MIRA INFORM REPORT
|
Report Date : |
23.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
COMAT TECHNOLOGIES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
No. 333, Thimmaiah Road, Vasanthnagar, Opposite KSFC, Bangalore – 560
052, Karnataka |
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|
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|
Country : |
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|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
22.03.1996 |
|
|
|
|
Com. Reg. No.: |
08-020127 |
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|
Capital
Investment / Paid-up Capital : |
s. 105.504 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U72200KA1996PTC020127 |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
The company is engaged in the development of computer software, IT
enable services and e-governance services. |
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|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (15) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
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|
|
|
Payment Behaviour : |
Unknown |
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|
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|
Litigation : |
Clear |
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|
Comments : |
Subject is an established company having moderate track record. The
management has failed to file its financials after the year 2010. As per available of 2010, it seems that the company has recorded huge
accumulated losses. However, as per the ROC status of the company is shown as
active. Payments are unknown. The company can be considered for business dealings on a secured trade
terms and conditions. |
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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
|
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.
LOCATIONS
|
Registered Office : |
No. 333, Thimmaiah Road, Vasanthnagar, Opposite KSFC, Bangalore – 560
052, Karnataka, India |
|
Tel. No.: |
91-80-22343000 |
|
Fax No.: |
91-80-22343001 |
|
E-Mail : |
DIRECTORS
As on 18.10.2010
|
Name : |
Mr. Srinivasa Ravi Rangan |
|
Designation : |
Director |
|
Address : |
# 63, 11th Main , 13th Cross Malleshwaram,
Bangalore – 560 003, Karnataka, India |
|
Date of Birth/Age : |
30.08.1970 |
|
Date of Appointment : |
22.03.1996 |
|
DIN No.: |
01880937 |
|
|
|
|
Name : |
Mr. Sriram Raghavan |
|
Designation : |
Managing director |
|
Address : |
Flat No. 444, Embassy Heritage, 62 / 2, 8th Main Road,
Malleshwaram, Bangalore – 560 055, Karnataka, India |
|
Date of Birth/Age : |
18.08.1972 |
|
Date of Appointment : |
27.08.2004 |
|
DIN No.: |
02505461 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 18.10.2010
MAJOR SHAREHOLDERS DETAILS ATTACHED
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Venture Capital |
0.01 |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
22.61 |
|
Bodies corporate |
7.25 |
|
Directors or relatives of Directors |
43.40 |
|
Other top fifty shareholders |
26.73 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The company is engaged in the development of computer software, IT
enable services and e-governance services. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
ICICI Bank Limited, Landmark Race Cource Circle, Alkapuri, Baroda –
390 015, Gujarat, India |
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Facilities : |
|
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|
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Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
Lakhani and Company Chartered Accountants |
|
Address : |
Hemsharsaka 19, Gola lane, Fort, Mumbai – 400 001, Maharashtra, India |
|
Tel. No.: |
91-22-22666660 / 1 /* 2 |
|
Fax No.: |
91-22-22666644 |
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E-Mail : |
|
|
PAN No.: |
AAAFL1302L |
CAPITAL STRUCTURE
As on 18.10.2010
Authorized Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1700000 |
Equity Shares |
Rs. 10/- each |
Rs. 17.000 millions |
|
7000000 |
Preference Shares |
Rs. 10/- each |
Rs. 70.000 millions |
|
700000 |
Preference Shares |
Rs. 100/- each |
Rs. 70.000 millions |
|
|
|
|
|
|
|
TOTAL |
|
Rs. 157.000
millions |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1133243 |
Equity Shares |
Rs. 10/- each |
Rs. 11.332
millions |
|
6800000 |
Preference Shares |
Rs. 10/- each |
Rs. 68.000
millions |
|
261720 |
Preference Shares |
Rs. 100/- each |
Rs. 26.172
millions |
|
|
|
|
|
|
|
TOTAL |
|
Rs. 105.504 millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
105.504 |
105.504 |
99.321 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
754.806 |
754.806 |
299.230 |
|
|
4] (Accumulated Losses) |
(549.050) |
(443.719) |
0.000 |
|
|
NETWORTH |
311.260 |
416.591 |
398.551 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
192.111 |
241.258 |
118.700 |
|
|
2] Unsecured Loans |
2.033 |
4.364 |
51.436 |
|
|
TOTAL BORROWING |
194.144 |
245.622 |
170.136 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
505.404 |
662.213 |
568.687 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
340.322 |
427.988 |
117.982 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
102.880 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.004 |
102.388 |
0.005 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
9.207 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
259.283
|
230.811 |
514.999 |
|
|
Cash & Bank Balances |
80.631
|
141.413 |
55.555 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
118.076
|
88.783 |
62.502 |
|
Total
Current Assets |
457.990
|
461.007 |
633.056 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
265.273
|
286.458 |
271.832 |
|
|
Other Current Liabilities |
19.826
|
29.421 |
13.299 |
|
|
Provisions |
7.813
|
13.289 |
9.312 |
|
Total
Current Liabilities |
292.912
|
329.168 |
294.443 |
|
|
Net Current Assets |
165.078
|
131.839 |
338.613 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
505.404 |
662.214 |
568.687 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
563.192 |
405.195 |
507.797 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
575.436 |
838.638 |
532.188 |
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(12.244) |
(433.443) |
(24.391) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
89.395 |
73.125 |
25.605 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE TAX |
