MIRA
INFORM REPORT
|
Report Date : |
06.02.2008 |
IDENTIFICATION
DETAILS
|
Name : |
INFOCOM NETWORK
LIMITED |
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Registered Office : |
C-1, 2nd Floors, Main Shopping Centre, Vasant Vihar,
New Delhi – 110 057 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
07.09.1990 |
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Com. Reg. No.: |
55-41415 |
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CIN No.: [Company
Identification No.] |
U72200DL1990PLC041415 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DEL101408B |
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PAN No.: [Permanent
Account No.] |
AAACI0778A |
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Legal Form : |
A Closely Held
Public Limited Liability Company. |
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Line of Business : |
Trade Promotion Organization,
promoting India’s Trade on global level through India’s largest B2B portal www.tradeindia.com , India’s first and
most comprehensive Exporters Manufacturers Directory – Exporters Yellow Pages
and through Trade India’s sourcing CD Rom. |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 309500 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is highly
successful in online B2B, e-marketplace. Directors are reported as
experienced, respectable and having satisfactory track. Financial position of
the company is good. Payments are usually correct and as per commitments. The company can
be considered good for any normal business dealings at usual trade terms. It
can be regarded as a promising business partner in a medium to long-run. |
LOCATIONS
|
Registered
Office : |
C-1, 2nd Floors,
Main Shopping Centre, Vasant Vihar, New Delhi – 110 057, INDIA |
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Tel. No.: |
91-11-26152172 |
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Fax No.: |
91-11-26149446 |
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E-Mail : |
infocom@del2.vsnl.net.in
, infocom@tradeindia.com , arvind@tradeindia.com |
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Website : |
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Location : |
Rented [Subject is shifting in 1 year to a new owned location bought
in recent past. |
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Overseas Office : |
Infocom Network Limited Overseas Office - New York Infocom Network Limited Subsidiary Corp. Infocom Network Limited Subsidary Corp. |
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Branches : |
Ahmedabad 301, Aditya, Kolkatta 10, Middleton
Row, Kolkata - 700071. Coimbatore
Second Floor Telfax: 2380421 Hyderabad 303, Chenoy
Trade Centre, Park Lane, Jaipur 611, 5th floor,
Apex Mall, Ludhiana 1st Floor, Opp.
Telephone Exchange Noida G-16, 1st Floor,
Thane 5/6, S-1 Golden
Park, Bangalore G-6 & 7, Ground Floor, Richmond Tower, Chennai 4A, 4th Floor,
"P.M. Tower", Delhi Infocom Network
Limited Fax: 91-11-26149446 Indore 104, Indore
Trade Center, Jodhpur 411, 4th Floor,
Osho Tower, Mumbai 194, Arvind
Chambers, Pune Sahil Arcade, Vadodara 205, Galaxi Complex, Tel: 91- 265-5521689 |
DIRECTORS
|
Name : |
Mr. Bikky Khosla |
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Designation : |
Director |
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Address : |
B-9/18, Vasant Vihar, New Delhi – 110 052, INDIA |
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Date of Birth/Age : |
30.07.1960 |
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Name : |
Mr. Anjali Khosla |
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Designation : |
Director |
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Address : |
B-9/18, Vasant Vihar, New Delhi – 110 052, INDIA |
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Date of Birth/Age : |
21.12.1963 |
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Date of Appointment : |
16.12.1992 |
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Name : |
Neeru Khosla |
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Designation : |
Director |
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Address : |
630 Los Trancos
Road, Portola Valley, CA , USA – 94028 |
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Date of Birth/Age : |
06.05.1955 |
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Date of Appointment : |
01.03.2001 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of
Shareholders |
|
No. of Shares |
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Mr. Bikky Khosla |
|
14520 |
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Ms. Anjali Khosla |
|
11110 |
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Ms. Tina Gogna |
|
10 |
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Mr. Rajshekhar Radhakrishnan |
|
10 |
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Mr. Shashi Khosla
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|
9410 |
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Ms. Akriti Khosla
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|
9400 |
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Ms. Aanchal Khosla
|
|
9400 |
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Mr. Amarnath
Khosla |
|
9400 |
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Mr. Satindra Pratap |
|
10 |
|
Ms. Neeru Khosla |
|
171467 |
BUSINESS DETAILS
|
Line of Business : |
Trade Promotion Organization,
promoting India’s Trade on global level through India’s largest B2B portal www.tradeindia.com , India’s first and
most comprehensive Exporters Manufacturers Directory – Exporters Yellow Pages
and through Trade India’s sourcing CD Rom. |
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Exports : |
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Products : |
Globally Export
Promotional Services |
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Countries : |
All Over |
GENERAL
INFORMATION
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Customers : |
