|
Report Date : |
14.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
REDIFF. COM INDIA LIMITED (w.e.f. 15.02.2000) |
|
|
|
|
Formerly Known
As : |
REDIFF COMMUNICATION PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
1st Floor, Mahalaxmi Engineering Estate, L. J. First |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
09.01.1996 |
|
|
|
|
Com. Reg. No.: |
11-096077 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.73.079
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U22100MH1996PLC096077 |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Providing Online Advertising and Fee Based Services. |
|
|
|
|
No. of Employees
: |
300 (Approximately) |
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 12000000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is one of the premier worldwide online providers of news,
information and shopping services. It is listed in NASDAQ. It is a well established company having a satisfactory track record. The
latest financials are not made available with the government department. As per previous year’s, there appears some accumulated losses recorded
by the company. 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
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed
legislative work. India's medium-term growth outlook is positive due to a young
population and corresponding low dependency ratio, healthy savings and
investment rates, and increasing integration into the global economy. India has
many long-term challenges that it has not yet fully addressed, including
widespread poverty, inadequate physical and social infrastructure, limited
non-agricultural employment opportunities, scarce access to quality basic and
higher education, and accommodating rural-to-urban migration.
|
Source
: CIA |
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 BY
|
Name : |
Mr. Ramawatar Taparia |
|
Designation : |
Senior Manager in Finance |
|
Contact No.: |
91-9920845128 |
|
Date : |
09.01.2013 |
LOCATIONS
|
Registered / Head Office : |
1st Floor, Mahalaxmi Engineering Estate, L. J. First |
|
Tel. No.: |
91-22-24449144 / 61820000 |
|
Mobile No.: |
91-9920845128 (Mr. Ramawatar Taparia) |
|
Fax No.: |
91-22-24455346 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
18000 sq. ft. |
|
Location : |
Leased |
|
|
|
|
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 : |
Bcom, 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 : |
Bcom, 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 : |
Bcom, |
|
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 : |
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, |
|
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 |
|
Shivdad 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 Investment 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 Advertising and Fee Based Services. |
GENERAL INFORMATION
|
No. of Employees : |
300 (Approximately) |
|
|
|
|
Bankers : |
·
Citi Bank, ·
HDFC Bank, Kamlamary, Mumbai |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
12, |
|
PAN No.: |
AACFD4815A |
|
|
|
|
Subsidiaries : |
·
Rediff Holdings Inc. ·
Value Communications Corporation ·
Vubites India Private Limited |
CAPITAL STRUCTURE
As on 12.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
24000000 |
Equity Shares |
Rs.5/- each |
Rs.120.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
14810178 |
Equity Shares |
Rs.5/- each |
Rs.74.051
Millions |
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
24000000 |
Equity Shares |
Rs.5/- each |
Rs.120.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
14615800 |
Equity Shares |
Rs.5/- each |
Rs.73.079
Millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
73.079 |
73.079 |
73.079 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
3464.974 |
3454.447 |
3451.373 |
|
|
4] (Accumulated Losses) |
(605.058) |
(412.203) |
(137.432) |
|
|
NETWORTH |
2932.995 |
3115.323 |
3387.020 |
|
|
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 |
|
|
|
|
|
|
|
|
TOTAL |
2932.995 |
3115.323 |
3387.020 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
199.055 |
213.158 |
335.495 |
|
|
Capital work-in-progress |
47.810 |
33.344 |
63.953 |
|
|
|
|
|
|
|
|
INVESTMENT |
626.358 |
654.905 |
639.905 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000
|
0.000
|
|
|
Sundry Debtors |
290.545
|
223.608
|
259.418
|
|
|
Cash & Bank Balances |
1620.350
|
1991.928
|
2158.610
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
401.615
|
292.210
|
319.146
|
|
Total
Current Assets |
2312.510
|
2507.746
|
2737.174
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
119.599 |
98.010 |
114.038 |
|
|
Other Current Liabilities |
284.676
|
291.611
|
230.632
|
|
|
Provisions |
49.466
|
44.559
|
44.837
|
|
Total
Current Liabilities |
453.741
|
434.180
|
389.507
|
|
|
Net Current Assets |
1858.769
|
2073.566
|
2347.667
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
OTHER ASSETS |
201.003 |
140.350 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2932.995 |
3115.323 |
3387.020 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Operating revenue, net |
815.626 |
694.613 |
880.920 |
|
|
|
Other Income |
166.382 |
215.398 |
212.057 |
|
|
|
TOTAL |
982.008 |
910.011 |
1092.977 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employee related expenses |
320.041 |
267.385 |
296.013 |
|
|
|
Administrative selling other Expenses |
649.557 |
673.062 |
629.526 |
|
|
|
TOTAL |
969.598 |
940.447 |
925.539 |
|
|
|
|
|
|
|
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
12.410 |
(30.436) |
167.438 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST
FINANCIAL CHARGES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
12.410 |
(30.436) |
167.438 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
158.579 |
233.429 |
307.722 |
|
|
|
|
|
|
|
|
|
Add |
EXCEPTIONAL
INCOME EXPENSES, NET |
(46.686) |
(10.470) |
(365.802) |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX |
(192.855) |
(274.335) |
(506.086) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.436 |
2.931 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX |
(192.855) |
(274.771) |
(509.017) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
(137.432) |
371.585 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(605.058) |
(412.203) |
(137.432) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
E-Commerce Services |
NA |
3.026 |
3.621 |
|
|
|
Media, |
NA |
10.887 |
17.189 |
|
|
|
Interest Received on Deposits with Banks |
NA |
0.000 |
5.103 |
|
|
TOTAL EARNINGS |
NA |
13.913 |
25.913 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(13.19) |
(18.80) |
(34.83) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(19.64)
|
(30.19) |
(46.57) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(23.65)
|
(39.49) |
(57.45) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(7.68)
|
(10.08) |
(16.47) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.07)
|
(0.09) |
(0.15) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.15
|
0.14 |
0.11 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.10
|
5.78 |
7.03 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
|
Particulars |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
|
Sundry Creditors |
|
|
|
|
Creditors due
small micro enterprises |
0.000 |
0.000 |
0.000 |
|
Creditors due
others |
119.599 |
98.010 |
114.038 |
|
Total |
119.599 |
98.010 |
114.038 |
|
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 |
YES |
|
5] |
Type of Business |
YES |
|
6] |
Line of Business |
YES |
|
7] |
Promoter's background |
YES |
|
8] |
No. of employees |
YES |
|
9] |
Name of person contacted |
YES |
|
10] |
Designation of contact person |
YES |
|
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 |
NO |
|
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 |
FINANCIAL HIGHLIGHTS
1.
Total Income:- Rs.982 million (previous year Rs.910
million).
2.
Net Profit/ Loss:- After providing for depreciation
and amortization of Rs.159 million and exceptional items of Rs.46 million net
loss for the year were Rs.193 million (previous year net loss Rs.274 million).
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.”
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.
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 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.54.54 |
|
|
1 |
Rs.88.05 |
|
Euro |
1 |
Rs.72.29 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
BSN |
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 |
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 |
|
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.