MIRA
INFORM REPORT
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Report Date : |
08.01.2011 |
NOTE:
The Given Address could not be confirmed
IDENTIFICATION DETAILS
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Name :` |
TATA COMMUNICATIONS TRANSFORMATION SERVICES LIMITED |
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Formerly Known As : |
VSNL GLOBAL SERVICES LIMITED |
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Registered Office : |
C -21/ C 36, G Block, Bandra Kurla Complex, Mumbai – 400098, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
06.10.2006 |
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Com. Reg. No.: |
11-165083 |
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CIN No.: [Company
Identification No.] |
U93090MH2006PLC165083 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMV14350A |
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PAN No.: [Permanent
Account No.] |
AACCV3189Q |
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Legal Form : |
A Closely Held Pubic Limited Liability Company |
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Line of Business : |
Providing Business Process Outsourcing Services including Call Center
Services. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (48) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 1545200 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a Tata group company. It is a well established and a
reputed company having satisfactory track. Trade relations are reported as fair.
Business is active. Payments are reported to be regular and as per
commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
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
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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 |
INFORMATION DECLINED BY
Management not Co-operative.
LOCATIONS
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Registered Office : |
C -21/ C 36, G Block, Bandra Kurla Complex, Mumbai – 400098, |
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Tel. No.: |
91-22-66578765 / 66591965 |
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Fax No. : |
91-22-67251962 |
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E-Mail : |
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Website : |
http://www.tatacommuncations.com
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DIRECTORS
AS ON 23.09.2010
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Name : |
Mr. Srinath Narasimhan |
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Designation : |
Director |
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Address : |
801 Grandbay Apartments, 8th Floor, 17th |
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Date of Birth/Age : |
08.07.1962 |
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Date of Appointment : |
06.10.2006 |
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Other Directorship : |
CIN NO:
L64200MH1986PLC039266 Name of the
Company: VIDESH SANCHAR NIGAM LIMITED Designation : Director CIN NO:
U64200MH2003PLC143200 Name of the
Company: VSNL BROADBAND LIMITED Designation : Director |
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Name : |
Mr. David Eldon Wirt |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
15.11.1962 |
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Date of Appointment : |
23.09.2010 |
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Name : |
Mr. Satish Gopal Ranade |
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Designation : |
Director |
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Address : |
15-8 JPM Society, |
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Date of Birth/Age : |
14.09.1953 |
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Date of Appointment : |
06.10.2006 |
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CIN NO: U72900DL1999PLC100538 Name of the
Company: DIRECT INTERNET LIMITED Designation : Director CIN NO:
U64200MH2003PLC143200 Name of the
Company: VSNL BROADBAND LIMITED Designation : Director CIN NO: U74899DL1994PLC061132 Name of the
Company: PRIMUS TELECOMMUNICATION INDIA LIMITED Designation : Director |
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Name : |
Mr. Srinivasa Rao Addepalli |
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Designation : |
Director |
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Address : |
1002 Dosti Dailsy, Dosti Acres Near Antop Hill, Wadala East,
Mumbai-400037, |
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Date of Birth/Age : |
23.03.1975 |
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Date of Appointment : |
06.10.2006 |
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Name : |
Mr. Sanjay Baweja |
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Designation : |
Director |
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Address : |
H – 29 Street 11, Ranjinder Nagar, |
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Date of Birth/Age : |
11.10.1960 |
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Date of Appointment : |
24.07.2009 |
KEY EXECUTIVES
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Name : |
Mr. Rishabh Aditya |
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Designation : |
Secretary |
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Address : |
A – 604, Dheeraj Gaurav, Heights 11 Off, New Link Road, Andheri West,
Mumbai – 400053, India |
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Date of Birth/Age : |
26.01.70 |
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Date of Appointment : |
09.11.2006 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 23.09.2010
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Names of Shareholders |
No. of Shares |
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Tata Communication Limited, |
499400 |
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V |
100 |
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Satish Ranade |
100 |
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Aroon Dasappa |
100 |
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Srinivasa Addepalli |
100 |
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Rishabh Aditya |
100 |
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Ashok Someshwar |
100 |
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Total |
500000 |
Equity Shares Breakup: (AS ON 23.09.2010)
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Sr.No. |
Category |
Percentage |
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1. |
Bodies corporate |
99.96 |
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2. |
Directors or relatives of directors |
0.04 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Providing Business Process Outsourcing Services including Call Center
Services. |
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GENERAL INFORMATION
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No. of Employees : |
Information Declines by the Management |
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Bankers : |
Not Available |