All SME’s |
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No. of Employees : |
550 |
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Bankers : |
v
The Federal
Bank Limited v
Standard
Chartered Bank v
Citibank NA v
Syndicate
Bank, C Block, Vasant Vihar, New Delhi, India v
Canara Bank v
Bank of
Baroda v
State Bank
of Mysore v
HDFC Bank v
ICICI
Banking Corporation Limited v
Punjab
National Bank v
Punjab and
Sind Bank v
American
Express Bank |
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Banking Relations : |
Good |
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Auditors : |
Maniktala &
Associates Chartered
Accountants 157,
Rajendra Bhawan, Rajendra Place, New
Delhi – 110 008, India |
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Tel. No.: |
91-11-25718657 |
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Fax No.: |
91-11-25781553 |
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E-Mail : |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250000 |
Equity Shares |
Rs.100/- each |
Rs. 25.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
234737 |
Equity Shares |
Rs.100/- each |
Rs. 23.473 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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|
SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
23.473 |
23.473 |
23.474 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
53.904 |
36.220 |
22.443 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
77.377 |
59.693 |
45.917 |
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LOAN FUNDS |
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1] Secured Loans |
1.733 |
2.689 |
1.326 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
1.733 |
2.689 |
1.326 |
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DEFERRED TAX LIABILITIES |
0.529 |
0.551 |
0.514 |
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TOTAL |
79.639 |
62.933 |
47.757 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
14.987 |
13.909 |
10.021 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
25.735 |
30.157 |
31.479 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000
|
0.000 |
0.000
|
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Sundry Debtors |
2.763
|
2.260 |
1.344
|
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Cash & Bank Balances |
21.376
|
20.503 |
8.464
|
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Other Current Assets |
3.191
|
2.612 |
1.745
|
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Loans & Advances |
30.740
|
7.335 |
5.829
|
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Total
Current Assets |
58.070
|
32.710 |
17.382 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
|
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Current Liabilities |
11.550
|
7.872 |
5.772
|
|
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Provisions |
7.677
|
6.064 |
5.466
|
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Total
Current Liabilities |
19.227
|
13.936 |
11.238 |
|
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Net Current Assets |
38.843
|
18.774 |
6.144
|
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MISCELLANEOUS EXPENSES |
0.074 |
0.093 |
0.113 |
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TOTAL |
79.639 |
62.933 |
47.757 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
130.821 |
106.744 |
88.649 |
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Other Income |
6.655 |
6.916 |
0.000 |
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Total Income |
137.476 |
113.660 |
88.649 |
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Profit/(Loss) Before Tax |
25.338 |
19.878 |
17.411 |
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Provision for Taxation |
6.968 |
5.433 |
4.789 |
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Profit/(Loss) After Tax |
18.370 |
14.445 |
12.622 |
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Expenditures : |
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Interest |
0.368 |
0.305 |
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Depreciation & Amortization |
3.158 |
2.573 |
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Other Expenditure |
108.612 |
90.904 |
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Total Expenditure |
112.138 |
93.782 |
71.238 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
13.36 |
12.70 |
9.17 |
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Net Profit Margin (PBT/Sales) |
(%) |
19.36 |
18.62 |
9.57 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
34.68
|
42.63 |
17.45 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.32
|
0.33 |
0.19 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.27
|
0.27 |
0.20 |
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Current Ratio (Current Asset/Current Liability) |
|
3.02
|
2.34 |
5.85 |
LOCAL AGENCY
FURTHER INFORMATION
Trade
References:
Mr. Minesh
Gandhi – Mira Inform Private Limited
Fixed
Assets
Ř
Land
Ř Building
Ř Office premises
Ř Furniture, Fixture and Fittings
Ř Machinery and plant
Ř Air Conditioners
Ř Coolers
Ř Electrical Appliances
Ř Fax Machines
Ř Generator
Ř Office Equipments
Ř Refrigerator
Ř Television
Ř Computer
FORM 8
|
Name of the company |
INFOCOM NETWORK
LIMITED |
|
Presented By |
The Federal Bank
Limited, Westend Colony, New Delhi |
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1) Date and description of instrument creating the change |
Letter of continuity for Equitable Mortgage dated 01.09.2000 |
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2) Amount secured by the charge/amount owing on the securities of
charge |
Rs. 0.300 Millions |
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3) Short particular of the property charged. If the property acquired
is subject to charge, date of the acquired of the property should be given |
Equitable mortgage of property at shop no. A 3, 1st floor,
Genini Parson Complex, No. 121, Mount Road, Chennai – 6 admeasuring 220 sq.
