Professional Documents
Culture Documents
xyz HOTEL
No of Rooms
Present 164
To be added 81
Total 245 by 2009
Total management fee to be paid (2009-17) : 150.80 incl franchise, incentive, mgmt fee
as % of revenues : 11%
Returns to Investors
2010 - 11 (2.5 years) 175%
2011 - 12 (3.5 years) 210%
COST OF THE PROJECT AND MEANS OF FINANCE (Rs. in Lakhs)
Project under
Sr. No. Particulars Expansion Total
Implementation
II MEANS OF FINANCE
Details 0
2008 - 09 2009 - 10 2010 - 11 2011 - 12 2012 - 13 2013 - 14 2014 - 15 2015 - 16 2016 - 17
INCOME
Sales 5,485.14 12,549.81 13,980.13 15,340.70 16,135.48 17,224.48 17,913.01 18,585.67 19,483.58
EXPENDITURE
Cost of Services 1,932.56 3,841.46 4,973.74 5,641.89 6,203.37 6,726.38 7,005.88 7,268.30 7,663.48
Admin. Overheads 86.50 99.48 114.40 131.56 151.29 167.93 188.08 210.65 235.93
Selling & Dist Overheads 966.99 2,391.22 2,609.77 2,882.74 2,995.47 3,146.50 3,286.66 3,432.13 3,592.59
Total Expenditure 2,986.04 6,332.15 7,697.90 8,656.18 9,350.13 10,040.82 10,480.62 10,911.08 11,492.00
EBIDTA 2,499.10 6,217.66 6,282.23 6,684.52 6,785.35 7,183.66 7,432.39 7,674.59 7,991.58
Depreciation 526.73 827.58 827.58 827.58 872.62 918.34 962.70 1,005.49 1,043.77
PBIT 1,972.37 5,390.08 5,454.65 5,856.94 5,912.73 6,265.32 6,469.69 6,669.10 6,947.81
Interest on term loan 825.00 814.54 774.89 694.45 614.02 533.58 453.14 372.70 292.27
Interest Subsidy rebate 41.25 40.73 38.74 34.72 30.70 26.68 22.66 18.64
Profit Before Tax 1,147.37 4,616.79 4,720.48 5,201.23 5,333.44 5,762.45 6,043.23 6,319.05 6,674.18
Tax 96.55 1,307.13 1,434.09 1,655.43 1,722.48 1,887.71 2,002.92 2,116.46 2,258.52
Profit After Tax 1,050.82 3,309.66 3,286.40 3,545.80 3,610.96 3,874.74 4,040.31 4,202.59 4,415.66
EBDITA % 46% 50% 45% 44% 42% 42% 41% 41% 41%
PAT % 19% 26% 24% 23% 22% 22% 23% 23% 23%
NOTES:-
1) 164 rooms will be operational from 31st July, 2008
2) Repair & Maintenance estimated @ 5% of the cost of the building & Machinery is charged from 2010-11 onwards
From 2012-13 onwards repairs is taken @ 10%
Therefore, the profibitability in these years is less as compared to 2008-09 and 2009-10
3) The Promoters have substantially funded the project out of their own funds, which has resulted into a better debt equity ratio.
Although the present planning of total rooms is at 245 (existing 164 + addl. 81 in 2009), the promoters have planned to increase the total rooms to 350,
making use of the attractive cash accruals over the next 3-5 years, as well as use a part of it for other Hotels planned in the vicinity, for which land is already acquired.
0
Balance Sheet
(Rs. in Lakhs)
Particulars FINANCIAL YEAR ENDED 31ST MARCH
2007-08 2008 - 09 2009 - 10 2010 - 11 2011 - 12 2012 - 13 2013 - 14 2014 - 15 2015 - 16 2016 - 17
Share Capital 1,500.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00
Share Premium 3,500.00 9,000.00 9,000.00 9,000.00 9,000.00 9,000.00 9,000.00 9,000.00 9,000.00 9,000.00
Quasi Capital 2,083.00 2,083.00 1,333.00 833.00 583.00 333.00 - - - -
Reserves & Surplus - 1,050.82 4,360.48 7,401.56 10,702.04 14,067.68 17,574.44 21,246.76 25,081.37 29,129.05
Networth (x) 7,083.00 14,133.82 16,693.48 19,234.56 22,285.04 25,400.68 28,574.44 32,246.76 36,081.37 40,129.05
Secured Loan from banks 7,350.00 7,283.28 7,156.04 6,441.04 5,726.04 5,011.04 4,296.04 3,581.04 2,866.04 2,151.04
CAPITAL EMPLOYED (x) 14,433.00 21,417.10 23,849.52 25,675.60 28,011.08 30,411.72 32,870.48 35,827.80 38,947.41 42,280.09
Fixed Assets
