|
Report Date : |
01.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
MOBILE COMMERCE SOLUTIONS LIMITED (w.e.f. 20.03.2010) |
|
|
|
|
Formerly Known
As : |
MOBILE COMMERCE SOLUTIONS
PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Vodafone |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
12.06.2008 |
|
|
|
|
Com. Reg. No.: |
11-183456 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 0.500 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74900MH2008PLC183456 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM38256B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACFD4815A |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Providing Services Related to |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Yet commence commercial operations |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of ‘Vodafone Essar Limited’. Even though the
subject was incorporated during June 2008, It is yet to commence its
commercial operations. In view of strong holding company, the company can be considered for
business dealings with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to become
a major exporter of information technology services and software workers. In
2010, the Indian economy rebounded robustly from the global financial crisis -
in large part because of strong domestic demand - and growth exceeded 8%
year-on-year in real terms. However, India's economic growth in 2011 slowed
because of persistently high inflation and interest rates and little progress
on economic reforms. High international crude prices have exacerbated the
government's fuel subsidy expenditures contributing to a higher fiscal deficit,
and a worsening current account deficit. Little economic reform took place in
2011 largely due to corruption scandals that have slowed legislative work.
India's medium-term growth outlook is positive due to a young population and
corresponding low dependency ratio, healthy savings and investment rates, and
increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED BY
Management Non Co-operative (91-22-71715000 /
66645000)
LOCATIONS
|
Registered Office : |
Vodafone India, Peninsula Corporate Park, Ganpatrao Kadam Marg, Lower
Parel – 400013, Mumbai, Maharashtra, India |
|
Tel. No.: |
91-22-71715000 |
|
Fax No.: |
91-22-24963645 |
|
E-Mail : |
DIRECTORS
As on 30.09.2012
|
Name : |
Mr. Sridhar Rao |
|
Designation : |
Managing Director |
|
Address : |
28 Ozone Residenza, 3/3 Haralur Road, Bangalore – 560102, Karnataka, India |
|
Date of Birth/Age : |
01.12.1959 |
|
Date of Appointment : |
16.02.2012 |
|
DIN No.: |
05201987 |
|
|
|
|
Name : |
Mr. Sanjoy Subhod Mukherjee |
|
Designation : |
Director |
|
Address : |
B-1, Maharani Bagh, New Delhi – 110065,
India |
|
Date of Birth/Age : |
07.11.1963 |
|
Date of Appointment : |
16.02.2012 |
|
DIN No.: |
03122800 |
|
|
|
|
Name : |
Mr. Sunil Sood |
|
Designation : |
Director |
|
Address : |
Flat No 2401/ 2402, Petit Towers, August
Kranti Marg, Kemps Corner, Mumbai – 400036, Maharashtra, India |
|
Date of Birth/Age : |
09.02.1961 |
|
Date of Appointment : |
25.06.2012 |
|
DIN No.: |
03132202 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Vodafone India Limited, India |
|
149999994 |
|
Vodafone Mobile Services Limited Jointly with Vodafone India Limited, India |
|
1 |
|
Vodafone East Limited Jointly with Vodafone India Limited, India |
|
1 |
|
Vodafone West Limited Jointly with Vodafone India Limited, India |
|
1 |
|
Vodafone Cellular Limited Jointly with Vodafone India Limited, India |
|
1 |
|
Vodafone Digilink Limited Jointly with Vodafone India Limited, India |
|
1 |
|
Vodafone South Limited Jointly with Vodafone India Limited, India |
|
1 |
|
Total |
|
150000000 |
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Services Related to Mobile Payments. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
|||||||||
|
|
|
|||||||||
|
Bankers : |
Not Available |
|||||||||
|
|
|
|||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
"Heritage", 3rd Floor, Near Gujarat Vidhyapith, Off Ashram
Road, Ahmedabad – 380014, Gujarat, India |
|
Tel. No.: |
91-79-27582542 / 27582543 |
|
Fax No.: |
91-79-27582551 |
|
PAN.: |
AACFD4815A |
|
|
|
|
Holding Company : |
· Vodafone India Limited CIN No.: U32200MH1992PLC119108 · Vodafone Essar Limited (with effect from February 9, 2010) |
|
|
|
|
Ultimate Holding
Company : |
Vodafone Group Plc. (with effect from February 9, 2010) |
|
|
|
|
Intermediate
Holding Company: |
Vodafone International Holdings B.V. (with effect from February 9, 2010) |
CAPITAL STRUCTURE
As on 30.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
150000000 |
Equity Shares |
Rs.10/- each |
Rs.1500.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
150000000 |
Equity Shares |
