MIRA
INFORM REPORT
|
Report Date : |
09.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
LOOP MOBILE (INDIA) LIMITED (w.e.f. 20.03.2009) |
|
|
|
|
Formerly Known
As : |
BPL MOBILE COMMUNICATIONS LIMITED |
|
|
|
|
Registered
Office : |
127, Manmala Tank Road, Taikalwadi, Mahim (West), Mumbai – 400016,
Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
30.12.1975 |
|
|
|
|
Com. Reg. No.: |
11-193684 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 1045.504
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29299MH1975PLC193684 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMB06449C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACB9986H |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Providing Cellular Mobile Telephone service in Mumbai, Navi Mumbai and
Kalyan Telecom Districts. |
|
|
|
|
No. of Employees
: |
Information not divulged by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (18) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company in the Indian mobile industry
and faces cut throat competition from fellow players such as Vodafone,
Airtel, Tata etc. the promoters are alleged to be involved in 2G SCAM and
there appears huge accumulated losses recorded by the company. However, trade relations are reported to be fair. Business is active.
Payments are slow. The company can be considered for business dealing on a safe and
secured 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
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to become
a major exporter of information technology services and software workers. In
2010, the Indian economy rebounded robustly from the global financial crisis -
in large part because of strong domestic demand - and growth exceeded 8%
year-on-year in real terms. However, India's economic growth in 2011 slowed
because of persistently high inflation and interest rates and little progress
on economic reforms. High international crude prices have exacerbated the
government's fuel subsidy expenditures contributing to a higher fiscal deficit,
and a worsening current account deficit. Little economic reform took place in
2011 largely due to corruption scandals that have slowed legislative work.
India's medium-term growth outlook is positive due to a young population and
corresponding low dependency ratio, healthy savings and investment rates, and
increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities : (CARE) BB |
|
Rating Explanation |
Having moderate risk of default regarding
timely servicing of financial obligation. |
|
Date |
May 2012 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term rating : (CARE) A4 |
|
Rating Explanation |
Having minimal degree of safety regarding
timely payments of financial obligation it carry very high credit risk and
are susceptible to default. |
|
Date |
May 2012 |
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
LOCATIONS
|
Registered Office : |
127, |
|
Tel. No.: |
91-22-24323777 /
24371777 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Gallery : |
Located
at : Ø Andheri Ø Borivali Ø Chembur Ø Churchgate Ø Dombivali Ø Fort Ø Ghatkopar Ø IRLA Ø Kandivali Ø Lokhandwala Ø Mahim Ø Malad Ø Mira-Bhayander Ø Mohammed Ali Road Ø Mulund Ø Opera House Ø Panvel Ø Santacruz Ø Thane Ø Vashi Ø
Vile Parle |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Sandip Umananda Basu |
|
Designation : |
Managing director |
|
Address : |
201, Crystal Apartments, Plot No. 31, Vallabh Nagar CHS Limited, CTS
No. 191, N S Road, No. 3, JVPD Scheme, Vile parle, Mumbai – 400056,
Maharashtra, India |
|
Date of Birth/Age : |
24.01.1961 |
|
Qualification : |
CA, ICWAI |
|
Date of Appointment : |
26.08.2009 |
|
DIN No.: |
01281486 |
|
|
|
|
Name : |
Mr. Nalin Khaitan |
|
Designation : |
Director |
|
Address : |
D-1024, New Friends Colony, New Delhi – 110025, India |
|
Date of Birth/Age : |
13.12.1988 |
|
Qualification : |
MBA |
|
Date of Appointment : |
24.03.2011 |
|
DIN No.: |
02695218 |
|
|
|
|
Name : |
Mr. Krishnamurthy Venkatesan Krishnamurthy |
|
Designation : |
Director |
|
Address : |
