MIRA INFORM REPORT
|
Report Date : |
04.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
CLEARTRIP PRIVATE LIMITED (w.e.f. 28.06.2012) |
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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) : |
31.03.2012 |
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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. 1384.878 Millions |
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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 (27) |
|
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 1200000 |
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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 a subsidiary of “CLEARTRIP INC (Mauritius)”. It is an established
company having a moderate track record. There appears huge accumulated losses
recorded by the company. However, the company get strong support from its holding company.
There appears no external borrowing. Trade relations are reported to be 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.
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 (91-22-40554000)
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: 21.09.2012
|
Name : |
Mr. Stuart Richard Nairn Crighton |
|
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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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. Mohanjit Singh Jolly |
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Designation : |
Director |
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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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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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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 |
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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
As on: 21.09.2012
|
Names of Shareholders |
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No. of Shares |
|
Cleartrip INC, |
|
1 |
|
Cleartrip INC, |
|
168685652 |
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Total |
|
168685653 |
As on: 26.03.2013
|
Names of Allottee |
|
No. of Shares
Allotted |
|
Cleartrip INC, Mauritius |
|
3677000 |
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Total |
|
3677000 |
Equity Share Break up (Percentage of Total Equity)
As on: 21.09.2012
|
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 |
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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. |
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Products / Services : |
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GENERAL INFORMATION
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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 : |
-- |
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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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PAN No.: |
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: 21.09.2012
Authorised Capital : Rs.2000.000 Millions
Issued, Subscribed & Paid-up Capital : Rs.1784.293 Millions
As on: 21.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
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|
200000000 |
Equity Shares |
Rs.10/- each |
Rs.2000.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
168685653 |
Equity Shares |
Rs.10/- each |
Rs.1686.856
Millions |
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As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
140000000 |
Equity Shares |
Rs.10/- each |
Rs.1400.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
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|
138487820 |
Equity Shares |
Rs.10/- each |
Rs.1384.878 Millions |
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Reconciliation
between shares at the beginning and at the end of the year
|
Particular |
Number |
Rs. In Millions |
|
At the commencement of the year |
124079520 |
1240.795 |
|
Shares issued during the year |
14408300 |
144.083 |
|
At the end of the year |
138487820 |
1384878 |
Particulars of
shareholders holding more than 5% shares of a class of shares
|
Name of the
shareholder |
No. of shares |
% held |
|
ClearTrip, Inc. (Mauritius), Mauritius |
138487819 |
99.99% |
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Rights attached to
equity shares
The Company has a single class of equity shares. Accordingly, all equity shares rank equally with regard to dividends and share in the Company’s residual assets. The equity shares are entitled to receive dividend as declared from time to time. The voting rights of an equity shareholder on a poll (not on show of hands) are in proportion to its share of the paid-up equity capital of the Company. Voting rights cannot be exercised in respect of shares on which any call or other sums presently payable have not been paid.
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 |
1384.878 |
1240.795 |
1240.795 |
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|
2] Share Application Money |
254.173 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
16.348 |
|
|
4] (Accumulated Losses) |
(1336.472) |
(1081.216) |
(789.487) |
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NETWORTH |
302.579 |
159.579 |
467.656 |
|
|
LOAN FUNDS |
|
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1] Secured Loans |
0.000 |
308.599 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
308.599 |
0.000 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
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|
|
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TOTAL |
302.579 |
468.178 |
467.656 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
170.747 |
137.452 |
90.307 |
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Capital work-in-progress |
0.242 |
7.025 |
12.944 |
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INVESTMENT |
0.000 |
0.000 |
47.000 |
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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 |
91.854
|
120.982 |
46.309 |
|
|
Cash & Bank Balances |
171.270
|
326.613 |
309.451 |
|
|
Other Current Assets |
0.263
|
0.428 |
0.000 |
|
|
Loans & Advances |
575.155
|
309.982 |
227.216 |
|
Total
Current Assets |
838.542
|
758.005 |
582.976 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
427.155
|
350.057 |
251.810
|
|
|
Other Current Liabilities |
263.828
|
77.945 |
8.656 |
|
|
Provisions |
15.969
|
6.302 |
5.105 |
|
Total
Current Liabilities |
706.952
|
434.304 |
265.571 |
|
|
Net Current Assets |
131.590
|
323.701 |
317.405 |
|
|
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|
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|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
|
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TOTAL |
302.579 |
468.178 |
467.656 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income (Revenue for Commission and others) |
|
864.800 |
511.410 |
|
|
|
Other Income |
|
65.960 |
38.310 |
|
|
|
Less: Discount |
|
158.930 |
23.640 |
|
|
|
TOTAL (GROSS REVENUE) (A) |
|
771.830 |
526.080 |
|
|
|
|
|
|
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|
Less |
EXPENSES |
|
|
|
|
|
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|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
1100.350 |
433.880 |
|
|
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Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
|
1100.350 |
433.880 |
|
|
|
|
|
|
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|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
NA |
(328.520) |
92.200 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
9.260 |
0.330 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
(337.780) |
91.870 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
56.550 |
31.120 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
|
(394.330) |
60.750 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(512.699) |
(394.330) |
60.750 |
|
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(1183.820) |
(789.490) |
(850.240) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
(1183.820) |
(789.490) |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(3.70) |
(3.17) |
0.49 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
NA
|
(51.09) |
11.55 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
(45.60) |
11.88 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
(44.04) |
9.02 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
(2.47) |
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00
|
1.93 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.19
|
1.75 |
2.20 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
|
Particulars |
31.03.2012 (Rs. in millions) |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
|
|
|
|
|
|
Sundry Creditors |
427.155
|
350.057 |
251.810
|
|
Total |
427.155
|
350.057 |
251.810
|
|
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 two 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 |
BACKGROUND
The Company was incorporated as a private limited company on 12 May 2005. The Company is an online travel management company 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 9,999 equity shares of the face value of Rs 10 each to ClearTrip, Inc. (Mauritius), Mauritius and 1 share to ClearTrip Inc. Cayman Islands. Consequently, the Company became a wholly owned subsidiary of ClearTrip, Inc. (Mauritius), Mauritius.
Post year end the company has changed the name from Cleartrip Travel Services Private Limited to Cleartrip Private Limited with effect from 28 June 2012.
CONTINGENT LIABILITIES
|
Particulars |
31.03.2012 (Rs. in millions) |
31.03.2011 (Rs. in millions) |
|
Claims against
the company not acknowledged as debts |
0.713 |
1.185 |
|
Bank guarantees |
2.625 |
2.625 |
|
Total |
3.338 |
3.810 |
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 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.56.57 |
|
|
1 |
Rs.86.15 |
|
Euro |
1 |
Rs.73.64 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
RAJ / NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
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 |
3 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
27 |
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.