MIRA
INFORM REPORT
|
Report Date : |
17.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
YAHOO INDIA PRIVATE LIMITED |
|
|
|
|
Formerly Known As : |
YAHOO WEB SERVICES INDIA PRIVATE LIMITED |
|
|
|
|
Registered Office : |
Unit No. 1261, 6th Floor, Building No. 12, Solitaire,
Corporate Park No. 167, G H Marg, Andheri (East), Mumbai 400093, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
07.04.2000 |
|
|
|
|
Com. Reg. No.: |
11- 138698 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U72900MH2000PTC138698 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMY01384F |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACY1252B |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Providing internet and web based services. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 5000000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and a reputed company having
satisfactory track. There appears some losses being incurred by the company. However
trade relations are reported as fair. Business is active. Payments are
reported to be usually correct and as per commitments. In view of strong promoters, the company can be considered normal for
business dealings at usual 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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION DECLINED BY
|
Name : |
Ms. Rakhi |
|
Designation : |
Office Executive |
|
Date : |
14.11.2010 |
LOCATIONS
|
Registered Office : |
Unit No. 1261, 6th Floor, Building No. 12, Solitaire, Corporate Park No.
167, G H Marg, Andheri (East), Mumbai 400093, |
|
Tel. No.: |
91-22-33089600 |
|
Fax No.: |
91-22-33089700 |
|
E-Mail : |
chandhok@yahoo-inc.com
/ srakesh@yahoo_inc.com
/ amitdas@yahoo-inc.com |
|
|
|
|
Branch Office 1: |
14th Floor, Building No. 8, Tower C, |
|
Tel. No.: |
91-124-3929600 |
|
Fax No.: |
91-124-3929780 |
|
|
|
|
Branch Office 2: |
7th Floor, Bagmane
Tridib, Block A, |
|
Tel. No.: |
91-80-30776000 |
|
Fax No.: |
91-80-30776001 |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Arun Kumar Tadanki |
|
Designation : |
Managing Director |
|
Address : |
216-B, |
|
Date of Birth/Age : |
31.07.1970 |
|
Date of Appointment : |
30.09.2009 |
|
|
|
|
Name : |
Mr. Lao Y Eugene |
|
Designation : |
Director |
|
Address : |
38, |
|
Date of Birth/Age : |
29.09.1969 |
|
Date of Appointment : |
09.08.2002 |
|
|
|
|
Name : |
Mr. Keith Robert Nilsson |
|
Designation : |
Director |
|
Address : |
235, |
|
Date of Birth/Age : |
24.12.1968 |
|
Date of Appointment : |
08.09.2008 |
|
Date of Ceasing : |
31.05.2010 |
|
|
|
|
Name : |
Mr. Aman Sudhir Kothari |
|
Designation : |
Director |
|
Address : |
1565, |
|
Date of Birth/Age : |
04.04.1972 |
|
Date of Appointment : |
30.09.2008 |
|
|
|
|
Name : |
Mr. Darren Michael Gocher |
|
Designation : |
Additional Director |
|
Address : |
45, |
|
Date of Birth/ Age : |
17.02.1971 |
|
Date of Appointment : |
08.09.2008 |
|
|
|
|
Name : |
Mr. Lekhesh Dholakia |
|
Designation : |
Director |
|
Address : |
602 Orbit Theghtsa, 300 JD Marg, |
|
Date of Birth/Age : |
15.08.1968 |
|
Date of Appointment : |
29.09.2007 |
|
Date of Ceasing : |
17.08.2009 |
|
|
|
|
Name : |
Mr. David Russell Gowdey |
|
Designation : |
Director |
|
Date of Birth/Age : |
29.05.1971 |
|
Date of Appointment : |
21.05.2010 |
KEY EXECUTIVES
|
Name : |
Mr. Bhadresh Acharya |
|
Designation : |
Account Head |
|
|
|
|
Name : |
Mr. Jaspreet Singh Chandhok |
|
Designation : |
Secretary |
|
Address : |
E 1, Sukhdayak Society, J.B. Nagar, Andheri East, Mumbai – 400 059, |
|
Date of Birth/Age : |
29.05.1975 |
|
Date of Appointment : |
21.07.2008 |
|
|
|
|
Name : |
Ms. Rakhi |
|
Designation : |
Office Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Equity
Shareholders |
No. of Shares |
|
Yahoo |
417355615 |
|
Yahoo CV LLC, |
1 |
|
Yahoo Inc., |
1 |
|
Total |
417355617 |
|
Names of Preference Shareholders |
No. of Shares |
|
Yahoo |
128518 |
|
Total |
128518 |
AS ON 30.09.2010
|
Equity Share
breakup (percentage of total equity) |
|
|
Category |
Percentage |
|
Foreign Holding (Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas corporate bodies or others) |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing internet and web based services. |
|
|
|
|
Services : |
Web Based Services |
GENERAL INFORMATION
|
No. of Employees : |
700 Approximately |
|
|
|
|
Bankers : |
Scheduled Bank |
|
|
|
|
Facilities : |
-- |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountants |
|
Address : |
252 Veer Savarkar Marg, |
|
Pan No.: |
AABCP9181H |
|
|
|
|
Holding Company : |
|
|
|
|
|
Fellow Subsidiaries : |
|
CAPITAL STRUCTURE
AS ON 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
448700000 |
Equity Shares |
Rs. 10 each |
Rs.4487.000 millions |
|
130000 |
Preference Shares |
Rs.100 each |
Rs. 13.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
417355617 |
Equity Shares |
Rs. 10 each |
Rs.4173.556 millions |
|
128518 |
Preference Shares |
Rs.100 each |
Rs. 12.851 millions |
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
448700000 |
Equity Shares |
Rs. 10 each |
Rs.4487.000 millions |
|
130000 |
15% Cumulative Optionally Convertible
Preference Shares |
Rs.100 each |
Rs. 13.000 millions |
Note:
During the year, the authorized share capital
of the company has been increased to Rs. 4500.000 millions by creating
additional 150000000 equity shares of RS. 10 each pursuant to the resolution
approved by the shareholders at their meetings held on September 30, 2009 and
December 14, 2009.
