MIRA
INFORM REPORT
|
Report Date : |
03.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
BT GLOBAL COMMUNICATIONS INDIA PRIVATE LIMITED (w.e.f.21.06.2007) |
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|
Formerly Known
As : |
i2i ENTERPRISE PRIVATE LIMITED (w.e.f.14.12.2006) i2i ENTERPRISE LIMITED |
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Registered
Office : |
Plot No. A4, B - Cross Road, MIDC, Marol, Andheri (East), Mumbai – 400093, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
08.10.1992 |
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Com. Reg. No.: |
11-154386 |
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Capital
Investment/ Paid-up Capital: |
Rs.112.484 Millions |
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|
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CIN No.: [Company Identification
No.] |
U72900MH1992PTC154386 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMG03547F |
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PAN No.: [Permanent Account No.] |
AAACG1534A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
The Company is Currently
Providing Telecom Services Under ILD and ISP licence. |
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No. of
Employees: |
Information denied by management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 8530000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory record. The
latest financial is missing from government department. However, from the previous year record the company performance seems to
be having satisfactory track record. Financially company performance seems
good. Performance capacity is high. Trade relations are reported to be fair. Business is active. Payment
are reported to be usually correct and as per commitment. The company can be considered for business dealing at usual trade
terms and condition. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DENIED
MANAGEMENT NON CO – OPERATIVE
Tell No.:91-011-4781111
LOCATIONS
|
Registered Office : |
Plot No. A4, B - Cross Road, MIDC, Marol, Andheri (East), Mumbai – 400093, |
|
Tel. No.: |
91- 22 - 39884545 |
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Fax No.: |
91- 22 - 28595055 |
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E-Mail : |
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BT ( (Registered office : |
11th Floor, Eros Corporate Tower, Opposite International
Trade Power Nehru Palce, |
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Tel. No.: |
91-11-47811111 |
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Corporate Office : |
502, 5th Floor, Raheja Titanium II Off. |
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Tel. No.: |
91-22-4243 0000 |
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|
Related Company |
602, Tower B, RMZ Infinity, Municipal No.3, |
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Tel. No.: |
91-44-39884545 |
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Branch Office |
8-A, 8 –D, 8th Floor, Doshi Towers, 156 Poonamallee High
Road, Kilpauk, Chennai -600010, Tamilnadu, India |
|
Tel. No.: |
91-44-39884545 |
DIRECTORS
AS ON 28.09.2012
|
Name : |
Mr. Sudhir Narang |
|
Designation : |
Director |
|
Address : |
10, Vikas Marg, Defence Enclave, |
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Date of Birth/Age : |
18.08.1964 |
|
Date of Appointment : |
15.01.2008 |
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Din No.: |
02015024 |
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|
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Name : |
Mr. Pawan Kumar Khandelwal |
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Designation : |
Director |
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Address : |
Flat No. 0763, 6th Floor, Tower No.7, |
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Date of Birth/Age : |
24.11.1973 |
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Date of Appointment : |
29.09.2011 |
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Din No.: |
01237758 |
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|
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Name : |
Mr. Shyam Hardwerilal Mittal |
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Designation : |
Director |
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Address : |
B 6/41, Gree Fields, Mahakali, |
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Date of Birth/Age : |
10.10.1961 |
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Date of Appointment : |
23.12.2008 |
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Din No.: |
02547644 |
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|
|
Name : |
Mr. Devesh M Nayel |
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Designation : |
Director |
|
Address : |
262, Embassy Heritage, 62/2-1, 8th |
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Date of Birth/Age : |
22.07.1961 |
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Date of Appointment : |
30.09.2010 |
|
Din No.: |
01937063 |
KEY EXECUTIVES
|
Name : |
Mr. Namrata Panjwani |
|
Designation : |
Secretary |
|
Address : |
Ganga Niwas, F -323, Sarita Vihar, |
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Date of Birth/Age : |
15.01.1980 |
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Date of Appointment : |
28.12.2009 |
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Pan No.: |
ALAPP4812C |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 28.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
BT Telecom India Private Limited, |
|
22496881 |
|
BT Telecom India Private Limited, |
|
1 |
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|
|
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Total |
|
22496882 |
Equity Share Break up (Percentage of Total Equity)
AS ON 28.09.2012
