MIRA
INFORM REPORT
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Report Date : |
05.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
VIDEOCON TELECOMMUNICATIONS LIMITED |
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Formerly Known
As : |
DATACOM SOLUTIONS LIMITED DATACOM SOLUTIONS PRIVATE LIMITED |
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Registered
Office : |
171 – C, 17th Floor, Mittal
Court, C Wing, Nariman Point, Mumbai – 400021, |
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Country : |
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Financials (as
on) : |
30.09.2009 |
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Date of
Incorporation : |
07.06.2007 |
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Com. Reg. No.: |
16-204763 |
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CIN No.: [Company Identification
No.] |
U72900MH2007PLC204763 |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Providing Telecommunication Services |
RATING & COMMENTS
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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 216000000 |
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Status : |
Yet to commence business |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of Videocon
International Electronics Limited. It is a relatively new company and yet to
commence its commercial business activities. Trade relations are reported as
fair. Business is active. Payments are reported to be usually correct and as
per commitments. In view of strong promoters the company can be considered normal for
business dealings at usual trade terms and conditions. The Profit and Loss of the Company is not available. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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|
A1 |
A1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
171 – C, 17th Floor, Mittal
Court, C Wing, Nariman Point, Mumbai – 400021, |
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E-Mail : |
DIRECTORS
As On 31.12.2009
|
Name : |
Mr. Pradipkumar Dhoot |
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Designation : |
Director |
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Address : |
Flat No. 99, Videocon House, 1st
Floor, |
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Date of Birth/Age : |
22.03.1960 |
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Date of Appointment : |
12.12.2007 |
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DIN No. : |
01635315 |
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Name : |
Mr. Rajkumar Nandlal
Dhoot |
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Designation : |
Managing Director |
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Address : |
Dhoot Bunglow, |
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Date of Birth/Age : |
11.09.1955 |
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Date of Appointment : |
12.12.2007 |
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DIN No. : |
00419480 |
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Name : |
Mr. Subhash Shamsunder
Dayama |
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Designation : |
Director |
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Address : |
Sukharta Society, |
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Date of Birth/Age : |
05.05.1961 |
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Date of Appointment : |
10.06.2008 |
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DIN No. : |
00217692 |
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Name : |
Mr. Kuldeep Kumar Drabu |
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Designation : |
Director |
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Address : |
C – 1/13, DLF Qutub Enclave, Phase I, Gurgaon – 122002, |
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Date of Birth/Age : |
30.09.1958 |
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Date of Appointment : |
12.12.2007 |
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Date of Cessation : |
24.09.2009 |
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DIN No. : |
00087481 |
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Name : |
Manjit Singh |
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Designation : |
Director |
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Address : |
B-54, Sector 14, Noida – 201301, |
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Date of Birth/Age : |
01.10.1944 |
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Date of Appointment : |
22.08.2009 |
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Date of Cessation : |
18.09.2009 |
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DIN No. : |
01747143 |
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Name : |
Shriyans Kumar Jain |
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Designation : |
Director |
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Address : |
BE-43, Janak Puri,
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Date of Birth/Age : |
09.04.1945 |
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Date of Appointment : |
22.08.2007 |
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Date of Cessation : |
14.03.2009 |
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DIN No. : |
01565460 |
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Name : |
Mr. Mahendra Nahata |
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Designation : |
Additional Director |
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Address : |
93, Phase VI, MOhali – 160055, |
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Date of Birth/Age : |
19.05.1959 |
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Date of Appointment : |
10.06.2008 |
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Date of Cessation : |
15.12.2008 |
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DIN No. : |
00052898 |
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Name : |
Mr. Sunil Kumar Kulshrestha |
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Designation : |
Additional Director |
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Address : |
A-719, Mea Apartments, Sector 62, Noida –
201307, |
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Date of Birth/Age : |
26.05.1953 |
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Date of Appointment : |
15.12.2008 |
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Date of Cessation : |
18.09.2009 |
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DIN No. : |
01070854 |
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Name : |
Mr. Surendra Lunia |
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Designation : |
Additional Director |
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Address : |
H. No. 607, Sector 36-B, |
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Date of Birth/Age : |
18.10.1962 |
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Date of Appointment : |
14.03.2009 |
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Date of Cessation : |
18.09.2009 |
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DIN No. : |
00121156 |
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Name : |
Mr. Anil Kumar Aggarwal |
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Designation : |
Director |
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Address : |
506 Surya Kiran 19
Kasturba Gandhi Marg, |
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Date of Birth/Age : |
