MIRA
INFORM REPORT
|
Report Date : |
26.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
RELIANCE COMMUNICATIONS LIMITED (w.e.f
03.06.2006) |
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Formerly Known
As : |
RELIANCE COMMUNICATION VENTURES LIMITED |
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Registered
Office : |
H Block, 1st Floor, Dhirubhai Ambani, |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
15.07.2004 |
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Com. Reg. No.: |
11-147531 |
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Capital Investment
/ Paid-up Capital : |
Rs.10320.100 Millions |
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CIN No.: [Company Identification
No.] |
L45309MH2004PLC147531 |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
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Line of Business
: |
Providing Telecommunication Services. |
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No. of Employees
: |
2100 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1807000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a company of “Reliance Anil Dhirubhai
Ambani Group”. It is a well established and reputed company having a good track
record. Financially company seems to be strong. Performance capability is
high. Trade relations are reported to be fair. Business is active. Payments
are reported to be regular and as per commitments. The company can be considered for normal business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made on
e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
Very
High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
A – [Long Term] |
|
Rating Explanation |
Having adequate degree of safety regarding timely servicing of
financial obligation. It carry moderate credit risk. |
|
Date |
July 2013 |
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 DECLINED BY
|
Name : |
Mr. Hasit Shukla |
|
Designation : |
Company Secretary and Manager |
|
Contact No.: |
91-22-30373333 |
|
Date : |
24.07.2013 |
LOCATIONS
|
Registered Office : |
H Block, 1st Floor, Dhirubhai Ambani, |
|
Tel No. : |
91-22- 30386010/ 6286/ 30373333 |
|
Fax No. : |
91-22-30376622 |
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Email : |
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Website : |
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Corporate Office : |
Reliance Centre, 19, Walchand Hirachand Marg, Ballared Estate, Mumbai – 400 038, |
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Tel No. : |
91-22-30327409 |
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Fax No. : |
91-22-30327896 |
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Reliance BPO : |
A Block 2nd Floor, Dakc Kopar Khairane, Navi Mumbai 400710, |
DIRECTORS
AS ON 31.03.2012
|
Name : |
Mr. Anil Dhirubhai Ambani
|
|
Designation : |
Chairman |
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Name : |
Mr. J. Ramachandran |
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Designation : |
Director |
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Name : |
Mr. S.P. Talwar |
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Designation : |
Director |
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Name : |
Mr. Deepak Shourie |
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Designation : |
Director |
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|
Name : |
Mr. A.K. Purwar |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Hasit Shukla |
|
Designation : |
Company Secretary and Manager |
|
|
|
|
Name : |
Mr. Prakash Shenoy |
|
Designation : |
Company Secretary and Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2013
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
9845089 |
0.48 |
|
|
1369584468 |
66.54 |
|
|
21279000 |
1.03 |
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|
21279000 |
1.03 |
|
|
1400708557 |
68.06 |
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|
|
Total shareholding of Promoter and Promoter Group (A) |
1400708557 |
68.06 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
18810802 |
0.91 |
|
|
4645433 |
0.23 |
|
|
1227103 |
0.06 |
|
|
177915831 |
8.64 |
|
|
203673281 |
9.90 |
|
|
406272450 |
19.74 |
|
|
|
|
|
|
27790877 |
1.35 |
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|
|
|
|
|
194711392 |
9.46 |
|
|
16443791 |
0.80 |
|
|
12247711 |
0.60 |
|
|
12247711 |
0.60 |
|
|
251193771 |
12.20 |
|
Total Public shareholding (B) |
657466221 |
31.94 |
|
Total (A)+(B) |
2058174778 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
5852103 |
0.00 |
|
|
5852103 |
0.00 |
|
Total (A)+(B)+(C) |
2064026881 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Telecommunication Services. |
GENERAL INFORMATION
|
No. of Employees : |
2100 (Approximately) |
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Bankers : |
Not Available |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
C Chaturvedi and Shah Chartered Accountants B.S.R. and Company Chartered Accountants |
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Holding Company : |
Reliance Innoventures Private Limited |
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Joint Venture: |
Alcatel Lucent Managed Solutions India Private Limited |
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Subsidiary Companies (direct and step down subsidiaries) : |
· Reliance WiMax Limited · Reliance Digital Home Services Limited · Reliance Webstore Limited · Reliance Infocomm Infrastructure Private Limited · Campion Properties Limited · Reliance Big TV Limited · Reliance Tech Services Private Limited · Reliance Telecom Limited · Reliance Communications Infrastructure Limited · Reliance Communications Investment and Leasing Limited · Reliance Infratel Limited · Reliance Mobile Commerce Limited · Netizen Rajasthan Limited (up to March 01, 2012) · Reliance Globalcom BV · Reliance Communications (UK) Limited · Reliance Communications (Hong Kong) Limited · Reliance Communications (Singapore) Pte. Limited · Reliance Communications (New Zealand) Pte. Limited · Reliance Communications (Australia) Pty. Limited · Anupam Global Soft (U) Limited · Gateway Net Trading Pte. Limited · Reliance Globalcom Limited · FLAG Telecom Singapore Pte. Limited · FLAG Atlantic UK Limited · Reliance FLAG Atlantic France SAS · FLAG Telecom Taiwan Limited · Reliance FLAG Pacific Holdings Limited · FLAG Telecom Group Services Limited · FLAG Telecom Deutschland GmbH · FLAG Telecom Hellas AE · FLAG Telecom Asia Limited · FLAG Telecom Netherland BV · Reliance Globalcom (UK) Limited · Yipes Holdings Inc. · Reliance Globalcom Services Inc. · YTV Inc. · Reliance Infocom Inc. · Reliance Communications Inc. · Reliance Communications International Inc. · Reliance Communications Canada Inc. · Bonn Investment Inc. · FLAG Telecom Development Limited · FLAG Telecom Development Services Company LLC · FLAG Telecom Network Services Limited · Reliance FLAG Telecom Ireland Limited · FLAG Telecom Japan Limited · FLAG