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|
MIRA INFORM REPORT
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Report No. : |
500824 |
|
Report Date : |
30.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
VEENA PATIL HOSPITALITY PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
6th and 7th Floor, Neelkanth Corporate Park, Kirol Road, Kirol
Village, Vidyavihar (West), Mumbai – 400086, Maharashtra |
|
Tel. No.: |
91-22-67007979 |
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|
|
Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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|
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Date of Incorporation
: |
15.05.2013 |
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|
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|
Com. Reg. No.: |
11-243367 |
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Capital
Investment / Paid-up Capital : |
INR 116.000 Million |
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|
|
|
CIN No.: [Company Identification
No.] |
U93030MH2013PTC243367 |
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|
|
|
IEC No.: [Import-Export Code No.] |
Not Divulged |
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GSTN : [Goods & Service Tax
Registration No.] |
Not Divulged |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAECV4768R |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject
acts as a travel agents and tour operators and also provides hospitality
services. [Registered Activity] |
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|
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|
No. of Employees
: |
Information denied by the management |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
C |
|
Credit Rating |
Explanation |
Rating Comments |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
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 “Ralin Network Services Private Limited” incorporated in the year 2013 having moderate track record. It is engaged and acts as tour operators, tour organizer, providing hospitality services and other travel services. The company is known by its brand “Veen World”. For the financial year 2017, the company has achieved decent growth in its revenue as compared to its previous year but has incurred heavy losses during the year. Rating gets constrained on account of moderate financial risk profile marked by eroded networth base and weak debt protection metrics. Rating
further gest constrained on account of high working capital intensive nature
of business and exposure to intense competition in the market. However
these rating weakness gets partially offset by the company diversified
business portfolio and strong managerial support from its holding entity. Payments
seems to be slow. In view
of aforesaid, the company can be considered for business dealing at fully
safe and secured 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.
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
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 30.03.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DENIED
Management Non-Cooperative (91-22-21017979)
LOCATIONS
|
Registered / Corporate Office : |
6th and 7th Floor, Neelkanth Corporate Park, Kirol Road, Kirol
Village, Vidyavihar (West), Mumbai – 400086, Maharashtra, India |
|
Tel. No.: |
91-22-67007979 / 21017979 / 21016969 |
|
Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Sales Offices : |
·
Sea Sequence,
Opposite Saraswat Bank Bhavan, A M. Marg, Prabhadevi, Mumbai – 400025,
Maharashtra, India ·
5/6, Shantinath
Apartments, Swami Vivekanand Road, Borivali West, Mumbai – 400092,
Maharashtra, India ·
1 RNJ
Corporate, Opposite Railway Station, Jawahar Road, Ghatkopar (East), Mumbai – 400077, Maharashtra, India ·
Adeshwar
Darshan, Ram Maruti Road, Naupada, Thane (West) – 400602, Maharashtra, India · Shreeji Arcade NX, Off. Phadke Road, Near HDFC Bank, Dombivali (East), Mumbai – 421201, Maharashtra, India · 39, 1st Floor, A – Wing, BSEL Tech Park, Opposite Railway Station, Vashi, Navi Mumbai, Maharashtra, India ·
1st Floor,
Lucky Palace, Next to SBI Bank, Navghar, Near Rly Station, Vasai (West),
