MIRA
INFORM REPORT
|
Report Date : |
29.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
HATHWAY CABLE AND DATACOM LIMITED |
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Registered
Office : |
Rahejas, 4th Floor, Corner of Main Avenue, V.P. Road,
Santacruz Mumbai – 400054, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of Incorporation
: |
07.08.1959 |
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Com. Reg. No.: |
11-011421 |
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Capital
Investment / Paid-up Capital : |
Rs.1431.732 Millions |
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CIN No.: [Company Identification
No.] |
L64204MH1959PLC011421 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
MUMH07346D |
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PAN No.: [Permanent Account No.] |
AAACC6814B |
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Legal Form : |
A Public Limited
Liability Company. The company's
shares are listed on the Stock Exchanges |
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Line of Business
: |
The Company is Multi System Operator (MSO) engaged in distribution of
television channels through analog and digital cable distribution network and
internet services through cable. |
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No. of Employees
: |
Information denied by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 32050000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is one of the largest MSO and cable broadband service providers
in India. It is promoted by the Raheja Group. It is an old and well established, reputed company having satisfactory
track record. Net profitability of the company appears to be low during 2013. However, trade relations are reported as decent. Business is active.
Payments are reported to be usually correct. In view of strong and experience promoters, the company can be
considered 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
India’s current account
deficit or CAD in April-June widened to 4.9 % of gross domestic product. High
imports of gold and oil led to a worsening of the trade deficit, resulting in
CAD jumping to $ 21.8 billion to the latest quarter from $ 16.9 billion in the
corresponding quarter of the previous financial year. The government aims to
bring down CAD to 3.7 % or $ 70 billion, in 2013/14, from 4.8 % or $ 88.2
billion in 2012/13.
The finance ministry
has started preparations for Budget 2014/15. With general elections scheduled
to be held by May next year, there will only be an interim budget. The new
government will present the fiscal Budget.
The Supreme Court
has barred clinical trials for new drugs till a monitoring mechanism is put in
place to protect the lives of people on which the drugs are tested.
Mumbai has been
named the world’s second most honest city according to a survey on 15 cities
worldwide by Readers’ Digest magazine. Finnish capital Helsinki bagged the top
spot for the world’s most honest city while Lisbon, the capital of Portugal,
proved to be the least honest. The survey put hundreds of people to test
in four continents to find out just how honest they were by dropping wallets
and seeing how many would be returned.
3.7 % Growth of the
core sector in August, a seven month high. This takes the overall growth in
April-August this year to 2.3 % compared with 6.3 % in the corresponding period
next financial year.
$19 million
Estimated average spending by companies across the globe including India, on
social media this year, according to a global study by information technology
major Tata Consultancy Services. This will rise to $ 24 million in 2015.
Rising inflation,
fewer employment avenues and dwindling earnings are taking a toll on the
spending capacity in India. Over 72 % respondents from middle and lower middle
income families would be forced to slash their Diwali expenditure by 40 % and
on average spend nearly 25 % of their monthly salary on Diwali, according to a
survey by Assochem.
Analysts believe the
shutdown of the US government would have limited impact in sectors such as IT
or tourism that are dependent on Visa clearances.
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 PARTED BY
MANAGEMENT NON CO-OPERATIVE (91-22-26001306)
LOCATIONS
|
Registered Office : |
Rahejas, 4th Floor, Corner of |
|
Tel. No.: |
91-22-26001306 / 26055041 / 67627000 |
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Fax No.: |
91-22-26001307 |
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E-Mail : |
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Website : |
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Area : |
4000 sq ft |
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Location : |
Rented |
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Corporate Office : |
Located at:
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DIRECTORS
As on: 31.03.2013
|
Name : |
Mr. Brahmal Vasudevan |
|
Designation : |
Chairman |
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Name : |
Mr. Rajan Raheja |
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Designation : |
Director |
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Address : |
