MIRA
INFORM REPORT
|
Report Date : |
26.07.2007 |
IDENTIFICATION DETAILS
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Name : |
IDEAL TELECOMMUNICATIONS LIMITED |
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Formerly Known As : |
ESCORTS TELECOMMUNICATIONS LIMITED |
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Registered Office : |
A 30, Mohan Co-Operative Industrial Estate, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
16.12.1997 |
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Com. Reg. No.: |
091180 |
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CIN No.: [Company
Identification No.] |
U99999DL1997PLC091180 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PTLE10643D |
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PAN No.: [Permanent
Account No.] |
AAACE8864B |
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Legal Form : |
Closely held Public Limited Liability Company |
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Line of Business : |
Providing Cellular Services |
RATING & COMMENTS
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MIRAs 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 1981836 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
-- |
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Comments : |
Subject is a cellular services provider but passing through difficult
times. It faces fierce competition from other companies in the same field. It
has huge accumulated losses. Payments are reported as slow and delayed. The company can be considered for business dealings against safe and
secured trade terms and conditions. |
LOCATIONS
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Registered Office : |
A 30, Mohan Co-Operative Industrial Estate, |
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Tel. No.: |
91-11-66615555 |
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Fax No.: |
91-11-66615499 |
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E-Mail : |
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Himachal Office : |
Keonthal Complex, Khalini, Shimla 171002, Himachal Pradesh |
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Tel. No.: |
91-9882012345 |
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Fax No.: |
91-177-2620235 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Nikhil Nanda |
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Designation : |
Director |
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Address : |
12, Jor Bagh, |
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Date of Birth/Age : |
18.03.1974 |
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Date of Appointment : |
28.10.2002 |
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Name : |
Mr Anup Guha |
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Designation : |
Director |
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Address : |
H 1514, |
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Date of Birth/Age : |
15.10.1955 |
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Date of Appointment : |
14.01.2005 |
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Name : |
Mr. Girish Behari Mathur |
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Designation : |
Director |
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Address : |
D 23, Sarita Vihar, |
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Date of Birth/Age : |
20.05.1950 |
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Date of Appointment : |
16.12.1997 |
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Name : |
Mr. Anil Virmani |
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Designation : |
Director |
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Address : |
J 173, 2nd Floor, Saket, |
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Date of Birth/Age : |
10.09.1951 |
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Date of Appointment : |
07.10.2002 |
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Name : |
Mr. Valluri Rajeahwarz Rao |
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Designation : |
Director |
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Address : |
89 C, Pocket, A 14, DDA Flats, Kalkaji Extension, |
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Date of Birth/Age : |
08.01.1952 |
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Date of Appointment : |
07.06.2002 |
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PAN : |
AAFPV1617H |
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Name : |
Mr. Sanjeev Aga |
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Designation : |
Director |
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Address : |
703, Raheja Grand, Turner Roadd, Bandra (West), Mumbai 400050, |
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Date of Birth/Age : |
01.02.1952 |
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Date of Appointment : |
23.06.2006 |
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E Mail : |
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Name : |
Mr. Anil Jeet Hamir Jhala |
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Designation : |
Director |
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Address : |
702, Ivory Tower, Juhu Koliwada , Santacruz (West), Mumbai 400049, |
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Date of Birth/Age : |
08.04.1952 |
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Date of Appointment : |
01.11.2006 |
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E Mail : |
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Name : |
Mr. Prasanna Rangacharya Mysore |
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Designation : |
Director |
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Address : |
901, Citadel, 18 B, L.D. Ruparel Marg, Malabar Hill, Mumbai
400006, |
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Date of Birth/Age : |
07.04.1947 |
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Date of Appointment : |
26.06.2006 |
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E Mail : |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Escorts Limited |
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56999940 |
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Escorts Limited and Mr. G.B. Mathur |
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10 |
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Escorts Limited and Mr. Vinod Dixit |
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10 |
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Escorts Limited and Mr. Anil Wadhera |
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10 |
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Iserv India Solutions Private Limited |
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4000000 |
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Escorts Limited and Ms. Rachna Nagpal |
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10 |
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Escorts Limited and Ms. Sonia Niranjan Das |
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10 |
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Escorts Limited and Mr. Anup Guha |
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10 |
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Category |
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Percentage of
Holding |
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Bodies corporate |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Providing Cellular Services |
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GENERAL INFORMATION
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Bankers : |
UTI Bank Limited 1262 / B, |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
N.D. Kapur and Company Chartered Accountants |
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Address : |
2 A, Shanker Market, Connaught Circus, |
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PAN : |
AAAFN2213N |
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Holding Company
: |
Idea cellular Limited CIN : U32100GJ1996PLC030976 |
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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61000000 |
