1. Summary Information
|
|
|
Country |
|
|
Company Name |
TATA
COMMUNICATION BANKING INFRASOLUTIONS LIMITED |
Principal Name 1 |
Mr. Satish Gopal Ranade |
|
Status |
Moderate |
Principal Name 2 |
Mr. Sanjay Baweja |
|
|
|
Registration # |
11-179551 |
|
Street Address |
C-21/C 36, ‘G’ Block, Bandra Kurla Complex, Mumbai-400098, |
||
|
Established Date |
28.02.2008 |
SIC Code |
-- |
|
Telephone# |
-- |
Business Style 1 |
Service Provider |
|
Fax # |
-- |
Business Style 2 |
-- |
|
Homepage |
-- |
Product Name 1 |
Electronic Transactions
Processing Services |
|
# of employees |
-- |
Product Name 2 |
Core Banking Solutions
Services |
|
Paid up capital |
Rs.500,000/- |
Product Name 3 |
-- |
|
Shareholders |
Bodies corporate 100.00% |
Banking |
-- |
|
Public Limited Corp. |
No |
Business Period |
2 Years |
|
IPO |
No |
International Ins. |
- |
|
Public |
No |
Rating |
B (26) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Holding
Company |
|
Tata Communication Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
68,804,000 |
Current Liabilities |
252,883,000 |
|
Inventories |
0000 |
Long-term Liabilities |
245,766,000 |
|
Fixed Assets |
163,392,000 |
Other Liabilities |
15,326,000 |
|
Deferred Assets |
000 |
Total Liabilities |
513,975,000 |
|
Invest& other Assets |
181,650,000 |
Retained Earnings |
000 |
|
|
|
Net Worth |
(100,129,000) |
|
Total Assets |
413,846,000 |
Total Liab. & Equity |
413,846,000 |
|
Total Assets (Previous Year) |
4,467,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
50,286,000 |
Net Profit |
(99,391,000) |
|
Sales(Previous yr) |
000 |
Net Profit(Prev.yr) |
(1,238,000) |
MIRA
INFORM REPORT
|
Report Date : |
06.04.2011 |
Note: The
registered office of the company has been shifted from LVSB, Kashinath Dhuru Marg, Prabhadevi,
Mumbai-400028,
IDENTIFICATION DETAILS
|
Name : |
TATA COMMUNICATION BANKING INFRASOLUTIONS LIMITED (w.e.f.
09.06.2009) |
|
|
|
|
Formerly Known As : |
BANKING ATM INFRASOLUTIONS LIMITED |
|
|
|
|
Registered Office : |
C-21/C 36, ‘G’ Block, Bandra Kurla Complex, Mumbai-400098, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
28.02.2008 |
|
|
|
|
Com. Reg. No.: |
11-179551 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U72900MH2008PLC179551 |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business : |
Banking Infrastructure Service Provider. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of Tata Communication Limited having moderate
track. There appears a huge accumulated losses recorded by the company.
Profitability of the company is under pressure. However, trade relations are
fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some
cautions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
C-21/C 36, ‘G’ Block, Bandra Kurla Complex, Mumbai-400098, |
|
E-Mail : |
DIRECTORS
As on 27.09.2010
|
Name : |
Mr. Satish Gopal Ranade |
|
Designation : |
Director |
|
Address : |
15/8, JPM Society, |
|
Date of Birth/Age : |
14.09.1953 |
|
Date of Appointment: |
28.02.2008 |
|
|
|
|
Name : |
Mr. Sanjay Baweja |
|
Designation : |
Directgor |
|
Address : |
W-7/1, phase 3, Near Sriram School, Girgaon-122002, |
|
Date of Birth/Age : |
11.10.1969 |
|
Date of Appointment: |
31.02.2009 |
|
|
|
|
Name : |
Mr. Srinivasa Rao Addepalli |
|
Designation : |
Director |
|
Address : |
1002, Dosti Daisy, Dosti Acrres, Antop Hill, Wadala (E), Mumbai, |
|
Date of Birth/Age : |
23.03.1975 |
|
Date of Appointment: |
28.02.2008 |
|
|
|
|
Name : |
Mr. Sunil Radheshyam Joshi |
|
Designation : |
Additional Director |
|
Date of Birth/Age : |
31.01.1964 |
|
Date of Appointment : |
25.05.2009 |
KEY EXECUTIVES
|
Name : |
Mr. Ashok Someshwar |
|
Designation : |
Secretary |
|
Address : |
B/14, Symphony Chandivil 1, Off |
|
Date of Birth/Age : |
21.07.1987 |
|
Date of Appointment : |
11.07.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Tata Communication Limited, |
|
49400 |
|
Satish Gopal Ranade |
|
100 |
|
Sandeep Mathur |
|
100 |
|
Danappa Aroon |
|
100 |
|
Srinivasa Addepalli |
|
100 |
|
Kumar Sudip |
|
100 |
|
Rishabh Aditya |
|
100 |
|
|
|
|
|
Total |
|
50000 |
As on 27.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Banking Infrastructure Service Provider. |
GENERAL INFORMATION
|
Bankers : |
Not Available |
|||||||||
|
|
|
|||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountant |
|
Address : |
12, |
|
Tel. No.: |
91-22-66679000 |
|
Fax No.: |
91-22-66679100 |
|
|
|
|
Holding Company: |
Tata Communication Limited (L64200MH1986PLC039266) |
CAPITAL STRUCTURE
As on 27.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs.10/- each |
Rs.1.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500
Million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
0.500 |
0.500 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
|
(100.629) |
(1.238) |
|
|
NETWORTH |
|
(100.129) |
(0.738) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.000 |
0.000 |
|
|
2] Unsecured Loans |
|
245.766 |
3.500 |
|
|
TOTAL BORROWING |
|
245.766 |
3.500 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
