MIRA INFORM REPORT

Report Date :

29.11.2011

IDENTIFICATION DETAILS

Name :	LE PASSAGE TO INDIA TOURS AND TRAVELS PRIVATE LIMITED INTEGRATED CONFERENCE AND EVENT MANAGEMENT (DIVISION OF LE PASSAGE TO INDIA TOURS AND TRAVELS PRIVATE LIMITED)
Registered Office :	E-29, Hauz Khas, New Delhi-110016
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	04.09.2002
Com. Reg. No.:	55-116826
Capital Investment / Paid-up Capital :	Rs.8.131 Millions
CIN No.: [Company Identification No.]	U63040DL2002PTC116826
TAN No.: [Tax Deduction & Collection Account No.]	DELL01870B
PAN No.: [Permanent Account No.]	AAACL8370K
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in tour and travel business.
No. of Employees :	350 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 810000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having good track record. General financial position is good. Trade relations are reported as fair. Business is active. Payments are reported to be 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

INFORMATION PARTED BY

Name :	Mr. Jaypal Singh
Designation :	Accounts Department
Contact No.:	91-120-3341500
Date :	28.11.2011

LOCATIONS

Registered Office :	E-29, Hauz Khas, New Delhi-110016, India
Tel. No.:	91-11-41653100
Fax No.:	91-11-41653101
E-Mail :	jaypalsingh@iceindia.in info@lpti.in
Website:	http://www.ice.india.in
Factory :	C-7, 3^rd Floor, Sector 3, Noida-201301, Uttar Pradesh, India
Tel. No.:	91-120-3341500/38
Fax No.:	91-120-3341501
E-Mail :	naveen@iceindia.in priyanka@iceindia.in

DIRECTORS

As on 30.09.2010

Name :

Mr. Arjun Sharma

Designation :

Chairman cum Managing Director

Address :

27, Sunder Nagar, New Delhi-110003, India

Date of Birth/Age :

15.12.1965

Date of Appointment :

31.10.2005

Din No.:

00003306

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	U55101DL1989PTC037891	SELECT HOLIDAY RESORTS PRIVATE LIMITED	Managing director	06-06-02	06-06-02	-	Active	NO
2	U67190DL2005PTC134467	ARMAN CONSULTANTS PRIVATE LIMITED	Director	29-03-05	29-03-05	-	Active	NO
3	U63040DL2005PTC134468	ARMAN HOLIDAYS PRIVATE LIMITED	Director	29-03-05	29-03-05	-	Active	NO
4	U72200DL2005PTC139651	T I INFOTECH PRIVATE LIMITED	Director	12-08-05	12-08-05	11-03-09	Active	NO
5	U74999DL1979PTC009494	SELECT INFRASTRUCTURE PRIVATE LIMITED	Director	13-09-05	13-09-05	-	Active	NO
6	U63040DL2002PTC116826	LE PASSAGE TO INDIA TOURS AND TRAVELS PRIVATE LIMITED	Director	31-10-05	31-10-05	-	Active	NO
7	U63040DL2003PTC119330	SELECT VACATIONS PRIVATE LIMITED	Director	27-06-06	11-01-06	-	Active	YES
8	U70109DL2006PTC153397	SELECT CITYWALK MALL MANAGEMENT COMPANY PRIVATE LIMITED	Director	09-09-06	09-09-06	-	Active	NO
9	U45201DL2005PTC141007	INDRAMA INFRASTRUCTURE MANAGMENT SERVICES PRIVATE LIMITED	Director	23-09-06	23-09-06	-	Active	NO
10	U55101DL1993PTC053889	SELECT EQUITY ADVISORY SERVICES PRIVATE LIMITED	Director	23-09-06	23-09-06	-	Active	NO
11	U45201DL2005PTC140998	INDRAMA BUILDWELL PRIVATE LIMITED	Director	23-09-06	23-09-06	-	Active	NO
12	U63040DL1993PTC054062	SELECT WORLD TOURS (INDIA) PRIVATE LIMITED	Director	23-09-06	23-09-06	-	Active	NO
13	U70101DL2006PTC145698	CANYON ESTATES PRIVATE LIMITED	Director	28-09-06	28-09-06	-	Active	NO
14	U70101DL2006PTC148871	AMBIKA INFRABUILD PRIVATE LIMITED	Director	15-10-06	15-10-06	-	Active	NO
15	U74300DL2008PTC173565	ON PRODUCT PUBLISHING (INDIA) PRIVATE LIMITED	Director	05-02-08	05-02-08	-	Active	NO
16	U74900DL2008PTC180918	INDRAMA BUILDCON PRIVATE LIMITED	Director	15-07-08	15-07-08	-	Active	NO
17	U55101DL2008PTC181187	INDRAMA HOTELS PRIVATE LIMITED	Director	22-07-08	22-07-08	-	Active	NO
18	U64200DL2008PTC183577	MPW TELETECH PRIVATE LIMITED	Director	22-09-08	22-09-08	-	Active	NO
19	U74899DL1993PTC053549	ECO ADVENTURES PRIVATE LIMITED	Director	28-09-09	01-04-09	-	Active	NO
20	L65910DL1989PLC034812	TOURISM FINANCE CORPORATION OF INDIA LIMITED	Additional director	22-03-11	22-03-11	16-05-11	Active	NO

