MIRA INFORM REPORT

Report Date :

26.12.2011

IDENTIFICATION DETAILS

Name :	LIBERTY INDIA DESTINATION MANAGEMENT COMPANY PRIVATE LIMITED
Registered Office :	7, Khullar Farms, Mandi Road, Mehrauli, New Delhi-110030
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	23.08.2007
Com. Reg. No.:	55-167301
Capital Investment / Paid-up Capital :	Rs.14.826 Millions
CIN No.: [Company Identification No.]	U74900DL2007FTC167301
TAN No.: [Tax Deduction & Collection Account No.]	DELL03672E
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in incoming and outgoing travel, ground services, transportation, hotel and all other services relating to tourism and hospitality.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (13)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company is under pressure. There appears huge 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 on a secured 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 :	7, Khullar Farms, Mandi Road, Mehrauli, New Delhi-110030, India
Tel. No.:	91-11-26807000
Fax No.:	91-11-26806000
E-Mail :	lvc@airtelmail.in info@liberty-india.com
Website:	http://www.liberty-india.com http://www.liberty-international.info

DIRECTORS

As on 30.09.2011

Name :

Mr. Gagandeep Singh Dugal

Designation :

Director

Address :

6, Sultanpur Estate, Mandi Road, Mehrauli, New Delhi-110030, India

Date of Appointment :

01.10.2007

Din No.:

00513181

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	U64120DL1999PTC102444	MATRIX CELLULAR SERVICES PRIVATE LIMITED	Director	17-11-99	17-11-99	Active	NO
2	U18101DL2005PTC139893	UKG GARMENTS EXPORTS PRIVATE LIMITED	Director	23-08-05	23-08-05	Strike off	NO
3	U74999UP2005PTC030624	MATRIX BACK OFFICE SERVICES PRIVATE LIMITED	Director	09-09-05	09-09-05	Active	NO
4	U72400UP2005PTC030946	YBO SOLUTIONS (INDIA) PRIVATE LIMITED	Director	10-11-05	10-11-05	Active	NO
5	U64202DL2005PTC142628	MATRIX CELLULAR (INTERNATIONAL) SERVICES PRIVATE LIMITED	Managing director	16-02-11	17-11-05	Active	NO
6	U74899DL1985PTC022881	LUXALON BUILDING PRIVATE LIMITED	Director	18-11-05	18-11-05	Active	NO
7	U63090DL2006PTC152348	TAMARINDE HOLIDAYS PRIVATE LIMITED	Director	23-08-06	23-08-06	Active	NO
8	U25110MH1998PTC116382	PRECIFLEX INSULATIONS PRIVATE LIMITED	Director	07-06-07	07-06-07	Active	NO
9	U74900DL2007FTC167301	LIBERTY INDIA DESTINATION MANAGEMENT COMPANY PRIVATE LIMITED	Director	26-09-08	01-10-07	Active	NO
10	U74140DL2007PTC172069	SIGNATURE TALENT PRIVATE LIMITED	Director	31-12-07	31-12-07	Active	NO
11	U64202DL2010PTC202522	MATRIX TELESOLUTIONS PRIVATE LIMITED	Director	11-05-10	11-05-10	Active	NO
12	U74920DL2010PTC205917	MATRIX FOREX SERVICES PRIVATE LIMITED	Director	15-07-10	15-07-10	Active	NO

Name :

Mr. Prashant Yadav

Designation :

Director

Address :

House No. 681, Sector 31, Gurgaon-122001, Haryana, India

Date of Birth/Age :

23.10.1972

Date of Appointment :

23.08.2007

Din No.:

01268352

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	U74900DL2007FTC167301	LIBERTY INDIA DESTINATION MANAGEMENT COMPANY PRIVATE LIMITED	Director	23-08-07	23-08-07	-	Active	NO
2	U74140DL2007PTC172069	SIGNATURE TALENT PRIVATE LIMITED	Director	31-12-07	31-12-07	30-12-10	Active	NO
3	U72200DL2009PTC189570	S AND P NEWTECSOL CONSULTING PRIVATE LIMITED	Director	21-04-09	21-04-09	-	Active	NO
4	U63090DL2006PTC152348	TAMARINDE HOLIDAYS PRIVATE LIMITED	Director	21-12-10	21-12-10	-	Active	NO
5	U63000DL2011PTC218533	THRS TRAVEL AND HOSPITALITY REPRESENTATION SERVICES PRIVATE LIMITED	Director	04-05-11	04-05-11	-	Active	NO

Name :

Yossef Friedman

Designation :

Director

Address :

23, Weisburg St. Apartment 3, Tel Aviv, 69358, Israel

Date of Birth/Age :

24.12.1950

Date of Appointment :

23.08.2007

Din No.:

01524565

Name :

Sheherazad Loveji Mehta

Designation :

Director

Address :