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Facilities : |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
S.B.Billimoria and Company Chartered Accountant |
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Address : |
706 ‘B’ Wing, 7th Floor, ICC Trade Tower, International
Convention Centre, Senapati Bapat Road, Pune -411016, Maharashtra, India |
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Tel No.: |
91-20-66244600 |
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Fax
No.: |
91-20-66244605 |
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Holding Companies : |
Tata Communications Limited, |
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Fellow Subsidiaries : |
·
Tata Communications Internet Services Limited ·
Tata Communications Banking InfraSolutions
Limited ·
Tata Communications Services( ·
Tata Communications Lanka Limited. ·
Tata Communications International Pte. Limited. ·
VSNL SNOSPV Pte. Limited ·
S&A Internet Services Private Limited ·
Tata Communications ( ·
Tata Communications UK Limited ·
Tata Communications Services ( ·
Tata Communications ( ·
Tata Communications ( ·
Tata Communications ( ·
Tata Communications ( ·
Tata Communications (US) Inc. ·
Tata Communications Deutschland GMBH ·
Tata Communications ( ·
Tata Communications ( ·
Tata Communications ( ·
Tata Communications ( ·
TLGB Luxemburg Holdings Sari. (In liquidation) ·
Tata Communications ( ·
VSNL international (ITXC) Corp. ·
VSNL international (Global) Corp. ·
Tata Communications ( ·
Tata Communications ( ·
VSNL International (IPCO) LIC. ·
ITXC II’ Holdings SARL. ·
Tata Communications ( ·
Tata Communications ( ·
Teleglobe Asia Pte Limited. ·
Tata Communications ( ·
Telegiobe International Luxemberg SARL.(ln
Liquidation) ·
Tata Communications ( ·
Tata Communications ( ·
Tata Communications ( ·
Tata Communications (Nordic) AS ·
Tata Communications ( ·
Tata Communications ( ·
TCP0P Communication GmbH ·
Videsh Sanchar Nigam ·
Tata Communications ( ·
Tata Communications ( |
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Joint Venture of Holding Companies : |
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Joint Venture of Fellow Subsidiary : |
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CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 Millions |
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NOTE:
(Out of which 499400 shares are held by Tata Communications Limited, the
Holding company and balance are held by nominee directors)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
5.000 |
5.000 |
5.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
381.311 |
156.389 |
30.754 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
386.311 |
161.389 |
35.754 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
90.672 |
105.513 |
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TOTAL BORROWING |
0.000 |
90.672 |
105.513 |
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DEFERRED TAX LIABILITIES |
3.556 |
3.556 |
4.623 |
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TOTAL |
389.867 |
255.617 |
145.890 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
189.936 |
179.010 |
180.411 |
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Capital work-in-progress |
0.000 |
41.980 |
3.899 |
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INVESTMENT |
187.196 |
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 |
0.000
|
0.000
|
0.000 |
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Sundry Debtors |
173.423
|
187.283
|
112.203 |
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Cash & Bank Balances |
20.014
|
10.550
|
4.364 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
127.191
|
137.017
|
104.679 |
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Total
Current Assets |
320.628
|
334.850 |
221.246 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
230.375
|
201.549
|
225.928 |
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Other Liabilities |
45.189
|
45.935
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Provisions |
32.329
|
52.739
|
33.738 |
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Total
Current Liabilities |
307.893
|
300.223
|
259.666 |
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Net Current Assets |
12.735
|
34.627
|
(38.420) |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
389.867 |
255.617 |
145.890 |
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PROFIT & LOSS
ACCOUNT
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|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income from Services |
1225.290 |
955.295 |
721.800 |
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Other Income |
33.623 |
32.164 |
0.000 |
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TOTAL (A) |
1258.913 |
987.459 |
721.800 |
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Less |
EXPENSES |
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Salaries, Wages, Bonus, etc. |
588.587 |
478.754 |
311.922 |
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Other Expenditure |
374.700 |
322.878 |
330.757 |
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TOTAL (B) |
963.287 |
801.632 |
642.679 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
295.626 |
185.827 |
79.121 |
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Less |
FINANCIAL
EXPENSES (D) |
0.679 |
6.115 |
7.528 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
294.947 |
179.712 |
71.593 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
51.509 |
36.444 |
24.874 |
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PROFIT BEFORE
TAX (E-F) (G) |
243.438 |
143.268 |
46.719 |
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Less |
TAX (H) |
18.516 |
17.632 |
18.231 |
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PROFIT AFTER TAX
(G-H) (I) |
224.922 |
125.636 |
28.488 |
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EARNINGS IN
FOREIGN CURRENCY |
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Income - Gross |
1097.107 |
833.543 |
697.715 |
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TOTAL EARNINGS |
1097.107 |
833.543 |
697.715 |
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IMPORTS |
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Capital Goods |
5.309 |
18.134 |
36.222 |
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TOTAL IMPORTS |
5.309 |
18.134 |
36.222 |
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Earnings Per
Share (Rs.) |
449.84 |
251.27 |
56.98 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
17.86
|
12.72
|
3.94 |
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Net Profit Margin (PBT/Sales) |
(%) |
19.86
|
14.99
|
6.47 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
47.68
|
27.88
|
11.63 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.63
|
0.88
|
1.30 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.79 |
2.42
|
10.21 |
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Current Ratio (Current Asset/Current Liability) |
|
1.04
|
1.11
|
0.86 |
LOCAL AGENCY FURTHER INFORMATION
Sundry
Creditors Details
(Rs.
