|
Report Date : |
24.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
REDIFF. COM INDIA LIMITED (w.e.f.15.02.2000) |
|
|
|
|
Formerly Known
As : |
REDIFF COMMUNICATION LIMITED (w.e.f.29.05.1998) REDIFF COMMUNICATION PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
1st Floor, Mahalaxmi Engineering Estate, L. J. First Cross
Road, Mahim (West), Mumbai – 400016, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
09.01.1996 |
|
|
|
|
Com. Reg. No.: |
11-096077 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 74.051
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U22100MH1996PLC096077 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACR2762F |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Providing Online Internet based Services. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 10170000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is one of the premier worldwide online portals which provide
news, information and shopping services. It is listed in NASDAQ. It is a well established company having a satisfactory track record. The company has incurred a hefty loss during the year under review as
compared to the previous year 2012. However, networth of the company seems to be good. Trade relations are
reported to be fair. Business is active. Payments are reported to be slow but
correct. The company can be considered for normal 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.
INDIAN ECONOMIC OVERVIEW
We are living in a
world where volatility and uncertainty have become the New Normal. We saw
a change of government in countries like Tunisia, Egypt, Libya and Vietnam.
Once powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and
the US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in
agriculture, industry and services. Dampening sentiment led to a cut-back in
investment as well as private consumption expenditure. Inflation remained
at high levels fuelled by the pressure from the food and fuel sectors. The
large fiscal and current account deficit s continued to cause grave concern. It
is imperative that India regains its growth trajectory of 8-9 % sooner than
later. This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE [91-22-24449144]
LOCATIONS
|
Registered / Head Office : |
1st Floor, Mahalaxmi Engineering Estate, L. J. First Cross
Road, Mahim (West), Mumbai – 400016, Maharashtra, India |
|
Tel. No.: |
91-22-24449144/ 61820000 |
|
Mobile No.: |
91-9920845128 (Mr. Ramawatar Taparia) |
|
Fax No.: |
91-22-24455346 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Overseas Office: |
US Office |
|
Tel. No.: |
+1-212-929-1727 |
|
Fax No.: |
+1-212-627-9503 |
|
|
|
|
Sales Office: |
Located At ·
·
|
DIRECTORS
AS ON 12.09.2012
|
Name : |
Mr. Ajit T. Balakrishanan |
|
Designation : |
Chairman and Managing Director |
|
Address : |
801, Bakhtawar, Opposite Colaba Post Office, Mumbai – 400005, |
|
Date of Birth/Age : |
22.07.1948 |
|
Qualification : |
BSC (Phy), PGDM |
|
Date of Appointment : |
09.01.1996 |
|
DIN No.: |
00073814 |
|
|
|
|
Name : |
Mr. Arun Nanda |
|
Designation : |
Director |
|
Address : |
Row House No.11, Grand Paradi, 572, Dadyseth Hill Augustkranti Marg,
Mumbai – 400036, |
|
Date of Birth/Age : |
20.08.1943 |
|
Qualification : |
B.com, PGDM |
|
Date of Appointment : |
09.01.1996 |
|
DIN No.: |
00034744 |
|
|
|
|
Name : |
Mr. Sunil N. Phatarphekar |
|
Designation : |
Director |
|
Address : |
6-W, Navroze Apartment, |
|
Date of Birth/Age : |
02.10.1963 |
|
Qualification : |
B.com, LLB |
|
Date of Appointment : |
26.02.1998 |
|
DIN No.: |
00005164 |
|
|
|
|
Name : |
Mr. Ashok Narasimhan |
|
Designation : |
Director |
|
Address : |
No.135051 |
|
Date of Birth/Age : |
14.04.1947 |
|
Qualification : |
BSC (Phy), PGDM |
|
Date of Appointment : |
25.06.2002 |
|
DIN No.: |
00981944 |
|
|
|
|
Name : |
Mr. Sridar A Iyengar |
|
Designation : |
Director |
|
Address : |
85, |
|
Date of Birth/Age : |
13.08.1947 |
|
Qualification : |
B.com, ICA Eng |
|
Date of Appointment : |
28.09.2004 |
|
DIN No.: |
00278512 |
|
|
|
|
Name : |
Mr. Rashesh Chandrakant Shah |
|
Designation : |
Director |
|
Address : |
123, Landmark, |
|
Date of Birth/Age : |
30.09.1963 |
|
Qualification : |
IIFT Diploma |
|
Date of Appointment : |
26.04.2006 |
|
DIN No.: |
00008322 |
|
|
|
|
Name : |
Mr. Maniedath Madhavan Nambiar |
|
Designation : |
Additional director |
|
Address : |
#3, 3rd Street, Nawab Habibullah Avenue, Chennai – 600006,