Rahejas, 87/1, G. B. Marg, Juhu, Mumbai-400049, Maharashtra, India |
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Date of Birth/Age : |
17.06.1954 |
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Date of Appointment : |
07.09.2000 |
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Name : |
Mr. Akshay Raheja |
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Designation : |
Director |
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Name : |
Mr. Viren Raheja |
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Designation : |
Director |
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Name : |
Mr. Jagdishkumar G. |
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Designation : |
Managing Director and CEO |
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Name : |
Mr. Vinayak Aggarwal |
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Designation : |
Director |
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Address : |
502, Gladioli, Off Yari Road, Versova,
Andheri (West), Mumbai-400061, Maharashtra, India |
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Date of Birth/Age : |
12.04.1969 |
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Date of Appointment : |
04.06.1996 |
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Name : |
Mr. Sasha Mirchandani |
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Designation : |
Director |
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Name : |
Mr. Sridhar Gorthi |
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Designation : |
Director |
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Name : |
Mr. Devendra Shrotri |
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Designation : |
Director |
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Name : |
Mr. Biswajit Subrmanian |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Milind Karnik |
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Designation : |
President and Company Secretary |
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Address : |
E/30, Sai Krupa, |
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Date of Birth/Age : |
02.12.1960 |
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Date of Appointment : |
01.01.1999 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2013
|
Category of
Shareholder |
No. of Shares held in Dematerialized Form |
% of No. of Shares |
|||
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(A) Shareholding
of Promoter and Promoter Group |
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|||
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|||
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|
48193200 |
32.46 |
|||
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|
24019003 |
16.18 |
|||
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|
72212203 |
48.63 |
|||
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|||
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Total
shareholding of Promoter and Promoter Group (A) |
72212203 |
48.63 |
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(B) Public
Shareholding |
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|||
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|||
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|
15621852 |
10.52 |
|||
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|
1050114 |
0.71 |
|||
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|
40221982 |
27.09 |
|||
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|
12960657 |
8.73 |
|||
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|
10731281 |
7.23 |
|||
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|
2229376 |
1.50 |
|||
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|
69854605 |
47.05 |
|||
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|
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|
|||
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|
2747436 |
1.85 |
|||
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|
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|
|||
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|
1201151 |
0.81 |
|||
|
|
2225181 |
1.50 |
|||
|
|
237324 |
0.16 |
|||
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|
95263 |
0.06 |
|||
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|
85829 |
0.06 |
|||
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|
56000 |
0.04 |
|||
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|
232 |
0.00 |
|||
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|
6411092 |
4.32 |
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Total Public
shareholding (B) |
76265697 |
51.37 |
|||
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Total (A)+(B) |
148477900 |
100.00 |
|||
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(C) Shares held
by Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|||
|
|
0 |
0.00 |
|||
|
|
0 |
0.00 |
|||
|
|
0 |
0.00 |
|||
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Total
(A)+(B)+(C) |
148477900 |
0.00 |
Shareholding of securities (including shares, warrants, convertible securities)
of persons belonging to the category Promoter and Promoter Group
|
Name of the Shareholder |
Details of Shares held |
