MIRA
INFORM REPORT
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Report Date : |
29.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ICICI WEB TRADE LIMITED |
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Registered Office : |
ICICI Bank Towers, Randra – Kurla Complex, Mumbai – 400051,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
02.12.1999 |
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Com. Reg. No.: |
11-122883 |
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CIN No.: [Company
Identification No.] |
L67120MH1999PLC122883 |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Providing Internet Broking Services |
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 1920000 |
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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 an established company of ICICI Bank group which is a
leading bank in the country. Trade relations are fair. Financial position is
satisfactory. Payments are correct and as per commitments. The company can be considered good for normal business dealings. Several attempts made to contact the right person but failed to obtain
more details. We have been directed one to another on several occasions
without any fruitful results. |
LOCATIONS
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Registered Office : |
ICICI Bank Towers, Randra – Kurla Complex, Mumbai – 400051,
Maharashtra |
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Tel. No.: |
91-22-26531414/26537385/26538388 |
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Fax No.: |
91-22-26531252 |
DIRECTORS
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Name : |
Mr. Ramni Deepak Nirula |
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Designation : |
Director |
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Address : |
A – 14, Anand Niketan, New Delhi – 110021 |
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Date of Birth/Age : |
27.05.1952 |
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Date of Appointment : |
30.10.2002 |
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Name : |
Mr. Madhavan Madmanbhan Gopinath |
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Designation : |
Director |
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Address : |
206, Hillside B, Powai, Mumbai – 400072, Maharashtra |
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Date of Birth/Age : |
15.10.1948 |
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Date of Appointment : |
25.04.2002 |
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Name : |
Mr. Vaidyanaythan V Kvembu |
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Designation : |
Director |
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Address : |
601, Radhika Off Sayani Road, Prabhadevi, Mumbai – 400025, Maharashtra
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Date of Birth/Age : |
02.01.1968 |
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Date of Appointment : |
25.04.2002 |
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Name : |
Mr. Anup Anineshchandra Bagchi |
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Designation : |
Director |
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Address : |
Flat No. C – 701, 7th Floor, EL – Dorando Heights,
Kashinath Dhru Road, Off Cadel Road, Prabhadevi, Mumbai – 400025, Maharashtra
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Date of Birth/Age : |
26.07.1970 |
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Date of Appointment : |
01.04.2001 |
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Name : |
Mr. Pravirkumar Balbir Vohra |
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Designation : |
Director |
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Address : |
201, Sai Prabha, Plot No. 140, 10th Road, Khar (West),
Mumbai – 400052, Maharashtra |
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Date of Birth/Age : |
24.11.1964 |
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Date of Appointment : |
01.11.2002 |
KEY EXECUTIVES
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Name : |
Ms. Pooja Suresh Ruparel |
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Designation : |
Company Secretary |
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Address : |
9, Sagai Darshan, Hanuman Road, Vilae Parel (East), Mumbai – 400057,
Maharashtra |
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Date of Birth/Age : |
16.09.1977 |
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Date of Appointment : |
02.02.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 29.09.2005
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Names of Shareholders |
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No. of Shares |
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Mr. Srinivasan Venkat |
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100 |
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Mr. Vaman Kundapur Kamath |
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100 |
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Ms. Lalita Dileep Gupte |
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100 |
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Mr. Anup Gagchi |
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100 |
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Ms. Kalpana Jaisingh Morsaria |
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100 |
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M/s. ICICI Trusheeshid Services Limited |
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29999300 |
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Mr. Rajesh G Saxena |
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100 |
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Mr. Deepak Bhagwan Agarwal |
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100 |
AS ON 31.03.2006
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Venture Capital |
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99.99 |
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Other top fifty shareholders |
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0.01 |
BUSINESS DETAILS
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Line of Business : |
Providing Internet Broking Services |
GENERAL
INFORMATION
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No. of Employees : |
200 |
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Bankers : |
Not Available |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Jayesh Gandhi Chartered Accountant |
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Address : |
Universal Insurance Building, Phirozeshah Mehta Road, Mumbai – 400001,
Maharashtra |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
AS ON 31.03.20006
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
40,000,000 |
Equity Shares |
Rs. 10/- Each |
Rs. 400.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
30,000,000 |
Equity Shares |
Rs. 10/- Each |
Rs. 300.000 Millions |
Notes -
2,99,99,300 Shares are held by ICICI Trusteeship Services Limited (ICICI Equity
Fund), and 700 shares are held by nominees of ICICI Bank Limited
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
300.000 |
300.000 |
300.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
84.656 |
201.538 |
73.300 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
384.656 |
501.538 |
373.300 |
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LOAN FUNDS |
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1] Secured Loans |
100.828 |
250.000 |
0.000 |
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2] Unsecured Loans |
410.100 |
0.000 |
60.000 |
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TOTAL BORROWING |
510.928 |
250.000 |
60.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
895.584 |