Mumbai – 401202, Maharashtra, India · Deccan Elite, Good Luck Chowk, Bhandarkar Road, Shivajinagar, Pune – 411004, Maharashtra, India |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mrs. Veena Sudhir Patil |
|
Designation : |
Managing Director |
|
Address : |
1102, Signia Isles, Bandra Kurla Complex, Opposite Sofital Hotel,
Mumbai – 400051, Maharashtra, India |
|
Date of Birth/Age : |
26.09.1964 |
|
Date of Appointment : |
01.08.2013 |
|
DIN No.: |
00460578 |
|
PAN No.: |
AACPP2571R |
|
|
|
|
Name : |
Mr. Sudhir Patil |
|
Designation : |
Wholetime Director |
|
Address : |
1102, Signia Isles, Bandra Kurla Complex, Opposite Sofital Hotel,
Mumbai – 400051, Maharashtra, India |
|
Date of Birth/Age : |
24.12.1960 |
|
Date of Appointment : |
10.06.2013 |
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DIN No.: |
00456900 |
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PAN No.: |
AAGPP0199K |
|
|
|
|
Name : |
Mrs. Sunila Patil |
|
Designation : |
Wholetime Director |
|
Address : |
1102, Signia Isles, Bandra Kurla Complex, Opposite Sofital Hotel,
Mumbai – 400051, Maharashtra, India |
|
Date of Birth/Age : |
11.09.1973 |
|
Date of Appointment : |
10.06.2013 |
|
DIN No.: |
00984197 |
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PAN No.: |
AIBPP0762B |
|
|
|
|
Name : |
Mr. Abhijit Yashawant Gore |
|
Designation : |
Director |
|
Address : |
B. Avon Apartment II, 4th Floor, 153, V.S. Marg, Mahim, Mumbai – 400016,
Maharashtra, India |
|
Date of Birth/Age : |
04.08.1965 |
|
Date of Appointment : |
15.05.2013 |
|
DIN No.: |
00301688 |
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PAN No.: |
AABPG4078P |
|
|
|
|
Name : |
Mr. Neil Sudhir Patil |
|
Designation : |
Wholetime Director |
|
Address : |
1102, Signia Isles, Bandra Kurla Complex, Opposite Sofital Hotel,
Mumbai – 400051, Maharashtra, India |
|
Date of Birth/Age : |
16.12.1990 |
|
Date of Appointment : |
15.05.2013 |
|
DIN No.: |
05144302 |
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PAN No.: |
AZRPP9989M |
MAJOR SHAREHOLDERS
AS ON 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
Veena Sudhir Patil |
|
45000 |
|
Neil Sudhir Patil |
|
5249 |
|
Sudhir Patil |
|
9000 |
|
Sunila Patil |
|
15000 |
|
Ralin Network Services Private Limited, India |
|
835000 |
|
Blue Cloud Hospitality private Limited, India |
|
250000 |
|
Abhijit Gore |
|
750 |
|
Dhananjay Gore |
|
1 |
|
|
|
|
|
Total |
|
1160000 |
Equity Share Break up (Percentage of Total Equity)
AS ON 30.09.2017
|
Category |
Percentage |
|
Promoters [Individual/Hindu Undivided
Family (Indian)] |
6.40 |
|
Promoters [Bodies
corporate] |
93.54 |
|
Public/Other than promoters
[Individual/Hindu Undivided Family (Indian)] |
0.06 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject
acts as a travel agents and tour operators and also provides hospitality
services. [Registered Activity] |
||||
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Products / Services
: |
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Brand Names : |
“Veena World” |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information denied by the management |
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Bankers : |
·
Vasai Janata Sahakari Bank Limited, Bhagwati
Plaza, 1st Floor, Virar (East), Thane – 401305, Maharashtra, India |
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Facilities : |
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Auditors : |
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|
Name : |
Anil Ashok and Associates Chartered Accountants |
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Address : |
901, Kamla Executive Park Near, J B Nagar Andheri (East), Mumbai – 400059, Maharashtra, India |
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PAN No.: |
AADFA5288M |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding company : |
·
Ralin Network Services Private Limited |
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Associates : |
·
Blue Cloud Hospitality Private Limited |
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Enterprises Having Common Key Management
Personnel : |
· Blue Cloud Technologies Private Limited · Veena World Forex Private Limited (w.e.f. October 8, 2015) |
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|