Gross Block 14,029.25 20,433.00 20,433.00 20,433.00 20,433.00 21,433.00 22,448.00 23,433.00 24,383.00 25,233.00
Depreciation - 526.73 1,354.31 2,181.89 3,009.47 3,882.09 4,800.43 5,763.13 6,768.62 7,812.39
Net Block (a) 14,029.25 19,906.28 19,078.70 18,251.11 17,423.53 17,550.91 17,647.58 17,669.87 17,614.39 17,420.61
Current Assets (b) 403.75 1,524.27 4,795.97 7,452.52 10,616.78 12,892.27 15,259.35 18,194.88 21,369.98 24,898.43
Inventory - 362.35 720.27 932.58 1,057.85 1,163.13 1,261.20 1,313.60 1,362.81 1,436.90
Debtors - 228.55 522.91 582.51 639.20 672.31 717.69 746.38 774.40 811.82
Advance for Capital Goods - - - 1,000.00 1,015.00 985.00 950.00 850.00 850.00
Cash & Bank Balance 403.75 933.37 3,552.79 5,937.44 7,919.73 10,041.83 12,295.47 15,184.90 18,382.77 21,799.71
Less: Current Liabilities(c) - 13.45 25.15 28.04 29.24 31.46 36.45 36.95 36.95 38.95
Sundry Creditors - 13.45 25.15 28.04 29.24 31.46 36.45 36.95 36.95 38.95
Net Current Assets d (b-c) 403.75 1,510.82 4,770.82 7,424.48 10,587.54 12,860.81 15,222.90 18,157.93 21,333.03 24,859.48
Preliminary Expenses not w/off
CAPITAL DEPLOYED(a+d) 14,433.00 21,417.10 23,849.52 25,675.60 28,011.08 30,411.72 32,870.48 35,827.80 38,947.41 42,280.09
- - - - - - - - - -
CURRENT RATIO
TOTAL CURRENT ASSETS(A) 403.75 1,524.27 4,795.97 7,452.52 10,616.78 12,892.27 15,259.35 18,194.88 21,369.98 24,898.43
CURRENT LIABILITIES
Sundry Creditors - 13.45 25.15 28.04 29.24 31.46 36.45 36.95 36.95 38.95
Loan Installments - 66.72 127.24 715.00 715.00 715.00 715.00 715.00 715.00 715.00
TOTAL (B) - 80.17 152.39 743.04 744.24 746.46 751.45 751.95 751.95 753.95
CURRENT RATIO (A / B) #DIV/0! 19.01 31.47 10.03 14.27 17.27 20.31 24.20 28.42 33.02
0
(Rs. in Lakhs)
Net Profit After Tax - 1,050.82 3,309.66 3,286.40 3,545.80 3,610.96 3,874.74 4,040.31 4,202.59 4,415.66
Depreciation - 526.73 827.58 827.58 827.58 872.62 918.34 962.70 1,005.49 1,043.77
Decrease in CWIP - - - - - - - - - -
Increase in Capital 1,500.00 500.00 - - - - - - - -
Increase in res. (Share Premium) 3,500.00 5,500.00
Increase in Capital Quazi 2,083.00 -
Increase in Loans 7,350.00 - - - - - - -
Increase in Working Capital - - - - - - - - - -
Increase in Current Liabilities - 13.45 11.70 2.89 1.20 2.23 4.99 0.50 - 2.00
TOTAL INFLOWS: 14,433.00 7,590.99 4,148.94 4,116.87 4,374.58 4,485.81 4,798.06 5,003.51 5,208.08 5,461.43
Outflows:
Increase in Fixed Assets 14,029.25 6,403.75
Capital Work In Progress - - - - - - - - -
Advance for capital goods - - - 1,000.00 1,015.00 985.00 950.00 850.00 850.00
Preliminary expenses - - - - - - - - -
Decrease in Loans 66.72 127.24 715.00 715.00 715.00 715.00 715.00 715.00 715.00
Increase in Current Assets - 590.90 652.28 271.90 181.97 138.39 143.44 81.09 77.23 111.51
Dividend Payment (incl. DDT) 245.32 245.32 245.32 367.98 367.98 367.98 367.98
Decrease in Quasi Capital 750.00 500.00 250.00 250.00 333.00
TOTAL OUTFLOWS: 14,029.25 7,061.37 1,529.52 1,732.22 2,392.29 2,363.71 2,544.42 2,114.07 2,010.21 2,044.49
Opening Cash Balance - 403.75 933.37 3,552.79 5,937.44 7,919.73 10,041.83 12,295.47 15,184.90 18,382.77
Excess/Deficit 403.75 529.62 2,619.42 2,384.65 1,982.30 2,122.10 2,253.64 2,889.43 3,197.87 3,416.94
Closing Cash Balance 403.75 933.37 3,552.79 5,937.44 7,919.73 10,041.83 12,295.47 15,184.90 18,382.77 21,799.71
26% 6000 4000
0
#VALUE!
Calculation of return on investment by a VC at different valuation for 26% stake in equity of the company
(Rs. in Lakhs)
(A) Equity Investment of Rs. 60 Crores for 26% stake.
