MIRA
INFORM REPORT
|
Report Date : |
16.07.2007 |
IDENTIFICATION DETAILS
|
Name : |
INDIA CARD TECHNOLOGY PRIVATE LIMITED |
|
|
|
|
Registered Office : |
8, Commercial Complex, Masjid Moth, Greater Kailash - II, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
10.06.2004 |
|
|
|
|
Com. Reg. No.: |
55-126863 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U64202DL2004PTC126863 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
DELI05950A |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AABCI3740B |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer of SIM Cards and Smart Cards. |
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 4000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well-established and reputed company having satisfactory
track. Directors are reported as experienced and respectable businessmen.
Trade relations are reported as fair. Business is active. Payments are
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office / Corporate Office / Factory : |
8, Commercial Complex, Masjid Moth,
Greater Kailash - II, |
|
Tel. No.: |
91-11-30689050 / 29217602 / 29224438 / 30689047 |
|
Fax No.: |
91-11-29223673 / 29224448 / 30689013 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Branches : |
25, |
|
Tel. No.: |
65-92477742 |
|
Fax No.: |
65-62429532 |
|
|
|
|
Branches : |
Uplands Cottage, |
|
Tel. No.: |
44-7717 436000 |
|
Fax No.: |
44-1494 712324 |
|
|
|
|
Branches : |
|
|
Tel. No.: |
1 203 563 9900 |
|
Fax No.: |
1 203 563 9832 |
DIRECTORS
|
Name : |
Mr. Ishaq Aman Shawl |
|
Designation : |
Director |
|
Address : |
B-705, |
|
Date of Birth/Age : |
03.03.1963 |
|
Date of Appointment : |
10.06.2004 |
|
|
|
|
Name : |
Mr. Nicholasa Charles Robb |
|
Designation : |
Director |
|
Address : |
# 806, 1228 West, |
|
Date of Birth/Age : |
19.05.1957 |
|
Date of Appointment : |
10.06.2004 |
|
Date of Casing : |
24.05.2005 |
|
|
|
|
Name : |
Mr. Mahendra Nahata |
|
Designation : |
Director |
|
Address : |
W-48, Greater Kailash – III, |
|
Date of Birth/Age : |
19.05.1959 |
|
Date of Appointment : |
24.05.2005 |
|
|
|
|
Name : |
Mr. Sanjay Maloo |
|
Designation : |
Director |
|
Address : |
B/21, Shrvapriya Vihar, |
|
Date of Birth/Age : |
07.08.1969 |
|
Date of Appointment : |
24.05.2005 |
|
|
|
|
Name : |
Mr. Subodh Kumar Garg |
|
Designation : |
Director |
|
Address : |
24, Vigyan Lok, |
|
Date of Birth/Age : |
01.01.1951 |
|
Date of Appointment : |
24.05.2005 |
|
|
|
|
Name : |
Mr. Carl Taylor |
|
Designation : |
Director |
|
Address : |
Uplands Cottage, |
|
Date of Birth/Age : |
06.01.1961 |
|
Date of Appointment : |
24.05.2005 |
|
|
|
|
Name : |
Mr. ED Danson |
|
Designation : |
Director |
|
Address : |
Deers Leap, Bubwith Farm, Wookey Hole, BA51BA, |
|
Date of Birth/Age : |
10.06.1948 |
|
Date of Appointment : |
24.05.2005 |
|
|
|
|
Name : |
Mr. Grahame Lucas |
|
Designation : |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Ishaq Aman Shawl |
|
10000 |
|
R. K. Khosla |
|
100 |
|
|
|
|
|
Equity Share
Breakup |
|
|
|
Category |
|
Percentage of
Holding |
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
48.00 |
|
Bodies corporate |
|
9.00 |
|
Directors of relatives of directors |
|
43.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of SIM Cards and Smart Cards. |
GENERAL INFORMATION
|
Bankers : |
|
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Chaturvedi and Company Chartered Accountants |
|
Address : |
405-407, |
|
|
|
|
Joint Venture : |
v
iCard Technologies v
Himachal Futuristic Communications Limited |
CAPITAL STRUCTURE
As on 30.09.2006
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
21000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.210
Million |
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 |
|
0.101 |
0.101 |
|
|
2] Share Application Money |
|
0.920 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
1.021 |
0.101 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.000 |
0.000 |
|
|
2] Unsecured Loans |
|
0.000 |
0.000 |
|
|
TOTAL BORROWING |
|
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
|
1.021 |
0.101 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
0.000 |
0.000 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
0.000 |
0.000 |
|
|
Sundry Debtors |
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
|
0.865 |
0.001 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
0.000 |
0.000 |
|
Total
Current Assets |
|
0.865 |
0.001 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
0.109 |
0.099 |
|
|
Provisions |
|
0.000 |
0.000 |
|
Total
Current Liabilities |
|
0.109 |
0.099 |
|
|
Net Current Assets |
|
0.756 |
[0.098] |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.265 |
0.199 |
|
|
|
|
|
|
|
|
TOTAL |
|
1.021 |
0.101 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
|
Expenditures : |
|
|
|
|
|
|
Auditor Fee |
|
0.022 |
0.011 |
|
|
Bank Charges |
|
0.001 |
0.000 |
|
|
Book and Periodicals |
|
0.007 |