|
|
Partnership / LLP having Common key
management personnel : |
· Blue Hills Estate LLP (w.e.f. February 2, 2016) |
CAPITAL STRUCTURE
AS ON 30.09.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1200000 |
Equity Shares |
INR 100/- each |
INR 120.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1160000 |
Equity Shares |
INR 100/- each |
INR 116.000 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
116.000 |
116.000 |
7.500 |
|
(b) Reserves & Surplus |
(266.798) |
(207.196) |
(107.351) |
|
(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) |
(150.798) |
(91.196) |
(99.851) |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
111.551 |
9.803 |
19.179 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
10.814 |
11.897 |
5.950 |
|
(d) Long-term
provisions |
2.802 |
2.060 |
0.000 |
|
Total Non-current
Liabilities (3) |
125.167 |
23.760 |
25.129 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
39.724 |
98.563 |
72.170 |
|
(b) Trade
payables |
192.180 |
143.938 |
86.788 |
|
(c) Other current
liabilities |
3146.967 |
2062.787 |
652.752 |
|
(d) Short-term
provisions |
40.720 |
50.600 |
6.558 |
|
Total Current
Liabilities (4) |
3419.591 |
2355.888 |
818.268 |
|
|
|
|
|
|
TOTAL |
3393.960 |
2288.452 |
743.546 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
357.484 |
330.542 |
31.734 |
|
(ii)
Intangible Assets |
104.767 |
123.982 |
60.698 |
|
(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 |
0.550 |
0.500 |
0.500 |
|
(c) Deferred tax assets (net) |
65.857 |
51.873 |
48.009 |
|
(d)
Long-term Loan and Advances |
22.321 |
27.824 |
19.865 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
550.979 |
534.721 |
160.806 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade receivables |
213.752 |
93.144 |
95.677 |
|
(d) Cash
and cash equivalents |
1562.280 |
1109.519 |
182.804 |
|
(e)
Short-term loans and advances |
1053.964 |
538.043 |
303.602 |
|
(f) Other
current assets |
12.985 |
13.025 |
0.657 |
|
Total
Current Assets |
2842.981 |
1753.731 |
582.740 |
|
|
|
|
|
|
TOTAL |
3393.960 |
2288.452 |
743.546 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
5268.816 |
3606.933 |
2847.680 |
|
|
Other Income |
164.284 |
80.178 |
26.611 |
|
|
TOTAL |
5433.100 |
3687.111 |
2874.291 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Employee benefit expense |
184.570 |
133.588 |
98.409 |
|
|
Other expenses |
5274.599 |
3535.981 |
2834.525 |
|
|
TOTAL |
5459.169 |
3669.569 |
2932.934 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
(26.069) |
17.542 |
(58.643) |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
5.470 |
3.366 |
11.570 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(31.539) |
14.176 |
(70.213) |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
42.047 |
33.314 |
14.359 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(73.586) |
(19.138) |
(84.572) |
|
|
|
|
|
|
|
Less |
TAX |
(13.984) |
23.895 |
(27.760) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(59.602) |
(43.033) |
(56.812) |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
(51.38) |
(512.96) |
(757.49) |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2014 |
|
Current Maturities of Long term debt |
0.000 |
1.254 |
0.968 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
440.050 |
950.689 |
240.355 |
|
Net cash flows from (used in) operating activities |
440.050 |
950.689 |
240.355 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
14.81 |
9.43 |
36.85 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
24.65 |
38.72 |
9.90 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
(0.06) |
0.04 |
(1.31) |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
1.04 |
1.03 |
1.13 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
(1.00) |
(1.20) |
(0.92) |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
(22.68) |
(25.83) |
(8.19) |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
(3.07) |
(4.98) |
(0.93) |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
(4.77) |
5.21 |
(26.54) |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
PAT to Sales ((PAT
/ Sales) * 100) |
% |
(1.13) |
(1.19) |
(11.33) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
(1.76) |
(1.88) |
(14.44) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
