MIRA
INFORM REPORT
|
Report Date : |
07.11.2007 |
IDENTIFICATION
DETAILS
|
Name : |
INTERGLOBE ENTERPRISES LIMITED |
|
|
|
|
Registered Office : |
Central Wing, Ground floor, Thapar House, 124, Janpath, New Delhi –
110 001 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
13.09.1989 |
|
|
|
|
Com. Reg. No.: |
037689 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U99999DL1989PLC037689 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
DELI04977A |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACI1393M |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business : |
General Sales Agents of Air Lines |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 5780000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well-established company having fine track. Directors are reported as experienced, respectable and resourceful businessmen. Financial position is good. Their trade relations are fair. Payment are correct and as per commitments. The company can be considered good for any normal business dealings at usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
Central Wing, Ground floor, Thapar House, 124, Janpath, New Delhi –
110 001 |
|
E-Mail : |
|
|
Tel. No.: |
91-11-371 2266/ 371 3366 |
|
Fax No.: |
91-11-371 2766 |
|
|
|
|
Office: |
Block 2b, DLF Corp Park, DLF Qutab Enclave – III, Gurgaon, Haryana - 122
002, Punjab, India |
|
Tel. No.: |
91-124 2358201 |
|
Fax No.: |
91-124-2357554 |
|
|
|
DIRECTORS
|
Name : |
Mr. Kapil Bhatia |
|
Designation : |
Director |
|
|
|
|
Name : |
Mrs. Pash Bhatia |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Rahul Bhatia |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Vijay Bhatia |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Raj Bhatia |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Hans Henrik Lau |
|
Designation : |
Director |
|
|
|
|
Name : |
Limited. Gen (Retd.) K. K. Hazari |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Saroj Kumar Pandey |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Uttam Anand Dave |
|
Designation : |
Director |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
Percentage of
Holding |
|
Directors and Relatives of Directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
General Sales Agents of Air Lines |
GENERAL
INFORMATION
|
No. of Employees : |
2000 |
|
|
|
|
Bankers : |
v Bank of America v Hong Kong Bank v Union Bank of India v American Express Bank v State Bank of India, Commercial Branch, 6tyh Floor, Palm Court, Gurgaon, Haryana, India |
|
Banking Relations
: |
Satisfactory |
|
|
|
|
Auditors : |
M/S. Sethi and Mehra Chartered Accountant |
|
Address: |
80, Darya Ganj, New Delhi – 110 002 |
|
|
|
|
Associates/Subsidiaries : |
v Galileo India Private Limited v Interglobe Technologies Private Limited v IGT Solutions Private Limited v Uniglobe Enterprises Limited v World Connect Private Limited v Scandinavian Airlines System Subsidiaries : v Scandinavlan Airlines System Private Limited v Interglobe Air Transport Limited (Canada) and v IGE (Mauritius) Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
8000000 |
Equity Shares |
Rs. 100/- each |
Rs. 800.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7342900 |
Equity Shares |
Rs. 100/-
each |
Rs. 734.290 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
734.290 |
309.290 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
711.896 |
646.730 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
1446.186 |
956.020 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
14.952 |
5.659 |
|
|
2] Unsecured Loans |
|
0.000 |
28.750 |
|
|
TOTAL BORROWING |
|
14.952 |
34.409 |
|
|
DEFERRED TAX LIABILITIES |
|
4.110 |
9.887 |
|
|
|
|
|
|
|
|
TOTAL |
|
1465.248 |
1000.316 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
489.033 |
476.699 |
|
|
Capital work-in-progress |
|
23.862 |
3.818 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
370.792 |
382.881 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
12.072 |
12.127 |
|
|
Sundry Debtors |
|
242.413 |
198.620 |
|
|
Cash & Bank Balances |
|
258.652 |
231.022 |
|
|
Other Current Assets |
|
1.702 |
0.600 |
|
|
Loans & Advances |
|
555.529 |
122.348 |
|
Total
Current Assets |
|
1070.368 |
564.717 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
488.807 |
427.799 |
|
|
Provisions |
|
0.000 |
0.000 |
|
Total
Current Liabilities |
|
488.807 |
427.799 |
|
|
Net Current Assets |
|
581.561 |
136.918 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
1465.248 |
1000.316 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
|
|
|
|
|
|
Sales Turnover |
|
648.686 |
537.973 |
|
|
Other Income |
|
126.246 |
139.075 |
|
|
Total Income |
|
774.932 |
677.048 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
109.038 |
141.898 |
|
|
Provision for Taxation |
|
( 43.433 ) |
( 49.917 ) |
|
|
Profit/(Loss) After Tax |
|
65.605 |
91.981 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Salaries, Wages, Bonus, etc. |
|
307.559 |
208.569 |
|
|
Payment to Auditors |
|
1.970 |
1.889 |
|
|
Interest |
|
2.214 |
4.389 |
|
|
Insurance Expenses |
|
3.794 |
3.583 |
|
|
Depreciation & Amortization |
|
51.602 |
47.253 |
|
|
Other Expenditure |
|
298.755 |
269.467 |
|
Total Expenditure |
|
665.894 |
535.150 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
8.46 |
13.58 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
16.80 |
26.37 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
6.99 |
13.62 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.08 |