Equity Shares |
Rs.10/- each |
Rs.610.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
61000000 |
Equity Shares |
Rs.10/- each |
Rs.610.000 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
610.000 |
610.000 |
610.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1414.562 |
1414.562 |
0.000 |
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4] (Accumulated Losses) |
(1529.103) |
(1373.646) |
(1295.165) |
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NETWORTH |
495.459 |
650.916 |
(685.165) |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
1152.824 |
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2] Unsecured Loans |
391.567 |
55.813 |
200.079 |
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TOTAL BORROWING |
391.567 |
55.813 |
1352.903 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
887.026 |
706.729 |
667.738 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
620.523 |
648.948 |
688.250 |
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Capital work-in-progress |
231.452 |
5.475 |
5.475 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.091
|
0.000 |
0.000 |
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Sundry Debtors |
0.000
|
0.000 |
0.000 |
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Cash & Bank Balances |
5.217
|
0.049 |
0.340 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
110.226
|
55.053 |
12.697 |
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Total
Current Assets |
115.534
|
55.102 |
13.037 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
79.930
|
2.243 |
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Provisions |
0.553
|
0.553 |
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Total
Current Liabilities |
80.483
|
2.796 |
39.024 |
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Net Current Assets |
35.051
|
52.306 |
(25.987) |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
887.026 |
706.729 |
667.738 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2005 |
31.03.2004 |
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Sales Turnover |
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NA |
NA |
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Other Income |
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NA |
1.541 |
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Total Income |
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NA |
1.541 |
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Profit/(Loss) Before Tax |
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(78.482) |
(1294.612) |
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Provision for Taxation |
|
0.000 |
(0.553) |
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Profit/(Loss) After Tax |
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(78.482) |
(1295.165) |
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Export Earning : |
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0.000 |
0.114 |
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Expenditures : |
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Administrative Expenses |
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7.526 |
33.724 |
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Payment to Auditors |
|
1.995 |
-- |
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Interest and Financial Charges |
|
31.653 |
259.226 |
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Depreciation & Amortization |
|
39.303 |
1003.203 |
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Other Expenditure |
|
750.605 |
-- |
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Total Expenditure |
|
831.082 |
1296.153 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
NA
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NA |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
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NA |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
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(11.14) |
(184.60) |
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Return on Investment (ROI) (PBT/Networth) |
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NA
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(0.12) |
1.88 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.16
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0.00 |
(0.05) |
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Current Ratio (Current Asset/Current Liability) |
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1.43
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19.70 |
0.33 |
LOCAL AGENCY FURTHER INFORMATION
Fixed Asset:
©
Plant and Machinery
Generic Names of Three
Principal Products of the company:
|
Item Code No. |
Product
Description |
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NA |
Providing Cellular Services |
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852520.05 |
Cellular Telephone |
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854212.00 |
Sim Cards |
Notes to Accounts:
1. Contingent Liability: Performance and Financial Guarantees given in
the favour of Department of Telecommunications for Rs.275.000 millions
2. As per the ETL Acquisition Agreement dated 15.01.2004 between Idea
Cellular Limited and Escorts Limited (The parent) and Escorts
Telecommunications Limited (the Company). Idea Cellular Limited, will acquire
the company without any Liability of nay kind whatsoever and therefore the
amount of Rs.1414.500 millions to the extent not payable to the Escorts Limited
(The Parent) by Escorts Telecommunications Limited (The Company) has been
transferred to Capital Reserve.
3. During the year the Escorts Limited has given Rs.20.000 millions as
Unsecured interest free loan to Escorts Telecommunication Limited which in turn
has been given as advance to Iserce India Solutions Private Limited for the
purpose of depositing cash margin for bank guarantee issued by HDFC Bank
Limited in favour of Department of Telecommunication (DOT), Delhi in
consideration to grant of license to M/s. Iserve Solutions Limited. The company
(Iserve India Solutions Private Limited) has already approached the DOT for the
surrender of the said license and after the surrender; the Iserve India
Solutions Private Limited would pay the amount of cash margin deposited with
HDFC Bank Limited back to Escorts Telecommunication Limited.
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Corporate
identity number (CIN) Foreign company registration number |
U9999DL1997PTC091180 |
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Name of the
Company |
ESCORTS
GLEMEAGLES HEALTH CARE LIMITED |
|
Address |
A 30, Mohan
Co-Operative Industrial Estate, |
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This form is for |
Creation of
Charge |
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Type of Charge |
Hypothecation |
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Particulars of
the charge holder |
UTI Bank Limited 1262 / B, |
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Amount secured by
the charge |
Rs.1300.000
millions |
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Brief of the
principal terms and conditions |
Commission 0.55%
p.a. other terms and conditions as per agreement dated 28.02.2006 |
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Description of
the property charged indicating |
Stock in trade,
Plant and Machinery, Furniture and Fixture Particulars of
property charged Hypothecation of
plant and machinery, furniture and fixtures procured under LC |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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 Intl
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 companys 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.40.30 |
|
|
1 |
Rs.82.97 |
|
Euro |
1 |
Rs.55.64 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
- |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
2 |
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--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
YES |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
22 |
This score serves as a reference to assess SCs 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 |
|