|
Category |
|
Percentage |
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|
|
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Bodies corporate |
|
100.00 |
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|
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Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is Currently Providing Telecom Services Under ILD and ISP
licence. |
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GENERAL INFORMATION
|
No. of Employees : |
Information denied by management |
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Bankers : |
Not Divulged |
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Banking
Relations : |
-- |
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Auditors : |
|
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Name : |
Price Waterhouse and Company Chartered Accountant |
|
Address : |
"Building 8, 7th & 8th Floor |
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Pan No.: |
AAEFP3641G |
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Ultimate Holding
Company : |
BT Plc |
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Holding Company : |
BT Telecom India Private Limited CIN No.:U64201DL2005PTC140907 |
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Entities Under
Common Control : |
Infonet Services Corporation BT Singapore Pte Limited Communications Networking Services BT India Private Limited BT Limited BT America Inc BT Global Services Solutions |
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Related Party |
BT Telco Services India Private Limited CIN No.:U64120MH2005PTC158462 |
CAPITAL STRUCTURE
AS ON 28.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity Shares |
Rs.5/- each |
Rs.250.000
Millions |
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|
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|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
22496882 |
Equity Shares |
Rs.5/- each |
Rs.112.484 Millions |
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|
|
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FOOTNOTES
(A) 50,000,000 Equity Shares of Rs.5 each (Previous Year 50,000,000 Equity
Shares of Rs. 5 each)
(B) 22,496,882 Equity Shares of Rs.5 each fully paid-up - Of the above,
22,496,882 shares are held by BT Telecom India Private Limited, the Holding
Company) - Out of the above Equity Shares 11,887,706 Equity Shares have been allotted
as fully paid up Bonus Shares by capitalisation of reserves
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
112.484 |
112.484 |
112.484 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2019.452 |
1648.070 |
1542.550 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2131.936 |
1760.554 |
1655.034 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2131.936 |
1760.554 |
1655.034 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
297.069 |
292.966 |
390.716 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
33.738 |
0.500 |
0.500 |
|
|
DEFERREX TAX ASSETS |
0.000 |
(1.284) |
3.788 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
1326.854
|
1801.793 |
1892.380 |
|
|
Cash & Bank Balances |
431.083
|
78.875 |
383.826 |
|
|
Other Current Assets |
278.074
|
261.014 |
0.000 |
|
|
Loans & Advances |
536.697
|
409.852 |
771.857 |
|
Total
Current Assets |
2572.708
|
2551.534 |
3048.063 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
363.560
|
652.092 |
1361.759 |
|
|
Other Current Liabilities |
382.623
|
411.648 |
411.418 |
|
|
Provisions |
25.396
|
19.422 |
14.856 |
|
Total
Current Liabilities |
771.579
|
1083.162 |
1788.033 |
|
|
Net Current Assets |
1801.129
|
1468.372 |
1260.030 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2131.936 |
1760.554 |
1655.034 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
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|
-International Long distance |
|
4532.267 |
2927.701 |
|
|
|
-Internet service provider |
|
108.069 |
209.846 |
|
|
|
Sales of goods |
|
0.000 |
5.566 |
|
|
|
Other Income |
|
246.894 |
81.420 |
|
|
|
TOTAL |
5098.800 |
4887.230 |
3224.533 |
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
Cost of goods sold |
|
0.000 |
5.126 |
|
|
|
Infrastructure costs |
|
4035.554 |
1912.612 |
|
|
|
Personal expenses |
|
102.448 |
114.558 |
|
|
|
Administrative and other expenses |
|
270.151 |
561.318 |
|
|
|
License fees |
|
276.426 |
180.728 |
|
|
|
Penalty and interest on license fees |
|
9.127 |
1.625 |
|
|
|
TOTAL |
4482.800 |
4693.706 |
2775.967 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
193.524 |
448.566 |
|
|
|
|
|
|
|
|
|
|
DEPRECIATION/
AMORTISATION |
|
82.932 |
97.365 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
216.400 |
110.592 |
351.201 |
|
|
|
|
|
|
|
|
|
|
TAX |
(29.700) |
5.073 |
(0.153) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
246.100 |
105.519 |
351.354 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
1321.087 |
969.733 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
1426.606 |
1321.087 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
3892.443 |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
0.01 |
4.69 |
15.62 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
4.83 |
2.16 |
10.89 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA |
2.38 |
11.19 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.54 |
3.89 |
16.12 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10 |
0.06 |
0.21 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.36 |
0.62 |
1.08 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.33 |
2.36 |
1.70 |
LOCAL AGENCY FURTHER INFORMATION
|
Available
in Report [Yes/No] |
|
|
Year
of Establishment |
Yes |
|
Locality
of the Firm |
Yes |
|
Constitution
of the firm |
Yes |
|
Premises
details |
No |
|
Type
of Business |
Yes |
|
Line
of Business |
Yes |
|
Promoters
background |
Yes |
|
No.
