MIRA INFORM REPORT

Report Date :

26.12.2011

IDENTIFICATION DETAILS

Name :	KUONI TRAVEL (INDIA) PRIVATE LIMITED
Registered Office :	8^th Floor, Tower A, Urmi Estate, 95, Ganpatrao Kadam Marg, Lower Parel (West), Mumbai – 400013, Maharashtra
Country :	India
Financials (as on) :	31.12.2010
Date of Incorporation :	21.12.1992
Com. Reg. No.:	11-070074
Capital Investment / Paid-up Capital :	Rs. 83.500 Millions
CIN No.: [Company Identification No.]	U63090mh1992ptc070074
TAN No.: [Tax Deduction & Collection Account No.]	mumk16419E
PAN No.: [Permanent Account No.]	AAACS0170L
Legal Form :	Private Limited Liability Company
Line of Business :	Travel Agent
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (53)

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

Maximum Credit Limit :	USD 3750000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having fine track. Financial Position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal 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 :	8^th Floor, Tower A, Urmi Estate, 95, Ganpatrao Kadam Marg, Lower Parel (West), Mumbai – 400013, Maharashtra
Tel. No.:	91-22-66562000 / 67587985 to 88
Fax No.:	91-22-66502030/ 66562009/ 66561759
E-Mail :	robert.p@robertpavreyassociates.com info@kuonindia.com rupalik@kuoniindia.com rpavery@vsnl.com
Website :	http://www.kuoniindia.com
Location :	Leased
Sales Services Office :	A-301, palm Court Complex, Malad Link Road, Malad (West), Mumbai – 400 064, Maharashtra

DIRECTORS

As on 27.06.2011

Name :

Mr. Rajiv Duggal

Designation :

Managing Director

Address :

M-45, Greater Kailash Part 2, New Delhi – 110048, India

Date of Birth/Age :

03.12.1965

Date of Appointment :

01.05.2011

DIN No.:

03534150

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	U63040MH2005FTC158348	Kuoni Business Travel India Private Limited	Director	27-06-11	01-05-11	-	Active	NO
2	U63090MH1992PTC070074	Kuoni Travel (India) Private Limited	Managing director	01-05-11	01-05-11	-	Active	NO
3	U55101MH2001PTC131692	Sita Beach Resorts Private Limited	Director	24-06-11	30-05-11	-	Active	NO
4	U63040MH2001PTC131695	Sita Destination Management Private Limited	Director	24-06-11	30-05-11	-	Active	NO
5	U55109MH2001PTC131690	Sita Holidays (India) Private Limited	Director	24-06-11	30-05-11	-	Active	NO
6	U55101MH2001PTC131696	Sita Holidays Resorts Private Limited	Director	24-06-11	30-05-11	-	Active	NO
7	U55101MH2001PTC131694	Sita Incoming (India) Private Limited	Director	24-06-11	30-05-11	-	Active	NO
8	U63040MH2001PTC131693	Sita Travels and Tours Private Limited	Director	24-06-11	30-05-11	-	Active	NO
9	U63040MH2001PTC131691	Sita Travels Private Limited	Director	24-06-11	30-05-11	-	Active	NO
10	U74140MH2006FTC163059	Kti Support Services (India) Private Limited	Director	24-06-11	30-05-11	-	Active	NO

Name :

Mr. Zubin Jal Karkaria

Designation :

Director

Address :

Persepolis Building, 5^th Floor, Flat 52, Opposite G.D. Somani School, 100 Cuffe Parade Road, Mumbai-400005, Maharashtra, India

Date of Birth/Age :

21.05.1968

Date of Appointment :

25.04.2005

DIN No.:

