MIRA
INFORM REPORT
|
Report Date : |
08.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
VODAFONE ESSAR SOUTH LIMITED |
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Formerly Known As : |
HUTCHISON ESSAR SOUTH LIMITED |
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Registered Office : |
C-48, Okhla Industrial Area, New Delhi – 110 020 |
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Country : |
India |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
07.12.1995 |
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Com. Reg. No.: |
55-74451 |
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CIN No.: [Company
Identification No.] |
U74899DL1995PLC074451 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELH05216B |
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PAN No.: [Permanent
Account No.] |
AABCB5847L |
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Legal Form : |
Closely Held Public Limited Liability Company. |
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Line of Business : |
Providing cellular telephone services in the State of
Tamilnadu, Karnataka and Andhra Pradesh. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 3900000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
The company is a Joint Venture of Vodafone and Essar Group. The
company has registered heavy losses. Initially however it is quite usual for
a telecom company. Available information indicates high financial
responsibility of the company and it’s management. Trade relations are fair.
Payments are usually correct and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
C-48, Okhla Industrial Area, Phase – II, New Delhi – 110
020, India |
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Mobile No.: |
91-9811090001/9811144444/9811398001/ 9811098113 |
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Fax No.: |
91-11-26338730 |
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E-Mail : |
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Website : |
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Corporate Office : |
Hutch House, Peninsula Corporate Park, Ganpatrao Kadam Marg, Lower Parel, Mumbai – 400013, Maharashtra |
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Tel. No.: |
91-22-66645000 |
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Fax No.: |
91-22-66661222 or 66661200 |
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Branches : |
Located at: Hubli, Mangalore, Mysore, Davangere, Gulbarga, Tumkur Karnataka
(Bangalore) Prestige Blue Chip, Ground Floor, Block 1, No – 09, Hosur Road,
Bangalore –560029, Karnataka, India Tel : 91-80-5119 3000 Fax : 91-80-5119 3010 Karnataka (Hubli) No. 44, Upper Ground Floor, Laxmibalakrishna Square, Station Road,
Hubli 580020, Karnataka Tel : 91-836-236 9853 Fax : 91-836-2369851 Mangalore
Oberle Towers, Balmatta Circle, Balmatta
Road, Mangalore 575001, Karnataka, India Tel : 91-824-2427789 Mysore 2959, II Floor, “Aishwarya” Arcade, 9th
Cross, Kalidasa Road, V.V. Mohalla, Mysore Tel : 91-9886408681 Davangere No. 266, 1st
Floor, 1st Main, Bharat Scouts and Guides Towers, Janatha Bazaar
Road, P. J. Extension, Davangere-577002, Karnataka Tel : 91 8192
259933/44 Ahmedabad Gujarat Fascel
Limited, 601, Sakar-II, Ellisbridge, Ahmedabad 380006, Gujarat Tel :
91-79-26577228/29, 26575990 Delhi Hutch, X-7,
Okhla Industrial Area II, New Delhi-110020 Tel :
91-9811000009 Hyderabad 6th Floor,
Varun Towers II, Begumpet, Hyderabad 500016, Andhra Pradesh, India Tel :
91-40-27764600 Fax :
91-40-27764700 Vijaywada Uttam Towers,
Labbipet, M.G. Road, Vijayawada 520010 Tel :
91-866-493113 Fax : 91 866
493117 Vishakapatnam Balaji Mangalgiri,
VIP Road, Vishakapatnam 530 003, Andhra Pradesh, India Tel :
91-891-760777 Fax :
91-891-760995 Chennai Hutch, 222, TTK
Road, Alwarpet, Chennai-600018, Tamilnadu, India Kolkata Kolkata
Hutchison Telecom East Limited Constantia
Office Complex, 11, Dr. UN
Branchmacharis Street, Kolkata-700017, West Bengal, India Tel :
91-9830098241 Jaipur Rajasthan Gaurav
Towers, Malviya Nagar, Jaipur, Rajasthan Karnal Kunjpura Road, Karnal-132001, Haryana Tel : 91-9813098130 Lucknow 205-206, Chintels House, 16, Station Road,
Lucknow, Uttar Pradesh, India Tel : 91-9839098390 |
DIRECTORS
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Name : |
Mr. Foll John Christopher |
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Designation : |
Director |
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Address : |
9th and 10th Floor, Suraj Appartments, Opposite
American Consulate, BD Road, Mumbai –
400026, Maharashtra. |
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Date of Birth/Age : |
16.08.1956 |
