MIRA INFORM REPORT

Report No. :	311584
Report Date :	11.03.2015

IDENTIFICATION DETAILS

Name :	D.PAULS TRAVEL AND TOURS LIMITED (w.e.f. 13.10.2010)
Formerly Known As :	D.PAULS CONSUMER BENIFIT LIMITED
Registered Office :	193, Mohan Singh Markets INA, New Delhi - 110023
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	13.05.1986
Com. Reg. No.:	55-024206
Capital Investment / Paid-up Capital :	Rs.49.500 Million
CIN No.: [Company Identification No.]	U52110DL1986PLC024206
TIN No.:	Not Available
IEC No.:	Not Available
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 :	Subject is engaged into providing tours and travelling services.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (41)

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

Maximum Credit Limit :	USD 334000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Profit margin of the company is decent. However, the rating also takes into consideration the unfavorable gap between trade receivables and payables of the company. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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

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.

LOCATIONS

Registered Office :	193, Mohan Singh Markets INA, New Delhi – 110023, India
Tel. No.:	91-11-66211111
Fax No.:	91-11-30003041
E-Mail :	ajayrampal@dpaulstravel.com info@dpaulstravel.com dpauls@vsnl.com
Website :	http://dpauls.com www.dpauls.com
Head Office / Branch Office 1 :	B – 36, Ground Floor, Shivalik, Malviya Nagar New Delhi – 110017, India
Branch Office 2 :	12/161-162 (FF), Malviya Nagar, New Delhi -110017, India
Tel. No.:	91-11-65211111 / 66271104 / 40 / 4026683997 /98
Fax No.:	91-11-26689364 / 66211168
Branch Office 3 :	Manoj Villa, 1st Floor, DJ Station Road, Vile Parle West, Mumbai - 400056, Maharashtra, India
Tel. No.:	91-22-40684444 / 61365555

DIRECTORS

As on 30.09.2014

Name :

Mr. Raghuvinder Pal Singh

Designation :

Director

Address :

12/161-162, Malviya Nagar, New Delhi - 110017, India

Date of Birth/Age :

03.10.1967

Date of Appointment :

12.01.2007

DIN No.:

00086016

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	U74899DL1986PTC023713	D PAULS CHITS PRIVATE LIMITED	Director	26/09/1991	26/09/1991	-	Active	NO
2	U63000DL1998PTC096215	SUPERVALUE D.PAULS HOLIDAYS PRIVATE LIMITED	Director	11/09/1998	11/09/1998	20/12/2013	Active	NO
3	U52110DL1986PLC024206	D.PAULS TRAVEL & TOURS LIMITED	Director	12/01/2007	12/01/2007	-	Active	NO
4	U63000DL2012PTC229618	R & H TOUR & TRAVELS PRIVATE LIMITED	Director	03/01/2012	03/01/2012	-	Active	NO

Name :

Mrs. Harshpreet Kaur

Designation :

Director

Address :

12/161-162, Malviya Nagar, New Delhi - 110017, India

Date of Birth/Age :

11.11.1972

Date of Appointment :

10.10.1994

DIN No.:

00086047

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	U52110DL1986PLC024206	D.PAULS TRAVEL & TOURS LIMITED	Director	10/10/1994	10/10/1994	-	Active	NO
2	U63000DL1998PTC096215	SUPERVALUE D.PAULS HOLIDAYS PRIVATE LIMITED	Director	29/09/2011	01/04/2011	20/12/2013	Active	NO
3	U63000DL2012PTC229618	R & H TOUR & TRAVELS PRIVATE LIMITED	Director	03/01/2012	03/01/2012	-	Active	NO

Name :

Mr. Gurcharan Singh

Designation :

Director

Address :

12/161-162, Malviya Nagar, New Delhi - 110017, India

Date of Birth/Age :

23.07.1959

Date of Appointment :

01.04.2013

DIN No.:

00086061

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	U74899DL1995PLC068642	D PAULS CAPITALS LIMITED	Director	07/12/2001	07/12/2001	-	Active	NO
2	U63090DL1993PTC053104	SAGITARIUS MOVERS & IMPEX PRIVATE LIMITED	Director	22/11/2004	22/11/2004	-	Active	NO
3	U52110DL1986PLC024206	D.PAULS TRAVEL & TOURS LIMITED	Director	30/09/2013	01/04/2009	-	Active	NO
4	U63000DL1998PTC096215	SUPERVALUE D.PAULS HOLIDAYS PRIVATE LIMITED	Additional director	16/12/2013	16/12/2013	-	Active	NO

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares
Gurcharan Singh	300000
Raghuvinder Pal Singh	4080730
Tejvinder Kaur	10
Harshpreet Kaur	250000
Sushil Kaur	7890
Praphpreet Singh	311360
Harneet Singh	10
Total	4950000

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 :	Subject is engaged into providing tours and travelling services.
Products / Services :	Tours and Travelling Services
Brand Names :	--
Agencies Held :	--
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Not Available
Purchasing :	Not Available

