MIRA
INFORM REPORT
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Report Date : |
29.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
INDUS TOWER LIMITED |
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Formerly Name : |
INDUS INFRATEL LIMITED |
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Registered Office : |
The Grand Hotel, Vasant Kunj,
Phase – II, Nelson Mandela Road, New Delhi – 110070 |
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Country : |
India |
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Date of Incorporation : |
20.11.2007 |
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Com. Reg. No.: |
170574 |
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CIN No.: [Company
Identification No.] |
U92100DL2007PLC170574 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELI06654E |
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PAN No.: [Permanent
Account No.] |
AABCI7776B |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Providing Infrastructure Services |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Status : |
New Company |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is a new company promoted by Bharti Group for erection of
towers. Promoters are strong and healthy. No payment could be available. In view of strong promoters, the company can be considered good for
small to mediocre business dealings. |
LOCATIONS
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Registered Office : |
The Grand Hotel, Vasant Kunj,
Phase – II, Nelson Mandela Road, New Delhi – 110070 |
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Head Office : |
Jil Tower- B, 3rd Floor, Plot No.78, Institutional Area, Sectore 18,
Gurgaon – 122001, Haryana |
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Mobile No.: |
91-9871006207 |
DIRECTORS
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Name : |
Mr. Rajan Bharti Mittal |
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Designation : |
Director (Chief Executive Officer) |
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Address : |
E-9/17, Vasant Vihar, Vasant Narg, New Delhi – 110057 |
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Date of Birth/Age : |
05.01.1960 |
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Name : |
Mr. Akhil Pershad Gupta |
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Designation : |
Director |
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Address : |
B – 27, Maharani Bagh, New Delhi – 110065 |
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Date of Birth/Age : |
22.12.1955 |
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Name : |
Mr. Subramanian Lakshmi Narayanan |
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Designation : |
Director |
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Address : |
241, Sector – 15A, Noida – 201301, Uttar Pradesh |
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Date of Birth/Age : |
10.05.1962 |
KEY EXECUTIVES
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Name : |
Mr. Prem Pradeep |
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Designation : |
Assistant |
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Name : |
Mr. Hargovind |
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Designation : |
Assistant of CFO |
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Mobile No.: |
91-9818659148 |
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Name : |
Mr. Rajesh Chopra |
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Designation : |
GM in finance |
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Mobile No.: |
91-9971606669 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 13.11.2007
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Names of Shareholders |
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No. of Shares |
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M/s. Bharti Ventures Limited |
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49,994 |
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Mr. Rajan Bharti Mittal |
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1 |
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Mr. Akhil Gupta |
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1 |
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Mr. Subramanian Lakshmi |
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1 |
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Mr. M G Nene |
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1 |
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Mr. Viresh Dayal |
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1 |
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Mr. Ashok Juneja |
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1 |
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Vodafone Essar Limited |
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50,000 |
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Idea Cellular Infrastructure Services Limited |
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19,047 |
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Total |
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119,047 |
BUSINESS DETAILS
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Line of Business : |
Providing Infrastructure Services |
GENERAL
INFORMATION
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Bankers : |
Not Available |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Holding Company : |
Bharti Group |
CAPITAL STRUCTURE
AS ON 20.11.2007
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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500,000 |
Equity Shares |
Rs. 10/- Each |
Rs. 5.000
Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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119,047 |
Equity Shares |
Rs. 10/- Each |
Rs. 1.190 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
Nil
LOCAL AGENCY FURTHER
INFORMATION
History
Indus Towers is the
new tower company which is to be started as a seperate entity in which Bharti
Infratel, Vodafone Essar and Idea Cellular will be part. Company will be an
independent company which would provide infrastructure services to all the
telecom operators. The company will initially have around 70,000 sites to start
off with and in the coming years will install more towers which can be used by
all the three telecom companies which would reduce the cost of operations.
Bharti and Vodafone will own around 42 per cent stake and 16 per cent will be
owned by Idea Cellular Limited. Company will bring more value to the parent
companies in the coming years.
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 records 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.43.58 |
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UK Pound |
1 |
Rs.80.31 |
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Euro |
1 |
Rs.64.16 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
6 |
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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 |
7 |
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--LEVERAGE |
1~10 |
7 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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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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33 |
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 & 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 & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
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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