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Date of Appointment : |
01.02.2005 |
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Name : |
Mr. Foll John Christopher |
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Designation : |
Director |
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Address : |
9th and 10th Floor, Suraj Appartments, Opposite American
Consulate, BD Road, Mumbai – 400026,
Maharashtra. |
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Date of Birth/Age : |
16.08.1956 |
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Date of Appointment : |
01.02.2005 |
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Name : |
Mr. Asim Ghosh |
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Designation : |
Director |
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Address : |
64 NCPA Apartments, Nariman Point, Mumbai – 400021, Maharashtra, India |
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Date of Birth/Age : |
07.12.1947 |
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Date of Appointment : |
27.08.2003 |
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Name : |
Mr. Kathuria Sundeep |
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Designation : |
Director |
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Address : |
C-552, 1st Floor, Defence Colony, New Delhi – 110024, |
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Date of Birth/Age : |
14.11.1965 |
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Date of Appointment : |
01.02.2005 |
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Name : |
Mr. Rajiv Sawhney |
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Designation : |
Director |
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Address : |
1New, Friends Colony West, New Delhi - 11024 |
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Date of Birth/Age : |
18.08.1960 |
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Date of Appointment : |
01.02.2005 |
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Name : |
Mr. Vikash Saraf |
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Designation : |
Director |
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Address : |
2B, Saker Appartments, 71, Pochkhanawala Road, Worli, Mumbai – 400025,
Maharashtra |
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Date of Birth/Age : |
18.12.1968 |
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Date of Appointment : |
01.02.2005 |
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Name : |
Mr. Frank Sixt |
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Designation : |
Director |
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Address : |
Flat G/B Knights Bridge, Court No. 28, Barker Road, Thepeak, Hong Kong |
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Date of Birth/Age : |
29.11.1951 |
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Date of Appointment : |
01.02.2005 |
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Name : |
Mr. Lui Dennis |
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Designation : |
Director |
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Address : |
Doplex 5, Dynasty Villa 8, Dynasty Heights, Beacon Hill, Kowloon ,
Hong Kong. |
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Date of Birth/Age : |
02.03.1951 |
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Date of Appointment : |
01.02.2005 |
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Name : |
Mr. Geoffrey Carolan |
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Designation : |
Director |
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Address : |
12th Floor, Urmi 65, Worli Sea Face, Mumbai – 400025,
Maharashtra |
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Date of Birth/Age : |
13.03.1966 |
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Date of Appointment : |
01.02.2005 |
KEY EXECUTIVES
|
Name : |
Ms. Neha Sharma |
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Designation : |
Secretary |
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Address : |
D-12, Sarita Vihar, Delhi - 110044 |
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Date of Birth/Age : |
19.07.1973 |
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Date of Appointment : |
28.01.2002 |
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Name : |
Mr. S Ramaniam Balasum |
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Designation : |
Manager |
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Address : |
3A, Kanchana Appartments, 78, ST, Mhrry Road, Chennai – 600028, Tamil
Nadu. |
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Date of Birth/Age : |
