MIRA
INFORM REPORT
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Report Date : |
15.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
TOWER VISION INDIA PRIVATE LIMITED |
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Registered Office : |
C – 56, Neeti Bagh, New Delhi – 110 049 |
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Country : |
India |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
27.01.2006 |
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Com. Reg. No.: |
145455 |
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CIN No.: [Company
Identification No.] |
U64203DL2006PTC145455 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELT06525B |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Subject is a tower management company specialised in the provision of
passive infrastructure to the wireless telecommunications industry. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 2500000 |
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Status : |
New company |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a new company and has incurred some initial losses, as per first
financials of the company. Trade relations are reported as fair. Payments are
reported as slow but correct. The company can be considered for small to mediocre business dealings
with slight caution, initially. |
LOCATIONS
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Registered Office : |
C – 56, Neeti Bagh, New Delhi – 110 049, India |
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Tel. No.: |
91-124-425 6165 / 172-464 9000 / 80-4163 0220/221 |
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Fax No.: |
91-124-425 6166 / 172-464 4009 / 80-4163 0225 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Yuval Sipper |
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Designation : |
Director |
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Address : |
29, Hametzuda St. Azur 580 001, Israel |
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Date of Birth/Age : |
21.09.1967 |
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Date of Appointment : |
27.01.2006 |
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Name : |
Mr. Amit Ganani |
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Designation : |
Director |
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Address : |
Kfar Vitkin 43, Vitkin – 40200, Israel |
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Date of Birth/Age : |
05.01.1966 |
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Date of Appointment : |
27.01.2006 |
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Name : |
Mr. Ran Jacob |
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Designation : |
Director |
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Address : |
29, Hametzuda St. Azur 580 001, Israel |
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Date of Appointment : |
27.01.2006 |
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Name : |
Mr. Moshe Shushan |
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Designation : |
Director |
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Address : |
29, Hametzuda St. Azur 580 001, Israel |
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Date of Appointment : |
27.01.2006 |
KEY EXECUTIVES
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Name : |
Mrs. Geetu Sachdeva |
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Designation : |
Secretary |
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Address : |
1/7198, Shivaji Park, Shahdara, Delhi – 110 032, , India |
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Date of Birth/Age : |
28.01.1976 |
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Date of Appointment : |
18.09.2007 |
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Email ID: |
SHAREHOLDING PATTERN
Equity Shares Breakup (Percentage of Total Equity):
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Sr No. |
Category |
Percentage |
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1 |
Foreign holdings (Foreign institutional investor(s),
Foreign companie(s), Foreign financial institution(s), Non resident Indian(s)
or Overseas corporate bodies or Others. |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is a tower management company specialised in the provision of passive
infrastructure to the wireless telecommunications industry. |
GENERAL
INFORMATION
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Bankers : |
NA |
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Financial Institutions: |
L and T Infrastructure Finance Company
Limited Address: Mount Poonamallee Road, Manapakkam
– 600 089, Tamil Nadu, India |
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Banking
Relations : |
----- |
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Auditors : |
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Name : |
BSR and Associate Chartered Accountants |
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Address : |
4 B, DLF Corporate Park , DLF City, Phase – III, Gurgaon – 122 002,
Haryana, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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75000000 |
Equity shares |
Rs. 10/- each |
Rs.750.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity shares |
Rs. 10/-
each |
Rs. 0.100
million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.12.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.100 |
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2] Share Application Money |
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632.516 |
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3] Reserves & Surplus |
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0.000 |
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4] (Accumulated Losses) |
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[21.292] |
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NETWORTH |
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611.324 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
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2] Unsecured Loans |
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0.000 |
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TOTAL BORROWING |
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0.000 |
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DEFERRED TAX LIABILITIES |
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0.000 |
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TOTAL |
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611.324 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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614.109 |
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Capital work-in-progress |
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116.479 |
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INVESTMENT |
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DEFERREX TAX ASSETS |
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0.000 |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
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Sundry Debtors |
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0.000 |
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Cash & Bank Balances |
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67.238 |
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Other Current Assets |
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35.642 |
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Loans & Advances |
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94.073 |
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Total
Current Assets |
