MIRA
INFORM REPORT
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Report Date : |
28.03.2011 |
IDENTIFICATION DETAILS
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Name : |
POINT RED TELECOM LIMITED (w.e.f 09.08.2010) |
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Formerly Known
As : |
POINT RED TELECOM PRIVATE LIMITED |
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Registered
Office : |
#18/11B, Roopena Agrahara Begur Hobli, Hosur Main Road, Madiwala,
Bangalore – 560068, Karnataka |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
28.03.2005 |
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Com. Reg. No.: |
18-047544 |
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CIN No.: [Company Identification
No.] |
U72200KA2005PLC047544 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRP05886G |
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PAN No.: [Permanent Account No.] |
AADCP5875C |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Designing, Developing, Producing and Managing Telecommunication and
Internet related networking equipments and related activities. |
RATING & COMMENTS
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MIRA’s Rating : |
B (26) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 350000 |
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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 an established company having moderate track. There appears
some accumulated losses recorded by the company. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.
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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 |
INFORMATION DECLINED BY
|
Name : |
Mr. Santosh |
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Designation : |
Accounts Department |
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Date : |
26.03.2011 |
LOCATIONS
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Registered Office : |
#18/11B, Roopena Agrahara Begur Hobli, Hosur Main Road, Madiwala,
Bangalore – 560068, Karnataka, India |
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Tel. No.: |
91-80-25724853/54 |
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Fax No.: |
91-80-25724856 |
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E-Mail : |
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Website : |
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Corporate Office : |
18/11B, Roopena Agrahara Begur Hobli Main Road, Bangalore – 560068,
Karnataka, India |
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Tel. No.: |
91-80-25724853/25724854 |
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Fax No.: |
91-80-25724856 |
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Branches : |
Located at:
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International Branches : |
Located at: |
DIRECTORS
As On 27.09.2010
|
Name : |
Mr. Ramamurthy Vijaykumar |
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Designation : |
Director |
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Address : |
New No. 3, Old No. 56A, |
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Date of Birth/Age : |
27.02.1970 |
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Date of Appointment : |
27.09.2006 |
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DIN No.: |
00158328 |
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Name : |
Mr. Balasubramanian Krishnamurthy
Sreekrishna |
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Designation : |
Managing Director |
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Address : |
E-150, Amar Colony, Lajpat Nagar, |
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Date of Birth/Age : |
18.10.1974 |
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Date of Appointment : |
01.07.2010 |
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DIN No.: |
00496154 |
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Name : |
Mr. Laksminarasimhan Nerur K. Sathyanarayan |
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Designation : |
Director |
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Address : |
47/2, |
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Date of Birth/Age : |
12.05.1964 |
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Date of Appointment : |
10.09.2010 |
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DIN No.: |
01966236 |
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Name : |
Mr. Hari Annaswamy Sethuraman |
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Designation : |
Director |
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Address : |
D-2, Aashiana, #9 Venus Colony, II Cross Street, Alwarpert, Chennai –
600018, Tamilnadu, India |
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Date of Birth/Age : |
24.12.1970 |
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Date of Appointment : |
30.12.2009 |
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DIN No.: |
00427835 |
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Name : |
Mr. Ramamurthy Ramkumar |
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Designation : |
Managing Director |
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Address : |
New No. 3, Old No. 56A, |
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Date of Birth/Age : |
04.08.1968 |
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Date of Appointment : |
01.10.2008 |
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Date of Cessation : |
10.09.2010 |
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DIN No. : |
00158308 |
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Name : |
Mr. Chandragiri Venkata Bhaskar |
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Designation : |
Director |
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Address : |
Door No. C 8A, Cee Dee Yes Regal |
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Date of Birth/Age : |
04.08.1968 |
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Date of Appointment : |
01.06.2007 |
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Date of Cessation : |
10.09.2010 |
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DIN No. : |
01473092 |