1) PAT Basis
2008 - 09 2009 - 10 2010 - 11 2011 - 12 2012 - 13 2013 - 14 2014 - 15 2015 - 16 2016 - 17 Avg for a period of 9 Yrs
PAT 1050.82 3309.66 3286.40 3545.80 3610.96 3874.74 4040.31 4202.59 4415.66 3481.88
26% of PAT 273.21 860.51 854.46 921.91 938.85 1007.43 1050.48 1092.67 1148.07 905.29
% of Return 4.55 14.34 14.24 15.37 15.65 16.79 17.51 18.21 19.13 15.09
2008 - 09 2009 - 10 2010 - 11 2011 - 12 2012 - 13 2013 - 14 2014 - 15 2015 - 16 2016 - 17 Avg for a period of 9 Yrs
PAT 1050.82 3309.66 3286.40 3545.80 3610.96 3874.74 4040.31 4202.59 4415.66 3481.88
Depreciation 526.73 827.58 827.58 827.58 872.62 918.34 962.70 1005.49 1043.77 910.71
Cash Accurals 1577.55 4137.24 4113.98 4373.38 4483.58 4793.07 5003.01 5208.08 5459.43 4696.47
26% of PAT 410.16 1075.68 1069.63 1137.08 1165.73 1246.20 1300.78 1354.10 1419.45 1221.08
% of Return 6.84 17.93 17.83 18.95 19.43 20.77 21.68 22.57 23.66 20.35
1) PAT Basis
2008 - 09 2009 - 10 2010 - 11 2011 - 12 2012 - 13 2013 - 14 2014 - 15 2015 - 16 2016 - 17 Avg for a period of 9 Yrs
PAT 1050.82 3309.66 3286.40 3545.80 3610.96 3874.74 4040.31 4202.59 4415.66 3481.88
26% of PAT 273.21 860.51 854.46 921.91 938.85 1007.43 1050.48 1092.67 1148.07 905.29
% of Return 6.83 21.51 21.36 23.05 23.47 25.19 26.26 27.32 28.70 22.63
2008 - 09 2009 - 10 2010 - 11 2011 - 12 2012 - 13 2013 - 14 2014 - 15 2015 - 16 2016 - 17 Avg for a period of 9 Yrs
PAT 1050.82 3309.66 3286.40 3545.80 3610.96 3874.74 4040.31 4202.59 4415.66 3785.76
Depreciation 526.73 827.58 827.58 827.58 872.62 918.34 962.70 1005.49 1043.77 910.71
Cash Accurals 1577.55 4137.24 4113.98 4373.38 4483.58 4793.07 5003.01 5208.08 5459.43 4696.47
26% of PAT 410.16 1075.68 1069.63 1137.08 1165.73 1246.20 1300.78 1354.10 1419.45 1221.08
% of Return 10.25 26.89 26.74 28.43 29.14 31.15 32.52 33.85 35.49 30.53
2008-2009- Hotel operational only for eight months with 164 rooms
2010-11 onwards- repayment of TL & provision made for repairs & maintenance, in progression of 5% p.a. (1st year), 7% pa.(2nd year) & 10% p.a. thereafter.
PAT returns, if calcuated from the Hotel's full operations, effective 2009 onwards, the average for 8 years
On Rs. 60 Crores will be 16.40%
on Rs. 40 will be 24.61%
AND
2008 - 09 2009 - 10 2010 - 11 2011 - 12 2012 - 13 2013 - 14 2014 - 15 2015 - 16 2016 - 17 Avg for a period of 9 Yrs
PAT (Rs in lacs) 1050.82 3309.66 3286.40 3545.80 3610.96 3874.74 4040.31 4202.59 4415.66 3481.88
No of Shares (in lacs) 200.00 200.00 200.00 200.00 200.00 200.00 200.00 200.00 200.00
EPS (in Rs) 5.25 16.55 16.43 17.73 18.05 19.37 20.20 21.01 22.08 17.41
based on Pe of 10
valuation is (in Rs) 52.54 165.48 164.32 177.29 180.55 193.74 202.02 210.13 220.78 174.09
Value of VC's Share (Rs in lacs) 2627.05 8274.14 8216.00 8864.50 9027.40 9686.84 10100.77 10506.47 11039.15 8704.70
0
SNAPSHOT
Revenue 5,485.14 12,549.81 13,980.13 15,340.70 16,135.48 17,224.48 17,913.01 18,585.67 19,483.58
Expenditure 2,986.04 6,332.15 7,697.90 8,656.18 9,350.13 10,040.82 10,480.62 10,911.08 11,492.00
PBDIT 2,499.10 6,217.66 6,282.23 6,684.52 6,785.35 7,183.66 7,432.39 7,674.59 7,991.58
Depreciation 526.73 827.58 827.58 827.58 872.62 918.34 962.70 1,005.49 1,043.77
1,972.37 5,390.08 5,454.65 5,856.94 5,912.73 6,265.32 6,469.69 6,669.10 6,947.81
Interest on Term Loan # 825.00 773.29 734.16 655.71 579.29 502.88 426.46 350.05 273.63
1,147.37 4,616.79 4,720.48 5,201.23 5,333.44 5,762.45 6,043.23 6,319.05 6,674.18
Taxes 96.55 1,307.13 1,434.09 1,655.43 1,722.48 1,887.71 2,002.92 2,116.46 2,258.52
NPAT 1,050.82 3,309.66 3,286.40 3,545.80 3,610.96 3,874.74 4,040.31 4,202.59 4,415.66
Dividend Payments - - 245.32 245.32 245.32 367.98 367.98 367.98 367.98
Cash Accurals 1,577.55 4,137.24 3,868.66 4,128.06 4,238.26 4,425.09 4,635.03 4,840.10 5,091.45
Repayment of Term Loan 66.72 127.24 715.00 715.00 715.00 715.00 715.00 715.00 715.00
Networth 14,133.82 16,693.48 19,234.56 22,285.04 25,400.68 28,574.44 32,246.76 36,081.37 40,129.05
Secured Loans 7,283.28 7,156.04 6,441.04 5,726.04 5,011.04 4,296.04 3,581.04 2,866.04 2,151.04
Debt equity Ratio (%) 34:66% 30:70% 26:74% 22:78% 19:81% 15:85% 12:88% 9:91% 7:93%
DSCR - - 3.28 3.60 3.84 4.27 4.67 5.13 5.71
Avg. DSCR 4.36
Net Margins (NP/Gross Revenue) 19% 26% 24% 23% 22% 22% 23% 23% 23%
