MIRA
INFORM REPORT
|
Report Date : |
15.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
VODAFONE ESSAR
MOBILE SERVICES LIMITED |
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Formerly Known As : |
HUTCHISON ESSAR
MOBILE SERVICES LIMITED |
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Registered Office : |
C-48, Okhla Industrial
Area Phase – II, New Delhi – 11090001 |
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Country : |
India |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
27.03.1992 |
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Com. Reg. No.: |
55-88087 |
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CIN No.: [Company
Identification No.] |
U64202DL1992PLC088087 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELS09178B |
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PAN No.: [Permanent
Account No.] |
AAACS4457Q |
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Legal Form : |
A Closely Held Public Limited Liability Company. |
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Line of Business : |
Providing
Cellular Mobile Telephone Services |
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 49000000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well
established and reputed mobile services providers. Directors are reported as
experienced and respectable businessmen.
Company’s profitability is low due to stiff competition. It has some
accumulated losses. Payments are reported as slow but correct. The company can
be considered normal for business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered Office : |
C-48, Okhla
Industrial Area Phase – II, New Delhi – 11090001, India |
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Tel. No.: |
91-98-11090001 |
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Fax No.: |
91-11-26338730 |
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E-Mail : |
DIRECTORS
|
Name : |
Mr. Asim Ghosh |
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Designation : |
Director |
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Address : |
64, NCPA
Apartments, “B” Win Op. Oberoi, Nariman Point, Mumbai – 400021, Maharashtra,
India |
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Date of Birth/Age : |
07.12.1947 |
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Date of Appointment : |
22.12.2006 |
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Other Directorship : |
Hutchison Essar
Limited CIN No.:
U32200MH1999PTC119108 Aircel Digilink
India Limited CIN No.:
U64201DL1997PLC088088 Hutchison Telecom
East Limited CIN No.:
L32204WB1992PLC079998 Fascel Limited CIN No.:
U32100GJ1995PLC035282 Essar Spacetel
Private Limited CIN No.:
U72200DL1997PTC085764 Hutchison Essar
South Limited CIN No.:
u74899dl1995plc074451 Hutchison Essar
Cellular Limited CIN No.:
U64202TZ1995PLC007674 Telecom Investments
India Private Limited CIN No.:
U65990MH1997PTC112707 Jaykay Finholding
[India] Private Limited CIN No.:
U65990MH1999PTC121979 UMT Investments
Limited CIN No.:
U65993WB1997PTC085278 Usha Martin
Telematics Limited CIN No.:
U32202WB1995PTC069502 Goldspot
Mercantile Company Private Limited CIN No.:
U15928MH2006PTC159281 Centrino Trading
Company Private Limited CIN No.:
U51900MH2006PTC158894 Plustech
Mercantile Company Private Limited CIN No.:
U51900MH2006PTC158923 |
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Name : |
Mr. Frank John
Sixt |
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Designation : |
Director |
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Address : |
Flat G/B,
Knights, Bridge Court No. 28, Barker Road, The Peak, Hong Kong |
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Date of Birth/Age : |
29.11.1951 |
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Date of Appointment : |
31.01.2000 |
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Name : |
Mr. Ngfok Canni
Ning |
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Designation : |
Director |
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Address : |
1, King Tak
Street, 10th Floor, Kowloon, Hong Kong |
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Date of Birth/Age : |
22.08.1951 |
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Date of Appointment : |
31.01.2000 |
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Date of Ceasing : |
01.02.2005 |
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Name : |
Mr. Ravikant Ruia
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Designation : |
Director |
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Address : |
Post Box No.
