MIRA INFORM REPORT

Report No. :	324961
Report Date :	04.06.2015

IDENTIFICATION DETAILS

Name :	WINGS TRAVELS MANAGEMENT (INDIA) PRIVATE LIMITED
Registered Office :	B-110, GERA Garden, Condominium, Near. Station, Miras College, Koregaon Park, Pune – 411001, Maharashtra
Tel. No.:	91-20-41414141
Country :	India
Financials (as on) :	30.03.2013
Date of Incorporation :	08.10.2008
Com. Reg. No.:	11-132907
Capital Investment / Paid-up Capital :	Rs.5.000 Million
CIN No.: [Company Identification No.]	U74999PN2008PTC132907
TAN No.: [Tax Deduction & Collection Account No.]	PNEW01572E
PAN No.: [Permanent Account No.]	AAACWB244R
Legal Form :	Private Limited Liability Company
Line of Business :	Providing car cabs services, car Rentals services
No. of Employees :	650 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 2500000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company incorporated during the year 2008 engaged in the business of providing travelling services having satisfactory track record. As per ROC the date of balance sheet (i.e, financial filed) is shown as 30.09.2014 but the documents related to the financial for the year 2014 are not available from any sources. As per available financial of March 2013, General financial position of the company seems to be sound. Trade relations are reported as fair. Business is active. Payments terms are reported to be slow but correct. 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

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 31-03-2013.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Navnath
Designation :	Account Department
Contact No.:	91-8600006402
Date :	02.06.2015

LOCATIONS

Registered Office :	B-110, GERA Garden, Condominium, Near. Station, Miras College, Koregaon Park, Pune – 411001, Maharashtra, India
Tel. No.:	91-20-41414141
Mobile No.:	91-8600006402 (Mr. Navnath)
Fax No.:	Not Available
E-Mail :	helpdesk@mycorporatecar.in wings@vsnl.com
Website :	http://www.mycorporatecar.in

DIRECTORS

As on : 30.09.2014

Name :

Mr. Arun Tulsiram Kharat

Designation :

Director

Address :

Flat – 203+202, Cloverdel A Co. Op Soc. S. No. 16, Plot No.: 399, Kawadwadi Koregaon Park, Pune – 411001, Maharashtra, India

Date of Birth/Age :

17.11.1967

Date of Appointment :

20.02.2014

DIN No.:

02334092

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	U74999PN2008PTC132907	WINGS TRAVELS MANAGEMENT (INDIA) PRIVATE LIMITED	Whole-time director	20/02/2014	08/10/2008	-	Active	NO
2	U85100PN2011PTC140465	Lanna Wellness Private Limited	Director	29/09/2012	28/11/2011	-	Active	NO
3	U63090PN2012PTC145077	Hello Wings Travels Private Limited	Director	17/10/2012	17/10/2012	-	Active	NO

Name :

Mrs. Bharati Arun Kharat

Designation :

Director

Address :

Clover Dale Building, Flat No. 202/203, South Main Road, Kavdewadi, Koregaon Park, Pune- 411001, Maharashtra, India

Date of Birth/Age :

31.12.1967

Date of Appointment :

08.10.2008

DIN No.:

02334113

KEY EXECUTIVES

Name :	Mr. Navnath
Designation :	Account Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 30.09.2014

Names of Shareholders	No. of Shares	%age holding
Arun Tulsiram Kharat	250000	50.00
Bharati Arun Kharat	250000	50.00
Total	500000	100.00

Equity Share Break up (Percentage of Total Equity)

As on : 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Providing car cabs services, car Rentals services
Products :	Not Available
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

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
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

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

No. of Employees :

650 (Approximately)

Bankers :

Bank Name	Indian Bank
Branch	Shop No.2 and 3, Kirkee Business Centre, Pune – 411003, Maharashtra, India
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

• DBS Bank Limited
• The Ratnakar Bank Limited

• Corporation Bank Limited

(Account No.:01000100)

• HSBC Bank

(Account No.105-736789-001)

• HDFC Bank Limited

(Account No.:00392000001703)

• DCB Bank

(Account No.:04820100003438)

• Citi Bank

(Account No.:0017679708)

• Bank of Maharashtra

(Account No.:60053929635)

• Axis Bank

(Account No. 912020059137492)

• Kotak Mahindra Bank Limited

(Account No.:07242010000067)

Facilities :

Secured Loan	31.03.2013 (Rs. in Million)	31.03.2012 (Rs. in Million)
Long-term Borrowings
Rupee term loan from Bank	2.202	0.000
Term loan from Bank	0.000	16.480
Term loan from Others	117.577	65.023
Short-term borrowings
Loans repayable on demand from Banks	52.493	35.797
Total	172.272	117.300

Financial Institution :	Fullerton India Credit Company Limited, Megh Towers, Third Floor, Old No. 307, New No. 165, Poonamallee High Road, Maduravoyal, Chennai – 600095, Tamilnadu, India
Auditors :
Name :	MZSK and Associates Chartered Accountants
Address :	Level 3, Business Bay, Plot No. 84, Wellesley Road, Next to RTO, (Sangam Bridge) Pune – 411001, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AACFK3470E
Memberships :	Not Available
Collaborators :	Not Available
Subsidiaries Company :	Lanna Wellness Private Limited U85100PN2011PTC140465