09.06.1966 |
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Date of Appointment : |
31.12.2004 |
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Name : |
Mr. Avneesh Khosla |
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Designation : |
Manager |
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Address : |
E – 396, Greater Kailash – I, New Delhi – 110048, India |
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Date of Birth/Age : |
24.11.1968 |
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Date of Appointment : |
01.07.2007 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Equity
Shares |
|
Hutchison Essar Mobile Services Limited |
274199992 |
|
Asim Ghosh |
1 |
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Christopher J Foll |
1 |
|
Carolan Geoffrey |
1 |
|
Sandip Das |
1 |
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Sankarak Narayanan |
1 |
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Kathuria Sundeep |
1 |
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Sharma Neha |
1 |
|
Aseem Mohan |
1 |
|
Essar Shippings Limited |
1000000 |
|
Central Depository Services Limited |
264407500 |
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Total |
539607500 |
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Names of Shareholders |
No. of
Preference Shares |
|
Hutchison Essar Mobile Services Limited |
200000 |
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Equity Share
Breakup |
Percentage of
Holding |
|
Category |
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|
Bodies Corporate |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing cellular telephone services in the State of
Tamilnadu, Karnataka and Andhra Pradesh. |
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Products : |
v Postpaid v Prepaid v World Calling
Card v Handy phones v Hutch PCO |
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Brand Names : |
“HUTCH”. |
GENERAL
INFORMATION
|
Suppliers : |
v Siemens, India v Siemens, Germany v Motorola, India v Motorla, USA v Nokia, India |
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Customers : |
v
National and International Roaming Spanning over 130 countries and
1200 cities, towns and highways in India, infotainment services from HutchAlive. v
SMS-based services v
Voice Messaging Service v
Voice Response Service v
Voicemail v
Fax and Data Services v
Unified Messaging Service in Karnataka |
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No. of Employees : |
200 |
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Bankers : |
v Indian Overseas
Bank Limited, Chennai, Tamilnadu v State Bank of
India, Chennai, Tamilnadu v State Bank of
India, Delhi v Tamilnadu
Mercantile Bank Limited, Chennai, Tamilnadu v Tamilnadu
Mercantile Bank Limited, Delhi v The Hongkong and
Shanghai Banking Corporation Limited, M G Road, Mumbai – 400001 |
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Banking
Relations : |
Satisfactory |
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Financial Institution : |
IL and FS Financial Centre, plot No. C – 22, Block, BA, Kurla Complex
Bandra East, Mumbai – 400051, Maharashtra, India |
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Auditors : |
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Name : |
Price Waterhouse & Company Chartered Accountants |
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Address : |
222, Veer Savarkar Marg, Shivaji Park, Dadar, Mumbai – 400028,
Maharashtra, India |
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Associates/Subsidiaries : |
U64202DL1992PLC088087 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
540,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 5400.000 Millions |
|
200,000 |
Preference Shares |
Rs. 100/- each |
Rs. 20.000 Millions |
|
|
Total |
|
Rs. 5420.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
539,607,500 |
Equity Shares |
Rs. 10/- each |
Rs. 5396.075
Millions |
|
|
|
200,000 |
Preference Shares |
Rs. 100/- each |
Rs. 20.000 Millions |
||
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Total |
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Rs. 5416.075 Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2006 |
31.12.2005 |
31.12.2004 |
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|
SHAREHOLDERS FUNDS |
|
|
|
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|
1] Share Capital |
5416.080 |
5416.080 |
5416.080 |
|
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
[4452.517] |
[4779.350] |
[3098.650] |
|
|
NETWORTH |
963.563 |
636.730 |
2317.430 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
15047.782 |
11016.550 |
7081.000 |
|
|
2] Unsecured Loans |
