MIRA INFORM REPORT

Report Date :

30.04.2012

IDENTIFICATION DETAILS

Name :	ABHIBUS SERVICES (INDIA) PRIVATE LIMITED
Registered Office :	1^ST Floor, Lakshmi Towers – B, Nagarjuna Hills, Hyderabad-500011, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	16.10.2008
Com. Reg. No.:	01-061437
Capital Investment / Paid-up Capital :	Rs. 32.000 Millions
CIN No.: [Company Identification No.]	U93000AP2008PTC061437
Legal Form :	Private Limited Liability Company
Line of Business :	Service provider of private travelling partner.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 700000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually 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

LOCATIONS

Registered Office :	1^ST Floor, Lakshmi Towers – B, Nagarjuna Hills, Hyderabad-500011, Andhra Pradesh, India
Tel. No.:	91-40-33667799 /49102345
Fax No.:	Not Available
E-Mail :	ca9001@gmail.com
Website :	www.abhibus.com

DIRECTORS

AS ON 21.09.2011

Name :	Mr. Sudhakar Reddy Chirra
Designation :	Director
Address :	House No.25, D. No.8-3-167/R/25, Rajiv Nagar, Moti Nagar, Hyderabad-500045, Andhra Pradesh, India
Date of Appointment :	16.10.2008
DIN No.:	02191226

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	U93000AP2008PTC061437	AbhiBus Services (India) Private Limited	Director	16-10-08	16-10-08	Active	NO
2	U72900AP2009PTC066066	AbhiBus Software Solutions Private Limited	Director	02-12-09	02-12-09	Active	NO

Name :	Mr. Bellamkonda Jagadeesh Kumar
Designation :	Director
Date of Appointment :	01.08.2011
DIN No.:	03506433

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	U01100AP2005PTC045447	Annadhata Seed Company Private Limited	Director	10-01-11	10-01-11	10-04-12	Active	NO
2	U93000AP2008PTC061437	AbhiBus Services (India) Private Limited	Director	01-08-11	01-08-11	-	Active	NO

Name :	Mr. Sasya Chirra
Designation :	Director
Address :	House No.25, D. No.8-3-167/R/25, Rajiv Nagar, Moti Nagar, Hyderabad-500045, Andhra Pradesh, India
Date of Appointment :	16.10.2008
DIN No.:	02360761

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	U93000AP2008PTC061437	AbhiBus Services (India) Private Limited	Director	16-10-08	16-10-08	12-12-11	Active	NO
2	U72900AP2011PTC076744	Comfort Software Solutions Private Limited	Director	29-09-11	29-09-11	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 21.09.2011

Names of Shareholders	No. of Shares
Sudhakar Reddy Chirra	1355000
Bellamkonda Jagadeesh Kumar	1200000
B Nagadurga Prasad	620000
Sasya Chirra	25000
Total	3200000

AS ON 21.09.2011

Equity Shares Break Up	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Service provider of private travelling partner.

GENERAL INFORMATION

Customers :

· Neeta Tours and Travels

· Dhanunjaya Tours and Travels

· SK Sree Kaleswari Travels

· Kallada Tours and Travels

· SVR Tours and Travels

· Diwakar Travels

No. of Employees :

Not Available

Bankers :

Not Available

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Secured Loan	9.601	0.757
Total	9.601	0.757

Banking Relations :	--
Financial Institution :	Reliance Capital Limited, “H” Block, 1^st Floor, Dhirubhai Ambani Knowledge City, Koparkhairne, Navi Mumbai-400710, Maharashtra, India
Auditors :
Name :	Na,buru and Associates Chartered Accountant
Address :	Plot No.1001, Auchyut Mazon, H. No.7-1-621/48, Hyderabad-500038, Andhra Pradesh, India
Tel. No.:	91-40-23814181
Mobile No.:	91-9394646111
E-Mail :	ca9001@gmail.com
Pan No.:	ADKPN6374P

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
3200000	Equity Shares	Rs.10/- each	Rs. 32.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3200000	Equity Shares	Rs.10/- each	Rs. 32.000 Millions

