MIRA
INFORM REPORT
|
Report Date : |
12.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
RELIANCE TELECOM LIMITED |
|
|
|
|
Registered
Office : |
H Block, 1st Floor, A Wing, |
|
|
|
|
Country : |
|
|
|
|
|
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 subsidiary of “Reliance Communications Limited”. It is an
established company having satisfactory track record. The company has incurred huge accumulated losses over a year. However, the company gets good financial and managerial support that
company from parent company. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. In view of strong holding support, 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
N E W S
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift.
It highlights how as against 51 % in 2005, the emerging economies now account
for close to 56 % of the global purchasing power GDP as per the latest survey.
And with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes tat many things such as apartment sales,
luxury products, etc. were largely bought with dirty money. And it is now
beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991.
Real estate outperformed every other asset classes during the 23-year period
with an annualized return of 20 % ! Equities came in second with annualized
return of 15.5 % ! However, while these returns may seem mouthwatering, the
fact is that the return from equities adjusted for inflation came down to just
7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
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
31-03-2014.
INFORMATION DENIED
Management Non
Co-operative (91-22-30386286)
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. |
||||
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|
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||||
|
Products/ Services : |
|
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
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|
Bankers : |
IDBI Bank Limited |
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|
|||||||||||||||||||||||||||
|
Facilities : |
|
|||||||||||||||||||||||||||
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|
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|
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 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs. In
Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
800.000 |
800.000 |
800.000 |
|
Reserves & Surplus |
(1251.700) |
151.200 |
(3486.600) |
|
Net
worth |
(451.700) |
951.200 |
(2686.600) |
|
|
|
|
|
|
long-term borrowings |
4159.500 |
11082.600 |
13535.100 |
|
Short term borrowings |
18390.600 |
22154.000 |
22694.000 |
|
Total
borrowings |
22550.100 |
33236.600 |
36229.100 |
|
Debt/Equity
ratio |
(49.923) |
34.942 |
(13.485) |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
23,461.600 |
26,344.400 |
32,481.900 |
|
|
|
12.287 |
23.297 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
23,461.600 |
26,344.400 |
32,481.900 |
|
Profit |
(2,179.100) |
3,036.600 |
(3,686.900) |
|
|
(9.29%) |
11.53% |
(11.35%) |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT
(Rs.
In Millions)
|
Particulars |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
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
|
||||||||||||||||||||||||||||||||||||||||
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: 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 : |
JML |
|
|
|
|
Analysis Done by
: |
KRN |
|
|
|
|
Report Prepared
by : |
NKT |
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 |
-- |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
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.