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MIRA INFORM REPORT

 

 

Report Date :            

16.04.2011

 

IDENTIFICATION DETAILS

 

Name :

L1 IDENTITY SOLUTIONS INC

 

 

Registered Office :

2711 Centerville Road Suite 400 Wilmington New Castle De 19808

 

 

Country :

United States 

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

27.04.2007

 

 

Legal Form :

Corporation for Profit

 

 

Line of Business :

Software Services & Applications

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

 

Status :

Moderate

Payment Behaviour :

Regular

Litigation :

Clear

 

 

 

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 – December 31, 2010

 

Country Name

Previous Rating

                   (30.09.2010)                  

Current Rating

(31.12.2010)

United States 

a1

a1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

GEOPOLITICS - UNITED STATES

 

POLITICAL DATA

ECONOMIC DATA

Form of Government: Federal


Economic Risk: Nil

Currency: USD

Branch Situation: Stable

 

 

IDENTIFICATION

 

Ordered as:

L I Identity Solutions

Address in the order:

5705, West Old Shakopee Road, Suite 100, Bloomingtone MN 55437

USA

Comments on data supplied:

Dear client:

 

The address you provided belongs to a non incorporated business unit, it is a division of the main company which is headquartered at 177 Broad Street 12th Floor Stamford, CT 06901; That is why we proceed on making the report under that name.

Legal Name:

L1 Identity Solutions Inc

Legal Address

2711 CENTERVILLE ROAD SUITE 400 WILMINGTON NEW CASTLE DE 19808(registered agent)

Operative Address

177 Broad Street 12th Floor Stamford, CT 06901.

Telephone:

+1 ( 203) 504-1100

ID :

4342938

Fax:

+1 ( 203) 504-1150

Legal Form:

Corporation for Profit

Email:

info@l1id.com

Registered in:

Delaware

Website:

www.l1id.com

Date Created:

 

Manager:

Robert LaPenta, CCO

Date Incorporated:

April 27th, 2007

Staff:

1,352 (At group level)

Stock:

90,311,719 Shares

 

 

Value:

$0,001 par value

Activity:

Software Services & Applications

 

 

BANKS

 

Name of the Bank

Bank Of America

 

BUSINESS

 

HISTORY

 

The company was created in the year 2006.

PRINCIPAL ACTIVITY

 

The company develops face, finger, and iris recognition systems to protect and secure personal identities and assets. Its Solutions segment drives a stable of secure credentialing and biometrics tools

Products/Services description:

 

-States better protect their citizens against identity theft and decrease the occurrence of fraudulent driver’s license issuance.

-Credentialing standards for government and corporate employees are more robust.

-Borders, airports, seaports and other critical infrastructure are more secure.

-The efficiency and effectiveness of law enforcement and military personnel in the field is enhanced.

-Governments and agencies can comply with critical federal legislation and international mandates aimed at fighting global terrorism and crime.

Sales are:

 

Wholesale

Clients:

 

Various industries

Operations area:

 

National, Local

The company imports from Worldwide

The company does not export

PAYMENTS

 

regular

LOCATION

Headquarters

 

The company is headquartered at 177 Broad Street 12th Floor Stamford, CT 06901.

Comments on location:

 

The company is incorporated in Delaware for tax purposes, however it is headquartered in Connecticut.

Branches:

 

The company has the following branches:

 

-Ten Exchange Place 18th Floor Jersey City, NJ 07302

-1235 South Clark Street Suite 700 Arlington, VA 22202

-15 Century Boulevard, Suite 500 Nashville, TN 37214

 

 

And its divisions are located in:

 

-296 Concord Road Billerica, MA 01821

-5705 West Old Shakopee Road Suite 100

Bloomington, MN 55437

 

 

Shareholders - Manager - Related Companies

 

Listed at the stock exchange:

 

YES

Capital:

 

Breakdown

% of Shares Held by All Insider and 5% Owners: 18%

% of Shares Held by Institutional & Mutual Fund Owners: 65%

% of Float Held by Institutional & Mutual Fund Owners: 79%

Number of Institutions Holding Shares: 134

Shareholders Parent Company(ies):

 

Top Institutional Holders:

 

MHR Fund Management, LLC

DIMENSIONAL FUND ADVISORS LP

WATER ISLAND CAPITAL, LLC

VANGUARD GROUP, INC. (THE)

JP MORGAN CHASE & COMPANY

BlackRock Institutional Trust Company, N.A.

