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|
MIRA INFORM REPORT
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Report No. : |
509344 |
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Report Date : |
17.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
JUNIPER HOTELS PRIVATE LIMITED [w.e.f. 23.12.2003] |
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Formerly Known
As : |
SEAJULI PROPERTY AND VINIYOG PRIVATE LIMITED SEAJULI FINANCE PRIVATE LIMITED SEAJULI FINANCE LIMITED |
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Registered
Office : |
Off Western Express Highway, Santacruz (East), Mumbai – 400055,
Maharashtra |
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Tel. No.: |
91-22-66761234/ 66761000 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
16.09.1985 |
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Com. Reg. No.: |
11-152863 |
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Capital
Investment / Paid-up Capital : |
INR 1437.000 Million |
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CIN No.: [Company Identification
No.] |
U55101MH1985PTC152863 |
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IEC No.: [Import-Export Code No.] |
0299004635 |
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TIN No.: |
Not Divulged |
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GSTN : [Goods & Service Tax
Registration 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.] |
AAECS6336E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in the business of Hospitality (Hotels) Services. (Registered Activity) |
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No. of Employees
: |
Information declined by the management |
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 |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 1985. Saraf Hotel Limited, Mauritius (part of (Saraf group) holds 50% stake and rest is held by Two Seas Holding Limited, Mauritius (part of Hyatt group). As per financials of March 2017, the company has registered a growth of 15% in its revenue as compared to its previous year’s revenue and has reported average profit margin of 2.20%. Rating takes into consideration the company’s established track record of business operations marked by healthy net worth base along with low solvency indicators and decent liquidity position. Rating also takes into account the experienced promoters and established brand name. Payments seems to be usually correct. In view of aforesaid, the company can be considered for business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Rating : BB [Issuer Non-Cooperative] |
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Rating Explanation |
Moderate risk of default |
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Date |
06.04.2017 |
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Rating Agency Name |
CARE |
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Rating |
Short Term Rating : A4 [Issuer Non-Cooperative] |
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Rating Explanation |
Minimal degree of safety and very high credit risk |
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Date |
06.04.2017 |
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 17.05.2018.
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.: 91-22-66761000]
[91-22-66761234] Continuously ringing
LOCATIONS
|
Registered Office : |
Off Western Express Highway, Santacruz (East), Mumbai – 400055,
Maharashtra, India |
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Tel. No.: |
91-22-66761234/ 66761000/ 66761211 |
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Fax No.: |
91-22-66761235/ 66761010 |
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E-Mail : |
sandeepjoshi@juniperhotels.com |
|
Website : |
DIRECTORS
AS ON: 31.03.2018
|
Name : |
Mr. Arun Kumar Saraf |
|
Designation : |
Managing Director |
|
Address : |
Grand Hyatt Residences, Off Western Express Highway, Santacruz (East),
Mumbai – 400055, Maharashtra, India |
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Date of Birth/Age : |
10.03.1959 |
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Date of Appointment : |
01.07.1998 |
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PAN No.: |
ACTPS6880M |
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DIN No.: |
00339772 |
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Name : |
Mr. Radhe Shyam Saraf |
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Designation : |
Director |
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Address : |
D 20 F, Caine Mansion, 80-88, Caine Road, Mid-Levels, Hong Kong |
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Date of Birth/Age : |
15.08.1930 |
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Date of Appointment : |
14.01.2001 |
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DIN No.: |
00017962 |
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Name : |
Mr. Umesh Saraf |
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Designation : |
Director |
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Address : |