Telecom Ireland Network Limited · FLAG Telecom Network USA Limited · FLAG Telecom Espana Network SAU · Reliance Vanco Group Limited · Euronet Spain SA · Net Direct SA (Proprietary) Limited (Under liquidation) · Vanco (Shanghai) Co. Limited · Vanco (Asia Pacific) Pte. Limited · Vanco Australasia Pty. Limited · Vanco EpE · Vanco Sp Zoo · Vanco Euronet Sro (liquidated w.e.f March 03, 2012) · Vanco Gmbh · Vanco Japan KK · Vanco Net Direct Limited, Ireland (Struck off w.e.f. April 08, 2011) · Vanco NV · Vanco SAS · Vanco South America Ltda · Vanco Srl · Vanco Sweden AB · Vanco Switzerland AG · Vanco Deutschland Gmbh · Vanco BV · Vanco Benelux BV · Vanco UK Limited · Vanco International Limited · Vanco Row Limited · Vanco Global Limited · WANcom Gmbh (up to May 30, 2011) · VNO Direct Limited · Vanco US LLC · Vanco Solutions Inc. · Reliance WiMax World BVI · Reliance WiMax World BV · Reliance WiMax World Limited · Reliance WiMax World LLC · Reliance WiMax Congo Brazzaville BV · Interconnect Brazzaville S. A. · Reliance WiMax Guinea BV · Access Guinea SARL · Reliance WiMax Sierra Leone BV · Equatorial Communications Limited · Reliance WiMax Cameroon BV · Equatorial Communications SARL · Reliance WiMax D.R.C. BV · Reliance WiMax Gambia BV · Reliance WiMax Mauritius BV · Reliance WiMax Mozambique BV · Reliance WiMax Niger BV · Reliance WiMax Zambia BV · Access Bissau LDA · Seoul Telenet Inc. (Board Control) · FLAG Holdings (Taiwan) Limited (Board Control) · Reliance Telecom Infrastructure (Cyprus) Holdings Limited (Board Control) · Lagerwood Investments Limited (Board Control) |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3000000000 |
Equity Shares |
Rs.5/- each |
Rs.15000.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2064026881 |
Equity Shares |
Rs.5/- each |
Rs.10320.000
Millions |
NOTES:
SHARES HELD BY HOLDING/
ULTIMATE HOLDING COMPANY AND/ OR THEIR SUBSIDIARIES:
|
PARTICULAR |
AS ON 31.03.2012 |
|
|
NO. OF SHARES |
|
Reliance Innoventures Private Limited, Holding Company |
12379001 |
|
AAA Communication Private Limited, Subsidiary of Holding Company |
723110172 |
|
AAA Industries Private Limited, Subsidiary of Holding Company |
300000000 |
|
ADA Enterprises and Venture Private Limited, Subsidiary of Holding Company |
300000000 |
DETAILS OF
SHAREHOLDERS HOLDING MORE THAN 5% SHARES IN THE COMPANY
|
PARTICULAR |
AS ON 31.03.2012 |
|
|
|
No. of Shares |
% |
|
AAA Communication Private Limited |
723110172 |
35.03 |
|
AAA Industries Private Limited |
300000000 |
14.53 |
|
ADA Enterprises and Ventures Private Limited |
300000000 |
14.53 |
|
Life Insurance Corporation of India |
149603497 |
7.25 |
The Company has only one class of equity shares having a par value of Rs. 5 per share. Each holder of equity shares is entitled to one vote per share. In the event of liquidation of the Company, the holder of equity shares will be entitled to receive remaining assets of the Company. The distribution will be in proportion to the number of equity shares held by the shareholder.
During the year ended March 31, 2012, the amount of per share dividend recognized as distributable to equity shareholders is Rs. 0.25 (March 31, 2011: Rs. 0.50). The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
The Company, during the past years, undertook various Schemes including restructuring of ownership structure of telecom business so as to align the interest of the shareholders. Accordingly, pursuant to the Schemes of Amalgamation and Arrangement (“the Schemes”) under Sections 391 to 394 of the Companies Act, 1956 approved by the Hon’ble High Court of respective Judicature, the Company, during the respective years, recorded all necessary accounting effects, along with requisite disclosure in the notes to accounts, the cumulative effects of the Schemes in case of Equity Share Capital of the Company due to allotment of equity shares as fully paid up without payment being received in cash have been disclosed herein below.
|
Particular |
No. of Shares |
|
Pursuant to demerger of Telecom Undertaking of Reliance Industries Limited into the Company |
1223130422 |
|
Pursuant to the Scheme of Amalgamation and Arrangement including Group Companies |
821484568 |
|
TOTAL |
2044614990 |
The Company is no longer required to issue 8.91 crore
equity shares of Rs. 5 each as required on conversion
of Foreign Currency Convertible Bonds (FCCBs) due to
its redemption during the year.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
10320.000 |
10320.000 |
|
(b) Reserves & Surplus |
|
441650.000 |
471120.000 |
|
(c) Money received
against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total Shareholders’ Funds (1) + (2) |
|
451970.000 |
481440.000 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
|
233650.000 |
136060.000 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long
term liabilities |
|
1690.000 |
600.000 |
|
(d) long-term provisions |
|
43390.000 |
32230.000 |
|
Total Non-current
Liabilities (3) |
|
278730.000 |
168890.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
45060.000 |
95300.000 |
|
(b) Trade
payables |
|
11500.000 |
10290.000 |
|
(c)
Other current liabilities |
|
47070.000 |
116280.000 |
|
(d) Short-term
provisions |
|
25720.000 |
27840.000 |
|
Total Current
Liabilities (4) |
|
129350.000 |
249710.000 |
|
|
|
|
|
|
TOTAL |
|
860050.000 |
900040.000 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
164640.000 |
141690.000 |
|
(ii)
Intangible Assets |
|
209200.000 |
146720.000 |
|
(iii)
Capital work-in-progress |
|
7650.000 |
98880.000 |
|
(iv) Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
318890.000 |
321020.000 |
|
(c) Deferred tax
assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
43070.000 |
39030.000 |
|
(e) foreign currency monetary item translation
difference account |
|
2990.000 |
0.000 |
|
(f) Other
Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current
Assets |
|
746440.000 |
747340.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
3290.000 |
3060.000 |
|
(c)
Trade receivables |
|
19320.000 |
15380.000 |
|
(d) Cash
and cash equivalents |
|
1780.000 |
38130.000 |
|
(e)
Short-term loans and advances |
|
68000.000 |
73480.000 |
|
(f)
Other current assets |
|
21220.000 |
22650.000 |
|
Total
Current Assets |
|
113610.000 |
152700.000 |
|
|
|
|
|
|
TOTAL |
|
860050.000 |
900040.000 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
10320.100 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
494668.800 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
504988.900 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
30000.000 |
|
|
2] Unsecured Loans |
|
|
214782.800 |
|
|
TOTAL BORROWING |
|
|
244782.800 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
749771.700 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
306124.800 |
|
|
Capital work-in-progress |
|
|
16835.200 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
318986.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
2983.400
|
|
|
Sundry Debtors |
|
|