16062.500 |
11064.550 |
8744.550 |
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TOTAL BORROWING |
31110.282 |
22081.100 |
15825.550 |
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DEFERRED TAX LIABILITIES |
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|
|
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TOTAL |
32073.845 |
22717.830 |
18142.980 |
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APPLICATION OF FUNDS |
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|
|
|
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FIXED ASSETS [Net Block] |
30587.331 |
20316.530 |
15916.570 |
|
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Capital work-in-progress |
4186.930 |
2586.200 |
1232.160 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
2935.790 |
2922.630 |
2507.100 |
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
26.520
|
25.480 |
21.360 |
|
|
Sundry Debtors |
1345.632
|
1241.890 |
641.720 |
|
|
Cash & Bank Balances |
1379.575
|
1075.550 |
574.950 |
|
|
Other Current Assets |
2554.473
|
1008.100 |
309.490 |
|
|
Loans & Advances |
2899.893
|
1640.150 |
743.290 |
|
Total
Current Assets |
8206.093
|
4991.170 |
2290.810 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
13433.569
|
7865.510 |
3784.580 |
|
|
Provisions |
408.730
|
233.190 |
19.080 |
|
Total
Current Liabilities |
13842.299
|
8098.700 |
3803.660 |
|
|
Net Current Assets |
[5636.206]
|
[3107.530] |
[1512.850] |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
32073.845 |
22717.830 |
18142.980 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.12.2006 |
31.12.2005 |
31.12.2004 |
|
|
Sales Turnover |
23984.970 |
12313.080 |
5858.870 |
|
|
Other Income |
38.006 |
9.880 |
2.950 |
|
|
Total Income |
24022.976 |
12322.960 |
5861.820 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
349.546 |
[2071.340] |
[2463.350] |
|
|
Provision for Taxation |
0.000 |
390.640 |
[1184.220] |
|
|
Profit/(Loss) After Tax |
349.546 |
[2461.980] |
[1279.130] |
|
|
|
|
|
|
|
|
Earnings in Foreign Currency : |
|
|
|
|
|
Total Earnings |
NA |
NA |
370.530 |
|
|
|
|
|
|
|
|
Imports : |
|
|
|
|
|
|
Capital Goods |
NA |
NA |
2327.120 |
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Purchases made for re-sale |
288.970 |
175.290 |
0.000 |
|
|
Cost of Goods Sold |
0.000 |
0.000 |
241.860 |
|
|
Salaries, Wages, Bonus, etc. |
986.244 |
727.690 |
0.000 |
|
|
Managerial Remuneration |
4.330 |
1.630 |
0.000 |
|
|
Payment to Auditors |
7.577 |
5.790 |
0.000 |
|
|
Interest |
1242.099 |
991.040 |
862.750 |
|
|
Insurance Expenses |
35.648 |
21.260 |
0.000 |
|
|
Power & Fuel |
1240.330 |
622.690 |
0.000 |
|
|
Depreciation & Amortization |
3253.276 |
2125.710 |
1299.850 |
|
|
Other Expenditure |
16614.956 |
9723.200 |
5971.570 |
|
Total Expenditure |
23673.430 |
14394.300 |
8376.030 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2006 |
31.12.2005 |
31.12.2004 |
|
PAT / Total Income |
(%) |
1.46
|
[19.98] |
[21.82] |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.46
|
[16.81] |
[42.04] |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.90
|
[8.18] |
[13.53] |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.36
|
[3.25] |
[1.06] |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
46.65
|
47.40 |
8.47 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.59
|
0.62 |
0.60 |
LOCAL AGENCY
FURTHER INFORMATION
History
Subject was incorporated on 7th December, 1995 at New Delhi
under the name and style of Barakhamba Sales & Service Limited having
Company Registration Number 74451.
The name of the company was changed to the present w.e.f. 12.02.2002.
The Company established its presence in India way back in 1994 by
acquiring the cellular license for Mumbai. It launched cellular service in the
city of Mumbai on a GSM 900 network under the brand name Max Touch in the year
1995. It became synonymous with being the first ‘service brand’ in telecom by
making innovations both in customer service and technology. In early 2000,
Orange was launched in Mumbai.
In 2000, the company did a joint venture with Essar to expand its presence in
the country. Hutchison Essar acquired the cellular licenses in Delhi, Kolkata
and Gujarat in 2000 to become one of the largest cellular businesses in the
country.
The Company won the bid to operate as the 4th cellular service provider in
Chennai, Karnataka and Andhra Pradesh in 2001 on GSM 1800 network.
It now has operations in 12 circles – Delhi, Karnataka, Andhra Pradesh,
Chennai, Kolkata, Gujarat, Haryana, Rajasthan, UP (E), UP (W) Punjab and
Mumbai. It has a customer base of over 6 million people and is committed to
providing the best in service and technology to its customers.