0.000 |
|
|
Freight |
|
0.005 |
0.000 |
|
|
Insurance |
|
0.015 |
0.000 |
|
|
Legal and Professional Charges |
|
0.018 |
0.000 |
|
|
Rates and Taxes |
|
0.001 |
0.000 |
|
|
Filing Fees |
|
0.006 |
0.000 |
|
|
Communication Expenses |
|
0.002 |
0.000 |
|
Total Expenditure |
|
0.077 |
0.011 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
0.11 |
0.98 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
7.94 |
0.01 |
LOCAL AGENCY FURTHER INFORMATION
The Registered Office of the company has been shifted from S - 7, Panchsheel Park, New Delhi - 110017, India to the present address w.e.f. 02.11.2006
PROFILE
“iCard provides smart card solutions from manufacturing through to
software from its production facility in
About IndiaCard and it
Partners
India Card is a joint venture between Himachal Futuristic Communications
Limited (HFCL) and iCard Technologies Limited trading under the name iCard
Technology. These two partners have come together and established a state of
the art manufacturing facility in Solan,
HFCL is a major Indian telecoms manufacturing company supplying solutions to
the local communications market and iCard Technologies Limited is a venture
company providing smart card intellectual property and worldwide sales and marketing
expertise.
iCard provides a range of smart card products from smart card manufacturing
through to software solutions for the telecom, banking and identification
markets worldwide. By partnering with technology leaders, iCard is able to
provide a range of state of the art solutions to meet the needs of all industry
verticals. iCard’s no-nonsense approach to products and doing business aims to
make it simple for customers to tailor their solution to their exact
requirements, wherever they are in the world.
Manufacturing Facility
Their aim is to provide best in class quality with minimum overheads to
meet the needs of this very price sensitive market.
A secure, dedicated facility in Solan,
iCard offers a full range of products for both smart card users and smart card companies. Their customers are able to choose from contract manufacturing services only to full turnkey solutions as required.
Software solutions are available for:
Tulip Connect Family for telecom – GSM SIM (2/2.5G, 3G), CDMA R-UIM
Tulip Tag Family for e-Governance and Transportation – National ID
(SCOSTA), SCOSTA compliant Driving License and Vehicle Registration
Certificates, Ration Cards
Tulip Vault Family for Banking – EMV
Multiple silicon platforms have been used to achieve the optimum price
performance and minimize risks in the supply chain.
“Mr. Mahendra Nahata, aged 44, is a commerce graduate from
Grahame Lucas, CEO
Mr. Lucas has 20 years sales and marketing experience in the
Semiconductor industry including 7 years with Intel
Precently, he was a co-founder of Emosyn LLC, a fabless semiconductor
company in the smart card and security markets, responsible for worldwide sales
and marketing. During his tenure at Emosyn, Mr. Lucas was located first in
Europe, followed by a period at the
Mr. S. K. Garg, aged 55 years, completed his engineering graduation from the Indian Institute of Technology, Roorkee and engineering post- graduation degree from the
Indian
Mr. Sanjay Maloo, aged 36 years, graduated from
Carl Taylor, Finance
Director
Mr.
Vidur Anand, Head - Smart Card Sales
Mr. Anand
Vivek Gupta, Head - Telecom Sales
Mr. Gupta is an Electronics Engineering Graduate from the
GSM Sim sales. At Indiacard, Mr. Gupta is responsible for Sales in
AVP Marketing &
Technical Support
Ms. Kalra graduated in batch engineering, before starting her career with the planning department of the Electricity board, followed by sales and
Marketing of Security systems and telephone exchanges. Since 1997 Ms. Kalra
has worked in business development for networking products, sales and marketing
of Datacard range of products and solutions, and DGM - Marketing of Smart
cards. Ms. Kalra has a comprehensive understanding of Indian Smart Card market,
and will be responsible for marketing and technical support for India Card in
PRODUCTS
A secure, dedicated facility in Solan,
Telecom - Tulip CONNECT
for telecom – GSM SIM (2/2.5G, 3G), CDMA R-UIM.
GSM SIM product range
WIB on SIM iMP
IScript for SIM iMP
Identity - Tulip TAG
for e-Governance and Transportation – National ID (SCOSTA), SCOSTA compliant
Driving License and Vehicle Registration Certificates, Ration Cards.
National ID Cards
Vehicle Registration Certificates
Driving Licences
Smart Passports
Access Control
Time Attendance
Health Card
Campus/Barracks Card
Banking - Tulip Vault
Tulip Vault Family for Banking – EMV
EMV Cards
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 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.40.37 |
|
|
1 |
Rs.82.18 |
|
Euro |
1 |
Rs.55.67 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
|
TOTAL |
|
45 |
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 |
|