174, Kalpataru Residency, Tower A, Opposite Cine Planet, 107 Road No. 8,
Sion (East), Mumbai – 400022, Maharashtra, India |
|
Date of Birth/Age : |
08.05.1943 |
|
Qualification : |
CA |
|
Date of Appointment : |
24.03.2011 |
|
DIN No.: |
00025075 |
|
|
|
|
Name : |
Mr. Prem Gul Rajani |
|
Designation : |
Nominee director |
|
Address : |
11, Palekar Chambers, 4th Floor Dhobi Taleo, Mumbai -
400002, Maharashtra, India |
|
Date of Birth/Age : |
30.01.1967 |
|
Qualification : |
Advocate |
|
Date of Appointment : |
03.12.2004 |
|
DIN No.: |
00062833 |
KEY EXECUTIVES
|
Name : |
Mr. Rakesh Kumar |
|
Designation : |
Secretary |
|
Address : |
PH 7, 13th Floor, B Wing, Sector 15, Belapur, Navi Mumbai –
400614, Maharashtra, India |
|
Date of Birth/Age : |
11.03.1973 |
|
Date of Appointment : |
24.08.2011 |
|
PAN No.: |
ANLPK8950H |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Loop Mobile Holdings India Limited, India |
|
72346291 |
|
Kerala State Industrial Development Corporation Limited, India |
|
2000 |
|
Capital Global Limited, Mauritius
|
|
32202123 |
|
P R Shreekumar |
|
1 |
|
Sandip Basu |
|
1 |
|
Harish Kapoor |
|
1 |
|
Pawan Arora |
|
1 |
|
Total |
|
104550418 |
AS ON 30.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
30.80 |
|
Bodies
corporate |
|
69.20 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Cellular Mobile Telephone Services in Mumbai, Navi Mumbai
and Kalyan Telecom Districts. |
|
|
|
|
Services : |
Cellular Telephone Services |
GENERAL INFORMATION
|
No. of Employees : |
Information not divulged by the management |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Bankers : |
Ø Yes Bank
Limited, Nehru Centre, 9th Floor, Discovery of India, Dr. A.B. Road,
Worli, Mumbai – 400018, Maharashtra, India Ø Axis Bank Limited, 2nd Floor,
Axis House, Bombay Dyeing Mills Compoun, Pandurang Budhkar Marg, Worli,
Mumbai – 400025, Maharashtra, India |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
Maker Towers, "E" Cuffe Parade, Mumbai – 400005,
Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AACFD4815A |
|
|
|
|
Ultimate Holding
Company : |
Ø
Santa Trading Private Limited (upto 16th
February, 2010) (there are no transactions with the company) Ø
Loop Mobile Holdings India Limited (Formerly BPL
Communications Limited) (From 16th February, 2010) |
|
|
|
|
Holding Company : |
Ø Loop Mobile
Holdings India Limited (upto 15th February, 2010) Ø Loop Telecommunications
Holdings India Limited (from 16th February, 2010) (there are no transactions
with the company) |
|
|
|
|
Fellow
Subsidiary Company : |
Ø Loop
Telecommunications Holdings India Limited (upto 15th February, 2010) |
|
|
|
|
Subsidiary Company : |
Ø Loop Telecom
Limited [U72200DL1997PLC085754] Ø Loop Telecom
Infrastructure Limited [U64203MH2007PLC176486] |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
129,448,200 |
Equity Shares |
Rs. 10/- each |
Rs. 1294.482 Millions |
|
6,551,800 |
Preference Shares |
Rs. 10/- each |
Rs. 65.518 Millions |
|
|
Total |
|
Rs. 1360.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
104,550,418 |
Equity Shares |
Rs.10/- each |
Rs. 1045.504
Millions |
|
|
|
|
|
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 |
1045.504 |
1045.504 |
1045.504 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
6353.336 |
5397.117 |
5397.117 |
|
|
4] (Accumulated Losses) |
(4224.280) |
(3579.590) |
(2945.855) |
|
|
NETWORTH |
3174.560 |
2863.031 |
3496.766 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
5750.000 |
6500.000 |
7250.000 |
|
|
2] Unsecured Loans |
683.319 |
478.102 |
0.000 |
|
|
TOTAL BORROWING |
6433.319 |
6978.102 |
7250.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
9607.879 |
9841.133 |
10746.766 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
7589.632 |
6620.858 |
6546.680 |
|
|
Capital work-in-progress |
198.427 |
769.325 |
412.873 |
|
|
Advance for Capital Expenditure |
0.000 |
0.000 |
29.781 |
|
|
|
|
|
|
|
|
INVESTMENT |
2378.650 |
2380.150 |
2378.150 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
6.556
|
6.340
|
9.486
|
|
|
Sundry Debtors |
685.026
|
607.799
|
774.022
|
|
|