The Hutchison’s Telecommunications is a wholly owned subsidiary of
Hutchison Whampoa Limited. It operates a wide range of integrated
telecommunications services in over 17 countries. It was formed in 1985 to run
a cellular network in Hong Kong and now has become a formidable force in mobile
communications. It has business interests in fixed line services, internet
services, fiber optics, mobile telephony (voice and data), trunked mobile radio
and radio broadcasting. But its main interest internationally is in providing
mobile telephony.
Hutchison Telecom has a successful track record in identifying potential
countries and technologies, developing them and creating shareholder value over
a long term. One of its key success stories was developing the first consumer
brand in telecom – Orange. It is one of the largest 3G players worldwide.
Hutchison 3G has been given licenses to operate in UK, Italy, Israel, Denmark,
Sweden, Austria, Ireland, Australia and Hong Kong. Hutchison is the first
operator to offer 3G services in Australia, Italy, the UK and Sweden.
On September 26, 2001 the Company has entered
into three separate License Agreements with the Department of Telecommunications, to provide Cellular Mobile
Telephony Service in Chennai Metro Service Area, Karnataka Telecom Circle
Service Area and Andhra Pradesh Telecom Circle Service Area. The duration of
the License in 20 years. The company has paid a one-time fee of Rs. 1540.00
Millions for Chennai Metro Service Area, Rs. 2068.300 Millions for Karnataka
Telecom Circle and Rs. 1030.100 Millions for Andhra Pradesh Telecom Circle.
On February 13, 2004 the Company has entered
into a License Agreement to provide Unified Access Services in Uttar Pradesh
Service Area. The duration of the License in 20 years. The company has paid a
one time entry fee of Rs. 305.500 Millions.
Pursuant to the Scheme of Arrangement between
Escorts Telecommunications Limited and the company with regard to the transfer
of the License for the Punjab circle as approved by the Hon’ble High Court of
Delhi on August 14,2003 and on receipt of Cellular Mobile Telephony Services
License approval byt eh Department of Telecommunication vide their letter dated
February 3, 2004 effective from November 13, 2003, the company has a License to
provide CMTS in the Punjab telecom Circle. The duration of the License in 20
years.
The company has incurred loss in the current
year and the accumulated losses as at the year end exceeds 50 % of its net
worth. However, these financial statements have been prepared on a going
concern basis taking into account the financial and business support of
shareholders and the bankers, enhanced profitability of the existing circles in
the South business and also considering the long term growth plans prepared by
the management indicating enhanced profitability of the business.
Bankers Charges
Report as per Registry
|
Name of the company |
VODAFONE ESSAR
SOUTH LIMITED |
|
Presented By |
Mr. Foll John Christopher
, Director |
|
1) Date and description of instrument creating the change |
Agreement of hypothecation dated 24.08.2002 executed by Hutchison
Essar South Limited in favour of The Hongkong and Shanghai Banking
Corporation Limited |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 1300.000
Millions |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
The whole of the
moveable properties of the borrower including its movable plant and
machinery, machinery spares, tools and accessories and other movables both
present and future whether installed or not and whether now lying loose or in
cases or which are now lying or stored in to about or shall hereafter from
time to time during the continuance of the security of charge by way of
hypothecation by brought into or upon or be stored or be in to about the
borrower’s factories, premises or godowns or whereverelse the same may be or
be held by any party to the order or disposition of the borrower or in the
course of transit or on high scas or on order or delivery however and
wheresoever in the borrower and either by way of substitution or addition and
all documents of title, negotiable instruments policies of Insurance and
other documents instruments relating thereto. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
In consideration
of loan and any other banking facilities sanctioned to be sanctioned by the
Bank to Company the Company has hypothecated and charged to the Bank by way
of first charge as continuance above to secure the repayment of the advanced
