MIRA
INFORM REPORT
|
Report Date : |
01.11.2006 |
IDENTIFICATION
DETAILS
|
Name : |
DATACONS
PRIVATE LIMITED |
|
|
|
|
Registered Office : |
Shanthi
Shree No. 17/1, Hosur Road, Bangalore – 560068, Karnataka |
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|
Country : |
India |
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|
|
Financials (as on) : |
31.03.2006 |
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|
|
Date of Incorporation : |
03.05.1971 |
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|
|
|
Com. Reg. No.: |
08-2038 |
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|
|
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CIN No.: [Company
Identification No.] |
U51909KA1971PTC002038 |
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|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
BLRD00097G |
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|
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|
Legal Form : |
Private
Limited Liability Company |
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|
|
|
Line of Business : |
The
company is engaged in providing both packaged and customised software,
particularly in areas relating to Capital markets, Retail and Distribution
and Banking. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD
350000 |
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|
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|
Status : |
Satisfactory
|
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject
is a well established company having satisfactory track. Trade relations are fair. Financial position is satisfactory.
Payments are usually correct and as per commitments. The
company can be considered good for normal business dealings at usual trade
terms and conditions. |
LOCATIONS
|
Registered Office : |
Shanthi
Shree No. 17/1, Hosur Road, Bangalore – 560068, Karnataka, India |
|
Tel. No.: |
91-80-25733233 |
|
Fax No.: |
91-80-25735258 |
|
E-Mail : |
datacons@dcons.com |
|
Website : |
http://www.dcons.com |
DIRECTORS
|
Name : |
Mr.
Moloy Kumar Bannerjee |
|
Designation : |
Director
|
|
Address : |
No.
54, Govindappa Road, Basavanagudi, Bangalore – 560004, Karnataka, India |
|
Date of Birth/Age : |
01.08.1946 |
|
Date of Appointment : |
01.04.1989 |
|
|
|
|
Name : |
Mr.
Ravi C. Nagarata |
|
Designation : |
Director
|
|
Address : |
No. 1605,
Banashankari, 1st Stage, 3B Block, Bangalore – 560050, Karnataka,
India |
|
Date of Birth/Age : |
17.02.1961 |
|
Date of Appointment : |
13.11.82 |
|
Date of Ceasing : |
05.12.2005 |
|
|
|
|
Name : |
Mr.
Manoj A. Shah |
|
Designation : |
Director
|
|
Address : |
No.
33, Berlie Street, Long Ford Town, Bangalore – 560025, Karnataka, India |
|
Date of Birth/Age : |
10.11.1944 |
|
Date of Appointment : |
02.07.2001 |
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Date of Ceasing : |
05.12.2005 |
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|
|
|
Name : |
Mr.
Shyam Ramadhyani |
|
Designation : |
Director
|
|
Date of Birth/Age : |
22.08.1955 |
|
Date of Appointment : |
19.01.1996 |
|
|
|
|
Name : |
Mr. M.
S. Chandrashekar |
|
Designation : |
Director
|
|
Date of Birth/Age : |
21.07.1960 |
|
Date of Appointment : |
19.01.1996 |
|
|
|
|
Name
: |
Mr. L.
C. Curtis |
|
Designation
: |
Director
|
|
Date
of Appointment : |
18.06.1971 |
|
Date
of Ceasing : |
05.12.2005 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
|
No. of Shares |
|
Mr.
Satyanarayana Murthy H R |
|
3500 |
|
Mr.
Venkataramanan T K with Indira Venkataramanan |
|
235500 |
|
Mr.
Curtis LC |
|
119000 |
|
Ms.
Chitra Seshadri with Swathi Seshadri |
|
10000 |
|
Mr.
Siddarth Narasimhan with Susheela Narasimhan |
|
221500 |
|
Mr.
Venkatarao C. B. |
|
105000 |
|
Mr.
Subbarayan B. V. |
|
105000 |
|
Ms.
Latha Ramadhyani Jointly with Shyam Ramadhyani |
|
171900 |
|
Ms.
Indira Venkataramanan Jointly with T. K. Venkataramanan |
|
160000 |
|
Mr.
Shyam Ramadhyani with Latha Ramadhyani |
|
413100 |
|
Ms.
Sudha Murithy with Adarsha Prasad |
|
7500 |
|
Mr.
Gangadhara Shetty Y. N. |
|
35000 |
|
Mr.
