MIRA
INFORM REPORT
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Report Date : |
26.10.2007 |
IDENTIFICATION DETAILS
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Name : |
YATRA ONLINE PRIVATE LIMITED |
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Registered Office : |
93 – B,M Mittal Court, Nariman Point, Mumbai 400021, |
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Country : |
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Date of Incorporation : |
28.12.2005 |
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Com. Reg. No.: |
158404 |
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CIN No.: [Company
Identification No.] |
U63040MH2005PTC158404 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMY01729A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Portal providing online booking facility for Airline, Railway, Bus
Tickets, Reserve Hotel Rooms and Car
Rentals. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a 2 years old company operating an online portal by the name
Yatra.com which provides online booking and reservation facility. Directors are reported as experienced and
respectable businessman. Company’s
first financials are awaited. Payments
are reported as slow but correct. The Company can be considered for small to mediocre business dealing
at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
93 – B,M Mittal Court, Nariman Point, Mumbai 400021, |
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Tel No. : |
91-9871800800 / 1800 1800 800 |
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Website : |
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Corporate Office : |
B – 21, Infocity, Sec – 34, Near Hero Honda Chowk, Gurgaon 122001, |
DIRECTORS
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Name : |
Mr. Harshal Shah |
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Designation : |
Director |
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Address : |
10 & 13, Jayant Mahal, D Road, Marine Drive, Mumbai 400020,
Maharashtra, India |
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Date of Birth/Age : |
16.12.1970 |
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Date of Appointment : |
09.10.2006 |
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Name : |
Mr. Prerak Hora |
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Designation : |
Director |
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Address : |
105, A/2, |
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Date of Appointment : |
28.12.2005 |
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Name : |
Ms. Khushboo Baxi |
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Designation : |
Director |
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Address : |
801/2, Yash Apartment, 3/343, |
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Date of Appointment : |
28.12.2005 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Yatra Online (Cyprus Limited) |
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40000 |
BUSINESS DETAILS
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Line of Business : |
Portal providing online booking facility for Airline, Railway, Bus
Tickets, Reserve Hotel Rooms and Car
Rentals. |
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Products : |
Travel related services |
GENERAL INFORMATION
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No. of Employees : |
220 |
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Bankers : |
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Banking
Relations : |
-- |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.500 Million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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40000 |
Equity Shares |
Rs. 10/-
each |
Rs. 0.400
Million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
NA
LOCAL AGENCY FURTHER INFORMATION
Subject will help businesses and consumers to book airline, and bus
tickets and reserve hotel rooms and car rentals by calling Yatra's call center,
or by going to the Internet website
www.yatra.com
Subject will provide travel-related information, pricing, availability and
reservations for airlines, hotels, buses and car rentals across 5000 large
cities and small rural areas throughout
Yatra customers will benefit from first priority booking and customized travel
packages and deals for multiple large to small hotels, airlines, buses and car
rentals at the lowest prices, as a result of strategic relationships with the
leading travel suppliers.
The company will also offer free travel-related news and travel advisory
services to a wide range of people.
Subject’s world-renowned investors include Norwest
Venture Partners (NVP) – Promod Haque's leading venture capital
firm, Reliance Capital (a member of Reliance
Group headed by Anil Ambani), and Television 18 Group
(TV18)—India's premier news broadcaster (CNBC TV18, CNN IBN and Awaaz) founded
by Raghav Bahl.
Dhruv Shringi Co Founder
Dhruv returns to
With regard to technology, he was accountable for developing the IT strategy
and for leading the technology development and infrastructure teams, some 150
employees over 13 locations. He was also instrumental in leading the
operational integration of a key acqusition by Ebookers. The integration
achieved annualised cost savings of $20 million and 33% reduction of the
Prior to his stint at Ebookers, he worked with Ford Motor Company in their
Business Strategy team based in
Manish Amin Co Founder
Manish Amin is returning to
He brings with him a vast knowledge and experience with proven success in
Business Strategy, Sales/Call Centre Delivery, Operations Logistics, Travel
Applications, Infrastructure, Software Development and Support Process.He is
commercially astute with a passion for driving organisational change to deliver
core business objectives.
Sabina Chopra Co Founder
Prior to Yatra, Sabina headed
She has also worked with Japan Airlines, a Canadian Airline and her BPO work
experience includes heading Operations for RAC (Aviva Plc) and Hewitt
Associates. Sabina brings with her over 16 years of work experience, has
through knowledge of all facets of the Travel BPO Industry and an extensive
network within the Indian travel community. Her strengths are Operations and
Delivery, Customer Care and Retention. Sabina holds a Bachelor of Arts Degree
from
Bhawna Agarwal - Founding General Manager, Airlines Business Group.
