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Report Date : |
23.03.2013 |
IDENTIFICATION DETAILS
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Name : |
INDUS TOWERS LIMITED (w.e.f.28.03.2008) |
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Formerly Known
As : |
INDUS INFRATEL LIMITED |
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Registered
Office : |
Bharti Crescent, 1, Nelson Mandela Road, Vasant Kunj, Phase – II, New
Delhi – 110070, Delhi |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
20.11.2007 |
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Com. Reg. No.: |
55-170574 |
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CIN No.: [Company Identification
No.] |
U92100DL2007PLC170574 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELI06654E |
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PAN No.: [Permanent Account No.] |
AABCI7776B |
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Legal Form : |
A closely held public limited liability company |
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Line of Business
: |
Provides “Shared Telecom Infrastructure” services to all telecom
operators in the wireless space and other wireless service providers such as
broadcasters and broadband service providers |
RATING & COMMENTS
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MIRA’s Rating : |
B (27) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Correct |
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Comments : |
Subject is a joint venture between Bharti Infratel Limited. Vodafone
Essar Limited and Aditya Birla Telecom Limited. It is an established company having moderate track. There appears huge
accumulated losses recorded by the company. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.
|
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
Bharti Crescent, 1, Nelson Mandela Road, Vasant Kunj, Phase – II, New
Delhi – 110070, Delhi, India |
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E-Mail : |
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Website : |
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Corporate Office : |
Building No.10, Tower A, 4th Floor, DLF Cyber City, Gurgaon
– 122002, Haryana, India |
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Fax No.: |
91-124.4289333 |
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Branches : |
Located at: ·
·
Rajasthan ·
·
·
Rest of ·
Kolkata ·
Bagalore ·
Andhra Pradesh ·
Chennai ·
Kerala ·
Mumbai ·
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DIRECTORS
AS ON 19.07.2010
|
Name : |
Mr. Akhil Kumar Gupta |
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Designation : |
Director |
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Address : |
B – 27, Maharani Bagh, New Delhi – 110065, India |
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Date of Birth/Age : |
22.12.1955 |
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Date of Appointment : |
20.11.2007 |
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Name : |
Mr. Indrajit Walia |
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Designation : |
Director |
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Address : |
C-1, Greater Kailash Enclave, New Delhi-110 048, NCT of |
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Date of Birth/Age : |
17.05.1958 |
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Date of Appointment : |
07.12.2007 |
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Name : |
Mr. Sanjeev Aga |
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Designation : |
Director |
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Address : |
9th Floor, Nav So |
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Date of Birth/Age : |
01.02.1952 |
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Date of Appointment : |
26.12.2007 |
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Name : |
Akshaya Mondra |
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Designation : |
Director |
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Address : |
601, 6th Floor, Sangeeta Apartments, 15 Roads, Santacruz
(West), Mumbai-400 054, |
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Date of Birth/Age : |
29.04.1963 |
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Date of Appointment : |
08.04.2009 |
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Name : |
Mr. Vikash Saraf |
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Designation : |
Director |
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Address : |
2B, Saker Apartment, 71, Pochkhanwala Road, Worli, Mumbai-400025,
Maharasahtra, India |
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Date of Birth/Age : |
18.12.1968 |
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Date of Appointment : |
08.04.2009 |
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Name : |
Mr. Nicholas Jonathan Read |
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Designation : |
Director |
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Address : |
8, Cresta Queen Shill Rise, Ascot, SL57 DP, |
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Date of Birth/Age : |
29.09.1964 |
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Date of Appointment : |
06.01.2009 |