Bannerjee M K with Kanchan Bannerjee |
|
185000 |
|
Mr.
Giridhar Yadalam |
|
21000 |
|
Mr.
Murthi R S N with Lalitha Murthy |
|
102500 |
|
Mr.
Krishna C R with Jayashree |
|
81500 |
|
Ms.
Kanchan Bannerjee with M K Bannerjee |
|
80000 |
|
Mr.
Vinaya Vinayak Marathe |
|
35000 |
|
Mr.
Keshavan R |
|
232000 |
|
Ms.
Janaki Krishnamurthy |
|
35000 |
|
Mr.
Sameer Bannerjee |
|
70000 |
|
Ms.
Chitra Seshadri & Shilpa Seshadri |
|
10000 |
|
Ms.
Sudha Murthy & Abhishek Prasad |
|
7500 |
|
Mr.
Ajay Venkatesh |
|
5500 |
|
Ms.
Mohini Venkatesh |
|
5500 |
|
Mr. K.
R. Seshadri |
|
20000 |
|
Mr.
Ramesh C. S. with Jayanth Ramesh |
|
5000 |
|
Mr.
Nair M N V |
|
35000 |
|
Mr.
Vatsala H N |
|
87500 |
|
Ms.
Suma Ravi |
|
87500 |
|
Mr.
Chandrashekar K. |
|
95000 |
|
Mr.
Ravi S. |
|
77500 |
|
Mr.
Marlan Coehlo |
|
15000 |
|
Mr.
Ravinderanath R K |
|
77500 |
|
Mr.
Arun Menon |
|
77500 |
|
Mr.
Ravi C. N. |
|
91804 |
|
Mr.
Chandrashekar M S |
|
97250 |
|
Mr.
Palani K S |
|
50647 |
|
Mr.
Yogish N. N. |
|
33764 |
|
Mr.
Dilip Kumar B V |
|
52500 |
|
Mr.
Eknath Kasturi Pai |
|
52500 |
|
Mr.
Sreejith S. |
|
10385 |
|
Mr.
Manoharan V. |
|
5000 |
|
Mr.
Suresh Babu |
|
5000 |
|
Mr.
Nanjunda Swamy H S |
|
500 |
|
Mr.
Raghavendra H. |
|
400 |
|
Mr.
Venkatesha R. K. |
|
400 |
|
Mr.
Suresh |
|
3000 |
|
Mr.
Manjunatha K. |
|
2000 |
|
Mr.
Prakash H K |
|
700 |
|
Mr.
Shashidhar C R |
|
10000 |
|
Mr.
Ramesh K. |
|
5500 |
|
Mr.
Rana Indu |
|
10000 |
|
Mr.
Radhakrishna S |
|
2500 |
|
Mr.
Kumar A S R |
|
10000 |
|
Mr.
Saji Philiph |
|
3000 |
|
Mr.
Bijuot |
|
500 |
|
Mr.
Venkata Raghavan |
|
3000 |
|
Mr.
Vasudev K N |
|
3000 |
|
Mr.
Guruprasad S |
|
5000 |
|
Mr.
Anil K. Hangal |
|
550 |
|
Ms.
Madhu S. K. |
|
300 |
|
Mr.
Vijay Bhaskar |
|
300 |
|
Mr.
Darshan |
|
2500 |
|
Mr.
Jagadesh |
|
3000 |
|
TOTAL |
|
3500000 |
BUSINESS DETAILS
|
Line of Business : |
The
company is engaged in providing both packaged and customised software,
particularly in areas relating to Capital markets, Retail and Distribution
and Banking. |
GENERAL
INFORMATION
|
No. of Employees : |
2000 |
|
|
|
|
Bankers : |
HSBC |
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|
|
|
Facilities : |
SECURED
LOANS : Overdraft
from HSBC : Rs. 0.730 million |
|
|
|
|
Banking Relations : |
Satisfactory
|
|
|
|
|
Auditors : |
R.
