MIRA
INFORM REPORT
|
Report Date : |
09.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
CLEARTRIP PRIVATE LIMITED |
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Formerly Known
As : |
CLEARTRIP TRAVEL SERVICES PRIVATE LIMITED |
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Registered
Office : |
Unit No. 001, Ground Floor, DTC Building, Sitaram Mills Compound, N M
Joshi Marg, Mumbai – 400011, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
12.05.2005 |
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Com. Reg. No.: |
11-153232 |
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Capital
Investment / Paid-up Capital : |
Rs. 1240.795
Millions |
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|
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CIN No.: [Company Identification
No.] |
U63040MH2005PTC153232 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMC13858F |
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PAN No.: [Permanent Account No.] |
AACCC6016B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in the business of providing online travel and
hostel booking services. |
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No. of Employees
: |
Information denied by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 630000 |
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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
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 with some caution.
|
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
MANAGEMENT NON CO-OPERATIVE
LOCATIONS
|
Registered Office : |
Unit No. 001, Ground Floor, DTC Building, Sitaram Mills Compound, N M
Joshi Marg, Mumbai – 400011, Maharashtra, India |
|
Tel. No.: |
91-22-40504000 |
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Fax No.: |
91-22-40504050 |
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E-Mail : |
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|
Website : |
DIRECTORS
AS ON 28.09.2011
|
Name : |
Mr. Sandeep Murthy |
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Designation : |
Chairman |
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Address : |
232, |
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Date of Birth/Age : |
22.11.1976 |
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Date of Appointment : |
26.02.2008 |
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DIN No.: |
00591165 |
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Name : |
Mr. Stuart Richard Nairn Crighton |
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Designation : |
Director and Chief Executive Officer |
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Address : |
Flat No. 501, |
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Date of Birth/Age : |
28.02.1970 |
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Date of Appointment : |
09.12.2005 |
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DIN No.: |
00276524 |
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|
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Name : |
Mr. Mohanjit Singh Jolly |
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Designation : |
Director |
|
Address : |
Villa 100A, Sobha Malachite Jakkur Plantation, Yellakanka, Hobli, |
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Date of Birth/Age : |
12.11.1969 |
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Date of Appointment : |
26.02.2008 |
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DIN No.: |
01816801 |
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Name : |
Mr. Avnish Sarabjit Bajaj |
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Designation : |
Director |
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Address : |
Raheja Sunkist 201, |
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Date of Birth/Age : |
16.07.1970 |
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Date of Appointment : |
09.12.2005 |
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DIN No.: |
00281547 |
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Name : |
Mr. Sridar Arvamudhan Iyengar |
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Designation : |
Director |
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Address : |
85, |
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Date of Birth/Age : |
13.08.1947 |
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Date of Appointment : |
28.07.2010 |
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DIN No.: |
00278512 |
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|
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Name : |
Mr. Sudhir Singh |
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Designation : |
Director |
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Address : |
3614, |
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Date of Birth/Age : |
12.08.1961 |
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Date of Appointment : |
26.05.2011 |
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DIN No.: |
03163769 |
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|
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Name : |
Mr. John Theodore Torrey |
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Designation : |
Director |
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Address : |
221, |
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Date of Birth/Age : |
31.10.1972 |
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Date of Appointment : |
26.05.2011 |
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DIN No.: |
03535384 |
KEY EXECUTIVES
|
Name : |
Mr. Brijbala Mohanlal Batwal |
|
Designation : |
Secretary |
|
Address : |
B 1, 602, Building No. 10, Durga Sadan, CHS, Tilak Nagar, Chembur,
Mumbai-400089, |
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Date of Birth/Age : |
01.10.1975 |
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Date of Appointment : |
01.12.2010 |
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Pan No.: |
AFGPP7738B |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 28.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Cleartrip INC, |
|
1 |
|
Cleartrip INC, |
|
124079519 |
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Total |
|
124079520 |
AS ON 28.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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|
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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 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of providing online travel and
hostel booking services. |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by the management. |
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Bankers : |
·
Axis Bank Limited, ·
Allahabad Bank, 35-41, Hotel Hiramani Compound, Dr.
Ambedkar Road, Parel, Mumbai-400012, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
BSR and Company Chartered Accountants |
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Address : |
Lodha Excelus, 1st Floor, Apollo Mills Compound, N.M.
