MIRA
INFORM REPORT
|
Report Date : |
29.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
GLOBAL TOWERS LIMITED |
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Formerly Known As : |
INDIA WIRELESS TECHNOLOGY LIMITED |
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Registered Office : |
Gate No.143, Mouje Dingrajwadi, Koreagaon Bhima, Taluka Shirur, Pune –
412207, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
31.07.1992 |
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Com. Reg. No.: |
11-67964 |
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CIN No.: [Company
Identification No.] |
U64201PN1992PTC067964 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEI04255G |
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PAN No.: [Permanent
Account No.] |
AABCG483D |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer and Suppliers of Telecom and Transmission Tower |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 960000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a part of Global Group. The company has some accumulated
losses. Trade relations are fair. Payments are reported as slow but correct. The company can be considered at usual trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Pushkar |
|
Designation : |
Financial Department |
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Contact No.: |
91-9867029334 |
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Date : |
28.07.2008 |
LOCATIONS
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Registered Office/ Factory 1: |
Gate No.143, Mouje Dingrajwadi, Koreagaon Bhima, Taluka Shirur, Pune –
412207, Maharashtra, India |
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Tel. No.: |
91-2137-252389 |
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Mobile No.: |
91-9867029332/ 9820198123/ 9867621581 |
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Fax No.: |
91-2137-252389 |
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E-Mail : |
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Website : |
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Corporate Office: |
2nd Floor, Global Vision, Electronic Sadan No - II, M.I.D.C.,
TTC Industrial Area, Mahape, India |
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Tel. No.: |
91-22-3911 3000 |
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Fax No.: |
91-22-2762 1901 |
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Email : |
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Factory 2: |
Plot No - 50/51, Road No - 10, IDA, Phase I, Jeedimetla RR
District, Hyderabad – 500055, India |
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Tel. No.: |
91-40-23196656 |
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Fax No.: |
91-40-23196655 |
DIRECTORS
|
Name : |
Mr. Milind Naik |
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Designation : |
Director |
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Address : |
37 Pushkar Apartment, 76 B. W. Pathare Marg, Shivaji Park, Dadar West,
Mumbai – 400028, Maharashtra, India |
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Date of Birth/Age : |
19.03.1962 |
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Date of Appointment : |
01.04.2005 |
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Email: |
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Name : |
Mr. Kannimangalam Vaidyanathan Sesgadri |
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Designation : |
Director |
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Address : |
B2 Kartik Blog Chheda Nagar, Mumbai – 400089, Maharashtra, India |
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Date of Birth/Age : |
04.11.1942 |
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Date of Appointment : |
01.01.2002 |
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Name : |
Mr. Vipul Ramanlal Patel |
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Designation : |
Director |
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Address : |
202, C3, Phase – 3 Vedant Residence Complex, Thane West, Thane –
400606, Maharashtra, India |
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Date of Birth/Age : |
06.05.1970 |
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Date of Appointment : |
26.07.2004 |
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Name : |
Mr. Shrinivas Vishnu Kher |
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Designation : |
Director |
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Address : |
Flat No. 13/14 Shriyash Society Renuka Nagar Building A Vadgaon Budruk
Pune, 411041, Maharashtra, India |
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Date of Birth/Age : |
18.09.1958 |
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Date of Appointment : |
31.03.2006 |
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Name : |
Mr. Pravin Ramrad Challa Venkata |
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Designation : |
Director |
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Address : |
A602 Royal Accord Yogi Nagar, Borivali West, Mumbai – 400092,
Maharashtra, India |
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Date of Birth/Age : |
20.09.1970 |
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Date of Appointment : |
27.06.2005 |
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Name : |
Mr. Santanu Choudhury |
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Designation : |
Director |
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Address : |
1101-A, Juhu Griha Swapna CHS Limited, Gulmohur Cross Road, Road No.4,
Ville Parle, Mumbai – 400049, Maharashtra, India |
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Date of Birth/Age : |
01.02.1962 |
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Date of Appointment : |
31.07.2006 |
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Email : |
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Name : |
Mr. Shashikant N. Jadhav |
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Designation : |
Additional Director |
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Address : |
A/405 Best Swasadan Society, Lilyanagar, S. V, Road, Goregaon (West),
Mumbai – 400062, Maharashtra, India |
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Date of Birth/Age : |