751.538 |
433.300 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
157.529 |
99.589 |
124.600 |
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Capital work-in-progress |
3.476 |
3.561 |
0.000 |
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INVESTMENT |
55.294 |
43.690 |
16.400 |
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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 |
2.155
|
0.326 |
3650.600 |
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Sundry Debtors |
5199.617
|
2550.311 |
0.000 |
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Cash & Bank Balances |
2667.154
|
1987.860 |
0.000 |
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Other Current Assets |
298.756
|
42.912 |
0.000 |
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Loans & Advances |
439.143
|
219.161 |
182.200 |
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Total
Current Assets |
8606.825
|
4800.570 |
3832.800 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
7606.638
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4027.070 |
3424.500 |
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Provisions |
320.902
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168.802 |
118.000 |
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Total
Current Liabilities |
7927.540
|
4195.872 |
3542.500 |
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Net Current Assets |
679.285
|
604.698 |
290.300 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
2.000 |
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TOTAL |
895.584 |
751.538 |
433.300 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
2695.816 |
1543.114 |
989.600 |
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Other Income |
64.262 |
52.019 |
6.200 |
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Total Income |
2760.078 |
1595.133 |
995.800 |
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Profit/(Loss) Before Tax |
224.567 |
204.033 |
183.200 |
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Provision for Taxation |
81.139 |
77.049 |
41.300 |
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Profit/(Loss) After Tax |
143.428 |
126.984 |
141.900 |
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Expenditures : |
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Salaries, Wages, Bonus, etc. |
138.670 |
74.849 |
0.000 |
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Payment to Auditors |
0.569 |
0.318 |
0.000 |
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Interest |
35.797 |
31.136 |
433.100 |
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Insurance Expenses |
1.641 |
0.838 |
330.800 |
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Other Expenditure |
2358.834 |
1283.959 |
48.700 |
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Total Expenditure |
2535.511 |
1391.100 |
812.600 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
5.19
|
7.96 |
14.24 |
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Net Profit Margin (PBT/Sales) |
(%) |
8.33
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13.22 |
18.51 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.56
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4.16 |
4.62 |
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Return on Investment (ROI) (PBT/Networth) |
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0.58
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0.40 |
0.49 |
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Debt Equity Ratio (Total Liability/Networth) |
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21.93
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8.86 |
9.65 |
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Current Ratio (Current Asset/Current Liability) |
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1.08
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1.14 |
1.08 |
LOCAL AGENCY
FURTHER INFORMATION
Press Release
January 11, 2000
ICICI announces the launch
of web based trading services through its group company : ICICI WebTrade
Limited
ICICI (NYSE Symbols
: IC and IC.d) through its group company namely ICICI WebTrade Limited would be
launching a new Internet based trading service at icicidirect.com. The business
model that would be that of a combination of thin branches (ICICI Centres which
function like cyber points) and the web space. This model has been successfully
adopted by leaders in the international market like Charles Schwab.
Not only is ICICI
Group the first to offer this service, but icicidirect.com offers the first end
to end integrated web based trading service - e-Invest Account that allows the
customer seamless electronic trading on the exchanges. Through this unique
three-in-one offering, every customer opening an e-Invest account will get a
free demat account and a free online banking account.
This integration
will enable the customer to tie in his trading bank account and demat account
to his e-Invest account electronically. When the customer punches in a trade on
his computer, the icicidirect.com server will check the balance in his bank and
demat accounts and will execute the trade on the exchange online. All of this
will involve no paperwork. icicidirect.com will keep track of all transactions,
settlement dates and stock exchange rules, thus making trading a completely
hasslefree experience for the customer.
Under this end to
end integration, the customer will be offered a free online banking account and
a free demat account with every e-Invest account opened. Therefore the customer
need not be an existing account holder with ICICI Bank or ICICI Demat Services.
e-Invest allows the
customer to not only buy shares to the extent of money in his bank account but
also allows him to buy and sell shares on margin, thus leveraging his money.
Hence he can buy much more than covered by the actual balance in his bank
account. There is a strong risk mitigation module incorporated in the system to
protect the customer from over exposure.
In line with ICICI
Group's retail focus, this product is targeted at an individual customer who is
interested in the stock markets. Any Indian (resident or non -resident) who has
access to the Internet, located anywhere in the world can open an e-Invest account
with us. For those customers who do not have an independent access to the net,
ICICI Centres would provide net access, in the first phase in 12 centres and
eventually throughout the country. The ideal mix of technology and Internet as
a channel allows us to bring these features to everybody at competitive prices.
The e-Invest account
will be introduced in phases after obtaining the necessary regulatory
approvals. It is expected that by February 28, 2000 the regulatory guidelines
would be in place and statutory approvals would have been obtained. Live
trading is therefore expected to commence only at that time. In the interim six
weeks, icicidirect.com would be set up in the alpha and beta mode. With effect
from January 13, 2000 investors can visit icicidirect.com to view a demo, give
feedback and register for the beta testing. Incase the statutory clearances are
obtained earlier, they would be ready to launch in line with the same.
The site content
will include online quotes and ticker, watchlists, portfolio tracking, charts,
online news analysis, markets follow up, research, IPO centre, and view
facilities for positions as well as transaction histories.
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.42.30 |
|
UK Pound |
1 |
Rs.84.03 |
|
Euro |
1 |
Rs.66.42 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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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 |
NO |
|
--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
54 |
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 |
|