15.07.1968 |
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DIN No. : |
00207013 |
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Name : |
Mr. Kamal Kumar Sharma |
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Designation : |
Director |
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Address : |
93, Phase VI, Mohali – 160055, |
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Date of Birth/Age : |
02.09.1959 |
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DIN No. : |
00606090 |
KEY EXECUTIVES
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Name : |
Mr. Chandrashekhar Ashok
Nagarkar |
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Designation : |
Company Secretary |
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Address : |
37/5, Omkar Apartment, Renavikar
Nagar, Savedi, Ahmednagar – 414003, |
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Date of Birth/Age : |
17.03.1976 |
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Date of Appointment : |
10.06.2008 |
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Pan No. : |
ACMPN7915R |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 31.12.2009
|
Names of Shareholders |
|
No. of Shares |
|
Videocon Industries Limited – |
|
56000000 |
|
Videocon International Electronics Limited – |
|
429999960 |
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Jumbo Techno Services Private Limited – |
|
54000000 |
|
Dhoot Nandlal Venugopal |
|
10 |
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Dhoot Nandlal Pradipkumar |
|
10 |
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Dhoot Nandlal Rajkumar |
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10 |
|
Dhoot Pradipkumar Saurabh |
|
10 |
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Total |
|
540000000 |
As On 23.01.2010
|
List of Allottees |
|
No. of Shares |
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Videocon Industries Limited – |
|
99552000 |
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Videocon International Electronics Limited – |
|
764448000 |
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Jumbo Techno Services Private Limited – |
|
96000000 |
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Total |
|
960000000 |
As On 31.12.2009
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Bodies corporate |
|
100.00 |
|
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Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Telecommunication Services |
GENERAL INFORMATION
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Bankers : |
Not Available |
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Facilities : |
Notes: Short term loans of Rs. 12110.290 millions
(previous year Rs. 9990.000 millions) are secured
by negative lien on the telecom licence, pledge/non
disposal undertaking of shares of the company held by the ultimate holding
company videocon industries limited (VIL) Shore term loan of Rs. 3579.980 millions
(previous year Nil) will be secured by first pari-passu
charge on the assets of the company after conversion of the loan into project
loan under syndication. Till then the loan is secured by first pari-passu charge on a property owned by videocon industries limited, the ultimate holding
company. These loans are further secured by corporate gurantee
of videcon industries limited and personal
guarantees of Shri. V. N. Dhoot,
Shri P. N. Dhoot and Shri R. N. Dhoot Vehicle loans from banks are secured by way of hypothecation of
vehicles acquired out of the said loans.
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Financial Institute : |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Khandelwal Jain and Company Chartered Accountant |
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Address : |
221, Hans Bhawan, Bahadur
Shah Zafar Marg, |
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Pan No. : |
AAAFK0985C |
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Name : |
Kadam and Company Chartered Accountant |
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Address : |
“Vedant” 8/9, Viraj
Estate, Opposite Tarakpur Bus Stand, Ahmednagar – 414003, |
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Pan No. : |
ABBPK8294J |
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Ultimate Holding Company : |
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Holding Company : |
CIN: U32100MH2003PLC142232
CIN: U64201PB2008PTC031630 |
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Associates : |
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CAPITAL STRUCTURE
As On 30.09.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4000000000 |
Equity Shares |
Rs. 10/- each |
Rs. 40000.000 Millions |
|
4000000000 |
Preference Shares |
Rs. 10/- each |
Rs. 40000.000 Millions |
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Total |
|
Rs. |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
540000000 |
Equity Shares |
Rs. 10/- each |
Rs. 5400.000 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
30.09.2009 |
30.08.2008 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
|
5400.000 |
1500.000 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
0.000 |
0.000 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
5400.000 |
1500.000 |
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|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
15695.367 |
9996.982 |
|
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2] Unsecured Loans |
|
3417.552 |
8300.074 |
|
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TOTAL BORROWING |
|
19112.919 |
18297.056 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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TOTAL |
|
24512.919 |
19797.056 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
43.485 |
26.549 |
|
|
Capital work-in-progress |
|
21045.601 |
17036.031 |
|
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|
|
|
|
|
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INVESTMENT |
|
0.499 |
0.499 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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|
Inventories |
|
0.000
|
0.000 |
|
|
Sundry Debtors |
|
0.000
|
0.000 |
|
|
Cash & Bank Balances |
|
1605.621
|
854.438 |
|
|
Other Current Assets |
|
82.228
|
44.686 |
|
|
Loans & Advances |
|
304.739
|
802.239 |
|
Total
Current Assets |
|
1992.588
|
1701.363 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
2551.177
|
54.632 |
|
|
Other Current Liabilities |
|
2396.485
|
19.176 |
|
|
Provisions |
|
3.594
|
1.037 |
|
Total
Current Liabilities |
|
4951.256
|
74.845 |
|
|
Net Current Assets |
|
(2958.668)
|
1626.518 |
|
|
|
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|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
PREOPERATIVE EXPENDITURE PENDING ALLOCATION |
|
6382.002 |
1107.459 |
|
|
|
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|
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|
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TOTAL |
|
24512.919 |
19797.056 |
|
KEY RATIOS
|
PARTICULARS |
|
|
30.09.2009 |
30.08.2008 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
4.46 |
12.71 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
0.40 |
22.73 |
LOCAL AGENCY FURTHER INFORMATION
Note:The Registered office
of the company has been shifted from 3055, Sector – 70, S.A.S. Nagar, Mohali – 160071,
Operations and
Performance:
The Company has
been awarded UAS License for 21 circles by the Department of Telecommunications,
Ministry of Communications and IT, Government of India.