BlackRock Fund Advisors

STATE STREET CORPORATION

P. SCHOENFELD ASSET MANAGEMENT

GABELLI FUNDS, LLC

 

Top Mutual Fund Holders:

ARBITRAGE FUND

DFA U.S. SMALL CAP VALUE SERIES

VANGUARD SMALL-CAP INDEX FUND

ISHARES RUSSELL 2000 INDEX FD

VANGUARD TOTAL STOCK MARKET INDEX FUND

DFA U.S. MICRO CAP SERIES

VANGUARD SMALL-CAP GROWTH INDEX FUND

ISHARES RUSSELL 2000 VALUE INDEX FD

VANGUARD EXTENDED MARKET INDEX FUND

Gabelli Global Deal Fund

Management:

 

Robert V. LaPenta, CCO

James A. DePalma, CFO

Joseph S. Paresi, CMO

Related Companies:

 

The company also operates internationally:

Canada, Enterprise Access: 50 Acadia Ave. Suite 200 Markham Ontario L3R 0B3.

 

United Kingdom, Secure Credentialing UK: Venture House Bracknell, Berkshire RG12 1WA United Kingdom

 

Among others.

 

 

Financials - COMMERCIAL TRENDS AND FORECAST

 

The subject is a public company traded at the stock exchange NYSE under ticker symbol "ID". Please find enclosed the financial statements.

We have contacted a female representative who refused to provide us any financial data without knowing the name of the inquiring party.

Legal Fillings

 There are 11 UCC** files listed with the Secretary of State of XXX.

 

There were two lawsuits found against the company for the year 2010:

 

 

RFC Case Number: P-F10-395L

Court Case Number: 1:10-cv-00395-SLR

File Date: Wednesday, May 12, 2010

Plaintiff: Fox Ridge LLC

 

Plaintiff Counsel:  Richard K. Herrmann, Mary B. Matterer, Amy A. Quinlan of Morris James LLP

Thomas A. Lewry, John S. LeRoy of Brooks Kushman PC

 

Defendant: L-1 Identity Solutions Inc.

 

Cause: 35:271 Patent Infringement

Court: Delaware District Court

Judge:  Judge Sue L. Robinson

 

RFC Case Number: P-N10-8534L

Court Case Number: 2:10-cv-08534-AHM -MAN

File Date: Tuesday, November 09, 2010

Plaintiff: Neotec Holdings Limited

 

Plaintiff Counsel:  Marvin H Kleinberg, Michael Hurey Kleinberg and Lerner LLP

 

Defendant: L-1 Identity Solutions, Inc.

 

Cause: 28:1338 Patent Infringement

Court: California Central District Court

Judge:  Judge A. Howard Matz

Referred To: Magistrate Judge Margaret A. Nagle

 

 

The last annual report was filed on  03/01/2011.

 

 

THE COMPANY IS NOT LISTED ON THE OFAC LIST.*

 

 

For information:

 

* The Specially Designated Nationals (SDN) List is a publication of OFAC which lists individuals and organizations with whom United States citizens and permanent residents are prohibited from doing business.

 

 

** The Uniform Commercial Code (UCC) is one of a number of uniform acts that have been promulgated in conjunction with efforts to harmonize the law of sales and other commercial transactions in all 50 states within the United States of America. 

 

The UCC deals primarily with transactions involving personal property (movable property), not real property (immovable property).

 

It allows a creditor to notify other creditors about a debtor’s assets used as collateral for a secured transaction by filing a public notice (financing statement) with a particular filing office.

 

The Uniform Commercial Code Bureau files and maintains on financial obligations (including IRS liens) incurred by individuals (in business as a sole proprietor), business entities and corporations.



Rating

 

Local credit bureau gave a Low credit rate.

 

The company is in Good Standing. This means that all local and federal taxes were paid on due date.

 Final Opinion

 

This company has been in business for 5 years. It has a staff of 1,352 employees at group level which makes it a large sized company.

 

There were two legal filings found against the company for the year 2010.

 

This is a public company that trades at the stock exchange NYSE.

 

The company gave a negative profitability for the year 2010.

 

Therefore we suggest working with GUARANTEES.

 

 

SUMMARY


FINANCIAL SUMMARY


DEBT COLLECTIONS AND PAYMENTS

Profitability

NEGATIVE

Public Records

 

Indebtedness

CONTROLLED

Payments

REGULAR

Cash

N.A.

 

 

 

 

APPENDIX

 

Person Interviewed

 

Female representative

Comments

 

She refused to provide us any financial data without knowing the name of the inquiring party.

