MIRA INFORM REPORT

 

 

Report Date :

27.12.2013

 

IDENTIFICATION DETAILS

 

Name :

INTERNET DATA SERVICES (INDIA) PRIVATE LIMITED

 

 

Registered Office :

Eucharistic Congress Building No. III, 4th Floor, 5 Convent Stree, Mumbai – 400001, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2013

 

 

Date of Incorporation :

18.08.1997

 

 

Com. Reg. No.:

11-110157

 

 

Capital Investment / Paid-up Capital :

Rs. 9.463 Millions

 

 

CIN No.:

[Company Identification No.]

U74140MH1997PTC110157

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Providing online financial information.

 

 

No. of Employees :

Not Divulged

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (50)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 500000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having satisfactory track record.

 

Net worth of the company appears to be strong.

 

No borrowings recorded by the company.

 

Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitment.

 

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.

 

INDIAN ECONOMIC OVERVIEW

 

Uptick in agriculture and construction spread some cheer as the economy grew a higher-than-expected 4.8 % in the three months through September. Manufacturing rose an annual rate per cent during the quarter and mining fell by 0.4 %, government data showed while farm output rose 46%.

 

India has emerged as the most attractive investment destination, thanks to a relaxation in foreign direct investment norms, says a report. India is followed by Brazil and China in the ranking part of EY’s Capital Confidence Barometer report based on a survey across 70 nations. The US, France and Japan have emerged as the top three investors likely to invest in India.

 

India has been ranked 83rd globally in terms of talent competitiveness of its human capital.  Switzerland, Singapore, Denmark, Sweden and Luxembourg are the top five in the list of 103 nations compiled by INSEAD business school.

 

Tax rates for companies in India are among the highest in the world and the number of payments is also more than the global average putting the country at low, 158th rank on the Paying Taxes. 2014 list by the World Bank and PWC. However, the time taken for tax payments is relatively less in India which is rated ahead of China and Japan.

 

1 billion smartphone shipments in 2013, a 39.3 % growth over 2012. This was being driven by low cost computing in emerging markets. By 2017, total smartphone shipments are expected to approach 1.7 billion units, resulting in a compound annual growth rate of 18.4 % between 2013 and 2017, according to research from IDC.

 

20 % vacancy rate of office space in Mumbai and Delhi in the third quarter, the highest in Asia after Chengdu, in China. According to Cushman and Wakefield, six Indian cities are among the 10 office markets with the worst vacancies.

 

Foreign banks will not have to pay stamp duty and capital gains tax, if they convert their branch operations into a wholly owned subsidiary, according to the Reserve Bank of India.

 

The Reserve Bank of India is planning to launch CPI – indexed bonds aimed to protecting the savings of retail investors from the impact the price rise by December end.

 

Central Bureau of Investigation has booked State Bank of India, Deputy Managing Director Shyamal Acharya and others in a graft case related to distribution of a loan of over Rs 4000 mn. Gold and jewellery worth Rs 6.7 mn have been recovered from the residence of Acharya.

 

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

Tel. No.: 91-22-22881129

 

LOCATIONS

 

Registered Office :

Eucharistic Congress Building No. III, 4th Floor, 5 Convent Stree, Mumbai – 400001, Maharashtra, India

Tel. No.:

91-22-22881129/ 123

Fax No.:

Not Available

E-Mail :

bmenon@securities.com

 

 

DIRECTORS

 

As on: 30.09.2013

 

Name :

Mr. Andrew Joseph Lobo

Designation :

Director

Address :

2nd Floor, Noshirwan Mansion, Henery Road, Near Scholar School, Mumbai – 400001, Maharashtra, India

Date of Birth/Age :

27.08.1968

Date of Appointment :

13.10.1998

DIN No.:

01583207

 

 

Name :

Mrs. Beena Menon

Designation :

Director

Address :

J-1/9, Jal Mangal Deep Apartment, Bangur Nagar, Goregaon (West), Mumbai – 400090, Maharashtra, India

Date of Birth/Age :

25.08.1977

Date of Appointment :

03.12.2009

DIN No.:

02849086

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on: 30.09.2013

 

Names of Shareholders

 

No. of Shares

Internet Securities Inc. 

 

946359

Internet Securities Inc. Jointly with Mr. Andrew Lobo

 

1

 

 

 

Total

 

946360

 

Equity Share Break up (Percentage of Total Equity)

 

As on: 30.09.2013

 

Category

 

Percentage

 

 

 

Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]

 

100.00

 

 

 

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Providing online financial information.

 

 

GENERAL INFORMATION

 

No. of Employees :

Not Divulged

 

 

Bankers :

Not Divulged

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Deloitte Haskins and Sells

Chartered Accountants

Address :

Tower 3, 27th, 32nd Floor, India Bulls Finance, Centre, Senapati Bapat Road, Elphinstone (West), Mumbai – 400013, Maharashtra, India

Tel. No.:

91-22-61854000

Fax No.:

91-22-61854501/ 4601

PAN No.:

AADFD2337G

 

 

Holding Company :

·         Internet Securities Inc.

