MIRA INFORM REPORT
|
Report Date : |
5th May, 2006. |
IDENTIFICATION DETAILS
|
Name : |
IQARA
TELECOMS INDIA PRIVATELIMITED |
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Formerly Known As : |
BG
Broadband India Private Limited |
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Registered Office : |
Ground
Floor, Building No.1-C, Nirlon Complex, western Express Highway, Goregaon
(East), Mumbai – 400 063, Maharashtra, India |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
13/11/2000 |
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CIN No.: |
U51909MH2003PTC139320 |
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Com. Reg. No.: |
11-139320 |
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TAN No.: (Tax Deduction &
Collection Account No.) |
SRTB00054F |
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PAN No.: (Permanent Account No.) |
AABCB5974G |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Internet Service Provider,
Applications Service Provider and other related Value added services
including Video Streaming, Voice Mail, Electronic Mail, Videotex, Video
Confencies, Electronic Commerce Platform, Close Circuit Messaging,
Interactive and enriched television content to all users including
Industrial, Commercial and Residential users. |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
RATING
|
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable &
favourable factors carry similar weight in credit consideration. Capability
to overcome financial difficulties seems comparatively below average/normal. |
Small |
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Maximum Credit Limit : |
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Status : |
Moderate |
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Payment Behaviour : |
Slow and Delayed |
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Litigation : |
Clear |
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Comments : |
Subject is a well
established company and a part of the BG Group, UK, a multinational with
presence in over 20 countries, and is in the business as Internet Service
Provider. It is comparatively a new company and it appears that the company
has been able to achieve a moderate turnover during the financial 2002-2003,
after setting up its project. The company’s performance shows that it has
accumulated losses, but it could be because of the initial expenses incurred
for the project implementation. Trade relations are reported as fair.
Payments are currently slow and delayed. However, it may be
considered for small business dealings at usual trade terms and conditions
with caution. |
LOCATIONS
|
Registered Office : |
Ground
Floor, Building No.1-C, Nirlon Complex, western Express Highway, Goregaon
(East), Mumbai – 400 063, Maharashtra, India |
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Tel. No.: |
91-22-26850999 |
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Fax No.: |
91-22-26850998 |
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E-Mail : |
1. evs.chakravarthy@in.iqara.net 3. rejendra.halve@in.iquara.net |
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Website : |
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Overseas Office : |
Iqara Telecom Group Marketing, Murdoch
Building, 100 Thames Valley Park,
Reading, RG6 1Pt, UK |
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Corporate Office : |
2nd and 3rd
Floor, Iqara Centre, Adjan
– Hazira Road, Surat – 395 009, Gujarat |
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Tel. No.: |
91-261-2681000 |
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Fax No.: |
91-261-2681001 |
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E-Mail : |
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Branch : |
Sarthik Building, 2nd
Floor, Near Fun Republic, Ramdevnagar, Ahmedabad – 380 015, Gujarat |
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Tel. No.: |
91-79-26925969 |
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E-Mail : |
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Branch : |
Apeejay House, 12, Haddows
Road, Nugambakkam, Chennai – 600 006, Tamilnadu |
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Tel. No.: |
91-44-52068201 |
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E-Mail : |
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Branch : |
Unit No. 2-B, Second Floor,
Frontline Grandeur, 14, Walton Road, Bangalore – 560 001, Karnataka |
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Tel. No.: |
91-80-51360200 |
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E-Mail : |
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Branch : |
B-117, 1st &
2nd Floor, Near Signature Towers, south City 1, Gurgaon – 122 001,
Haryana |
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Tel. No.: |
91-124-5075501-05 |
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Fax No.: |
91-124-5075122 |
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E-Mail : |
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Branch : |
107, Zenith Complex,
Tanajiwadi Road, Opposite Krishi Bhavan, Shivajinagar, Pune – 411 005,
Maharashtra |
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Tel. No.: |
91-20-24028555 |
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Fax No.: |
91-20-24028556 |
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E-Mail : |
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Branch : |
3rd Floor, Gowra
Plaza, S. P. Road, Begumpet, Secunderabad – 500 003, Andhra Pradesh |
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Tel. No.: |
91-40-55206666 |
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Fax No.: |
91-40-55493544 |
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E-Mail : |
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Branch : |
3rd Floor,
Sapphire Complex, Beside Tube Company, Old Padra Road, Vadodara, Gujarat |
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Tel. No.: |
91-265-2344325 |
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Fax No.: |
91-265-2344326 |
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E-Mail : |
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Branch : |
3rd Floor,
Eshwar Madhav Mansions, 47-11-11, 1st Lane, Dwarkanagar,
Vishakapatnam – 530 016, Andhra Pradesh |
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Tel. No.: |
91-891-5570100 |
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E-Mail : |
DIRECTORS
|
Name : |
Mr. Duglas Orr Burns James
Colin |
|
Designation : |
Director |
|
Address : |
9,
Old Stocks Court, Upper Basildon, Reading, Berkshire, RG 88TD, UK |
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Date of Birth/Age : |
19/09/1954 |
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Date of Appointment : |
18/07/2001 |
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Name : |
Mr.
