MIRA INFORM REPORT
|
Report Date : |
23.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
KUONI TRAVEL (INDIA) PRIVATE LIMITED |
|
|
|
|
Formerly Known
As : |
SOTC HOLDING TOURS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
8th Floor, Tower A, Urmi Estate, 95, Ganpatrao Kadam Marg,
Lower Parel (West), Mumbai – 400013, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.12.2011 |
|
|
|
|
Date of
Incorporation : |
21.12.1992 |
|
|
|
|
Com. Reg. No.: |
11-070074 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.83.500 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U63090MH1992PTC070074 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Travel Agents and Tour operators and providing other travel related
services. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 3900000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company having a satisfactory track
record. The financial for the year 2012 is not made available with government
department. As per previous year’s, the financial position seems to be strong. Trade relations are reported to be fair. Business is active. Payments
are reported to be usually correct and as per commitment. The company can be considered for normal business dealings at usual
trade terms and condition. |
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
We are living in a world
where volatility and uncertainty have become the New Normal. We saw a
change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once
powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and the
US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial years
of the contagion but finally lost ground last year. GDP growth slowed down.
Currency has been weakening. There is a marked deceleration in agriculture,
industry and services. Dampening sentiment led to a cut-back in investment as
well as private consumption expenditure. Inflation remained at high
levels fuelled by the pressure from the food and fuel sectors. The large fiscal
and current account deficit s continued to cause grave concern. It is
imperative that India regains its growth trajectory of 8-9 % sooner than later.
This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
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 DECLINED
Management Non – Cooperative
LOCATIONS
|
Registered Office : |
8th Floor, Tower A, Urmi Estate, 95, Ganpatrao Kadam Marg,
Lower Parel (West), Mumbai – 400013, Maharashtra, India |
|
Tel. No.: |
91-22-66562000 |
|
Fax No.: |
91-22-66562009 |
|
E-Mail : |
DIRECTORS
As on 30.06.2012
|
Name : |
Mr. Rajiv Duggal |
|
Designation : |
Managing Director |
|
Address : |
M-45, Grater Kailash Part – 2, New Delhi – 110048, India |
|
Date of Birth/Age : |
03.12.1965 |
|
Date of Appointment : |
01.05.2011 |
|
DIN No.: |
03534150 |
|
|
|
|
Name : |
Mr. Zubin Jal Karkaria |
|
Designation : |
Director |
|
Address : |
33 ST Thomas Walk, # 10-06, Singapore - 238113 |
|
Date of Birth/Age : |
21.05.1968 |
|
Date of Appointment : |
25.04.2005 |
|
DIN No.: |
00397088 |
|
|
|
|
Name : |
Stefan Roland Leser |
|
Designation : |
Director |
|
Address : |
Schweigwiesstrasse 1C, Feusisberg, Switzerland - 8835 |
|
Date of Birth/Age : |
16.02.1967 |
|
Date of Appointment : |
01.01.2010 |
|
DIN No.: |
02848523 |
|
|
|
|
Name : |
Mr. Peter Meier |
|
Designation : |
Director |
|
Address : |
Helmweg 22, Winterthur, Switzerland - 8405 |
|
Date of Birth/Age : |
20.05.1965 |
|
Date of Appointment : |
01.03.2011 |
|
DIN No.: |
03422012 |
|
|
|
|
Name : |
Rolf Edwin Schafroth |
|
Designation : |
Director |
|
Address : |
Sonnhalde 23 Gachnang, Switzerland - 8547 |
|
Date of Birth/Age : |
14.06.1965 |
|
Date of Appointment : |
15.04.2010 |
|
DIN No.: |
03018976 |
|
|
|
|
Name : |
Mr. Rajeev Gopal Wagle |
|
Designation : |
Managing Director |
|
Address : |
601, Pearl Heights, Eights, Eighth Road, TPS III, Khar West, Mumbai –
400052, Maharashtra, India |
|
Date of Birth/Age : |
16.11.1960 |
|
Date of Appointment : |
07.08.2012 |
|
DIN No.: |
00396962 |
KEY EXECUTIVES
|
Name : |
Mr. Vikash Lalani |
|
Designation : |
Secretary |
|
Address : |
B-701, Pratap House, shivaji Nagar, Shivaji Nagar, Vakola, Santacruz
(East), Mumbai – 400055, Maharashtra, India |
|
Date of Birth/Age : |
17.04.1988 |
|
Date of Appointment : |
01.02.2012 |
|
PAN No.: |
ADLPL5533B |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2012
|
Names of Shareholders |
|
No. of Shares |
|
Kuoni Asian Investment (Mauritius) Limited, Mauritius |
|
8306580 |
|
Kuoni Travel Holding Limited, Switzerland |
|
43420 |
|
Total |
|
8350000 |
Equity Share Break up (Percentage of Total Equity)
As on 30.06.2012
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Travel Agents and Tour operators and providing other travel related
services. |
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
||||||||||||
|
|
|
||||||||||||
|
Bankers : |
Deutsche Bank Ag, Hazarimal Somani AMrg, Fort, Mumbai – 400001,
Maharashtra, India |
||||||||||||
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|
||||||||||||