Before joining Yatra, Bhawna was business head of airlines at
Prior to joining Indiatimes, Bhawna worked at
Bhawna holds an MBA in Marketing Management from IMT and undergraduate degree
in chemistry from
Mudit Khosla – Founding General Manager, Strategic Relations Group
Before joining Yatra, Mudit was category head - Shopping at Indiatimes,
one of
Prior to joining indiatimes.com, Mudit worked at eBaya, one of
Mudit holds an MBA in Marketing Management and undergraduate degree in
Mechanical Engineering.
Nikhil Rungta - Head of Marketing
Nikhil comes to Yatra.com from McCann Erickson, one of
Before moving to advertising he was Product Manager with Shaw Wallace &
Co., handling popular beer brands like Royal Challenge and Haywards 5000.
Nikhil brings with him an in-depth understanding of the Indian consumer and his
ability to formulate marketing strategies to communicate with them..
Nikhil holds an MBA in Marketing and International Business from NMIMS, Mumbai
and has done his BSc from
BOARD OF DIRECTORS
Promod Haque
Promod has more than 15 years of experience in the venture capital industry
and currently serves as managing partner at Norwest Venture Partners. He joined
Norwest Venture Partners in 1990. He has been ranked as a top dealmaker on the
annual Forbes Midas List for the past five years, and in 2004, Forbes named him
as the #1 venture capitalist based on performance over the last decade. In
2006, Promod was presented with a Global Leadership award from NASSCOM.
Promod focuses on investments in semiconductor and components, systems,
software and services. He was an early investor and a board member of Cerent
(acquired by Cisco), Siara Systems (acquired by Redback Networks), OnDisplay
(acquired by Vignette), Winphoria Networks (acquired by Motorola) and Extreme
Networks.
Prior to Norwest Venture Partners, Promod
spent 18 years in various operational roles ranging from product development,
marketing, Chief Operating Officer and Chief Executive Officer at various
public and private companies - Siemens International, Thorn EMI, Emergent
Technologies and Dimensional Medicine, Inc.
He received a bachelor of science in electrical engineering from the University
of Delhi, India. He holds a Ph.D. in electrical engineering from
Haresh Chawla
Haresh Chawla, age 39 years, is Group CEO of the TV18 Group. He has been
in this position since December 1999, when he joined the TV18 Group. Under his
leadership and guidance, the TV18 Group has been transformed from a production
house to India's No.1 News Network , has grown from a 180 strong team to a
2000+ team and has attained leadership positions in all its ventures in the
news broadcasting space - CNBC TV18, Awaaz, CNN IBN and Channel 7. Haresh’s
previous assignments have all been with start-ups including the HCL Group -
where he headed- business development for HCL Comnet, ABCL - where he set up
the Film Distribution Business and at the Times of India Group where he
launched their music label - Times Music.
Haresh's varied experience of 16 years in media and technology has also enabled
the Group to identify Internet spaces that have now achieved leadership
positions - moneycontrol.com (Asia's leading financial portal),
commoditiescontrol.com (India's leading source for commodity information and
research), ibnlive.com (No. 1 site for general news), poweryourtrade.com
(Subscription based equity site). Recently the Group also acquired the Indian
arm of jobstreet.com (Malaysia-based job portal) and set up Yatra.in (a travel
portal) along with Reliance Capital & Norwest Venture Partners.
Under his leadership, TV18 continues to identify new ventures -
Haresh holds a degree in Business Management from IIM -
Harshal Shah
Harshal Shah is the CEO of Reliance Technology Ventures Ltd. at Reliance
Anil Dhirubhai Ambani Group. He is also on the Board of Reliance Venture Asset
Management Ltd., the Group's asset management company for its venture funds and
investments.
Harshal has advised and invested in deals worth more than $600 million.
Along with Yatra, he is also on the Boards of Setco Automotive Ltd. (listed on
the Bombay Stock Exchange), and Telsima Corporation (a US-based wireless
telecom equipment manufacturer started by Vin Dham, Father of the Intel Pentium
Processor).
Through Reliance Technology Ventures, his team invests into media,
communications and technology companies that augment the Reliance ADA Group's
ecosystem. The Group currently has a presence in the communications,
information technology, media and entertainment, financial services, energy,
infrastructure and healthcare industries.
Prior to joining Reliance, Harshal had more than more than 14 years of
experience in various roles at IBM (USA), Northstar Global Partners (USA),
Infostakes, Inc. (USA and India), and Accenture (USA, Singapore, Hong Kong). At
IBM, he led a team reporting to the CEO, to realign the operations so as to
become solutions driven across various verticals, instead of being
product-focused. Infostakes, Inc., a company of which he was CEO, grew its net
worth by 9000% in 3 years, and in partnership with Fidelity, applied to become
a licensed member of the NASDAQ.