30.03.1957 |
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Date of Appointment : |
18.05.2007 |
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Email : |
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Name : |
Mr. Arun V. Prabhukhanolkar |
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Designation : |
Whole Tine Director |
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Address : |
512 Krishnakunj, 16 Jay Prakash Nagar, Mumbai – 400063, Maharashtra,
India |
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Date of Birth/Age : |
21.05.1981 |
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Date of Appointment : |
15.05.2007 |
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Email : |
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Name : |
Mr. Kishor Virabhadra Kale |
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Designation : |
Whole Time Director |
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Address : |
Bulding No.32m Flat No.703, Sea Wood Estate, NRI Complex, Palm Beach Nerul
Navi Mumbai – 400706, Maharashtra, India |
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Date of Birth/Age : |
08.10.1947 |
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Date of Appointment : |
03.10.2007 |
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Email : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2007)
|
Category |
|
Percentage |
|
|
|
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|
Public Financial Companies |
|
1.61 |
|
Bodies Corporate (not mentioned above) |
|
90.55 |
|
Other top fifty Shareholders (other than listed above) |
|
4.58 |
|
Others |
|
3.26 |
|
|
|
|
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Suppliers of Telecom and Transmission Tower |
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Products : |
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Terms : |
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Selling : |
It is ratio when we deal like 50-50/ 30-70/ 40-60 |
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Purchasing : |
Cash 100% For Buying Steel |
GENERAL
INFORMATION
|
Customers : |
End Users
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No. of Employees : |
100 |
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Bankers : |
IndusInd Bank, Nariman Point |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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|
Name : |
Godbole Bhave and Company Chartered Accountant |
|
Address : |
6 Bakul, Dadar Makarand CHS Limited, Senapati Bapat, Marg, Dadar
(West), Mumbai – 400028, Maharashtra, India |
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Name : |
P. Parekh and Associates Chartered Accountant |
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Address : |
Maneckji Wadia Building 4th Floor, 127 M G Road, Opposite
Bombay University, Mumbai – 400001, Maharashtra, India |
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Group Companies : |
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Holding Company : |
Global Holding Corporation Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
18000000 |
Equity Shares |
Rs.10/- each |
Rs.180.000 Millions |
|
1200000 |
Preference Shares |
Rs.100/- each |
Rs.120.000 Millions |
|
|
|
|
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Total |
|
Rs.300.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12457000 |
Equity Shares |
Rs.10/- each |
Rs.124.570 Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
124.570 |
124.570 |
131.285 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
218.846 |
218.846 |
218.846 |
|
|
4] (Accumulated Losses) |
(151.238) |
(158.467) |
(176.177) |
|
|
NETWORTH |
192.178 |
184.949 |
173.954 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2.126 |
1.833 |
0.000 |
|
|
2] Unsecured Loans |
70.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
72.126 |
1.833 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
264.304 |
186.782 |
173.954 |
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
85.480 |
64.642 |
75.195 |
|
|
Capital work-in-progress |
53.740 |
25.550 |
25.550 |
|
|
|
|
|
|
|
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INVESTMENT |
13.951 |
3.878 |
0.006 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
75.819
|
42.005 |
156.869 |
|
|
Sundry Debtors |
419.967
|
183.865 |
182.683 |
|
|
Cash & Bank Balances |
66.866
|
8.240 |
9.579 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
49.843
|
306.088 |
35.360 |
|
Total
Current Assets |
612.495
|
540.198 |
384.491 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
500.796
|
448.379 |
311.283 |
|
|
Provisions |
0.566
|
0.252 |
0.005 |
|
Total
Current Liabilities |
501.362
|
448.631 |
311.288 |
|
|
Net Current Assets |
111.133
|
91.567 |
73.203 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
Project Expenditure Pending Capitalization |
0.000 |
1.145 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
264.304 |
186.782 |
173.954 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
505.412 |
425.276 |
|
|
Other Income |
|
0.000 |
0.000 |
|
|
Total Income |
|
505.412 |
425.276 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
11.449 |
18.108 |
|
|
Provision for Taxation |
|
0.000 |
.000 |
|
|
Profit/(Loss) After Tax |
|
11.449 |
18.108 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Interests |
|
1.598 |
3.808 |
|
|
Depreciation & Amortization |
|
5.987 |
5.153 |
|
|
Other Expenditure |
|
486.378 |
398.207 |
|
Total Expenditure |
|
493.963 |
407.168 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
2.27
|
4.27 |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.27
|
4.27 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.64
|
2.99 |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
0.10 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.98
|
0.27 |
1.79 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.22
|
1.20 |
1.24 |
LOCAL AGENCY
FURTHER INFORMATION
Trade Reference:
- Aircel
- Vodafone
- BSNL
Website Details
Milestones:
- The Company was
incorporated on July 31, 1992 as Global Wireless Technology Private
Limited to carry on the business of manufacturers, traders, importers,
exporters, assemblers and fabricators, maintainers, owners and operators
of all kinds of Hi-Tech Telecommunication Equipments, Office equipments,
Telephone Systems and Wireless Equipments.