(101.639) |
(506.568) |
(49.996) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(650.689) |
(950.287) |
(51.839) |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) AFTER TAX |
(549.050) |
(443.719) |
1.843 |
|
|
|
|
|
|
|
|
|
|
Earnings/(Loss) Per Share (Rs.) |
(66.99) |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(97.48)
|
(109.50) |
0.36 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(20.11)
|
(56.98) |
(6.65) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.33)
|
(1.21) |
(0.12) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.62
|
0.59 |
0.43 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.56
|
1.40 |
1.87 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
No |
|
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 |
Yes |
|
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 |
No |
|
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 |
UNSECURED LOAN:
(Rs. in Millions)
|
Particulars |
As
on 31.03.2012 |
As
on 31.03.2011 |
|
|
|
|
|
Loans from Directors and Shareholders |
0.281 |
1.041 |
|
Loans from Body Corporate |
0.000 |
0.615 |
|
One Point Asset Solutions Private Limited |
0.165 |
0.000 |
|
Bank PLC |
1.587 |
2.708 |
|
|
|
|
|
TOTAL |
2.033 |
4.364 |
OPERATION
The year 2009 - 10 was one of turnaround and further consolidation for the company. The company has achieved 39.99% growth in turnover as compared to the year 2008 - 09. During the year the company has sustained a cash loss of Rs. 12.244 millions. This cash loss can be attributed mainly due to a one time project termination cost of Rs 32.086 millions, which occurred because the company had decided to close the operation in respect of the Common Citizen Centers (herein referred to as "CSC" or "Projects") in the state of Uttaranchal, Uttarpradesh, Tripura and Sikkim due to the said projects becoming unviable due to inability of the respective Governments to meet their commitments and support and cut the mounting losses on the projects. With exclusion of this project termination" cost the company has made a cash profit of Rs. 19.841 millions from its operations. The management also informs that the earnings before interest, taxes and depreciation (EBIDTA) from operation in the current financial year excluding onetime project write off has turned positive at Rs. 54.690 millions as compared to loss of Rs. 389.937 millions in the earlier year.
During the year the company launched a new product with an intention to provide social welfare benefits for the rural masses called "UNNATI". "UNNATI" has been designed to address some are primary welfare needs of the rural population such as micro Insurance, basip digital literacy and mobile connectivity which have been packaged together to form UNNATI. The objective of the scheme is to bridge some fundamental needs and inclusive growth by providing the citizens tools to access the mainstream economic activity. The product has met with reasonable success and contributed to the improvement in the profit of the company.
As a matter of financial prudence, the company has, after completing two out of three contracted phases covering 85% of the volume, exited with mutual consent, the project for scanning and digitization of LIC policies due to unfavourable rates in the incremental phase.
The company continued execution of the "Comprehensive Computerization of Food, Civil Supplies and Consumer Affairs" during the year and successfully completed the distribution of majority of the ration cards to families in Karnataka. The company has started setting up of II Phase of the project during the year.
BUSINESS OUTLOOK
Keeping with the Company's core long term vision of providing information based services to rural citizens, the company will be focusing its attention on 4 main business verticals in the coming year including Food Maintenance, Nemmadi, UID and rural welfare services like Unnati.
The Company sees enormous potential for participation in the prestigious "Aadhar" project announced by Government, of India set up under the Unique Identification Authority (UtD), Due to its past experience and skills in demographic and biometric collection, the company is uniquely position to participate in the enrolment of citizens in the said project and has identified this as a major thrust area in the coming years. The Company has successfully completed the "Proof of Concept" for the UID authority and Government of Karnataka in the Mysore and Tumkur districts of Karnataka and started its pilot in the district of Mysore, Karnataka. The company is driving its efforts to obtain contracts for enrolments in various other States and Registrars under UID and is confident of success and its consequent significant contribution to the revenue and profitability of the forthcoming financial year
The Company is in need of funds for consolidation, diversification and expansion of its activities for striking out a reasonable growth path into the future. Financial inclusion is a natural extension of its activities and the company has plans to strike out into that area. In order to meet the above requirements, the company will need substantial infusion of funds and hence has been seeking to induct a strategic investment through a strategic investor whose business will be in synergy with the company's present and future business plans and who will be able to infuse the necessary funds to take the plans forward as envisaged.
Till the date of this report, the company, after constant effort and deliberations with a number of corporates, spanning a cross-section of business domains,, is in advanced stage of talks with a Strategic Investor, who the company feels has the appropriate synergy and funds to be the best fit as a strategic investment and will make all efforts to conclude the arrangement
FIXED ASSETS:
- Land
- Computers
- Electrical
Installation
- Furniture and
Fixtures
- Office
Equipment
- Patent and
Copyrights
- Vehicles
- Software
- Plant and
Machinery
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 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.54.43 |
|
|
1 |
Rs.83.20 |
|
Euro |
1 |
Rs.71.91 |
INFORMATION DETAILS
|
Report Prepared
by : |
NID |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
- |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
15 |
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.