MIRA
INFORM REPORT
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Report Date : |
28.04.2011 |
IDENTIFICATION DETAILS
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Name : |
CLEARTRIP TRAVEL SERVICES PRIVATE LIMITED |
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Registered
Office : |
Unit No. 1, Ground Floor, DTC Building, Sitaram Mill Compound, N M
Joshi Marg, Mumbai – 400011, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
12.05.2005 |
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Com. Reg. No.: |
11-153232 |
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CIN No.: [Company Identification
No.] |
U63040MH2005PTC153232 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMC13858F |
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PAN No.: [Permanent Account No.] |
AACCC6016B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
The Company is
service company engaged in the business of providing online travel and hotel
booking services |
RATING & COMMENTS
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MIRA’s Rating : |
B (26) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 1800000 |
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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 an established company having moderate track. There appears
some accumulated losses recorded by the company. However trade relations are reported
as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.
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NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION DECLINED BY
Management non cooperative
LOCATIONS
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Registered Office : |
Unit No. 1, Ground Floor, DTC Building, Sitaram Mill Compound, N M
Joshi Marg, Mumbai – 400011, Maharashtra, India |
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Tel. No.: |
91-22-40504000 |
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Fax No.: |
91-22-40504050 |
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E-Mail : |
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Website : |
DIRECTORS
AS ON 30.09.2010
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Name : |
Mr. Stuart Richard Nairn Crighton |
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Designation : |
Director |
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Address : |
Flat No. 112, Land Mark Building, Carter Road, Bandra East, Mumbai –
400050, Maharashtra, India |
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Date of Birth/Age : |
28.02.1970 |
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Date of Appointment : |
09.12.2005 |
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DIN No.: |
00276524 |
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Name : |
Mr. Sandeep Varajpur Murthy |
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Designation : |
Director sandeep.murthy@cleartrip.com
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Address : |
232, |
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Date of Birth/Age : |
22.11.1976 |
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Date of Appointment : |
26.02.2008 |
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DIN No.: |
00591165 |
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Name : |
Mr. Mohanjit Singh Jolly |
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Designation : |
Director mjolly@dfj.com |
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Address : |
Villa B 187 Prestige Ozone, |
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Date of Birth/Age : |
12.11.1969 |
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Date of Appointment : |
26.02.2008 |
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DIN No.: |
01816801 |
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Name : |
Mr. Avnish Sarabjit Bajaj |
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Designation : |
Director |
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Address : |
6th Floor Aroma Residency, |
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Date of Birth/Age : |
16.07.1970 |
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Date of Appointment : |
09.12.2005 |
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DIN No.: |
00281547 |
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Name : |
Mr. Sridar Aravamudhan Iyengar |
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Designation : |
Additional Director |
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Address : |
85, |
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Date of Birth/Age : |
13.08.1947 |
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Date of Appointment : |
28.07.2010 |
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DIN No.: |
00278512 |
KEY EXECUTIVES
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Name : |
Ms. Rashmi Ashok Limaye |
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Designation : |
Secretary |
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Address : |
Flat No. 873 |
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Date of Birth/Age : |
19.06.1982 |
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Date of Appointment : |
22.10.2007 |
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PAN No.: |
ABOPL2859F |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Cleartrip INC, |
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1 |
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Cleartrip INC, |
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124079519 |
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Total |
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124079520 |
Equity Share Breakup (Percentage of Total Equity)
AS ON 30.09.2010
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Category |
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Percentage |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
The Company is
service company engaged in the business of providing online travel and hotel
booking services |
GENERAL INFORMATION