17386.300
|
|
|
Cash & Bank Balances |
|
|
821.800
|
|
|
Other Current Assets |
|
|
19287.200
|
|
|
Loans & Advances |
|
|
159580.700
|
|
Total
Current Assets |
|
|
200059.400 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
18175.200 |
|
|
Other Current Liabilities |
|
|
870190.100
|
|
|
Provisions |
|
|
33868.400
|
|
Total
Current Liabilities |
|
|
922233.700
|
|
|
Net Current Assets |
|
|
107825.700
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
749771.700 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
111100.000 |
121300.000 |
122906.100 |
|
|
|
Other Income |
7530.000 |
11520.000 |
2211.100 |
|
|
|
TOTAL (A) |
118630.000 |
132820.000 |
125117.200 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Access Charges, License Fees and Network Expenses |
69110.000 |
93060.000 |
|
|
|
|
Employee Benefits Expenses |
4760.000 |
6010.000 |
114393.900 |
|
|
|
Sales and General Administration Expenses |
13150.000 |
17940.000 |
|
|
|
|
TOTAL (B) |
87020.000 |
117010.000 |
114393.900 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
31610.000 |
15810.000 |
10723.300 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
12650.000 |
8460.000 |
(10583.800) |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
18960.000 |
7350.000 |
21307.100 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
17410.000 |
15950.000 |
15112.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
1550.000 |
(8600.000) |
6194.700 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(10.000) |
(1020.000) |
1405.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
1560.000 |
(7580.000) |
4789.300 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
0.000 |
6620.000 |
5027.500 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
(2160.000) |
400.000 |
|
|
|
Proposed Dividend on Equity Shares |
520.000 |
1030.000 |
1754.400 |
|
|
|
Dividend Tax |
80.000 |
170.000 |
291.400 |
|
|
|
Transfer to Debenture Redemption Reserve |
910.000 |
0.000 |
749.600 |
|
|
BALANCE CARRIED
TO THE B/S |
50.000 |
0.000 |
6621.400 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Long Distance Operations |
9990.000 |
9321.900 |
8490.500 |
|
|
|
Interest and Other Income |
0.000 |
2.800 |
0.900 |
|
|
TOTAL EARNINGS |
9990.000 |
9324.700 |
8491.400 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
3750.000 |
10954.300 |
2693.700 |
|
|
|
Stores & Spares |
70.000 |
553.000 |
681.400 |
|
|
TOTAL IMPORTS |
3820.000 |
11507.300 |
3375.100 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
0.76 |
(3.67) |
2.32 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
31.03.2013 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
26160.000 |
27550.000 |
30160.000 |
28800.000 |
|
Total Expenditure |
20830.000 |
20840.000 |
21660.000 |
22060.000 |
|
PBIDT (Excl OI) |
5330.000 |
6710.000 |
8500.000 |
6740.000 |
|
Other Income |
1780.000 |
3040.000 |
2780.000 |
7930.000 |
|
Operating Profit |
7110.000 |
9750.000 |
11280.000 |
14670.000 |
|
Interest |
4750.000 |
4860.000 |
4960.000 |
5190.000 |
|
PBDT |
2360.000 |
4890.000 |
6320.000 |
9480.000 |
|
Depreciation |
4880.000 |
4800.000 |
5220.000 |
1910.000 |
|
Profit Before Tax |
(2520.000) |
90.000 |
1100.000 |
7570.000 |
|
Profit After Tax |
(2520.000) |
90.000 |
1100.000 |
7570.000 |
|
Net Profit |
(2520.000) |
90.000 |
1100.000 |
7570.000 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
1.32
|
(5.70) |
3.83
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.40
|
(7.09) |
5.04
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.29
|
(1.79) |
3.10
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.00
|
(0.02) |
0.01
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.62
|
0.48 |
0.48
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.87
|
0.61 |
2.17
|
LOCAL AGENCY FURTHER INFORMATION
|
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 |
No |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
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 |
Yes |
|
23] |
Banking Details |
No |
|
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 |
No |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth 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 |
INDEX OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10429172 |
03/06/2013 |
1,160,000,000.00 |
Axis Trustee
Services Limited |
Axis House, 2nd
Floor, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai - 400025, Maharashtra,
India |
B76288091 |
|
2 |
10413230 |
26/03/2013 |
5,000,000,000.00 |
Axis Trustee
Services Limited |
Axis House, 2nd
Floor, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai - 400025, Maharashtra,
India |
B71274070 |
|
3 |
10409796 |
12/03/2013 |
2,500,000,000.00 |
Bank of Maharashtra |
Yashomangal, Gandhinagar, Bandra east, Mumbai - 400051, Maharashtra,
India |
B70004056 |
|
4 |
10400227 |
28/01/2013 |
15,000,000,000.00 |
Axis Trustee
Services Limited |
Axis House, 2nd
Floor, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai - 400025, Maharashtra,
India |
B66574690 |
|
5 |
10398818 |
22/01/2013 |
3,000,000,000.00 |
Axis Trustee
Services Limited |
Axis House, 2nd
Floor, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai - 400025, Maharashtra,
India |
B66415308 |
|
6 |
10396463 |
11/01/2013 |
3,250,000,000.00 |
Axis Trustee
Services Limited |
Axis House, 2nd
Floor, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai - 400025, Maharashtra,
India |
B65715898 |
|
7 |
10396455 |
11/01/2013 |
5,000,000,000.00 |
Axis Trustee
Services Limited |
Axis House, 2nd
Floor, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai - 400025, Maharashtra,
India |
B65714446 |
|
8 |
10387874 |
27/11/2012 |
10,000,000,000.00 |
Axis Trustee Services
Limited |
Axis House, 2nd
Floor, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai - 400025, Maharashtra,
India |
B62520283 |
|
9 |
10380654 |
16/10/2012 |
3,000,000,000.00 |
Axis Trustee
Services Limited |
Axis House, 2nd Floor,
Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai - 400025, Maharashtra,
India |
B59730788 |
|
10 |
10363289 |
06/07/2012 |
3,000,000,000.00 |
Axis Trustee
Services Limited |
Axis House, 2nd Floor,
Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai - 400025, Maharashtra,
India |
B42744292 |
|
* Date of charge
modification |
||||||
|
CASE DETAILS BENCH:-BOMBAY |
|
|
PRESENTATION DATE:- 15/04/2013 |
|
|
STAMP NO.:- WPST/11589/2013 FILING
DATE:- 15/04/2013
REG. NO.:- WP/4136/2013
REG. DATE:- 25/04/2013 |
|
|
PETITIONER:-ICICI BANK
LIMITED |
RESPONDENT:- RELIANCE
COMMUNICATION LIMITED |
|
PETN. ADV.:- M.V. KINI AND
COMPANY |
RESP. ADV.:- ANANT B.
SHINDE AND COMPANY |
|
DISTRICT:- THANE |
|
|
BENCH:- SINGLE |
|
|
STATUS:- PRE-ADMISSION |
|
|
NEXT DATE:- 01/08/2013 |
STAGE:- FOR ORDERS [CIVIL SIDE MATTERS] |
|
CORAM:- HON'BLE SMT JUSTICE V. A. NAIK |
|
|
LAST DATE:- 18/07/2013 |
STAGE:- FOR ORDERS
[CIVIL SIDE MATTERS] |
|
LAST CORAM:- HON'BLE SMT JUSTICE V. A. NAIK |
|
|
ACT :- INFORMATION
TECHNOLOGY ACT |
|
FINANCIAL PERFORMANCE
During the year, the Company has earned income of Rs.