Shaw Richard Nigel |
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Designation : |
Director |
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Address : |
3,
Ashok Avenue, Westend Greens, Rajokri, New Delhi, Union Territory of Indian |
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Date of Birth/Age : |
13/10/1954 |
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Date of Appointment : |
05/09/2001 |
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Name : |
Mr.
Chkravarthy R. Evs |
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Designation : |
Director |
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Address : |
Flat
No. B/1001 (B) Lake Castle Co-operative Housing Society, 10th
Floor, CTS No. 23 (PT), Powai, Tal. Kurla, Mumbai – 400 005, Maharashtra |
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Date of Birth/Age : |
21/11/1961 |
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Date of Appointment : |
18/07/2001 |
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Name : |
Mr.
Chandra Atul Sandip |
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Designation : |
Director |
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Address : |
4/A,
Sadlers Lane, Winner Sh, United Kingddom |
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Date of Birth/Age : |
05/06/1967 |
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Date of Appointment : |
30/09/2004 |
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Name : |
Mr.
Mohanty Rabinarayan sanjay |
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Designation : |
Director |
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Address : |
A-40/4,
DLF City, Phase- 1, Gurgaon – 122 002, Haryana |
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Date of Birth/Age : |
16/12/1965 |
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Date of Appointment : |
30/06/2005 |
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Name : |
Mr.
Balagee Venkatraman M |
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Designation : |
Director |
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Address : |
C-54,
Vasant Smruti, Thakur Complex, Kandivali (East), Mumbai – 400 101,
Maharashtra. |
|
Date of Appointment : |
19/06/2003 |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
|
BG India Telecom (Mauritius)
Limited, Mauritius |
36710000 |
|
British Gas Asia Pacific
PTE Limited, Singapore |
02 |
BUSINESS DETAILS
|
Line of Business : |
Internet Service Provider,
Applications Service Provider and other related Value added services
including Video Streaming, Voice Mail, Electronic Mail, Videotex, Video
Confencies, Electronic Commerce Platform, Close Circuit Messaging,
Interactive and enriched television content to all users including
Industrial, Commercial and Residential users. |
GENERAL INFORMATION
|
No. of Employees : |
50 |
|
|
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Bankers : |
Scheduled
Bank |
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Facilities : |
- |
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Banking Relations : |
Moderate |
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Auditors : |
Price
Waterhouse, Mumbai, Maharashtra |
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Qualification: |
Chartered
Accountant |
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Associates/Subsidiaries
: |
BG Group |
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Address: |
2nd & 3rd
Floor, Iqara Centre, Adajan – Hazira Road, Surat – 395 009, Gujarat |
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Tel. No.: |
91-261-2681000 |
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Fax No.: |
91-261-2681001 |
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Website : |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
45000000 |
Equity
Shares |
Rs. 10/-
each |
Rs. 450.000 Millions |
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
36710002 |
Equity
Shares |
Rs. 10/-
each |
Rs. 367.100 Millions |
FINANCIAL
DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
367.100 |
367.100 |
367.100 |
|
|
2] Share Application Money |
1250.000 |
610.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
180.000 |
|
|
4] (Accumulated Losses) |
(677.182) |
(360.383) |
(149.663) |
|
NETWORTH
|
939.918 |
616.717 |
397.437 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
35.477 |
35.285 |
35.285 |
|
TOTAL
BORROWING
|
35.477 |
35.285 |
35.285 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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TOTAL
|
975.395 |
652.002 |
432.722 |
|
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APPLICATION OF FUNDS
|