|
Facilities : |
|
|
|
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|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
BSR and Company Chartered Accountants |
|
Address : |
Lodha Excelus, 1st Floor, Apollo, Mills Compound, N M Joshi Marg,
Mahalaxmi, Mumbai – 400011, Maharashtra, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AAAFB9852F |
|
|
|
|
Holding Company: |
Kuoni Asian Investments (Mauritius) Limited, Mauritius (holds 99.48%
of the equity share capital as at 31 December 2011) |
|
|
|
|
Ultimate Holding
Company: |
Kuoni Travel Holding Limited, Zurich (holds 0.52% of the equity share capital
as at 31 December 2011) |
|
|
|
|
Wholly owned
subsidiary companies: |
CIN: U74899MH1994FTC213883
CIN: U55101MH2001PTC131692
CIN: U63040MH2001PTC131695
CIN: U55101MH2001PTC131696
CIN: U55109MH2001PTC131690
CIN: U55101MH2001PTC131694
CIN: U63040MH2001PTC131693
CIN: U63040MH2001PTC131691 |
|
|
|
|
Subsidiary
companies of Kuoni South Asia and Middle East - FZ - LLC as at 31 December
2011 ('the Step Down
Subsidiaries') : |
|
|
|
|
|
Other subsidiary
companies of Kuoni Travel (India) Private Limited as at 31December 2011"
SITA World Travel (Nepal) Private Limited (63.32% of the equity shares are
held by the Company): |
|
|
|
|
|
Fellow Subsidiaries with whom transactions have taken place during the
year: |
|
CAPITAL STRUCTURE
As on 31.12.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs. 150.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8350000 |
Equity Shares |
Rs.10/- each |
Rs. 83.500
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
83.500 |
83.500 |
83.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.00 |
|
|
3] Reserves & Surplus |
892.027 |
855.140 |
717.385 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
975.527 |
938.640 |
800.885 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2.555 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
2.555 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
978.082 |
938.640 |
800.885 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
165.813 |
166.062 |
207.393 |
|
|
Capital work-in-progress |
12.408 |
0.789 |
4.779 |
|
|
|
|
|
|
|
|
INVESTMENT |
241.607 |
251.607 |
250.946 |
|
|
DEFERREX TAX ASSETS |
94.380 |
79.141 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000
|
0.000
|
|
|
Sundry Debtors |
515.286
|
384.899
|
258.793
|
|
|
Cash & Bank Balances |
716.319
|
869.968
|
699.014
|
|
|
Other Current Assets |
0.004
|
0.004
|
0.001
|
|
|
Loans & Advances |
1739.087
|
1434.481
|
1112.674
|
|
Total
Current Assets |
2970.696
|
2689.352
|
2070.482
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1884.418
|
1714.680
|
1327.196
|
|
|
Other Current Liabilities |
595.940
|
516.310
|
388.045
|
|
|
Provisions |
26.464
|
17.321
|
17.474
|
|
Total
Current Liabilities |
2506.822
|
2248.311
|
1732.715
|
|
|
Net Current Assets |
463.874
|
441.041
|
337.767
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
978.082 |
938.640 |
800.885 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales and Services |
1447.990 |
1370.570 |
1348.590 |
|
|
|
Other Income |
246.260 |
198.470 |
262.110 |
|
|
|
TOTAL |
1694.250 |
1569.040 |
1610.700 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
1640.670 |
1442.930 |
1394.040 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
53.580 |
126.110 |
216.660 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
16.69 |
11.64 |
21.470 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
36.890 |
137.750 |
195.190 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
631.570 |
493.820 |
298.630 |
|
|
|
|
|
|
|
|
|
|
BALANCE
CARRIED TO THE B/S |
NA |
631.570 |
493.820 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4.42 |
16.50 |
23.38 |
|
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%20PRIVATE%20LIMITED%20-%20230791%2023-Aug-2013_files/image002.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
PAT / Total Income |
(%) |
2.18
|
8.78 |
12.12 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.70
|
9.20 |
16.07 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.80
|
4.69 |
10.46 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05
|
0.13 |
0.27 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.19
|
1.20 |
1.19 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
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
(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 |
No |
|
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 |
INDEX
OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10087058 |
15/07/2011 * |
680,000,000.00 |
DEUTSCHE BANK AG
|
HAZARIMAL SOMANI
MARG, FORT, MUMBAI, MAHARASHTRA |
B16713802 |
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.65.42 |
|
|
1 |
Rs.102.09 |
|
Euro |
1 |
Rs.87.31 |
INFORMATION DETAILS
|
Information Gathered
by : |
NAY |
|
|
|
|
Report Prepared
by : |
KVT |
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 |
5 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
45 |
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.