MIRA
INFORM REPORT
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Report Date : |
31.12.2011 |
IDENTIFICATION DETAILS
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Name : |
TRAIL BLAZER TOURS INDIA PRIVATE LIMITED |
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Registered
Office : |
170, Jeena House, B Wing, Om Nagar, Sahar, Andheri (East), Mumbai –
400099, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
15.03.2007 |
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Com. Reg. No.: |
11-212279 |
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Capital
Investment / Paid-up Capital : |
Rs.9.000 Millions |
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CIN No.: [Company Identification
No.] |
U60300MH2007PTC212279 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMT14122D |
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PAN No.: [Permanent Account No.] |
AACCT6365J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Providing Travel related Services. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ca (16) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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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
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.
INFORMATION DECLINED BY
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Name : |
Mr. J. Ketkar |
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Designation : |
Chief Finance Officer |
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Contact No.: |
91-22-61940940 |
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Date : |
30.12.2011 |
LOCATIONS
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Registered Office : |
170, Jeena House, B Wing, Om Nagar, Sahar, Andheri (East), Mumbai –
400099, Maharashtra, India |
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Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Corporate Office : |
902, 9th Floor, Centre1 Building, World Trade Centre
Complex, Mumbai – 400005, Maharashtra, India |
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Tel. No.: |
91-22-61940940 |
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Fax No.: |
91-22-61940900 |
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E-Mail : |
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Branches : |
Located at : ·
Mumbai ·
Agara ·
Ahmedabad ·
Cochin ·
Chennai ·
Gurgaon ·
Jaipur ·
Nodia ·
Goa ·
New Delhi ·
Pune ·
Varanasi |
DIRECTORS
As on 14.09.2011
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Name : |
Mr. Homi Adi Katgara |
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Designation : |
Director |
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Address : |
1602, Sterling Tower, Gamdevi, Mumbai – 400007, Maharashtra, India |
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Date of Birth/Age : |
11.10.1963 |
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Date of Appointment : |
15.12.2009 |
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DIN No.: |
00210338 |
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Other Directorship :
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Name : |
Mr. Sam Nariman Katgara |
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Designation : |
Director |
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Address : |
Katgara House, 3rd Floor, 15 Jagmohan Marg, Mumbai –
400006, Maharashtra, India |
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Date of Birth/Age : |
09.05.1961 |
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Date of Appointment : |
15.12.2009 |
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DIN No.: |
00210687 |
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Other Directorship :
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Name : |
Mr. Jehangir Nariman Katgara |
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Designation : |
Managing Director |
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Address : |
Katgara House, Napensea Road, Mumbai – 400006, Maharashtra, India |
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Date of Birth/Age : |
03.11.1955 |
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Date of Appointment : |
15.12.2009 |
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DIN No.: |
00210854 |
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Other Directorship :
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Name : |
Mr. Cyrus Nariman Katgara |
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Designation : |
Director |
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Address : |
Windsor Courts, 15 B, DLF City, Phase 4, Gurgaon – 122002, Haryana,
India |
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Date of Birth/Age : |
26.02.1960 |
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Date of Appointment : |
15.12.2009 |
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DIN No.: |
01649184 |
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Other Directorship :
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KEY EXECUTIVES
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Name : |
Mr. J. Ketkar |
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Designation : |
Chief Finance Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 14.09.2011
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Names of Shareholders |
No. of Shares |
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Homa Homajee Mistry |
45000 |
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Homi Adi Katgara |
162000 |
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Meher J. Bhandara |
162000 |
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Sam Nariman Katgara |
162000 |
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Jayram D. Ketkar |
45000 |
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Cyrus Nariman Katgara |
162000 |
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Nariman Katgara |
162000 |
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Total |
900000 |
Equity Share Break up (Percentage of Total Equity)
As on 14.09.2011
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Category |
Percentage |
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Directors or relatives of Directors |
90.00 |
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Other top fifty shareholders |
10.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Providing Travel related Services. |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
Yes Bank Limited, 9th Floor, Nehru Centre, Discovery of
India, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Mohinder Puri and Company Chartered Accountants |
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Address : |
1 A – D, Vandhna Building, 11, Tolstoy Marg, New Delhi – 110001, India |
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PAN.: |
AAAFM9269R |
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Enterprises which
are owned, or have significant influence of or are partners with Key
management personnel and their relatives : |
·
Inspection and Quality Control Private Limited CIN
No.: U27224MH1992PTC066840 ·
Silver Complex Private Limited CIN
No.: U70100MH1995PTC092148 ·
Crystal Complex Private Limited CIN
No.: U70200MH2007PTC168102 ·
Water Maker India Private Limited CIN
No.: U29259MH2004PTC149832 ·
Jeena and Company ·
Jeena and Company Private Limited. CIN
No.: U63090MH2001PTC133765 ·
Logwin Air and Ocean India Private Limited CIN
No.: U63000MH2008PTC179861 |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
900000 |
Equity Shares |
Rs.10/- each |
Rs.9.000
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
9.000 |
9.000 |
3.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
4.032 |
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4] (Accumulated Losses) |
(11.115) |
(13.362) |
0.000 |
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NETWORTH |
(2.115) |
(4.362) |
7.032 |
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LOAN FUNDS |