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Name : |
Mr. Sanjay Kapoor |
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Designation : |
Director |
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Address : |
709 A, Beverly Park-I, DLF, Gurgaon, |
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Date of Birth/Age : |
28.02.1962 |
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Date of Appointment : |
17.04.2009 |
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Name : |
Mr. Analjit Singh |
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Designation : |
Director |
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Address : |
15, Aurangzeb road, New Delhi-110 011, |
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Date of Birth/Age : |
11.01.1954 |
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Date of Appointment : |
01.02.2010 |
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Name : |
Mr. Ravinder Takkar |
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Designation : |
Director |
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Address : |
Villa No.111 L, Aburnum Condominium Complex, Sushant Lok, Gurgaon-122
002, |
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Date of Appointment : |
18.01.2010 |
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Name : |
Mr. Atul Mohan Bindal |
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Designation : |
Director |
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Address : |
D-606, Som vihar apartments, R. K. Puram, New Delhi - 110022, India |
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Date of Birth/Age : |
06.01.1961 |
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Date of Appointment : |
19.04.2010 |
KEY EXECUTIVES
|
Name : |
Mr. Rajinder Kumar |
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Designation : |
Company Secretary |
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Address : |
C-476, SFS Flats, Sheikh Sarai, Phase-I, New Delhi-110 017, |
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Date of Birth/Age : |
01.01.1960 |
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Date of Appointment : |
15.01.2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 19.07.2010
|
Names of Shareholders |
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No. of Shares |
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Bharti Infratel Limited, |
|
499980 |
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Akhil Kumar Gupta (Nominee of Bharti Infratel Limited, |
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10 |
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Ashok Juneja(Nominee of Bharti Infratel Limited, |
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10 |
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Vodafone Essar Limited, |
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499980 |
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Vodafone Essar Mobile Services Limited (Nominee of Vodafone Essar
Limited, |
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10 |
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Vodafone Essar East Limited, |
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10 |
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Aditya Birla Telecom Limited, |
|
190470 |
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Total |
|
1190470 |
AS ON 19.07.2010
|
Category |
Percentage |
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Bodies corporate |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Provides “Shared Telecom Infrastructure” services to all telecom operators
in the wireless space and other wireless service providers such as
broadcasters and broadband service providers |
GENERAL INFORMATION
|
Customers : |
·
Idea ·
BSNL ·
Airtel ·
Aircel ·
Uninor ·
Loop ·
Reliance Communication |
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Bankers : |
· Canara Bank Prime Corporate Branch, 2nd Floor, World Trade Tower,
Barakhamba Lane, New Delhi-110 001, Delhi, India |
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Facilities : |
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Banking
Relations : |
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Financial Institution : |
· IL and FS Trust Company Limited IL and FS Financial Centre, Plot No. C-22, G Block, Bandra Kurla Complex, Bandra (East), Mumbai-400 051, Maharashtra, India |
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Auditors : |
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Name : |
BSR and Company Chartered Accountants |
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Address : |
48, DLF Corporate park, DLF City, Phase- III, Gurgaon-122002, Haryana,
India |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
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|
500000000 |
Equity Shares |
Rs.1/- Each |
Rs.500.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
1190470 |
Equity Shares |
Rs.1/- Each |
Rs.1.190
Millions |
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NOTE:
[Out of the above,
500,000 equity shares held by Bharti Infratel Limited (previous year 50,000),
500,000 equity shares held by Vodafone Essar Limited (previous year 50,000) and
190,470 equity shares held by Aditya Birla Telecom Limited (previous year
19,047).