Rs.10/- each |
Rs.1500.000
Millions |
|
|
|
|
|
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500
Million |
|
|
|
|
|
The entire share capital is held by Vodafone Essar Limited (VEL), the holding company jointly with its nominees; which pursuant to section 4 (6) of the Companies Act, 1956 Is a subsidiary of Vodafone Group Pic, the ultimate holding company
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
0.500 |
0.500 |
0.100 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(2.515) |
(0.766) |
(0.036) |
|
|
NETWORTH |
(2.015) |
(0.266) |
0.064 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
1.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
1.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.064 |
|
|
|
|
|
|
|
|
TOTAL |
(1.015) |
(0.266) |
0.064 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
0.000 |
0.000 |
0.000 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
0.000
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
0.377
|
0.288 |
0.092 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
0.000
|
0.000 |
0.000 |
|
Total
Current Assets |
0.377
|
0.288 |
0.092 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1.300 |
0.496 |
0.024 |
|
|
Other Current Liabilities |
0.092
|
0.058 |
0.004 |
|
|
Provisions |
0.000
|
0.000 |
0.000 |
|
Total
Current Liabilities |
1.392
|
0.554 |
0.028 |
|
|
Net Current Assets |
(1.015)
|
(0.266) |
0.064 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
(1.015) |
(0.266) |
0.064 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
0.000 |
0.000 |
0.000 |
|
|
|
Other Income |
0.000 |
0.000 |
0.000 |
|
|
|
TOTAL |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Administrative general and other expenses |
1.706 |
0.730 |
0.036 |
|
|
|
TOTAL |
1.706 |
0.730 |
0.036 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST AND TAX |
(1.706) |
(0.730) |
(0.036) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
0.043 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
(1.749) |
(0.730) |
(0.036) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.00 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
(1.749) |
(0.730) |
(0.036) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(0.766) |
(0.036) |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE / (LOSS)
CARRIED TO THE B/S |
(2.515) |
(0.766) |
(0.036) |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(35.00) |
(55.00) |
(3.60) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.00
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.00
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(463.93)
|
(253.47) |
(39.13) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.87
|
2.74 |
(0.56) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
(1.19)
|
(2.08) |
0.44 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.27
|
0.52 |
3.29 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
Rs. In
Millions
|
Particular |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Dues of Creditors other than Micro and Small enterprises |
1.300 |
0.496 |
0.024 |
|
Total |
1.300 |
0.496 |
0.024 |
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
---------------------- |
|
23] |
Banking Details |
No |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
Note:
The registered office of the company has been shifted from
Vodafone Essar, Peninsula Corporate Park, Lower Parel, Mumbai – 400013,
Maharashtra India to present address w.e.f.23.03.2012
FINANCIAL PERFORMANCE
As of 31 March 2011, the Company is yet to commence operations. Accordingly, the company does not have any revenues from operations. During the year, the company has incurred a loss before and after tax of Rs 1.749 Millions (previous year Rs. 0.731 Million).
OPERATIONS AND EVENTS
SUBSEQUENT TO BALANCE SHEET DATE
Subsequent to 31 March 2011, the Company has commenced operations in its primary business segment which is mobile payments business. The Company has tied up with banks to act as "Banking Correspondent" for providing a platform for mobile payments.
The Mobile Commerce Banking Business pilot project that was initiated by the Company has been encouraging. Based on the results of the pilot phase, which are currently being analysed, the Management is of the view that the proposed business of the company has very good potential and is aligned to the government objectives of the financial inclusion of the masses.
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 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 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.54.53 |
|
|
1 |
Rs.87.48 |
|
Euro |
1 |
Rs.70.89 |
INFORMATION DETAILS
|
Information Gathered
by : |
PDT |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
29 |
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.