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No. of Employees : |
Not Divulged by the management. |
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Bankers : |
Axis Bank Limited, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
BSR and Company Chartered Accountants |
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Address : |
KPMG House Kamala Mills, Lower Parel, Senapati Bapat Marg, Lower
Parel, Mumbai – 400013, Maharashtra, India |
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Tel. No.: |
91-22-39896000 |
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Fax No.: |
91-22-39836000 |
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Ultimate Holding Company : |
ClearTrip Inc, |
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Holding Company : |
Cleartrip INC, |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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124100000 |
Equity Share |
Rs.10/- each |
Rs. 1241.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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124079520 |
Equity Share |
Rs.10/- each |
Rs. 1240.795
Millions |
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Note:
Of the above, 124079519 Equity shares are held
by ClearTrip Inc, Mauritius, the holding company and 1 share by ClearTrip Inc,
Cayman Islands, the ultimate Parent Company
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1240.795 |
1139.395 |
487.285 |
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2] Share Application Money |
0.000 |
101.400 |
652.110 |
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3] Reserves & Surplus |
2.900 |
2.900 |
2.900 |
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4] (Accumulated Losses) |
(789.487) |
(850.236) |
(603.922) |
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NETWORTH |
454.208 |
393.459 |
538.373 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.348 |
0.687 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.000 |
0.348 |
0.687 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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Employee Stock Option |
13.448 |
10.280 |
6.914 |
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TOTAL |
467.656 |
404.087 |
545.974 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
90.307 |
90.759 |
114.831 |
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Capital work-in-progress |
12.944 |
0.000 |
8.117 |
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INVESTMENT |
47.000 |
18.044 |
289.117 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000
|
0.000
|
0.000 |
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Sundry Debtors |
46.309
|
44.168
|
28.737 |
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Cash & Bank Balances |
309.451
|
207.392
|
157.393 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
227.216
|
148.946
|
150.357 |
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Total
Current Assets |
582.976
|
400.506
|
336.487 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
251.810
|
84.834
|
159.053 |
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Other Current Liabilities |
8.656
|
9.365
|
21.697 |
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Provisions |
5.105
|
11.023
|
21.828 |
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Total
Current Liabilities |
265.571
|
105.222
|
202.578 |
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Net Current Assets |
317.405
|
295.284
|
133.909 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
467.656 |
404.087 |
545.974 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income (Revenue for Commission and others) |
511.409 |
312.740 |
207.535 |
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Other Income |
38.315 |
22.455 |
14.357 |
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TOTAL (Gross Revenue) (A) |
549.724 |
335.195 |
221.892 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
|
535.232 |
604.345 |
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Advertising Expenses |
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TOTAL (B) |
457.834 |
535.232 |
604.345 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
91.890 |
(200.037) |
(382.453) |
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Less |
FINANCIAL
EXPENSES (D) |
0.023 |
0.034 |
0.175 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
91.868 |
(200.071) |
(382.628) |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
31.118 |
44.222 |
37.305 |
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PROFIT BEFORE
TAX (E-F) (G) |
60.749 |
(244.293) |
(419.933) |
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Less |
TAX (I) |
0.000 |
(2.021) |
54.897 |
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PROFIT AFTER TAX
(G-I) (J) |
60.749 |
(246.314) |
(474.830) |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(850.236) |
(603.922) |
(129.092) |
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Less |
APPROPRIATIONS |
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Transfer to General Reserve |
0.000 |
0.000 |
0.000 |
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Dividend |
0.000 |
0.000 |
0.000 |
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Tax on Dividend |
0.000 |
0.000 |
0.000 |
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BALANCE CARRIED TO
THE B/S |
(789.487) |
(850.236) |
(603.922) |
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Earnings Per
Share (Rs.) |
0.49 |
(2.37) |
(10.16) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
11.05
|
(73.48)
|
(213.99) |
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Net Profit Margin (PBT/Sales) |
(%) |
11.88
|
(78.11)
|
(202.34) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
9.02
|
(49.73)
|
(93.05) |
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.13
|
(0.73)
|
(0.78) |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
0.58
|
0.27
|
0.38 |
|
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|
Current Ratio (Current Asset/Current Liability) |
|
2.20
|
3.81
|
1.66 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS
Rs.
