MIRA INFORM REPORT

Report Date :

26.12.2011

IDENTIFICATION DETAILS

Name :	GLOBAL E TRAVEL SOLUTIONS PRIVATE LIMITED
Formerly Known As :	TRAVEL PASS (INDIA) PRIVATE LIMITED
Registered Office :	A-1, First Floor, Feroz Gandhi Road, Lajpat Nagar – II, New Delhi – 110 024
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	07.07.1993
Com. Reg. No.:	55-54346
Capital Investment / Paid-up Capital :	Rs.14.500 millions
CIN No.: [Company Identification No.]	U74899DL1993PTC054346
TAN No.: [Tax Deduction & Collection Account No.]	DELG06727A
PAN No.: [Permanent Account No.]	AAACT4643B
Legal Form :	Private Limited Liability Company
Line of Business :	Subject as a Travel and Event Management Company, provides end-to-end travel solutions and services.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 200000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered Office :	A-1, First Floor, Feroz Gandhi Road, Lajpat Nagar – II, New Delhi – 110 024, India
Tel. No.:	91-11-42777777
Fax No.:	91-11-41522224
E-Mail :	contact@getsindia.com guptaashish75@gmail.com
Website :	http://www.getsindia.com
Branch Office :	Unit No.7, Nirman Kendra, Off E. Moses Road, Mahalaxmi, Mumbai – 400 011, Maharashtra, India
Tel. No.:	91-22-55749647 / 48 / 50 / 24549856
Fax No.:	91-22-24549855

DIRECTORS

As on 30.09.2010

Name :	Mr. Badal Midha
Designation :	Director
Address :	D-5/27 Phase I, DLF Gurgaon – 122 002, Haryana, India
Date of Appointment :	07.07.1993
DIN No.:	00023907

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U74899DL1993PTC054346	Global E Travel Solutions Private Limited	Director	07-07-93	07-07-93	Active	NO
2	U45201DL2001PTC113209	Beckon Realestate Developers Private Limited	Director	08-12-05	08-12-05	Active	NO
3	U70109DL2006PTC151333	Ishvara Realtech Private Limited	Managing director	29-07-06	29-07-06	Active	NO

Name :	Mr. Manish Mehta
Designation :	Director
Address :	E-140, Greater Kailash II, Delhi – 110 048, India
Date of Appointment :	01.04.2003
DIN No.:	00157940

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74899DL1990PTC040973	Centrum Travels Private Limited	Director	25-07-90	25-07-90	-	Strike off	NO
2	U70101DL2000PTC108347	Space Operation Management Private Limited	Director	31-10-00	31-10-00	-	Active	NO
3	U74899DL1993PTC054346	Global E Travel Solutions Private Limited	Director	01-04-03	01-04-03	-	Active	NO
4	U45201DL2001PTC113209	Beckon Realestate Developers Private Limited	Director	08-12-05	08-12-05	-	Active	NO
5	U74899DL1981PTC011243	Spectral Services Consultants Private Limited	Director	30-09-06	30-09-06	11-06-11	Active	NO
6	U72300DL2007PTC159033	S.A.S. Infotech Private Limited	Director	01-04-07	01-04-07	01-04-07	Active	NO
7	U45209DL2008PTC185683	Mvs Measurement and Verification Service Engineers Private Limited	Director	11-12-08	11-12-08	-	Active	NO
8	U45200DL2007PTC158974	Realtech Property Solutions Private Limited	Additional director	03-11-09	03-11-09	26-03-10	Active	NO

Name :	Mr. Parminder Singh Kalra
Designation :	Director
Address :	A-29 Friends Colony (East), Delhi – 110 065, India
Date of Appointment :	01.04.2003
DIN No.:	00010590

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74899DL1985PTC020855	Harinesh Constructions Private Limited	Director	12-12-89	12-12-89	-	Active	NO
2	U74899DL1994PTC058772	Consortium Securities Private Limited	Director	24-07-99	24-07-99	-	Active	NO
3	U65923DL1997PTC088254	Omega Finhold Private Limited	Director	10-01-01	10-01-01	-	Active	NO
4	U72300DL1999PTC101854	Consortium Commodities Private Limited	Director	01-05-01	01-05-01	-	Active	NO
5	U74899DL1993PTC054346	Global E Travel Solutions Private Limited	Director	01-04-03	01-04-03	-	Active	NO
6	U74899DL1997PTC090840	Csl Securities Private Limited	Director	18-08-03	18-08-03	-	Active	NO
7	U72200DL2005PTC136072	K Y Software Private Limited	Director	16-05-06	16-05-06	07-09-07	Active	NO
8	U45201DL2003PTC120389	Chirag Assocaites Private Limited	Director	01-12-06	01-12-06	-	Active	NO
9	U72400DL2006PTC145549	Subha Infotech Private Limited	Director	20-03-07	20-03-07	-	Active	NO
10	U67120DL2005PTC140256	Consortium Finsec Private Limited	Director	22-09-08	16-07-08	-	Active	NO
11	U72200DL2006PTC149962	Alka Softech Private Limited.	Director	18-09-08	16-07-08	-	Active	NO
12	U45200DL2007PTC158974	Realtech Property Solutions Private Limited	Additional director	03-11-09	03-11-09	26-03-10	Active	NO
13	U67110RJ1983PLC002861	Jaipur Stock Exchange Limited	Director	27-11-09	27-11-09	01-06-10	Active	NO
14	U74899DL1995PTC071091	Consortium Invest Care Private Limited	Director	13-09-10	15-03-10	-	Active	NO
15	U51909DL1990PLC041767	Consortium Business Enterprises Limited	Director	13-09-10	15-03-10	-	Active	NO
16	U74899DL1989PTC035718	Rekhi Holdings Private Limited	Director	22-09-10	12-05-10	-	Active	NO
17	U45201DL2005PTC138095	Acorn Infrastructure Private Limited	Additional director	06-06-11	06-06-11	27-07-11	Active	NO