00397088

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	U63040MH2001PTC131691	Sita Travels Private Limited	Director	25-01-05	25-01-05	30-05-11	Active	NO
2	U63040MH2001PTC131695	Sita Destination Management Private Limited	Director	25-01-05	25-01-05	30-05-11	Active	NO
3	U55101MH2001PTC131692	Sita Beach Resorts Private Limited	Director	25-01-05	25-01-05	30-05-11	Active	NO
4	U55101MH2001PTC131696	Sita Holidays Resorts Private Limited	Director	25-01-05	25-01-05	30-05-11	Active	NO
5	U55101MH2001PTC131694	Sita Incoming (India) Private Limited	Director	25-01-05	25-01-05	30-05-11	Active	NO
6	U63040MH2001PTC131693	Sita Travels and Tours Private Limited	Director	25-01-05	25-01-05	30-05-11	Active	NO
7	U55109MH2001PTC131690	Sita Holidays (India) Private Limited	Director	25-01-05	25-01-05	30-05-11	Active	NO
8	U93090MH2001PTC132683	VFS Global Services Private Limited	Director	25-04-05	25-04-05	-	Amalgamated	NO
9	U63090MH1992PTC070074	Kuoni Travel (India) Private Limited	Director	31-03-11	25-04-05	-	Active	NO
10	U63040MH2005FTC158348	Kuoni Business Travel India Private Limited	Director	23-06-07	27-12-05	-	Active	NO
11	U74140MH2006FTC163059	KTI Support Services (India) Private Limited	Director	12-07-06	12-07-06	30-05-11	Active	NO
12	U63040MH2006PTC160754	Travelmate Representations Private Limited	Director	27-03-07	27-03-07	-	Strike off	NO
13	L74899DL1965GOI004363	India Tourism Development Corporation Limited	Director	19-07-07	19-07-07	18-07-10	Active	NO
14	U75210MH2006FTC158812	VFS Global Services Private Limited	Director	14-05-09	14-05-09	-	Active	NO
15	U74899MH1994FTC213883	Distant Frontiers Tours Private Limited	Director	28-06-10	26-05-10	-	Active	NO
16	U74999MH2011PTC215894	VFS India Services Private Limited	Director	07-04-11	07-04-11	-	Active	NO

Name :

Stefan Roland Leser

Designation :

Director

Address :

Schewigwiesstrasse 1C, Feusisberg 8835

Date of Birth/Age :

16.02.1967

Date of Appointment :

01.01.2010

DIN No.:

02848523

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	U63090MH1992PTC070074	Kuoni Travel (India) Private Limited	Director	28-06-10	01-01-10	-	Active	NO
2	U63040MH2005FTC158348	Kuoni Business Travel India Private Limited	Director	28-06-10	01-01-10	-	Active	NO
3	U75210MH2006FTC158812	VFS Global Services Private Limited	Director	28-06-10	01-01-10	01-03-11	Active	NO

Name :

Peter Meier

Designation :

Director

Address :

HELMWEG 22, Winterthur, Switzerland – 8405

Date of Birth/Age :

20.05.1965

Date of Appointment :

01.03.2011

DIN No.:

03422012

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	U63040MH2005FTC158348	Kuoni Business Travel India Private Limited	Director	27-06-11	01-03-11	-	Active	NO
2	U63090MH1992PTC070074	Kuoni Travel (India) Private Limited	Director	27-06-11	01-03-11	-	Active	NO

Name :

Peter Francis Rothwell

Designation :

Director

Address :

Oswalds – Gasse 10, Zug, Switzerland – 6300

Date of Birth/Age :

13.09.1959

Date of Appointment :

15.04.2010

DIN No.:

03019000

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	U63090MH1992PTC070074	Kuoni Travel (India) Private Limited	Director	28-06-10	15-04-10	-	Active	NO
2	U63040MH2005FTC158348	Kuoni Business Travel India Private Limited	Director	28-06-10	15-04-10	-	Active	NO
3	U75210MH2006FTC158812	VFS Global Services Private Limited	Director	28-06-10	15-04-10	01-03-11	Active	NO

Name :

Rolf Edwin Schafroth

Designation :

Director

Address :

Sonnhalde 23, Gachnang, Switzerland – 6547

Date of Birth/Age :

14.06.1965

Date of Appointment :

15.04.2010

DIN No.:

03018976

KEY EXECUTIVES

Name :	Mr. Shailesh Kumar Daga
Designation :	Secretary
Address :	Flat No. 421, Tower No.6, Soham Park, Hari Om Nagar, Mulund (West), Mumbai – 400081, Maharashtra, India
Date of Birth/Age :	23.08.1973
Date of Appointment :	02.09.2009
Pan No.:	ADIPD1752F

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.06.2011

Names of Shareholders	No. of Shares
Kuonk Asian Investments (Mauritius) Limited	8306580
Kuoni Travel Holding Limited	43420
TOTAL	8350000

Equity Share Break up (Percentage of Total Equity)

As on 27.06.2011

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Travel agents
Products :	Tour Operating Other travel Related Services

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	Deutsche Bank AG, Hazanimal Somani Marg, Fort, Mumbai-400001, Maharashtra, India HDFC Bank Limited, Sandoz House, Dr. Annie Besant Road, Worli, Mumbai-400018, Maharashtra, India ABN Amro Bank