|
|
No. of Shares held |
As a % of grand total |
|
|
Akshay Rajan
Raheja |
2,42,82,600 |
16.35 |
|
Viren Rajan
Raheja |
2,39,10,600 |
16.10 |
|
Hathway
Investments Ltd |
1,63,69,003 |
11.02 |
|
Spur Cable &
Datacom Pvt Ltd |
76,50,000 |
5.15 |
|
Total |
7,22,12,203 |
48.63 |
(*) The term encumbrance has the same meaning as assigned to it in regulation
28(3) of the SAST Regulations, 2011.
Shareholding of securities (including shares, warrants, convertible
securities) of persons belonging to the category Public and holding more than
1% of the total number of shares
|
Name of the Shareholder |
No. of Shares held |
Total No. of Shares |
|
|
Providence
Equity Advisors Mauritius Ltd A/c P6 Mauritius India Holding Ltd |
14143552 |
9.53 |
|
|
Reliance Capital
Trustee Co Ltd A/c Reliance Equity Opportunities Fund |
8730571 |
5.88 |
|
|
Macquarie Bank
Ltd |
10556644 |
7.11 |
|
|
Infrastructure
India Holdings Fund LLC |
5568609 |
3.75 |
|
|
UTI -
Opportunities Fund |
2576685 |
1.74 |
|
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Morgan Stanley
Asia (Singapore) Pte |
2418472 |
1.63 |
|
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Birla Sun Life Trustee
Company Pvt Ltd A/c Birla Sunlife Midcap Fund |
1975378 |
1.33 |
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Government
Pension Fund Global |
1988851 |
1.34 |
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Route One
Investment Company LP A/c Route One Fund I LP |
2334649 |
1.57 |
|
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Route One Investment
Company LP A/c Route One Offshore Master Fund LP |
2139844 |
1.44 |
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P6 Asia Holding
Investment IV (Mauritius) Ltd |
3870000 |
2.61 |
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Total |
56303255 |
37.92 |
|
Shareholding of securities (including shares, warrants, convertible securities)
of persons (together with PAC) belonging to the category “Public” and holding
more than 5% of the total number of shares of the company
|
Name(s) of the shareholder(s) and the Persons
Acting in Concert (PAC) with them |
No. of Shares |
Total No. of Shares |
|
|
Providence
Equity Advisors Mauritius Ltd A/c P6 Mauritius India Holding Ltd |
14143552 |
9.53 |
|
|
Macquarie Bank
Ltd |
10556644 |
7.11 |
|
|
Reliance Capital
Trustee Co Ltd A/c Reliance Equity Opportunities Fund |
10342471 |
6.97 |
|
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Total |
35042667 |
23.60 |
|
Details of Locked-in Shares
|
Name of the Shareholder |
No. of Shares |
Total No. of Shares |
|
Hathway
Investments Pvt Ltd |
1,63,69,003 |
11.02 |
|
LTR Focus Fund |
638 |
0.00 |
|
Massachusetts
Institute of Technology SCM |
1,275 |
0.00 |
|
P6 Asia Holding
Investments IV (Mauritius) Ltd |
38,70,000 |
2.61 |
|
Steadview
Capital Mauritius Ltd |
1,275 |
0.00 |
|
Total |
2,02,42,191 |
13.63 |
BUSINESS DETAILS
|
Line of Business : |
The Company is Multi System Operator (MSO) engaged in distribution of
television channels through analog and digital cable distribution network and
internet services through cable. |
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Products : |
Cable Transmission, Internet Service Provider |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by the management |
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Bankers : |
·
Axis Bank Limited ·
ICICI Bank Limited ·
Yes Bank Limited ·
ING Vysya Bank Limited |
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Facilities : |
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NOTE: Long Term
Borrowing
Short Term
Borrowing
- There are no long term borrowings guaranteed by person other than
directors. |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
G. M. Kapadia and Company Chartered Accountants |
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Cost Auditors: |
|
|
Name : |
Dr. Ashok Kumar Agarwal |
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Advocates and Solicitors
: |
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Wholly Owned
Subsidiaries: |
œ
Bee Network and Communication Private Limited œ
Binary Technology Transfers Private Limited œ
Hathway C-Net Private Limited œ
Hathway Enjoy Cable Network Private Limited œ
Hathway Gwalior Cable and Datacom Private Limited
œ
Hathway Internet Satellite Private Limited œ
Hathway JMD Farukhabad Cable Network Private
Limited œ
Hathway Media Vision Private Limited œ
Hathway Space Vision Cabletel Private Limited œ
Hathway United Cables Private Limited œ
Hathway Universal Cabletel and Datacom Private
Limited œ
Ideal Cables Private Limited œ
ITV Interactive Media Private Limited œ
Liberty Media Vision Private Limited œ
Vision India Networks Private Limited œ
Win Cable and Datacom Private Limited œ Hathway Bhaskar
Multinet Private Limited |
|
|
|
|
Other –
Subsidiaries: |
œ
Chennai Cable Vision Network Private Limited œ
Channels India Network Private Limited œ
Elite Cable Network Private Limited œ
Hathway Digital Saharanpur Cable and Datacom
Private Limited œ
Hathway ICE Television Private Limited œ
Hathway Sonali Om Crystal Cable Private Limited œ
Hathway MCN Private Limited œ
Hathway Nashik Cable Network Private Limited œ
Hathway Krishna Cables Private Limited œ
