MIRA
INFORM REPORT
|
Report Date : |
02.04.2007 |
IDENTIFICATION
DETAILS
|
Name : |
YOU TELECOM 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) : |
31.03.2006 |
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Date of Incorporation : |
13.11.2000 |
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Com. Reg. No.: |
11-139320 |
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CIN No.: [Company
Identification No.] |
U51909MH2003PTC139320 |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
The Company
offers high-speed broadband services to Residential, SME & Corporate
clients. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ca |
|
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 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a new company
and in the process of establishing itself. Directors are however reported as
experienced and respectable businessmen. Trade relations are reported as
fair. Its Profitability is under severe pressure. Payments are reported as
slow & delayed. The company can
be considered for small to mediocre business dealings with slight caution
initially. |
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.: |
91-22-40190000/
26850999 |
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Mobile No.: |
91-9892577898 |
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Fax No.: |
91-22-26850998 |
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E-Mail : |
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Website : |
DIRECTORS
|
Name : |
Mr. Duglas Orr
Burns James Colin |
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Designation : |
Director |
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Address : |
9, Old Stocks
Court, Upper Basildon, Reading, Berkshire RG88TD, 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, Rajpkri, New Delhi – 110 001, Union Territory of Delhi. |
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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 : |
Falt No. B/10001
(B) Lake Castle Co-Operative Housing Society, 10th Floor, CTS No.
23 (PT), Hiranandani Estate, Powai, Mumbai – 400 005, Maharashtra, India. |
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Date of Birth/Age : |
24.11.1961 |
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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 : |
4A, Sadlers Lane,
Winner Sh, United Kingdom RG1SAJ, UK. |
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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. Balajee
Venkatraman M |
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Designation : |
Secretary |
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Address : |
C-54, Vasant
Smruti, Thakur Complex, Kandivali (East), Mumbai – 400 101, Maharashtra,
India. |
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Date of Appointment : |
19.06.2003 |
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Name : |
Mr. Akash Gupt |
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Designation : |
Director |
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Name : |
Mr. Sridhar
Ramachandran |
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Designation : |
Director |
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Name : |
Mr. Arvind
Agarwal |
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Designation : |
Secretary |
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Address : |
C/O Mr. G. N.
Agarwal, 5-31 Ambabari, Jaipur – 302 023, Rajasthan., India. |
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Date of Birth/Age : |
25.02.1976 |
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Date of Appointment : |
14.07.2006 |
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Name : |
Mr. Marc
Desaedeleer |
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Designation : |
Additional
Director |
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Address : |
Lee Gardens,
Lower Road, Gerrads Cross, Buckinghamshire, EN SL98LQ |
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Date of Birth/Age : |
30.12.1950 |
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Date of Appointment : |
09.06.2006 |
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Name : |
Mr. P R Srinivasan
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Designation : |
Additional
Director |
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Address : |
3B, Belvedere
Court, Sane Guruji Marg, Mahalaxmi, Mumbai – 400 011, Maharashtra, India. |
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Date of Birth/Age : |
01.06.1965 |
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Date of Appointment : |
09.06.2006 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
BG India Telecom
(Mauritius) |
|
36710000 |
|
British Gas Asia
Pacific Pte Limited |
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2 |
BUSINESS DETAILS
|
Line of Business : |
The Company
offers high-speed broadband services to Residential, SME & Corporate
clients. |
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|
|
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Brand Names : |
YOU |
GENERAL
INFORMATION
|
Bankers : |
Not Divulged |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Price Waterhouse Chartered Accountant |
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Address : |
ST. Patrick’s Business Complex, 21 Museum Road, Bangalore – 560 025,
Karnataka, India. |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
105000000000 |
Equity Shares |
Rs. 10/- each |
Rs1050000.000 Millions |
|
155000000000 |
Preference Shares
|
Rs. 10/- each |
Rs. 1550000.000 Millions |
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TOTAL: |
|
Rs. 2600.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
36710002000 |
Equity Shares |
Rs. 10/- each |
Rs. 367100.020 Millions |
|
153300000000 |
Preference Shares
|
Rs. 10/- each |
Rs. 1533000.000 Millions |
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TOTAL: |
|
Rs. 1900100.020 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
367100.020 |
367100.020 |
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2] Share Application Money |
|
1480000.000 |
1250000.000 |
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3] Reserves & Surplus |
|
0.000 |
0.000 |
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4] (Accumulated Losses) |
|
(956524.094) |
(677182.079) |
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NETWORTH |
|
890575.926 |
939917.941 |
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LOAN FUNDS |
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1] Secured Loans |
|
0.000 |
0.000 |
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2] Unsecured Loans |
|
33868.611 |
35477.397 |
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TOTAL BORROWING |
|
33868.611 |
35477.397 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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TOTAL |
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924444.537 |
975395.338 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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1173754.715 |
1169237.625 |
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Capital work-in-progress |
|
60932.834 |
105136.679 |
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INVESTMENT |
|
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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3915.627 |
8252.399 |
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Sundry Debtors |
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46076.776 |
30442.203 |
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Cash & Bank Balances |
|
12006.185 |
32375.469 |
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Other Current Assets |
|
24957.445 |
10481.703 |
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Loans & Advances |
|
82112.940 |
90291.805 |
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Total
Current Assets |
|
169068.973 |
171843.579 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
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Current Liabilities |
|
474813.169 |
468444.235 |
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Provisions |
|
6169.701 |
5156.525 |
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Total
Current Liabilities |
|
480982.870 |
473600.760 |
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Net Current Assets |
|
(311913.897) |
(301757.181) |
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MISCELLANEOUS EXPENSES |
|
1670.885 |
2778.215 |
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TOTAL |
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924444.537 |
975395.338 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
|
398031.934 |
281689.130 |
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Total Income |
|
398031.934 |
281689.130 |
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Profit/(Loss) After Tax |
|
(279342.015) |
(316798.523) |
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Depreciation & Amortization |
|
173837.481 |
123065.004 |
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Other Expenditure |
|
503539.468 |
(63217.351) |
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Total Expenditure |
|
677376.949 |
59847.653 |
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KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
(70.18) |
(112.46) |
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Debt Equity Ratio (Total Liability/Networth) |
|
|
0.54 |
0.50 |
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Current Ratio (Current Asset/Current Liability) |
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|
0.35 |
0.36 |
LOCAL AGENCY
FURTHER INFORMATION
AS PER WEBSITE
About
Subject is one
of the leading providers of Broadband Internet in the country with blazing fast
speeds up to 50 times faster than dial-up! The company is also one of India's
first ISO 9001:2000 certified company in the dedicated broadband business.
YOU offers its servies under the YOU brand
name. YOU was established in Surat in the year 2001. With its advanced
technological and project management skills, the Company has set up a
state-of-the art fibre optic network in India. The network provides abundant
bandwidth during peak traffic hours, ensuring consistent performance &
reliability. Today, the YOU service offers high quality internet solutions for
data and Voice services across 11 cities in India namely, Mumbai, Chennai,
Hyderabad, Bangalore, Pune, Surat, Ahmedabad, Baroda, Gurgaon, Navi Mumbai
& Vizag, with plans to roll out services to other cities across the country
in the future
The Company offers
high-speed broadband services to Residential, SME & Corporate clients. As
an ISP, the Company has a stringent policy to provide the highest levels of
quality & service to all it's customers
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.43.59 |
|
UK Pound |
1 |
Rs.85.53 |
|
Euro |
1 |
Rs.58.14 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
- |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
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--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--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 |
|
22 |
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 |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|