W-120, Greater Kailash, New Delhi – 110048, India |
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Date of Birth/Age : |
27.12.1963 |
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Date of Appointment : |
14.06.2004 |
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PAN No.: |
ABHBS6562P |
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DIN No.: |
00017985 |
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Name : |
Ms. Pallavi Shroff |
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Designation : |
Director |
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Address : |
S-270, Greater Kailash Part – II, New Delhi – 110048, India |
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Date of Birth/Age : |
22.04.1956 |
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Date of Appointment : |
13.06.2001 |
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PAN No.: |
AQPPS7388Q |
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DIN No.: |
00013580 |
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Name : |
Mr. Gangaram Niacanta Iyer |
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Designation : |
Director |
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Address : |
703, Golden Castle Sundarnagar Road No. 2, Kalina, Mumbai - 400098,
Maharashtra, India |
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Date of Birth/Age : |
22.09.1934 |
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Date of Appointment : |
13.06.2001 |
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PAN No.: |
AABPG0807E |
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DIN No.: |
00001246 |
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Name : |
Mr. Charles Lemont Ephraim |
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Designation : |
Director |
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Address : |
2130, Sheridan Road, Highland Park, USA – 60035 |
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Date of Birth/Age : |
03.06.1952 |
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Date of Appointment : |
12.09.2007 |
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DIN No.: |
01875357 |
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Name : |
Mr. Peter Fulton |
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Designation : |
Director |
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Address : |
A, Hamid Amhed Qasim Seddiqi, (Villa – 10) 352-30C, Umsaqaim Area
DM.157, Post Box 7978, Dubai |
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Date of Birth/Age : |
15.07.1957 |
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Date of Appointment : |
05.12.2008 |
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DIN No.: |
02227963 |
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Name : |
Mr. Varun Saraf |
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Designation : |
Alternate Director |
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Address : |
Flat No-C-II-404, 8-3-230/B/10, F. No 302, Highway 400055, Maharashtra, India |
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Date of Appointment : |
05.10.2016 |
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DIN No.: |
01074417 |
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Name : |
Mr. Peter Marian Boeschen |
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Designation : |
Nominee Director |
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Address : |
2708 Wait Road, Naperville Illinois 60564 US |
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Date of Appointment : |
05.04.2017 |
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DIN No.: |
05111722 |
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Name : |
Mr. Charles Lamont Ephraim |
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Designation : |
Director |
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Address : |
2130, Sheridan Road, Highland Park, 60035 Us |
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Date of Appointment : |
12.09.2007 |
|
DIN No.: |
01875357 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 31.03.2017
|
Names of Shareholders |
No. of Shares |
% age holding |
|
Saraf Hotels Limited [Owned by Arun Kumar Saraf] |
71850000 |
50.00 |
|
Two Seas Holdings Limited [Owned by Hyatt Hotels Corporation] |
71850000 |
50.00 |
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Total |
143700000 |
100.00 |
AS ON: 28.09.2017
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Equity Share Breakup |
Percentage of Holding |
|
Category |
|
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Promoters (Body corporate) |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in the business of Hospitality (Hotels) Services. (Registered Activity) |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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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 : |
Information declined by the management |
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Bankers : |
