MIRA INFORM REPORT
|
Report Date : |
24.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
EBAY INDIA PRIVATE LIMITED |
|
|
|
|
Formerly Known
As : |
BAAZEE COMPANY INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
14th Floor, North Block, R-Tech Park, Western Express Highway,
Goregaon (East), Mumbai – 400063, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
14.01.2000 |
|
|
|
|
Com. Reg. No.: |
11-123649 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.869.716 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U72200MH2000PTC123649 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMB08331B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCB2307H |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Online Shopping Portal |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 660000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established online shopping portal and a subsidiary of
Ebay Inc, USA. It has a satisfactory track record. The company has accumulated losses which severely affects its overall
financial position. However, trade relations are fair. Business is active. Payments are
reported as usually correct. In view of strong managerial and financial support from its holding
company, subject can be considered for business dealings with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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 DENIED BY
|
Name : |
Mr. Nitin |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-22-66690000 |
|
Date : |
23.05.2013 |
LOCATIONS
|
Registered Office : |
14th Floor, North Block, R-Tech Park, Western Express Highway,
Goregaon (East), Mumbai – 400063, Maharashtra, India |
|
Tel. No.: |
91-22-66690000 |
|
Fax No.: |
91-22-66690010 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on: 29.09.2012
|
Name : |
Kyung Ho Koh |
|
Designation : |
Director |
|
Address : |
11871 Placer Spring CT Cupertino, 95014 California USA |
|
Date of Birth/Age : |
16.06.1963 |
|
Date of Appointment : |
20.03.2007 |
|
DIN No.: |
01352022 |
|
|
|
|
Name : |
Scott Frederick Schenkel |
|
Designation : |
Director |
|
Address : |
105 Kennedy Ct Los Gatos, CA, US, 95032 |
|
Date of Birth/Age : |
20.01.1968 |
|
Date of Appointment : |
19.10.2010 |
|
DIN No.: |
03414210 |
|
|
|
|
Name : |
Mr. Muralikrishnan Balasubramanian |
|
Designation : |
Director |
|
Address : |
1C-73, Kalpataru Estate, JV Link Road, Andheri (East), Mumbai - 400093, Maharashtra, India |
|
Date of Birth/Age : |
13.08.1974 |
|
Date of Appointment : |
15.05.2011 |
|
PAN No.: |
AAWPB4157B |
|
DIN No.: |
03546703 |
KEY EXECUTIVES
|
Name : |
Mr. Nitin |
|
Designation : |
Accounts Department |
|
|
|
|
Name : |
Mr. Ashish Kumar |
|
Designation : |
Secretary |
|
Address : |
A/502, Gokul Regency-I, Asha Nagar, Thakur Complex, Kandivali (East), Mumbai - 400101, Maharashtra, India |
|
Date of Birth/Age : |
07.07.1976 |
|
Date of Appointment : |
25.05.2012 |
|
PAN No.: |
AIOPG3599E |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 29.09.2012
|
Names of Shareholders |
|
No. of Equity
Shares |
|
Bazee Company Private Limited, Mauritius |
|
81733004 |
|
Bazee Company Inc, USA |
|
20 |
|
|
|
|
|
Total |
|
81733024 |
|
Names of Shareholders |
|
No. of
Preference Shares |
|
Bazee Company Private Limited, Mauritius |
|
5238610 |
|
|
|
|
|
Total |
|
5238610 |
Equity Share Break up (Percentage of Total Equity)
As on: 29.09.2012
|
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 : |
Online Shopping Portal |
||||
|
|
|
||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
|
|
|
|
Bankers : |
Not Available |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountant |
|
Address : |
Price Waterhouse 252, Veer Savarkar Marg, Shivaji Park Dadar (West), Mumbai – 400028, Maharashtra, India |
|
PAN No.: |
AAEFP5579P |
|
|
|
|
Holding Company : |
Baazee Company Private Limited |
|
|
|
|
Ultimate Holding
Company: |
eBay Inc, USA |
|
|
|
|
Fellow Subsidiary
Company : |
CIN No.: U45200MH2005PTC152135
|
CAPITAL STRUCTURE
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
85760000 |
Equity Shares |
Rs.10/- each |
Rs.857.600 Millions |
|
5240000 |
Preference Shares |
Rs.10/- each |
Rs.52.400 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.910.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
81733024 |
Equity Shares |
Rs.10/- each |
Rs.817.330 Millions |
|
5238610 |