Hathway Rajesh Multi channel Private Limited œ
Hathway Software Developers Private Limited œ
UTN Cable Communications Private Limited œ
GTPL Hathway Pvt. Ltd (f.k.a. Gujarat Telelink
Private Limited ) œ
Hathway Latur MCN Cable and Datacom Private
Limited œ
Hathway Channel 5 Cable and Datacom Private
Limited œ
Hathway Mysore Cable Network Private Limited œ
Hathway Prime Cable and Datacom Private Limited œ
Hathway Mantra Cable and Datacom Private Limited œ
Hathway Jai Mata Di Sherawali Cable and Datacom
Private Limited * œ
Hathway Sai Star Cable and Datacom Private
Limited œ
Hathway New Concept Cable and Datacom Private
Limited œ
Hathway Palampur Cable Network Private Limited œ
Hathway Cable MCN Nanded Private Limited œ
Net 9 Online Hathway Private Limited œ
Hathway Bhawani Cabletel and Datacom Limited œ
Hathway Dattatray Cable Network Private Limited œ
Hathway Bhaskar CCN Multinet Private Limited œ
Hathway Bhaskar CCN Entertainment (India) Private
Limited œ
Hathway Bhaskar CBN Multinet Private Limited œ
Hathway Bhaskar CCN Mullti Entertainment Private
Limited œ Hathway Kokan
Crystal Cable Network Private Limited |
|
|
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Joint Ventures : |
œ
Hathway Sukhamrit Cable and Datacom Private
Limited œ
Hathway SS Cable and Datacom – LLP |
|
|
œ
|
|
Associate
Company |
œ
Pan Cable Services Private Limited œ
Hathway VCN Cabletel Private Limited |
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CAPITAL STRUCTURE
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
199800000 |
Equity Shares |
Rs.10/- each |
Rs.1998.000 Millions |
|
200000 |
Non- Cumulative Redeemable Preference Shares |
Rs.10/- each |
Rs.2.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 2000.000
Millions |
Issued, Subscribed and Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
143173200 |
Equity Shares |
Rs.10/- each |
Rs.1431.732 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 |
1431.732 |
1429.051 |
1429.051 |
|
(b) Reserves and Surplus |
6582.077 |
6513.318 |
7029.326 |
|
(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) |
8013.809 |
7942.369 |
8458.377 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
4772.973 |
2178.479 |
1897.104 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
98.878 |
136.983 |
346.790 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
4871.851 |
2315.462 |
2243.894 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
399.581 |
10.639 |
110.000 |
|
(b) Trade payables |
689.272 |
515.509 |
460.064 |
|
(c) Other current
liabilities |
4584.081 |
1868.769 |
2043.773 |
|
(d) Short-term provisions |
57.813 |
48.172 |
51.891 |
|
Total Current Liabilities (4) |
5730.747 |
2443.089 |
2665.728 |
|
|
|
|
|
|
TOTAL |
18616.407 |
12700.920 |
13367.999 |
|
|
|
|
|
|
II. ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
8092.316 |
4893.159 |
4780.742 |
|
(ii) Intangible Assets |
870.162 |
604.386 |
604.204 |
|
(iii) Capital
work-in-progress |
1988.239 |
951.484 |
441.475 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
3128.011 |
2765.840 |
2570.162 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
794.509 |
610.055 |
723.849 |
|
(e) Other Non-current assets |
272.100 |
148.878 |
114.862 |
|
Total Non-Current Assets |
15145.337 |
9973.802 |
9235.294 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
101.674 |
1814.304 |
|
(b) Inventories |
15.052 |
10.715 |
18.802 |
|
(c) Trade receivables |
2175.872 |
1483.957 |
1611.946 |
|
(d) Cash and cash
equivalents |
106.728 |
560.375 |
138.898 |
|
(e) Short-term loans
and advances |
1088.062 |
563.122 |
543.081 |
|
(f) Other current
assets |
85.356 |
7.275 |
5.674 |
|
Total Current Assets |
3471.070 |
2727.118 |
4132.705 |
|
|
|
|
|
|
TOTAL |
18616.407 |
12700.920 |
13367.999 |
PROFIT and LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
6543.199 |
5137.013 |
4738.667 |
|
|
|
Other Income |
136.339 |
150.036 |
222.496 |
|
|
|
TOTAL |
6679.538 |
5287.049 |
4961.163 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchase of Stock-In-Trade |
109.867 |
98.082 |
14.039 |
|
|
|
Operational Expenses |
2952.865 |
2579.810 |
2215.945 |
|
|
|
Employee Benefits Expense |
422.099 |
380.298 |
416.462 |
|
|
|
Other Expenses |
1373.039 |
1216.925 |
1192.689 |
|
|
|
Impairment of Tangible / Intangible Assets |
38.072 |
33.997 |
27.030 |
|
|
|
Prior Period Expenses (Net) |
7.650 |
11.121 |
21.479 |
|
|
|
Exceptional Items |
93.487 |
43.612 |
143.889 |
|
|
|
TOTAL |
4997.079 |
4363.845 |
4031.533 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
1682.459 |
923.204 |
929.630 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
461.422 |
408.532 |
386.377 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
1221.037 |
514.672 |
543.253 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1189.067 |
1031.405 |
946.374 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
31.970 |
(516.733) |
(403.121) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
31.970 |
(516.733) |
(403.121) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(5511.256) |
(4994.523) |
(4591.402) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(5479.286) |
(5511.256) |
(4994.523) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
64.365 |
Nil
|
Nil
|
