|
Report Date : |
20.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
RELIANCE TELECOM LIMITED |
|
|
|
|
Registered
Office : |
H Block, 1st Floor, A Wing, Dhurubhai Ambani Knowledge
City, Koparkhairane, Navi Mumbai – 400710, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
01.03.1994 |
|
|
|
|
Com. Reg. No.: |
11-162841 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 800.000
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U32100MH1994PLC162841 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMR08293F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACR2658E |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Providing Cellular Mobile Telephone Services. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a part of Reliance Ada Group Company. It is a
well-established company having a satisfactory track record. There appear a huge accumulated losses recorded by the company during
the financial year 2013. However, the company ratings are primarily based on strong operational
and ownership linkages with its parent company Reliance Communications
Limited (RCOM*), the third largest telecom operator in the country (in terms
of subscriber base) and the holding company for all the telecom operations of
the Reliance Group. Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct and as per commitments. In view of strong holding, the company can be considered normal for
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.
INDIAN ECONOMIC OVERVIEW
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says the
latest India Development Update report released by the World Bank. The report
says that the adverse effects of rupee depreciation are likely to be offset by
the gains in the exports performance due to improved external competitiveness.
Since May this year, the local currency has depreciated substantially and fell
to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue
before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple
iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has
been launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act
replaces a 119 year old registration. The Securities and Exchange Board of
India has approved the trading of currency futures on the Bombay Stock
Exchange. The exchange plans to launch the currency futures platform with
advanced trading technology by the end of November.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long term rating : BBB+ |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk |
|
Date |
January 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short term rating : A2+ |
|
Rating Explanation |
Strong degree of safety and low credit risk.
|
|
Date |
January 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. Hitesh Chawda |
|
Designation : |
Company Secretary |
|
Contact No.: |
91-22-30386286 |
|
Date : |
15.11.2013 |
LOCATIONS
|
Registered Office : |
H Block, 1st Floor, A Wing, Dhurubhai Ambani Knowledge
City, Koparkhairane, Navi Mumbai – 400710, Maharashtra, India |
|
Tel. No.: |
91-22-30386286 |
|
Fax No.: |
91-22-30376622 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
“A” Block, 2nd Floor, Dhirubhai Ambani Knowledge City,
Opposite. Koparkhairana Railway Station, Thane Belapur Road, Navi Mumbai –
400709, Maharashtra, India |
|
Tel. No.: |
91-22-30373333 |
DIRECTORS
AS ON 29.09.2012
|
Name : |
Mr. Gautam Bhailal Doshi |
|
Designation : |
Director |
|
Address : |
B-131,Grand Paradi, August Kranti Marg, Mumbai – 400036, Maharashtra,
India |
|
Date of Birth/Age : |
23.12.1952 |
|
Qualification : |
FCA |
|
Date of Appointment : |
30.01.2007 |
|
DIN No.: |
00004612 |
|
|
|
|
Name : |
Mr. Sateesh Seth |
|
Designation : |
Director |
|
Address : |
4th Floor, Summer Villa, 7th Road, Santacruz
(East), Mumbai – 400055, Maharashtra, India |
|
Date of Birth/Age : |
13.08.1955 |
|
Qualification : |