Banking Relations :	--
Auditors :
Name :	BSR and Company Chartered Accountant
Address :	KPMG House, Kamala Mill Compound, 448, Senapati Bapat Marg, Lower Parel, Mumbai-400013, Maharashtra, India
Tel. No.:	91-22-39896000
Fax No.:	91-22-39836000
PAN.:	AAAFB9825F
Holding Company:	Kuoni Asian Investments (Mauritius) Limited
Subsidiaries:	· Sita Beach Resorts Private Limited U55101MH2001PTC131692 · Sita Destjnation Management Private Limited U63040MH2001PTC131695 · Sita Holidays Resorts Private Limited U5510MH2001PTC131696 · Sita Holidays (India) Private Limited U55109MH2001PTC131690 · Sita Travels Private Limited U63040MH2001PTC131691 · Sita Incoming (India) Private Limited U5510MH2001PTC131694 · Sita Travels and Tours Private Limited U63040MH2001PTC131693 · Distant Frontiers Tour Private Limited U74899DL1994PTC058368 · Kuoni South Asia and Middle East FZ-LLC · Kat Management Consulting (Shanghai) Company Limited · Sita World Travel (Nepal) Private Limited · Sita World Travel Lanka (Private) Limited · Kuoni Travel Services – U.A.E (LLC) · Kuoni Incoming Services, LLC

CAPITAL STRUCTURE

As on 31.12.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs. 10/- each	Rs.150.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8350000	Equity Shares	Rs. 10/- each	Rs.83.500 millions

Notes:

Of the above

1) 335000 (previous year 335000) equity shares of Rs. 10 each were allotted as fully paid up bonus shares by capitalization of general reserve

2) 4959900 (previous year 4959900) equity shares of Rs. 10 each were issued to Kauni Asian Investment (Mauritius) Limited and 50100 (previous year 50100) equity share of Rs. 10 each were issued to Kauni Travel Holding Company Limited pursuant to the scheme of amalgamation of SITA world Travel India Limited with the company in the year 2000.

3) 8306580 (previous year 8306580) equity shares of Rs. 10 are held by Kuoni Asian Investments (Mauritius) Limited the holding company and 43420 (previous year 43420) equity share of Rs. 10 are held by Kuoni Travel Holding Limited, Zurich the ultimate holding company limited

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.12.2010	31.12.2009	31.12.2008
SHAREHOLDERS FUNDS
1] Share Capital		83.500	83.500	83.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		855.141	717.385	522.196
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		938.641	800.885	605.696
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		938.641	800.885	605.696
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		166.062	207.393	284.945
Capital work-in-progress		0.789	4.778	7.008
INVESTMENT		251.607	250.947	270.847
DEFERREX TAX ASSETS		79.141	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	384.899	258.793	273.513
	Cash & Bank Balances	869.969	699.014	540.906
	Other Current Assets	0.004	0.001	0.003
	Loans & Advances	1434.481	1112.674	1244.329
Total Current Assets		2689.353	2070.482	2058.751
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1714.680	1327.196	1468.540
	Other Current Liabilities	516.310	388.045	530.156
	Provisions	17.321	17.474	17.159
Total Current Liabilities		2248.311	1732.715	2015.855
Net Current Assets		441.042	337.767	42.896
MISCELLANEOUS EXPENSES		0.000	0.00	0.000
TOTAL		938.641	800.885	605.696

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2010	31.12.2009	31.12.2008
	SALES
		Sales and Services	1370.570	1348.590	1517.740
		Other Income	198.470	262.110	201.200
		TOTAL	1569.040	1610.700	1718.940
Less	EXPENSES
		Office Expenses	1442.930	1394.040	1881.470
		Administrative Expenses
		Advertising Expenses
		TOTAL	1442.930	1394.040	1881.470
	PROFIT/(LOSS) BEFORE TAX		126.110	216.660	(162.530)
Less	TAX		(11.640)	21.470	55.780
	PROFIT/(LOSS) AFTER TAX		137.750	195.190	(218.310)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		493.820	298.630	516.940
Less	APPROPRIATIONS
	BALANCE CARRIED TO THE B/S		631.570	493.820	298.630
	EARNINGS IN FOREIGN CURRENCY
		Sales and Services	3351.612	2073.734	2807.523
		Support Service Income	77.634	69.404	54.945
		Other Earnings	23.627	19.783	8.035
	TOTAL EARNINGS		3452.873	2162.921	2870.503
	Earnings Per Share (Rs.)		16.50	23.38	(26.15)

KEY RATIOS

PARTICULARS		31.12.2010	31.12.2009	31.12.2008
PAT / Total Income	(%)	8.78	12.12	[12.70]
Net Profit Margin (PBT/Sales)	(%)	9.20	16.07	[10.71]
Return on Total Assets (PBT/Total Assets}	(%)	4.42	9.51	[6.93]
Return on Investment (ROI) (PBT/Networth)		0.13	0.27	[0.27]
Debt Equity Ratio (Total Liability/Networth)		2.40	2.16	3.33
Current Ratio (Current Asset/Current Liability)		1.20	1.19	1.02

LOCAL AGENCY FURTHER INFORMATION

REVIEW OF BUSINESS OPERATIONS

The turnover of the Company has increased in 2010 from Rs. 1348.590 million (previous year) to Rs. 1370.570 million (current year) whereas Other Income got decreased from Rs. 262.110 million (previous year) to Rs. 198.470 million (current year).