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
3841.338 |
1332.095 |
848.210 |
|
|
|
Stores and Spares and Others |
10.787 |
9.358 |
12.261 |
|
|
TOTAL IMPORTS |
3852.125 |
1341.453 |
860.471 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.22 |
(3.62) |
(2.82) |
|
QUARTERLY /
SUMMARISED RESULTS
|
PARTICULARS |
|
|
30.06.2013 |
|
Audited / UnAudited |
|
|
UnAudited |
|
Net Sales |
|
|
2326.500 |
|
Total Expenditure |
|
|
1648.800 |
|
PBIDT (Excl OI) |
|
|
677.700 |
|
Other Income |
|
|
09.500 |
|
Operating Profit |
|
|
687.200 |
|
Interest |
|
|
216.100 |
|
Exceptional Items |
|
|
(02.500) |
|
PBDT |
|
|
468.600 |
|
Depreciation |
|
|
415.400 |
|
Profit Before Tax |
|
|
53.200 |
|
Tax |
|
|
0.000 |
|
Provisions and contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
53.200 |
|
Extraordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
53.200 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
0.48
|
(9.77) |
(8.12) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.49
|
(10.06) |
(8.51) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.24
|
(5.75) |
(4.36) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.00
|
(0.06) |
(0.05) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.64
|
0.27 |
0.24 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.60
|
1.11 |
1.55 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT
MATURITIES OF LONG-TERM BORROWINGS:
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Current
maturities of Long-Term Borrowings |
2010.800
|
1027.702 |
978.988 |
|
Current maturities of Finance Lease Obligations |
418.435
|
155.078 |
217.723 |
|
|
|
|
|
|
Total |
2429.235
|
1182.780 |
1196.711 |
|
Sr. No. |
Check List by
Info Agents |
Available
in Report (Yes / No) |
|
1] |
Year of
Establishment |
Yes |
|
2] |
Locality of
the firm |
Yes |
|
3] |
Constitutions
of the firm |
Yes |
|
4] |
Premises
details |
No |
|
5] |
Type of
Business |
Yes |
|
6] |
Line of
Business |
Yes |
|
7] |
Promoter's
background |
Yes |
|
8] |
No. of
employees |
No |
|
9] |
Name of
person contacted |
No |
|
10] |
Designation
of contact person |
No |
|
11] |
Turnover of
firm for last three/ Two years |
Yes |
|
12] |
Profitability
for last three/ Two years |
Yes |
|
13] |
Reasons for
variation <> 20% |
-------------------- |
|
14] |
Estimation
for coming financial year |
No |
|
15] |
Capital in
the business |
Yes |
|
16] |
Details of
sister concerns |
Yes |
|
17] |
Major
suppliers |
No |
|
18] |
Major
customers |
No |
|
19] |
Payments
terms |
No |
|
20] |
Export /
Import details (if applicable) |
No |
|
21] |
Market
information |
---------------------- |
|
22] |
Litigations
that the firm / promoter involved in |
---------------------- |
|
23] |
Banking
Details |
Yes |
|
24] |
Banking
facility details |
Yes |
|
25] |
Conduct of
the banking account |
---------------------- |
|
26] |
Buyer visit
details |
---------------------- |
|
27] |
Financials,
if provided |
Yes |
|
28] |
Incorporation
details, if applicable |
Yes |
|
29] |
Last accounts
filed at ROC |
Yes |
|
30] |
Major
Shareholders, if available |
Yes |
|
31] |
Date of Birth
of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No
of Proprietor/Partner/Director, if available |
No |
|
34] |
External
Agency Rating, if available |
No |
INDEX CHARGES:
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10446392 |
26/08/2013 |
1,500,000,000.00 |
HOUSING DEVELOPMENT FINANCE CORPORATION
LIMITED |
RAMON HOUSE 169BACKBAY RECLAMATION, H T PAREKH
MARG, MUMBAI, Maharashtra - 400020, INDIA |
B83705715 |
|
2 |
10425641 |
12/04/2013 |
1,000,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER
PAREL W, MUMBAI, Maharashtra - 400013, INDIA |
B75110833 |
|
3 |
10418788 |
12/04/2013 |
1,500,000,000.00 |
IDFC Limited |
KRM Tower, 8th Floor, No. 1, Harrington
Road, Chetpet, Chennai, Tamil Nadu - 600031, INDIA |
B72906142 |
|
4 |
10421424 |
28/03/2013 |
30,000,000.00 |
AXIS BANK LIMITED |
GROUND FLOOR, SARKAR BUILDING, ADALAT
ROAD, KRANTI CHOWK, AURANGABAD, Maharashtra - 431001, INDIA |
B73666703 |
|
5 |
10414110 |
09/02/2013 |
1,000,000,000.00 |
Axis Bank Limited |
TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE,
LAW GARDEN ELLISBRIDGE, AHMEDABAD, Gujarat - 380006, INDIA |
B71550123 |
|
6 |
10394193 |
26/12/2012 |
1,000,000,000.00 |
GE MONEY FINANCIAL SERVICES Private
LIMITED |
401 402 4TH FLOOR AGGARWAL MILLENIUM
TOWER, E1 2 3 |
B64913346 |
|
7 |
10390852 |
20/11/2012 |
1,073,000,000.00 |
ING BANK N V |
SINGAPORE BRANCH, #19-02, 9 RAFFLES PLACE,
REPUBLIC PLAZA, SINGAPORE, - 048619, SINGAPORE |
B63688964 |
|
8 |
10381667 |
01/10/2012 |
450,000,000.00 |
ING VYSYA BANK LIMITED |
NARIAN MANZIL, GROUND FLOOR,SHOP NO.G1 TO
G5, I FLOOR, SHOP NO.1001 TO 1007,BARAKHAMBA ROAD, NEW DELHI, Delhi - 110001,
INDIA |
B60121381 |
|
9 |
10381674 |
01/10/2012 |
1,000,000,000.00 |
ING VYSYA BANK LIMITED |
NARIAN MANZIL,GROUND FLOOR, SHOP NO. G1 TO
G5, I FLOOR,SHOP NO.1001 TO 1007, BARAKHAMBA ROAD, NEW DELHI, Delhi 110001,
INDIA |
B60124245 |
|
10 |
10378016 |
14/09/2012 |
500,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF
INDIA, DR. ANNIE BESANT ROAD, WORLI,
MUMBAI, Maharashtra - |
B58659251 |
|
11 |
10305369 |
27/08/2011 |
500,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,