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1.190 |
1.190 |
1.190 |
|
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
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4] (Accumulated Losses) |
(1001.604) |
(1759.429) |
(30.253) |
|
|
NETWORTH |
(1000.414) |
(1758.239) |
(29.063) |
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LOAN FUNDS |
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|
|
|
|
1] Secured Loans |
83000.930 |
18500.000 |
0.000 |
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2] Unsecured Loans |
13760.214 |
38266.170 |
12.500 |
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TOTAL BORROWING |
96761.144 |
56766.170 |
12.500 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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Employee Stock Option outstanding |
137.793 |
0.000 |
0.000 |
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|
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|
|
|
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TOTAL |
95898.523 |
55007.931 |
(16.563) |
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APPLICATION OF FUNDS |
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|
|
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FIXED ASSETS [Net Block] |
94105.794 |
51275.847 |
3.456 |
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|
Capital work-in-progress |
4609.308 |
14316.373 |
0.000 |
|
|
|
|
|
|
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INVESTMENT |
750.044 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
505.415 |
897.576 |
15.492 |
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000 |
0.000 |
0.000 |
|
|
Sundry Debtors |
13034.419
|
7550.323 |
0.000 |
|
|
Cash & Bank Balances |
493.827
|
4662.114 |
1.785 |
|
|
Other Current Assets |
10623.558
|
2848.374 |
0.006 |
|
|
Loans & Advances |
10777.199
|
6345.723 |
3.754 |
|
Total
Current Assets |
34929.003
|
21406.534 |
5.545 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
18974.250
|
23494.421 |
|
|
|
Other Current Liabilities |
14907.019
|
4954.755 |
41.060 |
|
|
Provisions |
5119.772
|
4439.223 |
0.000 |
|
Total
Current Liabilities |
39001.041
|
32888.399 |
41.060 |
|
|
Net Current Assets |
(4072.038)
|
(11481.865) |
(35.515) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
95898.523 |
55007.931 |
(16.563) |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
20.11.2007 TO 31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
54264.177 |
13623.039 |
0.000 |
|
|
|
Other Income |
0.000 |
0.000 |
0.017 |
|
|
|
TOTAL (A) |
54264.177 |
13623.039 |
0.017 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Operating Expenses |
21403.159 |
7342.186 |
0.000 |
|
|
|
Personal Expense |
1166.768 |
650.212 |
14.941 |
|
|
|
Administrative and other Expenses |
1970.697 |
854.077 |
30.573 |
|
|
|
Sales and Marketing Expenses |
8.083 |
2.152 |
0.000 |
|
|
|
Rental (IRU ) Charges |
10728.020 |
2682.013 |
0.000 |
|
|
|
TOTAL (B) |
35276.727 |
11530.640 |
45.514 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
18987.450 |
2092.399 |
(45.497) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
8245.542 |
2495.306 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
10741.908 |
(402.907) |
(45.497) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
9591.921 |
2193.750 |
0.090 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1149.987 |
(2596.657) |
(45.587) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
392.162 |
(867.481) |
15.334 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
757.825 |
(1729.176) |
(30.253) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(1759.429) |
(30.253) |
NA |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(1001.604) |
(1759.429) |
(30.253) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
636.58 |
(14525.15) |
- |
|
|
|
Diluted |
636.07 |
(14525.15) |
- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.40
|
(12.69) |
(177958.82) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.12
|
(19.06) |
(0.00) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.89
|
(3.57) |
(506.47) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(1.15)
|
1.48 |
1.57 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
(135.71)
|
(50.99) |
1.84 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.90
|
0.65 |
0.14 |
LOCAL AGENCY FURTHER INFORMATION
NOTE:
The registered office of the company has been shifted from
BACKGROUND:
Subject, formerly Indus Infratel Limited, was incorporated
in
The
accompanying financial statements reflect the results for the period ended 20
November 2007 to 31 March 2008.
OVERVIEW
The Company continued its business of providing passive
infrastructure services including acquisition and establishment of
telecommunication sites, other infrastructure and equipments as well as related
operations and maintenance services to various telecommunication operators,
inter alia, the shareholder operating companies of Bharti, Vodafone and Idea
groups as well as other external operators on non discriminatory basis. The
Company is operating in 16 (Sixteen) telecom circles and has set up circle
offices at fifteen locations to run and manage its operations. During the
second operational year of 2009-10, the Company not only maintained its
position as the largest telecom tower company in the world but strengthened its
customer base with addition of new customers into its fold and enhanced tenancy
ratio.
Key highlights of the
year:
·
The
Company has made profit after tax of Rs.757.83 million in the second year of
operations.
·
Establishment
of the ‘state-of-the-art’ Tower Operating Centre (TOC) at Gurgaon (NCR) and
Chennai to monitor and minimize the respond time to address the outages.
·
Achieved
Network uptime of 99.95% national average for the first time since inception.
·
Extended
the customer base to all the telecom operators operating in their circles.