Issued and Subscribed Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
384009217 |
Equity Shares |
Rs. 10 each |
Rs.3840.092 millions |
|
128518 |
15% Cumulative Optionally Convertible
Preference Shares |
Rs.100 each |
Rs. 12.851 millions |
Note:
During the year 97279556 equity shares of Rs.
10each fully paid up aggregating Rs. 972.795 millions were allotted to Yahoo
Netherlands B V,
Of the above, 384009216 equity shares of Rs.
10 each and 128518 15% cumulative optionally convertible preference shares of
Rs. 100 each are held by Yahoo Netherlands B V Netherlands, the holding
company.
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 |
3852.943 |
2880.148 |
1271.783 |
|
|
2] Share Application Money |
0.000 |
0.000 |
803.863 |
|
|
3] Reserves & Surplus |
0.099 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(2607.910) |
(1429.939) |
(769.715) |
|
|
NETWORTH |
1245.132 |
1450.209 |
1305.931 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
Pending Allotment |
0.001 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1245.133 |
1450.209 |
1305.931 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
729.370 |
631.244 |
766.180 |
|
|
Capital work-in-progress |
0.000 |
74.104 |
22.656 |
|
|
|
|
|
|
|
|
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 |
576.678 |
845.573 |
705.564 |
|
|
Cash & Bank Balances |
303.358 |
324.376 |
94.196 |
|
|
Other Current Assets |
1.166 |
0.729 |
0.085 |
|
|
Loans & Advances |
310.039 |
228.634 |
124.073 |
|
Total
Current Assets |
1191.241 |
1399.312 |
923.918 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
580.795 |
571.789 |
347.839 |
|
|
Current Liabilities |
77.872 |
62.996 |
52.230 |
|
|
Provisions |
16.811 |
19.666 |
6.754 |
|
Total
Current Liabilities |
675.478 |
654.451 |
406.823 |
|
|
Net Current Assets |
515.763 |
744.861 |
517.095 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1245.133 |
1450.209 |
1305.931 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales |
1417.403 |
1331.808 |
1159.098 |
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL (A) |
1417.403 |
1331.808 |
1159.098 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
2176.830 |
1519.971 |
1148.294 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
2176.830 |
1519.971 |
1148.294 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(759.427) |
(188.163) |
10.804 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(759.427) |
(188.163) |
10.804 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
490.881 |
453.950 |
354.015 |
|
|
|
|
|
|
|
|
|
Add |
PRIOR PERIOD
ADJUSTMENT |
72.453 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(1177.855) |
(642.113) |
(343.211) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
18.111 |
9.434 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(1177.855) |
(660.224) |
(352.645) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(1429.939) |
(769.715) |
(416.562) |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS
AND ADJUSTMENT: |
|
|
|
|
|
|
|
Adjustment on amalgamation |
0.116 |
NA |
NA |
|
|
|
Adjustment on adoption of AS 15 on
employee benefits |
NA |
NA |
0.508 |
|
|
BALANCE CARRIED
TO THE B/S |
(2607.910) |
(1429.939) |
(769.715) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
-- |
(2.30) |
(3.15) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(83.10) |
(50.33) |
(26.28) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(61.32) |
(31.62) |
(20.31) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.94) |
(0.44) |
(0.26) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.54 |
0.45 |
0.31 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.76 |
2.14 |
2.27 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry
Creditors:
(Rs. In millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors
- Due to Micro and Small Enterprises |
53.224 |
0.592 |
0.204 |
|
- Due to Others |
527.571 |
571.197 |
347.635 |
|
Total |
580.795 |
571.789 |
347.839 |
RESULTS OF
OPERATIONS AND APPROPRIATIONS
During the year,
Yahoo
OUTLOOK
The Company
anticipates better returns in the subsequent financial years with internet
awareness growing rapidly in the country and clients allocating more
advertising budgets to the internet.
Note:
Registered office of the company has been shifted from 801, Nicholas Piramal Tower, Peninsula Corporate Park, Lower Parel, Mumbai- 400 013, Maharashtra, India to the present address w.e.f.01.07.2010.
FIXED ASSETS
- Computer Software
- Leasehold Improvement
- Computer
- Furniture and Fixture
- Office equipment
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.45.30 |
|
|
1 |
Rs.71.73 |
|
Euro |
1 |
Rs.60.40 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE PROPRIETORY CONCERN
DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
44 |
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 |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.