DR. ANNIE BESANT ROAD, WORLI, MUMBAI, Maharashtra - |
B20129722 |
|
12 |
10207060 |
19/03/2010 |
1,000,000,000.00 |
INFRASTRUCTURE DEVELOPMENT FINANCE COMPANY
LIMITED |
ITC CENTRE, 3RD FLOOR 760, ANNA SALAI, CHENNAI
- 600002, Tamil Nadu - 600002, INDIA |
A81370439 |
|
13 |
10124457 |
06/08/2010 * |
1,000,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF
INDIA, DR. ANNIE BESANT ROAD, WORLI, MUMBAI, Maharashtra - |
A96926126 |
|
14 |
10112418 |
28/06/2008 |
500,000,000.00 |
INFRASTRUCTURE DEVELOPMENT FINANCE COMPANY
LIMITED |
ITC CENTRE, 3RD FLOOR 760, ANNA SALAI,
CHENNAI - 600002, Tamil Nadu - 600002, INDIA |
A41006396 |
|
15 |
10039732 |
07/01/2008 * |
500,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF
INDIA, DR. ANNIE BESANT ROAD, WORLI, MUMBAI, Maharashtra - |
A33213935 |
|
16 |
10022238 |
16/03/2009 * |
200,000,000.00 |
HOUSING DEVELOPMENT FINANCE CORPORATION
LIMITED |
RAMON HOUSE 169 BACKBAY RECLAMATION, H T
PAREKH MARG, MUMBAI, Maharashtra - 400020, INDIA |
A59608547 |
|
17 |
90241612 |
20/11/2008 * |
100,000,000.00 |
HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED
|
RAMON HOUSE 169 BACKBAY RECLAMATION, H T
PAREKH MARG, MUMBAI, Maharashtra - 400020, INDIA |
A52381068 |
|
18 |
90241309 |
27/01/2005 |
400,000,000.00 |
INFRA. LEASING AND FINANCIAL SERVICES LTD |
THE IL &FS FINNCIAL CENTRE PLOT NO C-22
G BLOCK, BANDRA KURLA COMPLEX BANDRA
EAST, MUMBAI, Maharashtra - 400051, INDIA |
- |
|
19 |
90218492 |
22/02/2011 * |
1,938,000,000.00 |
AXIS Bank Limited |
UNIVERSAL INSURANCE BUILDING, P. M. ROAD,
FORT, Mumbai, Maharashtra - 400001,
INDIA |
B07374994 |
|
20 |
90218360 |
27/07/2000 |
335,000.00 |
IDBI BANK LTD |
77. DHARMI NIWAS, R. K. MISSION ROAD; KHAR
(W), MUMBAI, Maharashtra - 400052, INDIA |
- |
|
21 |
90218326 |
23/02/2000 |
100,000,000.00 |
IL & FS LTD |
MAHINDRA TOWRS; 4TH FLOOR, ROAD NO. 13 ;
WORLI, MUMBAI, Maharashtra - 400018, INDIA |
- |
|
22 |
90218311 |
22/12/1999 |
100,000,000.00 |
IL & FS LTD |
MAHINDRA TOWRS; 4TH FLOOR, ROAD NO. 13 ;
WORLI, MUMBAI, Maharashtra - 400018, INDIA |
- |
* Date of charge modification
COMPANY OVERVIEW
The Company is a
Public Company domiciled in India and incorporated under the provisions of the
Companies Act, 1956. The Company is Multi System Operator (MSO) engaged in
distribution of television channels through analog and digital cable
distribution network and internet services through cable. Its equity shares are
listed on National Stock Exchange of India Limited (NSE) and Bombay Stock
Exchange Limited (BSE) in India.
UTILIZATION OF IPO
PROCEEDS
During
the financial year 2009-10, the Company had successfully completed the Initial
Public Offering of shares to the tune of Rs. 6660.000 millions, including Rs. 1860.000 millions as Offer for Sale. As regards the utilization of the IPO
proceeds the Company had obtained members approval vide Resolution passed by
way of Postal Ballot on 21st June, 2011 to authorize the Board of
Directors of the Company to decide, alter, vary, revise and finalize the IPO
proceeds apart from the objects mentioned in the Prospectus. The details of
utilization of issue proceeds to the extent of Rs. 4800.000 millions as
on 31st March, 2013 were placed before the members of Audit Committee at the
meeting dated May 29, 2013 and the same also has been taken on record by Board
of Directors of the Company.
CABLE DISTRIBUTION
Media Partners
Asia (MPA) estimates that CATV Services reaches about 8.8 million homes in
India and is the primary means for television distribution (source MPA 2013).
Currently as estimated Hathway reaches nearly 10.5 million as on March 2013.
This Cable TV Paying Universe is expected to grow to over 106 million homes by
2020. Cable will also continue to be the primary means for distributing
television services in a predominantly urban landscape. Digitalization that was
mandated by the Cable Television Network Regulation (Amendment) Act, 2011,
contemplates a phased roll out of Digital Addressable System (DAS) commencing
November 2012 to December 2014. The Company stands to gain as the economics of
the Cable Television business is expected to transform consequent to this
mandate.
The Company along
with its subsidiary and joint venture companies successfully rolled out DAS in
the cities of Mumbai, Delhi and Kolkata. The Second phase was in 38 phase II
cities where the implementation of DAS was with effect from 01st April, 2013.
The Company along with its subsidiary and joint venture companies and its
subsidiary companies rolled out DAS in 26 cities forming part of its Phase II
deadline.
The Company is
expected to reach a subscriber universe exceeding 10.5 million homes by the end
of mandatory DAS. They have a pan India footprint that covers key Hindi
speaking markets in the West, North, East and Central India. During the year
the Company has increased its stake to 100% in Hathway Bhaskar Multinet Private
Limited. With this acquisition its presence in Central India (Indore, Bhopal
and Jaipur) is considerably strengthened. During the year as a part of Phase II
the Company further expanded the scope of its operations in the South
(Hyderabad, Bangalore and Mysore). The Company also established the presence in
key Northern cities such as Faridabad.