Name :	Mr. Samir Kalia
Designation :	Director
Address :	M-31, Ground Floor, Greater Kailash II, Delhi – 110 048, India
Date of Appointment :	01.04.2003
DIN No.:	00023908

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U74899DL1990PTC040973	Centrum Travels Private Limited	Director	25-07-90	25-07-90	Strike off	NO
2	U74899DL1993PTC054346	Global E Travel Solutions Private Limited	Director	01-04-03	01-04-03	Active	NO
3	U55202DL2006PTC145648	Gets Holidays Private Limited	Director	31-01-06	31-01-06	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Badal Midha	32490
Aarti Midha	3760
Centrum Travels Private Limited, India	72500
Tripat Kaur	5454
CSL Stock Broking Private Limited, India	9090
Consortium Securities Private Limited, India	9090
Omega Finhold Private Limited, India	12616
Total	145000

As on 30.09.2010

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	65.03
Directors or relatives of directors	34.97
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject as a Travel and Event Management Company, provides end-to-end travel solutions and services.
Product Description :	Travel Agent

GENERAL INFORMATION

Customers :

· Educational Consultants India Limited

· Energizer Group

· Hewitt Associates

· Korn/Ferry International

· International Electron Devices Limited

· Indian Sugar and General Engineering Company

· Modi Korea telecom Limited

· Radico Khaitan Limited

· Silicon Graphics India Limited

· Vintron Group of Companies

· Woodland Group of Companies

· Samtel Group of Companies

· Network Programs (India) Private Limited

· Asahi India Safety Glass Limited

· Jai Parabolic Springs Limited

· Grasim

· Super Cassette Industries Limited

· Effem India Private Limited

· T.C.G Software Services Private Limited

· Schindler India Private Limited

· ABN AMRO Bank

· Dixon Utilitien

No. of Employees :

Not Available

Bankers :

· Corporation Bank

M-3 and 4, Greater Kailash – II, New Delhi – 100 048, India

· Central Bank of India

· HDFC Bank

· ICICI Bank

Facilities :

Secured Loans	As on 31.03.2010 Rs. in millions	As on 31.03.2009 Rs. in millions
Corporation Bank CCSDL A/c (Against hypothecation of book debts)	1.797	0.000
Corporation Bank BOM (Against FD)	3.918	2.194
Loan from Kotak Mahindra (Against hypothecation of Motor Car)	0.185	0.411
ICICI Bank Car Loan (Against hypothecation of Motor Car)	0.083	0.283
ICICI Bank Car Loan (Honda Citi)	0.399	0.746
Reliance Consumer Finance	0.102	0.324
Tata Capital Car Loan	3.288	5.680
Total	9.772	9.638

Unsecured Loans	As on 31.03.2010 Rs. in millions	As on 31.03.2009 Rs. in millions
Unsecured Loan from director	0.000	0.400
Jalco Financial Services Private Limited	0.500	0.500
Total	0.500	0.900

Banking Relations :	--
Auditors :
Name :	Shantha Murthy and Company Chartered Accountants
Address :	B-1, Anupam Plaza, Kalu Sarai, New Delhi – 110 016, India
PAN No.:	AACFS5604E

CAPITAL STRUCTURE

As on 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
150000	Equity Shares	Rs.100/- each	Rs.15.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
145000	Equity Shares	Rs.100/- each	Rs.14.500 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		14.500	14.500	14.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		34.721	33.053	32.667
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		49.221	47.553	47.167
LOAN FUNDS
1] Secured Loans		9.772	9.638	11.277
2] Unsecured Loans		0.500	0.900	2.400
TOTAL BORROWING		10.272	10.538	13.677
DEFERRED TAX LIABILITIES		0.140	0.140	0.000
TOTAL		59.633	58.231	60.844
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		5.822	27.906	28.686
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		1.228	1.173	1.020
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	42.262	34.693	49.388
	Cash & Bank Balances	20.997	17.172	2.528
	Other Current Assets	0.000	0.000	3.203
	Loans & Advances	7.721	11.563	11.130
Total Current Assets		70.980	63.428	66.249
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	17.553	13.341	19.989
	Other Current Liabilities	0.000	20.000	14.543
	Provisions	0.844	0.935	0.579
Total Current Liabilities		18.397	34.276	35.111
Net Current Assets		52.583	29.152	31.138
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		59.633	58.231	60.844

