MIRA INFORM REPORT

Report Date :

25.11.2014

IDENTIFICATION DETAILS

Name :	CATAI INDIA PRIVATE LIMITED
Registered Office :	2/22 E, Second Floor, Jhandewalan, New Delhi - 110055
Country :	India
Financials (as on) :	31.12.2013
Date of Incorporation :	15.05.2007
Com. Reg. No.:	55-163444
Capital Investment / Paid-up Capital :	Rs.3.015 Millions
CIN No.: [Company Identification No.]	U63040DL2007FTC163444
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Providing Tour Operating services.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ca (11)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. There are accumulated losses recorded by the company which has eroded net worth of the company. Business is active. Payment terms are slow. The company can be considered for business dealing on a safe and secured 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 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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 31-03-2014.

INFORMATION DECLINED BY

Name :	Mr. Mustaque Ali
Designation :	Account Manager
Contact No.:	91-11-4350512
Date :	24.11.2014

LOCATIONS

Registered Office :	2/22 E, Second Floor, Jhandewalan, New Delhi – 110055, India
Tel. No.:	91-11-43505120 to 123
Fax No.:	91-11-43501550
E-Mail :	mustaque@catai.co.in operations@catai.co.in
Website:	www.cataiindia.com

DIRECTORS

As on 30.06.2014

Name :	Mr. Mustaque Ali
Designation :	Director
Address :	P 47/1, Gali No. 18, Berham Puri New Delhi – 110053, India
Date of Birth/Age :	16.06.1974
Date of Appointment :	05.03.2014
Name :	Mr. Bal Kishan Arora
Designation :	Director
Address :	D-68, Lajpat Nagar – 1 , New Delhi – 110024, India
Date of Birth/Age :	17.09.1965
Date of Appointment :	06.06.2007
DIN No.:	01758697
Name :	Mr. Pierre Joseph Pontico
Designation :	C/Juan Ramon Jimenez N 2, Piso 13, Letra I, Madrid 28036, Spain
Address :	20.02.1943
Date of Birth/Age :	20.02.1943
Date of Appointment :	15.05.2007
DIN No.:	01684964

KEY EXECUTIVES

Name :	Mr. Mustaque Ali
Designation :	Account Manager
Name :	Mr. Avanish K. Srivastava
Designation :	Sales Executive (Delhi)
Name :	Mr. Debashis Day
Designation :	Sales Executive (Calcutta)
Name :	Mr. Henry D Rajan
Designation :	Sales Executive (Bangalore)
Name :	Ms. Akanksha Gautam
Designation :	Roomleader Help Desk
Name :	Mr. Alok Jain
Designation :	Facilitation Executive
Name :	Mr. Amitabh Dasgupta
Designation :	Deputy Manager Accounts
Name :	Mr. Ankit Rawat
Designation :	Office Assistant
Name :	Ms. Astha Mishra
Designation :	Senior Executive Operations
Name :	Ms. Mansi Tripathi
Designation :	Senior Executive Operations
Name :	Ms. Gunjan Chadha
Designation :	Deputy Manager Inbound
Name :	Mr. Hemant Gurjar
Designation :	Assistant Manager Inbound
Name :	Mr. Neeraj Kumar
Designation :	Executive Accounts
Name :	Mr. Anshum Anand
Designation :	Regional Manager OBT
Name :	Mr. Pankaj Kumar
Designation :	Assistant Manager Inbound
Name :	Ms. Preeti Srivastava
Designation :	Assistant Manager Inbound
Name :	Mr. Vinod Kumar
Designation :	Office Assistant
Name :	Mr. Vishwanath Kumar
Designation :	Web Designer/IT Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.06.2014

Names of Shareholders	No. of Shares
Viajes Catai S.A, Spain	301490
Sherezade Inversiones	1
Total	301491

Equity Share Break up (Percentage of Total Equity)

As on 30.06.2014

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 :	Providing Tour Operating services.
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

Information declined by the management

Bankers :

Bank Name	Not Divulged
Branch	Not Divulged
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