39.52 |
47.19 |
107.51 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
0.83 |
0.74 |
0.71 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.83 |
0.74 |
0.71 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
(0.04) |
(0.04) |
(0.13) |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
1.30 |
0.95 |
12.31 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
0.83 |
0.74 |
0.71 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Share Capital |
7.500 |
116.000 |
116.000 |
|
Reserves & Surplus |
(164.163) |
(207.196) |
(266.798) |
|
Net
worth |
(156.663) |
(91.196) |
(150.798) |
|
|
|
|
|
|
Long-term borrowings |
18.178 |
9.803 |
111.551 |
|
Short term borrowings |
2.389 |
98.563 |
39.724 |
|
Current maturities of
long-term debts |
1.102 |
1.254 |
0.000 |
|
Total
borrowings |
21.669 |
109.620 |
151.275 |
|
Debt/Equity
ratio |
(0.138) |
(1.202) |
(1.003) |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
2847.680 |
3606.933 |
5268.816 |
|
|
|
26.662 |
46.075 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
2847.680 |
3606.933 |
5268.816 |
|
Profit/ (Loss) |
(56.812) |
(43.033) |
(59.602) |
|
|
(2.00
%) |
(1.19
%) |
(1.13
%) |
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 |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
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 |
No |
|
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 |
Yes |
|
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 |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
REVIEW OF BUSINESS OPERATIONS AND FUTURE PROSPECTS
From creating standards to
assessing best practice and training their team members to work more
effectively, they help to embed excellence across their organization. They are
pleased to report that 2016-2017 was another progressive year for Veena World,
in which they were able to enhance the value they deliver to their guests.
After years of challenging conditions in all their markets around the world,
2016-2017 saw some confidence beginning to return. The company has recorded a
modest growth of 38% in terms of guests and in terms of revenue the growth rate
has been 46% in the corresponding year 2016-17. (Revenue: 546 Cr in 2016-17 vs.
368 Cr in 2015-16). This is indicative of the continued success of their
strategy and improved brand presence in Western India.
The growth in business can
be attributed to their dedicated and experienced team of over 800 employees
across 9 Branch offices in the metro cities of Mumbai and Pune and a growing
network of 160 Preferred Sales Partners across Maharashtra, Gujarat, Goa,
Karnataka, Hyderabad and Madhya Pradesh. Their success is a direct result of
reliance on four core values that guide, inspire, and help us serve their
guests; Excellence, Passion, Integrity and Collegiality.
Their excellent rapport
with their domestic and international partners and the support extended by
airlines, national tourism boards, embassies and consulates like UK, USA,
Italy, Switzerland and various other stakeholders ensured hassle-free smooth
operations of all their tours across the World. Veena World is forging ahead as
one of the key players in the Indian travel industry and is being recognized as
among the top 5 tour operators in the country.
As Pioneers of innovative
holiday ideas and tours, they are active across virtually every travel segment
including Group Tours, Free Individual Travel under the brand name Signature
Holidays, Corporate Travel and Inbound Holidays. Their Specialty Tours such as
Women’s Special, Students, Singles, Seniors’ Honeymoon, Jubilee and Short Tours
have differentiated their product offering in the travel industry both in the
domestic as well as the international sector.
A wide array of more than
2500 dream vacation options & a guest base of more than 2 lakh satisfied
guests in 4 years has played a vital role in delivering these robust outcomes.
The backbone of Veena World has always been their people, who have brought with
them decades of superior experience. Time-tested core values: Integrity,
Respect, Teamwork and Creativity, have gone ahead to define their culture.
Their dynamic team of more than 650 committed team members plays significant
role in their growth story.