Joshi Marg, Mahalakshmi, Mumbai - 400 0011, Maharashtra, |
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Tel. No.: |
91-22-39896000 |
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Fax No.: |
91-22-39836000 |
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Income-tax
PAN of auditor or auditor's firm : |
AAIFB0630K |
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Holding Company: |
Cleartrip INC, |
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Ultimate Holding Company: |
Cleartrip Inc, |
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Entity over which key
management personnel exercise significant influence Affiliate : |
Sherpalo India Advisors Private Limited |
CAPITAL STRUCTURE
AFTER 28.09.2011
Authorised Capital : Rs. 1700.000 Millions
Issued, Subscribed & Paid-up Capital : Rs. 1384.878
Millions
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
124100000 |
Equity Shares |
Rs. 10/- each |
Rs. 1241.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
124079520 |
Equity Shares |
Rs. 10/- each |
Rs. 1240.795
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 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1240.795 |
1240.795 |
1139.395 |
|
|
2] Share Application Money |
0.000 |
0.000 |
101.400 |
|
|
3] Reserves & Surplus |
102.600 |
16.348 |
2.900 |
|
|
4] (Accumulated Losses) |
(1183.817) |
(789.487) |
(850.236) |
|
|
NETWORTH |
159.578 |
467.656 |
393.459 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
308.599 |
0.000 |
0.348 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
308.599 |
0.000 |
0.348 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
EMPLOYEE STOCK OPTION |
0.000 |
0.000 |
10.280 |
|
|
|
|
|
|
|
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TOTAL |
468.177 |
467.656 |
404.087 |
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|
|
|
|
|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
137.451 |
90.307 |
90.759 |
|
|
Capital work-in-progress |
7.025 |
12.944 |
0.000 |
|
|
|
|
|
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INVESTMENT |
0.000 |
47.000 |
18.044 |
|
|
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 |
120.982
|
46.309 |
44.168
|
|
|
Cash & Bank Balances |
326.613
|
309.451 |
207.392
|
|
|
Other Current Assets |
0.000
|
0.000 |
0.000
|
|
|
Loans & Advances |
310.753
|
227.216 |
148.946
|
|
Total
Current Assets |
758.348
|
582.976 |
400.506 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
406.040
|
251.810
|
84.834
|
|
|
Other Current Liabilities |
22.305
|
8.656 |
9.365
|
|
|
Provisions |
6.302
|
5.105 |
11.023
|
|
Total
Current Liabilities |
434.647
|
265.571 |
105.222
|
|
|
Net Current Assets |
323.701
|
317.405 |
295.284
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
468.177 |
467.656 |
404.087 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income (Revenue for Commission and others) |
864.800 |
511.410 |
312.740 |
|
|
|
Other Income |
65.960 |
38.310 |
22.455 |
|
|
|
Less: Discount |
158.930 |
23.640 |
0.000 |
|
|
|
TOTAL (GROSS REVENUE) (A) |
771.830 |
526.080 |
335.195 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
1100.350 |
433.880 |
535.232 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
1100.350 |
433.880 |
535.232 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(328.520) |
92.200 |
(200.037) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
9.260 |
0.330 |
0.034 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(337.780) |
91.870 |
(200.071) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
56.550 |
31.120 |
44.222 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(394.330) |
60.750 |
(244.293) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
2.021 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(394.330) |
60.750 |
(246.314) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(789.490) |
(850.240) |
(603.922) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(1183.820) |
(789.490) |
(850.236) |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss)
Per Share (Rs.) |
(3.17) |
0.49 |
(2.37) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(51.09)
|
11.55 |
(73.48)
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(45.60)
|
11.88 |
(78.11)
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(44.02)
|
9.02 |
(49.73)
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(2.47)
|
0.13 |
(0.73)
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.65
|
0.57 |
0.27
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.74
|
2.20 |
3.81
|
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
|
Particulars |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
|
Sundry Creditors |
406.040
|
251.810
|
84.834
|
|
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 |
Yes |
|
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 |
NOTE: Registered office
of the company has been shifted from 126-New Mahalaxmi Silk Mills, Mathurdas
Mill Compound, N. M. Joshi Marg, Lower Parel (West), Mumbai,
BACKGROUND:
Subject was incorporated as a Private Limited company on 12 May 2005.
The company is in the business of providing online travel and hostel booking
services which provides its customers an opportunity to book airline tickets, train
tickets and hotel accommodations through its online web portal.
On 31 March 2006, the company, pursuant to a share purchase agreement
between Cleartrip Inc, Mauritius and the shareholders of the company, allotted 9999 equity Share of
the face value of Rs. 10 each to Clear Trip Inc, Mauritius and 1 share to
Cleartrip Inc, Cayman Islands, Consequently , the company became a wholly owned
subsidiary of Cleartrip Inc, Mauritius.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
This form is for |
Creation of charge |
|
Corporate identity number of the company |
U63040MH2005PTC153232 |
|
Name of the company |
CLEARTRIP TRAVEL SERVICES PRIVATE LIMITED |
|
Address of the registered office or of the
principal place of business in |
Unit No. 1, Ground Floor, DTC Building, Sitaram Mill Compound, N M
Joshi Marg, Mumbai – 400011, Maharashtra, India |
|
Type of charge |
Book Debts Movable Property (not being pledge) |
|
Particular of charge holder |
Allahabad Bank, 35-41,
Hotel Hiramani Compound, Dr. Ambedkar Road, Parel, Mumbai-400012,
Maharashtra, India |
|
Email |
|
|
Nature of description of the instrument
creating or modifying the charge |
Hypothecation Agreement executed on 20th
April, 2011 between Cleartrip Travel Services Private Limited and Allahabad
Bank |
|
Date of instrument Creating the charge |
20.04.2011 |
|
Amount secured by the charge |
Rs. 150.000 Millions |
|
Brief particulars of the principal terms
an conditions and extent and operation of the charge |
Rate
of Interest As per Sanction letter of the Bank Terms
of Repayment On Demand Margin
Not Applicable ( As Overdraft facility has
been availed) Extent
and Operation of the charge Charge over stocks, book debts and other
assets of the company, both present and future and charge over fixed assets
of the company, both ranking pari passu with Axis Bank as per Hypothecation
Agreement dated 20th April, 2011. |
|
Short particulars of the property charged |
Primary security: Charge over stocks, book
debts and other assets of the company, both present and future Collateral
security: charge over fixed assets of the company |
CONTINGENT
LIABILITIES
|
Particulars |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
|
Claims against
the company not acknowledged as debts |
1.185 |
1.831 |
|
Bank guarantees |
2.625 |
201.325 |
|
Total |
3.810 |
203.156 |
FIXED ASSETS:
- Computers
- Furniture and
Fixture
- Office
Equipments
- Motor Car
- Leasehold
Improvements
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. 55.42 |
|
|
1 |
Rs. 86.04 |
|
Euro |
1 |
Rs. 68.61 |
INFORMATION DETAILS
|
Information
Gathered by : |
SBA |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
26 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.