#Interest on Term Loan is taken after incl. rebate i.e. Interest Subsidy
f&b to room revenue 35.92% 26.17% 25.94% 24.15% 24.75% 27.31% 26.37% 25.11% 25.21%
REVENUE ESTIMATE
Details FINANCIAL YEAR ENDED 31ST MARCH
2008 - 09 2009 - 10 2010 - 11 2011 - 12 2012 - 13 2013 - 14 2014 - 15 2015 - 16 2016 - 17
TOTAL REVENUE 548,514,000 1,254,981,325 1,398,012,506 1,534,070,107 1,613,547,612 1,722,447,705 1,791,301,028 1,858,566,861 1,948,358,485
Room Rent 359,424,000 922,329,450 1,037,620,631 1,162,135,107 1,220,241,862 1,281,253,955 1,345,316,653 1,412,582,486 1,483,211,610
Standard Rooms 174,720,000 604,691,850 680,278,331 761,911,731 800,007,318 840,007,683 882,008,068 926,108,471 972,413,895
Suits 9,984,000 17,169,600 19,315,800 21,633,696 22,715,381 23,851,150 25,043,707 26,295,893 27,610,687
Club rooms 87,360,000 150,234,000 169,013,250 189,294,840 198,759,582 208,697,561 219,132,439 230,089,061 241,593,514
Super Deluxe rooms 87,360,000 150,234,000 169,013,250 189,294,840 198,759,582 208,697,561 219,132,439 230,089,061 241,593,514
Total Room Revenue 359,424,000 922,329,450 1,037,620,631 1,162,135,107 1,220,241,862 1,281,253,955 1,345,316,653 1,412,582,486 1,483,211,610
SPA
Spa Revenue 60,000,000 91,250,000 91,250,000 91,250,000 91,250,000 91,250,000 91,250,000 91,250,000 91,250,000
F&B Revenue 129,090,000 241,401,875 269,141,875 280,685,000 302,055,750 349,943,750 354,734,375 354,734,375 373,896,875
Restaurant 17,010,000 40,651,875 40,651,875 44,347,500 45,825,750 51,738,750 55,434,375 55,434,375 55,434,375
Lunch 5,040,000 12,045,000 12,045,000 13,140,000 13,578,000 15,330,000 16,425,000 16,425,000 16,425,000
Dinner 7,560,000 18,067,500 18,067,500 19,710,000 20,367,000 22,995,000 24,637,500 24,637,500 24,637,500
Snacks 1,890,000 4,516,875 4,516,875 4,927,500 5,091,750 5,748,750 6,159,375 6,159,375 6,159,375
Breakfast 2,520,000 6,022,500 6,022,500 6,570,000 6,789,000 7,665,000 8,212,500 8,212,500 8,212,500
Restaurant Revenue 17,010,000 40,651,875 40,651,875 44,347,500 45,825,750 51,738,750 55,434,375 55,434,375 55,434,375
Bar 8,400,000 20,075,000 23,725,000 25,550,000 26,280,000 29,930,000 31,025,000 31,025,000 31,025,000
Lunch 1,680,000 4,015,000 4,745,000 5,110,000 5,256,000 5,986,000 6,205,000 6,205,000 6,205,000
Dinner 2,520,000 6,022,500 7,117,500 7,665,000 7,884,000 8,979,000 9,307,500 9,307,500 9,307,500
Service/Other income 4,200,000 10,037,500 11,862,500 12,775,000 13,140,000 14,965,000 15,512,500 15,512,500 15,512,500
Bar Revenue 8,400,000 20,075,000 23,725,000 25,550,000 26,280,000 29,930,000 31,025,000 31,025,000 31,025,000
Party Hall 103,680,000 180,675,000 204,765,000 210,787,500 229,950,000 268,275,000 268,275,000 268,275,000 287,437,500
ASSUMPTION SHEET
Details Operational Period
2007-08 2008 - 09 2009 - 10 2010 - 11 2011 - 12 2012 - 13 2013 - 14 2014 - 15 2015 - 16 2016 - 17
No. of working Days 240 365 365 365 365 365 365 365 365
Standard rooms 80 161 161 161 161 161 161 161 161
Suites 4 4 4 4 4 4 4 4 4
Club Rooms 40 40 40 40 40 40 40 40 40
Super Deluxe Rooms 40 40 40 40 40 40 40 40 40
Total No. of Rooms - 164 245 245 245 245 245 245 245 245
Installed Occupancy for Standard Rooms - 19200 58765 58765 58765 58765 58765 58765 58765 58765
Installed Occupancy for Suites - 960 1460 1460 1460 1460 1460 1460 1460 1460
Installed Occupancy for Club Rooms 9600 14600 14600 14600 14600 14600 14600 14600 14600
Installed Occupancy for Super Deluxe Rooms 9600 14600 14600 14600 14600 14600 14600 14600 14600
Total Occupancy - 39360 89425 89425 89425 89425 89425 89425 89425 89425
Assumed Capacity Utilisation - 65% 70% 75% 80% 80% 80% 80% 80% 80%
-
Occupancy for Standard Rooms 12480 41136 44074 47012 47012 47012 47012 47012 47012
Occupancy for Suites 624 1022 1095 1168 1168 1168 1168 1168 1168
Occupancy for Club Rooms 6240 10220 10950 11680 11680 11680 11680 11680 11680
Occupancy for Super Deluxe Rooms 6240 10220 10950 11680 11680 11680 11680 11680 11680
Total Occupancy of all the rooms 25584 62598 67069 71540 71540 71540 71540 71540 71540
Tariff Structure
For Std. rooms Rooms(Rs.) 14000 14700 15435 16207 17017 17868 18761 19699 20684
For Suite /(AppartmentsRs.) 16000 16800 17640 18522 19448 20421 21442 22514 23639
For Club Rooms 14000 14700 15435 16207 17017 17868 18761 19699 20684
For Super Deluxe Rooms 14000 14700 15435 16207 17017 17868 18761 19699 20684
