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MIRA
INFORM REPORT
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Report Date : |
25.08.2007 |
IDENTIFICATION DETAILS
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Name : |
RIYA TRAVEL AND |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
21.05.1992 |
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CIN No.: [Company
Identification No.] |
U63040MH1992PTC066873 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMR09065A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Travel service provider. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 1650672 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track. Directors are reported as experience and respectable businessmen.
Trade relations are reported as fair. Business is active. Payments are
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
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Tel. No.: |
91-22-22612515 |
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Fax No.: |
91-22-22625378 |
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E-Mail : |
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Branches : |
Alsa Mall, 1st Floor, |
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Tel. No.: |
91-44-43922555 |
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Fax No.: |
91-44-43922500 |
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E-Mail : |
DIRECTORS
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Name : |
Mr G M John Alias Thampy |
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Designation : |
Managing Director |
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Address : |
23, |
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Date of Birth/Age : |
27.11.1954 |
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Date of Appointment : |
23.05.1992 |
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Name : |
Mrs. Gracy George |
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Designation : |
Director |
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Address : |
23, |
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Date of Birth/Age : |
13.10.1956 |
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Date of Appointment : |
23.05.1992 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr G M John Alias Thampy |
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2962184 |
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Mrs. Gracy George |
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49316 |
Equity share breakup (percentage of total equity)
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S. No. |
Category |
Percentage |
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1 |
Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Travel service provider. |
GENERAL INFORMATION
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Bankers : |
The Federal Bank Limited |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
P Chartered Accountants |
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Address : |
P S Sanghvi and Company, 8, Datta Niwas, 210, Shivaji Park, Road No.
5, Pandurang Naik Road, Mumbai 400 016, Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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17000000 |
Equity shares |
Rs. 10/- each |
Rs. 170.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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30465000 |
Equity shares |
Rs. 10/- each
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Rs, 304.650
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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304.650 |
301.150 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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108.018 |
84.372 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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412.668 |
385.522 |
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LOAN FUNDS |
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1] Secured Loans |
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24.848 |
19.521 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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24.848 |
19.521 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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437.516 |
405.043 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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51.893 |
36.194 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.449 |
0.449 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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Sundry Debtors |
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926.572 |
778.534 |
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Cash & Bank Balances |
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40.879 |
37.702 |
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Other Current Assets |
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21.609 |
73.333 |
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Loans & Advances |
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135.656 |
35.918 |
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Total
Current Assets |
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1124.716 |
925.487 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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731.526 |
554.093 |
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Provisions |
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9.508 |
4.733 |
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Total
Current Liabilities |
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741.034 |
558.826 |
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Net Current Assets |
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383.682 |
366.661 |
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MISCELLANEOUS EXPENSES |
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1.492 |
1.739 |
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TOTAL |
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437.516 |
405.043 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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199.614 |
151.702 |
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Total Income |
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199.614 |
151.702 |
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Profit/(Loss) Before Tax |
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74.654 |
65.132 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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74.654 |
65.132 |
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Expenditures : |
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Interest |
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13.926 |
10.692 |
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Other Expenditure |
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111.034 |
75.878 |
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Total Expenditure |
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124.960 |
86.570 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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37.39 |
42.93 |
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Net Profit Margin (PBT/Sales) |
(%) |
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37.39 |
42.93 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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6.34 |
6.77 |
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Return on Investment (ROI) (PBT/Networth) |