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1] Secured Loans |
49.835 |
0.000 |
0.000 |
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2] Unsecured Loans |
50.000 |
30.000 |
0.000 |
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TOTAL BORROWING |
99.835 |
30.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
97.720 |
25.638 |
7.032 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
16.708 |
8.124 |
3.630 |
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Capital work-in-progress |
0.000 |
3.697 |
0.000 |
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INVESTMENT |
0.002 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.825 |
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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 |
265.883
|
129.675 |
47.032 |
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Cash & Bank Balances |
38.933
|
31.004 |
20.555 |
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Other Current Assets |
0.026
|
0.028 |
0.199 |
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Loans & Advances |
55.747
|
57.120 |
24.649 |
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Total
Current Assets |
360.589
|
217.827 |
92.435 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
Sundry Creditors |
180.590
|
94.660 |
45.877 |
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Other Current Liabilities |
95.678
|
107.478 |
42.972 |
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Provisions |
3.311
|
1.872 |
1.009 |
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Total
Current Liabilities |
279.579
|
204.010 |
89.858 |
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Net Current Assets |
81.010
|
13.817 |
2.577 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
97.720 |
25.638 |
7.032 |
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PROFIT & LOSS
ACCOUNT
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|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
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Other Income |
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TOTAL |
NA |
107.116 |
NA |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
NA |
123.690 |
NA |
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PROFIT/
(LOSS) BEFORE TAX |
1.080 |
(16.574) |
7.205 |
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|
TAX |
(1.166) |
0.820 |
(2.700) |
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PROFIT/ (LOSS)
AFTER TAX |
2.246 |
(17.394) |
2.474 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(13.362) |
4.032 |
NA |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(11.116) |
(13.362) |
4.032 |
|
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|
|
|
|
|
|
|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Tours |
NA |
222.134 |
240.065 |
|
|
|
Foreigners Credit Card |
NA |
6.631 |
7.542 |
|
|
TOTAL EARNINGS |
NA |
228.765 |
247.607 |
|
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|
Earnings/
(Loss) Per Share (Rs.) |
2.50 |
(45.51) |
14.15 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
NA
|
16.23 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.28
|
7.33 |
7.500 |
|
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|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.51
|
(3.80) |
1.02 |
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Debt Equity Ratio (Total Liability/Networth) |
|
179.39
|
53.64 |
12.77 |
|
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|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.29
|
1.06 |
1.03 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
In Millions)
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors |
|
|
|
|
Due to small micro enterprises |
0.000 |
0.000 |
0.000 |
|
Due to others |
180.590 |
94.660 |
45.877 |
|
Total |
180.590 |
94.660 |
45.877 |
OPERATIONS
The Company is
engaged in one of the key industries, driving growth of the services sector in.
In the year 2010, the tourism sector witnessed substantial growth as compared to
year 2009 due to revival in foreign tourist arrivals. Moreover, Online travel
market is booming in India. During the financial year, the Company started
operations at Goa to support ongoing Air Charter movements from Russia /U.K.
Pursuant to the
order passed by the Northern Region Bench of the Company Law Board on
30.11.2010, the Company has shifted its registered office from 1A-1D, Vandhna
Building, 11, Tolstoy Marg, New Delhi to 170, Jeena House, “B-Wing” Om Nagar,
Sahar Andheri (East), Mumbai– 400099, Maharashtra, India
FORM 8
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Corporate
identity number of the company |
U60300MH2007PTC212279 |
|
Name of the
company |
TRAIL BLAZER
TOURS INDIA PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
170, Jeena House,
B Wing, Om Nagar, Sahar, Andheri
(East), Mumbai – 400099, Maharashtra, India Email Id :
shikha@mpco.in |
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This form is for |
Modification of charge |
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Charge identification
(ID) number of the charge to be modified |
10277096 |
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Type of charge |
Book debts Movable property
(not being pledge) Floating charge |
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Particular of
charge holder |
Yes Bank Limited,
9th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli,
Mumbai – 400018, Maharashtra, India Email Id :
shareholders@yesbank.in |
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Nature of
instrument creating charge |
Deed of
Hypothecation |
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Date of
instrument Creating the charge |
01.11.2011 |
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Amount secured by
the charge |
Rs.80.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest WCDL : YBL BASE
RATE + 3.5% P.A. CC: YBL BASE RATE
+ 4.0% P.A. BG: COMMISSION OF
1.5% P.A. Terms of
repayment CC: 12 Months WCDL: Max 3
Months BG: MAX 30 Months Margin CC/WCDL: 25% of
(Debtors - Creditors) Extent and
operation of the charge First pari passu
charge on all current assets and movable fixed assets of the company |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
First pari passu
charge on all current assets and movable fixed assets of the company |
|
Date of
instrument modifying the charge |
10.02.2011 |
|
Particulars of
the present modification |
Enhancement of
charge on the current assets and movable fixed assets of the company from INR
50.0 MM to INR 80.0 MM |
CONTINGENT
LIABILITIES AS ON 31.03.2011:
(i) Guarantees issued by the bank
on behalf of the Company Rs.18.944 Millions
(ii)Contingent liability against income – Rs. NIL tax demand
(iii) Outstanding Capital Commitment – Rs. NIL
Details of other contingent liabilities
The Service Tax Department
has conducted departmental audit of Company during the Financial Year 2009-10
where certain issues are discussed with them. The Company is yet to receive any
communication as a consequence of the same. (a) The Company circulated the
balance confirmation letters for the debit and credit balances of the parties
during the year. However in the absence of confirmation, the balances have been
taken as per records of the Company. (b) Sundry Debtors include certain Debtors
aggregating to Rs.6.158 Millions (Previous Year Rs.2.552 Millions) which are
overdue. In the opinion of the management these debtors are good and efforts
are being made to recover them in due course. Hence according to the Management
no provision for doubtful debts against the same is considered necessary.
FIXED ASSETS
·
Furniture and Fixtures
·
Office Equipments
·
Electrical Equipments
·
Airconditioning and
Cooling Equipments
·
Vehicles
·
Computers
·
Softwares
·
Trademarks
·
Leasehold Improvement
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.53.27 |
|
|
1 |
Rs.82.09 |
|
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 |
3 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
16 |
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.