SPA
No of persons 50 50 50 50 50 50 50 50 50
Occupancy of the SPA (no of persons) 12000 18250 18250 18250 18250 18250 18250 18250 18250
Spa revenue per head (rs.) 5000 5000 5000 5000 5000 5000 5000 5000 5000
ASSUMPTION SHEET
Details Operational Period
2007-08 2008 - 09 2009 - 10 2010 - 11 2011 - 12 2012 - 13 2013 - 14 2014 - 15 2015 - 16 2016 - 17
Restaurant
Capacity( seats) - 150 150 150 150 150 150 150 150 150
Capacity Utilisation in % - 35% 55% 55% 60% 62% 70% 75% 75% 75%
Lunch per head (Rs.) - 400 400 400 400 400 400 400 400 400
Dinner per head ( Rs.) - 600 600 600 600 600 600 600 600 600
Snacks per head (Rs.) - 150 150 150 150 150 150 150 150 150
Breakfast per head (Rs.) - 200 200 200 200 200 200 200 200 200
Bar
Capacity- no. of persons - 50 50 50 50 50 50 50 50 50
Capacity Utilisation in % - 35% 55% 65% 70% 72% 82% 85% 85% 85%
Lunch per head (Rs.) - 400 400 400 400 400 400 400 400 400
Dinner per head ( Rs.) - 600 600 600 600 600 600 600 600 600
Bar/Drinks income per head ( Rs.) - 1000 1000 1000 1000 1000 1000 1000 1000 1000
Party Hall
Capacity- no of persons that can be - 600 600 600 600 600 600 600 600 600
accomodated at any one time
Actual Capacity of the Hall 960 990 1020 1050 1050 1050 1050 1050 1050
Capacity Utilisation days in % - 45% 50% 55% 55% 60% 70% 70% 70% 75%
Rate per head (Rs.) - 1000 1000 1000 1000 1000 1000 1000 1000 1000
COST OF SERVICES
Details FINANCIAL YEAR ENDED 31ST MARCH
2007-08 2008 - 09 2009 - 10 2010 - 11 2011 - 12 2012 - 13 2013 - 14 2014 - 15 2015 - 16 2016 - 17
Utilities - 56,552,400 129,563,320 143,866,438 157,841,761 165,937,336 177,418,646 184,673,540 191,400,124 200,379,286
Repair & Maintenance - 67,278,465 94,710,839 118,005,308 119,279,097 120,245,730 120,468,720 119,913,829
Estimated @ 15% of the cost of the
Building, Machinery, Furniture, sanitary
fittings, crockery uniformly beginning
the second year. .
Room Maintenance Costs 35,942,400 92,232,945 103,762,063 116,213,511 122,024,186 128,125,396 134,531,665 141,258,249 148,321,161
Salaries & Wages - 36,216,000 41,648,400 47,895,660 55,080,009 63,342,010 72,843,312 83,769,809 96,335,280 110,785,572
Direct and indirect salaries payable to
the staff
Total Cost of Service - 193,255,800 384,145,603 497,373,563 564,188,619 620,336,716 672,638,325 700,587,932 726,829,559 766,348,285
COST OF SERVICES
Details FINANCIAL YEAR ENDED 31ST MARCH
2007-08 2008 - 09 2009 - 10 2010 - 11 2011 - 12 2012 - 13 2013 - 14 2014 - 15 2015 - 16 2016 - 17
Commissions & Discounts - 17,971,200 46,116,473 51,881,032 58,106,755 61,012,093 64,062,698 67,265,833 70,629,124 74,160,581
Payable to travel agents and other
booking agents and payable to
Raddisons estimated @ 5% of the
Room Rent.
Advertisement - 17,971,200 46,116,473 51,881,032 58,106,755 61,012,093 64,062,698 67,265,833 70,629,124 74,160,581
Estimated @5% of the room rent to
cover Brochures, meetings,
conferences, Media, Travel Agent etc.
Total Selling & Dist. Exp. - 35,942,400 92,232,945 103,762,063 116,213,511 122,024,186 128,125,396 134,531,665 141,258,249 148,321,161
Administrative Expenses - 8,650,000 9,947,500 11,439,625 13,155,569 15,128,904 16,793,084 18,808,254 21,065,244 23,593,073
Total Administrative Exp. - 8,650,000 9,947,500 11,439,625 13,155,569 15,128,904 16,793,084 18,808,254 21,065,244 23,593,073
Payment to Raddissons:
Gross Room Rent 359,424,000 922,329,450 1,037,620,631 1,162,135,107 1,220,241,862 1,281,253,955 1,345,316,653 1,412,582,486 1,483,211,610
1) Royalty @ 3 % 10,782,720 27,669,884 31,128,619 34,864,053 36,607,256 38,437,619 40,359,500 42,377,475 44,496,348
2) Marketing Fees @ 2.5 % 8,985,600 23,058,236 25,940,516 29,053,378 30,506,047 32,031,349 33,632,916 35,314,562 37,080,290
3) Reservation fee of @ 1% 3,594,240 9,223,295 10,376,206 11,621,351 12,202,419 12,812,540 13,453,167 14,125,825 14,832,116
Payment to Raddissons 23,362,560 59,951,414 67,445,341 75,538,782 79,315,721 83,281,507 87,445,582 91,817,862 96,408,755
2) Incentive Fee
10% of Gross Operating Profit 29,393,560 77,813,012 80,644,121 87,396,781 89,081,989 94,118,263 97,563,474 101,012,315 105,403,982
3) Furn. Fittings & equip. Contb. 1,800,000 2,737,500 2,737,500 2,737,500 2,737,500 2,737,500 2,737,500 2,737,500 2,737,500
3% of Spa Revenue
4) Technical asst.