61078, Jebel Ali, Dubai UAE |
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Date of Birth/Age : |
22.04.1949 |
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Date of Appointment : |
31.01.2000 |
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Date of Ceasing : |
01.02.2005 |
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Name : |
Mr. Sanjeev
Shriya |
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Designation : |
Director |
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Address : |
113/181, Swaroop
Nagar, Kanpur – 208002, Uttar Pradesh |
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Date of Birth/Age : |
18.02.2005 |
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Date of Appointment : |
31.01.2000 |
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Date of Ceasing : |
01.02.2005 |
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Name : |
Mr. Dennis Lui |
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Designation : |
Director |
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Address : |
Duplex 5, Dynasty
Villa – 8, Dynasty Heights, Beacon, Hiss Kowloon, Hong Kong |
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Date of
Birth/Age : |
02.03.1951 |
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Date of
Appointment : |
21.09.2001 |
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Name : |
Mr. Ting Yu Chan |
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Designation : |
Director |
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Address : |
Flat 14 A, William,
Mansion 16 Macdon Ell Road, Hong Kong
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Date of
Birth/Age : |
15.10.1950 |
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Date of
Appointment : |
31.01.2000 |
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Date of
Ceasing : |
01.02.2005 |
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Name : |
Mr. Geoffery D.
Carolan |
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Designation : |
Director |
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Address : |
12th Floor,
Urmi, 65 Worli Sea Face, Mumbai – 400025, Maharashtra, India |
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Date of
Birth/Age : |
13.03.1966 |
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Date of
Appointment : |
21.09.2001 |
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Name : |
Mr. Anshuman Ruia
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Designation : |
Director |
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Address : |
67-A, Walkeshwar,
Opp. Birla Public School, Mumbai – 400006, Maharashtra, India |
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Date of
Birth/Age : |
11.03.1971 |
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Date of
Appointment : |
05.12.2002 |
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Date of
Ceasing : |
01.02.2005 |
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Name : |
Mr. Vikash Saraf |
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Designation : |
Director |
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Address : |
2 B, Saker Apartments 71, Pochkhanwala Road, Worli, Mumbai –400025, Maharashtra, India |
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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. Christopher
John Foll |
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Designation : |
Director |
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Address : |
9 & 10 Floor,
Suraj Apartments Bhulabhai Desai Road, Mumbai – 400026, Maharashtra, India |
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Date of
Birth/Age : |
16.08.1956 |
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Date of
Appointment : |
23.06.2003 |
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Name : |
Mr. Sundeep
Kathuria |
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Designation : |
Company Secretary
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Address : |
C-552 First
Floor, Defence Colony, New Delhi – 110024, India |
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Date of
Birth/Age : |
14.11.1965 |
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Date of
Appointment : |
31.12.2004 |
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Name : |
Mr. Christopher
John Sanderson |
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Designation : |
Director |
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Address : |
11, Atherton Street,
London SWI 2 JE, London |
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Date of
Birth/Age : |
30.08.1964 |
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Date of
Appointment : |
22.12.2006 |
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Other Directorship : |
Aircel Digilink
India Limited CIN No.:
U64201DL1997PLC088088 Hutchison Telecom
East Limited CIN No.: L32204WB1992PLC079998 Fascel Limited CIN No.:
U32100GJ1995PLC035282 Essar Spacetel
Private Limited CIN No.:
U72200DL1997PTC085764 Hutchison Essar
South Limited CIN No.:
u74899dl1995plc074451 Hutchison Essar
Cellular Limited CIN No.:
U64202TZ1995PLC007674 |
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|
Name : |
Mr. Gavin John
Darby |
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Designation : |