Tamilnadu, India |
|
Date of Birth/Age : |
09.11.1950 |
|
Date of Appointment : |
12.09.2012 |
|
DIN No.: |
03487311 |
KEY EXECUTIVES
|
Name : |
Mrs. Jyoti Kodu Dialani |
|
Designation : |
Company Secretary |
|
Address : |
701, Kishore Niwas, Sindhi Society, Chembur, Mumbai - 400071,
Maharashtra, India |
|
Date of Birth/Age : |
07.04.1973 |
|
Date of Appointment : |
16.11.2004 |
|
PAN No.: |
AEXPD6659R |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 12.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Ajit Balkrishnan |
|
1100190 |
|
Arun N. Nanda |
|
622370 |
|
R K Sukumar |
|
2 |
|
Shivdas Nair |
|
2 |
|
P |
|
2 |
|
Rediffusion Holdings Private Limited, |
|
2200002 |
|
Draper |
|
2200000 |
|
K Subharaman |
|
2 |
|
Citicorp Finance India Limited, |
|
192720 |
|
Pacific Century Cyber Works India Private Limited, |
|
530000 |
|
Citibank Na |
|
4647978 |
|
Quintrol Technologies Private Limited, |
|
144540 |
|
Sunil Phatarphekar |
|
6000 |
|
Ashok Narasimhan |
|
6000 |
|
Edelweiss Finance and Investments Limited |
|
1523000 |
|
Rediff. Com India Limited Employee |
|
1015000 |
|
Arun N Nanda |
|
622370 |
|
|
|
|
|
Total |
|
14810178 |
AS ON 12.09.2012
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
14.86 |
|
Bodies
corporate |
30.99 |
|
Directors
or relatives of directors |
15.91 |
|
Other
top fifty shareholders |
31.39 |
|
Others
|
6.85 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Online Internet based Services. |
||||
|
|
|
||||
|
Products/ Services : |
|
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
|
|
|
|
Bankers : |
·
Citi Bank, HDFC Bank, Kamlamary, Mumbai |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
12, Dr. Annie Besant Road, Opposite Shiv Sagar Estate, Worli, Mumbai –
400018, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AACFD4815A |
|
|
|
|
Subsidiary Companies : |
· Rediff Holdings Inc. Value Communications Corporation Vubites India Private Limited [U72900MH2007PTC168009] |
|
|
|
|
Indirect Subsidiaries : |
· Rediff.com Inc. India Abroad Publication Inc. India in New York Inc. |
|
|
|
|
Associate Companies : |
· Tachyon Technology Private Limited Eterno Infotech Private Limited Imere Technology Private Limited BigSlick Infotech Private Limited |
|
|
|
|
Enterprises over
which key management personnel are able to exercise significant influences : |
· Rediff.com India Employee Trust Rediffussion Holdings Private Limited RDY and R Private Limited Quintrol Technologies Private Limited Ajit Balakrishnan Estate and Securities Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
24,000,000 |
Equity Shares |
Rs. 5/- each |
Rs. 120.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
14,810,178 |
Equity Shares |
Rs. 5/- each |
Rs. 74.051
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2012 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
74.051 |
|
(b) Reserves & Surplus |
|
|
2469.313 |
|
(c) Money received against share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
|
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
|
2543.364 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
|
0.000 |
|
(c) Other long
term liabilities |
|
|
15.217 |
|
(d) long-term
provisions |
|
|
47.554 |
|
Total Non-current
Liabilities (3) |
|
|
62.771 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
|
0.000 |
|
(b)
Trade payables |
|
|
142.831 |
|
(c)
Other current liabilities |
|
|
160.436 |
|
(d) Short-term
provisions |
|
|
6.366 |
|
Total Current
Liabilities (4) |
|
|
309.633 |
|
|
|
|
|
|
TOTAL |
|
|
2915.768 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
|
189.824 |
|
(ii)
Intangible Assets |
|
|
82.762 |
|
(iii)
Capital work-in-progress |
|
|
0.000 |
|
(iv)
Intangible assets under development |
|
|
55.896 |
|
(b) Non-current Investments |
|
|
349.259 |
|
(c) Deferred tax assets (net) |
|
|
0.000 |
|
(d) Long-term Loan and Advances |
|
|
192.677 |
|
(e) Other
Non-current assets |
|
|
0.000 |
|
Total Non-Current
Assets |
|
|
870.418 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
|
0.000 |
|
(b)
Inventories |
|
|
0.000 |
|
(c)
Trade receivables |
|
|
282.024 |
|
(d) Cash
and cash equivalents |
|
|
1225.820 |
|
(e)
Short-term loans and advances |
|
|
537.506 |
|
(f)
Other current assets |
|
|
0.000 |
|
Total
Current Assets |
|
|
2045.350 |
|
|
|
|
|
|
TOTAL |
|
|
2915.768 |
|
SOURCES OF FUNDS |
|
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
73.079 |
73.079 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