· Standard Chartered Bank Crescenzo, 3A/F, Plot no. C-38 & 39, G Block, Bandra Kurla Complex, Bandra East, Mumbai - 400051, Maharashtra, India · IDBI Bank Limited IDBI Towerwtc Complex, Cuffe Parade, Mumbai - 400005, Maharashtra, India · Kotak Mahindra Bank Limited 36-38A, Nariman Bhavan, 227,D, Nariman Point,, Mumbai - 400021, Maharashtra, India |
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Facilities : |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountants |
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Address : |
Mumbai, Maharashtra, India |
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Income-tax
PAN of auditor or auditor's firm : |
AABFD7919A |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Subsidiary company: |
Mahima Holding Private Limited [U67120MH1996PTC098688] |
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Enterprises which are owned, or have
significant influence of or are partners with Key management personnel and their
relatives: |
· Chartered Hotels Private Limited [U55101MH1996PTC180473] · Robust Hotels Private Limited [U55101TN2007PTC062085] |
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Investing Parties : |
· Saraf Hotels Limited · Two Seas Holdings Limited |
CAPITAL STRUCTURE
AS ON: 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
190000000 |
Equity Shares |
INR 10/- each |
INR 1900.000 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
143700000 |
Equity Shares |
INR 10/- each |
INR 1437.000 Million |
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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 |
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|
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|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
1437.000 |
1437.000 |
1437.000 |
|
(b) Reserves & Surplus |
3033.501 |
3012.574 |
2795.701 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
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|
|
|
|
(2) Share
Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
4470.501 |
4449.574 |
4232.701 |
|
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|
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(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
12996.601 |
15066.866 |
10646.391 |
|
(b) Deferred tax liabilities (Net) |
504.073 |
496.262 |
388.034 |
|
(c)
Other long term liabilities |
180.979 |
57.679 |
155.553 |
|
(d)
long-term provisions |
93.857 |
82.454 |
67.728 |
|
Total
Non-current Liabilities (3) |
13775.510 |
15703.261 |
11257.706 |
|
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|
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(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
363.961 |
140.821 |
517.121 |
|
(b)
Trade payables |
710.757 |
502.939 |
606.386 |
|
(c)
Other current liabilities |
3734.957 |
700.931 |
1130.800 |
|
(d)
Short-term provisions |
29.595 |
57.391 |
115.400 |
|
Total
Current Liabilities (4) |
4839.270 |
1402.082 |
2369.707 |
|
|
|
|
|
|
TOTAL |
23085.281 |
21554.917 |
17860.114 |
|
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|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
19796.844 |
8514.826 |
5497.526 |
|
(ii)
Intangible Assets |
62.338 |
22.991 |
2.362 |
|
(iii)
Capital work-in-progress |
363.503 |
9654.355 |
10080.114 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
60.000 |
60.000 |
51.700 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
1921.275 |
2128.386 |
1840.722 |
|
(e)
Other Non-current assets |
175.732 |
246.549 |
6.471 |
|
Total
Non-Current Assets |
22379.692 |
20627.107 |
17478.895 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
168.469 |
71.804 |
94.768 |
|
(c)
Trade receivables |
244.603 |
171.837 |
141.997 |
|
(d)
Cash and cash equivalents |
39.010 |
323.008 |
47.534 |
|
(e)
Short-term loans and advances |
130.464 |
119.087 |
91.238 |
|
(f)
Other current assets |
123.043 |
242.074 |
5.682 |
|
Total
Current Assets |
705.589 |
927.810 |
381.219 |
|
|
|
|
|
|
TOTAL |
23085.281 |
21554.917 |
17860.114 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
3772.306 |
3280.315 |
2776.231 |
|
|
|
Other Income |
154.437 |
21.785 |
19.865 |
|
|
|
TOTAL |
3926.743 |
3302.100 |
2796.096 |
|
|
|
|
|
|
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|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
352.167 |
312.420 |
251.548 |
|
|
|
Employees benefits expense |
747.838 |
628.038 |
651.789 |
|
|
|
CSR expenditure |
1.703 |
0.000 |
0.000 |
|
|
|
Other expenses |
1428.375 |
1356.108 |
1038.098 |
|
|
|
TOTAL |
2530.083 |
2296.566 |
1941.435 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
1396.660 |
1005.534 |
854.661 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
817.799 |
471.161 |
239.960 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
578.861 |
534.373 |
614.701 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
438.304 |
204.897 |
161.522 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
140.557 |
329.476 |
453.179 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
57.742 |
112.603 |
172.176 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
82.815 |
216.873 |