of Employees |
No |
|
Name
of Person Contacted |
No |
|
Designation
of contact person |
No |
|
Turnover
of firm for last three years |
Yes |
|
Profitability
for last three years |
Yes |
|
Reasons
for variation <> 20% |
- |
|
Estimation
for coming financial year |
No |
|
Capital
the business |
Yes |
|
Details
of sister concerns |
Yes |
|
Major
Suppliers |
No |
|
Major
Customers |
No |
|
Payment
Terms |
No |
|
Export
/ Import Details [If Applicable] |
No |
|
Market
Information |
- |
|
Litigations
that the firm / promoter involved in |
- |
|
Banking
Details |
No |
|
Banking
Facility Details |
No |
|
Conduct
of the banking account |
- |
|
Buyer
visit details |
- |
|
Financials,
if provided |
Yes |
|
Incorporation
details, if applicable |
Yes |
|
Last
accounts filed at ROC |
No |
|
Major
Shareholders, if applicable |
Yes |
|
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
PAN
of Proprietor/Partner/Director, if available |
No |
|
Voter
ID No of Proprietor/Partner/Director, if available |
No |
|
External Agency
Rating, if available |
No |
SUNDRY CREDITORS
DETAILS:
(Rs. In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors |
|
|
|
|
Due to Micro, Small and Medium Enterprises |
0.000 |
0.000 |
0.000 |
|
Due to Others |
363.560
|
652.092 |
1361.759 |
|
|
|
|
|
|
Total |
363.560
|
652.092 |
1361.759 |
Background of the
Company
BT Global
Communications India Private Limited ‘the Company’ was acquired by BT Telecom India
Private Limited on May 31 2007. The company has obtained International Long
Distance ILD National Long Distance NLD and Internet Service licences ISP. The
company is currently providing telecom services under ILD and ISP licence.
Note: The registered office of the company has been
shifted from 10th Floor,
CONTINGENT LIABILITY
Corporate Guarantees given on behalf of the Company as at March 31 2011 total Rs. 132.000 Millions Previous Year Rs. 132.000 Millions
Casio has filed a suit against six companies including BT Global Communications India Private Limited Formerly i2i Enterprise Private Limited ‘BTGC’ and Easycall Teleservices Private Limited ‘D5’ to inter alia restrain the BTGC and D5 from transferring/alienating the assets which the other four companies had transferred to them. BTGC has moved an application for deletion of its name from the array of parties as it had already returned the concerned assets to D5 for which the order is pending from Additional District Judge Delhi. The Company has been advised by its external legal advisors that based on information currently available and the present position of the litigation the Company has a reasonably strong defence in the matter and hence no adjustments have been made in the financial statements
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 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.54.53 |
|
|
1 |
Rs.87.48 |
|
Euro |
1 |
Rs.70.88 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
BYI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
44 |
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.