Mahadevan Chartered
Accountants |
|
|
|
|
Subsidiaries : |
Datacons
Inc., U.S.A. Datacons
Asia Pacific Sdn. Bhd., Kuala Lumpur, Malaysia |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
3500000 |
Equity
Shares |
Rs. 10/- each |
Rs. 35.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
3500000 |
Equity
Shares |
Rs. 10/- each |
Rs. 35.000 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
35.000 |
35.000 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
56.278 |
88.462 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
91.278 |
123.462 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.730 |
4.026 |
|
|
2] Unsecured Loans |
|
1.362 |
0.000 |
|
|
TOTAL BORROWING |
|
2.092 |
4.026 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.083 |
|
|
|
|
|
|
|
|
TOTAL |
|
93.370 |
127.571 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
3.249 |
5.444 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
66.610 |
53.961 |
|
|
DEFERREX TAX ASSETS |
|
0.228 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
|
|
|
Sundry Debtors |
|
128.447 |
96.764 |
|
|
Cash & Bank Balances |
|
|
|
|
|
Other Current Assets |
|
|
|
|
|
Loans & Advances |
|
|
|
|
Total Current Assets |
|
128.447 |
96.764 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities & Provisions |
|
105.164 |
28.598 |
|
Total Current Liabilities |
|
105.164 |
28.598 |
|
|
Net Current Assets |
|
23.283 |
68.166 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
93.370 |
127.571 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
Sales Turnover [including other income] |
|
178.302 |
130.963 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
|
43.744 |
17.227 |
|
Provision
for Taxation |
|
4.867 |
3.100 |
|
Profit/(Loss)
After Tax |
|
38.877 |
14.127 |
|
|
|
|
|
|
Export
Value |
|
67.245 |
33.003 |
|
|
|
|
|
|
Import
Value |
|
N.A. |
0.213 |
|
|
|
|
|
|
Total
Expenditure |
|
134.558 |
113.736 |
KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
21.80 |
10.78 |
|
|
|
|
|
|
|
Net
Profit Margin (PBT/Sales) |
(%) |
|
24.53 |
13.15 |
|
|
|
|
|
|
|
Return
on Total Assets (PBT/Total
Assets} |
(%) |
|
33.21 |
16.85 |
|
|
|
|
|
|
|
Return
on Investment (ROI) (PBT/Networth) |
|
|
0.47 |
0.13 |
|
|
|
|
|
|
|
Debt
Equity Ratio (Total
Liability/Networth) |
|
|
1.17 |
0.26 |
|
|
|
|
|
|
|
Current
Ratio (Current
Asset/Current Liability) |
|
|
1.22 |
3.38 |
LOCAL AGENCY FURTHER
INFORMATION
PERFORMANCE
:
The
turnover of the company for the year under report stood at Rs. 175.770 millions
as against a sum of Rs. 128.774 millions for the year 2003-2004 thereby
registering a smart increase of 36.5%.
The profit of the company before taxation was of the order of Rs. 43.744
millions.
DIVIDEND
:
A
dividend of 175% of the paid up equity capital. Tax thereon will be paid by the company.
WHOLLY
OWNED SUBSIDIARIES :
The
operations of Datacons Inc., USA has recorded an improvement and losses of this
company for the year were USD 47962.
The company’s subsidiary in Malaysia, Datacons Asia Pacific Sdn. Bhd.
Recorded a profit of RM 570941.
CHANGE
IN THE OWNERSHIO OF THE COMPANY :
The
shareholders of the company propose to dispose off their share holdings in the
company to 31 Infotech Limited, Mumbai.
Fixed
Assets
Furniture,
Fixtures and Equipments & Interior Partitions, Buildings, ByCycle, Scooty,
Motor Cars, Plant & Machinery and Generator
WEBSITE
DETAILS
Datacons has an extensive knowledge of technology and business functionality, which combined with more than a decade's experience in enterprise-wide applications, gives it a unique insight into solving problems. Datacons' market leading products address niche areas relating to Capital Markets, Banking / Finance, as well as the Automobile Sector. The services provided by Datacons revolve around these domains in addition to supporting and implementing third party products through its offering branded Simple®, specialized technical services and state-of-the art technology solutions.
Datacons specialty lies in the expertise it has in providing support and solutions, which are customized specific to the business needs, which allows the customer to maximize the benefits from the implemented solutions.
Datacons offers products in the Banking / Financial and Retail & Distribution segments. All their products have been conceived and developed in-house. The exposure and experience gained by the company during the long period when it was executing bespoke software application projects has been invaluable in creating these products.
Datacons has also put
to good measure the knowledge it has gained through international projects in
packaging the business functionality covered by its products in an
internationally acceptable manner. All these products have been installed
successfully in premium sites in India and abroad. All their products cover the
entire functionality of the business targeted.
The motto of the products group of the company is to be 'state-of-the-art' in terms of business functionality. This implies that these products undergo continuous enhancements to ensure incorporation of market place changes.