AWARDS AND RECOGNITIONS

Kuoni India wins the inaugural Kuala Lumpur Mayor’s Tourism Award 2011.

Kuoni India wins 2011 PATA Gold Award for third consecutive year.

Kuoni Travel Group, India Wins the 4th Loyalty Award for Customer & Brand Loyalty in the Travel and Hospitality Sector.

Kuoni India Wins The In-House Communication Excellence (ICE) Award.

Kuoni India awarded the “Favourite Tour Operator / Travel Agency” award at the Conde Nast Traveller Readers Travel Awards 2010.

FUTURE PROSPECTS

The year 2010 continues to show an overall positive growth in both Inbound and Outbound Travel and the travel and tourism industry in India contributed 3.10% to Indian GDP. In line of the above, the Company will also continue to pursue an aggressive growth strategy by targeting profitable growth in all the Divisions. They believe that the current year will be as exciting and challenging as the year gone by. The company continues to create new markets and adding new missions.

CONTINGENT LIABILITY

Particulars	31.12.2010	31.12.2009
Claims against the company acknowledge as debts (The claims are made by the customer which are disputed by the company)	25.582	17.017
Taxes that may arise in respect of which the company, the income tax department as in appeal (in respect of some earlier year appeal covering the same issues have been decided in favour of the company by the appellate authorities)	277.439	277.439
	334.342	325.7769

FIXED ASSETS:

· Goodwill

· Non Computer Fees

· Computer Software

· Freehold Equipments

· Furniture and Fixtures

· Office Equipments

· Computer

· Vehicles

AS PER WEBSITE

Introduction:

The First Citizen of the Indian Travel Industry.

The Kuoni Travel Group, India, is the country's largest travel and tourism company and a 100% subsidiary Kuoni Travel Holding Switzerland

Kuoni Travel Group, India was formed in 1996 through the acquisition of SOTC, India's foremost outbound package tour brand; with a vision to provide all travel and travel-related services to travellers to, from and within India. Between 1996 and 2000, Kuoni India registered prolific growth with an eight-fold increase in profit and consolidated its position as the uncontested leader in India's Outbound market. The company further strengthened its position with the launch of Kuoni Holidays - India’s only travel brand focused exclusively on the premium segment - in January 2006.In 2000, to diversify its business, Kuoni India acquired SITA World Travel, a forerunner in Destination Management, incentive and business travel market In 2001, the strategic acquisition of Tour Club, India's principal destination manager in the Middle East, further strengthened Kuoni India's leadership position in the Inbound travel segment. In June 2006, Kuoni, India acquired Distant Frontiers, a specialist focusing on the FIT Iindividual travel market) and MICE (Meetings, Incentives, Conferences and Exhibitions) segments and consolidated its position as India’s No.1 Destination Management company.

Kuoni launched VFS, its visa services arm, in July 2001 as an outsource partner of diplomatic missions with one customer and three offices. Today, VFS Global is a worldwide leader in the visa services business, with operations in 18 countries and 135 offices.Among the top three in India, Kuoni India’s Business Travel activity has been re-launched as HRG SITA India effective from January 2007. HRG, with whom a strategic alliance has been formed, is a global giant in the business travel segment.Today, Kuoni India is active across virtually every travel segment and operates a number of highly successful brands in India as also controls strategic markets around the world. The brand portfolio includes SOTC in the Leisure segment; HRG Sita India in the Business Travel segment; Kuoni Destination Management in the Incoming Services segment; and VFS in the Visa services segment.The company employs over 3,200 travel professionals and its annual turnover has crossed Rs.2200 crore.Kuoni India's vision focuses on providing all travel and travel-related services to travellers from, within and to India. The company is deeply committed to the Indian travel industry.