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income from Operations (Net)	24.642	32.035	32.313
		Other Income	0.712	0.764	0.542
		TOTAL (A)	25.354	32.799	32.855
Less	EXPENSES
		Establishment and Administration		27.342	23.970
		TOTAL (B)	22.898	27.342	23.970
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			5.457	8.885
Less	FINANCIAL CHARGES (D)		22.898	1.778	3.665
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			3.679	5.220
Less/ Add	DEPRECIATION/ AMORTISATION (F)			2.512	2.521
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		2.456	1.167	2.699
Less	TAX (H)		0.844	0.935	1.417
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		1.612	0.232	1.282
Add	DEFERRED TAX		NA	0.154	0.138
Less	PROVISION OF WEALTH TAX		NA	0.000	0.066
	BALANCE CARRIED TO THE B/S		NA	0.386	1.354
	EARNINGS IN FOREIGN CURRENCY		2.413	9.863	12.468
	Earnings Per Share (Rs.)		11.12	1.60	8.84

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	6.36	0.71	3.90
Net Profit Margin (PBT/Sales)	(%)	9.97	3.64	8.35
Return on Total Assets (PBT/Total Assets}	(%)	3.20	1.28	2.84
Return on Investment (ROI) (PBT/Networth)		0.05	0.02	0.06
Debt Equity Ratio (Total Liability/Networth)		0.58	0.94	1.03
Current Ratio (Current Asset/Current Liability)		3.86	1.85	1.89

LOCAL AGENCY FURTHER INFORMATION

NOTE

The Registered Office of the company has been shifted from M-15, Greater Kailash-II, New Delhi – 110 048, India to the present address w.e.f. 01.02.2008.

FINANCIAL RESULTS AND OPERATIONS

The company has earned a gross turnover of Rs.24.642 millions as compared to Rs.32.035 millions during previous year. The profit before tax is Rs.2.456 millions as compared to Rs.1.167 millions during the previous year. The Profit after tax is Rs.1.612 millions as compared to profit of Rs.0.232 million during the previous year.

FORM 8

Corporate identity number of the company	U74899DL1993PTC054346
Name of the company	GLOBAL E TRAVEL SOLUTIONS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	M-15, Greater Kailash-II, New Delhi – 110 048, India
This form is for	Creation of charge
Type of charge	Immovable property
Particular of charge holder	Corporation Bank M-3 and 4, Greater Kailash – II, New Delhi – 100 048, India E-Mail : mallyashenoyca@rediffmail.com
Nature of instrument creating charge	Memorandum of Deposit of Title deeds by a company
Date of instrument Creating the charge	24.01.2008
Amount secured by the charge	Rs.86.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per sanctions terms. Terms of Repayment As per sanctions terms. Margin As per sanctions terms. Extent and Operation of the charge The Equitable Mortgage of property is to collaterally secure following credit facilities:- a) Cash Credit Rs.25.000 millions b) Bank Guarantee Rs.15.000 millions c) DBC/BDD-LDBC Rs.3.000 millions ---------------------- Rs.43.000 millions A Notional limit for an amount double the aggregate limits sanctioned my be stipulated
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Immovable property Plot No. 39- C, along with building constructed there on at Pamposh Enclave, New Delhi

FIXED ASSETS

· Furniture and Fixture

· Electric Fan

· Scooter

· Computer

· Air Conditioner

· Office Equipment

· Motor Car

· Cycle

· Fax Machine

· Electrical Fitting

· Land

· Telephone

· Mobile

· UPS Invertor

· Web Site

· Building

WEB DETAILS

Profile

Subject introduces itself as a travel and event management Company in dedication toward making travel simpler and more effective since 1987. They in subject concentrate on providing clients with one window travel solution and services, and help organized all kinds of conferences at local, national and international levels.

Formed by the merger of two independent and well-reputed Travel Companies that have made their mark in the industry with two long decades of efficient travel services - Travel Pass and Concorde Travels. The turnover of the amalgamated company (subject) is around Rs.1000.000 millions with branches in Hyderabad and Mumbai. Plans to open branches in the remaining metros are in the process. Besides they also have two important set ups at Gurgaon and Noida.

They are recognized by various international and domestic airlines like KLM, British Airways, Lufthansa, Ethiopian Airlines, South African Airways and Jet Airways to name a few of their achievements.

Subject’s workforce comprised of over 100 well-experienced and efficient travel-management professionals, each with a zeal to provide his or her best in the respective field of operation.

They take special care of their clients, providing all kinds of assistance a modern traveler looks for. Offer clients with carefully prepared comprehensive end-to-end management program focused on their unique objectives. Whether their clients are looking for effective cost management strategies, travel policy implementation and management or superior customer service delivery, they have a solution at subject.

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.52.72
UK Pound	1	Rs.82.71
Euro	1	Rs.68.90

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.