price band of Rs 56 per share the company's share is valued at an FY17 P/E multiple of 100.4 multiple, which is at premium to the peer average of 28.7 multiple.
The key risk and concerns include, subdued economic growth, slow expansion in the occupancy level, poor ramp of new hotels, increased competition and rise in operating expenses.
Brokerage: ICICI direct|
Rating: Avoid
We recommend avoid on offering, based on high capex oriented nature of expansion, low RoCE, higher competition in the mid-scale segment.
The company’s development cost per room across its three brands are lower than industry. Further, focus on domestic guests, operating efficiency & low employee cost have enabled company to keep its operational cost lower, margins higher than peers and compete effectively on pricing.
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 67.53 |
|
UK Pound |
1 |
INR 91.49 |
|
Euro |
1 |
INR 80.53 |
INFORMATION DETAILS
|
Information
Gathered by : |
SHW |
|
|
|
|
Analysis Done by
: |
VAR |
|
|
|
|
Report Prepared
by : |
RUP |
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.