MIRA
INFORM REPORT
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Report Date : |
16.06.2007 |
IDENTIFICATION DETAILS
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Name : |
ELECTRACARD SERVICES PRIVATE LIMITED |
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Formally Known as: |
Porteco Private Limited |
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Registered Office : |
201 / 202 |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
10.03.2000 |
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Com. Reg. No.: |
014585 |
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CIN No.: [Company
Identification No.] |
U72200PN2000PTC014585 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEE01741F |
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PAN No.: [Permanent
Account No.] |
AABCE4413D |
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Legal Form : |
Private limited liability company |
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Line of Business : |
Processing of Credit Card and Payment applications. |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 400 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Company’s profitability is under severe
pressure. It has some accumulated
losses. Payments are reported as slow
and delayed. The company can be considered normal for small business dealings at usual
trade terms and conditions with slight caution initially. |
LOCATIONS
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Registered Office : |
201 / 202 |
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Tel. No.: |
91-20-66272100 |
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Fax No.: |
91-20-25512808 |
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E-Mail : |
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Website : |
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Area : |
15000 Sq. fts. |
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Location : |
Leased |
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Operating Centres : |
v
Mumbai v
Pune v
v
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Branches : |
v
A Wing, Vilco Chambers, Vile Parle (East),
Mumbai - 400 057. Landmark: Near
Garware House Maharashtra – Tel: +91
- 22 - 6789 6800 Fax: +91 - 22 - 2683
4901 v
400 NE - Tel : +1 - 770 - 392
- 4256 Fax : +1 - 609 - 228
– 4230 v
10F-1, NO. 168, Tel: +886 - 2 -
7718 – 0123 Fax: +886 - 2 -
7718 - 7676 |
PARTNERS
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Name : |
Mr. Ramesh Mengawade |
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Designation : |
Partner |
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Name : |
Mr. Vijay Chander |
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Designation : |
Partner |
BUSINESS DETAILS
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Line of Business : |
Processing of Credit Card and Payment applications. |
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Exports : |
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Products : |
Services |
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Countries : |
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Terms : |
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Selling : |
Long Term Contractual |
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Purchasing : |
Long Term Contractual |
GENERAL INFORMATION
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No. of Employees : |
60 |
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Bankers : |
Standard Chartered Bank Pune, |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
m/S. Raghunathan D. Aiyar and Company Chartered Accountants |
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Associates/Subsidiaries : |
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Name : |
Opus Software Solutions Private Limited |
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Address : |
Pune, |
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Authorized
Capital : |
Rs. 33.000 millions |
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Paid Up Capital: |
Rs. 13.700 millions |
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Sales Turnover: |
Rs. 330.000 millions |
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No. of
Employees: |
340 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250000 |
Equity Shares |
Rs. 10.00 each |
Rs. 2.500 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
11111 |
Equity Shares |
Rs. 10.00 each |
0.111
million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
Expected Sales (2007-08) : Rs. 60.000 millions
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
0.111 |
0.111 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
0.000 |
0.000 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
0.111 |
0.111 |
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LOAN FUNDS |
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1] Secured Loans |
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0.00 |
0.000 |
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2] Unsecured Loans |
|
142.634 |
58.623 |
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TOTAL BORROWING |
|
142.634 |
58.623 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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142.745 |
58.734 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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35.827 |
38.012 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
|
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
0.000 |
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Sundry Debtors |
|
5.440 |
0.009 |
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Cash & Bank Balances |
|
0.467 |
0.320 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
|
9.484 |
5.239 |
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Total
Current Assets |
|
15.391 |
5.567 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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6.888 |
0.043 |
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Provisions |
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9.159 |
0.533 |
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Total
Current Liabilities |
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16.046 |
0.576 |
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Net Current Assets |
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(0.655) |
4.991 |
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MISCELLANEOUS EXPENSES |
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0.024 |
0.027 |
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PROFIT AND LOSS ACCOUNT |
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107.549 |
15.704 |
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TOTAL |
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142.745 |
58.734 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Debt Equity Ratio (Total Liability/Networth) |
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1429.55 |
533.32 |
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Current Ratio (Current Asset/Current Liability) |
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0.96 |
9.66 |
LOCAL AGENCY FURTHER INFORMATION
Website details attached:
Subject provides financial institutions world wide tailor-made solutions
to address their market challenges associated with sophisticated credit card
and payment product.
The typical TPP is based on the concept of “one size fits all” and
involves high fixed costs and very large support staffs. This model promotes
system rigidity and limits pricing flexibility. But today's market is about
flexibility, options and change management. To satisfy these requirements, a
new approach is required. Solutions must have the flexibility to address the
vagaries of many markets and products, and their related regulatory
requirements. In short, one size doesn't fit all.
Subject exists to help dynamic financial institutions conquer their
business challenges with solutions that are:
v
Functionally rich
v
Flexible and tailor-made solutions
With superior software technology, agile processing, cost effective
deployment and continuous innovation they have created an outstanding value
proposition. In short, the solution you have been looking to choose:
The technology edge
The benefits of years of credit card application
expertise
Tailor made solutions instead of one solution for
all
Faster speed to market
Most cost effective solutions
Superior Customer Service
Outstanding product Management
Superb research and development
Continuous Product Innovation
Global mark.
