|
Report Date : |
21.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
SWAGATAM TOURS PRIVATE LIMITED (w.e.f 26.09.2007) |
|
|
|
|
Formerly Known
As : |
SWAGATAM TOURS LIMITED (w.e.f 06.03.2007) SWAGATAM |
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|
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|
Registered
Office : |
203, Swagatam Chamber, 23-A Shivaji Marg, Najafgarh Road, Moti Nagar,
New Delhi – 110015 |
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|
Country : |
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|
|
Financials (as
on) : |
31.03.2012 |
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|
|
|
Date of
Incorporation : |
02.06.1987 |
|
|
|
|
Com. Reg. No.: |
55-028165 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.4.688
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U63040DL1987PTC028165 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELS02676C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACS9925P |
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|
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Legal Form : |
Private Limited Liability Company |
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|
|
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Line of Business
: |
The Company is engaged in In-bound Tour services. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 250000 |
|
|
|
|
Status : |
Moderate |
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|
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a moderate track record. Profitability
of the company appears to be low. However, trade relations are reported as
fair. Business is active. Payments are reported to be slow but correct. 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.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
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
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.
LOCATIONS
|
Registered Office : |
203, Swagatam Chamber, 23-A Shivaji Marg, Najafgarh Road, Moti Nagar,
New Delhi – 110015, India |
|
Tel. No.: |
91-11-25444000/25444009 |
|
Fax No.: |
91-11-25444010/25444011 |
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E-Mail : |
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Website : |
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Branch Office : |
Located at:
|
DIRECTORS
As on: 28.09.2012
|
Name : |
Mr. Pronab Kumar Sarkar |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Managing director |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Address : |
D-281, Sushant Lok, Phase-I, Gurgaon - 122002, |
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Date of Birth/Age : |
20.04.1955 |
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Date of Appointment : |
02.06.1987 |
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DIN No.: |
00903908 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Other Directorship :
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|
Name : |
Mr. Achal kumar kochar |
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|
Designation : |
Director |
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|
Address : |
2/49, |
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|
Date of Birth/Age : |
08.08.1957 |
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Date of Appointment : |
01.07.1987 |
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DIN No.: |
01419400 |
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Other Directorship :
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|
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Name : |
Mr. Mullurkara Venkataraman Hariharan |
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Designation : |
Director |
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Address : |
D-280, Sushant Lok, Phase-I, Gurgaon - 122002, |
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Date of Birth/Age : |
12.11.1955 |
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Date of Appointment : |
02.08.1987 |
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DIN No.: |
00899221 |
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Other Directorship :
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|
Name : |
Mr. Ranganathan Parthiban |
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Designation : |
Director |
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Address : |
B-318, Sushant Lok, Phase-I, Gurgaon - 122002, |
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Date of Birth/Age : |
04.02.1959 |
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Date of Appointment : |
02.06.1987 |
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DIN No.: |
00903942 |
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Other Directorship :
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|
Name : |
Mr. Shailendra Kumar |
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|
Designation : |
Director |
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Address : |
2/12, Anand Nagar,, Santacruz E, Mumbai, 400055, |
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Date of Birth/Age : |
23.06.1954 |
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Date of Appointment : |
02.06.1987 |
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DIN No.: |
01470629 |
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Other Directorship :
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MAJOR SHAREHOLDERS
As on: 28.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Pronab K Sarkar |
|
9405 |
|
M V Hariharan |
|
9405 |
|
Ranganathan Parthiban |
|
9190 |
|
Achal Kumar Kochar |
|
9190 |
|
Shailendra Kumar |
|
9190 |
|
Gouri Sarkar |
|
100 |
|
Kala Hariharan |
|
100 |
|
Devika Parthiban |
|
100 |
|
Sudha Kochar |
|
100 |
|
Aruna S. Kumar |
|
100 |
|
Total |
|
46880 |
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is engaged in In-bound Tour services. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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|
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Bankers : |
Not Available |
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|
|||||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Sharma Goel and Company Chartered Accountants |
|
Address : |
A-47, Lower Ground Floor, Hauz Khas, New Delhi - 110016, India |
|
PAN No.: |
AABFS1604B |
|
|
|
|
Statutory auditors
: |
|
|
Name : |
D. Verma and Associates Company
Secretaries |
|
Address : |
N-226, LGF, Greater Kailash-I, New Delhi-110048, |
|
|
|
|
Associated
Enterprises : |
· Swagatam Travels Private Limited · Sunshine Tourism Services Private Limited · Swagatam Resorts and Hotels Private Limited |
CAPITAL STRUCTURE
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
75000 |
Equity Shares |
Rs.100/- each |
Rs.7.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
46880 |
Equity Shares |
Rs.100/-
each |
Rs.4.688
Millions |
|
|
|
|
|
The Reconciliation of
number of shares outstanding and amount of capital is set out below:
(Rs. In Millions)
|
Equity Shares |
|
As at 31st March, 2012 |
|
|
|
|
|
Particulars |
No. of Shares |
Amount |
|
Equity Shares at the beginning of the year |
46,880 |
4.688 |
|
Add: Equity Shares issued during the year |
-- |
-- |
|
Equity Shares at
the end of the year |
46,880 |
4.688 |
The company has only one
class of Equity shares having a par value of Rs.10 per share. The holders of
equity shares are entitled to receive dividends and are entitled to one vote
per share. In the event of liquidation. Equity shareholders will be entitled to
receive remaining assets of the Company, after distribution of all preferential
amounts in proportion to the number of shares held to the total equity shares
outstanding as on that date.