KEY FACTS
·
Record
breaking booking of more than 2000 guests for Australia in just 21 days
·
Introduced
new concept of destination promotion through popular Marathi daily soap Kahe
Diya Pardes on Zee Marathi by initiating Joint Promotion with Switzerland
Tourism
·
A
total of 5000 guests from reputed Corporates across India travelled with Veena
World in the year 2016-17
·
A
guest base of more than 2 lakh satisfied guests in 4 years
·
More
than 800 committed team members
·
More
than 125 Hotel and transport associates
·
9
Sales Offices along with a Corporate Office at Vidyavihar
·
Network
of over 160 Preferred Sales Partners (PSP) across Maharashtra and the
surrounding states
·
Pioneers
of innovative travel concepts such as specialty tours for Women, Students,
Singles, seniors, Honeymooners, and Couples celebrating their Jubilees.
AWARDS & RECOGNITIONS
·
Managing
Director and founder Ms. Veena Patil received certification from Lokmat as
“Women at Work Leadership” as recognition for being a woman entrepreneur.
·
Managing
Director and founder Ms. Veena Patil awarded “Kargil Gaurav Award, Sarhad Pune
for her exemplary Contribution towards the Nation and Society.
·
Certificate
of Appreciation by Ministry of Tourism & Culture Malaysia - For promoting
Malaysia in the year 2016.
·
Qantas
Airways applauded Veena World for its exemplary guest base and given recognition
as Platinum Club agent.
FUTURE OUTLOOK
The future holds greater
power and the strategy they use to maneuvers their business will stay
essentially the same, while some areas might require a little modification. But
they are confident that they would be able to navigate through the new world in
a successful way. With new initiatives coming in, they are confident that their
business will grow. To name a few;
·
They
have realized that the number of guests visiting Kashmir, Nepal and Bhutan have
reduced over a period. Improved marketing and infrastructural facilities along
with improved safety concerns may improve this gloomy situation.
·
They
plan to expand their horizons and invest into various business units, in order
to maintain their market position as top leaders in the travel and tourism
sector.
·
They
will also continue to invest in their Group Tour Business which they believe
can achieve significant growth over the years ahead.
·
They
will continue to grow their Group travel business by expanding the number of
Preferred Sales Partners across India.
·
They
plan to establish a comprehensive information technology management plan. So
far they have launched Veena World app for booking tour and accessing tour
information at fingertip anywhere in the world. Launched 2nd phase of Tour
Manager App that provides tour managers all the necessary data inference to
their tour. Also launched Sales App so team can access the ERP software anytime
anywhere. Their Website is already in the best hands and is updated regularly.
·
As
a part of digital media, they are actively involved on social media such as
Facebook, Instagram, YouTube, wherein they have a base of over 14 lakh
followers. Their marketing activities also extend towards branding and print advertisements
which are displayed on local transport such as trains, and buses which run
throughout tze city of Mumbai.
·
They
are undergoing infrastructure development in order to meet their growing
manpower requirements.
·
Realized
that strong team plays vital role for business growth, considering this they
have developed Company and they have also started communication and learning
sessions for their team members. Such sessions are taken on a day to day basis,
wherein team members are acquainted with methods relating to drafting, verbal
and non-verbal communication, and other methods of guest service levels.
It is a matter of privilege
for me to be the Founder and Managing Director at Veena World. A committed
board, vibrant management and dedicated young team are at the threshold of
unleashing the vast potential of their country. Having been closely associated
with tourism for over three decades, I have noted with great satisfaction how
the management and rest of the team in the company could successfully launch a
plethora of products and services catering to all sections of the community
ranging from the tech savvy urban guests to a vast number of guests residing in
the rural areas.
But, what they so far taken
only small steps whilst preparing for a giant leap forward in the months and
years to follow. There will be challenges in reaching out to guests, scaling up
operations, overcoming competitions and remaining competitive, competent and
compliant. The road ahead may be challenging, but the kind of talent among
their pool of young men and women and the record of accomplishments so far with
continued dedication by all concerned will certainly enable us to achieve their
cherished goals.
INDUSTRIAL SCENARIO
·
India
is on the way of becoming a regional force. As rapid economic growth and more
liberal governance encourages airline to expand their capacity and connectivity
in India and Abroad.