CAPITAL STRUCTURE

As on : 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	5.000	0.477
(b) Reserves & Surplus	81.615	58.215
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	86.615	58.692
(3) Non-Current Liabilities
(a) long-term borrowings	151.885	81.503
(b) Deferred tax liabilities (Net)	3.350	7.600
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	155.235	89.103
(4) Current Liabilities
(a) Short term borrowings	52.493	35.797
(b) Trade payables	100.212	110.204
(c) Other current liabilities	108.250	93.719
(d) Short-term provisions	26.981	9.301
Total Current Liabilities (4)	287.936	249.021
TOTAL	529.786	396.816
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	210.711	152.694
(ii) Intangible Assets	1.417	0.799
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.100	0.100
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	14.546	3.422
(e) Other Non-current assets	1.044	1.044
Total Non-Current Assets	227.818	158.059
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	0.000	0.000
(c) Trade receivables	242.588	183.555
(d) Cash and cash equivalents	13.533	10.139
(e) Short-term loans and advances	45.847	44.993
(f) Other current assets	0.000	0.070
Total Current Assets	301.968	238.757
TOTAL	529.786	396.816

SOURCES OF FUNDS			31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital			0.100
2] Share Application Money			0.377
3] Reserves & Surplus			36.042
4] (Accumulated Losses)			0.000
NETWORTH			36.519
LOAN FUNDS
1] Secured Loans			149.078
2] Unsecured Loans			0.000
TOTAL BORROWING			149.078
DEFERRED TAX LIABILITIES			8.661
TOTAL			194.258
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]			158.900
Capital work-in-progress			0.000
INVESTMENT			0.000
DEFERREX TAX ASSETS			0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories
	Sundry Debtors
	Cash & Bank Balances
	Other Current Assets
	Loans & Advances
Total Current Assets			35.257
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors
	Other Current Liabilities
	Provisions
Total Current Liabilities			0.000
Net Current Assets			194.157
MISCELLANEOUS EXPENSES
Preliminary Expenses			0.101
TOTAL			194.258

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income	1203.896	1027.457	603.043
	Other Income
	TOTAL	1203.896	1027.457	603.043
Less	EXPENSES
	Extraordinary items	10.217	12.336	0.000
	Other expenses	1152.327	983.818	551.190
	TOTAL	1162.544	996.154	551.190
	PROFIT/ (LOSS) BEFORE TAX	41.352	31.303	51.853
Less	TAX	13.429	9.130	18.241
	PROFIT/ (LOSS) AFTER TAX	27.923	22.173	33.612
	Earnings / (Loss) Per Share (Rs.)	55.84	44.34	67.22

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2013	31.03.2012	31.03.2011
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT / Sales)	(%)	2.32	2.16	5.57
Return on Total Assets (PBT/Total Assets}	(%)	7.81	7.89	26.69
Return on Investment (ROI) (PBT/Networth)		0.48	0.53	1.42
Debt Equity Ratio (Total Debt /Networth)		2.36	2.00	4.08
Current Ratio (Current Asset/Current Liability)		1.05	0.96

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	0.100	0.477	5.000
Reserves & Surplus	36.042	58.215	81.615
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.377	0.000	0.000
Net worth	36.519	58.692	86.615
long-term borrowings	149.078	81.503	151.885
Short term borrowings	0.000	35.797	52.493
Total borrowings	149.078	117.300	204.378
Debt/Equity ratio	4.082	1.999	2.360

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	603.043	1027.457	1203.896
		70.379	17.172

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	603.043	1027.457	1203.896
Profit	33.612	22.173	27.923
	5.57%	2.16%	2.32%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	No
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

Unsecured Loan	31.03.2013 (Rs. in Million)	31.03.2012 (Rs. in Million)
Long-term Borrowings
Loans and Advances from related parties	32.106	0.000
Total	32.106	0.000

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10525170	25/09/2014	140,000,000.00	DBS Bank Ltd	Fortune House, Plot No.363/2, Gokhale Road, Model  Colony, Shivaji Nagar, Pune, Maharashtra - 411016, INDIA	C28918993
2	10475160	15/01/2014	95,000,000.00	FULLERTON INDIA CREDIT COMPANY LIMITED	Megh Towers, Third Floor, Old No-307, New No-165, Poonamallee High Road, Maduravoyal, Chennai, Tamilnadu - 600095, INDIA	B95310876
3	10349274	24/01/2014 *	100,000,000.00	THE RATNAKAR BANK LIMITED	1st Lane, Shahupuri, KOLHAPUR, Maharashtra - 416001, INDIA	B95010104

FIXED ASSETS

• Buildings
• Office building
• Furniture and fixtures
• Vehicles
• Motor vehicles
• Office equipment
• Computer equipments

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.64.17
UK Pound	1	Rs.98.30
Euro	1	Rs.72.25

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	SUJ

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
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		43

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	--

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.