LLB, FCA |
|
Date of Appointment : |
11.04.1997 |
|
DIN No.: |
00004631 |
|
|
|
|
Name : |
Mr. Prakash Shenoy |
|
Designation : |
Director |
|
Address : |
Flat No.104, Fortuna B, Lodha Paradise, Near Majiwada Flyover, Eastern
Express Highway, Thane (West), Mumbai – 400601, Maharashtra, India |
|
Date of Birth/Age : |
01.05.1973 |
|
Qualification : |
B.Com, LLB, ACS |
|
Date of Appointment : |
30.09.2011 |
|
DIN No.: |
00005394 |
KEY EXECUTIVES
|
Name : |
Mr. Hitesh Chawda |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Gaurang Chhotalal Shah |
|
Designation : |
Company Secretary |
|
Address : |
Flat No. 204, A Wing, Raj Vaibhav-1, Mahavir Nagar,
Kandivali (West), Mumbai – 400067, Maharashtra, India |
|
Date of Birth/Age : |
13.12.1961 |
|
Date of Appointment : |
01.09.2004 |
|
PAN No.: |
AAIPS5292A |
|
|
|
|
Name : |
Mr. Viraj Hemchand Karani |
|
Designation : |
Manager |
|
Address : |
E Room No.24, Kanjur Estate, Near Railway Station,
Kanjurmarg (West), Behind Sainath Hotel, Mumbai – 400078, Maharashtra, India |
|
Date of Birth/Age : |
18.06.1985 |
|
Date of Appointment : |
13.03.2011 |
|
PAN No.: |
BAYPK1278F |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2012
|
Names of Shareholders (Equity Shares) |
|
No. of Shares |
|
Reliance Infocomm Infrastructure Private Limited, India |
|
7419900 |
|
Prakash Shenoy Jointly with Reliance Communications Limited, India |
|
1 |
|
Anil C. Shah Jointly with Reliance Communications Limited, India |
|
1 |
|
Gaurang C. Shah Jointly with Reliance Communications Limited, India |
|
1 |
|
Hasit Shukla Jointly with Reliance Communications Limited, India |
|
1 |
|
Hitesh Chawda Jointly with Reliance Communications Limited, India |
|
1 |
|
Reliance Communications Limited, India |
|
27580095 |
|
|
|
|
|
Total |
|
35000000 |
|
Names of Shareholders (Preference Shares) |
|
No. of Shares |
|
Reliance Communications Limited, India |
|
45000000 |
|
|
|
|
|
Total |
|
45000000 |
AS ON 29.09.2012
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Bodies
corporate |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Cellular Mobile Telephone Services. |
||||
|
|
|
||||
|
Products/ Services : |
|
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
IDBI Bank Limited |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
|
|||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial Institution : |
Axis Trustee Services Limited, Axis House, 2nd Floor, Bombay
Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai - 400025,
Maharashtra, India |
|
|
|
|
Auditors 1 : |
|
|
Name : |
Chaturvedi and Shah Chartered Accountants |
|
Address : |
714-715, Tulsiani Chambers, 212, Nariman Point, Mumbai – 400021, |
|
Income-tax
PAN of auditor or auditor's firm : |
AAAFC0662N |
|
|
|
|
Auditors 2 : |
|
|
Name : |
Price Waterhouse Chartered Accountants |
|
Address : |
252, Veer Savarkar Marg, Shivaji Park, Dadar, Mumbai - 400028,
Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AABCP9181H |
|
|
|
|
Holding company : |
Reliance Communications Limited [L45309MH2004PLC147531] |
|
|
|
|
Ultimate Holding
Company : |
Reliance Innoventure Private Limited (RIPL) |
|
|
|
|
Fellow Subsidiary
company : |
· Reliance Communications Infrastructure Limited [U64203MH1997PLC166329] Reliance Infratel Limited [U72900MH2001PLC131598] Reliance Tech Services Private Limited
[U72900MH2007PTC172690] Reliance IDC Limited [U72900MH2001PLC131600] Reliance Webstore Limited [U72900MH2000PLC128101] |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
120,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 1200.000 Millions |
|
100,000,000 |
Preference Shares |
Rs. 10/- each |
Rs. 1000.000 Millions |
|
280,000,000 |
Unclassified Shares |
Rs. 10/- each |
Rs. 2800.000 Millions |
|
|
Total |
|
Rs. 5000.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
35,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 350.000