·
Aviation
is one of the greatest wonders of modern science. There has been tremendous
growth in the field of both civil aviation. India is presently among the top 10
civil aviation markets in the world.
·
According
to reports, India is poised to become one of the top 5 civil aviation markets
by 2020.
·
There
has been remarkable progress in India, both in respect of speed and carrying
capacity modern aircraft are far superior to those in use even a decade ago.
·
India’s
domestic market is on track to surpass 100 million passengers in FY2017
·
After
a strong FY2016, traffic growth has accelerated further in FY2017, with India
likely to overtake Japan this year to become the world’s third largest domestic
market behind the USA and China.
·
In
reaching this milestone, India will have achieved average domestic traffic
growth of over 15% per annum since the liberalisation of the sector commenced
in FY2004.
·
Strong
economic fundamentals have contributed to the growth – although traffic has
been over-stimulated by low fares. India is expected to achieve 7.5% GDP growth
in FY2017, with the IMF projecting that economic performance should improve still
further over the next five years.
Tourism in India generated
about 6.3% of the country’s GDP in the year 2015 along with supporting 37.315
million jobs, which makes for about 8.7% of the total employment. As of 2016,
the future of tourism in India looks bright and prosperous because of the
various favourable aspects in the country. With wonderful tourist spots,
diverse topography, varied cultures and heritage sites in the country, India is
one of the most lucrative options for tourists. The tourism industry of the
country has undergone various changes over the time.
Some of the latest trends
prevailing in the tourism industry are as follows:-
·
Growing
Options for Low Budget Travellers: - With set ups like hostels for travellers,
various low budget options have come up recently in India. Numerous budget
hotels, bed and breakfast and other such options are there to cater the
travellers, who are financially constrained. The taxes and other expenses for
moving around the country are comparatively lower from other foreign
destinations therefore it also becomes a good choice for budget travellers from
around the globe.
·
Visa
on Arrival Boosting Tourism: - Government of India has launched the Tourist Visa
on Arrival (TVOA) Scheme. Initially, in January 2010 this Scheme was introduced
for citizens of five countries namely Finland, Japan, Luxembourg, New Zealand
and Singapore. In January 2011, the TVOA Scheme was extended to citizens of six
more countries, viz. Cambodia, Vietnam, Philippines, Laos, Indonesia or
Myanmar.
The main objective of the
TVOA Scheme is to attract more foreign tourists and to encourage them to plan
their travel to India at a short notice.
·
Rise
of Boutique Hotels: - A recent surge in the number of boutique hotels in the
country has offered a wide variety of staying options for tourists. These
boutique hotels provide the comfort while letting the visitors indulge more
into their surroundings, thus promoting tourism.
·
Exploring
New Destinations: - Domestic as well as international tourists both are
expressing continued interest in exploring new and lesser-known destinations in
the country. With improved connectivity and penetration of internet, more and
more such destinations are coming to light and catching the eye of the
travellers.
·
Millennial:
- Millennials are officially the largest generation in history, beating out
Baby Boomers. As the youngest generation with disposable income, they have
secured their status as leaders in travel and tourism. They also lead in
decision making. They are helping to decide what the major trends and tastes of
the New Year will be and are not shy about getting exactly what they want, how
they want it. When planning travel, Millennials are used to having their
options conveniently available to them. They want to be able to research and
book their trips and tours online.
·
Female
Solo Traveller: - 80% of travel decisions are made by women. Whether married,
single or divorced, women are leading the way and the travel industry is taking
notice. Today's female travelers are bold, independent and looking to explore
new and raw experiences. They have their own say of where to take a vacation,
how to get there, and many are choosing to go solo.
INDIA’S POSITION IN TOURISM
India's travel and tourism
sector ranks 7th in the world in terms of its total contribution to the
country's GDP, according to a new report of the World Travel and Tourism
Council (WTTC).