US$ 50000 (US$1= Rs 40) 2,000,000
Payment to Banyan Tree Spa : 37,393,560 86,938,012 89,769,121 96,521,781 98,206,989 103,243,263 106,688,474 110,137,315 114,528,982
Term Loan Repayment Schedule
(Rs. in Lakhs)
Quarter Balance Principal Interest @ Balance Principal Interest @ Total Total Prin. Total Yearly prin. Yearly int. Year
Outstanding Repayment 11.25% Outstanding Repayment 11.25% Outstanding Repayment Interest repayment payment
Rs. 5750 Lakhs Loan Rs. 1600 Lakhs Loan Rs. 7350 Lakhs Loan
Land 3,512.00 3,512.00 3,512.00 3,512.00 3,512.00 3,512.00 3,512.00 3,512.00 3,512.00 3,512.00
Building 3.34%
Opening Balance - 2,510.00 3,570.00 3,570.00 3,570.00 3,570.00 3,970.00 4,376.00 4,770.00 5,150.00
Additions 2,510.00 1,060.00 - - - 400.00 406.00 394.00 380.00 340.00
Total(a) 2,510.00 3,570.00 3,570.00 3,570.00 3,570.00 3,970.00 4,376.00 4,770.00 5,150.00 5,490.00
Deductions - - - - - - - - - -
GROSS BLOCK 2,510.00 3,570.00 3,570.00 3,570.00 3,570.00 3,970.00 4,376.00 4,770.00 5,150.00 5,490.00
Depreciation till date - - 83.83 203.07 322.31 441.55 574.15 720.30 879.62 1,051.63
Dep for the year 83.83 119.24 119.24 119.24 132.60 146.16 159.32 172.01 183.37
Total Depreciation - 83.83 203.07 322.31 441.55 574.15 720.30 879.62 1,051.63 1,235.00
Net Block 2,510.00 3,486.17 3,366.93 3,247.69 3,128.45 3,395.85 3,655.70 3,890.38 4,098.37 4,255.00
Depreciation till date - - 124.08 354.65 585.21 815.78 1,078.02 1,372.42 1,698.03 2,053.73
Dep for the year 124.08 230.57 230.57 230.57 262.25 294.40 325.61 355.70 382.63
Total Depreciation - 124.08 354.65 585.21 815.78 1,078.02 1,372.42 1,698.03 2,053.73 2,436.36
Net Block 2,350.00 4,242.68 4,012.12 3,781.55 3,550.99 3,888.74 4,203.34 4,468.74 4,683.04 4,810.41
Depreciation till date - - 81.31 300.49 519.68 738.86 958.04 1,177.22 1,396.40 1,615.59
Dep for the year 81.31 219.18 219.18 219.18 219.18 219.18 219.18 219.18 219.18
Total Depreciation - 81.31 300.49 519.68 738.86 958.04 1,177.22 1,396.40 1,615.59 1,834.77
Net Block 1,540.00 4,069.86 3,850.68 3,631.50 3,412.32 3,193.13 2,973.95 2,754.77 2,535.59 2,316.41
Depreciation schedule (Regular) (Rs. in Lakhs)
Opening Balance - 1,500.00 1,633.24 1,633.24 1,633.24 1,633.24 1,633.24 1,633.24 1,633.24 1,633.24
Additions 1,500.00 133.24 - - - - - - -
Total(a) 1,500.00 1,633.24 1,633.24 1,633.24 1,633.24 1,633.24 1,633.24 1,633.24 1,633.24 1,633.24
Deductions - - - - - - - - - -
GROSS BLOCK 1,500.00 1,633.24 1,633.24 1,633.24 1,633.24 1,633.24 1,633.24 1,633.24 1,633.24 1,633.24
Depreciation till date - - 142.50 297.66 452.82 607.97 763.13 918.29 1,073.45 1,228.60
Dep for the year 142.50 155.16 155.16 155.16 155.16 155.16 155.16 155.16 155.16
Total Depreciation - 142.50 297.66 452.82 607.97 763.13 918.29 1,073.45 1,228.60 1,383.76
Net Block 1,500.00 1,490.74 1,335.58 1,180.42 1,025.27 870.11 714.95 559.79 404.63 249.48
Vehicles 9.50%
Opening Balance - 1,000.00 1,088.83 1,088.83 1,088.83 1,088.83 1,088.83 1,088.83 1,088.83 1,088.83
Additions 1,000.00 88.83 - - - - - - -
Total(a) 1,000.00 1,088.83 1,088.83 1,088.83 1,088.83 1,088.83 1,088.83 1,088.83 1,088.83 1,088.83
Deductions - - - - - - - - - -
GROSS BLOCK 1,000.00 1,088.83 1,088.83 1,088.83 1,088.83 1,088.83 1,088.83 1,088.83 1,088.83 1,088.83
Depreciation till date - - 95.00 198.44 301.88 405.32 508.75 612.19 715.63 819.07
Dep for the year 95.00 103.44 103.44 103.44 103.44 103.44 103.44 103.44 103.44
Total Depreciation - 95.00 198.44 301.88 405.32 508.75 612.19 715.63 819.07 922.51
Net Block 1,000.00 993.83 890.39 786.95 683.51 580.07 476.63 373.19 269.76 166.32
Total Gross Block 12,412.00 18,322.00 18,322.00 18,322.00 18,322.00 19,322.00 20,337.00 21,322.00 22,272.00 23,122.00
Total Depreciation - 526.73 1,354.31 2,181.89 3,009.47 3,882.09 4,800.43 5,763.13 6,768.62 7,812.39
Net Block 12,412.00 17,795.27 16,967.69 16,140.11 15,312.53 15,439.91 15,536.57 15,558.87 15,503.38 15,309.61
