MIRA INFORM REPORT
|
Report Date : |
18.01.2007 |
IDENTIFICATION DETAILS
|
Name : |
DRIVEINDIA.COM
LIMITED |
|
|
|
|
Registered Office : |
Nelco
Complex, Mahakali Caves Road, Andheri (East), Mumbai 400093, Maharastra,
India |
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|
Country : |
India
|
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|
|
Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
27.04.2000 |
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Com. Reg. No.: |
11-126195 |
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CIN No.: [Company Identification No.] |
U72900MH2000PTC126195 |
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TAN No.: [Tax Deduction & Collection Account No.] |
MUMD09498G |
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PAN No.: [Permanent Account No.] |
AABCD5823E |
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|
Legal Form : |
A
closely held public limited liability company |
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|
|
|
Line of Business : |
To
acquire, create, develop, design, host and promote web sites, web portals and
other E-commerce sites and channels for the purpose of carrying on
electrically or otherwise, the business of automobiles and other products and
services, targeted at manufacturer, dealers, owners, users, service provider
and other persons, engaged in the business of or related to automobiles.
Purchase and sale of mobile handsets. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
RATING
|
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 30000 |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject
is a part of Tata Group. It has received approval from dot.com to marketing
of telecommunication, equipments and services. As Tata is a highly
respectable and reputed premier industrial house, enjoy trust and confidence
of domestic and international finance markets. Trade relations are fair.
Fundamentals are strong. Payments are correct and as per commitments. The
company can be considered good for normal business dealings at usual trade
terms and conditions. |
LOCATIONS
|
Registered Office : |
Nelco
Complex, Mahakali Caves Road, Andheri (East), Mumbai 400093, Maharastra,
India |
|
Tel. No.: |
91-22-22821074/28210748 |
|
Fax No.: |
91-22-28380424 |
DIRECTORS
|
Name : |
Sanjaya
Sharma |
|
Designation : |
Director |
|
Date of Birth: |
02.07.1958 |
|
Date of Appointment : |
27.04.2000 |
|
Date of Ceasing: |
16.09.2002 |
|
|
|
|
Name : |
Shailesh
H. Rajadhyaksha |
|
Designation : |
Director |
|
Address : |
Hill
View, Raghavji Road, Gowalia Tank, Mumbai 400036 |
|
Date of Birth: |
04.11.1951 |
|
Date of Appointment : |
27.04.2000 |
|
Date of Ceasing: |
07.02.2004 |
|
|
|
|
Name : |
Manoj
Kutty |
|
Designation : |
Director |
|
Date of Birth: |
13.05.1968 |
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Date of Appointment : |
27.04.2000 |
|
Date of Ceasing: |
16.09.2002 |
|
|
|
|
Name : |
Rajiv
Dhar |
|
Designation : |
Director |
|
Address : |
15/16,
Sea Glimpse, 4th Floor, B J Road, Bandra, Mumbai 400050 |
|
Date of Appointment : |
27.04.2000 |
|
|
|
|
Name : |
S.
G. Murali |
|
Designation : |
Director |
|
Address : |
301,
Sunil Apartments, Indra Narayana Road, Santacruz (West), Mumbai – 400054 |
|
Date of Birth: |
09.03.1961 |
|
Date of Appointment : |
03.09.2002 |
|
Date of Ceasing: |
07.02.2004 |
|
|
|
|
Name : |
Mr.
Atul Bansal |
|
Designation : |
Additional
Director |
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|
|
|
Name : |
Mr.
M M Tambe |
|
Designation : |
Additional
Director |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
|
Shailesh H. Rajadhyatsha |
100 |
|
Tata Industrials Limited
(Holding Company) |
853250 |
|
Tata Industrials Limited |
10 |
|
N J Driver |
10 |
|
Tata Industrials Limited |
10 |
|
Rajiv Dhar |
10 |
|
Sameer Shah |
10 |
|
Tata Industrials Limited |
10 |
|
Tata Industrials Limited |
10 |
|
N R Srinivasan |
10 |
|
Tata Industrials Limited |
10 |
|
Amrita Feqria |
10 |
BUSINESS DETAILS
|
Line of Business : |
To
acquire, create, develop, design, host and promote web sites, web portals and
other E-commerce sites and channels for the purpose of carrying on
electrically or otherwise, the business of automobiles and other products and
services, targeted at manufacturer, dealers, owners, users, service provider
and other persons, engaged in the business of or related to automobiles.