together with interest at the rate to the facility shall be payable by the
company. In case the company fails to fulfill its obligations under the
agreement, the Bank shall be entitled to take the possession of the
hypothecated properties and sell them by public auction or private contract
and utilize the proceeds in full or part settlement of its claims. |
|
5) Name and Address and description of the person entitled to the charge. |
The Hongkong and Shanghai Banking Corporation Limited, M G Road,
Mumbai – 400001 |
|
6) Date and brief description of instrument modifying the charge |
NA |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
NA |
|
Corporate
identity number of the company |
U74899DL1995PLC074451 |
|
Name of the
company |
VODAFONE ESSAR SOUTH LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
C – 48, Okhla Industrial Area, Phase – II, New Delhi – 110020, India |
|
This form is for |
Creation of Charge |
|
Type of charge |
Hypothecation |
|
Particular of
charge holder |
IL and FS Financial Centre, plot No. C – 22, Block, BA, Kurla Complex Bandra
East, Mumbai – 400051, Maharashtra, India |
|
Nature of
instrument creating charge |
Deed of
hypothecation dated 21 February 2006 executed by the company in favour of IL
and FS Trust company limited as Security Trustee |
|
Date of instrument
Creating the charge |
21.02.2006 |
|
Amount secured by
the charge |
Rs. 67100.000
Millions |
|
Description of
the property charged indicating whether it is a charged on |
|
Fixed Assets
v
Intangible Assets
v
Computer Software
v
Plant & Machinery
v
Computer Hardware
v
Furniture & Fixture
v
Office Equipment
v
Vehicles
Subject’s dealers in and around Delhi are as under:
v A C Telecom
v Aakash Hello Point
v A B Communication
v ADD World
v Advani Telecom
v Aggarwal
Electronics
v Air Dale, Khan
Market
v Aircon West End
v Air cool
v Ajanta Photo
Studio
v Alok Telecom
v Aman Telecom
v Amit Comm
v Aneja Commercial
Services
v Anjali
Communications
v Ankur Aircond
v Ark Cellphone
v Arora Bazar
v Arora
Communications
v Arora Tours and
Travels
v Ashwani
v Asian Electronics
v Astral Marketing
v Audio Point
v Audio Video
v AVM
v Azad Hind
v B B M Telecom
v B S Telecom
v Bajrang General
Store
v Balaji Electric
Store
v Balaji Telecom
v Bansal Telecom
v Bawa Telecom
v Baxi Electronics
v Beauty Comm
v Benz India
v Best Cell Tell
v Bhagwati Computer
Graphics
v Bhagwati Telecom
v Bhagya Sri Telecom
v Bhalla Comm
v Bharat Medical
Store
v Bhasin
v Bhatia Telecom
v Bigben Opticals
v Billa Thi Hatti
v Bluez Cafi
v Britel Comm
v Bunty Telecom
v Call Tech
v Capital
Communication
v Cell Connection
v Cell Dot Net
v Cell Hut
v Cell net
v Cell Point
v Cellstation
Hut.com
v Cellular.com
v Chhadha Telecom
v Chadha Trad
v Chaturbhuj Medical
Store
v Chirag Comm
v Chitkara Comm
v Classic Audio
Video
v Classic Business
Cent
v Classic Comm
v Classic Elec
v Classic Studio
v Communicator
v Comnet Comm
v Computer Supermart
v Consumex
v Continental
v Cosy Drycleaners
v Cyber Comm
v Dabas Telecom
Center
v Dadu Communication
v Darshan K Comm
v Dass Comm
v Dawar Telecom
v DD Telecom
v Deepak Electronics
v Deepak Gift
Emporium
v Deepanjali
v Depro Telecom
v Dev Communication
v Devender Comm
v Dhingra Hello
Point
v Dhingra Prop
v Diamond
Communication
v Dieno World
v Digital World
v Dilouq Mart
v Dinesh Comm
v Direct Team
Network
v Dixit Enterprises
v Dixit Telecom
v Dixsons
v Dolphin Telecom
v Donal Cafi
v Duggal Taliors
v Durga Mobile World
v Efforts Mktg
v Electro Com Palace
v Electronic Planet
v Electronic Ways
v Eveready House
v Fancy Silk Store
(Mukesh)
v Point
v Fone Gallery
v Freedo
v Friend’s Telecom
v Friends
v Friends
Communication
v Friends Marketing
v Future Talk
v G.K.Marketing
v G.D.Electronics
v G.S.Telecom
v Intouch Comtech
v Invitation
Electronics
v JMD Ent
As per web details
profile
The Company is a part of the internationally acclaimed Hutchison Whampoa
group, a diversified, multinational conglomerate with its origins dating back
to 1828 in Hongkong. The parent company, Hutchison Whampoa Limited, is a part
of the Li Ka- shing group of companies. It is one of the largest companies
listed on the Hong Kong stock exchange. The Group operates five core businesses
in 41 countries and employs around 1,50,000 people worldwide. It is one of the
most profitable businesses in Asia. The five-core business of Hutchison Whampoa
are:
Telecommunications and e-commerce : One of the leading owners and
operators of telecommunications and internet infrastructure in around 17
countries worldwide.
