MIRA
INFORM REPORT
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Report Date : |
12.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
VIDEOCON TELECOMMUNICATIONS LIMITED (w.e.f. 20.04.2011) |
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Formerly Known
As : |
DATACOM SOLUTIONS LIMITED (w.e.f. 12.11.2009) 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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Capital
Investment / Paid-up Capital : |
Rs.5400.000 Millions |
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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 |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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 21600000 |
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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.
INFORMATION DECLINED BY
|
Name : |
Mr. Chandrashekar Nagarkar |
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Designation : |
Finance Controller |
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Contact No.: |
91-22-42555000 |
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Date : |
11.05.2011 |
LOCATIONS
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Registered Office : |
171 – C, 17th Floor, Mittal Court, C Wing, Nariman Point,
Mumbai – 400021, |
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Tel. No.: |
91-22-42555000 |
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E-Mail : |
DIRECTORS
As On 31.12.2009
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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 / Finance Controller |
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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 |
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Videocon Industries Limited, |
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56000000 |
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Videocon International Electronics Limited, |
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429999960 |
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Jumbo Techno Services Private Limited, |
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54000000 |
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Dhoot Nandlal Venugopal |
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10 |
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Dhoot Nandlal Pradipkumar |
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10 |
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Dhoot Nandlal Rajkumar |
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10 |
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Dhoot Pradipkumar Saurabh |
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10 |
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Total |
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540000000 |
As on 23.01.2010
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List of Allottees |
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No. of Shares |
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Videocon Industries Limited, |
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99552000 |
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Videocon International Electronics Limited, |
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764448000 |
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Jumbo Techno Services Private Limited, |
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96000000 |
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Total |
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960000000 |
As on 31.12.2009
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Bodies corporate |
|
100.00 |
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Total
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Providing Telecommunication Services |
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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 guarantee 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 : |
SBICAP Trustee
Company Limited - 202, Maker Tower, 'E', Cuffe Parade, Colaba, Mumbai –
400005, Maharashtra, India |
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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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Holding Company : |
CIN: U32100MH2003PLC142232 |
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Ultimate Holding Company : |
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Subsidiary : |
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.80000.000
millions |
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 |
31.08.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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5400.000 |
1500.000 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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0.000 |
0.000 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
|
5400.000 |
1500.000 |
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LOAN FUNDS |
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1] Secured Loans |
|
15695.367 |
9996.982 |
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2] Unsecured Loans |
|
3417.552 |
8300.074 |
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TOTAL BORROWING |
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19112.919 |
18297.056 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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24512.919 |
19797.056 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
43.485 |
26.549 |
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Capital work-in-progress |
|
21045.601 |
17036.031 |
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Preoperative Expenditure Pending Allocation |
|
6382.002 |
1107.459 |
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INVESTMENT |
|
0.499 |
0.499 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
0.000
|
0.000 |
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Sundry Debtors |
|
0.000
|
0.000 |
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Cash & Bank Balances |
|
1605.621
|
854.438 |
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Other Current Assets |
|
82.228
|
44.686 |
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Loans & Advances |
|
304.739
|
802.239 |
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Total
Current Assets |
|
1992.588
|
1701.363 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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Sundry Creditors |
|
2551.177
|
54.632 |
|
|
Other Current Liabilities |
|
2396.485
|
19.176 |
|
|
Provisions |
|
3.594
|
1.037 |
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Total
Current Liabilities |
|
4951.256
|
74.845 |
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Net Current Assets |
|
(2958.668)
|
1626.518 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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TOTAL |
|
24512.919 |
19797.056 |
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KEY RATIOS
|
PARTICULARS |
|
|
30.09.2009 |
31.08.2008 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
4.46 |
12.71 |
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Current Ratio (Current Asset/Current Liability) |
|
|
0.40 |
22.73 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
|
30.09.2009 (Rs. in millions) |
31.08.2008 (Rs.
in millions) |
|
Sundry Creditors |
|
|
|
|
- Due to Micro,
Small and Medium Enterprises |
|
-- |
-- |
|
- Due to Others |
|
2551.177 |
54.632 |
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 30th
September, 2009, the total pre-operative expenditure pending allocation, stands
at Rs.6382.002 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.
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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 |
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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). |
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Date of
instrument Creating the charge |
11.10.2010 |
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Amount secured by
the charge |
R. 71500.000
millions |
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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. |
Contingent Liabilities:
Contingent Liabilities not provided for in respect of:
|
Particulars |
30.09.2009 (Rs. in
Millions) |
|
Letters of Guarantees |
8809.095 |
|
Letters of Credit |
973.495 |
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|
FIXED ASSETS:
v Plant and machinery
v Furniture and fixture
v Computer
v Office equipment
v Vehicles
v Computer-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 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.44.69 |
|
|
1 |
Rs.73.12 |
|
Euro |
1 |
Rs.64.39 |
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.