Name :

Mr. Manish Goel

Designation :

Director

Address :

W-73, Greater Kailash I, New Delhi-110048, India

Date of Birth/Age :

25.06.1969

Date of Appointment :

30.09.2010

Din No.:

03043592

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	U63040DL2002PTC116826	LE PASSAGE TO INDIA TOURS AND TRAVELS PRIVATE LIMITED	Director	30-09-10	11-03-10	Active	NO

Name :

Mr. David Schelpchristopher

Designation :

Director

Address :

AV Ocells, 9A, Puig De Ros, Liucmajor, Spain

Date of Birth/Age :

20.10.1974

Date of Appointment :

18.06.2009

Name :

Andres Clemente Garcia Tenorio

Designation :

Director

Address :

C Barranc, 11 A2, Calvia, Illes Balears-07601, Spain

Date of Birth/Age :

23.11.1963

Date of Appointment :

10.11.2008

Name :

Mr. Arjun Narne

Designation :

Additional Director

Address :

Plot No. 1016 A, Road No. 46, A Floor, Jubilee Hills, Hyderabad-500033, Andhra Pradesh, India

Date of Birth/Age :

06.11.1965

Date of Appointment :

10.08.2009

Din No.:

00053680

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	U27109AP1968PTC001184	HYDERABAD TULAMAN PRIVATE LIMITED	Whole-time director	27-08-07	27-08-06	Active	NO
2	U74899DL1994PTC063385	KW CONFERENCES PRIVATE LIMITED	Additional director	10-08-09	10-08-09	Active	NO

KEY EXECUTIVES

Name :	Mr. Jaypal Singh
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Select World Tours India Private Limited, India	406565
Leibniz Service GmbH, Germany	406565
Total	813130

As on 30.09.2010

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]	50.00
Bodies corporate	50.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in tour and travel business.

GENERAL INFORMATION

No. of Employees :

350 [Approximately]

Bankers :

· Yes Bank Limited, 9^th Floor, Nehru Centre, Discovery of India, Dr. Anie Besant Road, Worli, Mumbai-400018, Maharashtra, India

· Standard Chartered Bank, New Delhi, India

Facilities :

Secured Loan	As on 31.03.2010 [Rs. in Millions]	As on 31.03.2009 [Rs. in Millions]
Short Term
Deutsche Bank Overdraft A/c [Secured against approved Mutual Fund Investment]	16.164	0.000
Total	16.164	0.000

Banking Relations :	--
Auditors :
Name :	Mohinder Puri and Company Chartered Accountants
Address :	1A D, Vandhna, 11 Tolstoy Marg, New Delhi-110001, India
Tel. No.:	91-11-47102200 [Tax and Advisory] 91-11-47103300 [Audit and Assurance] 91-11-47102250 [Legal and Consulting]
Fax No.:	91-11-23313908 [Tax and Advisory] 91-11-23731220 [Audit and Assurance] 91-11-47102290 [Legal and Consulting]
E-Mail :	mpco@mpco.in
Website:	http://www.mpco.in
Pan No.:	AAAPW5447K
Entities Controlled by directors or their relatives:	· Select Holiday Resorts Private Limited · Select World Tours India Private Limited · Select Infrastructure Private Limited · On Product Publishers Limited