ft. vide letter of continuity for equitable mortgage dated 01.09.200 |
|
4) Gist of the terms and conditions and extent and operation of the
charge. |
First charge on
above property is to secure the cash credit limit of Rs. 0.3 millions granted
to Infocom Retail Services Private Limited by The Federal Bank Limited,
Westend Colony, New Delhi |
|
5) Name and Address and description of the person entitled to the
charge. |
The Federal Bank
Limited, Westend Colony, New Delhi |
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6) Date and brief description
of instrument modifying the charge |
NIL |
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7) Particulars of modifications specifying the terms and conditions or
the extent of operations of the charge in which modification is made and the
details of the modification. |
NIL |
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Name of the company |
INFOCOM NETWORK
LIMITED |
|
Presented By |
The Federal Bank
Limited, Westend Colony, New Delhi |
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1) Date and description of instrument creating the change |
Agreement guarantee dated 31.08.2000 |
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2) Amount secured by the charge/amount owing on the securities of
charge |
Rs. 0.300 Millions |
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3) Short particular of the property charged. If the property acquired
is subject to charge, date of the acquired of the property should be given |
Corporate guarantee of the company. |
|
4) Gist of the terms and conditions and extent and operation of the
charge. |
First charge on
above property is to secure the cash credit limit of Rs. 0.3 millions granted
to Infocom Retail Services Private Limited by The Federal Bank Limited,
Westend Colony, New Delhi |
|
5) Name and Address and description of the person entitled to the
charge. |
The Federal Bank
Limited, Westend Colony, New Delhi |
|
6) Date and brief description
of instrument modifying the charge |
NIL |
|
7) Particulars of modifications specifying the terms and conditions or
the extent of operations of the charge in which modification is made and the
details of the modification. |
NIL |
AS PER WEBSITE
DETAILS:
The challenging opportunities and new avenues
cropping up in the corporate arena in diverse sectors demands the role of a
common mediator to act as bridge between buyers and sellers, importers and
exporters, and the like. This service facilitates all in the business world to
come to a common platform, thus turning the geologically colossus earth into a
tiny global village. Trade India is a major entity involved in this task
bringing manufacturers, buyers and sellers under one pedestal.
Infocom Network Limited is an ISO 9001: 2000 certified company,
conceptualised in 1996 and it has created a niche as India's largest online B2B
e-marketplace, offering comprehensive business solutions to the global EXIM
community through its wide array of online services, directory services and
facilitation of trade promotional events. Their portal is an ideal forum for
buyers and sellers across the globe to interact and conduct business smoothly
and effectively.
With an unmatched expertise in data acquisition and online promotion,
Tradeindia subsumes a huge number of company profiles and product catalogs
under 1,258 different product categories and sub-categories. It is well
promoted on all major search engines and receives an average of 20.5 million
hits per month.
Trade India is maintained and promoted by INFOCOM NETWORK LIMITED Today they
have reached a database of 5,62,522 registered users, and the company is
growing on a titanic scale with a considerable amount of new users
joining/registering everyday, under the innovative vision and guidance of Mr.
Bikky Khosla, CEO.
Infocom
Network Limited is headquartered in New Delhi, India from where it handles the
operations of tradeindia.com. The company has branch offices in 17 commercial
cities across the country and three overseas offices in New York, Toronto and
Sharjah, to cater the needs of their privileged clients.
Infocom Network Limited is headquartered in New Delhi, India
from where it handles the operations of tradeindia.com. They have branch offices
in 17 commercial cities across the country and three overseas offices, viz. New
York, Toronto and Sharjah, to cater to the needs of their privileged and
venerated clients.
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. 39.43 |
|
UK Pound |
1 |
Rs. 77.74 |
|
Euro |
1 |
Rs. 58.41 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
56 |
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 |
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 |
|