 

 

Income Statement

View: Annual Data

All numbers in thousands

 

Period Ending

Dec 31, 2010

Dec 31, 2009

Dec 31, 2008

Total Revenue

450,128  

437,129  

562,872  

Cost of Revenue

329,705  

309,583  

394,869  

 

Gross Profit

120,423  

127,546  

168,003  

 

 

Operating Expenses

 

Research Development

22,309  

20,730  

25,244  

 

Selling General and Administrative

107,830  

93,604  

123,776  

 

Non Recurring

3,150  

662  

529,683  

 

Others

-  

-  

2,996  

 

 

 

Total Operating Expenses

-  

-  

681,699  

 

 

 

 

 

Operating Income or Loss

(12,866)

12,550  

(513,696)

 

 

 

 

Income from Continuing Operations

 

 

Total Other Income/Expenses Net

(7,677)

(7,181)

28  

 

 

Earnings Before Interest And Taxes

(20,543)

5,369  

(513,668)

 

 

Interest Expense

9,686  

7,809  

23,346  

 

 

Income Before Tax

(30,229)

(2,440)

(537,014)

 

 

Income Tax Expense

(20,215)

(1,325)

11,690  

 

 

Minority Interest

(21)

(195)

-  

 

 

 

 

Net Income From Continuing Ops

(10,014)

(1,115)

(548,704)

 

 

 

 

Non-recurring Events

 

 

Discontinued Operations

(6,451)

(2,888)

-  

 

 

Extraordinary Items

-  

-  

-  

 

 

Effect Of Accounting Changes

-  

-  

-  

 

 

Other Items

-  

-  

-  

 

 

 

 

 

Net Income

(16,486)

(4,198)

(548,704)

 

Preferred Stock And Other Adjustments

-  

-  

-  

 

 

 

Net Income Applicable To Common Shares

(16,486)

(4,198)

(548,704)

 

 

 

 

 

Balance Sheet

View: Annual Data

All numbers in thousands

 

Period Ending

Dec 31, 2010

Dec 31, 2009

Dec 31, 2008

 

Assets

Current Assets

 

Cash And Cash Equivalents

3,085  

6,624  

20,449  

 

Short Term Investments

-  

-  

-  

 

Net Receivables

143,972  

127,867  

116,707  

 

Inventory

32,672  

29,384  

34,509  

 

Other Current Assets

277,826  

9,249  

9,628  

 

Total Current Assets

457,555  

173,124  

181,293  

Long Term Investments

-  

-  

-  

Property Plant and Equipment

126,184  

115,500  

81,268  

Goodwill

700,331  

889,814  

890,977  

Intangible Assets

61,266  

102,375  

108,282  

Accumulated Amortization

-  

-  

-  

Other Assets

14,285  

16,279  

25,214  

Deferred Long Term Asset Charges

33,235  

26,733  

30,868  

 

Total Assets

1,392,856  

1,323,825  

1,317,902  

 

Liabilities

Current Liabilities

 

Accounts Payable

90,567  

110,089  

118,109  

 

Short/Current Long Term Debt

271,401  

27,062  

19,256  

 

Other Current Liabilities

68,186  

26,570  

19,557  

 

Total Current Liabilities

430,154  

163,721  

156,922  

Long Term Debt

212,062  

419,304  

448,458  

Other Liabilities

4,837  

3,663  

1,861  

Deferred Long Term Liability Charges

5,472  

6,676  

13,323  

Minority Interest

-  

279  

-  

Negative Goodwill

-  

-  

-  

 

Total Liabilities

652,525  

593,643  

620,564  

 

Stockholders' Equity

Misc Stocks Options Warrants

-  

-  

-  

Redeemable Preferred Stock

-  

-  

-  

Preferred Stock

-  

-  

15,107  

Common Stock

94  

92  

87  

Retained Earnings

(643,935)

(627,449)

(618,502)

Treasury Stock

(6,316)

(6,173)

(6,161)

Capital Surplus

1,459,814  

1,432,898  

1,377,872  

Other Stockholder Equity

(69,326)

(69,186)

(71,065)

 

Total Stockholder Equity

740,331  

730,461  

697,338  

 

Net Tangible Assets

(21,266)

(261,728)

(301,921)

 

 

 

Income Statement

View: Quarterly Data

All numbers in thousands

 

Period Ending

Dec 31, 2010

Sep 30, 2010

Jun 30, 2010

Mar 31, 2010

Total Revenue

126,519  

11,324  

164,134  

148,151  

Cost of Revenue

98,068  

5,487  

117,564  

108,586  

 

Gross Profit

28,451  

5,837  

46,570  

39,565  

 

 

Operating Expenses

 

Research Development

5,522  

6,262  

5,141  

5,384  

 