Among other initiatives, it launched the Kuoni Academy of Travel in 2003 in an endeavour to offer world-class education and training for young aspirants in the travel and tourism industry. Currently, the Academy has 6 centres across India and in March 2007 has launched its first centre outside India, in Guangzhou, China. In 2001, it supported the Mumbai Police to launch the nation’s first police force dedicated to the safety and well-being of tourists – the Tourism Police and continues to support this endeavour . It has partnered with the Municipal Commission of Greater Mumbai and separately with India Tourism in garbage awareness clean-up initiatives.

Kuoni India's most important asset is its people and the company is committed towards building 'A Fellowship of Winners'. An environment of inspiration, motivation, creativity, training and unparalleled performance ensures that over 3,200 employees at Kuoni India offer the best of service to all their customers, and achieve exceedingly high levels of customer delight.In the recent past, Kuoni has added many feathers to its cap. Like, the Government of India’s National Tourism Award (for Destination Management Services) for 2005-2006. This is the 5th consecutive and overall the 17th year that it has been honoured with this prestigious award. For the 3rd consecutive year, it received the Galileo Express Travel World Award for Best Outbound Tour Operator and for the 4th consecutive year, the Galileo Express Travel World Award for the Best Inbound Tour Operator (Destination Management) for 2005-2006. Outlook Business magazine (Feb 2007) recognized Kuoni India as one of India’s top ten unlisted companies.

As the first citizen of the Indian travel industry, Kuoni relentlessly strives to perfect the art and science of travel and deliver the ultimate travel experience to customers.

Milestones

May 2007

Kuoni Academy of Travel joins hands with International School of Tourism Management, Switzerland to provide world-class courses in travel and tourism.

February 2007

Kuoni re-launches Business Travel in partnership with HRG, a global giant in the business travel segment, under the brand name HRG Sita India.

Kuoni Academy of Travel takes its operations beyond India. It opens its first centre abroad, in Guangzhou, China.

VFS is awarded the contract by the Foreign and Commonwealth Office of the Govt. of Britain to process visas for seven regions of the world comprising of 39 countries. With this contract, VFS Global expands its international presence to a total of 41 countries worldwide, making it a global leader in its field.

June 2006

Kuoni spreads its wings wider by acquiring Distant Frontiers, an FIT and MICE specialist in Destination Management, thereby enhancing its ability to offer the best of services to its clients.

January 2006

Kuoni, the world's premium tour operator, launches Kuoni Holidays as India's first leisure travel brand focussed solely on the premium segment.

January 2004

VFS starts its first international operation in Singapore.

May 2003

The prestigious Kuoni Academy of Travel is launched in New Delhi with ultra-modern facilities, sophisticated training aids and a carefully selected faculty to offer excellence in travel and tourism education. The Academy is testimony to Kuoni's commitment towards enhancing the talent pool of the Indian travel and tourism industry. 

March 2003

Kuoni India enters the domestic tourism market with SOTC Holidays of India offering 1001 options for travellers to rediscover India. With the introduction of this business unit, Kuoni India brings an organized means of travel to Indians in India and to those living abroad.

April 2002

FIT Holidays is launched to market and operate international and domestic holidays for individual travellers.  

November 2001

Kuoni India consolidates its leadership position in the Destination Management business segment by acquiring Tour Club, India's Number One Destination Manager for visitors from the Middle East.

July 2001

Kuoni India sets up VFS, a 100% subsidiary, to provide visa processing services to foreign consulates in India.

March 2000

Kuoni Travel ( India) Limited becomes India's largest travel company with the acquisition of Sita World Travel. Sita becomes another prestigious brand of Kuoni India.

May 1997

Kuoni Travel Holding, Switzerland acquires 100% equity in SOTC on May 22nd, 1997. The company is renamed Kuoni Travel ( India) Limited SOTC World Famous Tours also becomes a prestigious brand of Kuoni India.

May 1996

Kuoni enters India by acquiring a 51% stake in SOTC.

Kuoni Group

The Kuoni Group is one of Europe’s leading leisure travel companies, and generated consolidated turnover of CHF 4,855 million (INR 194 billion) in 2008 with a worldwide workforce of 9,797  employees. The company’s activities are focused on its Leisure Travel and Destination Management businesses.

Head Office is in Zurich, Switzerland, where Alfred Kuoni founded the company back in 1906. The Kuoni Group has steadily and systematically developed its position in the world travel market over the years, and has branch operations today in more than 40 countries in Europe, Asia, Africa, Australia and North America.

Kuoni aims to be the world’s best and most successful tourist travel company in the premium and specialist segment. The Kuoni Group was named “World’s Leading Tour Operator” at the World Travel Awards in 2008, the eleventh time in a row it has earned this distinction.

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.82.70
Euro	1	Rs.68.90

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		53

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	-

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