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Name : |
Mr, Anthony V. M. Trinidad |
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Designation : |
Director |
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Address : |
D2-2042, Vasant Kunj, |
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Date of Appointment : |
28.03.2005 |
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Name : |
Mr. Subhash Gobind Ram Sachdeva |
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Designation : |
Director |
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Address : |
D2-2042, Vasant Kunj, |
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Date of Appointment : |
28.03.2005 |
KEY EXECUTIVES
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Name : |
Mr. Santosh |
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Designation : |
Accounts Department |
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Name : |
Mr. J. R. Chandramouli |
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Designation : |
Company Secretary |
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Address : |
24/1, |
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Date of Birth/Age : |
04.02.1961 |
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Date of Appointment : |
10.09.2010 |
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Pan No.: |
AAFDC0818B |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 27.09.2010
|
Names of Shareholders |
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No. of Shares |
|
Gemini Communication Limited – |
|
10131099 |
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R. Vijaykumar Jt with Gemini Communication Limited – |
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1 |
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R. Ramkumar Jt with Gemini Communication Limited – |
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10 |
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B. Sreekrishna Jt with Gemini Communication Limited – |
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10 |
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B. Srinivasan Jt with Gemini Communication Limited – |
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10 |
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Hari Sethuraman Jt with Gemini Communication Limited – |
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10 |
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L. Sathyanarayanan Jt with Gemini Communication Limited – |
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10 |
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Total |
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10131150 |
As On 27.09.2010
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Category |
Percentage |
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Bodies corporate |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Designing, Developing, Producing and Managing Telecommunication and Internet
related networking equipments and related activities. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
120 (approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
K. Parthasarathy Chartered Accountant |
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Address : |
No. 3, |
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Mobile No.: |
91-9840803617 |
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E-Mail : |
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Pan No.: |
AKUPP1321K |
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Holding Company : |
CIN: L32301TN1995PLC030087 |
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Subsidiaries : |
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Associate Company : |
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CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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10140000 |
Equity Shares |
Rs. 10/- each |
Rs. 101.400 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
10131100 |
Equity Shares |
Rs. 10/- each |
Rs. 101.311
Millions |
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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 |
101.311 |
101.311 |
101.311 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
13.888 |
15.792 |
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4] (Accumulated Losses) |
(13.368) |
0.000 |
0.000 |
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NETWORTH |
87.943 |
115.199 |
117.103 |
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LOAN FUNDS |
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1] Secured Loans |
151.660 |
0.000 |
0.000 |
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2] Unsecured Loans |
154.916 |
0.271 |
0.780 |
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TOTAL BORROWING |
306.576 |
0.271 |
0.780 |
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DEFERRED TAX LIABILITIES |
2.765 |
1.304 |
0.179 |
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TOTAL |
397.284 |
116.774 |
118.062 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
49.929 |
35.174 |
20.573 |
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Capital work-in-progress |
0.000 |
0.000 |
11.143 |
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INVESTMENT |
0.060 |
0.060 |
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 |
28.102
|
9.482 |
5.557 |
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Sundry Debtors |
328.047
|
77.853 |
116.159 |
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Cash & Bank Balances |
37.511
|
1.453 |
1.492 |
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Other Current Assets |
21.453
|
2.416 |
0.619 |
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Loans & Advances |
68.497
|
9.856 |
20.396 |
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Total
Current Assets |
483.610
|
101.060 |
144.223 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
77.798 |
11.196 |
51.263 |
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Other Current Liabilities |
58.418
|
8.225 |
2.379 |
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Provisions |
0.099
|
0.099 |
4.236 |
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Total
