MIRA
INFORM REPORT
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Report Date : |
04.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
EBAY INDIA PRIVATE LIMITED |
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Formerly Known As : |
BAAZEE COMPANY INDIA PRIVATE LIMITED |
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Registered Office : |
202 B, Wing 462 S B Road, Lower Parel, Mumbai – 400013, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
14.01.2000 |
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Com. Reg. No.: |
11-123649 |
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CIN No.: [Company
Identification No.] |
U72200MH2000PTC123649 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Online Shopping Portal |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 600000 |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is an online shopping portal and a subsidiary of Ebay Inc,
USA. The portal is progressing well as more and more people and getting
awareness of its benefits. Trade relations are fair. The company has good amount
of accumulated losses. No Payment could be made available. The company can be considered good for normal business dealings. |
LOCATIONS
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Registered Office : |
202 B, Wing 462 S B Road, Lower Parel, Mumbai – 400013, Maharashtra,
India |
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Tel. No.: |
91-22-56611323/ 66690000 |
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Fax No.: |
91-22-56611324/ 66611324 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Avnish Bajaj |
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Designation : |
Managing Director |
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Name : |
Mr. Rajiv Dutta |
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Designation : |
Director |
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Address : |
19700 Montauk CT Saratoga, Saratoga – 95070, California |
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Date of Birth/Age : |
06.05.1961 |
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Date of Appointment : |
30.09.2004 |
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Name : |
Mr. William Cobb |
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Designation : |
Director |
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Address : |
18684 Carriage Hill Dr. San Jose – 95120 California |
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Date of Birth/Age : |
27.08.1956 |
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Date of Appointment : |
30.09.2008 |
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Name : |
Mr. Erik Bardman |
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Designation : |
Director |
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Address : |
1470 Holy Avenue Los Altos – 94024, California |
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Date of Birth/Age : |
26.10.1966 |
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Date of Appointment : |
30.09.2004 |
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Name : |
Mr. Lorrie Marie Norrington |
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Designation : |
Director |
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Address : |
77 Serrano Dr Atherton California – 94027, USA |
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Date of Birth/Age : |
04.12.1959 |
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Date of Appointment : |
31.01.2007 |
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Name : |
Mr. Kyung Ho Koh |
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Designation : |
Director |
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Address : |
11871 Placer Spring CT Cupertino, 95014 California US |
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Date of Birth/Age : |
16.06.1963 |
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Date of Appointment : |
20.03.2007 |
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Other Directorship Companies : |
Ebay Motors India Private Limited Director U45200MH2005PTC152135 Kijiji India Private Limited Director U74130MH2005PTC157228 |
KEY EXECUTIVES
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Name : |
Mr. Avnish Chandra |
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Designation : |
Company Secretary |
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Address : |
4 Divya Sapana Chs. Kalpatru Dr. CG Road, Chembur, Mumbai – 400071,
Maharashtra, India |
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Date of Birth/Age : |
11.09.1976 |
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Date of Appointment : |
01.10.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2007)
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Names of Shareholders |
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No. of Shares |
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Baazee Company Private Limited |
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70742456 |
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Baazee Company Insurance |
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20 |
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Baazee Company Private Limited |
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5238610 |
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Total |
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75981086 |
(As on 31.03.2007)
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Category |
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Percentage |
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Foreign holdings [Foreign institutional investors, Foreign
Companies, Foreign Financial Institutions, Non-resident Indian or Overseas
corporate bodies or others] |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Online Shopping Portal |
GENERAL
INFORMATION
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Bankers : |
Not Available |
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Banking Relations
: |
- |
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Auditors : |
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Name : |
Price Waterhouse Chartered Accountant |
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Address : |
252, Veer Savarkar Marg, Shivaji Park, Dadar, Mumbai – 400028,
Maharashtra, India |
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Holding Company : |
Baazee Company Private Limited |
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Associates/Subsidiaries : |
Ebay Motors India Private Limited U45200MH2005PTC152135 Kijiji India Private Limited U74130MH2005PTC157228 |
CAPITAL STRUCTURE
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
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85760000 |
Equity Shares |
Rs.10/- each |
Rs.857.600 Millions |
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5240000 |
Preference Shares |
Rs.10/- each |
Rs.52.400 Millions |
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Total |
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Rs.910.000
Millions |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
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70742458 |
Equity Shares |
Rs.10/- each |
Rs.707.425
Millions |
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5238610 |
Preference Shares |
Rs.10/- each |
Rs.52.386
Millions |
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Total |
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Rs.759.811 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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759.811 |
