MIRA INFORM REPORT

Report Date :

11.01.2013

IDENTIFICATION DETAILS

Name :	INDEBO (INDIA) PRIVATE LIMITED
Registered Office :	116-117, Aurobindo Place, Hauz Khas, New Delhi - 110016
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	27.12.1979
Com. Reg. No.:	55-010098
Capital Investment / Paid-up Capital :	Rs. 0.500 Million
CIN No.: [Company Identification No.]	U74899DL1979PTC010098
PAN No.: [Permanent Account No.]	AAACI2525B
Legal Form :	Private Limited Liability Company
Line of Business :	The company is engaged in offering various types of India Tour Packages and providing Visa, Foreign Exchange and travel Insurance Services.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 365000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. There appears some dip in the profitability of the company. However, networth of the company is good. 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 – 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.

INFORMATION PARTED BY

Name :	Ms. Supriya
Designation :	Manager
Contact No.:	91-11-47165500
Date :	05.01.2013

LOCATIONS

Registered Office :	116-117, Aurobindo Place, Hauz Khas, New Delhi – 110016, India
Tel. No.:	91-11-47165500/ 26861722
Mobile No.:	91-9871896829 (Mr. Rajesh Kumar)
Fax No.:	91-11-47165550/ 26862122
E-Mail :	sbasanjay@rediffmail.com accounts@indebo.com india@indebo.com
Website :	www.indebo.com
Office for Conferences and Meetings :	113, Aurobindo Place, Hauz Khas, New Delhi – 110016, India
Tel. No.:	91-11-47165500
Fax No.:	91-11-47165550
Branch Office :	Puthumala P.O., Adoor, Kerala, India
Mobile No.:	91-9447594516 (Mr. Jaya Prakash)
Representative office in Germany :	Roomservice deluxe Tina Leuthold Tel No.: 49-30-881 3774 Fax No.: 49-30-881 3739 Email: tl@roomservice-deluxe.com Brandenburgische str. 25 10707 Berlin – Germany Oliver Greifenstein Email: og@roomservice-deluxe.com Mobile No.: 49-177-781 3774 Kasernen Strasse 55 40213 Düsseldorf – Germany
Representative office in Spain :	Camino de Manzanares 42 – Casa 43 28240 Hoyo de Manzanares – Madrid – España Mobile No.: 34 650 840 241
Representative office in the US :	Carole Herdegen cherdegen@hotmail.com carole@indebo.com 888 5 India 1 (Tel No.: 888 5 46342 1)

DIRECTORS

AS ON 28.09.2012

Name :

Mr. Ravi Natesa Ramaswamy

Designation :

Managing Director

Address :

D-107 Saket, New Delhi - 110017, India

Date of Birth/Age :

14.10.1957

Date of Appointment :

30.05.2011

DIN No.:

00541786

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U74899DL1979PTC010098	INDEBO (INDIA) PRIVATE LIMITED	Managing director	30/05/2011	19/07/1985	Active	NO
2	U74899DL1988PTC030490	INDEBO TRAVELS PRIVATE LIMITED	Managing director	30/05/2011	01/04/1992	Active	NO

Name :

Mr. Natesa Ramaswamy

Designation :

Managing Director

Address :

D-107 Saket, New Delhi - 110017, India

Date of Birth/Age :

28.09.1924

Date of Appointment :

30.05.2011

DIN No.:

03543206

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U74899DL1988PTC030490	INDEBO TRAVELS PRIVATE LIMITED	Managing director	30/05/2011	30/05/2011	Active	NO
2	U22110DL2005PTC139733	SCHOLARS WITHOUT BORDERS BOOK COMPANY PRIVATE LIMITED	Managing director	30/05/2011	30/05/2011	Active	NO
3	U74899DL1979PTC010098	INDEBO (INDIA) PRIVATE LIMITED	Managing director	30/05/2011	30/05/2011	Active	NO

Name :

Mr. Ramakrishna Ramaswamy

Designation :

Director

Address :

D-107 Saket, New Delhi - 110017, India

Date of Birth/Age :

14.10.1953

Date of Appointment :

19.07.1985

DIN No.:

00541814

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1979PTC010098	INDEBO (INDIA) PRIVATE LIMITED	Director	19/07/1985	19/07/1985	-	Active	NO
2	U74899DL1988PTC030490	INDEBO TRAVELS PRIVATE LIMITED	Director	01/04/1992	01/04/1992	-	Active	NO
3	U22110DL2005PTC139733	SCHOLARS WITHOUT BORDERS BOOK COMPANY PRIVATE LIMITED	Director	18/08/2005	18/08/2005	30/05/2011	Active	NO
4	U73100AP2003NPL042023	DR.REDDY'S INSTITUTE OF LIFE SCIENCES	Director	29/09/2011	06/06/2011	-	Active	NO

Name :

Malathi Ramaswamy

Designation :

Director

Address :

D-107 Saket, New Delhi - 110017, India

Date of Birth/Age :

28.04.1935

Date of Appointment :

27.12.1979

DIN No.:

00541757

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U74899DL1979PTC010098	INDEBO (INDIA) PRIVATE LIMITED	Director	27/12/1979	27/12/1979	Active	NO
2	U74899DL1988PTC030490	INDEBO TRAVELS PRIVATE LIMITED	Director	03/02/1988	03/02/1988	Active	NO
3	U63040DL1997PTC088560	YAK AND YETI TRAVELS INDIA PRIVATE LIMITED	Director	15/07/1997	15/07/1997	Strike off	NO