118630.000 Millions against Rs. 132820.000 Millions
for the pervious year. The Company has earned Profit of Rs.
1560.000 Millions for the year as compared to loss of Rs.
7580.000 Millions in the previous year.
BUSINESS OPERATIONS
The Company together with its subsidiaries operates on a pan-India basis
and offers the full value chain of wireless (CDMA and GSM including 3G
services), wire line, national long distance, international, voice, data,
video, Direct-To-Home (DTH) and internet based communications services under
various business units organized into strategic customer facing business
segments; Wireless, Global and Broadband. These strategic business units are
supported by passive infrastructure connected to nationwide backbone of Optic Fibre Network as well as fully integrated network operation
system and by the largest retail distribution and customer services facilities.
The Company also owns through its subsidiaries, a global submarine cable network
infrastructure and offers managed services, managed Ethernet and application
delivery services.
During the year, the Company had crossed 153 million wireless customers
as on March 31, 2012. The Company ranks among the top two wireless operators in
the country.
MANAGEMENT DISCUSSION AND ANALYSIS
MACRO ECONOMICS
India’s economic growth has slowed
to 6.5 per cent in 2011- 12 mainly due to weakening industrial growth affected
by an uncertain global environment. With agriculture and service sectors continuing
to perform well, the slowdown can be attributed almost entirely to the
continuous weakening of industrial growth. The service sector continues to be a
star performer as its share in GDP has climbed from 58 per cent in 2010-11 to
59 per cent in 2011-12 with a growth rate of 9.4 per cent. Similarly,
agriculture and allied sectors are also estimated to achieve a growth rate of
2.5 per cent in 2011-12.
The global economic and financial crisis has had a dampening effect on
cross border FDI flows and in order to maintain earlier levels of foreign
investment and attract more, it is imperative to enhance India’s
competitiveness.
OVERALL REVIEW
RCOM is India’s truly integrated and fully converged telecommunications service
provider. They operate across the full spectrum of wireless, wire line, voice,
data, video, internet and IT infrastructure services and have an extensive
international presence through the provision of long distance voice, data and
internet services and submarine cable network infrastructure.
With a customer base of over 161 million
(including over 2.5 million overseas retail customers and 4.3 million Reliance
Digital TV customers) as on March 31, 2012, their corporate clientele includes
over 35,000 Indian and multinational corporations including small and medium
enterprises and over 800 global, regional and domestic carriers. The enterprise
customer base of the Company includes 850 of the top 1,000 enterprises in
India.
RCOM is India’s first telecom service provider offering nationwide CDMA
and GSM mobile services with digital voice clarity. The Company has established
a pan-India, next generation, integrated (wireless and wire line), convergent
(voice, data and video) digital network capable of supporting best-of-class
services spanning the entire communications value chain, covering over 24,000
towns and 6,00,000 villages.
Their superior 3G offering coupled with marquee partnerships will
further accelerate the acquisition of high-end customers helping us in
generating higher incremental revenue per customer and thereby significantly
ramp up their ARPU. The high-speed data offering on their CDMA network will
also add to their undisputed leadership position in the wireless data space.
Their mobile portal, R World, offers the widest range of mobile content
spanning e-commerce, m-commerce, entertainment, music, news, astrology,
cricket, bollywood, maps, search, one-click set-up,
and access to email and social networking. It provides full range of communication
tools, information and entertainment that comes with a personal computer, at
the price and convenience of a handset.
RCOM became the first telecom operator to enter the Android tablet space
in the country with the launch of ‘Reliance 3G Tab’ in August, 2011. ’Reliance
3G Tab’ is the first branded 3G+ WiFi Android Tablet
by a service provider in India.
RCOM owns and operates the world’s largest next generation IP enabled
connectivity infrastructure, comprising over 2,77,000 route kilometers of fibre optic cable systems in India, USA, Europe, Middle
East and the Asia Pacific region. In India, they provide long distance business
services including wholesale voice, bandwidth and infrastructure services. They
provide carrier’s carrier voice, carrier’s carrier bandwidth, enterprise data
and consumer voice services, globally.
They offer the most comprehensive and competitive portfolio of
enterprise voice, data, video, internet and IT infrastructure services catering
to large, medium and small enterprises for their communications, networking and
IT infrastructure needs. Their product portfolio includes national and
international private leased circuits, internet access for Enterprises, SMBs and consumers, Voice solutions including PRI for PBX,
Centrex, toll free services, voice VPN, audio and video conferencing, MPLS-VPN,
remote access VPN, Global MPLS VPN managed internet data centre (“IDC”)
services to name a few. RCOM has the world’s biggest Metro Ethernet network
which is now available in 180 cities with about 38,000 Metro Devices in ring
architecture and it enables more than 1.16 million buildings to provide
reliable and scalable bandwidth Metro Ethernet solutions.
RCOM operates nationwide Direct-To-Home satellite TV services under the
aegis of its wholly owned subsidiary, Reliance Big TV Limited (Reliance Digital
TV). Reliance Digital TV uses state-of-the-art MPEG4 technology to deliver over
250 channels in High Definition (HD) like quality, including 4 exclusive movie
channels, to its subscribers. They deliver high definition content and digital
voice quality to their viewers to create a highly personalized video and
theatre experience.
NEW INITIATIVES
LAUNCH OF RELIANCE TABLETS
To develop the 3G ecosystem in India, RCOM launched proprietary 3G Tablet,
‘Reliance 3G Tab’ – an Android based Tablet at an attractive price of under Rs. 13,000, enabling their customers to enjoy a futuristic
3G experience and explore a world of unlimited possibilities. This was a big
step in the 3G revolution in India and they witnessed huge acceptance and
increasing demand across all cities. After the success of Reliance 3G Tab, RCOM
launched the Reliance CDMA Tab to fulfill the expressed need from the
Enterprise Segment for a Tablet that would allow seamless high speed data
roaming across the country.
INDUSTRY STRUCTURE AND REGULATORY
DEVELOPMENTS
INDUSTRY STRUCTURE
WIRELESS
The Indian telecom sector continues to demonstrate strong growth in
spite of sluggishness in the global economic environment. The number of telephone
subscribers in India increased to 952 million at the end of March, 2012
(Wireless and Wire line) as against 846 million as at March, 2011. Wireless
subscribers reached 919 million in March, 2012 as compared to 812 million in
March, 2011 and wireless tele-density stood at 76 per
cent as compared to 68 per cent in previous year. The share of private sector
in wireless connections touched 88.65 per cent as on March 31, 2012.