759.811 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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0.000 |
0.000 |
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4] (Accumulated Losses) |
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(639.682) |
(651.665) |
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NETWORTH |
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120.129 |
108.146 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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120.129 |
108.146 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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26.323 |
27.588 |
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Capital work-in-progress |
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0.000 |
1.298 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000
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0.000 |
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Sundry Debtors |
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48.491
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28.107 |
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Cash & Bank Balances |
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209.692
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122.570 |
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Other Current Assets |
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0.000
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0.000 |
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Loans & Advances |
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45.076
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31.476 |
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Total
Current Assets |
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303.259
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182.153 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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188.644
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90.101 |
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Provisions |
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20.809
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12.792 |
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Total
Current Liabilities |
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209.453
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102.893 |
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Net Current Assets |
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93.806
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79.260 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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120.129 |
108.146 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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291.278 |
285.284 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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291.278 |
285.284 |
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Profit/(Loss) Before Tax |
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15.071 |
52.280 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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15.071 |
52.280 |
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Export Value |
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244.309 |
179.364 |
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Expenditures : |
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Depreciation & Amortization |
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20.647 |
14.129 |
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Other Expenditure |
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255.560 |
219.431 |
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Total Expenditure |
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276.207 |
233.560 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
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5.17 |
18.33 |
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Net Profit Margin (PBT/Sales) |
(%) |
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5.17 |
18.33 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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4.57 |
24.93 |
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Return on Investment (ROI) (PBT/Networth) |
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0.13 |
0.48 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.74 |
0.95 |
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Current Ratio (Current Asset/Current Liability) |
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1.45 |
1.77 |
LOCAL AGENCY
FURTHER INFORMATION
News:
Ebay
India bets big on `B', `C' cities
Kolkata,
Aug. 31
In the next 5-6 years, `B' and `C' class cities and towns in
India would account for 50 per cent of the business of online marketplace eBay
India. At present, 20-30 per cent of eBay India's business is generated out of
`B' and `C' class cities and towns across the country, Mr Ambareesh Murty,
Director, Category Management, eBay India Private Limited, told newspersons
here today.
Mr. Murty said: "Huge growth in the buyer segment is
expected from `B' and `C' class cities and towns in India. This will be on
account of higher levels of disposable incomes at the hands of residents of
such places, overall vibrancy in the economy, growing Internet connectivity and
broadband access and access to products that are otherwise not available
locally. Business growth will be there in the metro cities as well but the pace
of growth will be higher in the `B' and `C' Class cities and towns."
Market
size
According to him, the size of the Indian e-commerce market
has been doubling year-on-year. From an estimated market size of Rs.11800.000
Millions in 2005-06, it is expected to grow to Rs.23000.000 Millions in
2006-07.
He said Ebay India has over one lakh listings across 2,500
product categories. These include electronic gadets, personal computers and
peripherals, cameras, jewellery, apparel, books, toys, memorablia etc. eBay
India has over two million registered users who belong to 240 cities and towns
across the country. About 12,800 sellers use eBay India as their primary or
secondary source of income.
Ebay has a presence in 33 countries worldwide and 203
million registered users. Of this, 90 million users are in the US.
During April-June 2006, the gross global merchandise volume
on eBay's trading platform was $12.9 billion. eBay's net revenue globally stood
at $1.41 billion during the same period.
Mr. Murty declined to share financial details pertaining to
gross merchandise volume on the eBay India platform and net revenues of eBay
India Private Limited
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 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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.37 |
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UK Pound |
1 |
Rs.84.01 |
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Euro |
1 |
Rs.65.96 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
7 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
4 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
48 |
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 |
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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. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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