MIRA
INFORM REPORT
|
Report Date : |
26.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
TRAVELOCITY.COM PRIVATE LIMITED |
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Registered
Office : |
Unit No.401-403, 4th Floor of City Point, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
08.08.2006 |
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Com. Reg. No.: |
11-163655 |
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CIN No.: [Company Identification
No.] |
U63040MH2006FTC163655 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMT13298F |
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PAN No.: [Permanent Account No.] |
AACCT4903A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Provider of consumer direct travel services for the leisure and
business traveler. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (14) |
|
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 |
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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 a company having moderate track. Profitability of the
company is under severe pressure. There appears huge accumulated losses
recorded by the company. However, trade relations are reported as fair.
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 – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION DECLINED BY
|
Name : |
Ms. Falguni |
|
Designation : |
Finance Department |
|
Date : |
25.03.2011 |
LOCATIONS
|
Registered Office : |
Unit No.401-403, 4th Floor of City Point, |
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Tel. No.: |
91-22-67703245/ 67740777 |
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Fax No.: |
91-22-67703244/ 67740752 |
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E-Mail : |
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Website : |
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Branch Office : |
802 “C”, Eureka Towers, Behind Toyata Show Room, Mind Space, Malad
Link Road, Malad (West), Mumbai – 400 064, Maharashtra, India |
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Tel. No.: |
91-22-67740704 |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Himanshu Panwar Singh |
|
Designation : |
Managing Director |
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Address : |
801-802, Brindaban III CHS, Poonam Nagar, |
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Date of Birth/Age : |
05.11.1973 |
|
Date of Appointment : |
01.12.2008 |
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DIN No.: |
02321415 |
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Name : |
Mr. Roshan Chanaka Nirmal Mendis |
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Designation : |
Director |
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Address : |
17 D, Limau GDN, |
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Date of Birth/Age : |
15.06.1972 |
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Date of Appointment : |
16.10.2006 |
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DIN No.: |
02030704 |
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Name : |
Mr. Wong Kok Kit |
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Designation : |
Director |
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Address : |
House 8, |
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Date of Birth/Age : |
28.09.1962 |
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Date of Appointment : |
30.09.2009 |
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DIN No.: |
02734286 |
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Name : |
Mr. Scott Blume |
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Designation : |
Director |
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Address : |
House 9, |
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Date of Birth/Age : |
22.05.1959 |
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Date of Appointment : |
16.10.2006 |
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Date of Ceasing : |
01.06.2009 |
KEY EXECUTIVES
|
Name : |
Ms. Falguni |
|
Designation : |
Finance Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Zuji Pte. Limited, |
|
19995853 |
|
Wong Kok Kit |
|
1 |
|
Total |
|
19995854 |
As on 28.01.2011
|
Names of Allottees |
|
No. of Shares |
|
Zuji Pte. Limited, |
|
562500 |
|
Total |
|
562500 |
As on 10.01.2011
|
Names of Allottees |
|
No. of Shares |
|
Zuji Pte. Limited, |
|
1250000 |
|
Total |
|
1250000 |
As on 30.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Provider of consumer direct travel services for the leisure and
business traveler. |
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GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
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Bankers : |
Not Available |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Walker, Chandiok and Company Chartered Accountants |
|
Address : |
Engineering Centre, 6th Floor, 9, |
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Tel. No.: |
91-22-23671623 |
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Fax No.: |
91-22-23671624 |
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E-Mail : |
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Holding Company : |
Zuji Pte. Limited, |
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Ultimate Holding Company : |
Sabre Holding Corporation |
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Fellow Subsidiaries : |
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Entity under Common Control : |
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CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
19995854 |
Equity Shares |
Rs.10/- each |
Rs.199.959
millions |
|
|
|
|
|
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
19091604 |
Equity Shares |
Rs.10/- each |
Rs.190.916
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 |
190.916 |
181.416 |
68.572 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
9.500 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(290.489) |
(189.782) |
(89.391) |
|
|
NETWORTH |
(90.073) |
(8.366) |
(20.819) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
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|
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 |
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|
|
|
|
|
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TOTAL |
(90.073) |
(8.366) |
(20.819) |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.859 |
3.835 |
4.633 |
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|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
13.422
|
11.261 |
16.099 |
|
|
Cash & Bank Balances |
30.435
|
54.977 |
5.246 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans, Advances & Deposits |
62.919
|
20.559 |
11.436 |
|
Total
Current Assets |
106.776
|
86.797 |
32.781 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
189.953 |
93.063 |
53.914 |
|
|
Other Current Liabilities |
8.016
|
5.071 |
3.868 |
|
|
Provisions |
0.739
|
0.864 |
0.451 |
|
Total
Current Liabilities |
198.708
|
98.998 |
58.233 |
|
|
Net Current Assets |
(91.932)
|
(12.201) |
(25.452) |
|
|
|
|
|
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|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
(90.073) |
(8.366) |
(20.819) |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Operating Income |
87.572 |
45.513 |
8.103 |
|
|
|
Other Income |
2.327 |
9.018 |
3.763 |
|
|
|
TOTAL |
89.899 |
54.531 |
11.866 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employees Costs |
21.342 |
17.149 |
9.063 |
|
|
|
Administrative, Marketing and Other Costs Expenses |
167.147 |
136.456 |
74.288 |
|
|
|
TOTAL |
188.489 |
153.605 |
83.351 |
|
|
|
|
|
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
(98.590) |
(99.074) |
(71.485) |
|
|
|
|
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|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
2.117 |
1.061 |
1.021 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
(100.707) |
(100.135) |
(72.506) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.256 |
0.119 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
(100.707) |
(100.391) |
(72.625) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(189.782) |
(89.391) |
(16.766) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(290.489) |
(189.782) |
(89.391) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Advertisement |
4.453 |
5.242 |
4.082 |
|
|
|
Commission |
21.807 |
7.151 |
0.000 |
|
|
TOTAL EARNINGS |
26.260 |
12.393 |
4.082 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(5.53) |
(10.53) |
(23.06) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(112.02)
|
(184.10) |
(612.04) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(115.00)
|
(220.01) |
(894.80) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(92.70)
|
(110.49) |
(193.79) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
1.12
|
11.97 |
3.48 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
(2.21)
|
(11.83) |
(2.80) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.54
|
0.88 |
0.56 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors
for services and expenses |
189.953 |
93.063 |
53.914 |
|
|
|
|
|
NATURE OF
OPERATIONS:
The company is a provider of consumer direct travel services for the
leisure and business traveler. It markets and distributes travel – related
products and services directly to individuals through its website and contact
centers.
ALLOTMENT OF
EQUITY SHARES:
During the year, the Company made an allotment of 950,000 Equity Shares
of Rs.10/- each, for cash at a premium of Rs.10/- per Share at the meeting of
the Board of Directors of the Company held on 8th March, 2010. Accordingly,
the present Issued, Subscribed and Paid-up Share Capital of the Company is
Rs.190.916 millions divided into 19,091,604 Equity Shares of Rs. 10/- each
fully paid-up.
FIXED ASSETS:
·
Leasehold Improvements
·
Furniture and Fixtures
·
Office Equipments
·
Computers
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.65 |
|
|
1 |
Rs.71.91 |
|
Euro |
1 |
Rs.63.28 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
1 |
|
--CREDIT LINES |
1~10 |
1 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
14 |
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.