The year witnessed further drop in telecom tariffs. The high competition
caused a further shift in operator focus to increasing footprint in rural areas
and on increased data and value added services to subscribers in the saturated
urban markets.
INTERNET AND BROADBAND
Total Broadband subscriber base has increased to 14 million at the end
of March, 2012. The annual growth in broadband subscribers was 14.80 per cent
during the year ended on March, 2012. As on March 31, 2012, there were 155
Internet Service Providers (ISPs) providing broadband services in the country.
TELECOM INFRASTRUCTURE
a. Indian telecom sector has
witnessed an exponential growth in the last few years. The demand for telecom
infrastructure in India is driven by the subscriber growth in the mobile
Industry and focus on expansion of rural market.
b. India’s tower sector is expected
to continue to grow in terms of both capacity and tenancies in next few years.
c. With the completion of network
footprint expansion, the focus will be on ensuring delivery of the best QoS to customers and also building up network capacity as
traffic grows.
d. Telecom Industry structure is
impacted due to cancellation of 122 licenses by the Hon’ble
Supreme Court. Clarity on continuation of the said licenses will emerge in due
course after Government concludes the spectrum auctions and other matters
related to such licenses.
RETAIL SERVICES
As part of their retail offering in
voice, they offer virtual international calling services to retail customers
for calls to 230 international destinations including India under the brand
Reliance Global Call. Their retail services are available to the customers in
14 countries including United States, Canada, United Kingdom, Australia, New
Zealand, Hong Kong, Singapore, EU 6 and India. They have over 2.5 million
customers for their Reliance Global Call service.
In their International Voice business, their focus has been to increase
the market share and leverage their network capacity. This market is now served
by 13 operators, as a result of which margins are under pressure. However, they
have been successful to maintaining the largest inbound traffic market share.
ENTERPRISE BROADBAND
Their focus is on directly
connecting buildings in almost 50 cities in India. As a result of their
sustained efforts, their Broadband network has been connected over 1.16 million
buildings.
Their robust nationwide network backbone is continuously controlled and
monitored at the National Operating and Control Center (NOCC) located in
Mumbai. This NOCC facility is replicated at Hyderabad to guard against any catastrophe
as a redundancy measure. They have enhanced their capabilities in the Managed
Service Operations Centre (MSOC), which is dedicated towards managing the
customers’ network. This is poised to help us garner higher market share in the
fast growing managed services market.
INFRASTRUCTURE
RITL has signed contracts with new and existing operators for providing
passive infrastructure which has been an effective strategy for their customers
for cost effective network rollout and improvement in their quality of service.
a. RITL now owns 1,90,000 route kilometres optical fibre network,
providing a more economical and better quality linking for tenants compared to
microwave.
b. RCOM’s
current utilization of tower slot assets is nearly 50 per cent and this
provides significant potential for 3rd party
tenants. It complements the existing passive infrastructure and provides an
integrated solution to tenants.
c. As such, they offer their
customers an extensive and diverse portfolio of well-positioned assets and they
believe that their wide and expanding portfolio of tower sites positions us to
be able to address the needs of national, regional, local and emerging wireless
service providers in India.
HOME/ DTH
As on March 31, 2012, Reliance Digital TV had 4.3 million customers with
a national market share of 10 per cent. They are today present across 8,300
towns with a pan-India service and installation network. The brand name
underwent a major change over from Reliance Big TV to Reliance Digital TV,
enhancing the overall brand value.
The DTH Industry in India added 10 million subscribers in year 2011-12.
There are six players in the industry with an estimated market size of 44
million subscribers and a penetration rate of 30 per cent amongst homes using
cable network service. Reliance Digital TV service boasts of over 250 channels
and Service, including 6 interactive services and a rich bouquet of
‘subscription video-on-demand/ pay per view’ offerings. With its state of the
art price packaging models, customer friendly entry/ subscription offers and
sustained customer management programs, Reliance Digital TV commands 2nd highest ARPUs in the Industry.
As they move into their 4th full
year of operations, they have the most comprehensive product line up inclusive
of SD, HD and HD DVR STB. They have 9 full HD channels on their platform,
leading to faster uptake of the HD and HD-DVR offerings. They also added 32 new
channels during financial year 12. This year also saw an array of cross
category bundling activities with internal as well as external tie-ups. They
successfully brought down the STB failure rate from 1.8 per cent to 0.8 per
cent which is the best amongst the Indian players and also internationally. On
the anvil are plans to further increase the HD channel offerings, further
enhancement of transponder efficiency and drive for reduction in suspension. In
order to maximizing asset utilization, specific initiatives for retrieval and
redeployment of STBs will be undertaken.
AWARDS AND RECOGNITIONS
During the year HR Policies, Processes and Practices have been
recognized as ‘Best Practices’ and in a survey conducted by Business Today,
RCOM was ranked 6th among the “Best Companies to work for” and 1st in the
Telecom and Allied Services sector.
The Company also received National level recognition and awards like:
a. Golden Peacock National Training
Award
b. Excellence in Training at the
World HRD Congress, IPE-HR Leadership Awards
c. Star News Award – Star Night! The
Learning and Excellence Award in the use of technology and innovative tools for
training delivery.
The Company also won Aegis Graham Bell
Award for Best Broadband Network Provider, Best Quality of Service Award by ET Telecom
Awards, Best Implementation of Green IT – LE - CxO -
The Technology Chapter Award by Lenovo and UTV
Bloomberg, Edge Award by Interop and International
Information Security Award by ISACA.
Their Executives were also recognized
nationally and internationally with various prestigious awards.
Their Network Learning Centre (NLC) has won
the following prestigious awards:
a. The IPE - HR Leadership Award
2012 for Excellence in Training,
b. Star News Award - Star Night! The
Learning Excellence Award 2012.