Purchase and Sale of mobile handsets. |
|
|
|
GENERAL INFORMATION
|
Bankers : |
|
|
|
|
|
Facilities : |
-- |
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Banking Relations : |
Satisfactory |
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|
|
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Auditors : |
A
R Ferguson and Company Chartered
Accountant |
|
Address: |
24,
Krishi Nagar, P.O. Manovikas Nagar, Hashmatpet Road, Secunderabad 500009 |
|
|
|
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Holding Company: |
Tata
Industrials Limited |
|
|
|
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Promoter of Holding
Company: |
Tata
Sons Limited |
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|
|
|
Fellow Subsidiaries |
|
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity
Shares |
Rs. 10 Each |
Rs. 50.000 millions |
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
850000 |
Equity
Shares |
Rs. 10 Each |
Rs. 8.534 millions |
FINANCIAL
DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
8.500 |
8.500 |
8.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(2.000) |
(4.900) |
(8.700) |
|
NETWORTH
|
6.500 |
3.600 |
(0.200) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
600.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
1000.000 |
2521.600 |
184.600 |
|
TOTAL
BORROWING
|
1600.000 |
2521.600 |
184.600 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
1606.500 |
2525.200 |
184.400 |
|
|
|
|
|
|
|
APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block]
|
1.000 |
0.100 |
0.000 |
|
Capital work-in-progress
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
INVESTMENT
|
0.000 |
0.000 |
0.000 |
|
DEFERREX TAX ASSETS
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
|
|
Inventories
|
2543.700
|
1185.900
|
251.900 |
|
|
Sundry Debtors
|
3425.600
|
2654.900
|
18.700 |
|
|
Cash & Bank Balances
|
180.000
|
9.100
|
59.400 |
|
|
Other Current Assets
|
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances
|
1080.100
|
34.400
|
30.600 |
Total Current Assets
|
7229.400
|
3884.300
|
360.600 |
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
5620.700
|
1358.200
|
176.200 |
|
|
Provisions
|
3.200
|
1.000
|
0.000 |
Total Current Liabilities
|
5623.900
|
1359.200
|
176.200 |
|
Net Current
Assets
|
1605.500
|
2525.100
|
184.400 |
|
|
|
|
|
|
|
TOTAL
|
1606.500 |
2525.200 |
184.400 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
Sales Turnover [including other income]
|
7243.700 |
4483.600 |
649.800 |
|
|
|
|
|
Profit/(Loss) Before Tax
|
4.900 |
4.800 |
0.300 |
Provision for Taxation
|
2.000 |
1.000 |
0.000 |
Profit/(Loss) After Tax
|
2.900 |
3.800 |
0.300 |
|
|
|
|
|
|
Total Expenditure |
7241.700 |
4478.800 |
649.500 |
KEY RATIOS
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
Debt Equity Ratio |
408.08 |
795.94 |
0.00 |
|
Long Term Debt Equity Ratio |
408.08 |
795.94 |
0.00 |
|
Current Ratio |
1.59 |
2.76 |
2.05 |
|
TURNOVER RATIOS |
|
|
|
|
Fixed Assets |
10614.55 |
70818.00 |
0.00 |
|
Inventory |
3.13 |
4.93 |
3.14 |
|
Debtors |
1.92 |
2.65 |
42.30 |
|
Interest Cover Ratio |
0.00 |
1.03 |
1.08 |
|
Operating Profit Margin (%) |
0.09 |
4.08 |
0.99 |
|
Profit Before Interest and
Tax Margin (%) |
0.08 |
4.08 |
0.99 |
|
Cash Profit Margin (%) |
0.05 |
0.11 |
0.08 |
|
Adjusted Net Profit Margin
(%) |
0.05 |
0.11 |
0.08 |
|
Return on Capital Employed
(%) |
0.24 |
10.67 |
4.23 |
|
Return on Net Worth (%) |
57.43 |
223.53 |
(85.71) |
LOCAL AGENCY FURTHER INFORMATION
The
companies fixed assets of important value includes computers and office
equipment
Tatas revives dotcom firm to sell CDMA handsets
BS Corporate Bureau in Mumbai | July 22, 2003 11:11 IST
The
Tata group has revived a four-year-old dotcom company -- DriveIndia.Com Limited
-- to procure and sell code division multiple access mobile handsets in
Maharashtra and Goa.
A
senior executive with the Tata group said, "DriveIndia.com is one of the
six companies which have been roped in to provide complete telecommunications
solutions to customers."
The
group is realigning the business of the dotcom company with that of its
telecommunication companies. The dotcom venture will henceforth not only
procure handsets from international handset providers but will also provide
finance schemes so that customers can obtain handsets in easy instalments.
It
will also look at other business opportunities in the terminal equipment space
such as procuring and selling modems in the future.
In
fact, the dotcom firm had earlier taken the mandate of procuring CDMA handsets
from its group company, the Board for Industrial and Financial
Reconstruction-referred Itel Industries.
The
group has separated the two aspects of the business -- providing CDMA handsets
and providing wireless in local loop services -- in order to allow Tata Teleservices
to focus on the service aspect of the business and not to get involved in
legalities to recover dues and the handset from the customer in case of
defaults.
According
to a Tata group spokesperson, "Tata Teleservices would like to focus on
the service aspect of the business and would not get into non-core customer
services as providing handsets.
This
would be done by DriveIndia.com."The Tata group, through Tata
Teleservices, is launching WLL services in Mumbai sometime early next month.
It
has already made a foray as a WLL service provider in select cities of
Maharashtra such as Nagpur, Pune and Aurangabad.
As
a vendor, DriveIndia.com has chalked out three plans -- economy 450, executive
599 and privilege 999 under which the customer can get CDMA handsets.
For the economy and executive plans, the customer will
have to make an upfront payment of Rs 999 with equated monthly installment of
Rs 199 for two years. 
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 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
|
Indian Rupees |
|
US
Dollar |
1 |
Rs.44.25 |
|
UK
Pound |
1 |
Rs.87.30 |
|
Euro |
1 |
Rs.57.36 |
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 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
TOTAL |
|
45 |
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
|
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 |
Unfavourable &
favourable factors carry similar weight in credit consideration. Capability
to overcome financial difficulties seems comparatively below average/normal. |
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 |