Director |
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Address : |
Rodona House,
Rodona, Weybridge, Surrey |
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Date of
Birth/Age : |
15.02.1956 |
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Date of
Appointment : |
08.05.2007 |
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Name : |
Mr. Thomas Eric
Hargreaves |
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Designation : |
Director |
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Address : |
Desmonds Barn,
Howe Farm, Howe Road, Watlington, Oxfordshire, OX 49 5 EY, Watlington |
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Date of
Birth/Age : |
13.02.1970 |
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Date of
Appointment : |
08.05.2007 |
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Name : |
Mr. Ian Locke |
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Designation : |
Director |
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Address : |
38 ST Margarets
Road, Swindon |
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Date of
Birth/Age : |
18.02.1970 |
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Date of
Appointment : |
08.05.2007 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
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Asim Ghosh Joint
with Hutchison Max Telecom Limited |
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1 |
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Sandip Das Joint
with Hutchison Max Telecom Limited |
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1 |
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Christopherjfoll
Joint with Hutchison Max Telecom Limited |
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1 |
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Geoffrey Carolan
Joint with Hutchison Max Telecom Limited |
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1 |
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Sandeep Kathuria
Joint with Hutchison Max Telecom Limited |
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1 |
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Neha Sharma Joint
with Hutchison Max Telecom Limited |
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1 |
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Sankara Naraynan Joint
with Hutchison Max Telecom Limited |
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1 |
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Aseem Mohan Joint
with Hutchison Max Telecom Limited |
|
1 |
|
Hutchison Max
Telecom Limited |
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2 |
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Central
Depository Services Limited |
|
199716459 |
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Total |
|
199716469 |
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
|
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Bodies corporate |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing
Cellular Mobile Telephone Services |
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Products : |
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GENERAL
INFORMATION
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No. of Employees : |
320 |
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Bankers : |
ABN Amro Bank NV DLF Cerdre, Sansad Marg, New Delhi – 110001 Bank of America NA 6th Floor, DCM Building, Barakhamba Road, New
Delhi – 110001 |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Price Waterhouse Chartered
Accountants |
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Address : |
Building 8, 7th and 8th Floor, Tower B, DLF Cyber
City, Gurgaon – 122002, Haryana, India |
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Associates/Subsidiaries : |
Vodafone Essar
Limited CIN No.:
U32200MH1992PTC119108 Aircel Digilink
India Limited CIN No.:
U64201DL1997PLC088088 Hutchison Telecom
East Limited CIN No.: L32204WB1992PLC079998 Fascel Limited CIN No.:
U32100GJ1995PLC035282 Essar Spacetel
Private Limited CIN No.:
U72200DL1997PTC085764 Vodafone Essar
South Limited CIN No.:
U74899DL1995PLC074451 Hutchison Essar
Cellular Limited CIN No.:
U64202TZ1995PLC007674 Telecom
Investments India Private Limited CIN No.:
U65990MH1997PTC112707 Jaykay Finholding
[India] Private Limited CIN No.:
U65990MH1999PTC121979 UMT Investments
Limited CIN No.:
U65993WB1997PTC085278 Usha Martin
Telematics Limited CIN No.: U32202WB1995PTC069502 Goldspot
Mercantile Company Private Limited CIN No.:
U15928MH2006PTC159281 Centrino Trading
Company Private Limited CIN No.:
U51900MH2006PTC158894 Plustech
Mercantile Company Private Limited CIN No.:
U51900MH2006PTC158923 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 2000.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
199,716,469 |
Equity Shares |
Rs. 10/- each |
Rs. 1997.165 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2006 |
31.12.2005 |
31.12.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1997.165 |
1997.165 |
1997.170 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
10239.475 |
6994.130 |
6794.130 |
|
|
4] (Accumulated Losses) |
0.000 |
[471.300] |
[3057.090] |
|
|
NETWORTH |
12236.640 |
8519.995 |