145.637 |
2.762 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
163.392 |
0.000 |
|
|
Capital work-in-progress |
|
181.650 |
2.394 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
0.000
|
0.000 |
|
|
Sundry Debtors |
|
18.716
|
0.000 |
|
|
Cash & Bank Balances |
|
0.893
|
0.738 |
|
|
Other Current Assets |
|
32.290
|
0.335 |
|
|
Loans & Advances |
|
16.905
|
1.000 |
|
Total
Current Assets |
|
68.804
|
2.073 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
244.811
|
1.639 |
|
|
Other Current Liabilities |
|
8.072
|
0.066 |
|
|
Provisions |
|
15.326
|
0.000 |
|
Total
Current Liabilities |
|
268.209
|
1.705 |
|
|
Net Current Assets |
|
(199.405)
|
0.368 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
145.637 |
2.762 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
50.286 |
0.000 |
|
|
|
Other Income |
|
6.480 |
0.000 |
|
|
|
TOTAL (A) |
|
56.766 |
0.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Salaries and Related Costs |
|
65.315 |
0.000 |
|
|
|
Network and Other Direct Costs |
|
44.181 |
0.093 |
|
|
|
Operating and Other Expenses |
|
38.398 |
1.060 |
|
|
|
Service Contract Under Progress |
|
(11.908) |
0.000 |
|
|
|
TOTAL (B) |
|
135.986 |
1.153 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
(79.220) |
(1.153) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
9.153 |
0.085 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
(88.373) |
(1.238) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
11.018 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
(99.391) |
(1.238) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
|
(99.391) |
(1.238) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
(1.238) |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
|
(100.629) |
(1.238) |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
|
164.569 |
0.573 |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
(1987.82) |
(37.33) |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
|
(175.09) |
(0.00) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
(197.65) |
(0.00) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
(42.80) |
(59.72) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.99 |
1.68 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
(5.13) |
(7.05) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
0.26 |
1.22 |
LOCAL AGENCY FURTHER INFORMATION
Financial
Performances:
The company started its commercial operation on 1st April
2009, The company provides infrastructure services namely Automatic Teller
Machines Managed Services, Core Banking Solutions, Electronics Transaction
Processing Solutions to banks. The company provides services to reputed public
sector and private banks in
Strategic Overview
and Operations:
The Company was incorporated with an object to be in the business of
providing infrastructure solutions to the Banking and Financial Services
Industry. The services and solutions offered by the Company include those
relating to automated teller machines (ATM), electronic transaction processing
solutions (ETPS),, core banking solutions (CBS) and other equipments which
could be used for banking operations. It will also provide a comprehensive payment
system for both card-based and electronic transactions through all the delivery
channels - ATM, POS, mobile, internal and kiosk. The proposed payment system
would cover the entire country. The Company by leveraging the telecom network
backbone of Tate Communications Limited, would address the needs of financial
Institutions across the country.
The Company is actively engaging the banks for using its unique “Pay per
Use” service model and has commenced commercial operations with effect from 1st
April, 2009. The Company has put in place a highly experienced team of
professionals from the banking and financial services industry for managing the
operations of the company.
The Company provides ATM services to State Bank of India and Indian
Overseas Bank, As of the date of this report, the Company has deployed one
hundred and sixty one (161) ATMs for State Bank of India and one hundred and
ninety one (191) ATMs for Indian Overseas Bank and is also monitoring six
hundred and eleven (611) ATMs for Indian Overseas Bank.
The Company provides ETPS services to ICICI Bank, one of the large
networks of POS machines in the country. Under this service the Company
provides the secured payment network for the POS transactions at ICICI Bank POS
machines. The Company has further acquired an order from Axis Bank and HDFC’
Bank for ETPS services.
The Company provides core banking solutions (CBS) to Jaoli Bank Limited
(ten branches) and Nanital Bank Limited (one hundred and three branches)
Fixed Assets:
- Plant and Machinery
- Office Equipment
- Computers
- Leasehold Improvements
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.44.45 |
|
|
1 |
Rs.71.58 |
|
Euro |
1 |
Rs.63.01 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
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.