Their DAS services are supported by 20 digital head-ends and more than 16,000 kilometers of HFC
networks. They have also implemented state of the art Conditional Access
System (CAS), subscriber management and billing solution and
partnered with a premier outsourced customer contact centre service
provider. In the past year as required by Telecom Regulatory Authority
of India (TRAI) the Company has also filed its tariff plan/packages,
entered into contractual arrangements with most broadcasters and kept
adequately stocked with STBs to meet the requirements of the market.
The Company is now
well positioned to monetize its subscriber base under mandatory digitization.
BROADBAND SERVICES
Their Broadband
service reaches a universe of about 1.5 million homes. This makes them among
the larger MSOs providing such services in the country. They are a Category-A
Internet Service Provider (ISP) and they cover both retail and corporate
segments.
India has around
14.98 million broadband subscribers as on 31st December 2012. Broadband has
registered a quarterly growth of 2.02% and a year-on-year growth of 12.22%
(Source – TRAI Report, May 2013). Cable modem subscribers’ accounts for only
5.24% that is only 9.6 million internet subscribers. Cable provides big
potential for growth of broadband penetration in the country considering the
cable universe of 106 million CATV homes.
As of 31st March
2013, Hathway had about 416000 broadband subscribers, with an all India rank of
being the 5th largest ISP Company in the country. With a high quality and high
capacity network, Hathway is well placed to garner a larger share of the
growing broadband market.
MANAGEMENT DISCUSSION AND ANALYSIS
India with nearly
162 Million Television Households (TVHH) is among the largest television distribution
markets in the world. Community Antenna Television (CATV) services reach 97
Million (60% of TVHH) homes and are therefore the pre-eminent means of
distributing television services in the country. Direct to Home (DTH) services
follow with a penetration of around 32 Million TVHH. CATV is well penetrated, particularly in
urban regions. Media Partners Asia (MPA) 2013 estimates, that the total
universe of TV Households in India will grow to 205 Million in 2020. Cable will
continue to be a significant proportion of this universe and is expected to
grow from 97 Million TVHH in 2012 to 106 Million TVHH in 2020. While the growth
of the cable universe is modest the real opportunity lies in the implementation
of mandatory Digital Addressable System (DAS) consequent to the enactment of
the Cable Television Networks (Regulation) Amendment Act 2011.
This will result
in a more efficient monetization of the subscriber base and contribute to
growth in subscription revenues. India commenced implementation of digitization
(Digital Addressable Systems – DAS) from November 2012 in Phase I cities
(Mumbai, Delhi and Kolkata) and soon thereafter followed up with the roll-out
of DAS effective April 2013 in Phase II cities (38 cities with a population
exceeding 1 Million). Phase III and IV are expected to be rolled-out in
September, 2014 and December 2014 respectively, thus transforming the fortunes
of the television distribution industry in the country.
Mandatory
digitization of Cable TV networks will have far reaching consequences for the
entire media industry. In addition to improving the economics of Cable TV
companies i.e. the Multi System Operators (MSO) and broadcasters it will
significantly enhance customer experience giving him/ her right of choice,
empowering him to pick and choose the content he/she chooses to watch. More
importantly the capacity of cable networks will be significantly enhanced
enabling them to carry additional services such as High Definition (HD)
channels, value added services such as Video on Demand (VoD), localized
programming and most importantly Broadband services. All this will be achieved
at Subscriber Acquisition Costs (SAC) that are significantly lower compared
with other platforms such as DTH. The business which was hitherto B2B in its’
character will transform into a B2C business.
Those players who
adapt to this transformation will stand to gain considerably as their
investments will be more effectively monetized realizing better returns for all
stakeholders.
BUSINESS OVERVIEW
They are India’s
largest Multi System Operator (MSO). Along with their Joint Venture partners
and subsidiaries they serve a universe that is expected to exceed 10.5 Million
homes. Significantly, out of this universe, they directly serve nearly 640,000
primary subscribers where there is no intervening Local Cable Operators (LCO)
thus allowing them to capture a better share of the economic value. Their
footprint which subsumes 150 cities and towns and is amongst the widest in the
industry.
This footprint
covers significant Hindi Speaking Markets (HSM) in the West, North and Central
parts of India. In the process of rolling out in the Phase I DAS markets they
have acquired new subscribers in cities such as Kolkata in the East and
thereafter in Phase II expanded into cities such as Faridabad, Jabalpur and
Agra in the North.
Among all MSOs,
Hathway together with its’ associates, cumulatively seeded the largest number
of STBs reaching a count of almost 6.4 Million. It is anticipated that at the
end of Phase II Hathway services will reach over 7.0 Million STBs making it by
far the largest player at this stage. This positions the Company well to
accelerate growth going into Phase III and IV in 2014.