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196.953 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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315.951 |
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Provisions |
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0.266 |
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Total
Current Liabilities |
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316.217 |
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Net Current Assets |
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[119.264] |
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MISCELLANEOUS EXPENSES |
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0.000 |
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TOTAL |
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611.324 |
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KEY RATIOS
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PARTICULARS |
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31.12.2006 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.62 |
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Current Ratio (Current Asset/Current Liability) |
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[0.19] |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:-
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Corporation identity number or foreign company registrations number of
the company |
U64203DL2006PTC145455 |
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Name of the company |
TOWER VISION
INDIA PRIVATE LIMITED |
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Address |
C – 56, Neeti Bagh, New Delhi – 110 049 |
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This Form is for |
Creation of charge |
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Type of Charges |
· Book debts · Movable property · Others |
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Particular of the charge holder
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L and T Infrastructure Finance Company Limited Address: Mount Poonamallee Road, Manapakkam – 600 089, Tamil Nadu,
India Email ID : vrajagopalan@itfinance.com
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Nature or description of the instrument creating charge |
Assistance agreement dated 03.07.2007 and Deed of hypothecation dated 03.07.2007 ( note: Due to large size, assistance agreement is divided into 2
parts . part 1 of Assistance agreement is attached to this form and part 2
(continuation) will be filed as an addendum) |
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Date of the instrument creating charge |
03.07.2007 |
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Amount Secure by the charge |
Rs. 500.000 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Rate of interest: State Bank of India Prime Lending Rate (SBI PLR) – 0.75% per annum
payable monthly (plus applicable taxes, if any) . as an indication only , SBI
PLR is currently 12.75% per annum so a tranche disbursed today would bear
interest at 12% per annum. The default / additional interest etc, are as specified in the
assistance agreement Dated 03.07.2007 Term of repayment: Repayment in single installment after 1 years from the date of first
disbursement , as morefully described in Schedule II of the assistance agreement
dated 03.07.2007 Margin: Not applicable Extent and operation of the
charge: The charge operates as a continuing security for due payments /
repayment by the borrower of the secured obligations (principal amount of loan,
reimbursement or otherwise together with all interest, cost, charges,
expenses and all other monies) as morefully described in the deed of
hypothecation and assistance agreement both dated 03.07.2007. |
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Shorts P articulars of the Property charged |
First charge on all the borrowers movable , book debts, bills, monies
receivables, both present and future , as morefully described in the
assistance agreement and deed of hypothecation both dated 03.07.2007 First charge on the leadcom Towers as morefully described in Annexure
4 of assistance agreement dated 03.07.2007 Second charge on the Telecom Towers implemented by leadcom as
morefully described in annexure 3 of Assistance agreement dated 03.07.2007 |
WEBSITE DETAILS:
Subject is a tower management company specializing in the provision of
passive infrastructure to the wireless telecommunications industry, which is
then shared among multiple operators.
Subject combines high expertise in roll out, operation and maintenance
of Telecom infrastructure.
Tower Vision provides plug and play solutions to wireless service
providers and other businesses operating communication services.
The company engages in the ownership, management and operation of wireless
communication towers of all types and locations including Greenfield Towers,
Rooftops and In-Building distributed antenna systems.
Tower Vision’s core services and expertise consists of :
· Acquisition, development, maintenance and asset management of telecommunication towers.
· Offering ready made passive infrastructures to wireless operators for their long term operational needs.
· Professional and high quality sharing of passive telecom infrastructures among several operators.
Subject offers its services to the wireless industry through two basic
solutions:
· Built to Suit of new wireless sites.
· Acquisition of existing wireless sites.
VISION:
To be the premier Telecom Infrastructure Provider in India, contributing
to the Nation's quest to bring affordable communications to the common people
across the breadth of the nation.
MISSION:
To facilitate faster and more economic roll-out of wireless operations
throughout India including rural and remote areas by providing operators with
high quality O and M services, reduction in infrastructure costs through
efficiency of operations and infrastructure sharing; and by offering financial
flexibility, thereby increasing customer base, improving mobile transmission
and helping reduce the number of mobile towers on the landscape.
SOCIAL
COMMITMENTS:
In addition to being customer-centric, Subject takes pride in its
commitment to support the provisioning of high quality telecommunication
services in all geographical areas across India.
Subject protects the environment by promoting tower sharing and by
improving the aesthetics of towers. Their sites are compliant with all norms
and regulations of the Indian Govt.
CMT REPORT
(Corruption, Money Laundering and 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.39.57 |
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UK Pound |
1 |
Rs.79.91 |
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Euro |
1 |
Rs.56.99 |
SCORE and RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
2 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
-- |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
-- |
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--PROFITABILIRY |
1~10 |
-- |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
2 |
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--CREDIT LINES |
1~10 |
2 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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15 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this report.
The assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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56-70 |
A |
Financial and operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable and favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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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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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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