5734.210 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
2130.000 |
|
|
2] Unsecured Loans |
0.000 |
914.550 |
914.550 |
|
|
TOTAL BORROWING |
0.000 |
914.550 |
3044.550 |
|
|
DEFERRED TAX LIABILITIES |
24.119 |
0.000 |
86.920 |
|
|
|
|
|
|
|
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TOTAL |
12260.759 |
9434.545 |
8865.680 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
6194.239 |
5598.920 |
5490.690 |
|
|
Capital work-in-progress |
504.660 |
134.940 |
199.170 |
|
|
|
|
|
|
|
|
INVESTMENT |
2762.059 |
2762.060 |
2762.060 |
|
|
DEFERREX TAX ASSETS |
0.000 |
11.400 |
0.000 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Sundry Debtors |
671.647
|
574.850 |
0.000 |
|
|
Cash & Bank Balances |
990.138
|
790.980 |
478.050 |
|
|
Other Current Assets |
560.571
|
453.965 |
289.940 |
|
|
Loans & Advances |
4733.178
|
2022.330 |
2223.270 |
|
Total
Current Assets |
6955.534
|
3842.125 |
2991.260 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
4000.362
|
2986.090 |
2461.910 |
|
|
Provisions |
155.371
|
128.810 |
115.590 |
|
Total
Current Liabilities |
4155.733
|
3114.900 |
2577.500 |
|
|
Net Current Assets |
2799.801
|
727.225 |
413.760 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
12260.759 |
9434.545 |
8865.680 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.12.2006 |
31.12.2005 |
31.12.2004 |
|
|
Sales Turnover |
13203.550 |
10609.680 |
9126.360 |
|
|
Other Income |
292.710 |
277.830 |
145.190 |
|
|
Total Income |
13496.260 |
10887.510 |
9271.550 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
3796.780 |
2735.710 |
1931.050 |
|
|
Provision for Taxation |
0.000 |
149.920 |
314.700 |
|
|
Profit/(Loss) After Tax |
3796.780 |
2585.790 |
1616.350 |
|
|
|
|
|
|
|
|
Earnings in Foreign Currency : |
|
|
|
|
|
Total Earnings |
NA |
NA |
167.750 |
|
|
|
|
|
|
|
|
Imports : |
|
|
|
|
|
Total Imports |
NA |
NA |
842.990 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Salaries, Wages, Bonus, etc. |
428.710 |
298.360 |
0.000 |
|
|
Managerial Remuneration |
4.410 |
3.580 |
0.000 |
|
|
Payment to Auditors |
4.750 |
4.670 |
0.000 |
|
|
Interest |
75.280 |
166.620 |
221.750 |
|
|
Insurance Expenses |
11.780 |
8.570 |
0.000 |
|
|
Power & Fuel |
329.080 |
285.470 |
0.000 |
|
|
Depreciation & Amortization |
1339.250 |
1361.810 |
1198.230 |
|
|
Other Expenditure |
7506.220 |
6022.720 |
5920.520 |
|
Total Expenditure |
9699.480 |
8151.800 |
7340.500 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2006 |
31.12.2005 |
31.12.2004 |
|
PAT / Total Income |
(%) |
28.13
|
23.75 |
17.43 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
28.76
|
25.79 |
21.16 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
28.67
|
28.98 |
22.77 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.31
|
0.32 |
0.34 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.34
|
0.47 |
0.98 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.67
|
1.23 |
1.16 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed
Assets
v Building
v
Plant and
Machinery
v
Office
Equipments
v
Leasehold
Improvement
v
Furniture and
Fixture
v
Vehicles
Form 8 Particular for creation or modification of
charges
|
Name of the company |
Hutchison Essar Telecom Limited |
|
Presented
By |
Mr. Sundeep
Kathuria , VP-Corporate Regulatory Affairs and Company Secretary |
|
1) Date and description of instrument creating the change |
Agreement of hypothecation dated 29.10.2004 executed by Hutchison Essar Mobile Services Limited in favour of Bank of America, ABN Amro Bank and The Hong Kong and Shanghai Banking Corporation Limited |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 1150.000 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 movable properties of the borrower including its movables 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 or about or shall hereafter form time to time during the continuance of the security of charge by the security of charge by way of hypothecation be brought into or upon or be stored or be in or about the borrowers factories, premises or godowns or wherever else the sale 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 seas or on order or delivery howsoever and wheresoever in the possession of the borrower and either by way of substitution or addition and all documents or titles, negotiable instruments, policies of insurance and other documents and / or instruments relating thereto. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
In consideration of loan and / or any other financial facilities sanctioned / to the sanctioned by the banks to company, the company has hypothecated and charged to the bank by way of the first passi passu charge as continuing security the assets mentioned in Item No. 3 above to secure the repayment of the advances together with interest cost and all other charges, interest at the rate applicable on the facility shall be payable by the company. In case the company fails to fulfil its obligations under the agreement, the banks shall be entitled to take the possession of the hypothecated properties and sell them by public auction or private contract and utilise the proceeds in full or part settlement of their claims. The bank shall have a first charge over the hypothecated assets pari passu between them and no bank shall have any prior claim or preference other the other. |
