MIRA
INFORM REPORT
|
Report Date : |
09.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
YATRA ONLINE PRIVATE LIMITED |
|
|
|
|
Registered Office : |
93 – B,M Mittal Court, Nariman Point, Mumbai – 400021, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
28.12.2005 to 31.12.2006 |
|
|
|
|
Date of Incorporation : |
28.12.2005 |
|
|
|
|
Com. Reg. No.: |
11-158404 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U63040MH2005PTC158404 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMY01729A |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Engaged in Business of providing services relating to transport,
travel, tours and tourism. |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
Maximum Credit Limit : |
USD 125644 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
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
|
Registered Office : |
93 – B,M Mittal Court, Nariman Point, Mumbai – 400021, Maharashtra,
India |
|
Tel No. : |
91-9871800800/ 66695000 |
|
Email : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
B – 21, Infocity, Sec – 34, Near Hero Honda Chowk, Gurgaon -122001,
Haryana, India |
DIRECTORS
|
Name : |
Mr. Harshal Jyotindra Shah |
|
Designation : |
Director |
|
Address : |
10 and 13, Jayant Mahal, D Road, Marine Drive, Mumbai - 400020,
Maharashtra, India |
|
Date of Birth/Age : |
16.12.1970 |
|
Date of Appointment : |
09.10.2006 |
|
|
|
|
Name : |
Mr. Prerak Hora |
|
Designation : |
Director |
|
Address : |
105, A/2, Ganga Vihar, Podar Street, Santacruz (W), Mumbai – 400054,
India |
|
Date of Appointment : |
28.12.2005 |
|
|
|
|
Name : |
Ms. Khushboo Baxi |
|
Designation : |
Director |
|
Address : |
801/2, Yash Apartment, 3/343, Wadia Street, Tardeo, Mumbai – 400034,
India |
|
Date of Appointment : |
28.12.2005 |
|
|
|
|
Name : |
Mr. Dhruv Shringi |
|
Designation : |
Whole Time Director |
|
Date of Birth/Age : |
14.07.1973 |
|
Date of Appointment : |
05.01.2006 |
|
|
|
|
Name : |
Mr. Promod Haque |
|
Designation : |
Director |
|
Date of Birth/Age : |
20.04.1948 |
|
Date of Appointment : |
09.10.2006 |
|
|
|
|
Name : |
Mr. Haresh Ramrupchand Chawla |
|
Designation : |
Director |
|
Date of Birth/Age : |
29.12.1967 |
|
Date of Appointment : |
05.01.2006 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.12.2006)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Yatra Online (Cyprus) Limited, Cyprus |
|
49999 |
|
Yatra Online INC (Cayman Islands) |
|
1 |
|
|
|
|
|
Total |
|
50000 |
BUSINESS DETAILS
|
Line of Business : |
Engaged in Business of providing services relating to transport,
travel, tours and tourism. |
|
|
|
|
Products : |
Travel related services |
GENERAL
INFORMATION
|
No. of Employees : |
220 |
|
|
|
|
Bankers : |
|
|
Banking
Relations : |
- |
|
|
|
|
Auditors : |
|
|
Name : |
S R Batliboi and Associates Chartered Accountant |
|
Address : |
U and I, Plot No.47, Sector – 32, Institutional Area, Gurgaon –
122001, Haryana, India |
|
|
|
|
Holding Company
: |
Swiftindiainc Corporate Services Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500
Million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
28.12.2005 to
31.12.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
0.100 |
|
|
2] Share Application Money |
|
|
143.928 |
|
|
3] Reserves & Surplus |
|
|
0.000 |
|
|
4] (Accumulated Losses) |
|
|
(112.617) |
|
|
NETWORTH |
|
|
31.411 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
8.716 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
8.716 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
40.127 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
29.492 |
|
|
Capital work-in-progress |
|
|
1.962 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
0.000 |
|
|
Sundry Debtors |
|
|
16.456 |
|
|
Cash & Bank Balances |
|
|
77.129 |
|
|
Other Current Assets |
|
|
9.818 |
|
|
Loans & Advances |
|
|
21.826 |
|
Total
Current Assets |
|
|
125.229 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
|
116.027 |
|
|
Provisions |
|
|
0.529 |
|
Total
Current Liabilities |
|
|
116.556 |
|
|
Net Current Assets |
|
|
8.673 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
40.127 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
|
28.12.2005 to
31.12.2006 |
|
Sales Turnover |
|
|
16.621 |
|
Other Income |
|
|
0.000 |
|
Total Income |
|
|
16.621 |
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
|
(112.156) |
|
Provision for Taxation |
|
|
0.461 |
|
Profit/(Loss) After Tax |
|
|
(112.617) |
|
|
|
|
|
|
Total Expenditure |
|
|
128.777 |
KEY RATIOS
|
PARTICULARS |
|
|
|
28.12.2005 to
31.12.2006 |
|
PAT / Total Income |
(%) |
|
|
(677.56) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
|
(674.78) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
|
(72.49) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
|
(3.57) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
|
3.99 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
1.07 |
LOCAL AGENCY
FURTHER INFORMATION
Directors Profile:
Mr. Dhruv Shringi
Co Founder
Dhruv returns to India after 8 years in Europe. His most recent role
prior to co-founding subject was as Director Group Operations and Technology of
the Ebookers Group where he was responsible for sales of over $850 million
achieved thru multi channels including online, call centres and retail shops,
600 people and a cost budget of $70 million.