During the year,
the Company started taking necessary steps for roll-out of services. The
Company has initiated the process of erecting the necessary infrastructure
required for providing the GSM services in different circles. The Company also
is in advanced stage of syndicating the necessary finances for the proposed
capital expenditure programme and is in discussions
with various banks/financial institutions for the same. The Company is also
completing the market research in various circles.
The financial year
of the Company was extended by one month and as such the year has ended on
30.09.2009. This has been done to bring the financial year of the company in
line with that of the holding company.
As of 30.09.2009,
the total pre-operative expenditure pending allocation, stands at Rs. 6382.001 millions (previous year Rs.
1107.459 millions).
During the period,
the Company has further augmented its equity capital. The paid-up capital of
the Company has increased from Rs. 1500.000 millions
to Rs. 5400.000 millions.
|
Corporate
identity number of the company |
U72900MH2007PLC204763
|
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Name of the
company |
VIDEOCON TELECOMMUNICATIONS LIMITED |
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Address of the registered
office or of the principal place of
business in |
171-C, 17TH
Floor, Mittal Court, C Wing, Nariman
Point, Mumbai - 400021, |
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|
This form is for |
Creation of
charge |
||||||
|
Type of charge |
Immovable Property
Movable Property As per attached
Indenture of Mortgage |
||||||
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Particular of
charge holder |
|
||||||
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Nature of
instrument creating charge |
Indenture of
Mortgage dated 11.10.2010 executed in favour of
SBICAP Trustee Company Limited acting as Security Trustee for the financial
assistance aggregating of Rs.71500.000 millions given to the company to
secure the lenders (list of lenders is attached). |
||||||
|
Date of
instrument Creating the charge |
11.10.2010 |
||||||
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Amount secured by
the charge |
R. 71500.000
millions |
||||||
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
- At SBAR present effective rate, 11.75% p.a. (floating) with annual reset of
spread from the date of first disbursement, applicable at monthly rests. Terms of
Repayment - To be repaid in 26 quarterly structured installments commencing
at the end of the quarter after the availability period. Extent and
Operation of the charge - The charge shall operate as security for due
repayment by the Company to the Lenders of their Rupee Loan of Rs. 71500.000 crores (Rupees
Seventy One Thousand Five Hundred millions Only) together with interest,
liquidated damages, costs, charges and expenses and all other monies payable
by the Company to the Lenders in terms of the Loan Agreement dated 31.05.2010
entered into by the Company with the Lenders. |
||||||
|
Particulars of
the property charged |
Freehold DDA Flat
No. 254, First Floor, Block B, Pocket 5, Janta
Category Sector 11, situated in Layout plan in Rohini, New Delhi
- 110 085 together with all the plant and machinery, fixtures and fittings,
both present and future. |
Fixed Assets:
- Plant and machinery
- Furniture and fixture
- Computer
- Office equipment
- Vehicles
- Computer-software
Contingent Liabilities:
Contingent Liabilities not provided for in
respect of:
Rs. In Millions
|
Particulars |
30.09.2009 |
|
Letters of Guarantees |
8809.095 |
|
Letters of Credit |
973.495 |
Subject launches advanced
mobile data services powered by Acision
Acision deploys advanced messaging, mobile broadband
and charging solutions at Videocon GSM Mobile
Services
In the run up to its launch, Videocon will rollout a range of rich mobile messaging, mobile broadband, advanced voicemail, prepaid data charging and mobile marketing services. These services will be powered by a broad range of Acision’s mobile data products, all part of Acision’s Data Services Architecture and Broadband Mobility Suite, including:
- The Acision SMSC, Acision MMSC and Acision Voicemail, all powering the core messaging services
- Acision Message Plus enabling personalised messaging
- Acision Open Internet Proxy supporting mobile broadband
- Acision Mobile Data Charging Engine enabling flexible and reliable charging scenarios.
- Acision Business Tools for business intelligence and reporting.
With this integrated mobile data solution, Videocon can develop highly personalised and differentiated mobile service offerings that will support the newcomer in building a sustainable growth strategy.
S. Krishnan, Group CTO and of Subject said: “This investment represents the commitment to the Indian market as a serious contender in providing the most advanced mobile data services, delivering superior value to the subscribers. Through the partnership with Acision, they have access to the broadest range of world-class communications solutions. Furthermore, Acision has the proven experience and expertise to enable Videocon to bring innovative services to full mass market adoption.”
Atanu Choudhury,
Vice President and General Manager of Acision in
NOTES TO EDITORS
About Acision
As a world leader in mobile data, Acision aims to power innovation and profitable growth in mobile data services. As the pioneer of mobile messaging, Acision’s real time mobile data solutions support its customers worldwide to drive new revenues with innovative services while controlling, optimising and monetising data traffic.
About Videocon Mobile Services
Videocon Mobile Services is a
next-generation GSM mobile service network launched by the Rs.250000.000
millions Videocon Group. The brand will soon be
present across
The Videocon Group is a global
business conglomerate with a strong presence in Household Consumer Goods,
Telecom, DTH, Retail, Oil and Gas and the Power sector. The Group is rated
among
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 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.44.64 |
|
|
1 |
Rs.69.32 |
|
Euro |
1 |
Rs.59.79 |
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 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.