AS ON 21.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
12500000	Equity Shares	Rs.10/- each	Rs. 125.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3200000	Equity Shares	Rs.10/- each	Rs. 32.000 Millions
	Share Application Money		Rs. 90.000 Millions
	Total		Rs. 122.000 Millions

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		32.000	0.500	0.500
2] Share Application Money		90.000	2.304	2.304
3] Reserves & Surplus		55.385	10.133	0.319
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		177.385	12.937	3.123
LOAN FUNDS
1] Secured Loans		9.601	0.757	0.000
2] Unsecured Loans		0.000	0.000	1.387
TOTAL BORROWING		9.601	0.757	1.387
DEFERRED TAX LIABILITIES		2.944	0.148	0.163
TOTAL		189.930	13.842	4.673
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		32.635	2.259	3.361
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	115.820	16.863	1.778
	Cash & Bank Balances	2.759	2.893	0.506
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	81.336	0.202	0.469
Total Current Assets		199.915	19.958	2.753
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	11.712	2.027	1.092
	Other Current Liabilities	30.908	6.348	0.237
	Provisions	0.000	0.000	0.112
Total Current Liabilities		42.620	8.375	1.441
Net Current Assets		157.295	11.583	1.312
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		189.930	13.842	4.673

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Domestic Sales	714.629	283.232	13.031
		Other Income	0.000	2.741	0.000
		TOTAL	714.629	285.973	13.031
Less	EXPENSES
		Employees Cost	49.690	4.875	8.866
		Administrative and Operational Expenses	587.475	265.198	1.630
		TOTAL	637.165	270.073	10.496
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		77.464	15.900	2.535
Less/ Add	DEPRECIATION/ AMORTISATION		6.727	1.205	1.942
	PROFIT BEFORE TAX		70.737	14.695	0.593
Less	TAX		25.486	4.881	0.274
	PROFIT AFTER TAX		45.251	9.814	0.319
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		10.133	0.319	0.000
	BALANCE CARRIED TO THE B/S		55.384	10.133	0.319
	Earnings Per Share (Rs.)		14.14	196.28	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	6.33	3.43	2.45
Net Profit Margin (PBT/Sales)	(%)	94.78	5.19	4.55
Return on Total Assets (PBT/Total Assets}	(%)	30.42	66.14	9.70
Return on Investment (ROI) (PBT/Networth)		0.40	1.14	0.19
Debt Equity Ratio (Total Liability/Networth)		0.31	0.72	0.96
Current Ratio (Current Asset/Current Liability)		4.69	2.38	1.91

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

REVIEW OF OPERATIONS AND OUTLOOK

During the year of it’s operations, the company recorded a Turnover of Rs. 714.628 Millions as against Rs. 285.973 Millions in the previous year and earned a net profit of Rs. 45.251 Millions as against Rs. 9.814 millions for the previous year.

The Directors are hopeful of achieving better financial results when compared to last financial year and further the Company will do well in the years to come keeping in line with the current trends in the years to come.

FORM 8

Corporate identity number of the company	U93000AP2008PTC061437
Name of the company	ABHIBUS SERVICES (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	1^ST Floor, Lakshmi Towers – B, Nagarjuna Hills, Hyderabad-500011, Andhra Pradesh, India
This form is for	Creation of charge
Type of charge	Movable property (not being pledge)
Particular of charge holder	Reliance Capital Limited, “H” Block, 1^st Floor, Dhirubhai Ambani Knowledge City, Koparkhairne, Navi Mumbai-400710, Maharashtra, India
Nature of instrument creating charge	Loan Cum Hypothecation Agreement
Date of instrument Creating the charge	11.02.2011
Amount secured by the charge	Rs. 2.242 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest 19.01% p.a. (fixed/variable) payable monthly. Additional Interest 3% p.m. Terms of repayment Repayable in 36 monthly installments of Rs. 0.082 Million each. Margin As per the Loan-Cum-Hypothecation Agreement Extent and operation of the charge The charge operates as security for the due repayment of the facility sanctioned by Reliance Capital Limited to the company along with the interest, additional interest, damages, if any, thereon.
Short particulars of the property charged (Including location of the property)	Vehicle-Car: BMW, having Chasis No. WBAPN 37040 VK61543, Engine No; 81917266. Regn No. AP 09 BZ - 0003.