--

Banking Relations :	--
Auditors :
Name :	T.R.Chadha and Company Chartered Accountants
Address :	B-30, Kuthalia Building, Connaught Place, New Delhi – 110001, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFT1655Q
Memberships :	Not Available
Collaborators :	Not Available
Holding Company:	Viajes Catai S.A

CAPITAL STRUCTURE

As on 31.12.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
310000	Equity Shares	Rs.10/- each	Rs.3.1000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
301491	Equity Shares	Rs.10/- each	Rs. 3.015 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.12.2013	31.12.2012	31.12.2011
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	3.015	3.015	3.015
(b) Reserves & Surplus	(15.583)	(13.658)	(8.746)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	(12.568)	(10.643)	(5.731)
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	1.102	0.915	0.590
Total Non-current Liabilities (3)	1.102	0.915	0.590
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	19.852	22.155	23.976
(c) Other current liabilities	9.320	3.767	2.326
(d) Short-term provisions	0.517	0.456	0.414
Total Current Liabilities (4)	29.689	26.378	26.716
TOTAL	18.223	16.650	21.575
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.864	1.015	0.694
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1.157	0.954	0.999
(e) Other Non-current assets	0.204	0.920	0.850
Total Non-Current Assets	2.225	2.889	2.543
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	10.014	7.622	10.215
(d) Cash and cash equivalents	2.603	1.861	5.418
(e) Short-term loans and advances	3.381	4.278	3.399
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	15.998	13.761	19.032
TOTAL	18.223	16.650	21.575

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.12.2013	31.12.2012	31.12.2011
	SALES
	Income	155.816	161.408
	Other Income	0.252	0.298
	TOTAL (A)	156.068	161.706	NA
Less	EXPENSES
	Operating Cost	135.796	142.931
	Employees benefits expense	11.234	10.985
	Other expenses	10.651	12.358
	TOTAL (B)	157.681	166.274	NA
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	(1.613)	(4.568)	(5.347)
Less/ Add	DEPRECIATION/ AMORTISATION (F)	0.311	0.344	0.280
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	(1.924)	(4.912)	(5.627)
Less	TAX (I)	0.000	0.000	0.348
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	(1.924)	(4.912)	(5.975)
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	(13.654)	(8.746)	(2.771)
	Balance Carried to the B/S	(15.583)	(13.658)	(8.746)
	Earnings / (Loss) Per Share (Rs.)	(6.38)	(16.29)	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin PAT/ Sales	(%)	(1.23)	(3.04)	NA
Return on Total Assets (PBT/Total Assets}	(%)	(10.56)	(29.50)	(26.08)
Return on Investment (ROI) (PBT/Networth)		0.15	0.46	0.98
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		0.54	0.52	0.71

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.12.2011	31.12.2012	31.12.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	3.015	3.015	3.015
Reserves & Surplus	(8.746)	(13.658)	(15.583)
Net worth	(5.731)	(10.643)	(12.568)
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.12.2011	31.12.2012	31.12.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	0.000	161.408	155.816
			(3.465)

NET PROFIT MARGIN

Net Profit Margin	31.12.2011	31.12.2012	31.12.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	0.000	161.408	155.816
Profit	(5.975)	(4.912)	(1.924)
		(3.04%)	(1.23%)

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	Yes
10]	Designation of contact person	Yes
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	No
24]	Banking facility details	No
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

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

BACKGROUND AND OPERATIONS

Subject is a company incorporated in India on May, 15 2007. The company is primary engaged in Providing Tour Operating services from India to outside India and vice versa Subject belongs to the group Catai Tours, leader tour-operator in Spain in exotic destinations.

CONTINGENT LIABILITIES:

(Rs. in millions)

PARTICULARS	31.12.2013
Hotels	1.200
HDFC Bank for using credit card machine	0.601
Total	1.801

FIXED ASSETS

Tangible Assets

· Office Equipment

· Furniture and Fixtures

· Computer

Intangible Assets

· Computer Software

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.61.78
UK Pound	1	Rs.96.78
Euro	1	Rs.76.59

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	SUM
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	1
OPERATING SCALE	1~10	1
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	1
--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		11

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.