MIRA
INFORM REPORT
|
Report Date : |
11.11.2006 |
IDENTIFICATION
DETAILS
|
Name : |
USHA
COMM INDIA PRIVATE LIMITED |
|
|
|
|
Registered Office : |
Mangal
Kalash, 2 – A, Shakespeare Sarani, Kolkata – 700071, West Bengal |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2004 |
|
|
|
|
Date of Incorporation : |
21.10.1997 |
|
|
|
|
Com. Reg. No.: |
21-85742 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U67120WB1997PTC085742 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
CALU02190G |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AABCT1897N |
|
|
|
|
Legal Form : |
Closely
Held Public Limited Liability Company |
|
|
|
|
Line of Business : |
Provide
Computer Software Services. |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
|
Maximum Credit Limit : |
|
|
|
|
|
Status : |
Moderate
|
|
|
|
|
Payment Behaviour : |
Slow
but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject
is an established company of USHA MARTIN [Jhawar] Group. Financial position of the company can be
regarded as moderate. The company has
yet to wipe out substantial losses.
Payments are usually correct and as per commitments. The
company can be considered moderate for business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered/ Head Office : |
Mangal
Kalash, 2 – A, Shakespeare Sarani, Kolkata – 700071, West Bengal, India |
|
Tel. No.: |
91-33-22812803
|
|
Fax No.: |
91-33-22809469 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Rented
[Commercial] |
|
|
|
|
Branches
: |
UshaComm
Asia Pacific Sales 6,
Battery Road, # 2200, Singapore – 049909 Tel.
No. : 0063 2 894 0031 UshaComm
Europe Sales Unit
2, Apex Business Centre, Boscombe Road, Dunstable, Beds LU5 4SB, United
Kingdom Tel.
No. : 0044 1582 60 4164 UshaComm
Latin America Sales Felix
Cuevas 301-105, Esq. San Francisco, Col. Del Valle, 03100 Mexico, D, F Tel.
No. : + 525 534 9237 / 3187 |
DIRECTORS
|
Name : |
Mr.
Prashant Jhawar |
|
Designation : |
Director
|
|
Address : |
2 – A,
Stormont Road, London N6 4NL, United Kingdom |
|
Date of Birth/Age : |
06.04.1963 |
|
Experience : |
23
years |
|
Date of Appointment : |
12.02.2002 |
|
|
|
|
Name : |
Mr.
Bharat Thakkar |
|
Designation : |
Director
|
|
Address : |
R/o.
87, ShlRehall Park, London, NW4 2QN, United Kingdom |
|
Date of Birth/Age : |
29.10.1957 |
|
Date of Appointment : |
12.02.2002 |
|
|
|
|
Name : |
Mr. K.
Chandrashekhar |
|
Designation : |
Director
|
|
Address : |
R/o.
Villa # A, Palm Meadows, Airport White Road, Bangalore – 560066, Karnataka,
India |
|
Date of Birth/Age : |
31.01.1967 |
|
Date of Appointment : |
13.06.2003 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
|
No. of Shares |
|
Usha
Communications Technology Limited [Equity Shares] |
|
2811100 |
|
Usha
Martin Infotech Limited [Preference Shares] |
|
34122237 |
|
TOTAL |
|
36933337 |
BUSINESS DETAILS
|
Line of Business : |
Provide
Computer Software Services. |
|
|
|
|
Agencies Held : |
Gemplus,
France Kington
SCL – Consumer Support & Billing Services Metrica
– Network Performanc Reporting System [NPR] Mobile
System International, U.K. |
|
|
|
|
Exports to : |
Singapore,
U.K. and U.S.A. |
|
|
|
|
Imports from : |
France,
U.K. and U.S.A. |
|
|
|
|
Terms : |
|
|
Selling : |
Credit
and Contract |
|
|
|
|
Purchasing : |
Credit,
Contract and L/C |
GENERAL
INFORMATION
|
Suppliers : |
Gemplus,
France Kington
SCL Metrica Mobile
System International, U.K. |
|
|
|
|
Customers : |
Manufacturers
|
|
|
|
|
No. of Employees : |
400 |
|
|
|
|
Bankers : |
BNP
Paribas HDFC
Bank Limited The
Hongkong & Shanghai Banking Corporation Shakespeare
Sarani Branch, Kolkata – 700017, West Bengal, India ICICI
Bank Limited IDBI
Bank Limited Indusing
Bank Limited State
Bank of India |
|
|
|
|
Banking Relations : |
Satisfactory
|
|
|
|
|
Auditors : |
Price
Waterhouse Kolkata,
West Bengal, India |
|
|
|
|
Parent Company : |
A Usha
Martin Group |
|
|
|
|
Affiliates : |
Bihar
Alloy Steel Limited Orissa
Sponge Iron Limited Usha
Breco Limited UshaComm
Inc., U.S.A. Usha
Industrial Services Limited Usha
Ismal Limited Usha
Martin Europe Limited Usha
Martin Finance Corporation Limited Usha
Marin Industries Limited Usha
Martin Infrastructure Services Limited Usha
Martin Perematics Limited Usha
Martin Power Company Limited Usha
Martin Telematics Limited Usha
Martin Vendore Limited Usha
Siami Steel Industries Limited |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
3800000 |
Equity
Shares |
Rs. 10/- each |
Rs. 38.000 millions |
|
3420000 |
Redeemable
Cumulative Preference Shares |
Rs. 100/ - each |
Rs. 342.000 millions |
|
|
TOTAL |
|
Rs. 380.000
millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