In Millions
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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Sundry Creditors |
251.810
|
84.834
|
159.053 |
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NOTE
Registered office of the company has been shifted from 126-New Mahalaxmi
Silk Mills, Mathurdas Mill Compound, N. M. Joshi Marg, Lower Parel (West),
Mumbai,
Background:
Subject was incorporated as a Private Limited company on 12 May 2005.
The company is in the business of providing online travel and hostel booking
services which provides its customers an opportunity to book airline tickets,
train tickets and hotel accommodations through its online web portal.
On 31 March 2006, the company, pursuant to a share purchase agreement
between ClearTrip Inc, Mautitius and the shareholders of the company, allotted 9999 equity Share of
the face value of Rs. 10 each to Clear Trip Inc, Mauritius and 1 share to Cleartrip
Inc, Cayman Islands, Consequently , the company became a wholly owned
subsidiary of ClearTrip Inc, Mauritius.
ACCOUNTS
During the period, the company has earned gross revenue of Rs. 549.724 Millions.
The Total profit as per the profit and loss account for the period is Rs.
60.749 Millions
COMPANY OVERVIEW
a) Current Scenario:
The Company’s main
differentiator with other OTAs is its simplicity and transparency. The clutter
free environment and ease of use complemented by the incredible fast search and
comprehensive content puts it in a leadership position in the existing OTA
space which results in 70% repeat transactions. All products are developed
through customer input and have the trademark simplicity of navigation and
intuitive user interface. The products have competitive prices and
multi-payment options and are supported by exhaustive information and
unparalleled customer support.
The turbulent
times and recession seen in the market have paved a way for a better year
ahead. During the challenging phases such as the market slowdown, terrorist
attacks, global melt down ,and dip in domestic air bookings to the tune of 40%
shifted, the Company shifted its focus from growth to focus on efficiencies and
has managed to steer out successfully though the trying times.
b) Business Initiatives:
During the year,
the company launched the several new products and initiatives. B2B consolidator
business, were introduced during the year.
CONTINGENT
LIABILITIES AND COMMITMENTS
Claims against the company not acknowledged as debt : Rs. 1.831 Millions
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U63040MH2005PTC153232 |
|
Name of the
company |
CLEARTRIP TRAVEL SERVICES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Unit No. 1, Ground Floor, DTC Building, Sitaram Mill Compound, N M Joshi
Marg, Mumbai – 400011, Maharashtra, India |
|
This form is for |
Creation of
Charge |
|
Type of charge |
Book Debts Movable Property |
|
Particular of
charge holder |
Axis Bank Limited, |
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Nature of
instrument creating charge |
Composite
Hypothecation Deed executed on 26th November, 2010 between
clearship travel services private limited and Axis bank limited |
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Date of
instrument Creating the charge |
26.11.2010 |
|
Amount secured by
the charge |
Rs. 200.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Base rate + 3.5% Extent and
Operation of the charge Hypothecation by
way of first charge on current assets and movable properties dated 26th
November 2010 |
|
Short particulars
of the property charged |
Hypothecation by
way of first charge on current assets and movable properties dated 26th
November 2010 |
FIXED ASSETS
- Computers
- Furniture and
Fixture
- Office
Equipments
- Motor Car
- Leasehold
Improvements
AS PER WEBSITE
DETAILS
Cleartrip’s investors
Kleiner, Perkins, Caufield & Byers
Since its founding in
1972, KPCB has backed entrepreneurs in 450 ventures, including AOL, Align,
Amazon.com, Citrix, Compaq Computer, Electronic Arts, Genentech, Genomic
Health, Genprobe, Google, Hybritech, IDEC Pharmaceuticals, Intuit, Juniper
Networks, Netscape, Ligand Pharmaceuticals, Lotus, Nuvasive, Sun Microsystems,
Symantec, Verisign and Xilinx. KPCB portfolio companies employ more than
250,000 people. More than 150 of the firm's portfolio companies have gone
public. Many other ventures have achieved success through mergers and
acquisitions.