3464.974 |
3454.447 |
|
|
4] (Accumulated Losses) |
|
(605.058) |
(412.203) |
|
|
NETWORTH |
|
2932.995 |
3115.323 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.000 |
0.000 |
|
|
2] Unsecured Loans |
|
0.000 |
0.000 |
|
|
TOTAL BORROWING |
|
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
2932.995 |
3115.323 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
199.055 |
213.158 |
|
|
Capital work-in-progress |
|
47.810 |
33.344 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
626.358 |
654.905 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
0.000
|
0.000
|
|
|
Sundry Debtors |
|
290.545
|
223.608
|
|
|
Cash & Bank Balances |
|
1620.350
|
1991.928
|
|
|
Other Current Assets |
|
0.000
|
0.000
|
|
|
Loans & Advances |
|
401.615
|
292.210
|
|
Total
Current Assets |
|
2312.510
|
2507.746
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
119.599 |
98.010 |
|
|
Other Current Liabilities |
|
284.676
|
291.611
|
|
|
Provisions |
|
49.466
|
44.559
|
|
Total
Current Liabilities |
|
453.741
|
434.180
|
|
|
Net Current Assets |
|
1858.769
|
2073.566
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
OTHER ASSETS |
|
201.003 |
140.350 |
|
|
|
|
|
|
|
|
TOTAL |
|
2932.995 |
3115.323 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
778.703 |
815.627 |
694.613 |
|
|
|
Other Income |
125.782 |
166.373 |
215.398 |
|
|
|
TOTAL |
904.485 |
982.000 |
910.011 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employee benefit expense |
360.002 |
320.105 |
267.385 |
|
|
|
Other expenses |
663.542 |
649.485 |
673.062 |
|
|
|
TOTAL |
1023.544 |
969.590 |
940.447 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
(119.059) |
12.410 |
(30.436) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(119.059) |
12.410 |
(30.436) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
129.904 |
158.579 |
233.429 |
|
|
|
|
|
|
|
|
|
Less |
EXCEPTIONAL ITEMS |
224.059 |
46.686 |
10.470 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(473.022) |
(192.855) |
(274.335) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.436 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(473.022) |
(192.855) |
(274.771) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
E-commerce Services |
1.249 |
0.720 |
3.026 |
|
|
|
Media, Mobile and Other Services |
19.664 |
22.626 |
10.887 |
|
|
TOTAL EARNINGS |
20.913 |
23.346 |
13.913 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(32.02) |
(13.19) |
(18.80) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(52.30)
|
(19.64)
|
(30.15)
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(60.74)
|
(23.64)
|
(39.49)
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(18.84)
|
(7.68)
|
(10.08)
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.19)
|
(0.07)
|
(0.09)
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
6.61
|
5.10 |
5.78 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
No |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
No |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating,
if available |
No |
CURRENT MATURITIES
OF LONG TERM DEBT: NOT AVAILABLE
CORPORATE
INFORMATION:
Subject is in the business of providing online internet based services,
focusing on India and the global Indian community. Its websites consists of
matters relevant to Indian interests such as cricket, astrology, matchmaker and
movies, content on various matters like news and finance, search facilities, a
range of community features such as e-mail, chat, messenger, e-commerce,
broadband wireless content and mobile value-added services to mobile phone
subscribers in India.
FIXED ASSETS
·
Furniture and Fittings
·
Computers
·
Office Equipments
·
Vehicles
·
Lease Hold Improvements
PRESS RELEASE
REDIFF
LAUNCHES NEWS APP FOR ANDROID OS
SEPTEMBER 17, 2012
Rediff.com India Limited (Nasdaq: REDF), India’s leading online provider of news, information, communication, entertainment and shopping services, today announced the launch of its Rediff News application for Android hand-held devices.
Rediff.com’s Android news app can be downloaded from Google Play by visiting rediff.com/newsapp on mobile phones and tablets using the Android OS. The app offers readers quick and easy access to a rich collection of the latest stories across Rediff’s News, Business, Movies, Sports, and Get Ahead sections, in a tiled interface and comes with an option to enable or disable images, and an offline mode to read all the content.