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
813130	Equity Shares	Rs.10/- each	Rs.8.131 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010 [12^th Months]	31.03.2009 [15^th Months]	31.12.2007
SHAREHOLDERS FUNDS
1] Share Capital		8.131	8.131	8.131
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		194.660	139.012	127.293
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		202.791	147.143	135.424
LOAN FUNDS
1] Secured Loans		16.164	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		16.164	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		218.955	147.143	135.424
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		57.270	62.857	47.938
Capital work-in-progress		2.983	8.432	0.787
INVESTMENT		297.349	197.603	24.573
DEFERREX TAX ASSETS		8.160	6.964	2.960
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	567.181	490.716	414.711
	Cash & Bank Balances	361.016	144.829	160.939
	Other Current Assets	4.531	2.070	0.506
	Loans & Advances	178.496	112.704	373.411
Total Current Assets		1111.224	750.319	949.567
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	191.470	179.388	200.746
	Other Current Liabilities	1065.277	647.616	510.952
	Provisions	1.284	52.028	178.703
Total Current Liabilities		1258.031	879.032	890.401
Net Current Assets		(146.807)	(128.713)	59.166
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		218.955	147.143	135.424

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010 [12^th Months]	31.03.2009 [15^th Months]	31.12.2007
	SALES
		Income	549.535	745.984	417.641
		Other Income	37.729	62.764	9.865
		TOTAL (A)	587.264	808.748	427.506
Less	EXPENSES
		Payment to and provision for employees		317.282	125.671
		Operating and general expenses		257.298	147.228
		Prior period adjustments		0.276	0.000
		TOTAL (B)	480.341 [Including Financial Expenses]	574.856	272.899
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			233.892	154.607
Less	FINANCIAL EXPENSES (D)			0.000	0.039
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		106.923	233.892	154.568
Less/ Add	DEPRECIATION/ AMORTISATION (F)		25.502	30.333	20.726
	PROFIT BEFORE TAX (E-F) (G)		81.421	203.559	133.842
Less	TAX (H)		25.773	47.220	48.930
	PROFIT AFTER TAX (G-H) (I)		55.648	156.339	84.912
Less	LOSS ON MERGER BETWEEN 1^ST JANUARY 2006 TO 31^ST DECEMBER 2007		0.000	78.004	0.000
	LOSS BROUGHT FORWARD ON ACCOUNT OF MERGER FOR THE PERIOD UPTO 31^ST DECEMBER 2005		0.000	15.244	0.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		80.945	84.859	40.783
Less	APPROPRIATIONS
		Transfer to General Reserve	5.565	15.634	8.491
		Dividend	0.000	43.909	27.646
		Tax on Dividend	0.000	7.462	4.699
	BALANCE CARRIED TO THE B/S		131.028	80.945	84.859
	EARNINGS IN FOREIGN CURRENCY
		Sales and Services	3700.971	4927.462	2503.977
	TOTAL EARNINGS		3700.971	4927.462	2503.977
	Earnings Per Share (Rs.)		68.44	192.27	104.43

Particulars	31.03.2011
Sales Turnover [Approximately]	700.000

Expected Sales (2011-12) : Rs.2000.000 Millions.

The above information has been parted by Mr. Jaypal Singh.

KEY RATIOS

PARTICULARS		31.03.2010 [12^th Months]	31.03.2009 [15^th Months]	31.12.2007
PAT / Total Income	(%)	9.48	19.33	19.86
Net Profit Margin (PBT/Sales)	(%)	14.82	27.29	32.05
Return on Total Assets (PBT/Total Assets}	(%)	6.97	25.03	13.42
Return on Investment (ROI) (PBT/Networth)		0.40	1.38	0.99
Debt Equity Ratio (Total Liability/Networth)		6.28	5.97	6.57
Current Ratio (Current Asset/Current Liability)		0.88	0.85	1.07

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	--
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	No
13) Reasons for variation <> 20%	No
14) Estimation for coming financial year	Yes
15) Capital in the business	No
16) Details of sister concerns	No
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	No
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

CONTINGENT LIABILITIES:

Rs. in Millions

Particulars	31.03.2010 [12^th Months]	31.03.2009 [15^th Months]
Demand for income tax not provided for pending appeals	0.041	9.503
Demand for service tax not provided for *	22.309	0.000
Guarantees issued by the bank on behalf of the company	15.358	6.333
Total	37.708	15.836

NOTE: * In the opinion of the company, the said demand for service tax is not tenable in low and the company has a fair chance of the said demand not subsisting, hence no provision against it has been done in the accounts.

FIXED ASSETS:

· Computer

· Office Equipments

· Plant and Machinery

· Furniture and Fixtures

· Vehicles

· Application Software

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 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.51.98
UK Pound	1	Rs.80.59
Euro	1	Rs.69.12

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		50

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.