2811120 |
Equity
Shares |
Rs. 10/- each |
Rs. 28.111 millions |
|
3412237 |
Redeemable
Cumulative Preference Shares |
Rs. 100/- each |
Rs. 341.223 millions |
|
|
TOTAL |
|
Rs. 369.334 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2004 |
31.03.2003 |
31.03.2002 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
369.335 |
369.335 |
778.235 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
464.905 |
464.905 |
56.005 |
|
|
4] (Accumulated Losses) |
[135.270] |
[181.973] |
[201.497] |
|
|
NETWORTH |
698.970 |
652.267 |
632.743 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
166.263 |
140.853 |
0.000 |
|
|
2] Unsecured Loans |
36.250 |
8.851 |
59.450 |
|
|
TOTAL BORROWING |
202.513 |
149.704 |
59.450 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
Deferred Government Grants |
7.992 |
11.111 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
909.475 |
813.082 |
692.193 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
195.560 |
242.425 |
271.117 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.217 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
|
|
|
Sundry Debtors |
607.296
|
634.006 |
504.813 |
|
|
Cash & Bank Balances |
47.177
|
1.158 |
|
|
|
Other Current Assets |
0.000
|
0.000 |
|
|
|
Loans & Advances |
52.478
|
56.887 |
|
|
Total Current Assets |
706.951
|
692.051 |
504.813 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
116.755
|
230.859 |
157.225 |
|
|
Provisions |
5.528
|
2.722 |
|
|
Total Current Liabilities |
122.283
|
233.581 |
157.225 |
|
|
Net Current Assets |
584.668
|
458.470 |
347.588 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
129.247 |
112.187 |
73.271 |
|
|
|
|
|
|
|
|
TOTAL |
909.475 |
813.082 |
692.193 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2004 |
31.03.2003 |
|
Sales Turnover [including other income] |
|
450.751 |
501.110 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
|
51.103 |
21.324 |
|
Provision
for Taxation |
|
4.400 |
1.800 |
|
Profit/(Loss)
After Tax |
|
46.703 |
19.524 |
|
|
|
|
|
|
Export
Value |
|
407.825 |
469.467 |
|
|
|
|
|
|
Import
Value |
|
1.689 |
13.210 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2004 |
31.03.2003 |
31.03.2002 |
|
PAT / Total Income |
(%) |
10.36
|
3.89 |
N.A. |
|
|
|
|
|
|
|
Net
Profit Margin (PBT/Sales) |
(%) |
11.33
|
4.25 |
N.A. |
|
|
|
|
|
|
|
Return
on Total Assets (PBT/Total
Assets} |
(%) |
5.66
|
2.28 |
N.A. |
|
|
|
|
|
|
|
Return
on Investment (ROI) (PBT/Networth) |
|
0.07
|
0.03 |
N.A. |
|
|
|
|
|
|
|
Debt
Equity Ratio (Total
Liability/Networth) |
|
0.46
|
0.58 |
0.34 |
|
|
|
|
|
|
|
Current
Ratio (Current
Asset/Current Liability) |
|
5.78
|
2.96 |
3.21 |
LOCAL AGENCY
FURTHER INFORMATION
History
:
Subject
was incorporated on 21st October, 1997 as ‘Telematics Investments
Limited’. The name was changed to UBEST
India Limited w.e.f. September, 1998 and later it was changed to the present
name.
The
company acquired UBEST [Usha Beltron Electronic & Software Technology], the
Software Division of Usha Beltron Limited as an outgoing concern w.e.f. 1st
April, 1998.
The
company has entered into an inter se agreement with UBEST Americas Inc. for
worldwide marketing of Software Products & Professional Services.
UshaComm
is an international software and consulting services firm providing OSS
solutions to telecoms and ICPs worldwide.
Founded in 1994, headquartered in Portland, Oregon, USA with sales and
marketing offices located in North America, Asia and Europe and engineering
development centers located in India.
It provide customer technical support through regional offices.
Its
advantage over other providers stems from a company-wide dedication to
clients. Experienced in 40 + OSS
software implementations throughout the world, it strive to understand the
requirements closely, in order to build solutions that reward aspirations.
It
create software based on listening. In
fact, major UshaComm software enhancements are designed around a mutually planned
BACC product roadmap.
This
means that at least 50 percent of product suite updates result from ideas
proposed by clients. It’s a unique
proof point that underscores the goal of building successful relationships, and
continually earning the trust.
Its
commitments extends beyond product design and continues with rapid software
implementation.
PRODUCTS
:
1.
MEDUSA is mediation software solution.
Teamed with Unicorn. Medusa collects various data created by IP and
traditional telephony network subscribers, and detects provision requests at
network switches. Then it provisions
the services, capturing all forms of usage activity and providing it on demand
to downstream applications.