·
Initiated
project for exploring the development of renewable energy technologies and
energy-efficient solutions with intend to develop solar, wind and biomass
alternatives.
·
Enhancement of deployment capabilities to cater the
customer demand for 3G and Wimax technologies.
·
Establishment of modern IT architecture aimed at
higher efficiencies, economies and better control mechanism.
·
Constant quality improvement measures to serve
their valued customers better.
·
Long term funds of Rs.105000 millions raised to
meet the requirements of business.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U92100DL2007PLC170574 |
|
Name of the
company |
Indus Towers
Limited |
|
Address of the
registered office or of the principal place of business in |
Bharti Crescent, 1, Nelson Mandela Road, Vasant Kunj, Phase – II, New
Delhi – 110070, Delhi, India |
|
This form is for |
Modification of
charge |
|
Charge identification
number of the modified |
10229469 |
|
Type of charge |
Book Debts Movable Property Floating Charge Uncalled Share Capital Immovable Property |
|
Particular of
charge holder |
IL and FS Trust Company Limited, IL and FS Financial Centre, plot No.
c-22, g Block, Bandra kurla Complex, Bandra (East), Mumbai-400 051, |
|
Nature of
description of the instrument creating or modifying the charge |
Indenture of
Mortgage (IOM) dated August 17, 2010 executed by Indus Towers Limited
(Borrower) in favour of IL and FS Trust Company limited acting as Security
Trustee for securing the Rupee Loan of 105000 Millions granted by the Rupee
Lenders to the Borrower in terms of the Common Loan Agreement dated June 29,
2010. |
|
Date of instrument
Creating the charge |
17.08.2010 |
|
Amount secured by
the charge |
Rs.105000.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 10.25% Per Annum (IDFC
Bench Mark 7.82% Plus 2.43%) Terms of
Repayment 16 Installments
after end of Moratorium Period. Extent and
Operation of the charge Charge created
vide Deed of Hypothecation dated 29.06.10 and modified vide Indenture of
mortgage (IOM) dated 17.08.10 operates as a first pari passu charge among the
Rupee Lenders provided that the charge over the book debts shall be subjected
to charge created by Borrower (if any) in favour of its working capital
lenders for securing working capital facilities upto an aggregate amount of
Rs. 10000 Millions only (including funded working capital facilities upto
Rs.5000 Millions). |
|
Short particulars
of the property charged |
Freehold part of
Private Plot No. 52 Admeasuring 180.50 Sq mtr or forming part of Survey No.
332A+ 334A+338A all of MOUJA ZAAP OF SUDHAGAD TALUKA DIST RAIGAD IN
MAHARASHTRA (Schedule I, Part-A of IOM) Whole movable
properties of the Borrower present and future including Towers situated in 16
telecom circles as set out in part B of Schedule I of IOM with all tangible
and intangible movable assets. Borrower's
accounts including Debt Service Account and Debt Service Reserve Account and
all monies deposits in credited to or required to be credited into such
accounts. Charge over all
rights, title, interest, benefit, claims and demands in project document as
described in Schedule-2 of IOM dated 17 August 2010. All rights,
title, interest, benefit, claims and demands whatsoever of the Borrower in
respect of the Insurance Contracts both present and future as described in
Schedule 3 of IOM dated 17 August 2010 All other Assets
of the Borrower both present and future including cash in hand and property
other than described above "General Assets" |
|
Particulars of
the present modification |
(A). Additional
Security created by mortgage of immovable properties described as private
plot No. 52 Admeasuring 180.50 Sq mtr of MOUJA ZAAP OF SUDHAGAD TALUKA DIST
RAIGAD IN MAHARASHTRA as mentioned in Part A of Schedule I of Indenture of
Mortgage dt. August 17, 2010. (B). Mortgage
created on the assets vide Indenture of Mortgage dated August 17, 2010 in
favour of Security Trustee which is already hypothecated in favour of
Security Trustee vide Deed of Hypothecation dated June 29, 2010. |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.34 |
|
|
1 |
Rs.82.56 |
|
Euro |
1 |
Rs.70.10 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
- |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
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.