FIXED ASSETS:
· Leasehold Land
· Freehold Land
· Buildings
· Plant and Machinery
· Furniture and Fixtures
· Vehicles
· Indefeasible Rights of Connectivity (IRC)
·
Software
·
Brand Licence
·
Telecom Licenses
AUDITED FINANCIAL RESULTS (STANDALONE)
FOR THE YEAR ENDED MARCH 31, 2013
Rs. in Millions
|
Sr. No. |
Particular |
Quarter Ended |
For Year Ended |
|
|
|
|
31.03.2013 |
31.12.2012 |
31.03.2013 |
|
|
|
Unaudited
|
Unaudited
|
Audited
|
|
|
|
|
|
|
|
1. |
Net Sales/Income
from Operations |
28250.000 |
27860.000 |
109810.000 |
|
|
Other Operating
Income |
550.000 |
2300.000 |
2860.000 |
|
|
Total Income From Operations (Net) |
28800.000 |
30160.000 |
112670.000 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
Access Charges |
7810.000 |
7540.000 |
28160.000 |
|
|
License Fee |
2080.000 |
1980.000 |
8310.000 |
|
|
Employee Cost |
570.000 |
710.000 |
2900.000 |
|
|
Depreciation and Amortization |
1910.000 |
5220.000 |
16810.000 |
|
|
Other Expenditure |
11600.000 |
11430.000 |
46020.000 |
|
|
Total Expenses |
23970.000 |
26880.000 |
102200.000 |
|
|
|
|
|
|
|
3. |
Profit
From Operations before Other Income, Interest and Exceptional Items (1-2) |
4830.000 |
3280.000 |
10470.000 |
|
|
|
|
|
|
|
4. |
Other
Income |
7930.000 |
2780.000 |
15530.000 |
|
|
|
|
|
|
|
5. |
Profit
Before Interest and Exceptional Items (3+4) |
12760.000 |
6060.000 |
26000.000 |
|
|
|
|
|
|
|
6. |
Interest |
5190.000 |
4960.000 |
19760.000 |
|
|
|
|
|
|
|
7. |
Profit
After Interest but before Exceptional Items (5-6) |
7570.000 |
1100.000 |
6240.000 |
|
|
|
|
|
|
|
8. |
Exceptional
Items |
-- |
-- |
-- |
|
|
|
|
|
|
|
9. |
Profit
from Ordinary Activities before Tax (7+8) |
7570.000 |
1100.000 |
6240.000 |
|
|
|
|
|
|
|
10. |
Tax
Expense |
-- |
-- |
-- |
|
|
|
|
|
|
|
11. |
Net
Profit from Ordinary Activities after Tax (9-10) |
7570.000 |
1100.000 |
6240.000 |
|
|
|
|
|
|
|
12. |
Extraordinary
Item (net of expense) |
-- |
-- |
-- |
|
|
|
|
|
|
|
13. |
Net
Profit for the period (11-12) |
7570.000 |
1100.000 |
6240.000 |
|
|
|
|
|
|
|
14. |
Paid-up
Equity Share Capital (Face Value of Rs.5/- Each) |
10320.000 |
10320.000 |
10320.000 |
|
|
|
|
|
|
|
15. |
Reserves
Excluding Revaluation Reserve |
-- |
-- |
-- |
|
|
|
|
|
|
|
16. |
Basic and Diluted Earning Per
Share (EPS) (Rs.)-Not Annualized |
|
|
|
|
|
a)
Basic and diluted EPS before extraordinary items |
3.67 |
0.53 |
3.02 |
|
|
b)
Basic and diluted EPS after extraordinary items |
3.67 |
0.53 |
3.02 |
|
|
|
|
|
|
|
17. |
Public Shareholding |
|
|
|
|
|
-Number
of Shares |
663318324 |
663318324 |
663318324 |
|
|
-
Percentage of Shareholding |
32.14 |
32.14 |
32.14 |
|
|
|
|
|
|
|
18. |
Promoters and Promoter Group
Shareholding |
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
-
Number of Shares |
Nil |
Nil |
Nil |
|
|
- Percentage
of Shares (as a % of the Total Shareholding of promoter and promoter group) |
Nil |
Nil |
Nil |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
Nil |
Nil |
Nil |
|
|
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
|
-
Number of Shares |
1400708557 |
1400708557 |
1400708557 |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of Promoter and
Promoter Group) |
100.00 |
100.00 |
100.00 |
|
|
- Percentage
of Shares (as a % of the Total Share Capital of the Company) |
67.86 |
67.86 |
67.86 |
|
Particulars |
Quarter Ended 31.03.2013 |
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
33 |
|
Disposed of during the quarter |
33 |
|
Remaining unresolved at the end of the
quarter |
Nil |
SEGMENT WISE REVENUE,
RESULTS AND CAPITAL EMPLOYED
Rs. in Millions
|
Sl. No. |
|
Particulars |
Quarter Ended |
For Year Ended |
|
|
|
31.03.2013 |
31.12.2012 |
31.03.2013 |
||
|
|
Unaudited
|
Unaudited
|
Audited
|
||
|
1 |
|
Segment Revenue |
|
|
|
|
|
|
(a) Wireless |
23230.000 |
25360.000 |
93930.000 |
|
|
|
(b) GEBU |
12510.000 |
11880.000 |
46290.000 |
|
|
|
(c) Others / Unallocated |
7320.000 |
1640.000 |
12320.000 |
|
|
|
Total |
43060.000 |
38880.000 |
152540.000 |
|
|
|
|
|
|
|
|
|
|
Less: Inter segment revenue |
6330.000 |
5940.000 |
24340.000 |
|
|
|
Income from Operations |
36730.000 |
32940.000 |
128200.000 |
|
|
|
|
|
|
|
|
2 |
|
Segment Results |
|
|
|
|
|
|
Profit / (Loss) before Tax and Financial Charges
from each segment |
|
|
|
|
|
|
(a) Wireless |
4050.000 |
3700.000 |
12630.000 |
|
|
|
(b) GEBU |
1760.000 |
1120.000 |
4690.000 |
|
|
|
(c) Others / Unallocated |
6950.000 |
1240.000 |
8680.000 |
|
|
|
Total |
12760.000 |
6060.000 |
26000.000 |
|
|
|
|
|
|
|
|
|
|
Less : Financial Cost |
5190.000 |
4960.000 |
19760.000 |
|
|
|
Less : Exceptional Items |
-- |
-- |
-- |
|
|
|
Total Profit / (Loss) before Tax |
7570.000 |
1100.000 |
6240.000 |
|
|
|
|
|
|
|
|
3 |
|
Capital Employed |
|
|
|
|
|
|
(Segment assets
- Segment liabilities) |
|
|
|
|
|
|
(a) Wireless |
309970.000 |
316520.000 |
309970.000 |
|
|
|
(b) GEBU |
20900.000 |
26480.000 |
20900.000 |
|
|
|
(c) Others / Unallocated |
322020.000 |
407520.000 |
322020.000 |
|
|
|
Total |
652890.000 |
750520.000 |
652890.000 |
Rs. in Millions
|
PARTICULARS |
31.03.2013 AUDITED |
|
Equity and liabilities |
|
|
Shareholders' fund |
|
|
Share capital |
10320.000 |
|
Reserve & surplus |
321100.000 |
|
Sub-total
- Shareholders' funds |
331420.000 |
|
Non - current liabilities |
|
|
Long term borrowings |
228910.000 |
|
Other long term liabilities |
1430.000 |
|
Long term provisions |
43700.000 |
|
Sub-total
- Non-current liabilities |
274040.000 |
|
Current liabilities |
|
|
Short term borrowings |
74360.000 |
|
Trade payables |
14780.000 |
|
Other current liabilities |
36120.000 |
|
Short term provisions |
28640.000 |
|
Sub-total
- Current liabilities |
153900.000 |
|
|
|
|
Total -
Equity & Liabilities |
759360.000 |
|
|
|
|
Assets |
|
|
Non-current assets |
|
|
Fixed assets |
367930.000 |
|
Non-current investment |
210130.000 |
|
Long term loans & advances |
45080.000 |
|
Sub-total
- Non-current Assets |
623140.000 |
|
Current
assets |
|
|
Inventories |
3040.000 |
|
Trade receivables |
20660.000 |
|
Cash & bank balances |
2280.000 |
|
Short term loans & advances |
87360.000 |
|
Other current assets |
22880.000 |
|
Sub-total
- Current Assets |
136220.000 |
|
|
|
|
Total –
Assets |
759360.000 |
NOTES:
1. Figures of the
previous period have been regrouped and reclassified, wherever required.