Selling General and Administrative

37,482  

2,675  

33,612  

34,061  

 

Non Recurring

(7,736)

10,108  

299  

479  

 

Others

-  

-  

-  

-  

 

 

 

Total Operating Expenses

-  

-  

-  

-  

 

 

 

 

 

Operating Income or Loss

(6,817)

(13,208)

7,518  

(359)

 

 

 

 

Income from Continuing Operations

 

 

Total Other Income/Expenses Net

(1,798)

14,261  

(16,730)

(3,410)

 

 

Earnings Before Interest And Taxes

(8,615)

1,053  

(9,212)

(3,769)

 

 

Interest Expense

2,578  

7,108  

(6,885)

6,885  

 

 

Income Before Tax

(11,193)

(6,055)

(2,327)

(10,654)

 

 

Income Tax Expense

(16,137)

(1,331)

404  

(3,151)

 

 

Minority Interest

(1)

10  

(10)

(20)

 

 

 

 

Net Income From Continuing Ops

4,944  

(4,694)

(2,741)

(7,523)

 

 

 

 

Non-recurring Events

 

 

Discontinued Operations

(1,997)

(4,454)

-  

-  

 

 

Extraordinary Items

-  

-  

-  

-  

 

 

Effect Of Accounting Changes

-  

-  

-  

-  

 

 

Other Items

-  

-  

-  

-  

 

 

 

 

 

Net Income

2,946  

(9,168)

(2,741)

(7,523)

 

Preferred Stock And Other Adjustments

-  

-  

-  

-  

 

 

 

Net Income Applicable To Common Shares

2,946  

(9,168)

(2,741)

(7,523)

 

 

 

 

 

 

 

 

 

 

 

Balance Sheet

View: Quarterly Data

All numbers in thousands

 

Period Ending

Dec 31, 2010

Sep 30, 2010

Jun 30, 2010

Mar 31, 2010

 

Assets

Current Assets

 

Cash And Cash Equivalents

3,085  

9,026  

2,828  

2,649  

 

Short Term Investments

-  

-  

-  

-  

 

Net Receivables

143,972  

99,384  

131,573  

128,774  

 

Inventory

32,672  

34,978  

29,517  

32,361  

 

Other Current Assets

277,826  

270,291  

10,500  

9,485  

 

Total Current Assets

457,555  

413,679  

174,418  

173,269  

Long Term Investments

-  

-  

-  

-  

Property Plant and Equipment

126,184  

122,098  

123,496  

118,682  

Goodwill

700,331  

700,768  

888,091  

889,296  

Intangible Assets

61,266  

61,773  

102,192  

103,757  

Accumulated Amortization

-  

-  

-  

-  

Other Assets

14,285  

15,385  

16,410  

15,027  

Deferred Long Term Asset Charges

33,235  

47,864  

29,154  

29,518  

 

Total Assets

1,392,856  

1,361,567  

1,333,761  

1,329,549  

 

Liabilities

Current Liabilities

 

Accounts Payable

90,567  

88,033  

97,365  

99,463  

 

Short/Current Long Term Debt

271,401  

268,262  

34,953  

28,926  

 

Other Current Liabilities

68,186  

63,405  

23,812  

25,489  

 

Total Current Liabilities

430,154  

419,700  

156,130  

153,878  

Long Term Debt

212,062  

199,804  

432,592  

430,423  

Other Liabilities

4,837  

4,643  

4,421  

4,390  

Deferred Long Term Liability Charges

5,472  

4,927  

5,629  

6,403  

Minority Interest

-  

299  

309  

299  

Negative Goodwill

-  

-  

-  

-  

 

Total Liabilities

652,525  

629,373  

599,081  

595,393  

 

Stockholders' Equity

Misc Stocks Options Warrants

-  

-  

-  

-  

Redeemable Preferred Stock

-  

-  

-  

-  

Preferred Stock

-  

-  

-  

-  

Common Stock

94  

94  

93  

93  

Retained Earnings

(643,935)

(646,881)

(637,713)

(634,972)

Treasury Stock

(6,316)

(6,316)

(6,173)

(6,173)

Capital Surplus

1,459,814  

1,454,535  

1,449,322  

1,444,767  

Other Stockholder Equity

(69,326)

(69,238)

(70,849)

(69,559)

 

Total Stockholder Equity

740,331  

732,493  

734,989  

734,455  

 

Net Tangible Assets

(21,266)

(30,048)

(255,294)

(258,598)

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.52

UK Pound

1

Rs.72.72

Euro

1

Rs.64.41

 

 

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

 

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%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.