Sherpalo Ventures
Ram Shriram started
Sherpalo in January, 2000, with the goal of applying his wealth of operating
and company building experience to promising early stage ventures. As a
technology industry insider for over 25 years he has worked in companies large
and small across all functional areas and through fluctuating business cycles.
He is always eager to roll up his sleeves and work closely with founding teams
on the challenging issues that confront and sometimes confound early stage
ventures. Sherpalo’s mission is to guide and mentor exceptional entrepreneurs
in taking their disruptive ideas and technology and turning them into
successful businesses.
DAG Ventures
DAG Ventures is a
venture capital partnership investing in and helping outstanding entrepreneurs
create leading, long–term companies across a range of markets. With roots from
the 1980’s in cable TV, infrastructure, media, and wireless industries, the
partnership today is privileged to work with world–class entrepreneurs as they
build tomorrow’s leaders in the information technology, energy, and life
science sectors. DAG Ventures invests in companies with proven technology, from
the prototype stage onward.
Draper Fisher Jurvetson
Draper Fisher
Jurvetson (DFJ) is a leading venture capital firm with global presence through
the DFJ Global Network Partner Funds, with offices in more than 33 cities
around the world and over $6 billion in capital commitments. DFJ’s mission is
to identify, serve, and provide capital for extraordinary entrepreneurs
anywhere who are determined to change the world. Over the past twenty years,
DFJ and its Network Partner Funds have been proud to back over 550 companies
across many sectors including such industry changing catalysts as Hotmail
(acquired by MSFT), Baidu (BIDU), Skype (acquired by EBAY), EnerNOC (ENOC),
athenahealth (ATHN), Focus Media (FMCN), Mobile 365 (acquired by Sybase), xFire
(acquired by Viacom), United Online (UNTD), Overture (acquired by YHOO),
Interwoven (IWOV), Four11 (acquired by YHOO), Massive (acquired by MSFT),
Parametric (PMTC) and Mozy (acquired by EMC).
Press Releases /
April 2010
CLEARTRIP VOTED
‘FAVOURITE TRAVEL PORTAL’ AT THE PRESTIGIOUS CONDÉ NAST TRAVELER – READERS’
Mumbai, April 29, 2010: Paying testament to service excellence, Cleartrip (www.cleartrip.com), was adjudged the Favourite Travel Portal by the prestigious Condé Nast Traveller’s
Readers’
Condé Nast Traveller
magazines’ annual Readers’ Travel Awards are recognized internationally as a benchmark
for excellence in the travel and tourism industry. Every year the magazine’s
readers are invited to vote online for their choice of the best the travel
world has to offer. This year, to celebrate the October 2010 launch of Condé
Nast Traveller in
Launched in July
2006, Cleartrip (www.cleartrip.com) is one of the top three
online travel companies in
With the recent
launch of Cleartrip for Business (http://www.cleartripforbusiness.com),
Cleartrip has pioneered a product that is set to change the way India Inc.
travels. By packaging all the administrative aspects of corporate travel and
combining this with a dynamic and cost efficient travel booking tool, the first
ever exclusively online business travel solutions product has been developed.
At Cleartrip,
innovation wins customers. We were the first to provide an intuitive search
product with round trip air search. Through quick decision making tools like
the air
calendar (searches the
lowest price available on each day of a month) the air graph (plots and compares changing price points
throughout the month of travel) and Small World (a complete travel planning tool with over 3.2m destinations, weather,
currency, flight, maps and lots more), we stay committed to making travel
simple.
Offering
convenience, choice without confusion, multiple payment options, competitive
prices and exclusive destination information, Cleartrip is very customer
oriented.
For media enquiries, contact:
Neha Poojara
Coffee Communications Solutions
Email: neha@coffeespeak.com
Tel: 9820008037
Vinifer Gandhi
Cleartrip
Email: vinifer.gandhi@cleartrip.com
Tel: (022)
40554160
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.40 |
|
|
1 |
Rs.73.26 |
|
Euro |
1 |
Rs.65.17 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--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 |
|
26 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.