Millions |
|
45,000,000 |
Preference Shares |
Rs. 10/- each |
Rs. 450.000
Millions |
|
|
Total |
|
Rs. 800.000 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
800.000 |
800.000 |
800.000 |
|
(b) Reserves & Surplus |
(3486.600) |
151.200 |
(1251.700) |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
(2686.600) |
951.200 |
(451.700) |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
13535.100 |
11082.600 |
4159.500 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long
term liabilities |
0.000 |
18000.000 |
18000.500 |
|
(d) long-term
provisions |
17.600 |
26.900 |
0.000 |
|
Total Non-current
Liabilities (3) |
13552.700 |
29109.500 |
22160.000 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
22694.000 |
22154.000 |
18390.600 |
|
(b)
Trade payables |
8929.400 |
7611.800 |
4232.900 |
|
(c)
Other current liabilities |
20051.300 |
20305.600 |
24603.200 |
|
(d) Short-term
provisions |
3.400 |
1.200 |
54.800 |
|
Total Current
Liabilities (4) |
51678.100 |
50072.600 |
47281.500 |
|
|
|
|
|
|
TOTAL |
62544.200 |
80133.300 |
68989.800 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
34057.600 |
30151.700 |
14928.600 |
|
(ii)
Intangible Assets |
16345.500 |
17369.100 |
5286.100 |
|
(iii)
Capital work-in-progress |
4483.000 |
8118.300 |
26527.900 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
2229.400 |
2782.500 |
1801.100 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
57115.500 |
58421.600 |
48543.700 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
133.900 |
118.500 |
110.900 |
|
(c)
Trade receivables |
1845.400 |
1971.000 |
794.600 |
|
(d) Cash
and cash equivalents |
753.800 |
65.300 |
162.900 |
|
(e)
Short-term loans and advances |
2695.600 |
19556.900 |
19377.700 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
5428.700 |
21711.700 |
20446.100 |
|
|
|
|
|
|
TOTAL |
62544.200 |
80133.300 |
68989.800 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
32481.900 |
26344.400 |
23461.600 |
|
|
|
Other Income |
57.300 |
95.000 |
539.400 |
|
|
|
TOTAL (A) |
32539.200 |
26439.400 |
24001.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
25461.500 |
21736.200 |
20968.400 |
|
|
|
Employee benefit expense |
1003.200 |
1090.100 |
397.800 |
|
|
|
Other expenses |
5486.800 |
5044.300 |
1736.300 |
|
|
|
TOTAL (B) |
31951.500 |
27870.600 |
23102.500 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
587.700 |
(1431.200) |
898.500 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1013.000 |
602.500 |
609.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(425.300) |
(2033.700) |
289.100 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3261.600 |
(5086.800) |
3178.600 |
|
|
|
|
|
|
|
|
|
|
EXCEPTIONAL ITEMS |
0.000 |
(16.500) |
(0.100) |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
(3686.900) |
3036.600 |
(2889.600) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
(710.500) |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(3686.900) |
3036.600 |
(2179.100) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
International Roaming |
362.300 |
376.400 |
241.800 |
|
|
|
Others |
0.000 |
94.800 |
0.000 |
|
|
TOTAL EARNINGS |
362.300 |
471.200 |
241.800 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
279.200 |
1589.200 |
6867.400 |
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(105.34) |
87.23 |
(62.26) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(11.33)
|
11.49 |
(9.08)
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(11.35)
|
11.53 |
(12.32)
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(6.35)
|
4.22 |
(6.81)
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
1.37
|
3.19 |
6.40 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
(13.49)
|
34.94 |
(49.92)
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.11
|
0.43 |
0.43 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
31.03.2011 (Rs.