12,412.00 17,795.27 16,967.69 16,140.11 15,312.53 15,439.91 15,536.57 15,558.87 15,503.38 15,309.61
Depreciation for the year - 526.73 827.58 827.58 827.58 872.62 918.34 962.70 1,005.49 1,043.77
Depreciation schedule (Income Tax) (Rs. in Lakhs)
Land 3,512.00 3,512.00 3,512.00 3,512.00 3,512.00 3,512.00 3,512.00 3,512.00 3,512.00 3,512.00
Building 10%
Opening Balance - 2,510.00 2,962.00 2,057.80 1,852.02 1,666.82 1,860.14 2,039.52 2,190.17 2,313.15
Additions 2,510.00 1,060.00 - - - 400.00 406.00 394.00 380.00 340.00
Total(a) 2,510.00 3,570.00 2,962.00 2,057.80 1,852.02 2,066.82 2,266.14 2,433.52 2,570.17 2,653.15
Deductions - - - - - - - - - -
GROSS BLOCK 2,510.00 3,570.00 2,962.00 2,057.80 1,852.02 2,066.82 2,266.14 2,433.52 2,570.17 2,653.15
Opening Balance - 1,350.00 1,334.91 1,201.42 1,081.28 973.15 875.84 788.25 709.43 638.49
Additions 1,500.00 133.24 - - - - - - - -
Total(a) 1,500.00 1,483.24 1,334.91 1,201.42 1,081.28 973.15 875.84 788.25 709.43 638.49
Deductions - - - - - - - - - -
GROSS BLOCK 1,500.00 1,483.24 1,334.91 1,201.42 1,081.28 973.15 875.84 788.25 709.43 638.49
Vehicles 15.00%
Opening Balance - 850.00 798.00 678.30 576.56 490.07 416.56 354.08 300.97 255.82
Additions 1,000.00 88.83 - - - - - - -
Total(a) 1,000.00 938.83 798.00 678.30 576.56 490.07 416.56 354.08 300.97 255.82
Deductions - - - - - - - - - -
GROSS BLOCK 1,000.00 938.83 798.00 678.30 576.56 490.07 416.56 354.08 300.97 255.82
Depreciation for the year 1,134.50 1,836.31 1,561.03 1,287.56 1,110.72 1,088.78 1,072.61 1,055.48 1,036.77 1,008.15
0
Expansion
Expansion
New MFA 2700 2,700.00
(Rs. in Lakhs)
Srl No. Particulars Amount For Expansion Projection for PE
2 Loan application processing fee @ 1% of the loan amount of Rs.7350.00 lakhs 73.50 73.50
3 Interest on Term Loan during construction period for a period of 16 months 1102.50 - 1,102.50
Current Assets
Raw Material Stocks 2.25 0.00 0.00 362.35 720.27 932.58 1057.85 1163.13 1261.20 1313.60 1362.81 1436.90
Debtors 0.5 0.00 0.00 228.55 522.91 582.51 639.20 672.31 717.69 746.38 774.40 811.82
Total Current Assets 0.00 0.00 590.90 1243.18 1515.08 1697.05 1835.44 1978.88 2059.98 2137.21 2248.72
Current Liabilities
Sundry Creditors 0.25 0.00 0.00 13.45 25.15 28.04 29.24 31.46 36.45 36.95 36.95 38.95
Total Current Liabilities 0.00 0.00 13.45 25.15 28.04 29.24 31.46 36.45 36.95 36.95 38.95
Net Current Assets 0.00 0.00 577.46 1218.04 1487.05 1667.81 1803.98 1942.43 2023.03 2100.26 2209.77
Margin@25% 0.00 0.00 144.36 304.51 371.76 416.95 450.99 485.61 505.76 525.06 552.44
Bank Borrowings 0.00 0.00 433.09 913.53 1115.28 1250.86 1352.98 1456.82 1517.27 1575.19 1657.33
Int. On Bank Borrowings@12% 0.00 0.00 51.97 109.62 133.83 150.10 162.36 174.82 182.07 189.02 198.88
Rockwood Hotal Resorts Ltd
Administrative Expenses
3 Insurance 750,000
Profit before Tax 1,147.37 4,616.79 4720.48 5201.23 5333.44 5762.45 6043.23 6319.05 6674.18
Add: Depreciation 526.73 827.58 827.58 827.58 872.62 918.34 962.70 1005.49 1043.77
Sub Total (a) 1,674.10 5,444.37 5548.06 6028.81 6206.06 6680.78 7005.93 7324.54 7717.95
Ded: IT Depreciation 1,836.31 1,561.03 1287.56 1110.72 1088.78 1072.61 1055.48 1036.77 1008.15
Income as per IT (162.21) 3,883.34 4260.50 4918.09 5117.28 5608.17 5950.45 6287.77 6709.80
Tax @ 33.66% (54.60) 1,307.13 1,434.09 1,655.43 1,722.48 1,887.71 2,002.92 2,116.46 2,258.52
Profit Before Tax 1,147.37 4,616.79 4,720.48 5,201.23 5,333.44 5,762.45 6,043.23 6,319.05 6,674.18
IT as per MAT @ 8.415% 96.55 388.50 397.23 437.68 448.81 484.91 508.54 531.75 561.63
IT considered in P/L A/c 96.55 1,307.13 1,434.09 1,655.43 1,722.48 1,887.71 2,002.92 2,116.46 2,258.52
Debt Service Coverage Ratio
(Rs. in Lakhs)
Profit after Tax ### 1,050.82 3,309.66 3,286.40 3,545.80 3,610.96 3,874.74 4,040.31 4,202.59 4,415.66
Add:
Depreciation ### 526.73 827.58 827.58 827.58 872.62 918.34 962.70 1,005.49 1,043.77
Interest on Term Loan### 825.00 814.54 774.89 694.45 614.02 533.58 453.14 372.70 292.27