Property and Hotels : Has an investment portfolio of approx 13.7 million
sq. ft. of commercial, office, industrial and residential premises.
Retail and manufacturing : Owns 3 major stores – Watsons, Fortress and
PARKnSHOP with more than 800 stores in the region. With the acquisition of the
Kruidvat Group of the Netherlands, Hutchison became one of the world’s largest
health and beauty retail outlets in Asia and six European countries.
Energy, Infrastructure, Finance and Investments : Hong Kong and Lamma
Islands run on electricity generated by Hutchison. Holds 84.6% interest in
Cheung Kong infrastructure – a leading investor in the infrastructure sector in
Hong Kong, PRC and Australia.
In India, Hutchison Telecom operates its cellular services in 13 circles
: Orange in Mumbai and Hutch in Delhi, Karnataka, Andhra Pradesh, Chennai,
Kolkata, Gujarat, Haryana, Rajasthan, Uttar Pradesh (East), Punjab, West Bengal
and Sikkim and Uttar Pradesh (West). The Hutchison network covers almost 25% of
the national foortprint and 70% of national purchasing power, with a subscriber
base that now exceeds 6 million.
In Bangalore the subject has installed over 180 towers to facilitate better communication coverage.
group profile
Hutchison
Wampoa Limited
Hutchison Wampoa Limited (HWL) is a leading international corporation
committed to innovation and technology with businesses spanning the globe. Its diverse
array of holdings range from some of the world’s biggest retailers to property
development and infrastructure to the most technologically-advanced and
marketing-savvy telecommunications operators.
HWL reports consolidated turnover of approximately HK$ 145 billion (US$
18660 million) and HK$ 81 billion (US$ 10,420 million) for the year ended 31st
March, 2003 and for the six months ended 30th June, 2004
respectively. With operations in 42 countries and more than 170,000 employees
worldwide, Hutchison has five core businesses-ports and related services,
telecommunications, property and hotels, retail and manufacturing and energy
and infrastructure.
Hutchison Essar established its presence in India in 1994 by acquiring
the cellular license for Mumbai. It now has operations in 16 circles accounting
for 70% of India's mobile customer base. With over 27.7 million customers, it
is one of India's most reputed telecom companies.
Hutchison Essar, under the Hutch brand, over the years, has been named
the 'Most Respected Telecom Company', the 'Best Mobile Service in the country',
and the 'Most Creative and Most Effective Advertiser of the Year'.
Hutchison Essar is now part of Vodafone - the world's leading international
mobile communications company. Vodafone now has operations in 26 countries
across 5 continents and 36 partner networks with about 225 million
proportionate customers worldwide. Vodafone has tied up with Essar as its
principal joint venture partner for the Indian operation.
The Essar Group is one of India's largest corporate houses with interests
spanning the manufacturing and service sectors like Steel, Oil & Gas,
Power, Telecom & BPO, Shipping & Logistics and Engineering &
Constructions. The Group has an asset base of over Rs.20 billion (US$ 4.4.billion)
and employs over 4000 people.
*Figures from Cellular Operators Association of India, Apr 30,, 2007.
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.39.38 |
|
UK Pound |
1 |
Rs.80.07 |
|
Euro |
1 |
Rs.57.66 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
45 |
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 |
|