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0.18 |
0.16 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.85 |
1.50 |
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Current Ratio (Current Asset/Current Liability) |
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1.51 |
1.65 |
LOCAL AGENCY FURTHER INFORMATION
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Corporation identity number or foreign company registrations number of the company |
U63040MH1992PTC066873 |
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Name of the company |
RIYA TRAVEL AND |
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Address |
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This Form is for |
Modification of Charge |
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Type of Charges |
Immovable Property, Book Debts, Movable Property (not being pledge), Stock |
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Particular of the charge holder |
The Federal Bank Limited |
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Nature or description of the instrument creating charge |
1) No Instrument – Extension of Mortgage by Redeposit of title deeds as on 27.10.2006 2) No Instrument – Extension of Mortgage by Redeposit of title deeds as on 27.10.2006 3) No instrument – Extension of Mortgage by Redeposit of title deeds as on 27.10.2006 (All the above agreement constitue a single charge) |
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Date of the instrument creating charge |
27.10.2006 |
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Amount Secure by the charge |
Rs. 140.000 millions |
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Brief of the principal terms and conditions and extent and operation of the charge |
Rate of Interest: Terms and conditions same as per agreement attached and as per sanction letter of the bank. Terms of Repayment: As per the agreement attached and as per the sanction letter of the bank Margin: As per the agreement attached and as per the sanction letter of the bank Extent and operation of the charge: First
charge as per the agreement attached and as per the sanction letter of the
bank limit given to Riya Travel and Others: As per the agreement attached and as per the sanction letter of the bank |
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Particulars of the Property charged |
First charge )present and future) continued security as given by org charge by modification are as follows 1) Hypothecation of all stock / goods 2) Hypothecation of all book debts and receivables 3) EMG of three properties (more details as per attachment and in agreement attached) |
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Particular of present modification |
By present modification the limit given to Riya Travel and Tours (India) Private Limited and Riya Travels are as follows: Limit given to Riya Travel and Tours (India) Private Limited = (IPS= Rs. 9.375 millions B G = Rs. 30.000 millions, ODCC = Rs 100.000 millions) Limit given to Riya Travel = B G – 1.000 million, Last modification 2.612 millions REGT on 24.02.2006 DOC No. 55 |
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Name of the company |
RIYA
TRAVEL AND |
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Presented
By |
JOINTLY
BY COMPANY AND CHARGE HOLDER |
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1) Date and description of instrument creating the change |
No Instrument – creation of equitable mortgage of company’s immovable property by deposit of title deeds on 11.09.2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 196.000 millions (B G limit to Riya Travels and Tours (Iindia) Private Limited of Rs. 195.000 millions and B G limit to Riya Travels Rs. 1.000 million |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
First charge (Present and Future) in favour of the bank as
security for the due repayment by the company to the bank on demand all monies
at the bank on respect of the aforesaid credit facility. First charge. EMG of
estate property locally known as Bedford Estate Admeas uring 76 acress and 57
cents in SY No. 412/1-1, 412/2, 412/1, 413/situated in (EMG has been created at Thiruvananthapuram no stamp duty payable) |
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4) Gist of the terms and conditions and extent and operation of the charge. |
As per agreement attached and as per sanction letter of the bank |
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5) Name and Address and description of the person entitled to the charge. |
i) The Federal Bank Limited 32, ii) The Federal Bank Limited Playam
Branch, |
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6) Date and brief description of instrument modifying the charge |
Memorandum of Constructive deposit of the title deeds made on 26.12.2005 evidenced by letter dated 27.12.2005 |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Bye the memorandum of constructive deposit of title deeds made on 26.12.2005 the Equitable Mortgage of company’s immovable property by deposit title deeds made on 11.09.2004 has been extended to cover the Term loan of Rs. 9.375 millions availed from Federal Bank, Palayam Branch, TVM. All other terms and conditions remains the same. Description and details of the properties also remain the same. |
As per web details:
Subject has been in the travel business since 1980
and has evolved over the years to become one of the leading full service travel
and tour companies in
They have a comprehensive range of travel services, conventional and unconventional,
business and leisure, and everything else in between to ensure that when it
comes to travel you have everything you need, at the tip of the fingers.
Subject is accredited by IATA (International Air Transport Association) and is
a member of TAAI (Travel Agents Association of India), TAFI (Travel Agents
Federation of India) and IATO (Indian Association of Tour Operators).
With high quality services and timely deliveries, Riya has won recognition and
laurels from various quarters.
They have reaped a host of prestigious awards, distinctions and certificates
from various airlines and industry suppliers. And they continue to be
acknowledged for their consistent and outstanding performance that quite sets
them apart from their competition.
To be a world class travel service provider, with a customer-centric and
value-oriented approach in all their activities.
Service Delivery:
Their focus is on creating a seamless grid with their customers and
suppliers. With their ‘best in class’ processes, highly motivated employees,
wide network, computerized facilities and resilient business model, they remain
highly responsive to their customer’s needs at all times.
Cost-Effective Solutions:
With long standing experience and niche expertise in providing travel
related services, Riya has been steadfast in remaining a low cost service
provider over the years, to enable customers to enjoy value added services at
affordable costs. They don’t just embrace change; they anticipate them and
therefore they are always ready with innovative solutions to address the
explicit needs of their customers.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 41.12 |
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1 |
Rs. 82.43 |
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Euro |
1 |
Rs. 56.03 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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54 |
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 and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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