In Millions) |
|
Current maturities
of Long-term Debts |
|
|
|
|
Foreign Currency Loans from Banks |
777.600 |
499.300 |
305.400 |
|
|
|
|
|
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
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 |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION DETAILS
|
HIGH COURT OF
BOMBAY |
|
CASE DETAILS BENCH: BOMBAY |
|
Lodging No: CPL/401/2013 Filing Date: 21.06.2013 Reg. No.: CP/449/2013 Reg. Date: 07.08.2013 |
|
Petitioner: MILLWARD BROWN MARKET RESEARCH SERVICES Respondent: RELIANCE TELECOM
LIMITED CIN NO. U32100MH1994PLC162841 Petn. Adv : ADVAYA LEGAL
Resp. Adv.: MULLA AND MULLA AND CRAIGIE BLUNT AND CAROE District: MUMBAI |
|
Bench: SINGLE Status: Pre-Admission
Category: COMPANY PETITION U/SEC 433,434,439 COMPANIES ACT Next Date: 03.12.2013
Stage: FOR DIRECTION (COMPANY MATTERS) Coram: HON’BLE SHRI JUSTICE N.M. JAMDAR Last Date: 12.11.2013
Stage: FOR DIRECTION (COMPANY MATTERS)
Last Coram: HON’BLE SHRI JUSTICE N.M. JAMDAR |
|
Act: Companies Act and Rules 1956
UNDER SECTION: 433 AND 434 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10460117 |
20/11/2013 |
2,000,000,000.00 |
AXIS TRUSTEE
SERVICES LIMITED |
AXIS HOUSE, 2ND
FLOOR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI -
400025, MAHARASHTRA, INDIA |
B89498414 |
|
2 |
10460129 |
20/11/2013 |
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 |
B89501746 |
|
3 |
10447898 |
16/09/2013 |
2,500,000,000.00 |
AXIS TRUSTEE
SERVICES LIMITED |
AXIS HOUSE, 2ND
FLOOR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI -
400025, MAHARASHTRA, INDIA |
B84473685 |
|
4 |
10440067 |
05/08/2013 |
2,500,000,000.00 |
AXIS TRUSTEE
SERVICES LIMITED |
AXIS HOUSE, 2ND
FLOOR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI -
400025, MAHARASHTRA, INDIA |
B80950801 |
|
5 |
10429174 |
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 |
B76287432 |
|
6 |
10413228 |
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 |
B71274880 |
|
7 |
10400014 |
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 |
B66712456 |
|
8 |
10399058 |
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 |
B66416793 |
|
9 |
10396460 |
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 |
B65715237 |
|
10 |
10396467 |
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 |
B65716516 |
|
11 |
10387880 |
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 |
B62521836 |
|
12 |
10380766 |
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 |
B59731562 |
|
13 |
10363296 |
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 |
B42745299 |
|
14 |
10350236 |
26/04/2012 |
18,000,000,000.00 |
AXIS TRUSTEE
SERVICES LIMITED |
AXIS HOUSE, 2ND FLOOR,
BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI - 400025,
MAHARASHTRA, INDIA |
B37749702 |
|
15 |
10350294 |
26/04/2012 |
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 |
B37748142 |
|
16 |
10343037 |
26/03/2012 |
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 |
B35398973 |
|
17 |
10337097 |
22/02/2012 |
47,185,200,000.00 |
AXIS TRUSTEE
SERVICES LIMITED |
AXIS HOUSE, 2ND FLOOR,
BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI - 400025,
MAHARASHTRA, INDIA |
B32763955 |
|
18 |
10320900 |
09/12/2011 |
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 |
B26735910 |
|
19 |
10307311 |
22/09/2011 |
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 |
B21023056 |
|
20 |
10293046 |
30/06/2011 |
27,076,000,000.00 |
AXIS TRUSTEE
SERVICES LIMITED |
AXIS HOUSE, 2ND
FLOOR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI -
400025, MAHARASHTRA, INDIA |
B15301476 |
|
21 |
10293078 |
30/06/2011 |
200,000,000.00 |
AXIS TRUSTEE
SERVICES LIMITED |
AXIS HOUSE, 2ND
FLOOR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI - 400025,
MAHARASHTRA, INDIA |
B15309594 |
|
22 |
10269393 |
09/03/2011 |
86,850,000,000.00 |
AXIS TRUSTEE
SERVICES LIMITED |
AXIS HOUSE, 2ND
FLOOR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI -
400025, MAHARASHTRA, INDIA |
B07382690 |
|
23 |
10268389 |
04/03/2011 |
204,208,617,724.50 |
AXIS TRUSTEE
SERVICES LIMITED |
AXIS HOUSE, 2ND
FLOOR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI -
400025, MAHARASHTRA, INDIA |
B07053960 |
|
24 |
10177606 |
04/03/2011 * |
30,000,000,000.00 |
AXIS TRUSTEE
SERVICES LIMITED |
AXIS HOUSE, 2ND
FLOOR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI -
400025, MAHARASHTRA, INDIA |
B07054364 |
* Date of charge modification
UNSECURED LOANS
|
UNSECURED LOANS |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
SHORT TERM BORROWINGS |
|
|
|
Term loans from banks |
1329.900 |
766.500 |
|
Loans and advances from related parties |
16514.100 |
18387.500 |
|
|
|
|
|
Total |
17844.000 |
19154.000 |
Note:
The registered office of the company has been shifted from Main Admn Building, Block No. GF-1, Village – Meghpar/Padana, Lalpur, Jamnagar – 361280, Gujarat, India to the present address w.e.f. 01.05.2006.
FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
During the year, net billing revenue of the Company increased to Rs. 32481.900 Millions, signifying a growth of 23% over the corresponding amount of Rs. 26344.400 Millions during the previous year.
Operating profit for the year amounted to Rs. 587.700 Millions (as compared to loss during the previous year Rs. 1431.200 Millions).
The Company has, during the year, entered into various
contracts in the area of telecommunication business. While benefits from such
contracts will accrue in the future years, the Board of Directors shall
periodically review their progress.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
(a) Claims against the Company not acknowledged as debts* * These represent demands received from Sales Tax / Service Tax /
Entry Tax authorities in various States/ Department of Telecommunications,
which are pending before the Appellate Authorities / Tribunal / High
Court/TDSAT and the stay orders are granted against the said demands. The
Company is confident that the aforesaid claims will be successfully
contested. The Company has deposited Rs. 373.000 Millions (Previous year Rs.
299.700 Millions) under protest with the Sales tax / Service Tax / Entry Tax
authorities/ Department of Telecommunications against the demand, which is
included in Loans and Advances |
3064.100 |
1369.100 |
|
(b) Estimated amount of contracts remaining to be executed on capital
account (net of advances) and not provided for |
668.100 |
1333.900 |
|
(c) Department of Telecommunication (DoT) has issued a demand on the Company
towards levy of one time Spectrum Charges, being retrospective charges of Rs.
47.000 Millions for holding GSM Spectrum beyond 6.2 MHz for the period from
July 1, 2008 to December 31, 2012 and prospective charge of Rs. 1687.700
Millions for GSM spectrum held beyond 4.4 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 February 14, 2013, has stayed the operation of the impugned
demand till 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. (d) Pursuant to the Telecom License Agreement, Department of
Telecommunications (DoT) directed audit of various Telecom companies
including of the Company. The Special Auditors appointed by DoT were required
to verify of the Company for the years ended March 31, 2007 and March 31,
2008 relating to license fees and revenue share. The Company has received
show cause notices dated January 31, 2012 and subsequently received demand
note dated November 8, 2012 based on report of the Special Audit directed by
DoT relating to alleged shortfall of license fees of Rs.130.000 Millions and
interest thereon as applicable. The company has challenged the Special audit
demand notices dated November 11, 2012, inter alia demanding license fee on
non-telecom revenue based on Special Audit Report before the Hon’ble TDSAT.
The Hon’ble TDSAT has stayed the operation of such impugned demand during the
pendency of the Petitions before them. The Company is confident that based on
advice and, inter alia, on current understanding of the regulation by the
industry and judicial pronouncements directly applicable to the issues raised
in the special audit report, there shall not be any liability in this regard
and hence, no provision is required in the accounts of the Company. (e) Consequent to the investigations by an investigative agency (CBI)
in relation to the entire telecom sector in India, certain preliminary
charges have been framed by a Trial Court in October, 2011 against a Director
and the Company. The charges so framed are preliminary in nature based on
investigations only, and the persons named are presumed to be innocent, till
their alleged guilt is established after a fair trial. As legally advised, the persons so named deny all charges, and a writ
petition for quashing the charges framed have been filed in October, 2011 in
the Hon’ble High Court of Delhi has been objected by the investigative agency
before Hon’ble Supreme Court for seeking stay there against and transferring
the matter thereto, which is pending for hearing. These preliminary charges
have no impact on the business, operations, and/ or licenses of the Company. |
||
FIXED ASSETS:
· Land
Buildings
Plant
and equipment
Furniture
and fixtures
Vehicles
Office
equipment
Leasehold
improvements
Computer
software
Licenses
and franchise
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. 62.23 |
|
|
1 |
Rs. 100.18 |
|
Euro |
1 |
Rs. 84.06 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
45 |
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.