Name :

Mrs. Nandini Ramaswamy

Designation :

Director

Address :

D-107 Saket, New Delhi - 110017, India

Date of Birth/Age :

10.07.1963

Date of Appointment :

27.06.2003

DIN No.:

00541865

KEY EXECUTIVES

Name :	Ms. Supriya
Designation :	Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2012

Names of Shareholders	No. of Shares
Natesa Ramaswamy	3289
Malathi Ramaswamy	10
Ravi Ramaswamy	2500
Kalpakami Balasubramanium	1
Total	5800

AS ON 28.09.2012

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	The company is engaged in offering various types of India Tour Packages and providing Visa, Foreign Exchange and travel Insurance Services.
Terms :
Selling :	Cash and Credit (30 Days)
Purchasing :	Cash and Credit (30 Days)

GENERAL INFORMATION

Customers :

Retailers and Others

No. of Employees :

50 (Approximately)

Bankers :

Ø HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400040, Maharashtra, India (Tel No.: 91-22-66521308 (D)/ 66521000 (B), Fax No.: 91-22-24903168)

Ø Indian Bank, Aurobindo Place, Hauz Khas, New Delhi – 110016, India

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Indian Bank (Secured against Term Deposit with Bank)	0.000	0.033
HDFC Bank (Secured against Mortgage of Building)	19.102	18.000
Total	19.102	18.033

Banking Relations :	--
Auditors :
Name :	Sood Brij and Associates Chartered Accountants
Address :	C – 72, Basement, South Extension – II, New Delhi – 110049, India
Income-tax PAN of auditor or auditor's firm :	AACFS1960K
Subsidiaries :	Indebo Travels Private Limited [U74899DL1988PTC030490]

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
5000	Equity Shares	Rs. 100/- each	Rs. 0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5000	Equity Shares	Rs. 100/- each	Rs. 0.500 Million

Reconciliation of shares outstanding at the beginning and at the end of reporting period:

Particulars	Equity Shares
	Number	Amount in millions
Shares outstanding at the beginning of the year	5000	0.500
Shares issued during the year	--	--
Shares bought bank during the year	--	--
Shares outstanding at the end of the year	5000	0.500

Details of Shareholders holding more than 5% shares in the company

Name of Shareholders	31.03.2012
	No. of shares held	% of Holding
Lt. Col. N Ramaswami (Retd)	2489	49.78
Col. Ravi Ramaswamy (Retd)	2500	50.00

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		0.500	0.500
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		90.759	87.106
4] (Accumulated Losses)		0.000	0.000
NETWORTH		91.259	87.606
LOAN FUNDS
1] Secured Loans		19.102	18.033
2] Unsecured Loans		10.011	14.211
TOTAL BORROWING		29.113	32.244
DEFERRED TAX LIABILITIES		6.141	4.031
TOTAL		126.513	123.881
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		120.690	124.796
Capital work-in-progress		0.000	0.000
INVESTMENT		16.783	5.570
DEFERRED TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000
	Sundry Debtors	9.811	26.695
	Cash & Bank Balances	15.177	6.514
	Other Current Assets	24.715	21.174
	Loans & Advances	3.560	11.635
Total Current Assets		53.263	66.018
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	30.682	33.940
	Other Current Liabilities	6.104	14.037
	Provisions	27.437	24.526
Total Current Liabilities		64.223	72.503
Net Current Assets		(10.960)	(6.485)
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		126.513	123.881

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011
	SALES
		Income	49.341	44.152
		Other Income	1.971	10.436
		TOTAL (A)	51.312	54.588
Less	EXPENSES
		Employee Benefit Expenses	20.582	20.201
		Other Expenses	9.459	9.052
		TOTAL (B)	30.041	29.253
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		21.271	25.335
Less	FINANCIAL EXPENSES (D)		2.020	1.167
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		19.251	24.168
Less/ Add	DEPRECIATION/ AMORTISATION (F)		7.671	6.679
	PROFIT BEFORE TAX (E-F) (G)		11.580	17.489
Less	TAX (H)		4.440	6.075
	PROFIT AFTER TAX (G-H) (I)		7.140	11.414
	EARNINGS IN FOREIGN CURRENCY
		Earning in foreign currency tours and travels	33.897	33.476
	Earnings Per Share (Rs.)		1428	2283

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011
PAT / Total Income	(%)	13.91	20.91
Net Profit Margin (PBT/Sales)	(%)	23.47	39.61
Return on Total Assets (PBT/Total Assets}	(%)	6.66	9.17
Return on Investment (ROI) (PBT/Networth)		0.13	0.20
Debt Equity Ratio (Total Liability/Networth)		1.02	1.20
Current Ratio (Current Asset/Current Liability)		0.83	0.91

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last two years	Yes
12]	Profitability for last two 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	Yes
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

UNSECURED LOANS

Unsecured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Loans from Directors	10.011	14.211
Total	10.011	14.211

FIXED ASSETS:

Ø Land

Ø Building

Ø Plant and Machinery

Ø Vehicles

Ø Office Equipment

Ø Electrical Fitting

Ø Electronic Equipment

Ø Fax

Ø Air Conditioner

Ø Computer Systems

Ø Generator

Ø Furniture and Fixture

Ø Pager

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 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. 54.63
UK Pound	1	Rs. 87.50
Euro	1	Rs. 71.32

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	7
--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
TOTAL		49

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.