Their mission is to provide financial institutions the best and more cost
effective payment and credit management processing service available.
Subject enables financial institutions, retailers, finance companies and
corporations to process in real-time credit and payments transactions. Their
multi-currency and multi-lingual platform, together with our innovative
business model, supports the needs of multi-national organizations worldwide
Press Release
SVC Financial Service Partners with Electra Card (SM) Services for Card
Processing Services Out of
SAN FRANCISCO, CA and BOMBAY, INDIA -- (MARKET WIRE) -- 03/22/2005 --
SVC Financial Services, Inc. (OTC: SVCX), a leading provider of electronic
payment processing and stored-value products and service, announced today a
partnership with ElectraCard(SM) Services, Pvt. Ltd. (ECS), a subsidiary of
Opus Software Solutions Pvt. Ltd. The partnership will set up and process
mobile-enabled card-based payment transactions. In a first of its kind
partnership, SVC Financial Services will leverage ECS' processing platform,
ElectraCard(SM) based in
"We are clearly excited about their partnership with ECS. One of the most
exciting aspects of having such an established and robust partner is their
capability to allow us to expand their operations very quickly," said
Chris Haigh, CEO and President of SVC Financial Services. "We have
projections to issue in excess of 1.5 million branded and unbranded debit cards
over the next 18 months, and it is the flexibility and cost efficiency offered
by ECS that allows us to set such aggressive goals for their business."
"This is the first time that core transaction processing will be
outsourced from the
About SVC Financial
Services
SVC Financial Services (OTC: SVCX) is a provider of an integrated suite of secure electronic payment, web application development, digital rights management and multimedia authoring solutions with a focus on the online retailing and entertainment industries as well as the companies that serve them. SVC provides a highly secure and reputable private-label service for retailers and financial services. The combination of Digital Rights Management with SVC Payment Services in the company's Mazarin Media Platform serves a broad range of merchant and consumer needs such as a profitable and easy-to-use micro payment system, credit card payment processing, and digital asset bundling and promotion. More information about the Company may be obtained at www.svcfinancial.com.
About Electra
Card(SM) Services (ECS)
Subject is a subsidiary of Opus Software Solutions Pvt. Ltd. that provides third-party processing services for credit and payments management on a worldwide basis. Its cost-effective solutions address the speed to market and flexibility challenges of today's market. ECS enables financial institutions, retailers, finance companies and corporations to electronically process, in real-time, any type of payment transaction, including credit, debit, pre-paid, smart cards, and ACH. In addition to typical back office processing, ECS has gateway and switching capabilities. Its solutions are multi-national, support multi-currency and double byte-enabled. Its platform, ElectraCard(SM), is certified by MasterCard and VISA for credit, debit, smart card, and is single and dual message compliant. By providing a comprehensive and flexible solution that can be deployed to a market of one, ECS offers an unmatched service.
Except
for historic information contained in this release, the statements in this news
release are forward-looking statements that are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements involve known and unknown risks and uncertainties,
which may cause a company's actual results in the future to differ materially
from forecasted results. These risks and uncertainties include, among other
things, the company's ability to attract qualified management, raise sufficient
capital to execute its business plan, and effectively compete against similar
companies.
ABRIDGED BALANCE
SHEET
OPUS
SOFTWARE SOLUTIONS PRIVATE LIMITED
(PARENT
COMPANY)
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
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1] Share Capital |
|
13.676 |
13.676 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
201.683 |
144.377 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
215.358 |
157.952 |
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LOAN FUNDS |
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1] Secured Loans |
|
54.569 |
46.196 |
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2] Unsecured Loans |
|
0.000 |
0.000 |
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TOTAL BORROWING |
|
54.569 |
46.196 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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269.927 |
204.149 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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24.086 |
30.863 |
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Capital work-in-progress |
|
0.000 |
0.000 |
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INVESTMENT |
|
25.813 |
41.809 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
0.000 |
0.000 |
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Sundry Debtors |
|
62.562 |
62.992 |
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Cash & Bank Balances |
|
17.031 |
9.879 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
190.688 |
81.780 |
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Total
Current Assets |
|
270.281 |
154.651 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
|
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Current Liabilities |
|
10.769 |
5.747 |
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Provisions |
|
39.485 |
17.435 |
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Total
Current Liabilities |
|
50.254 |
23.182 |
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Net Current Assets |
|
220.028 |
131.469 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.007 |
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TOTAL |
|
269.927 |
204.149 |
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KEY RATIOS
|
PARTICULARS |
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|
31.03.2007 |
31.03.2006 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
0.49 |
0.44 |
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Current Ratio (Current Asset/Current Liability) |
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|
5.38 |
6.67 |
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. 40.97 |
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|
1 |
Rs. 80.73 |
|
Euro |
1 |
Rs. 54.56 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
- |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
- |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
- |
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--CREDIT LINES |
1~10 |
- |
|
--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
|
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
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--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 |
|
14 |
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 |
|