2. In accordance
with the notification issued by the Ministry of Corporate Affairs (MCA) on
August 9, 2012, the Company has, during the year, added Rs.
5430.000 Millions to the cost of capitalized assets and Rs.
2320.000 Millions to the Foreign Currency Monitory Items Translation Difference
Account by reversing the exchange difference regarded as an adjustment to
interest cost on account of restating long term monetary items expressed in
foreign currency at year end prevailing rates in accordance with para 4(e) of Accounting Standard 16 "Borrowing
Costs". The said interest was adjusted by withdrawal of an equivalent
amount from General Reserve as at March 31, 2012 and hence, it has been
credited to General Reserve.
3. Pursuant to the
Schemes of Amalgamation and Arrangement (“the Schemes”) under Sections 391 to
394 of the Companies Act, 1956 approved by Hon’ble
High Court of Judicature at Bombay vide orders dated July 21, 2006 and August
10, 2006 (revised) and by Hon’ble High Court of
Gujarat vide order dated July 18, 2006, out of the excess of fair value of
assets over liabilities, Rs. 30000.000 Millions was
credited to and held as Provision for Business Restructuring (PBR) to meet
increased depreciation cost, expenses and losses including on account of impairment
or write down of assets which would be suffered by the Company, pursuant to the
Scheme or otherwise in course of its business or in carrying out such
restructuring of the operations of the Company or its Subsidiaries. The Company
has reassessed the requirement for maintaining such PBR and based thereon,
reversed Rs. 5500.000 Millions during the year as no
longer required, leaving balance of Rs. 4880.000
Millions being dealt with in accordance with the said Scheme. The said amount
of reversal of PBR has been reflected as part of Other Income.
4. Pursuant to the
direction of the Hon’ble High Court of judicature at
Bombay and option exercised by the Board of the Company, in accordance with and
as per the arrangement approved by the Hon’ble High
Court vide order dated July 3, 2009 binding on the Company expenses and/ or
losses, identified by the Board of the Company as being exceptional or
otherwise subject to the Accounting treatment prescribed in the Schemes of
Arrangement sanctioned by the Hon’ble High Court and
comprising of Rs. Nil (Previous year Rs. 2690.000 Millions) of debts due and subsidy claimed
from the Government, foreign exchange loss of Rs. Nil
(Previous year Rs. 7750.000 Millions) regarded as an
adjustment to interest cost on account of restating long term monetary items
expressed in foreign currency at year end prevailing rates, Rs.
2180.000 Millions (Previous year Rs. Nil) of
depreciation consequent to addition of exchange differences on long term
borrowing relating to capital assets to the cost of capitalized assets, as also
Rs. 910.000 Millions (Previous year Rs. 2730.000 Millions) of net losses on settlement of items
recovered and/ or discharged in foreign currency, Rs.
5460.000 Millions (Previous year Rs. 160.000
Millions) being amortization of Foreign Currency Monetary items Difference
Account (FCMITDA) excluding the portion added to the cost of fixed assets or
carried forward as Foreign Currency Monetary Item Translation Difference
Account in accordance with Para 46 A inserted into Accounting Standard (AS) 11
“The Effects of Changes in Foreign Exchange Rates” in context of unprecedented
volatility in exchange rates during the year, have been met by withdrawal from
corresponding General Reserves, leaving no impact on profit for the year ended
March 31, 2013. Such withdrawals have been included/ reflected in the Statement
of Profit and Loss. While the Company has been legally advised that such
inclusion in the Statement of Profit and Loss is in accordance with Revised
Schedule VI of the Companies Act, 1956, in anticipation of clarification sought
from ICAI that such inclusion in the Statement of Profit and Loss is not
contrary to Revised Schedule VI, this Accounting treatment has been referred to
by the Auditors of the Company in their Report.
5. The Company
had, during the year ended on March 31, 2009, revalued its investments in one
of its subsidiaries Reliance Globalcom BV,
Netherlands at the fair value, and credited an amount of Rs.
151.2 billion to General Reserve. On a conservative and prudent basis, and to
reflect the said investments at the present valuations, the Company has during
the year adjusted a sum of Rs. 108.8 billion in the
General Reserve. The above has no impact on Consolidated Net Worth of the
Company for the year ended March 31, 2013.
6. Department of
Telecommunication (Dot) has, during the quarter, issued demand on the Company
for Rs. 17580.000 Millions towards levy of one time
Spectrum Charges, being the prospective charges for holding CDMA Spectrum
beyond 2.5 MHz for the period from January 1, 2013 till the expiry of the
initial terms of the respective Licenses. Based on a petition filed by the
Company, the Hon’ble High Court of Kolkata, vide its order dated April 19, 2013, has directed
Dot not to take any coercive action until the further order. The Company is of
the opinion that the said demand, inter
alia, is an alteration of financial terms of
the licenses issued in the past and has also been legally advised. Accordingly,
no provision in this regard is required.
7. The Board of
Directors has recommended a dividend of Re. 0.25 per equity share of Rs. 5 each i.e.5% for the financial year ended on March 31,
2013, subject to approval of the shareholders at the ensuing Annual General
Meeting.
8. The Company is
operating with Wireless, GEBU and Others / Unallocated segments. Accordingly,
segment-wise information has been given. This is in line with the requirement
of AS 17 "Segment Reporting".
9. Formula used
for the computation of ratios:
i) Debt Equity
Ratio = Debt/ Equity;
ii) Debt Service
Coverage Ratio (DSCR) = Earnings before depreciation, interest, tax/ (Interest
+ Principal repayment);
iii) Interest
Service Coverage Ratio (ISCR) = Earnings before depreciation, interest, tax/
(Interest expense)
10. Figures for
the quarter ended March 31, 2013 and March 31, 2012 are balancing figure
between audited figures in respect of the full financial year and published
year to date figures up to the third quarter of the relevant financial year.
11. After review
by the Audit Committee, the Board of Directors of the Company has approved the
above results at their meeting held on May 10, 2013
.