0.15 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
0.35 |
0.48 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
2.19 |
1.32 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
Bankers Charges
Report as per Registry
|
This form is for |
Creation of charge |
|
Corporate
identity number of the company |
U99999DL1989PLC037689 |
|
Name of the
company |
INTERGLOBE
ENTERPRISES LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
Central Wing, Ground floor, Thapar House, 124, Janpath, New Delhi –
110 001 |
|
Type of charge |
Immovable
Property, Book Debts, Stocks |
|
Particular of
charge holder |
State Bank of
India Commercial
Branch, 6th Floor, Palm Court, Near M.D.I., Gurgaon, Haryana,
India |
|
Nature of
description of the instrument creating or modifying the charge |
|
|
Date of
instrument Creating the charge |
26.06.2007 |
|
Amount secured by
the charge |
Rs. 150.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
at 0.75% Below SBAR (Presently 12.75% ) with a minimum of 12.00% p.a. with a
monthly rest. Terms of
repayment As per Agreement Margin Cash Credit (
Cover Period of 180 days ) 20% Extent operation
of the charge |
|
Short particulars
of the property charged |
|
Form 8
|
Name of the company |
INTERGLOBE ENTERPRISES LIMITED |
|
Presented By |
Interglobe Enterprises Limited ad The Hong
Kong and Sanghai Banking Corporation Limited |
|
1) Date and description of instrument creating the change |
Mortgage by
deposit of little Deeds- 27th September 1996 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 40.000
Millions |
|
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 |
Company’s
immovable property situated at 144/45, Kodabakkam High Road, Madras – 34 and
buildings created or to be created there on, Plant and Machinery installed or
or to be installed there in fixtures and fittings( both present and future )
including all immovable assets. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
First Mortgage by
dewposit of Tittle Deeds created by the Company. The proposition of the
transfer of property Act 1882, in favour of the Hong Kong and Sanghai Banking
corporation Limited as containing security for due repayment and descharge by
the company to the said bank on demand of all monies at any time due and
payable to the said bank in respect of advance/advances by day of loan,
import finance and / overdraft to the borrower, viz Interglobe Enterprises
Limited upto Rs. 40.000 Millions and all other advances if any from line to
line on borrowers account /s and for payment or descharge of properties
present and future liabilities due to the said bank from liune to line of all
sums of money which might be owing by the borrower to the said bank upon any
accounts or any liabilities including Interest, Cost, Charges, and Expenses (
Whether Debited or not ) title Deeds deposited I e. Said Deed for INR912600
registered as document No. 689 VOL. 139 on Page 399 to 409 on 25th
july, 1995 with joint Sub – Registrar II Madras, Executed by Mr. V V Venkata
Subramaniam Interest
presently @20.75% p.a. |
|
5) Name and Address and description of the person entitled to the charge. |
Hong Kong and
Sanghai Banking Corporation Limited, Merchantile House, Kasturba Gandhi Marg,
New Delhi – 110 001 |
WEBSITE DETAILS
ATTACHED:
New York based Cendant Corp might be increasing its stake in
Inter Globe Technologies Solution (IGTS) from 25 per cent to 51 per cent within
the next six months, said Raja Natesan, president and Chief Executive Officer,
Inter Globe Technology Quotient (ITQ), a recently launched strategic business
unit of IGE group of companies.
IGTS is a joint venture between Gurgaon based Inter Global
Enterprises (IGE) and Cendant. IGTS is IGE’s arm for providing information
technology and business process outsourcing (BPO) services. IGTS turnover was
about $6 million, growing at around 40 per cent.
Cendant Corporation is major global player in hospitality,
vehicles and travel distribution services along with financial and real estate
services with market capital of around $ 28 billion, Natesan said.
Cendant has been the global partner of IGE in providing
technology solutions to the Indian travel industry.
IGE launched its new arm, ITQ to offer end-to-end technology
consulting by evaluating the current technological capability of their clients.
ITQ will work with Galileo India, a part of Galileo
International belonging to the Cendant group.
Galileo India has experienced a growth of nearly 20 per cent
and has market share of 50 per cent.
ITQ will be bringing together the IT and BPO expertise through
the technology arm IGE, exclusive content via Cendant Corporation and travel
distribution through Galileo India, informed Natesan.
“ITQ will primarily focus on catering its consulting and
technical advisory services to the travel agents segment as it is expected to
generate around 80 per cent of the business and the rest 20 per cent will be
coming from airlines, hotel industry,” added Natesan.
The overall Indian travel industry size is around $1 billion
and is growing at an rate of 15 per cent.
Based in Gurgaon, the ITQ network covers 119 cities reaching
out through 4000 agency locations, said Natesan.
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 39.39 |
|
UK Pound |
1 |
Rs. 81.31 |
|
Euro |
1 |
Rs. 57.44 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
- |
|
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
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
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|