281.003 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Stores & Spares |
2.366 |
3.188 |
3.704 |
|
|
|
Capital Goods |
164.679 |
457.560 |
468.216 |
|
|
TOTAL IMPORTS |
167.045 |
460.748 |
471.920 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (INR) |
0.58 |
1.51 |
1.96 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
2974.162 |
54.144 |
320.655 |
|
|
|
|
|
|
Net cash flows from (used in) operations |
1299.427 |
756.801 |
1146.920 |
|
|
|
|
|
|
Net cash flows from (used in) operating activities |
1235.571 |
696.290 |
1143.548 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
23.67 |
19.12 |
18.67 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
15.42 |
19.09 |
19.55 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
736.66 |
587.58 |
879.88 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
8.29 |
14.00 |
9.02 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.07 |
0.06 |
0.05 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.90 |
0.77 |
0.75 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
3.65 |
3.43 |
2.71 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
1.08 |
0.32 |
0.56 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
4.52 |
4.09 |
3.68 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
1.71 |
2.13 |
3.56 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
2.20 |
6.61 |
10.12 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
0.36 |
1.01 |
1.57 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
1.85 |
4.87 |
6.64 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
0.15 |
0.66 |
0.16 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.11 |
0.61 |
0.12 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.19 |
0.21 |
0.24 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
11.37 |
10.62 |
7.99 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
0.15 |
0.66 |
0.16 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
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 |
1437.000 |
1437.000 |
1437.000 |
|
Reserves & Surplus |
2795.701 |
3012.574 |
3033.501 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
4232.701 |
4449.574 |
4470.501 |
|
|
|
|
|
|
long-term borrowings |
10646.391 |
15066.866 |
12996.601 |
|
Short term borrowings |
517.121 |
140.821 |
363.961 |
|
Current Maturities of Long
term debt |
320.655 |
54.144 |
2974.162 |
|
Total
borrowings |
11484.167 |
15261.831 |
16334.724 |
|
Debt/Equity
ratio |
2.713 |
3.430 |
3.654 |
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 |
2776.231 |
3280.315 |
3772.306 |
|
|
|
18.157 |
14.998 |
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 |
2776.231 |
3280.315 |
3772.306 |
|
Profit |
281.003 |
216.873 |
82.815 |
|
|
10.12% |
6.61% |
2.20% |
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 |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
B87993382 |
10456139 |
STANDARD CHARTERED
BANK |
01/10/2013 |
- |
- |
960000000.0 |
CRESCENZO, 3A/F,
PLOT NO. C-38 & 39G BLOCK, BANDRA KURLA COMPLEX, BANDRA
EASTMUMBAIMH400051IN |
|
2 |
B87993077 |
10456138 |
STANDARD CHARTERED
BANK |
01/10/2013 |
- |
- |
500000000.0 |
CRESCENZO, 3A/F,
PLOT NO. C-38 & 39G BLOCK, BANDRA KURLA COMPLEX, BANDRA
EASTMUMBAIMH400051IN |
|
3 |
B87993655 |
10370439 |
STANDARD CHARTERED
BANK |
22/06/2012 |
01/10/2013 |
- |
1920000000.0 |
CRESCENZO, 3A/F,
PLOT NO. C-38 & 39G BLOCK, BANDRA KURLA COMPLEX, BANDRA
EASTMUMBAIMH400051IN |
|
4 |
G73654352 |
10153837 |
KOTAK MAHINDRA BANK
LIMITED |
31/03/2009 |
31/08/2017 |
- |
4730000000.0 |
27BKC, C 27, G
BLOCKBANDRA KURLA COMPLEX, BANDRA (E),MUMBAIMA400051IN |
|
5 |
G05270145 |
80031763 |
IDBI BANK LTD |
04/07/2002 |
- |
10/06/2016 |
300000000.0 |
WTC COMPLEXCUFFE
PARADEMUMBAIMH400005IN |
|
6 |
G03395654 |
80031772 |
IDBI TRUSTEESHIP
SERVICES LTD. |
27/09/2002 |
24/10/2002 |
16/05/2016 |
300000000.0 |
IDBI TOWERS, WTC
COMPLEXCUFFE PARADEMUMBAIMH400005IN |
|
7 |
G01749951 |
80031760 |
PUNJAB NATIONAL
BANK |
18/01/2001 |
22/01/2002 |
21/04/2016 |
75000000.0 |
A-9 , CONNAUGHT
PLACENEW DELHIDELHIDL110001IN |
|
8 |
G01750728 |
80031771 |
PUNJAB NATIONAL
BANK |
14/08/2002 |
12/03/2003 |
21/04/2016 |
200000000.0 |
A-9, CANNAUGHT
PLACENEW DELHIDL110001IN |
|
9 |
C82530700 |
10164338 |
AXIS BANK LIMITED |
13/06/2009 |
- |
19/03/2016 |
500000000.0 |
FORT
BRANCH,UNIVERSAL INSU. BLDG., SIR P.M. ROADMUMBAIMH400001IN |
|
10 |
C82538208 |
80031762 |
IDBI BANK LIMITED |
16/10/1998 |
01/11/2002 |
11/03/2016 |
900000000.0 |
IDBI TOWERCUFFE
PARADEMUMBAIMH400005IN |
UNSECURED LOANS
|
PARTICULARS |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Rupee term loans from banks |
10646.630 |
9636.210 |
|
Rupee term loans from others |
1353.370 |
1353.370 |
|
Loans and advances from others |
841.706 |
859.285 |
|
|
|
|
|
Total |
12841.706 |
11848.865 |
GENERAL INFORMATION
The company (CIN No. U55101MH1985PTC152863) was incorporated on September 16, 1985. The Company is engaged in the business of hospitality (Hotels). As at March 31, 2017, the Company has three operating hotels, namely Grand Hyatt, located at Santacruz East, Mumbai, Hyatt Regency Ashram Road, Ahmedabad and Andaz Delhi, Aerocity, New Delhi.