- On November 13, 1992,
the Company converted into a Public Limited Company. In the years that
followed, it successfully completed many projects relating to wireless
networking by supplying various equipments and assisted in installation
thereof.
- On December 4, 2002,
the name of the Company was changed to ‘India Wireless Technology Limited’
(IWTL), to reflect the use of wireless technology in the production of
wireless communication equipments, walkie talkie sets and microwave
antenna.
- The year 2005
catapulted our foray into the manufacturing arena with a maiden order from
NOKIA and thereafter we have gone from strength to strength expanding our
client base and scope of operations.
- In view of
globalization, the management is planning to do business with domestic and
international players in the telecommunication sector and accordingly
decided to change the name from “India Wireless Technology Limited” to
“Global Towers Limited”. The prefix word ‘Global’ is suggested to reflect
its plan for catering overseas customers.
- Presently, the Company
is manufacturing telecom towers. Activities pertaining to fabrication and
manufacturing of tower parts are undertaken at Pune & Hyderabad
Factory and in-house galvanizing commenced from August, 2007 at Pune.
Corporate Profile
Subject part of the Global Group, is a player in fabrication
and erection of telecom and transmission towers, servicing needs of leaders in
the Telecom and Power sector.
Global Holding Corporation Private Limited is the holding
company of "Global Group" that has 5 operating companies, two of
which are listed on Indian Stock Exchanges.
The group has Operations across 35 countries, Revenues in
excess of US $601 million and Balance sheet size of over US $1.7 Billion. It
employs more than 12,675 professionals of 22 nationalities and supports 18
social causes.
For over 2 decades Global Group has been partnering with
leading telecom operators and OEMs offering its expertise in wireless
communications. From 2G Networks to 3G and 4G, from WiMAX to IPTV, Global group
provides complete life-cycle solutions around Network Services. The services
include Network Planning and Design, Network Deployment, Network Operations and
Maintenance, Infrastructure Management, Energy Management and Professional
services.
GTL Infrastructure Limited, a Global Group Enterprise is
engineering a Pan India network of over 25,000 towers that are being shared
among the Telecom Operators. The Towers located across Semi Urban and rural
India will help bringing in connectivity at affordable prices to the poorest of
poor, creating a positive impact on Indian economy. By 2010, the Group plans to
Erect, Engineer and Manage 100,000 Cell Sites across 150 Networks. These
Networks are expected to connect more than 100 million subscribers in 50
countries across the world.
Global Group Enterprises have received more than 20
accolades and awards for excellence in Business, Corporate Social
Responsibility, Corporate Governance, Human Resources and Entrepreneurship. The
group flagship company GTL Limited features amongst Top 10 in the Standard
& Poor's ESG India Index, is the recipient of Golden Peacock Global Award
for Corporate Governance 2007 and Golden Peacock Innovation Award for CSR. The
Group offers excellent working conditions and provides for social benefits like
Medical Care and Insurance for the employees and their families.
Introduction:
Subject
has expertise in manufacturing and supplying angular lattice type towers. It
caters to the requirements of Telecom and Transmission sectors.
They
deliver Ground Based Towers that are self-supporting type and erected on the
ground and Roof Top Towers that are mounted on the building. Towers are
designed to act as cantilever trusses to sustain wind and seismic loads.
Towers
of self-supporting type are generally heavier than the roof top towers. They
are used in the fields most commonly. Television, Microwave, Power Transmission
and Lighting Masts are a few of the common applications of self-supporting
towers.
Tower
cross sections vary from square, rectangular or triangular depending on the
application and design suitability on case-to-case basis. Telecom towers
generally conform to the design criteria specified in BSNL generic requirements
(GR) or as per the individual client needs.
Transmission
towers are manufactured as per the specifications, drawings and data sheets
provided by end users like PGCIL, Electricity Boards, Independent Power
Producers, etc.
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.42.30 |
|
UK Pound |
1 |
Rs.84.03 |
|
Euro |
1 |
Rs.66.42 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--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 |
|
53 |
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 |
|