 

 

Intermediate Holding Company

 :

·         Euromoney Institutional Investor Pic

 

 

Ultimate Holding Company :

·         Daily Mall and General Trust Pic

 

 

CAPITAL STRUCTURE

 

As on: 30.09.2013

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1000000

Equity Shares

Rs.10/- each

Rs. 10.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

946360

Equity Shares

Rs.10/- each

Rs. 9.463 Millions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2013

31.03.2012

31.03.2011

I.        EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

9.463

9.463

9.463

(b) Reserves & Surplus

116.049

96.501

87.465

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

0.000

Total Shareholders’ Funds (1) + (2)

125.512

105.964

96.928

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

0.000

0.000

0.000

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

4.846

6.099

5.115

Total Non-current Liabilities (3)

4.846

6.099

5.115

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

0.000

0.000

0.000

(b) Trade payables

83.865

36.461

52.168

(c) Other current liabilities

75.396

68.722

66.505

(d) Short-term provisions

11.372

4.561

3.165

Total Current Liabilities (4)

170.633

109.744

121.838

 

 

 

 

TOTAL

300.991

221.807

223.881

 

 

 

 

II.      ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

2.192

2.573

2.811

(ii) Intangible Assets

0.000

0.983

2.337

(iii) Capital work-in-progress

0.000

0.000

0.000

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

0.000

0.000

0.000

(c) Deferred tax assets (net)

2.446

2.051

1.906

(d) Long-term Loan and Advances

18.877

17.917

12.223

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

23.515

23.524

19.277

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

0.000

0.000

0.000

(c) Trade receivables

30.566

9.858

16.355

(d) Cash and cash equivalents

225.931

174.842

66.412

(e) Short-term loans and advances

12.130

10.548

120.715

(f) Other current assets

8.849

3.035

1.132

Total Current Assets

277.476

198.283

204.614

 

 

 

 

TOTAL

300.991

221.807

223.891

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2013

31.03.2012

31.03.2011

 

SALES

 

 

 

Income

 

 

 

 

 

Other Income

 

 

 

 

 

TOTAL                                    

180.439

188.447

165.660

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Office Expenses

 

 

 

Administrative Expenses

 

 

 

 

 

Advertising Expenses

 

 

 

 

 

TOTAL                                    

141.785

151.852

131.929

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION                                  

Including depreciation 

36.595

33.731

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                    

 

2.560

2.611

 

 

 

 

 

 

PROFIT BEFORE TAX

38.654

34.035

31.120

 

 

 

 

 

Less

TAX                                                                 

19.106

24.999

10.451

 

 

 

 

 

 

PROFIT AFTER TAX

19.548

9.036

20.669

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

2.158

1.133

1.249

 

 

 

 

 

 

Earnings Per Share (Rs.)

20.66

9.55

NA

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2013

31.03.2012

31.03.2011

PAT / Total Income

(%)

10.83

4.80

12.48

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

12.95

15.49

14.01

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.31

0.32

0.32

 

 

 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 

0.00

0.00

0.00

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.62

1.81

1.68

 

 

LOCAL AGENCY FURTHER INFORMATION

 

CURRENT MATURITIES OF LONG-TERM DEBT DETAILS: NOT AVAILABLE 

 

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

Yes

20]

Export / Import details (if applicable)

No

21]

Market information

--

22]

Litigations that the firm / promoter involved in

--

23]

Banking Details

No

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

Yes

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

 

REVIEW OF OPERATION

 

The company has made a profit a Rs. 19.548 Millions during the year ended March 31, 2013. The board sees good market opportunities in the year to come and are confident of growth in year to come.

 

CORPORATE INFORMATION

 

Subject are an online financial information provider. The main business activity is to distribute news about financial products to subscribers. The company collects information from various content providers who span the complete range of business intelligence sources including newspapers, trade councils, brokerage firms, market research firms, consulting firms, business associations, banks government agencies, stock exchanges, local ministries, statistical bureaus etc. provide it to the end user who is the subscriber of the service.  

 

Note:

 

The Registered Office of the company has been shifted from 02 and 603, 6th Regent Chambers, Nariman Point, Mumbai – 400021, Maharashtra, India to the present address w.e.f. 01.04.2007.

 

Note: No Charges Exist for Company 

 

FIXED ASSETS

 

·         Plant and Equipment

·         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, 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 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. 61.98

UK Pound

1

Rs. 101.49

Euro

1

Rs. 84.79

 

 

INFORMATION DETAILS

 

Information Gathered by :

PDT

 

 

Report Prepared by :

DPH

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILIRY

1~10

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

7

--CREDIT LINES

1~10

5

--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

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

50

 

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.