Current Liabilities |
136.315
|
19.520 |
57.878 |
|
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Net Current Assets |
347.295
|
81.540 |
86.345 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
397.284 |
116.775 |
118.062 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
461.141 |
246.732 |
207.350 |
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Other Income |
0.091 |
12.831 |
0.241 |
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TOTAL (A) |
461.232 |
259.563 |
207.591 |
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Less |
EXPENSES |
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|
|
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|
Cost of materials and project expenses |
441.093 |
239.320 |
171.454 |
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Salaries and staff welfare |
14.262 |
10.648 |
9.499 |
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Administrative expenses |
43.622 |
11.949 |
15.242 |
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|
Selling and distribution expenses |
2.360 |
1.301 |
0.896 |
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Increase/Decrease in stock |
(18.619) |
(3.925) |
(1.329) |
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TOTAL (B) |
482.718 |
259.293 |
195.762 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(21.486) |
0.270 |
11.829 |
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Less |
FINANCIAL
EXPENSES (D) |
2.949 |
0.233 |
0.016 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(24.435) |
0.037 |
11.813 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.360 |
0.719 |
0.191 |
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PROFIT BEFORE
TAX (E-F) (G) |
(25.795) |
(0.682) |
11.622 |
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Less |
TAX (I) |
(1.461) |
1.224 |
4.408 |
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PROFIT AFTER TAX
(G-I) (J) |
(27.256) |
(1.906) |
7.214 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
13.888 |
15.794 |
NA |
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BALANCE CARRIED
TO THE B/S |
(13.368) |
13.888 |
NA |
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IMPORTS |
NA |
NA |
1.902 |
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Earnings Per
Share (Rs.) |
|
|
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|
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|
- Basic |
(2.69) |
(0.19) |
191.64 |
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- Diluted |
(2.69) |
(0.19) |
191.64 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(5.91)
|
(0.73) |
3.48 |
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Net Profit Margin (PBT/Sales) |
(%) |
(5.59)
|
(0.28) |
5.61 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(4.83)
|
(0.50) |
7.17 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.29
|
(0.01) |
0.10 |
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Debt Equity Ratio (Total Liability/Networth) |
|
5.04
|
0.17 |
0.50 |
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Current Ratio (Current Asset/Current Liability) |
|
3.55
|
5.18 |
2.49 |
LOCAL AGENCY FURTHER INFORMATION
The Details of
sundry creditors
Rs.
In Millions
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
77.798 |
11.196 |
51.263 |
Note:
The Registered office of the company has been shifted from 234 A Ground
Floor, Above Orient Bank Of Commerce Chandni Plaza, Sant Nagar, East Of Kailash
New Delhi – 110065,
Performance and Future
Prospects:
Financial year 2010 has been a successful year for Pointred booked
revenues for the BSNL Wimax Rural 1 project and also grabbed the order for 304
crores for BSNL Wimax Rural 2 project by beating the competitions such as ZTE,
Huawei, Motorala, Samsung, Aviat and Alvarion. Pointred holds 38% market share
in BSNL Wimax deployments in
Being the only 4G
Form 8:
|
Corporate
identity number of the company |
U72200KA2005PLC047544 |
||||||
|
Name of the
company |
POINT RED
TELECOM LIMITED |
||||||
|
Address of the
registered office or of the principal place of business in |
#18/11B, Roopena Agrahara Begur Hobli, Hosur Main Road, Madiwala,
Bangalore – 560068, Karnataka, India |
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This form is for |
Creation of
charge |
||||||
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Type of charge |
Book Debts Movable Property Escrow/ TRA under
tii-partied agreement |
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Particular of
charge holder |
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||||||
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Nature of
instrument creating charge |
Deed of
Hypothecation dated 09.08.2010 |
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Date of
instrument Creating the charge |
09.08.2010 |
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Amount secured by
the charge |
Rs. 600.000 Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
- CC - @ BPLR minus 75 bps i.e.12.00% (presently BPLR is @ 12.75% p.a)
payable monthly. Terms of
Repayment - CC - On Demand LC - On due date/expiry BG - On due date/expiry Margin - CC - 25%
on receivables from BSNL through GCL LC -
15% BG -
15% Extent and
Operation of the charge - First charge on all movable fixed and current assets
of the company, First charge on Escrow/TRA under tripartied agreement among
lenders of PTPL/GCL for CC, LC and BG limits. Others -
Financial assistance for project (WiMax-II Project of BSNL) specific working
capital limits. |
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Particulars of
the property charged |
First charge on
whole of the movable properties of the Borrower including its moveable plant
and machinery, machinery spares, tools, accessories and other moveables both
present and future First charge on
Escrow/ TRA under tri-partied agreement among lenders of Point Red Telecom
Private Limited/Gemini Communication Limited |
Fixed Assets:
- Land and building
- Plant and machinery
- Furniture and fixtures
- Software
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.44.65 |
|
|
1 |
Rs.71.91 |
|
Euro |
1 |
Rs.63.28 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
26 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.