Cash & Bank Balances |
363.354
|
609.906
|
694.488
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
1834.491
|
1824.682
|
2134.779
|
|
Total
Current Assets |
2889.427
|
3048.727
|
3612.775
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2213.891
|
1640.157
|
1185.415
|
|
|
Other Current Liabilities |
1194.536
|
1307.194
|
1015.834
|
|
|
Provisions |
39.830
|
30.576
|
32.244
|
|
Total
Current Liabilities |
3448.257
|
2977.927
|
2233.493
|
|
|
Net Current Assets |
(558.830)
|
70.800
|
1379.282
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
9607.879 |
9841.133 |
10746.766 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
6668.382 |
6118.573 |
6647.978 |
|
|
|
Other Income |
92.642 |
143.690 |
159.810 |
|
|
|
TOTAL (A) |
6761.024 |
6262.263 |
6807.788 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption materials changes inventories |
35.998 |
41.118 |
|
|
|
|
Manufacturing service costs |
961.573 |
762.290 |
|
|
|
|
Employee related expenses |
414.960 |
308.641 |
|
|
|
|
Administrative selling other expenses |
3887.485 |
3728.134 |
|
|
|
|
TOTAL (B) |
5300.016 |
4840.183 |
5129.477 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1461.008 |
1422.080 |
1678.311 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
837.315 |
884.803 |
991.208 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
623.693 |
537.277 |
687.103 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1268.383 |
1170.462 |
1105.566 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
(644.690) |
(633.185) |
(418.463) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.549 |
4.878 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(644.690) |
(633.734) |
(423.341)
|
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(3579.589) |
(2945.855) |
(2522.514) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(4224.279) |
(3579.589) |
(2945.855) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Roaming Income |
379.582 |
404.499 |
424.644 |
|
|
|
Transit SMS |
114.364 |
97.698 |
115.850 |
|
|
TOTAL EARNINGS |
493.946 |
502.197 |
540.494 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
N.A. |
1386.712 |
952.718 |
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(6.17) |
(6.06) |
(4.26) |
|
%20LIMITED%20-%20196256%2009-Oct-2012_files/image001.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(9.54) |
(10.12)
|
(6.22)
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(9.67) |
(10.35)
|
(6.29)
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(6.15) |
(6.55)
|
(4.12)
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.20) |
(0.22)
|
(0.12)
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.11 |
3.48
|
2.71
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.84 |
1.02
|
1.62
|
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
(Rs. In Millions) |
||
|
Creditors due small micro enterprises |
0.000 |
0.000 |
0.000 |
|
Creditors due others |
2213.891 |
1640.157 |
1185.415 |
|
Sundry creditors |
2213.891 |
1640.157 |
1185.415 |
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming financial
year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
Note: The registered
office of the company has been shifted from XL-5115, 2nd Floor,
Ashish Building, Shanmugham Road, Ernakualm District, Cochin – 682031, Kerala,
India to the present w.e.f. 09.04.2009
OPERATING
PERFORMANCE
The gross revenue
for the year ended 31st March, 2011 stood at Rs 6761.000 Millions as against
Rs. 6262.000 Millions during the period ended 31st March, 2010. This shows a
growth of 8.0% over the gross revenue. Net revenue has gone up from Rs 5196.000
Millions for the year ended 31st March, 2010 to Rs 5700.000 Millions for the
year ended 31st March, 2011 recording a growth of 9.7 % in a year. The same has
been achieved despite the decline in realization rate to Rs 0.42 in 2011 from
Rs 0.47 in 2010. The Company was able to increase its revenue market share from
8.5% in 2009-10 to 10.0% in 2010-11, a significant increase of 17.8% .The
Company was the only incumbent operator to have register a growth in a de
growing market.