PRESS RELEASE:
RCOM TO UNLOCK SUBSTANTIAL SHAREHOLDER VALUE BY DEMERGER OF REAL ESTATE
INTO SEPARATE COMPANY
NEW COMPANY TO BE NAMED RELIANCE PROPERTIES LIMITED
RELIANCE PROPERTIES TO BE SEPARATELY LISTED
ALL RCOM SHAREHOLDERS (INCLUDING FIIs) TO
RECEIVE FULLY TRADEABLE PRO-RATA SHAREHOLDING IN RELIANCE PROPERTIES FREE OF
COST
INDICATIVE MONETISABLE VALUE OF RCOM’S REAL ESTATE ON DEVELOPMENT AT RS.
120000.000 MILLIONS (US$ 2 BILLION) WHICH IS RS. 60 (US$ 1) PER RCOM SHARE
NO IMPACT OF DEMERGER ON RCOM’S PROFITABILITY AS REAL ESTATE NOT BEING
UTILISED FOR TELECOM BUSINESS
RELIANCE PROPERTIES TO WORK WITH GLOBAL PARTNERS TO UNLOCK VALUE FROM
REAL ESTATE
SEPARATION OF REAL ESTATE PART OF RCOM STRATEGIC PLAN TO FOCUS ON CORE
TELECOM BUSINESS
DEMERGER TO BE THROUGH TRANSPARENT SCHEME WITH APPROVALS OF
SHAREHOLDERS, LENDERS, COURTS, ETC.
Mumbai, 7th July,
2013: Reliance Communications (RCOM) today announced that its Board of
Directors has in-principle decided on a demerger of
the real estate held by RCOM into a separate unit, Reliance Properties Limited,
to unlock substantial value for the benefit of its approx. 2 million
institutional and retail shareholders.
The proposed
separation of real estate into a separate unit is part of RCOM’s
strategic plan to divest non-core assets, and focus on its core wireless and
enterprise business.
Reliance
Properties Limited will be a separate listed Company. All shareholders of
RCOM will receive fully tradeable pro-rata
shareholding in Reliance Properties Limited, FREE OF COST, based on their
existing shareholding in RCOM.
The preliminary
and indicative monetisable value of RCOM’s real estate on development is estimated by
independent valuers at over Rs.
120000.000 Millions (US$ 2 billion), which is equal to Rs.
60 (US$ 1) per RCOM share.
Reliance
Properties will work with leading global partners to develop the real estate,
and unlock this value for the benefit of its approx. 2 million shareholders.
The properties proposed to be developed by Reliance Properties include
inter alia:
1. Prime land at Dhirubhai Ambani Knowledge City, Navi Mumbai measuring nearly 135 acres, with saleable area
of over 15 million sq. ft.
2. Prime property
near Connaught Place, New Delhi measuring nearly 4
acres. The Board has constituted a Committee to consider the matter in detail,
and prepare the necessary Demerger Scheme, etc. in
consultation with legal and other advisors. The Demerger
will be subject to approvals from shareholders, lenders, Courts, etc.
ABOUT RELIANCE
COMMUNICATIONS LIMITED:
Reliance Communications Limited founded by the late Mr. Dhirubhai H Ambani (1932-2002) is
the flagship company of the Reliance Group. The Reliance Group currently has a
net worth in excess of Rs. 896000.000 Millions (US$
16.5 billion), cash flows of Rs. 91000.000 Millions
(US$ 1.7 billion), net profit of Rs. 43000.000
Millions (US$ 0.8 billion). Reliance Communications is India's foremost and
truly integrated telecommunications service provider. The Company has a
customer base of over 130 million, including over 2.5 million individual
overseas retail customers. Reliance Communications corporate clientele includes
35,000 Indian and multinational corporations, and over 800 global, regional and
domestic carriers.
Reliance Communications has established a pan-India, next generation,
integrated (wireless and wireline),convergent (voice,
data and video) digital network that is capable of supporting best-of-class
services spanning the entire communications value chain, covering over 24,000
towns and 600,000 villages. Reliance Communications owns and operates the world's
largest next generation IP enabled connectivity infrastructure, comprising over
277,000 kilometers of fibre optic cable systems in
India, USA, Europe, Middle East and the Asia Pacific region.
RCOM COMPLETES SECURITISATION UNDER RS. 12000.000 MILLIONS (US$ 200
MILLION) INTER-CITY FIBRE AGREEMENT WITH RELIANCE JIO INFOCOMM
SECURITISATION PROCEEDS UTILISED TO REPAY HIGH COST RUPEE DEBT, WITH
SIGNIFICANT INTEREST COST SAVINGS
SECURITISATION COMPLETED WITH INDIAN AND FOREIGN BANKS
DELIVERIES OF INTER CITY FIBRE LINKS TO RELIANCE JIO ALREADY COMMENCED
TOTAL DELIVERIES OF 1,20,000 KMS INTER CITY FIBRE TO BE COMPLETED WITHIN
CURRENT FINANCIAL YEAR
Mumbai, 11th July,
2013: Reliance Communications (RCOM) today announced that it has completed
securitization of proceeds under the Rs. 12000.000
Millions (US$ 200 million) intercity Fibre Agreement
signed with Reliance Jio Infocomm
Limited in April 2013.
The proceeds from
securitization have been utilized to repay high cost rupee debt, resulting in
significant interest cost savings for RCOM.
The securitization
has been completed with Indian and foreign banks.
Deliveries of
intercity fibre links to Reliance Jio
have already commenced. The total deliveries of 1,20,000 kms
inter city fibre under the Agreement are expected to
be completed within the current financial year.
ABOUT RELIANCE
COMMUNICATIONS LIMITED:
Reliance Communications Limited founded by the late Mr. Dhirubhai H Ambani (1932-2002) is
the flagship company of the Reliance Group. The Reliance Group currently has a
net worth in excess of Rs. 896000.000 Millions (US$
16.5 billion), cash flows of Rs. 91000.000 Millions
(US$ 1.7 billion), net profit of Rs. 43000.000
Millions (US$ 0.8 billion). Reliance Communications is India's foremost and
truly integrated telecommunications service provider. The Company has a
customer base of over 130 million, including over 2.5 million individual
overseas retail customers. Reliance Communications corporate clientele includes
35,000 Indian and multinational corporations, and over 800 global, regional and
domestic carriers.
Reliance Communications has established a pan-India, next generation,
integrated (wireless and wireline),convergent (voice,
data and video) digital network that is capable of supporting best-of-class
services spanning the entire communications value chain, covering over 24,000
towns and 600,000 villages. Reliance Communications owns and operates the
world's largest next generation IP enabled connectivity infrastructure,
comprising over 277,000 kilometers of fibre optic
cable systems in India, USA, Europe, Middle East and the Asia Pacific region.
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.58.94 |
|
|
1 |
Rs.90.47 |
|
Euro |
1 |
Rs.77.87 |
INFORMATION DETAILS
|
Information Gathered
by : |
NYA |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
54 |
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.