Harshal has an MBA from The Wharton School of Business. He is also a Truman
Gray Scholar from MIT from which he earned two Bachelors' degrees: in
Management, and Electrical Engineering & Computer Science. He has completed
two New York City Marathons.
Dhruv Shringi, Co Founder - Yatra
Dhruv returns to
With regard to technology, he was accountable for developing the IT
strategy and for leading the technology development and infrastructure teams,
some 150 employees over 13 locations. He was also instrumental in leading the
operational integration of a key acqusition by Ebookers. The integration
achieved annualised cost savings of $20 million and 33% reduction of the
Prior to his stint at Ebookers, he worked with Ford Motor Company in
their Business Strategy team based in
CHALLENGES
Says Manish Amin,
Co-Founder,Yatra,, “The establishment of Subject this year could not have been
more timely. More and more people are
traveling everyday for business as well as pleasure. Holidaying now is an integral part of the
lives of many Indians and the biggest beneficiary has been the travel
industry. The premise was to replicate
the success that online travel has had in US and
“Towards this
endeavor, Yatra struck a number of partnerships and alliances with leading
travel suppliers and allied vendors. The back-end processes had to be
functioning smoothly to ensure the seamless availability of the set of services
to customers. Today, subject has interfaces with all the major airlines. Since
Yatra had firmly hedged its bets on the 'package deal' differentiator, it had
tied up with 1300 hotels across 170 Indian cities. This has enabled Yatra to
“sweeten” the deal even more for online purchasers who look for hotel
accommodations/reservations along with air tickets. For transactions too, Yatra
chose to look just beyond the credit card option and accepts payments through
direct bank credits, ITZ cash card and Cash-On-Delivery too. The intent has
also been to enhance the customer experience while visiting the Yatra website,
in which case the website had to be running without any downtime at all.
SOLUTION
To enable the
availability of these panoply of services and that too on a 24/7 basis (on an
average,Yatra makes 60-70 transactions at night time) called for a reliable,
robust and secure platform.The top management did not want to experiment much
and needed a low cost, high throughput, secure and reliable platform.
Says Amin, “They did not want to waste time learning new
things. The IT team in place was already conversant with the force multiplier
options of Open source and the advantages for developing subjects applications
and so the tilt towards Red hat became that much easier. Besides, they had constraints of time and had
to get the site and call center up and running after they announced the launch
date of the portal in January this year.
The key was to drive organizational change right from the beginning
while delivering what they promised to customers at all times. One of the critical aspects that they were
firm about was having their own applications development team in place rate
than buy from a third party and then customize as per requirement. And hence they chose to select Red Hat, as
the operating system of choice for the reliability, scalability and peace of
mind it gives in running mission critical applications.”
At Yatra, Red Hat Enterprise Linux runs on HP Blade servers. The applications include MySQL database. Open office and travel applications.
BENEFITS
Being a start-up
and a firm proponent of open source technology, it has been quite easy for
Yatra to avail of benefits at a very early stage of business growth of
the company.
Concurs Amin, “Red Hat has taken them on the road to
success and has been instrumental in their posting of heady growth figures in
such a short span of time. The OS is now the least of their worries.The query
handling facility can be handled seamlessly due to the robustness of the
technology.The platform is scalable and robust enough to handle future
requirements including traffic uptake, number of transactions and other roll
out of services.Overall, the support has been great from Red Hat.”
It has also become
easy for Yatra to make the site more comprehensive in terms of information, add
city guides, allied information and thereby make purchase decisions easier for
customers.Yatra is able to customize packages down to the last detail and has
thereby broadened the base of customers to include SMEs and other businesses.
Its tie-up with Reliance WebWorld will open up a new channel for customer
'touch points'.Yatra customers already benefit from the first priority booking
and customized travel packages and deals for multiple large to small hotels,
airlines, railways, buses and car rentals at the lowest prices, as a result of
strategic relationships with the leading travel suppliers
Currently, 40,000
unique visitors log onto Yatra daily.2500 tickets are sold a day. Amin added
that after opting for Red Hat, one of the biggest advantages that Yatra has
gained is adaptability to change. This, he avers, is important for a start-up
and has made it possible to develop products and services faster in order to
address the needs of a burgeoning market place.
FUTURE PLANS
Yatra has
ambitious plans to sell more than 5000 tickets a day in the near future, and
for that system
downtime is
unthinkable. Plans are on the anvil to add new servers to account for the
additional load in traffic and more importantly transactions Customer
experiences will be made richer and interactive with the setting up of blogs,
queries links, 'images corner' etc.
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 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. 39.54 |
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1 |
Rs. 80.94 |
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Euro |
1 |
Rs. 56.42 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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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 |
YES |
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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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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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