MIRA INFORM REPORT
|
Report Date : |
13.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
TRAVELXP INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
116, 3rd Floor, MHADA Shopping Complex, Link Road Extension,
Next to Oshiwara Police Station, Mumbai – 400102, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
18.03.2009 |
|
|
|
|
Com. Reg. No.: |
11-191030 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.4.200 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U63040MH2009PTC191030 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMT15334E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCT1456B |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Providing all types of Tours and Travel Services and all types of
Travel Solutions. |
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|
|
|
No. of Employees
: |
Information
denied by the management |
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a two years old company having moderate track. There
appears some 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.
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces of
its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to become
a major exporter of information technology services and software workers. In
2010, the Indian economy rebounded robustly from the global financial crisis -
in large part because of strong domestic demand - and growth exceeded 8%
year-on-year in real terms. However, India's economic growth in 2011 slowed
because of persistently high inflation and interest rates and little progress on
economic reforms. High international crude prices have exacerbated the
government's fuel subsidy expenditures contributing to a higher fiscal deficit,
and a worsening current account deficit. Little economic reform took place in
2011 largely due to corruption scandals that have slowed legislative work.
India's medium-term growth outlook is positive due to a young population and
corresponding low dependency ratio, healthy savings and investment rates, and
increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DENIED BY
|
Name : |
Mr. Nitin |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-22-26369111 |
|
Date : |
12.12.2012 |
LOCATIONS
|
Registered Office : |
116, 3rd Floor, MHADA Shopping Complex, Link Road Extension,
Next to Oshiwara Police Station, Mumbai – 400102, Maharashtra, India |
|
Tel. No.: |
91-22-26369111 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
12000 sq ft |
|
Location : |
Owned |
DIRECTORS
As on: 31.08.2012
|
Name : |
Mr. Prashant Madhusudan Chothani |
|
Designation : |
Director |
|
Address : |
28/ 104, East Side Apartments, |
|
Date of Birth/Age : |
14.12.1968 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
18.03.2009 |
|
DIN No. : |
00072714 |
|
|
|
|
Name : |
Mrs. Nisha Prashant Chothani |
|
Designation : |
Director |
|
Address : |
28/ 104, East Side Apartments, |
|
Date of Birth/Age : |
13.12.1967 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
18.03.2009 |
|
DIN No. : |
00072718 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 31.08.2012
|
Names of Shareholders |
|
No. of Shares |
|
Nisha Prashant Chothani |
|
5000 |
|
Prashant Madhusudan Chothani |
|
5000 |
|
Celebrities Management Private Limited, India |
|
410000 |
|
|
|
|
|
Total |
|
420000 |
Equity Share Break up (Percentage of Total Equity)
As on: 31.08.2012
|
Category |
|
Percentage |
|
|
|
|
|
Bodies corporate |
|
97.62 |
|
Directors or relatives of directors |
|
2.38 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing all types of Tours and Travel Services and all types of
Travel Solutions. |
GENERAL INFORMATION
|
No. of Employees : |
Information
denied by the management |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
|
|
|
|
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Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Rawani and Company Chartered Accountant |
|
Address : |
B-206, Hinal Heritage, Patel Wadi, S.V.P. Road, Borivali, Mumbai –
400092, Maharashtra, India |
|
Tel. No. : |
91-22-55725036 |
|
E-Mail : |
|
|
PAN No.: |
AABPR6534M |
|
|
|
|
Holding Company : |
Celebrities Management Private Limited CIN No.: U74140MH1996PTC101967 |
CAPITAL STRUCTURE
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
420000 |
Equity Shares |
Rs.10/- each |
Rs.4.200
Millions |
|
|
|
|
|
Notes:
a) Reconciliation of
the Equity Shares outstanding at the beginning and at the end of the period
(Rs. In Millions)
|
Particular |
31.03.2012 |
|
At the beginning of the period (10000 Shares, Pr. Yr. 10,000 Shares) |
0.100 |
|
Issued during the period - New Allotment (410000 Shares, Pr. Yr. Nil) |
4.100 |
|
Outstanding at the
end of the period |
4.200 |
b) Terms, Rights,
attached to the Equity Shares
The Company has only one class of equity shares having par value of 110 per share. Each holder of equity share is entitled to one vote per share. The Company declares and pays dividend in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders at the ensuing Annual General Meeting. In the event of liquidation of the Company, the holders of the equity shares will be entitled to receive remaining assets of the Company.
c) Details of Equity
Shares held by each shareholders holding more than 5%.