The Details of
shareholders holding more than 5% shares:
|
Equity Shares |
|
As at |
|
|
|
31st March, 2012 |
|
Name of Shareholder |
No. of Shares |
% Held |
|
PRONAB KUMAR SARKAR |
9,405 |
20.06 |
|
ACHAL KUMAR KOCHAR |
9,190 |
19.60 |
|
MUUURKARA VENKATARAMAN HARIHARAN |
9,405 |
20.06 |
|
PARTHIBAN RANGANATHAN |
9,190 |
19.60 |
|
SHAIIENDRA KUMAR |
9,190 |
19.60 |
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 |
4.688 |
4.688 |
4.688 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
59.113 |
58.805 |
58.633 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
63.801 |
63.493 |
63.321 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
3.662 |
10.476 |
6.452 |
|
|
2] Unsecured Loans |
0.000 |
1.891 |
0.000 |
|
|
TOTAL BORROWING |
3.662 |
12.367 |
6.452 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.0000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
67.463 |
75.860 |
69.773 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
24.280 |
29.996 |
33.337 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.004 |
0.004 |
0.004 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
44.507
|
34.848 |
40.097 |
|
|
Cash & Bank Balances |
54.832
|
59.490 |
50.226 |
|
|
Other Current Assets |
2.078
|
1.008 |
1.694 |
|
|
Loans & Advances |
16.987
|
19.473 |
17.450 |
|
Total
Current Assets |
118.404
|
114.819 |
109.467 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
58.090
|
49.046 |
51.772 |
|
|
Other Current Liabilities |
17.135
|
19.913 |
16.253 |
|
|
Provisions |
0.000
|
0.000 |
5.010 |
|
Total
Current Liabilities |
75.225
|
68.959 |
73.035 |
|
|
Net Current Assets |
43.179
|
45.860 |
36.432 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
67.463 |
75.860 |
69.773 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
83.334 |
82.861 |
84.102 |
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
83.334 |
82.861 |
84.102 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
83.026 |
82.689 |
80.731 |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
83.026 |
82.689 |
80.731 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
0.308 |
0.172 |
3.371 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.831 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
0.308 |
0.172 |
2.540 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
19.251 |
19.079 |
16.539 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
19.559 |
19.251 |
19.079 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
369.670 |
351.255 |
336.051 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
6.57 |
3.67 |
54.19 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
0.37
|
0.21 |
3.02 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.22
|
0.12 |
1.78 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.00
|
0.00 |
0.04 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.06
|
0.19 |
0.10 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.57
|
1.67 |
1.50 |
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 |
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 |
Note:
The registered office of the company has been shifted from
401, Keltorn Chambers, 18/7, Arya Samaj Road, Karol Bagh, New Delhi - 110005
India to
present address w.e.f. 15.05.2007
BACKGROUND:
Swagatam Tours Private Limited which was originally incorporated on 2nd June, 1987 under companies Act, 1956 as Swagatam Tours Limited and was a deemed public company and upon an application made for conversion into Private company under section 31(1) of the companies act, 1956 and approval of Central Government dated 26th September, 2007, the name of the said company has been changed to Swagatam Tours Private Limited. The Company is engaged in In-bound Tour services.
UNSECURED LOAN:
|
Particulars |
As
on 31.03.2012 |
As
on 31.03.2011 |
|
SHORT TERM
BORROWINGS |
|
|
|
Asia Pacific Holidays Private Limited |
0.000 |
1.200 |
|
Loan From Director |
0.000 |
0.691 |
|
Total |
0.000 |
1.891 |
CONTINGENT
LIABILITIES
a) Claims against company not acknowledged as debts: Rs. NIL.
b) Other Contingent Liabilities:
i) Counter Guarantees given against Bank Guarantees issued by Bank is Rs. 1.600 Millions (P.Y. Rs. 1.600 Millions).
ii) Contingent liability not provided for Service Tax (including Penalty) - Rs.2.767 Millions (under dispute)
c) Capital & Other Commitments: Rs. NIL
Estimated amounts of contracts remaining to be executed on capital account and not provided for (Net of Advances) NIL (P.Y. NIL).
FIXED ASSETS:
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 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.54.05 |
|
|
1 |
Rs.83.45 |
|
Euro |
1 |
Rs.72.54 |
INFORMATION DETAILS
|
Report Prepared
by : |
RAJ |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
30 |
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.