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 UK
workforce.
Prior to his stint at Ebookers, he worked with Ford Motor Company in their
Business Strategy team based in London where he was part of the European
Business Turnaround team and also has significant work experience in India
having spent over 6 years with Arthur Andersen based in their office in Delhi.
Dhruv holds an MBA from INSEAD and is also a qualified Chartered Accountant.
Mr. Manish Amin
Co Founder
Manish Amin is returning to India after having been based in London for
the past 28 years. He is a veteran of the travel industry with over 20 years
experience in the Travel and IT industry, 15 of which were with Ebookers where
in his last role he was the Head of Technology Infrastructure responsible for
managing 24x7 availability of the website and multi-location call centres of
Ebookers. He managed setting up a new data centre for the Online and Offline
applications. He also helped designed and rolled out MPLS connectivity and implemented
a new Telephone system across the ebookers Group in Europe and Delhi.
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.
Mrs. Sabina Chopra
Co Founder
Prior to subject Sabina headed India based Operations of ebookers,
Europe’s largest online travel company. She was responsible for setting up,
transitioning and management of Customer Service, Sales, Air Ticketing, Hotel
Sales, Email and Online Departments. The Sales teams, under her leadership,
doubled the targets in less than 6 months. The fulfillment teams consistently
met and increased customer satisfaction for the European countries based
customers.
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 Delhi University.
Mr. Bhawna Agarwal –
Founding General Manager, Airlines Business Group
Joining subject, Bhawna was business head of airlines at Indiatimes.com,
India's number one online eCommerce site. She was responsible for partnerships,
sales and marketing. Her strong customer focus and disruptive strategy were
instrumental in making the travel business unit the largest vertical revenue
stream at indiatimes.com. Bhawna worked closely with all the key airlines in
India, Air Deccan, Kingfisher, SpiceJet, Indian, GoAir and others.
Prior to joining India times, Bhawna worked at Rediff, India's number
one internet site. Her earlier work experience includes marketing role at
Netcarrots and Ranbaxy Group. Bhawna has in-depth knowledge of consumer markets
and has experience in setting up new business.
Bhawna holds an MBA in Marketing Management from IMT and undergraduate degree
in chemistry from Delhi University.
Mr. Mudit Khosla –
Founding General Manager, Strategic Relations Group
Joining subject, Mudit was category head - Shopping at Indiatimes, one
of India's largest E-commerce sites. As the founding member of Indiatimes
Shopping, he was responsible for formulating key strategies as well as
conceptualizing and creating a series of successful eCommerce sub-verticals on
fixed price & auction platforms. Mudit has worked closely with most major
consumer brands in India, such as LG, Archies, Reebok, HP, Philips, Nestle,
etc.
Prior to joining indiatimes.com, Mudit worked at eBaya, one of India's earliest
eCommerce websites modeled on Amazon.com. Mudit’s strength lies in
understanding consumer insights and has experience in successfully launching
new online verticals in short durations.
Mudit holds an MBA in Marketing Management and undergraduate degree in
Mechanical Engineering.
Mr. Nikhil Rungta –
Head of Marketing
Nikhil comes to Yatra.com from McCann Erickson, one of India’s biggest
advertising agencies. At McCann he was the Client Servicing Director working on
brands like Microsoft Xbox 360, MasterCard International, HP Compaq and Dabur.
He was responsible for the launch of Xbox 360 in India and was instrumental in
the development of India specific communication strategy for MasterCard and HP
Compaq. Apart from these Nikhil has worked on the marketing and communication
strategies for a variety of brands like NIIT, ISB, Real Fruit Juices, Sony
Aiwa, LG Electronics and Revlon.
Before moving to advertising he was Product Manager with Shaw Wallace &
Co., handling popular beer brands like Royal Challenge and Hayward’s 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 Hindu College, Delhi University.
Mr. Promod Haque,
Managing Partner
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 Red back Networks), On Display (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 Northwestern
University and an MBA from Northwestern's Kellogg Graduate School of
Management, where he serves on the advisory board.
Haresh Chawla, CEO
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 – green
field and acquired and hopes to maintain the exponential growth trajectory that
it has seen in the last 6 years. Haresh holds a degree in Business Management
from IIM - Calcutta and is also an alumnus of IIT-Mumbai.
Mr. Harshal Shah, CEO
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), Info
stakes, 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. Info stakes, 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 and Computer Science. He has completed
two New York City Marathons.
Mr. Dhruv Shringi,
Co Founder - Yatra
Dhruv returns to India after 8 years in Europe. His most recent role
prior to co-founding Yatra was as Director Group Operations and Technology of
the Ebookers Group where he was responsible for sales of over $850 million
achieved thru multi channels including online, call centers and retail shops,
600 people and a cost budget of $70 million.
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 acquisition by Ebookers. The integration
achieved annualised cost savings of $20 million and 33% reduction of the UK
workforce.
Prior to his stint at Ebookers, he worked with Ford Motor Company in
their Business Strategy team based in London where he was part of the European
Business Turnaround team and also has significant work experience in India
having spent over 6 years with Arthur Andersen based in their office in Delhi.
Dhruv holds an MBA from INSEAD and is also a qualified Chartered Accountant.
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.40.02 |
|
UK Pound |
1 |
Rs.79.44 |
|
Euro |
1 |
Rs.62.94 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
30 |
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 |
|