Its
unified design lets Medusa interact with many different data sourcing devices
[DSDs], or network elements, and provision services without the need to add
new, specific software modules.
Medusa’s
versatility brings simplicity to data assembly and distribution as well. It processes raw data for validation and
activity type, relieving other Unicorn applications from this unnecessary load
so they can maximize their primary activity.
Then it delivers data to the specified Unicorn application in the format
chosen. Medusa can serve as an
alternative storage source for a specified duration, so an application can
retrieve data as capacity dictates, further reducing load.
Medusa’s
ability to collect and provide accurate data, control the networks it connects
to, and eliminate the need to configure each network individually translates
into genuinely reliable mediation.
2.
UNICORN software uses a relational database and runs on Windows NT and UNIX to
give unique scalability advantages. It
features CORBA for flexibility and is ISO 9001 certified. Because today’s subscribers pursue services
less for network type and more for ease of use, Unicorn design is responsive.
The
design meets requirements for a variety of networks. These include : wireline, IP telephony and services, wireless
local loop, interconnect, wireless, international gateway, services, paging,
multimedia and cable. Software rating
and billing flexibility means one can acquire or add service capabilities to
meet demand easily and quickly. Using
Unicorn is easy, too. CSRs like now its
graphical interface puts the power of fast, intuitive subscriber account
servicing into their hands.
Key
features of Unicorn include : rich functionally, modularity and
scalability. It accommodates increased
processing capacity and subscriber growth with little interruption. Unicorn’s comprehensive database holds all
billing data, letting you analyze and act on it to maximize the health of
business. The information can be
queried or extracted by all of Unicorn’s software modules, or even by
third-party software.
As a
result, specialized business support applications such as financial planning,
treasury, forecasting and data mining all link to each other. Due to the integrated nature of Unicorn’s
modules, you can choose an initial set for basic needs. Then, as operational and functional needs
grow, one can add other modules in line with business strategy.
Unicorn’s
broad mis of features and its utility ability to respond to market changes and
drive demand for new services.
Marketing staff can construct “What If” scenarios to model innovative
service packages, then implement them quickly in multiple industries spaces to
easily attract and retain subscribers.
At the same time, customer representatives can serve existing customers
with an unlimited choice of service packages, discounts and features.
UshaComm’s
BACC Solutions let operators get the most from their wireline
infrastructure. New technologies are
helping operators further develop traditional wireline-based revenue streams,
as well as new streams enabled by the convergence of wireline and other markets
like mobile and broadband.
UshaComm
Learning Center, Kolkata [Founded in 1999, the Center enhances the skills of
newly hired telecom professionals. Well
equipped as a state-of-the-art training ground to ensure that UshaComm staff
have superior telecommunications related technical and business skills specific
to BACC software implementations in convergent arenas. It teaches telecommunications fundamentals,
mobile and fixed line telephony and related applications, and emerging
technologies. Students acquire such
technical skills such as advanced computer languages, software project
management and convergent business management.
In addition, the center provides orientation and training to new
employees for their worldwide technology development centers and field sales
and service locations.
Trade
Reference :
Bharti
Telecom, Simla
Sky
Cell, Chennai
America
Copesa,
CoServ
Knology
Puerto
Rico Telephone
Quantum
Communications
Teligee
Union
Telephone
Westlink
Communications
Europe
Metromedia
International
Millicon
Superior
Communications
Swisscom
Limited
Switchcom
Tango
Telemobil
Romania
Asia – Pacific
Aircel
Bharti
Telenet Limited
BPL
Mobile
City
Cell
Command
Cell Phone Service
Escotel
Cellular Phone Service
ESSAR
Cellphone
Lanka
Cellular
Mobikom
RPG
Singapore
Telecom
Skycell
Communications
STCC
Tata
Cellular
Telekom
Malaysia
TM
International
X –
Tensions
Africa
Airtel
Telecom Service
Intercellular
Investcom
Scancom
Spacetel
PARTNERS :
BillSoft
Clarity
Compaq
IBM
LM Ericsson
Telephone
Lucent
Technologies
UMTS
Bill
Soft : BillSoft, based in Overland
Park, Kansas, developed EZTaxTM, a high performance tax compliance system that
processes transactions for long distance, wireless/ cellular, local, debit /
pre-paid, calling card, voice mail, fax, paging, Internet usage, product sales,
and other telecommunication services.
EZTaxTM uses 34 different tax types to provide precise information
required for billing and filing.
BillSoft monitors nearly 8000 taxing jurisdictions to keep clients
current with every applicable tax they are required to file. With an On-Site Business License, EZTaxTM
can be directly integrated with a current billing system or operate as a stand
alone system. EZTaxTM performs
telecommunication taxation at rates exceeding one-half billion transactions per
hour.
ALLIANCES :
Ascent
IPDR
NTCA
OBF
RCA
WAP
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 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.44.45 |
|
UK
Pound |
1 |
Rs.84.83 |
|
Euro |
1 |
Rs.57.12 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
36 |
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 |
|