Their Broadband
services reach over 416,000 subscribers out of a home passed universe of about
1.5 Million. It is the largest broadband provider among all MSOs in the
country. This service is available across 19 cities giving it pan India
presence.
Their DAS roll-out
is now supported by 20 Digital Head-ends and more than 16,000 kilometers of HFC
network. They are also in the process of upgrading their Broadband services
with a state-of-the-art Docsis 3 platform. They anticipate that this wil
significantly impact customer experience and will help to make them India’s
premier operator in the Broadband space.
They continue to
receive commendations from industry having been awarded the “Best cable
operator of the year” by Indian Telly Awards several times.
THEIR STRATEGY
CATV
With the roll-out of
DAS they expect their business model to change significantly transitioning
their strategy from width to depth.
Their early focus
has been on digitally enabling their universe of subscribers in the Phase I and
Phase II cities that they serve. This has involved partnering with their Local
Cable Operator / Distributors in adequately seeding Set Top Boxes (STBs),
establishing back end infrastructure such as Digital Head ends, Subscriber
Management Systems (SMS), Conditional Access Systems (CAS) and Customer Contact
Centers that are commensurate with the scaling up of operations. They have
achieved near 100% seeding of STBs in the areas that they serve. They have
deployed quality CAS from NDS and Cisco. They have also simultaneously
strengthened back-end infrastructure by deploying state-of-the-art Ericcson
head ends in key markets. The compression technologies deployed through these
head-ends allows them to free up huge capacity that can be alternatively
deployed for additional Standard Definition, High Definition and Broadband
services. They have also partnered with an outsourced customer contact center
for better provision of services.
With the
completion of Phases I and II of DAS they have achieved coverage across a wide
geography. This presence gives them either the number one or two positions in
terms of market share in most of the markets they serve. Most of the
cities are significant Hindi Speaking Markets (HSM). This positions them well
in their negotiations of content supply terms with broadcasters.
They have expanded
into new cities such as Kolkata, Jabalpur, Agra and Faridabad. They also expect
to add to their universe in cities such as Hyderabad and Bangalore. This
addition to their universe has resulted in an expansion in their total universe
from 8.8 Million subscribers to over 10.5 Million subscribers. It is pertinent
to note that a bulk of their universe derives from Phase I and II towns which
are expected to be higher Average Rate per Unit (ARPU) markets and more likely
to adopt Value Added Service offerings
They also use the
capacity of their networks to deliver a wider variety (20+) of HD channels
compared with competing platforms.
In the next phase
of their growth they intend to focus on providing greater depth to their
service offerings – this is expected to drive growth in ARPU over the next few
years. Keeping this objective in view they anticipate launch of several Value
Added Services, over the next few years, among which the following will be
their immediate focus –
-
Innovative channel packaging to aid up selling
services to subscribers
-
Video on Demand
-
Local Content
-
HD - PVRs
BROADBAND BUSINESS
They are the
country’s largest cable broadband service provider. They intend to build on
this base of over 416,000 subscribers (Homes Passed: 1.5 Million). They
recognize that a bundled dual play offering that includes both CATV and
Broadband to their subscribers makes effective use of their Digital
infrastructure. Apart from being a value add it will dissuade customers from
churning as competing platforms (such as DTH) cannot match their bundled
offering.
They are in the
process of upgrading their broadband infrastructure to the Docsis 3 standard
which allows them to offer higher access speeds. This process will commence
first in markets with high ARPU potential and gradually roll out thereafter
nationwide. They will also offer innovative bundled price and product packages
(for instance, including CPE for home WiFi enablement for high bandwidth
subscribers). They expect to rapidly grow their homes passed over the next few
years extending their broadband reach into markets that have been digitized
consequent to the DAS mandate.
REGULATION
Their business is
subject to regulation by the Telecom Regulatory Authority of India (“TRAI”),
the Ministry of Information and Broadcasting (“MIB”) and Department of
Telecommunication (“DOT”).
PERFORMANCE REVIEW
Standalone
Operating Revenue for the company for the year ended 31st March 2013 stood at
Rs. 6680.000 millions which represents a growth of 26% over the previous year.
EBITDA was at Rs. 1820.000 millions (Previous Year
Rs. 1010.000 millions) and PAT for the year stood at a profit of Rs. 30.000
millions (Previous Year loss of Rs. 530.000 millions).
FIXED ASSETS:
TANGIBLE ASSETS
œ
Plant and Machinery
œ
Air Conditioners
œ
Structural Fittings
œ
Furniture and Fixtures
œ
Mobile, Pagers and Telephones
œ
Computers
œ
Office Equipments
œ
Electrical Fittings
œ
Motor Vehicles
œ
Movie Master Tapes
œ
Plant and Machinery
INTANGIBLE ASSETS
œ
Goodwill
œ
Cable Television Franchisee
œ
Movie and Serial Rights
œ
Software
œ
Bandwidth Rights
CMT REPORT (Corruption, Money Laundering and 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 r 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.61.50 |
|
|
1 |
Rs.99.49 |
|
Euro |
1 |
Rs.84.88 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
ANK |
SCORE and 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 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
50 |
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 and 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.