STATE OF AFFAIRS -
HOTEL PROJECTS
HYATT REGENCY AHMEDABAD
The Company's new 5 Star Hotel Project in Ahmedabad, "Hyatt Regency Ahmedabad" was fully operational in the Financial Year 2016-17. The Hotel with its complement of total 210 Rooms (148 Standard Rooms, 43 Club Rooms and 19 Suites) and specialty restaurants, viz. Indian Italian Tinello, China House and Juniper Lounge together with Chai Coffee Shop and Banquet Hall showed steady performance in the year 2016-17, compared to the previous year 2015-16. A world level corporate conference 'Vibrant Gujarat' provided impetus for the entire hotel industry in the city.
HYATT ANDAZ DELHI
The Members that trial run of Andaz Delhi commenced on 8th December 2016. The Hotel with its complement of total 401 rooms (356 standard rooms and 45 suite) and specialty restaurants viz. Indian restaurant 'Anna Maya' and 'The Juniper Bar', together with The Ball Room, Spa, 24 hours Fitness Centre, Eight residential style Studios, Business Center and Swimming Pool with Sun Desk. The Hotel was partially capitalized on the dates when the underlying assets were ready for its intended use.
BUSINESS OVERVIEW
Tourism is a sun rise industry in India. As per the World Travel and Tourism Council's (WTTC), India is one of the favorite tourist destinations in the world from the year 2009 and will continue to be till 2018. Further, the World Economic Forum (WEF), has ranked India at the sixth place in tourism and hospitality. There has been significant increase in the tourist arrivals in India (i.e. 11.8% YOY in August 2016).
The hospitality and tourism industry in India continues to grow on the back of an expanding middle class, infrastructure development, increase in international tourist arrivals and the extension of e-Tourist Visa to more than 150 countries. The target of government spend towards domestic and inbound tourism has increased significantly over the next five years. The implementation of GST will also play a vital role to boost the industries, as multiple compliances will reduce and Hotel will be able to welcome guest with 'one single tax' rate. Provisions announced in the Union Budget 2017-18 for the creation of five special tourism zones (STZ) and the launch of Incredible India 2.0 campaign are also expected to boost the industry in the long run.
The hotels across all the segments recorded occupancy of more than 65% for the first time in the last eight years. As per the latest report by ICRA, the Hotel industry's revenue per available rooms (RevPar) is likely to grow by up to 9% in the next Financial Year supported by stronger domestic demand.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
Claims against the Company not acknowledged as debts in respect of: |
|
|
|
Disputed Income Tax demand |
3.091 |
5.251 |
|
Property Tax |
54.362 |
44.896 |
|
Stamp Duty |
15.859 |
15.859 |
|
Value Added Tax |
67.644 |
95.429 |
|
|
|
|
|
Total |
140.956 |
161.434 |
FIXED ASSETS:
· Land
· Building
· Factory equipment’s
· Plant and equipment
· Plant and equipment
· Computer equipment’s
· Vehicles
· Office equipment
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record exists
to suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
INR |
|
US Dollar |
1 |
INR 67.83 |
|
UK Pound |
1 |
INR 91.68 |
|
Euro |
1 |
INR 80.29 |
INFORMATION DETAILS
|
Information
Gathered by : |
SWT |
|
|
|
|
Analysis Done by
: |
VIK |
|
|
|
|
Report Prepared
by : |
ARC |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.