Preference Shares |
Rs.10/- each |
Rs.52.386 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.869.716 Millions
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
869.716 |
833.075 |
759.811 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(702.944) |
(623.297) |
(585.837) |
|
|
NETWORTH |
166.772 |
209.778 |
173.974 |
|
|
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 |
166.772 |
209.778 |
173.974 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
91.884 |
12.941 |
20.587 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.505 |
|
|
|
|
|
|
|
|
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 |
38.448
|
41.360 |
6.232 |
|
|
Cash & Bank Balances |
240.756
|
470.735 |
385.542 |
|
|
Other Current Assets |
36.425
|
25.870 |
0.134 |
|
|
Loans & Advances |
125.098
|
95.517 |
81.342 |
|
Total
Current Assets |
440.727
|
633.482 |
473.250 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
132.402
|
46.993 |
289.857 |
|
|
Other Current Liabilities |
208.493
|
368.404 |
11.182 |
|
|
Provisions |
24.944
|
21.248 |
19.329 |
|
Total
Current Liabilities |
365.839
|
436.645 |
320.368 |
|
|
Net Current Assets |
74.888
|
196.837 |
152.882 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
166.772 |
209.778 |
173.974 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
297.372 |
225.266 |
|
|
|
Interest Income |
|
5.987 |
3.541 |
|
|
|
Other Income |
|
0.000 |
11.916 |
|
|
|
TOTAL |
508.610 |
303.359 |
240.723 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Personnel Expenses |
|
127.104 |
114.532 |
|
|
|
Administrative Expenses |
|
144.943 |
85.357 |
|
|
|
Marketing Expenses |
|
145.736 |
6.073 |
|
|
|
TOTAL |
661.541
(Including Depreciation) |
417.783 |
205.962 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
(114.424) |
34.761 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
15.988 |
12.361 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(152.931) |
(130.412) |
22.400 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
(1.372) |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(152.931) |
(129.040) |
22.400
|
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(714.877) |
(585.837) |
(608.237) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(867.808) |
(714.877) |
(585.837) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
0.411 |
1.847 |
226.520 |
|
|
TOTAL EARNINGS |
0.411 |
1.847 |
226.520 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(1.76) |
(1.77) |
0.32 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(30.07) |
(45.54) |
9.31 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA |
(43.85) |
9.94 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(28.71) |
(20.17) |
4.54 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.92) |
(0.62) |
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.20 |
1.45 |
1.48 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
in Millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Sundry Creditors |
132.402
|
46.993 |
289.857 |
|
|
|
|
|
|
Total |
132.402
|
46.993 |
289.857 |
|
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 |
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 |
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 |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
MANAGEMENT DISCUSSION
AND ANALYSIS
The company is considering various business plans and proposals at this stage. The company has invested heavily in marketing and promotion strategies anticipating better returns. The expenditure had led to a loss before tax of Rs.152.931 Millions in the current year. The Company is desirous to adopt more aggressive marketing strategies as it is witnessing positive response from consumers. Dividend since the Company is in a growth phase and the Company intends to grow the business operations, the directors do not propose any dividend for the year ending 31st March, 2012.
FIXED ASSETS
Tangible Assets
- Furniture and Fixtures
- Office Equipment
- Computer Equipments
- Leasehold Improvements
Intangible Assets
- Computer Software
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.55.99 |
|
|
1 |
Rs.84.19 |
|
Euro |
1 |
Rs.71.86 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
VRN |
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 |
4 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
47 |
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.