Total Inflow (A) ### 2,402.55 4,951.78 4,888.87 5,067.84 5,097.60 5,326.65 5,456.15 5,580.78 5,751.70
Total Outflow (B) ### 891.72 941.78 1,489.89 1,409.45 1,329.02 1,248.58 1,168.14 1,087.70 1,007.27
Annual DSCR (A/B) ### - - 3.28 3.60 3.84 4.27 4.67 5.13 5.71
Net Sales 5,485.14 12,549.81 13,980.13 15,340.70 16,135.48 17,224.48 17,913.01 18,585.67 19,483.58
VARIABLE COSTS
Consumables 645.45 1,207.01 1,345.71 1,403.43 1,510.28 1,749.72 1,773.67 1,773.67 1,869.48
Utilities 80% 452.42 1,036.51 1,150.93 1,262.73 1,327.50 1,419.35 1,477.39 1,531.20 1,603.03
Repair & Maintenance 40% - - 269.11 378.84 472.02 477.12 480.98 481.87 479.66
Room Maintenance Cost 20% 71.88 184.47 207.52 232.43 244.05 256.25 269.06 282.52 296.64
Commission & Discounts 100% 179.71 461.16 518.81 581.07 610.12 640.63 672.66 706.29 741.61
Advertisement 25% 44.93 115.29 129.70 145.27 152.53 160.16 168.16 176.57 185.40
Salaries & Wages 20% 83.30 95.79 110.16 126.68 145.69 167.54 192.67 221.57
Administrative Overheads 25% 21.63 24.87 28.60 32.89 37.82 41.98 47.02 52.66 58.98
Total Variable Costs 1,416.02 3,112.60 3,746.18 4,146.81 4,481.00 4,890.89 5,056.49 5,197.46 5,456.38
Contribution 4,069.12 9,437.21 10,233.94 11,193.89 11,654.47 12,333.59 12,856.52 13,388.21 14,027.21
FIXED COSTS
utilities 20% 113.10 259.13 287.73 315.68 331.87 354.84 369.35 382.80 400.76
Repair & Maintenance 60% - - 403.67 568.27 708.03 715.67 721.47 722.81 719.48
Room Maintenance Cost 80% 287.54 737.86 830.10 929.71 976.19 1,025.00 1,076.25 1,130.07 1,186.57
Advertisement 75% 143.77 368.93 415.05 464.85 488.10 512.50 538.13 565.03 593.28
Salaries & Wages 80% - 333.19 383.17 440.64 506.74 582.75 670.16 770.68 886.28
Administrative Expenses 75% 64.88 74.61 85.80 98.67 113.47 125.95 141.06 157.99 176.95
Int. On term loans 100% 825.00 814.54 774.89 694.45 614.02 533.58 453.14 372.70 292.27
Depreciation 526.73 827.58 827.58 827.58 872.62 918.34 962.70 1,005.49 1,043.77
Total Fixed& Semi variable Costs 1,961.01 3,415.84 4,007.98 4,339.85 4,611.04 4,768.63 4,932.26 5,107.58 5,299.37
Profit Volume Ratio(Cont./Sales)% - - 73.20 72.97 72.23 71.61 71.77 72.04 72.00
Cash Break Even Rs. 2,850.31 5,700.86 6,926.58 7,659.08 8,219.42 8,741.18 9,026.05 9,299.55 9,711.97
Break Even Sales Rs. 3,377.03 6,528.44 7,754.16 8,486.66 9,092.04 9,659.51 9,988.75 10,305.04 10,755.74
BE Sales% 62% 52% 55% 55% 56% 56% 56% 55% 55%
Cash BE sales % 52% 45% 50% 50% 51% 51% 50% 50% 50%
55.91%
49.87%
Annexure for the Information Memorandum
As on 31st 2008 -09 2009 -10 2010 - 11 2011 -12 2012 -13 2013-14 2014-15 2015-16 2016-17
March
Gross 5,485.14 12,549.81 13,980.13 15,340.70 16,135.48 17,224.48 17,913.01 18,585.67 19,483.58
Revenues
Total 2,986.04 6,332.15 7,697.90 8,656.18 9,350.13 10,040.82 10,480.62 10,911.08 11,492.00
Expenditur
e
EBIDTA 2,499.10 6,217.66 6,282.23 6,684.52 6,785.35 7,183.66 7,432.39 7,674.59 7,991.58
Depreciati 526.73 827.58 827.58 827.58 872.62 918.34 962.70 1,005.49 1,043.77
on
PBIT 1,972.37 5,390.08 5,454.65 5,856.94 5,912.73 6,265.32 6,469.69 6,669.10 6,947.81
Interest on 825.00 773.29 734.16 655.71 579.29 502.88 426.46 350.05 273.63
term loans
from banks
PBT 1,147.37 4,616.79 4,720.48 5,201.23 5,333.44 5,762.45 6,043.23 6,319.05 6,674.18
Tax 96.55 1,307.13 1,434.09 1,655.43 1,722.48 1,887.71 2,002.92 2,116.46 2,258.52
PAT 1,050.82 3,309.66 3,286.40 3,545.80 3,610.96 3,874.74 4,040.31 4,202.59 4,415.66
Equity 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00
Capital
Share 9,000.00 9,000.00 9,000.00 9,000.00 9,000.00 9,000.00 9,000.00 9,000.00 9,000.00
Premium
Quasi 2,083.00 1,333.00 833.00 583.00 333.00 0.00 0.00 0.00 0.00
Equity
Reserves 1,050.82 4,360.48 7,401.56 10,702.04 14,067.68 17,574.44 21,246.76 25,081.37 29,129.05
& Surplus
Net Worth 14,133.82 16,693.48 19,234.56 22,285.04 25,400.68 28,574.44 32,246.76 36,081.37 40,129.05
Secured 7,283.28 7,156.04 6,441.04 5,726.04 5,011.04 4,296.04 3,581.04 2,866.04 2,151.04
Loans