Alliances :
Investment Sciences Limited
1 Knightrider Court, London, EC4V 5BJ
Tel : +44 20 7553 9191
Fax : +44 20 7553 9192
URL : www.investment-sciences.com
Contact: Mr. Michael Fordham
Compass B.V.
Benraatshoef 41, Postbus 165, 4940 AD Raamsdonksveer, Netherlands
Tel : +31-162 571 110
Fax : +31-162 570 002
Contact : Mr. Johan Opperman
Fouress Systems SA
25a Building Royal, 7th Floor, L - 2449 Luxembourg
Tel : +352 27621400
Fax : +352 27621401
Mobile : 021 144 236
URL : www.4s-group.com
Contact: Mr. Selvaraj A
PRESS RELEASE
Datacons Offers Mfund /Dealing to UTI
Bangalore, 22nd October 2002 : Datacons' Mfund / Dealing, the
investment industry front-office product has gone into live production at Unit
Trust of India. Having already serviced UTI’s back-office needs, Datacons has
delivered a true end-to-end solution addressing UTI’s investment activities.
Mfund / Dealing provides operational support to all stages relating to
the pre-trade area of investment activities. It covers secondary market, money
market as well as primary market activities. Apart from operations support
Mfund / Dealing also offers effective pre-trade compliance checking
capabilities. Mfund / Dealing incorporates a proprietary workflow design, which
enables seamless flow of information across decision-makers, approving
authorities and execution points.
M.S Chandrashekar, CEO, Datacons announced, "Mfund / Dealing is
expected to deliver significant benefits in efficiency improvement, compliance
adherence to UTI. This level of automation in the front-office area has been
attempted for the first time in the mutual funds industry in India. This
implementation will serve as a foundation from which effective
straight-through-processing can be launched. With this, Datacons has enhanced
the coverage of its Mfund suite of products addressing the fund management
industry".
Mfund for asset management companies and Mutual Funds was launched nine
years ago and has been constantly updated since then, keeping up with changes
in the financial services sector. UTI’s back-office activities, in terms of
investment accounting and valuation, are being supported through Mfund / AM,
Datacons’ fund accounting product.
Datacons has already delivered and worked for premier clients such as
Southern Bank Asset Management, Malaysia; Prudential Unit Trusts, Malaysia;
IDX, USA; Southern Californian Edison, USA; Bank Mendes Gans, Netherlands;
Public Mutual Fund, Malaysia; Hyundai Motor India Limited; Toyota Kirloskar
Motors; DSP Merill Lynch Asset Management; ICICI Limited; I-flex Solutions;
IDBI Principal Asset Management Company Limited; Motorola (PCS); Jardine
Fleming Asset Management; Zurich India Asset Management; Garanti Bank
International N.V, Netherlands; Finansbank N.V., Netherlands and Ford Indis
Limited.
About Datacons
Datacons Private Limited, a 31-year-old software company is
headquartered in Bangalore with operations in Asia, Europe as well as USA.
Datacons, a Software Consultancy Company specializes in solutions for Banking
and Securities market. Datacons provides both packaged and customized software,
particularly in areas relating to Capital markets, Retail and distribution and
Banking.
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 records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court
Declaration :
No records exist to suggest that subject is or was the subject of any
formal or informal allegations, prosecutions or other official proceeding for
making any prohibited payments or other improper payments to government
officials for engaging in prohibited transactions or with designated parties.
3] Asset
Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record
on Financial Crime :
Charges or conviction registered
against subject: None
5] Records
on Violation of Anti-Corruption Laws :
Charges or investigation registered
against subject: None
6] Records
on Int’l Anti-Money Laundering Laws/Standards :
Charges or investigation registered
against subject: None
7] Criminal
Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation
with Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation
Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA
INFORM as part of its Due Diligence do provide comments on Corporate Governance
to identify management and governance. These factors often have been predictive
and in some cases have created vulnerabilities to credit deterioration.
Our
Governance Assessment focuses principally on the interactions between a
company’s management, its Board of Directors, Shareholders and other financial
stakeholders.
CONTRAVENTION
Subject
is not known to have contravened any existing local laws, regulations or
policies that prohibit, restrict or otherwise affect the terms and conditions
that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US
Dollar |
1 |
Rs.44.84 |
|
UK
Pound |
1 |
Rs.85.55 |
|
Euro |
1 |
Rs.57.28 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|