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|
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|
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FIXED ASSETS [Net Block]
|
1169.238 |
635.896 |
352.150 |
|
Capital work-in-progress
|
14.644 |
17.599 |
60.726 |
|
Capital Inventory
|
93.229 |
91.348 |
0.000 |
|
|
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|
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INVESTMENT
|
0.000 |
0.000 |
0.000 |
|
DEFERREX TAX ASSETS
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
Pre Operative Expenses
|
3.843 |
8.027 |
56.623 |
|
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CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
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|
Inventories
|
1.673 |
1.222 |
1.710 |
|
|
Sundry Debtors
|
30.442 |
10.650 |
1.103 |
|
|
Cash & Bank Balances
|
32.375 |
16.959 |
7.542 |
|
|
Other Current Assets
|
10.481 |
7.725 |
13.662 |
|
|
Loans & Advances
|
90.291 |
61.651 |
22.278 |
Total Current Assets
|
165.262 |
98.207 |
46.295
|
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
468.444 |
201.171 |
89.659 |
|
|
Provisions
|
5.156 |
2.381 |
0.000 |
Total Current Liabilities
|
473.600 |
203.552 |
89.659
|
|
Net Current
Assets
|
(308.338) |
(105.345) |
(43.364)
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
2.779 |
4.475 |
6.587 |
|
|
|
|
|
|
|
TOTAL
|
975.395 |
652.002 |
432.722 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
Sales Turnover [including other income]
|
281.689 |
100.810 |
31.087 |
|
|
|
|
|
Profit/(Loss) Before Tax
|
(316.798) |
(210.720) |
(119.828) |
Provision for Taxation
|
0.000 |
0.000 |
0.000 |
Profit/(Loss) After Tax
|
(316.798) |
(210.720) |
(119.828) |
|
|
|
|
|
Import Value
|
101.410 |
21.982 |
6.869 |
|
|
|
|
|
Total Expenditure
|
598.487 |
311.531 |
190.709 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
PAT / Total Income
|
(%)
|
(112.46) |
(209.026) |
(385.460)
|
|
|
|
|
|
|
Net Profit Margin
(PBT/Sales) |
(%) |
(112.46) |
(209.026) |
(385.460) |
|
|
|
|
|
|
Return on Total Assets
(PBT/Total Assets} |
(%) |
(21.91) |
(24.76) |
(23.23) |
|
|
|
|
|
|
Return on Investment (ROI)
(PBT/Networth) |
|
(0.34) |
(0.34) |
(0.30) |
|
|
|
|
|
|
Debt Equity Ratio
(Total Liability/Networth) |
|
0.54 |
0.38 |
0.31 |
|
|
|
|
|
|
Current Ratio
(Current Asset/Current
Liability) |
|
0.35 |
0.48 |
0.52 |
LOCAL AGENCY FURTHER INFORMATION
FIXED
ASSETS:
computer
hardware & software, office equipment, furniture, fixtures & fittings,
plant & machinery, vehicles and leasehold improvements, Goodwill, Trade
Mark etc.
HISTORY:
Subject was originally
incorporated on 13th November, 2000 at New Delhi having Company
Registration Number 139320.
The company’s registered
office was shifted to Mumbai in Maharashtra w.e.f. 22nd August, 2004
and a new Company Registration Number 108500 of Mumbai ROC was obtained.
The company was formerly
known as Netshastr Services India Private Limited and the name of the company
has been changed to BG Broadband India Private Limited.
Again the name of the company
has been changed to the present w.e.f. 22.08.2004.
AS
PER WEBSITE:
About Iqara
Iqara is a fully owned subsidiary of the U.K based, BG Group, a leading player
in the global energy market, with operations in 20 countries across 5
continents. BG has long-term commitments and interests in India and plans to
double its current investments in India to over US$1 billion.
Iqara is BG's telecom arm. Iqara provides a portfolio of high quality
internet solutions for data and voice, to satisfy corporate and residential
customers. Leveraging its technological, and project management skills, Iqara
has a state-of-the-art telecom networks in India and offers Broadband enabled
services under the brand name Iqara.
Iqara Telecoms in India offers its services across major cities viz.
Mumbai, Bangalore, Hyderabad, Chennai, Pune, Gurgaon, Surat, Ahmedabad,
Vadodara, Navi Mumbai & Vishakapatnam, with plans to roll out to other
cities in the near future.
CMT REPORT [Corruption, Money laundering & Terrorism]
The
Public Notice information has been collected from various sources including but
not limited to: The Courts, India Prisons Service, Interpol, etc.
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.44.88 |
|
UK
Pound |
1 |
Rs.83.07 |
|
Euro |
1 |
Rs.56.94 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
35 |
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
|
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 |
Unfavourable &
favourable factors carry similar weight in credit consideration. Capability
to overcome financial difficulties seems comparatively below average/normal. |
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 |