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not Available

Bankers :

Kotak Mahindra Bank Limited, 36-38 A, Nariman Bhavan, 227, D, Nariman Point, Mumbai - 400021, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
LONG TERM BORROWINGS
Term Loan From Bank	79.972	2.853
Total	79.972	2.853

Financial Institute :	Bajaj Finance Limited, Akurdi, Pune - 411035, Maharashtra, India
Auditors :
Name :	Sunil Trehan and Associates Chartered Accountants
Address :	R-40, NDSE-II, New Delhi – 110049, India
PAN No.:	AAAFS7564F
Memberships :	--
Collaborators :	--
enterprise over which key management personnel and or relatives may have significant influence :	D Pauls Capital Limited D Pauls Chits Private Limited Super Value D Pauls Holiday Private Limited Sagittarius Movers and Impex Private Limited HRG Legal

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4950000	Equity Shares	Rs.10/- each	Rs.49.500 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	49.500	49.500	19.500
(b) Reserves & Surplus	67.501	52.368	40.829
(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)	117.001	101.868	60.329
(3) Non-Current Liabilities
(a) long-term borrowings	119.689	21.705	71.571
(b) Deferred tax liabilities (Net)	1.647	1.710	1.405
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	121.336	23.415	72.976
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	253.218	308.892	212.263
(c) Other current liabilities	155.706	179.280	79.877
(d) Short-term provisions	8.828	5.737	4.809
Total Current Liabilities (4)	417.752	493.909	296.949
TOTAL	656.089	619.192	430.254
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	139.384	53.157	19.048
(ii) Intangible Assets	0.754	0.990	0.931
(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	8.121	8.151	6.226
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	148.259	62.298	26.205
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	6.897	5.540	3.655
(c) Trade receivables	10.500	34.831	11.745
(d) Cash and cash equivalents	382.000	417.851	189.396
(e) Short-term loans and advances	94.433	83.889	93.785
(f) Other current assets	14.000	14.783	105.468
Total Current Assets	507.830	556.894	404.049
TOTAL	656.089	619.192	430.254

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2014	31.03.2013	31.03.2012
	SALES
		Income		132.823	111.204	114.618
		Other Income		42.545	29.511	23.336
		TOTAL (A)		175.368	140.715	137.954
Less	EXPENSES
		Employee Benefits Expenses		132.823	111.204	114.618
		Other Expenses		42.545	29.511	23.336
		TOTAL (B)		133.727	110.181	106.847
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			41.641	30.534	31.107
Less	FINANCIAL EXPENSES (D)			11.823	9.998	13.052
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			29.818	20.536	18.055
Less	DEPRECIATION/ AMORTISATION (F)			3.863	2.953	2.764
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			25.955	17.583	15.291
Less	TAX (H)			10.822	6.044	5.074
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			15.133	11.539	10.217
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			52.368	40.829	30.612
	BALANCE CARRIED TO THE B/S			67.501	52.368	40.829
	EARNINGS IN FOREIGN CURRENCY
			Export Earnings	3.551	1.158	0.877
	TOTAL EARNINGS			3.551	1.158	0.877
	Earnings / (Loss) Per Share (Rs.)			3.06	2.33	5.24

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	11.39	10.38	8.91
Operating Profit Margin (PBDIT/Sales)	(%)	31.35	27.46	27.14
Return on Total Assets (PBT/Total Assets}	(%)	3.96	2.84	3.55
Return on Investment (ROI) (PBT/Networth)		0.22	0.17	0.25
Debt Equity Ratio (Total Debt /Networth)		1.02	0.21	1.19
Current Ratio (Current Asset/Current Liability)		1.22	1.13	1.36

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Share Capital	19.500	49.500	49.500
Reserves & Surplus	40.829	52.368	67.501
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	60.329	101.868	117.001
Long Term borrowings	71.571	21.705	119.689
Short Term borrowings	0.000	0.000	0.000
Total borrowings	71.571	21.705	119.689
Debt/Equity ratio	1.186	0.213	1.023

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Sales	114.618	111.204	132.823
		(2.979)	19.441

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Sales	114.618	111.204	132.823
Profit	10.217	11.539	15.133
	8.91%	10.38%	11.39%

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

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
LONG TERM BORROWINGS
From Related Parties	37.717	16.852
From other than related parties	2.000	2.000
Total	39.717	18.852

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10476803	31/12/2013	65,025,000.00	Bajaj Finance Limited	Akurdi Pune-, Pune, Maharashtra - 411035, India	B96037296
2	10301496	11/11/2013 *	134,600,000.00	Kotak Mahindra Bank Limited	36-38 A, Nariman Bhavan, 227,D, Nariman Point,, Mumbai, Maharashtra - 400021, India	B90323890

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.62.70
UK Pound	1	Rs.94.55
Euro	1	Rs.67.66

INFORMATION DETAILS

Analysis Done by :	SUM
Report Prepared by :	VNT

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	5
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	4
--RESERVES	1~10	3
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		41

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.