The company has
strengthened its Business to Business segment (B2B), company started providing
Intra Circle Roaming (ICR) services to other licensed cellular operators during
the current financial year and this stream alone contributed about 12.0% of
overall revenue (Rs 677.000 Millions).Other segments in B2B like Bulk and
Transit also witnessed significant increase in revenue and their combined
revenue stands at Rs 329.000 Millions v/s Rs 196.000 Millions increase of
67.9%. The company is well positioned to tap the opportunity in this segment
through leveraging the current resources.
FINANCIALS
The company has
been repaying the principal amount regularly as per the agreed schedule and has
repaid Rs 750.000 Millions during the year 2010-11. Total Interest Amount of Rs
822.000 Millions has been paid for the financial year 2010-11. The current outstanding
amount as of Mar’11 is Rs 5687.000 Millions. The company has continued to avail
non-fund based limit of Rs 1000.000 Millions from Axis Bank
SUBSIDIARY
The Company has an
investment of Rs. 2378.150 Millions comprising 159,810,000 equity shares of Rs.
10/- each in Loop Telecom Limited (LTL), a subsidiary company. During the year,
LTL has been subjected to an enquiry into the Issue of Licences and Allocation
of 2G Spectrum by the Department of Telecommunications of India (DoT). It is
alleged that investments in the equity share capital of LTL in excess of 10%
were held by another company and its associates while having an investment in
another telecom operator when LTL applied for the licences thereby violating
the final UASL guidelines for acquisition of telecom licences. LTL has received
show cause notice from DoT for cancellation of telecom licences with reference
to non-compliance with the eligibility criteria towards the UAS License
Application as per the DoT guidelines. LTL has also received letters from the
Directorate of Enforcement and the Income-tax department seeking certain
information in this regard, including foreign direct investment in the Company.
LTL has submitted its replies to the show cause notice and provided all
relevant information as required. During, the course of the enquiry, Promoters
of the holding company, Directors and other officials, past and present, of LTL
have been called by the Central Bureau of Investigation (CBI) for obtaining
clarifications and information. Further, officials from the CBI had visited the
offices of the Company and of LTL under a search and seizure exercise and
impounded certain secretarial and other of the Company and LTL. In the absence
of original, for the purpose of the audit, the auditors have relied on the
certified true copies of the minutes; and said other records. The enquiries
from the aforesaid authorities are still in progress and no charge sheet has
been filed against LTL till date. While the final outcome of the enquiries is presently
unknown, the statutory auditors in the separate financial statements of LTL
have drawn attention to the matter that LTL has prepared its financial
statements on a going concern basis having regard to the fact that the Company,
including LTL in consultation with its legal advisors, is taking all necessary
steps to protect its interest and LTL based on the legal advice received,
expects that its stand will be vindicated and no adverse consequences will
result.
Having regard to
the foregoing, no provision for diminution in t he value of such investments is
considered necessary and these accounts have been prepared on a going concern
basis.
