MIRA INFORM REPORT

 

 

Report Date :

23.04.2011

 

 

NOTE: At the address which you have provided we could locate following company.

 

IDENTIFICATION DETAILS

 

Name :

MERCADO ONLINE PRIVATE LIMITED

 

 

Registered Office :

Old No.24, New no.49, Sixthman Road, Rajaannamalaipuram, Chennai – 600028, Tamilnadu

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

02.04.2004

 

 

Com. Reg. No.:

052876

 

 

CIN No.:

[Company Identification No.]

U72900TN2004PTC052876

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

The company is engaged in the business of providing an online platform for various business transactions.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca (16)

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

USD 111968

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having moderate track. There appears huge accumulated losses recorded by the company. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow.

 

The company can be considered for business dealings on a secured trade terms and  conditions.

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – April 1, 2010

 

Country Name

Previous Rating

(31.12.2009)

Current Rating

(01.04.2010)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INFORMATION PARTED BY

 

Name :

Mr. Param Parameshwar

Designation :

Chairman

Date :

20.04.2011

 

 

LOCATIONS

 

Registered Office :

Old No.24, New no.49, Sixthman Road, Rajaannamalaipuram, Chennai – 600028, Tamilnadu, India 

E-Mail :

ravi.ca@gmail.com

Area :

1500sq.fts

Location :

Rented

 

 

Head Office:

673, 10th Main, 7th Cross, Hal IInd Stage, Indiranagar, Bangalore – 560008, Karnataka, India

Tel. No.:

91-80-40619000

Fax No.:

91-80-25270907

Email:

boby@indiaplaza.com

 

 

Branches :

Located at:

Domlur (Bangalore)

 

 

DIRECTORS

 

AS ON 27.09.2010

 

Name :

Mr. V Ravichandran

Designation :

Director

Address :

No.49, Sixth Main Road, Raja Annamalaipuram, Chennai - 600028

Date of Birth/Age :

02.09.1961

Date of Appointment :

02.04.2004

 

 

Name :

Mr. P Paramanand

Designation :

Director

Address :

5035, 164th Court NE, Redmond, WA 98052 USA

Date of Birth/Age :

08.10.1955

Date of Appointment :

10.12.2004

 

 

Name :

Mr. Harish Raghavan

Designation :

Director

Address :

No.180, East End Avenue, New York 10128

Date of Birth/Age :

10.07.1961

Date of Appointment :

16.03.2009

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 27.09.2010

 

Names of Shareholders

 

No. of Shares

V S Sudhakar

 

3889

V S Ramesh

 

1666

Hari Menon

 

1667

Vipul Parekh

 

1666

V Vaitheeswaran

 

5674

Sandeep Singh Thakran

 

1667

IP Investor LLC, USA 

 

29998

V Ravishnamachari

 

1

Radha Vasudevan

 

1

Sumerusoft Private Limited, Chennai

 

900

Uma Apparels Private Limited, Chennai

 

900

Ramaa Raghvan

 

15003

P Parameswaran

 

15003

Total

 

78035

 

 

AS ON 27.09.2010

 

Category

Percentage

Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others

46.38

Directors or relatives of Directors

34.80

Others

18.82

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

The company is engaged in the business of providing an online platform for various business transactions.

 

 

Terms :

 

Selling :

Credit  (07  days)

 

 

Purchasing :

Credit  (30 days)

 

 

GENERAL INFORMATION

 

Suppliers :
  • Ojjas Enterprises, Mumbai
  • Deear Enterprises, Mumbai 
  • Stylish Gifts, Mumbai 

 

 

Customers :

Pubilc/Online shopping loyalty programme managed for HDFC Bank, Kotak Mahindra Bank

 

 

No. of Employees :

35

 

 

Bankers :
  • Citi Bank, MG Road, Bangalore
  • ICICI Bank, MG Road, Bangalore
  • HDFC Bank, Indiranagar, Bangalore
  • Axis Bank, Indiranagar, Bangalore

 

 

Facilities :

--

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

 

Chartered Accountant

Address :

 

Tel. No.:

91-80-25248320

E-Mail :

ksablr@sify.com

 

 

Associates/Subsidiaries :
  • Indiaplaza Operations LLC
  • Inradiant Commerce Private Limited
  • E Shakti.com  Private Limited

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

145000

Equity Shares

Rs.10/- each

Rs.1.450 Millions

5000

Preference Shares

Rs.10/- each

Rs.0.050 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

86235

Equity Shares

Rs.10/- each

Rs.0.862 Million

 

 

 

 

 

Preference Share Capital:

No. of Shares

Type

Value

Amount

1800

Equity Shares

Rs.10/- each

Rs.0.018 Million

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2010

31.03.2009

31.03.2008

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

0.880

0.858

0.518

2] Share Application Money

0.800

0.000

0.000

3] Reserves & Surplus

26.312

26.312

7.100

4] (Accumulated Losses)

(119.428)

(100.360)

(57.779)

NETWORTH

27.992

27.170

(50.161)

LOAN FUNDS

 

 

 

1] Secured Loans

0.019

0.137

0.236

2] Unsecured Loans

27.588

25.588

17.938

TOTAL BORROWING

27.607

25.725

18.174

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

55.599

52.895

(31.987)

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

3.322

4.045

5.087

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
0.000

0.000

0.000

 

Sundry Debtors
7.958

19.487

48.763

 

Cash & Bank Balances
1.946

0.304

0.849

 

Other Current Assets
0.000

0.000

0.000

 

Loans & Advances
3.786

4.558

3.663

Total Current Assets
13.690

24.349

53.275

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
0.000

0.000

0.000

 

Other Current Liabilities
80.840

75.863

90.357

 

Provisions
0.000

0.000

0.000

Total Current Liabilities
80.840

75.863

90.357

Net Current Assets
(67.150)

(51.514)

(37.082)

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.004

0.008

 

 

 

 

TOTAL

55.599

52.895

(31.987)

 

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2010

31.03.2009

31.03.2008

 

SALES

 

 

 

 

 

TOTAL                                    

23.640

28.290

NA

 

 

 

 

 

 

LOSS FOR THE YEAR 

19.070

42.580

NA

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

Debt Equity Ratio

(Total Liability/Networth)

 
3.87

3.74

(2.17)

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
0.17

0.32

0.59

 

 

 

LOCAL AGENCY FURTHER INFORMATION

                            

FINANCIAL RESULTS:

 

The company is engaged in the business of providing an online platform for various business transactions.

 

The Company has achieved a turnover of Rs.23.640 millions during the year. However a loss of Rs.19.070 millions has been incurred after providing for depreciation on Fixed Assets to an extent of Rs.1.086 Millions. No dividend is proposed.

 

Fixed Assets:

 

  • Computer Hardware
  • Computer Software
  • Office Equipment
  • Vehicles
  • Furniture and Fixtures
  • Goodwill

 

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.44.30

UK Pound

1

Rs.72.92

Euro

1

Rs.64.69

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

3

PAID-UP CAPITAL

1~10

2

OPERATING SCALE

1~10

3

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

2

--PROFITABILIRY

1~10

1

--LIQUIDITY

1~10

2

--LEVERAGE

1~10

1

--RESERVES

1~10

1

--CREDIT LINES

1~10

1

--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

 

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

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

-

NB

                                       New Business

-

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.