In Millions)
|
Particulars |
AS ON 31.03.2010 |
AS ON 31.03.2009 |
AS ON 31.03.2008 |
|
Trade Creditors |
230.375 |
201.549 |
194.425 |
Notes:
Trade Creditors Includes
- Amount due to Tata Communications Limited, the Holding Company,
Rs.27.671 Millions (Previous Year - Rs. 32.541 Millions)
- Amount due to Tata
Communications (UK) Limited, fellow subsidiary - Rs.9.209 Millions
(Previous Year - Rs. 30.116 Millions)
- Amount due to Tata
Communications (
- Amount due to Tata Communications (
- Amount due to Tata
Communications Services (
- Amount due to Tata Communications (US) nc, fellow subsidiary -
Rs.14.871 Millions (Previous Year - Rs. 21.138 millions)
- Amount due to Micro Small
and Medium Enterprises
Strategy Overview
and Operations:
The world of Carriers and telecom service providers is being increasingly challenged with issues such as declining revenues, ARPUs, rapidly changing technology landscape, regulatory changes etc. All these issues impact the financial and operational performances of the telcos. There is increasing realization that Carriers and telecom service providers need to partner with a credible entity that would help them overcome these challenges, manage new network build-outs, efficiently operate delivery processes and finally support a faster go-to-market.
The Company is a 100% subsidiary of Tata Communications (parent), and it is in the business of providing such telecom network transformation services to carriers and telecom service providers. The company has exhaustive understanding of telecom services and processes which is leveraged to devise and deliver solutions for its customers at every stage of telecom process lifecycle viz. Network Engineering, Service Fulfilment and Service Assurance.
The Company has established two world-class delivery centres in Pune and Chennai. The facilities at these centres are completely independent from the operations of its Parent, preserving full confidentiality in managing all customers' business processes.
The Company is committed to carry on its operations with the rich traditions and business ethics of the Tata Group of Companies.
The Company has created and deployed its own Processes and Platforms for identified telecom practice areas and internal support functions, which differentiates it from its competitors in the market place
AWARDS AND
CERTIFICATIONS
Since early 2008, TCTS has been using the Tata Business Excellence Model (TBEM) based on Malcolm Baldrige model as the framework for continuous organisational improvement. The organisation is subject to stringent assessment of its processes and practices by Tata Quality Management Services. Last year the Company achieved a score of 359 against its application filed for the year 2008-09, and crossed over to the 350-450 band.
TCTS had laid out a roadmap for the achievement of international certifications that are important to its customers. Accordingly, TCTS has been certified for its Information Security Management System (ISO 27001), Quality Management System (ISO 9001), Environmental Management System (ISO 14001), Occupational Health and Safety Management System (OHSAS 18001), and Business Continuity Management (BS 25999). As required by its customers, TCTS is also compliant to the Data Protection Act 1998 (UK), Belgian Law on Privacy Protection, and Directive 95/46 EC of the European Parliament and of the Council of the European Union.
Fixed Assets:
- Leasehold
Improvements
- Furniture and
Fixtures
- Office
Equipments
- Computers
- Electrical
Fittings
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 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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.31 |
|
|
1 |
Rs.70.26 |
|
Euro |
1 |
Rs.59.56 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
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.