FIXED ASSETS

· Computers

· Vehicles

· Furniture and Fixtures

· Office Equipments

· Software Development

WEBSITE DETAILS

PROFILE

Subject is a pioneer in the online bus ticket reservation business in India. It was setup in the year 2007.

The company is led by Mr. Sudhakar Reddy, Founder and CEO, backed by an experienced management team responsible for the day-to-day operations of the company.

Subject currently provides Online Passenger Reservation System to State Road Transport Corporations (SRTC) and private operators for managing their ticket inventory and on-line sale of tickets. In addition, ABHIBUS also aggregates the ticket inventory of 32 private bus operators tied up with it and then offers these tickets online to the passengers. We do this through our own portal, as well as through tie-ups with third party portals.

All the online sales of major resellers like MakeMyTrip, Redbus, Yatra.com, Onse Stop shop etc and the sales from websites of the existing 32 private bus operators have OPRS provided by AbhiBus as their back-end. This gives Subject the ability to provide online ticket booking facility on a pan-India basis.

The role played by Subject in managing inventory of bus seats is equivalent to the role played by AMADEUS in managing inventory of airline seats.

Subject OPRS provides the following benefits to the SRTCs and the private bus operators:

• Centralized Control Over Bus Operations and Real Time Passenger Information System
• Prevention of revenue pilferage
• Reliable and Real Time Statistical Data for Decision Making Process
• Better customer satisfaction with online Passenger queries and grievance handling capability

Subject OPRS automates and provides the web-based online interface for the entire workflow of the bus operators. Entire revenue flow of the customer across the various ticket sales channels is managed through AbhiBus OPRS.

Subject endeavors to expand its service portfolio by providing Intelligent Transport System. This is a fully integrated electronic system consisting of various components installed at relevant points of travel (bus / stations / depot) to improve the efficiency and safety of surface transportation. This system also provides analytical reports and MIS outputs which facilitate monitoring the performance of relevant SRTC.

MANAGEMENT

Mr. Sudhakar Reddy (Founder and CEO)

• B.E. in Electronics and Communications

• After serving GE Money as the head of Technology platform for 4 countries at GE Money; Mr. Reddy got into the entrepreneurial venture of creating AbhiBus.
• He currently is the CEO of AbhiBus

Mr. Lenin Koduru (Chief Technology Officer)

• Responsible for the entire gamut of technological infrastructure and operations for AbhiBus
• B.E. Electronics and Instrumentation
• 5 years experience at BuzzNet Malaysia as a Project Manager, 3 years in Unisoft India Private Limited as software engineer, 1 year in Inatech India Private Limited as Sr. Consultant
• Have domain knowledge of Transportation sector, Telecommunication sector and BFSI

Mr. N. Murali Krishna (GM Marketing)

• Manages the Marketing initiatives and activities for AbhiBus
• M.Sc.(Hons.) - Economics, B.E. (Hons.) - Chemical, Engineering from BITS, Pilani
• Has worked in Infosys for 3 years, handled small and medium sized teams for project development, part of the New Initiatives team
• Experienced in Marketing initiatives for new business ideas and start-ups.
• At AbhiBus, he is responsible for developing client relationships

Mr. R. P. Singh (GM UP business)

• BA, BL
• Worked and retired as GM Operations for UPSRTC
• 30 years valuable experience in bus transport operations and logistics
• Manages the entire operations of AbhiBus in UP state

Mr. Hari Krishna Reddy (Financial Advisor)

• Chartered Accountant, FCA
• More than 15 years experience in the industry
• Manages the Financial Control function within AbhiBus

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. 52.68
UK Pound	1	Rs. 85.12
Euro	1	Rs. 69.38

INFORMATION DETAILS

Information Gathered by :	--
Report Prepared by :	DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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		46

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.