MIRA
INFORM REPORT
|
Report Date : |
01.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
IBIBO WEB PRIVATE LIMITED |
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Formerly Known As : |
MH WEB PRIVATE LIMITED |
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Registered Office : |
Vatika Towers, Ground Floor, Block A, DLF Golf Course Road, Sector –
54, Gurgaon 122002, Haryana |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
24.05.2006 |
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Com. Reg. No.: |
05-36829 |
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CIN No.: [Company
Identification No.] |
U72400HR2006PTC036829 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RTKI01082E |
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PAN No.: [Permanent
Account No.] |
AAJCS9091D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject runs a suite of internet properties for India with a
significant focus on online social media and local search. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 720000 |
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Status : |
New Company |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is a new company and owner of the portal IBIBO.COM. The
company has incurred substantial initial losses, perhaps due to huge
advertising expenses made to popularise the portal as it face fierce
competition from several well established portals. No further details could
be made available. The company can be considered for small to mediocre business dealings
on safe and secured terms initially. No clean credit can be granted.
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LOCATIONS
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Registered Office : |
Vatika Towers, Ground Floor, Block A, DLF Golf Course Road, Sector –
54, Gurgaon 122002, Haryana, India |
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Tel. No.: |
91-124-3054000 |
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Fax No.: |
91-124-3054022 |
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E-Mail : |
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Website : |
DIRECTORS
|
Name : |
Mr. Kashyap Ashish |
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Designation : |
Director |
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Name : |
Mr. Neethling Leroux |
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Designation : |
Director |
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Address : |
42, Villa Carrara, Somerville Street, Melrose Estate, Johannesburg |
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Date of Birth/Age : |
22.11.1966 |
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Date of Appointment : |
26.02.2007 |
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Name : |
Mr. Ward Francis Stephen |
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Designation : |
Director |
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Name : |
Mr. Gerhardus Jacobus Visser |
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Designation : |
Director |
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Address : |
4, Helderzicht, 93 Murry Street, Durbanville |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Equity Shareholders |
|
No. of Shares |
|
MIH India [Mauritius] Limited |
|
9999 |
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MH [BVI] Limited |
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1 |
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Total |
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10000 |
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Name of Preference Shareholders |
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No. of Shares |
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MIH India [Mauritius] Limited |
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37816800 |
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign
Companies, Foreign Financial Institutions, Non-resident Indian or Overseas
corporate bodies or others] |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject runs a suite of internet properties for India with a
significant focus on online social media and local search. |
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 Accountants |
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Address : |
Building 8, 7th and 8th Floor, Tower – B, DLF
Cuber City, Gurgaon – 122002, Haryana, India |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50,000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.500 Million |
|
99,950,000 |
Preference Shares |
Rs. 10/- each |
Rs. 999.500 Millions |
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Total |
|
Rs. 1000.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10,000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.100
Million |
|
37,816,800 |
Preference Shares |
Rs. 10/- each |
Rs. 378.168
Millions |
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Total |
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Rs. 378.268 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
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|
31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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378.268 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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[197.622] |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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180.646 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
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2] Unsecured Loans |
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0.000 |
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TOTAL BORROWING |
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0.000 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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180.646 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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169.374 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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0.000 |
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DEFERREX TAX ASSETS |
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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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Sundry Debtors |
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0.202 |
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Cash & Bank Balances |
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114.728 |
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Other Current Assets |
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0.371 |
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Loans & Advances |
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25.179 |
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Total
Current Assets |
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140.480 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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126.260 |
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Provisions |
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2.948 |
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Total
Current Liabilities |
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129.208 |
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Net Current Assets |
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11.272 |
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MISCELLANEOUS EXPENSES |
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0.000 |
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TOTAL |
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180.646 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
|
31.03.2007 |
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Sales Turnover |
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|
0.774 |
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Profit/(Loss) Before Tax |
|
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[195.793] |
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Provision for Taxation |
|
|
1.829 |
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Profit/(Loss) After Tax |
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[197.622] |
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Total Expenditure |
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196.567 |
KEY RATIOS
|
PARTICULARS |
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|
31.03.2007 |
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PAT / Total
Income |
(%) |
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[25532.56] |
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Net Profit Margin (PBT/Sales) |
(%) |
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[25296.25] |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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[63.19] |
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Return on Investment (ROI) (PBT/Networth) |
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[1.08] |
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Debt Equity Ratio (Total Liability/Networth) |
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0.72 |
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Current Ratio (Current Asset/Current Liability) |
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1.09 |
LOCAL AGENCY
FURTHER INFORMATION
The Registered
Office of the company has been shifted from Amarchand Towers, 216, Okhla
Industrial Estate, Phase – III, New Delhi – 110020, India to the present
address w.e.f. 13.03.2007
AS PER WEBSITE
Profile
Subject
founded in August 2006, and the product had a limited release in January 2007.
During its Beta release, subject a registered base of over one million people
with high level of activity for its various social applications. Subject
currently has over 4 million blog posts, 250,000 questions and 500,000 answers,
130,000 polls and 15,000 opinions.
Subject
has become one of the fast growing internet based social media businesses in
India. Subject unique visitor rank for the period ending November 2007, as per
Comscore was No 16; and is ranked number 3 conversational media site (Social
Networking), after the legacy global sites such as Orkut and Blogger. Refer to
graph :
Subject
focuses on creating internet and mobile based social media platforms and local
and vertical search products.
