MIRA INFORM REPORT
|
Report Date : |
09.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
MOBILE COMMERCE SOLUTIONS LIMITED (w.e.f. 20.03.2010) |
|
|
|
|
Formerly Known
As : |
MOBILE COMMERCE SOLUTIONS
PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Vodafone India, Peninsula Corporate Park, Ganpatrao Kadam Marg, Lower
Parel – 400013, Mumbai, Maharashtra |
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|
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|
Country : |
India |
|
|
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|
Financials (as
on) : |
31.03.2012 |
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|
Date of
Incorporation : |
12.06.2008 |
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|
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Com. Reg. No.: |
11-183456 |
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|
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Capital
Investment / Paid-up Capital : |
Rs. 1250.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74900MH2008PLC183456 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM38256B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACFD4815A |
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|
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|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
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Line of Business
: |
Providing Services Related to Mobile Payments. |
|
|
|
|
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 |
|
Maximum Credit Limit : |
USD 2200000 |
|
|
|
|
Status : |
Moderate |
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|
|
|
Payment Behaviour : |
Slow |
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|
Litigation : |
Clear |
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|
Comments : |
Subject is a subsidiary of Vodafone India Limited. It is an established company having moderate track record. The company has incurred a huge loss during its first year of
operations. However, trade relations are reported as fair. Business is
active. Payments are reported to be slow. 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.
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
Management Non Co-operative (91-22-71715000)
LOCATIONS
|
Registered Office : |
Vodafone India, Peninsula Corporate Park, Ganpatrao Kadam Marg, Lower
Parel – 400013, Mumbai, Maharashtra, India |
|
Tel. No.: |
91-22-71715000/71715001 |
|
Fax No.: |
91-22-24963645 |
|
E-Mail : |
DIRECTORS
As on 28.09.2012
|
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 |
|
Qualification: |
B Sc/M.BA |
|
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 28.09.2012
|
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 |
As on 26.03.2013
|
Names of Allotties |
|
No. of Shares |
|
Vodafone West Limited, India |
|
40000000 |
|
|
|
|
|
Total |
|
40000000 |
Equity Share Break up (Percentage of Total Equity)
As on 28.09.2012
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Services Related to Mobile Payments |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
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Bankers : |
Not Available |
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Banking
Relations : |
-- |
|
|
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|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
"Heritage", 3rd Floor, Near Gujarat Vidhyapith, Off Ashram
Road, Ahmedabad – 380014, Gujarat, India |
|
PAN No.: |
AACFD4815A |
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|
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Holding Company : |
CIN No.: U32200MH1992PLC119108 |
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Ultimate Holding
Company : |
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|
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Intermediate
Holding Company: |
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Subsidiary: |
(CIN: U32202MH1999PTC120818) |
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|
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Fellow Subsidiaries: |
(CIN: U74900GJ2009PLC058189)
|
CAPITAL STRUCTURE
As on 28.09.2012
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 |
|
|
|
|
|
|
190000000 |
Equity Shares |
Rs.10/- each |
Rs. 1900.000 Millions |
As on 31.03.2012
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 |
|
|
|
|
|
|
125000000 |
Equity Shares |
Rs.10/- each |
Rs. 1250.000 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1250.000 |
0.500 |
0.500 |
|
|
2] Share Application Money |
250.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(942.693) |
(2.515) |
(0.766) |
|
|
NETWORTH |
557.307 |
(2.015) |
(0.266) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
1.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
1.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
557.307 |
(1.015) |
(0.266) |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
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|
FIXED ASSETS [Net Block] |
128.869 |
0.000 |
0.000 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.100 |
0.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
25.491
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
479.434
|
0.377 |
0.288 |
|
|
Other Current Assets |
11.703
|
0.000 |
0.000 |
|
|
Loans & Advances |
97.690
|
0.000 |
0.000 |
|
Total
Current Assets |
614.318
|
0.377 |
0.288 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
128.062
|
1.299 |
0.496 |
|
|
Other Current Liabilities |
56.538
|
0.093 |
0.058 |
|
|
Provisions |
1.380
|
0.000 |
0.000 |
|
Total
Current Liabilities |
185.980
|
1.392 |
0.554 |
|
|
Net Current Assets |
428.338
|
(1.015) |
(0.266) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
557.307 |
(1.015) |
(0.266) |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
31.885 |
0.000 |
0.000 |
|
|
|
Other Income |
0.000 |
0.000 |
0.000 |
|
|
|
TOTAL (A) |
31.885 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employee benefit expense |
85.728 |
0.000 |
|
|
|
|
Other expenses |
856.582 |
1.707 |
|
|
|
|
TOTAL (B) |
942.310 |
1.707 |
0.730 |
|
|
|
|
|
|
|
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(910.425) |
(1.707) |
(0.730) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
6.317 |
0.042 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION
(C-D) (E) |
(916.742) |
(1.749) |
(0.730) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
23.435 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE TAX (E-F) (G) |
(940.177) |
(1.749) |
(0.730) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) AFTER TAX (G-H) (I) |
(940.177) |
(1.749) |
(0.730) |
|
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(2.515) |
(0.766) |
(0.036) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(942.692) |
(2.515) |
(0.766) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(300.98) |
(34.98) |
(55) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(2948.65)
|
0.00
|
0.00 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(2948.65)
|
0.00
|
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(153.04)
|
(463.93)
|
(253.47) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(1.69)
|
0.87
|
2.74 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00
|
(0.50)
|
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.30
|
0.27
|
0.52 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
(Rs. In Millions) |
||
|
Sundry Creditors |
128.062
|
1.299 |
0.496 |
|
Total |
128.062
|
1.299 |
0.496 |
|
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
During the year,
the Company commenced the business of distribution of telecommunication
products and corporate business correspondent for banks. During the year, the
company has incurred a loss before and after tax of Rs 940.177 Millions
(previous year Rs. 1.749 Millions).
UNSECURED LOAN
|
PARTICULARS |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
in Millions) |
|
Loans and Advances from related parties |
0.000 |
1.000 |
|
Total |
0.000 |
1.000 |
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.54.16 |
|
|
1 |
Rs.83.88 |
|
Euro |
1 |
Rs.70.99 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
KVT |
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 |
4 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
28 |
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.