“With all that’s going on in India and the world, it’s easy to miss the stories and events that impact our daily lives. The release of the Rediff News app is designed to keep our users consistently informed and engaged with the current headlines and happenings – across business, technology, entertainment, and sports – in an innovative and simple way,” said Ajit Balakrishnan, Rediff.com India Ltd. Chairman and CEO.
In addition, the news app provides a shortened version of reports, with a link back to Rediff.com’s mobile site where the full report can be read. Readers can also share and comment on their favorite, newsworthy items via Facebook and Twitter, and via Whatsapp, sms and email.
The application also has the option to refresh manually or automatically every 3 hours, 6 hours or once a day – allowing the user to personalize settings and receive stories they are interested in when they want.
Mr. Balakrishnan continued, “Each and every platform enhancement is directly tied to Rediff’s commitment to making our users’ online news experience richer and more beneficial. With this latest innovation, the most up-to-date and relevant news stories from India and around the globe are now at readers’ fingertips – instantly, when they want it. We believe the Rediff News app offering further strengthens our market leadership in leveraging cutting-edge technology to open even greater online opportunities for our customers, while creating and expanding channels to grow the Rediff business and brand.”
REDIFF.COM APPOINTS
SWASTI BHOWMICK AS CHIEF FINANCIAL OFFICER
FEBRUARY 29, 2012
As CFO of Rediff.com, Swasti will oversee all global finance functions and have direct responsibility for leading all corporate accounting, tax, investor relations and treasury activities and will report to company CEO Ajit Balakrishnan. He replaces Jayesh Sanghrajka.
Swasti joins Rediff.com from Tata TeleServices Limited where he helped and created the Finance Transformation Roadmap. He has over 20 years of experience in Sales Accounting, Cost Management, MIS, Budgeting, Credit Control, Operations Finance in IT/Telecom including managing start ups and established FMCG brands.
REDIFF.COM
INTRODUCES REDIFF 'REALTIME NEWS SEARCH'
FEBRUARY 21, 2012
Rediff.com India Limited (Nasdaq: REDF), India’s leading online provider of news, information, communication, entertainment and shopping services introduces ‘Rediff Realtime News Search’, an innovative news search engine which delivers fresh and recent news from India and the world. The service not only delivers fresh, recent news but also predicts user search terms and returns results within milliseconds of a query being made.
The India centric news search engine, Rediff Realtime News Search, delivers
recent results relating to news, people, and events as it happens. The service
provides an instant search experience and epitomizes the concept of real-time, producing search results "as
you type" and "as the news happens".
Realtime News Search covers Indian and global news from over 30,000 worldwide
news sites. It offers the latest images from Indian and international news
sites and currently has an index size of approximately 13 million images.
Besides high quality images published on news sites, it also contains a
real-time feed of photographs of Bollywood events and sports celebrity events,
taken directly at the events live. The
product also incorporates news oriented query predictions and related
queries that guide the users to news topics, a user-friendly feature which
significantly enhances the user’s search experience.
Ajit Balakrishnan, Chairman and CEO of Rediff.com India said that, Rediff
Realtime News Search, we believe, will help us strengthen our leadership
position in the online news category in the growing Indian Internet market and
is yet another example of how we differentiate our company from the
competition. This latest innovation provides Rediff.com users with a cutting
edge search experience and, we believe, will open up new avenues to grow our
business and enhance the Rediff brand.
At Rediff, we strive to create innovative products that will make our users
online experience richer and more beneficial. Rediff Realtime News Search is
one such product where we have used innovative technology to provide a rich
news search experience to our users. We provide the most recent and most relevant
news from India and the world in an instant search experience. If you are
looking for the latest on the assembly elections, Sensex, Kareena Kapoor,
Dhoni, Facebook, Syria “ you can try all these and other queries on Rediff
Realtime and experience the Realtime search says Kalpana Banerjee, Director of the Search Program at Rediff.
About Rediff India:
Rediff India (NASDAQ: REDF) is one of the premier worldwide online providers of
news, information, communication, entertainment and shopping services for Indians
worldwide. Founded in 1996, Rediff.com is headquartered in Mumbai, India with
offices in New Delhi, Bangalore, Chennai, Hyderabad and New York.
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 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 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. 64.69 |
|
|
1 |
Rs. 100.80 |
|
Euro |
1 |
Rs. 86.30 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLV |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
|
|
FINANCIAL CONDITION |
|
4 |
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
42 |
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.