Principals
Naspers
ibibo.com
is backed by multi million media conglomerate, Naspers, which has principal
operations in electronic media (including pay-television, internet and
instant-messaging, subscriber platforms and provision of related technologies)
and print media (including publishing, distribution and printing of magazines,
newspapers and books, and the provision of private education services). Naspers
is headquartered at Cape Town, South Africa, with operations located in
Sub-Saharan Africa, Greece, Cyprus, the Netherlands, the United States,
Thailand, China, Russia, Poland, Brazil and India. Naspers other internet
businesses include Tencent and Mail.ru. Tencent operates the brand QQ in China.
QQ is a dominant Instant Messaging and Portal player with more than 80% market
share in the country. Mail.ru is ranked as the number one email service for
Russian speaking users
Global Operations
Tencent
Tencent
was founded in Shenzhen, China in November, 1998 and operates the brand QQ. QQ
is a dominant Instant Messaging and Portal player with more than 80% market
share. Today QQ is a movement in China. It has 597.9 million registered users
and 253.7 million active Instant Messaging accounts. It is listed on Hong Kong
Stock Exchange with a market cap of 6Bn dollars.
Sanook.com
Sanook.com
was established in 1998. Sanook! is a leading Internet brand in Thailand with
large number of traffic. Sanook! provides entertainment, infotainment,
communication, social networking and mobile services for its users. Sanook! has
also launched a Thai version of QQ IM for Thai users.
Mail.ru
Mail.ru
was founded in 1998 and is a leading provider of internet and communication
services to the global Russian-speaking community. Ranked as the number one
email service for Russian speaking users, it markets and provides a wide range
of communication services. At present Mail.ru has some 30 million unique
monthly visitors, and over two billion monthly page views.
Key
Statistics for Mail.ru:
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Largest player on the Russian e-mail market
- #2
instant messaging service provider
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Dominates certain key verticals including travel, dating, photo sharing and others
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Significant online search
- 70% of
Russian internet users use the portal
24.com
and M-Web – ISP, Portal
M-WEB
was launched in 1997 by the multinational media group, Naspers. For the past
eight years, it has been South Africa’s leading Internet Service Provider, and
has now expanded its operations to other parts of Africa and the Far East.
M-Web is
also active in the business-to-business ("B2B") and
business-to-consumer ("B2C") e-commerce markets. It offers various
on-line services to large corporations and to the small and medium enterprise
("SME") and small-office-home-office (" Soho") markets.
These services include web and server hosting, business mail solutions, domain
name registrations, leased line access, application service provision, web
development and e-commerce solution development.
M-Web
had approximately 300,000 dial-up subscribers and 44,000 broadband ADSL
subscribers.
Key
Internet properties in South Africa:
- 24.com
– SA #1 community portal
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Kalahari.net – Leading e-commerce portal in SA
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News24.com – news portal
Nimbuzz
Nimbuzz
was started in Netherland in 2006,and aims to change the face of mobile
communications. Nimbuzz through its application allows to connect the 2.2
billion global users of mobile devices with the 1.1 billion global Internet
users in real time and for free. The application supports multi-directional
voice, presence and messaging between mobile devices and PC’s. The service is
available on more than 500 different types of phones in over 35 different countries.
The
group offers terrestrial analogue, digital satellite and other pay television
services to some 2.3 million households through its subsidiaries and joint
ventures, in two regions:
The
African continent (South Africa and the rest of sub-Saharan Africa), and
The
Mediterranean (Greece and Cyprus).
The
group aim is to be the leading supplier of pay television services, to offer
high-quality content, continually improve customer care and to offer new
services and technology. In each market the group transmits a package of 50 to
80 channels, including premium movies, major sports events and popular
children’s programming. The company has recently launched a DVBH (a Mobile
broadcast technology) services in SA and also in Nigeria.
Media24
is the leading print media concern in Africa. It publishes some 74 leading
magazine titles and 58 newspaper titles. In addition, Media24 is establishing
internet businesses that draw on existing areas of expertise, and are rapidly
evolving as leaders in their specific segments.
MIH
holds a 30% stake in Brazil’s leading magazine publisher, Abril. MIH also holds
minority stakes in Titan and Hong Kong listed Beijing Media Corporation.
The book
division of the group, Afrika, consists of publishers, agents and niche
retailers and distributors. Another group company, Educor is the leading
provider of private education in Africa.
Irdeto
is a world leader in technology for the securing of content from concept to
consumer. It specialises in end-to-end solutions to protect content from
unauthorised access in the television broadcast, mobile and internet
environments.
Entriq
develops content protection and subscriber management services for broadband
markets, allowing channel providers to reach small audiences not otherwise
serviced through traditional TV channels.
MediaZone
is the group initiative to leverage broadband to reach small audiences not
otherwise serviced through traditional TV channels. Mediazone has invested in
building web portals where niche content is offered via subscription packages.
These channel categories include sport (eg rugby and figure skating),
international (eg ChinaPortal and KuduClub, niche portals for Chinese and South
African expatriates, respectively) and lifestyle.
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.39.92 |
|
UK Pound |
1 |
Rs.79.31 |
|
Euro |
1 |
Rs.60.63 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
- |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
1 |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
2 |
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--CREDIT LINES |
1~10 |
1 |
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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 |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
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 |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
16 |
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 |
|