Subsequent to the
year end, the Company and its Directors have received notice from the Special
Director, Directorate of Enforcement calling upon to show cause as to why
adjudication proceedings as contemplated under Section 13 of the Foreign
Exchange Management Act, 1999 should not be held against them towards Foreign
Direct Investment (FDI) received aggregating to Rs.2004.595 Millions. The
company is in the process of filing suitable response as the non-compliance of
the said provision relates to delay in notification of FDI receipt to Reserve
Bank of India, which is compoundable.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U29299MH1975PLC193684 |
|
Name of the
company |
LOOP MOBILE
(INDIA) LIMITED |
|
Address of the
registered office or of the principal place of business in |
127, Manmala Tank
Road, Taikalwadi, Mahim (West), Mumbai – 400016, Maharashtra, India Email ID: loopsecretarial@gmail.com
|
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10083097 |
|
Type of charge |
Uncalled share
capital Immovable
Property Book Debts Movable Property Others (clause
no. e & f of securities created of the agreement) |
|
Particular of
charge holder |
Axis Bank
Limited, 2nd Floor, Axis House, Bombay Dyeing Mills Compoun,
Pandurang Budhkar Marg, Worli, Mumbai – 400025, Maharashtra, India Email ID: kulkarni.makarand@axisbank.com
CIN No.: L65110GJ1993PLC020769 |
|
Nature of description
of the instrument creating or modifying the charge |
Link cum
Supplementary Document executed by company in favour of Axis Bank Limited
(Security Trustee) earmarking the overdraft facility of Rs. 1.000 Million out
of the non fund based limits of Rs 10.000 Millions without any further
changes in the terms and conditions of the said non fund based limits. |
|
Date of
instrument Creating the charge |
28.06.2012 |
|
Amount secured by
the charge |
8500.000 Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As per Schedule
VIII of Common Rupees Facility Agreement dated 29th December 2007 Terms of Repayment As per Schedule
IV of Common Rupees Facility Agreement Margin N.A Extent and Operation of the charge Pari Passu first
charge on the properties of the company (as described in Schedule I and II of
the Link cum Supplementary document attached herewith) to secure the due repayment,
interest, additional interest, commission etc towards the facilities of the
company aggregating Rs 85.000 Millions. |
|
Date of latest
modification prior to the present modification |
14.10.2008 |
|
Particulars of
the present modification |
Link cum
Supplementary Document executed by company in favour of Axis Bank Limited
(Security Trustee) earmarking the overdraft facility of Rs. 1.000 Million out
of the non fund based limits of Rs 10.000 Millions without any further
changes in the terms and conditions of the said non fund based limits. The OD
Facility of Rs 1.000 Million is therefore covered under the security created
for NFB Facilities of Rs 10.000 Millions being its sub-limit. |
CONTINGENT
LIABILITIES NOT PROVIDED FOR:
(Rs.
in millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
|
Counter guarantees given to bankers against guarantees issued by them |
494.748 |
501.874 |
|
a. Demand on
account of service tax on value of SIM cards sold, made by the Commissioner of
Central Excise, Mumbai, on which sales tax has already been paid. |
43.581 |
43.581 |
|
b. Demand on
account of Licence fees made by the Department of Telecommunications (DOT),
arisen in view of the DOT having allowed deductions for PSTN charges and Roaming
charges on actual payment basis while arriving at the Adjusted Gross Revenue
for the purpose of determining the Licence fees payable. Note:- The
Company and the Cellular Operators Association of India have represented to
the DOT inter alia to allow these deductions on accrual basis instead of
actual payment basis. |
50.317 |
50.317 |
|
c. Demand on
account of Interest and Penalty made by DOT on additional licence fees
payable; the dues in respect of such licence fees was settled by encashment of
bank guarantee by the DOT. The Company had received the judgment in its
favour from Telecom Disputes Settlement And Appellate Tribunal (TDSAT) on 11th
February, 2010. During the year, the DOT has appealed against this judgment
in the Supreme Court of India. |
386.756 |
-- |
FIXED ASSETS:
Tangible Assets:
Ø Land
Ø Buildings
Ø Plant and
Machinery
Ø Network Equipment
Ø Network Towers
Ø Office Equipments
Ø Computer and
Peripherals
Ø Furniture and
Fixtures
Ø Vehicles
Intangible Assets:
Ø
Software
Ø
Licence Fees
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. 52.21 |
|
|
1 |
Rs. 84.00 |
|
Euro |
1 |
Rs. 67.75 |
INFORMATION DETAILS
|
Information
Gathered by : |
SLP |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
18 |
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.