6/14, Sarvapriya Vihar, Outer Ring Road, New Delhi-110017, India

Date of Birth/Age :

21.08.1964

Date of Appointment :

04.01.2011

Din No.:

02933854

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	U74900DL2007FTC167301	LIBERTY INDIA DESTINATION MANAGEMENT COMPANY PRIVATE LIMITED	Director	30-09-11	04-01-11	Active	NO

Name :

Mario Ludwig Enzesberger

Designation :

Director

Address :

House D3.8, Forward Close, Kitisure Estate, Nairobi, 00508, Kenya

Date of Birth/Age :

09.06.1958

Date of Appointment :

04.01.2011

Din No.:

03332497

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	U74900DL2007FTC167301	LIBERTY INDIA DESTINATION MANAGEMENT COMPANY PRIVATE LIMITED	Director	30-09-11	04-01-11	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Liberty International Aktiengshaft	756134
Tamarinde Holidays Private Limited	726481
Total	1482615

As on 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	51.00
Bodies corporate	49.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in incoming and outgoing travel, ground services, transportation, hotel and all other services relating to tourism and hospitality.

GENERAL INFORMATION

Bankers :

Not Available

Banking Relations :	--
Auditors :
Name :	Lalit Vanjani and Company Chartered Accountants
Address :	70, Nehru Apartments, Kalkaji, New Delhi-110019, India
Pan No.:	AABFL3282C
Holding Company:	Liberty International Aktiengshaft

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs.15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1482615	Equity Shares	Rs.10/- each	Rs.14.826 Millions

Note: Of the above:

1. 756,134 Equity Shares are held by Liberty International, the Holding Company.

2. 726,481 Equity Shares are held by Tamarinde Holidays Private Limited.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		14.826	14.826	14.826
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(10.080)	(6.185)	(5.690)
NETWORTH		4.746	8.641	9.136
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	0.076	0.251
TOTAL		4.746	8.717	9.387
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.446	4.151	5.560
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.268	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	2.796	2.909	4.846
	Cash & Bank Balances	5.024	2.947	1.513
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	17.950	3.066	2.129
Total Current Assets		25.770	8.922	8.488
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	6.630	4.062	3.888
	Other Current Liabilities	17.105	0.291	0.658
	Provisions	0.003	0.003	0.115
Total Current Liabilities		23.738	4.356	4.661
Net Current Assets		2.032	4.566	3.827
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		4.476	8.717	9.387

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	28.256	41.098	55.599
		Other Income	4.848	0.388	1.318
		TOTAL	33.104	41.486	56.917
Less	EXPENSES
		Direct Expenditure	26.136	32.345
		Personnel Expenses	5.445	5.736
		Operating and Other Expenses	4.037	2.422
		TOTAL	35.618 [Including Financial Expenses]	40.503 [Including Financial Expenses]	55.908 [Including Financial Expenses and Depreciation]
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		(2.514)	(0.983)
Less/ Add	DEPRECIATION/ AMORTISATION		1.726	1.652
	PROFIT / (LOSS) BEFORE TAX		(4.240)	(0.669)	1.009
Less	TAX		(0.344)	(0.174)	0.366
	PROFIT / (LOSS) AFTER TAX		(3.896)	(0.495)	0.643
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(6.185)	(5.690)	NA
	BALANCE CARRIED TO THE B/S		(10.081)	(6.185)	NA
	EARNINGS IN FOREIGN CURRENCY		17.013	21.086	54.823
	Earnings / (Loss) Per Share (Rs.)		(2.63)	(0.33)	0.43

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(11.77)	(1.19)	1.13
Net Profit Margin (PBT/Sales)	(%)	(15.00)	(1.63)	1.81
Return on Total Assets (PBT/Total Assets}	(%)	(15.03)	(5.12)	7.18
Return on Investment (ROI) (PBT/Networth)		(0.89)	(0.07)	0.11
Debt Equity Ratio (Total Liability/Networth)		5.00	0.50	0.51
Current Ratio (Current Asset/Current Liability)		1.09	2.05	1.82

LOCAL AGENCY FURTHER INFORMATION

BACKGROUND:

Subject was incorporated in India on 23 August 2007. The Company is engaged primarily to carry on in India, Nepal, Bhutan, Srilanka and Maldives the business of incoming and outgoing travel, ground services, transportation, hotel and all other services relating to tourism and hospitality.

The accompanying financial statements are prepared to reflect the results of the activities undertaken by the Company during the year ended 31 March 2011.

PRESENT AND FUTURE OUTLOOK:

During the year, the company recorded total revenue of Rs. 33.104 Millions (Previous Year Rs. 41.486 Millions). The directors are hopeful of achieving excellent turnover in current financial year.

FIXED ASSETS:

· Computers

· Office Equipments

· Furniture and Fixtures

· Car Innova

· Leasehold Improvements

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	2
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	-
--CREDIT LINES	1~10	-
--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		13

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.