|
5) Name and Address and description of the person entitled to the charge. |
Bank of America NA 6th Floor, DCM Building Barakhamba Road, New Delhi – 110001 |
|
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------- |
|
|
|
|
Name of the company |
Hutchison Essar Telecom Limited |
|
Presented By |
Mr. Sundeep
Kathuria , VP-Corporate Regulatory Affairs and Company Secretary |
|
1) Date and description of instrument creating the change |
Agreement of hypothecation dated 29.10.2004 executed by Hutchison Essar Mobile Services Limited in favour of Bank of America, ABN Amro Bank and The Hong Kong and Shanghai Banking Corporation Limited |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 2000.000 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 movable properties of the borrower including its movables 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 or about or shall hereafter form time to time during the continuance of the security of charge by the security of charge by way of hypothecation be brought into or upon or be stored or be in or about the borrowers factories, premises or godowns or wherever else the sale 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 seas or on order or delivery howsoever and wheresoever in the possession of the borrower and either by way of substitution or addition and all documents or titles, negotiable instruments, policies of insurance and other documents and / or instruments relating thereto. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
In consideration of loan and / or any other financial facilities sanctioned / to the sanctioned by the banks to company, the company has hypothecated and charged to the bank by way of the first passi passu charge as continuing security the assets mentioned in Item No. 3 above to secure the repayment of the advances together with interest cost and all other charges, interest at the rate applicable on the facility shall be payable by the company. In case the company fails to fulfil its obligations under the agreement, the banks shall be entitled to take the possession of the hypothecated properties and sell them by public auction or private contract and utilise the proceeds in full or part settlement of their claims. The bank shall have a first charge over the hypothecated assets pari passu between them and no bank shall have any prior claim or preference other the other. |
|
5) Name and Address and description of the person entitled to the charge. |
ABN Amro Bank NV DLF Cerdre Sansad Marg, New Delhi - 110001 |
|
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------- |
|
Corporation identity number or foreign company registrations number of the company |
-- |
|
Name of the company |
Hutchison Essar Telecom Limited |
|
Address |
New Delhi, Delhi – 110020, India |
|
This Form is for |
Modification of charge |
|
Type of Charges |
Equitable Mortgage or mortgage of property by depositing the title deeds |
|
Particular of the charge holder |
U66020MH1995PTC095507 IL and FS Trust Company Limited IL and FS Financial Centre, Plot No. C-22 G Block, BA Kurla Complex Bandra, Mumbai – 400051, Maharashtra, India |
|
Date of the instrument creating charge |
|
|
Amount Secure by the charge |
Rs. 67100.000 Millions |
|
Brief description of the instrument modifying the charge under section 135 |
Memorandum of entry dated 17.04.2006 relating or deposit of title deed of immovable property with Il and FS Trust company limited under the terms security trusty appointment agreement dated 08.02.2006 |
|
Description of the property charge whether it is a charge on |
Immovable Properties |
|
Modification charge Charge identification number of the charge to be modified |
10000111 |
|
Date of instrument modifying the charge |
17.04.2006 |
|
Particulars of the Property charged |
Charge over movable assets vide deed of hypothecation dated 21.02.2006 further supplemented by charge over immovable property vide memorandum of entry dated 17.04.2006 amount secured remains unchanged. |
|
|
|
|
Corporation identity number or foreign company registrations number of the company |
-- |
|
Name of the company |
Hutchison Essar Telecom Limited |
|
Address |
New Delhi, Delhi – 110020, India |
|
This Form is for |
Creation of charge |
|
Type of Charges |
Hypothecation |
|
Particular of the charge holder |
U66020MH1995PTC095507 IL and FS Trust Company Limited IL and FS Financial Centre, Plot No. C-22 G Block, BA Kurla Complex Bandra, Mumbai – 400051, Maharashtra, India |
|
Nature or description of the instrument creating charge |
Deed of hypothecation dated 21.02.2006 executed by the company in favour of IL and FS trust company limited as security trustee |
|
Date of the instrument creating charge |
21.02.2006 |
|
Amount Secure by the charge |
Rs. 67100.000 Millions |
|
Description of the property charge whether it is a charge on |
Plant and Machinery, Furniture and Fixture, Stock in trade, Book debts, Vehicles, Fixed deposit and Intangible assets |
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.39.57 |
|
UK Pound |
1 |
Rs.79.91 |
|
Euro |
1 |
Rs.56.99 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
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. |
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 |
|