|
Name of the
shareholders |
% of holding |
|
Prashant M. Chothani (5000 Shares, Pr. Yr. 5000 Shares) |
1.19% |
|
Nisha Chothani (5000 Shares, Pr. Yr. 5000 Shares) |
1.19% |
|
Holding Company |
|
|
Celebrities Management Private Limited (410000 Shares, Pr. Yr. Nil) |
97.62% |
|
Total |
100.00% |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
4.200 |
0.100 |
0.100 |
|
|
2] Share Application Money |
7.131 |
25.970 |
4.900 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(7.331) |
(8.145) |
(0.289) |
|
|
NETWORTH |
4.000 |
17.925 |
4.711 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
2.573 |
|
|
2] Unsecured Loans |
12.298 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
12.298 |
0.000 |
2.573 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
16.298 |
17.925 |
7.284 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
10.741 |
14.675 |
8.520 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
2.596 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
6.806 |
3.496 |
0.129 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
6.788
|
1.886 |
0.000 |
|
|
Cash & Bank Balances |
0.285
|
0.727 |
0.251 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
1.577
|
4.308 |
1.844 |
|
Total
Current Assets |
8.650
|
6.921 |
2.095 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
4.455
|
6.679 |
|
|
|
Other Current Liabilities |
0.000
|
0.000 |
|
|
|
Provisions |
5.444
|
0.488 |
0.000 |
|
Total
Current Liabilities |
9.899
|
7.167 |
6.201 |
|
|
Net Current Assets |
(1.249)
|
(0.246) |
(4.106) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.145 |
|
|
|
|
|
|
|
|
TOTAL |
16.298 |
17.925 |
7.284 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
58.442 |
6.964 |
2.003 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
69.137 |
|
2.421 |
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(10.695) |
(11.224) |
(0.418) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(3.309) |
(3.368) |
(0.129) |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(7.386) |
(7.856) |
(0.289) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(8.145) |
(0.289) |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(15.531) |
(8.145) |
(0.289) |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(17.59) |
(785.61) |
(28.90) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(12.64) |
(112.81) |
(20.87) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(55.15) |
(51.97) |
(3.94) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(2.67) |
(62.62) |
(0.09) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
5.55 |
0.40 |
1.86 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.87 |
0.97 |
0.34 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
(Rs.
In Millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Sundry Creditors |
|
|
|
|
Creditor for Expenses |
4.445 |
6.679 |
|
|
|
|
|
|
|
Total |
4.445 |
6.679 |
NA |
|
Sr. No. |
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 |
Yes |
|
8] |
No. of employees |
No |
|
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 |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
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 |
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 |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
OPERATIONS
The Company's travel portal for booking of online tickets, packages etc. During the year, the Company has done the business of Rs. 58.442 Millions (Pr. Yr. Rs. 6.964 Millions) and have reported a net loss of Rs. 10.695 Millions (Pr. Yr. Rs. 11.224 Millions). After providing for deferred tax credit of Rs. 3.309 Millions, the company has reported a net loss of Rs. 7.386 Millions which is added to the earlier year's loss of Rs. 8.145 Millions and total loss of Rs. 7.330 Millions is carried to the Balance Sheet.
Bankers Charges
Report as per Registry
|
Corporate identity
number of the company |
U63040MH2009PTC191030 |
|
Name of the
company |
TRAVELXP INDIA PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
116, 3rd Floor, MHADA Shopping Complex, Link Road
Extension, Next to Oshiwara Police Station, Mumbai – 400102, Maharashtra,
India |
|
This form is for |
Creation of
charge |
|
Type of charge |
|
|
Particular of
charge holder |
Indian Overseae Bank, Post Box No. 8290, 28, Ashok Nagar Society,
Narsee Monjee Road, Juhu, Mumbai – 400049, Maharashtra, India E-mail: jvpscbr@mummsco.iobnet.co.in
|
|
Nature of
instrument creating charge |
Letter of
Hypothecation in F-110E. |
|
Date of
instrument Creating the charge |
15.03.2010 |
|
Amount secured by
the charge |
Rs.31.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest
: Cash Credit: BPLR
+ 0.50% p.a. Term Loan : BPLR
+ 0.75% p.a. Terms of
repayment : Cash Credit:
Repayable on Demand. Term Loan : Repayable in 45 monthly installments of
Rs.0.444 Million each. Margin : Cash Credit : 50% Term Loan : 30% Extent and
operation of the charge : The charge is to
operate as security, by way of first exclusive charge, for the due repayment of
the credit facility of Rs.31.000 Millions together with interests, costs,
charges, expenses and all other moneys payable by the Company to the Bank in
terms of sanction. Others : Cash Credit :
Rs.11.000 Millions Term Loan : Rs.20.000 Millions Total : Rs.31.000 Millions |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Hypothecation, by
way of first charge, of all the present and future: a) Stocks and Book debts of the company. b) Fixed Assets like Hardware and Software,
etc. |
FIXED ASSETS:
Tangible Assets:
- Computers
- Office Equipment
- Electrical Fittings
- Furniture
Intangible Assets
- Software
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 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.54.27 |
|
|
1 |
Rs.87.43 |
|
Euro |
1 |
Rs.70.55 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
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 |
-- |
|
--CREDIT LINES |
1~10 |
1 |
|
--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 |
|
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.