Additionally, the sector
created 40.3 million jobs in 2016, which ranks India 2nd in the world in terms
of total employment generated. The sector accounts for 9.3% of the country's
total jobs. India’s Travel & Tourism sector was also the fastest growing
amongst the G20 countries, growing by 8.5% in 2016. A further 6.7% growth is
forecast for 2017.
However, there is a lot of
potential for India to grow their visitor exports. Over the past few months
India has already starting to address this gap and made significant changes to
visa facilitation, which will help to boost international arrivals.
INBOUND TOURISM
Government of India has
launched the Tourist Visa on Arrival (TVOA) Scheme. Initially, in January 2010
this Scheme was introduced for citizens of five countries namely Finland,
Japan, Luxembourg, New Zealand and Singapore. In January 2011, the TVOA Scheme
was extended to citizens of six more countries, viz. Cambodia, Vietnam,
Philippines, Laos, Indonesia or Myanmar. The main objective of the TVOA Scheme
is to attract more foreign tourists and to encourage them to plan their travel
to India at a short notice.
OUTBOUND TOURISM
The Outbound tourism
segment in India has witnessed phenomenal growth in the last 10 years mainly
due to increase in middle income group, rise in disposable income, affinity to explore
new destinations, especially by millennial, improvement in air connectivity and
ease of travel. This has resulted in number of new nationals tourism boards
foraying into the Indian market and aggressively marketing their products. It
has been seen that sector like business travel, leisure and MICE are
contributing significantly to outbound growth form India.
UNSECURED LOANS:
|
PARTICULARS |
31.03.2017 INR In Million |
31.03.2016 INR In Million |
|
LONG TERM BORROWINGS |
|
|
|
Loans and advances from related parties |
1.845 |
3.411 |
|
|
|
|
|
Total |
1.845 |
3.411 |
INDEX OF CHARGES:
|
S No |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G09270307 |
100043991 |
VASAI JANATA SAHAKARI BANK LIMITED |
23/06/2016 |
- |
- |
70000000.0 |
BHAGWATI PLAZA, 1ST FLOOR, VIRAR (EAST) THANE MH401305IN |
|
2 |
G05663778 |
100032863 |
HDFC BANK LIMITED |
25/05/2016 |
- |
- |
20600000.0 |
HDFC BANK HOUSESENAPATI BAPAT MARG LOWER PAREL W MUMBAI MH400013IN |
|
3 |
C81197303 |
10624728 |
VASAI VIKAS SAHAKARI BANK LTD |
22/02/2016 |
- |
- |
100000000.0 |
'THAKUR ARCADE'NEAR RAILWAY STATION, VIRAR (W) VIRAR MH401303IN |
|
4 |
G46563797 |
10474897 |
VASAI VIKAS SAHAKARI BANK LTD |
05/12/2013 |
- |
23/05/2017 |
10000000.0 |
HEAD OFFICE: SAMAJ MANDIROPP. NEW ENGLISH HIGH SCHOOL VASAI MH401201IN |
|
5 |
G05505193 |
10481711 |
VASAI VIKAS SAHAKARI BANK LTD |
15/01/2014 |
- |
13/06/2016 |
60000000.0 |
HEAD OFFICE: SAMAJ MANDIROPP. NEW ENGLISH HIGH SCHOOL VASAI MH400201IN |
|
6 |
C53766960 |
10523512 |
VASAI VIKAS SAHAKARI BANK LIMITED |
19/07/2014 |
- |
12/05/2015 |
40000000.0 |
HEAD OFFICE: SAMAJ MANDIR, OPP. NEW ENGLISH HIGH SCHOOL, VASAI MH400201IN |
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Furniture and Fixture
·
Office Equipment
·
Computer
·
Vehicles
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 records 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 records 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
|
INR |
|
US Dollar |
1 |
INR 65.04 |
|
|
1 |
INR 92.28 |
|
Euro |
1 |
INR 80.62 |
INFORMATION DETAILS
|
Information
Gathered by : |
KMN |
|
|
|
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE FACTORS
|
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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.