MIRA INFORM REPORT
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Report Date : |
27.12.2014 |
IDENTIFICATION DETAILS
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Name : |
WELKIN TELECOM INFRA PRIVATE LIMITED (w.e.f. 12.04.2010) |
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Formerly Known
As : |
SAMPURNA
VANIJYA PRIVATE LIMITED |
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Registered
Office : |
76/1, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
14.02.2006 |
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Com. Reg. No.: |
21-107908 |
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Capital Investment
/ Paid-up Capital : |
Rs. 20.000 Millions |
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CIN No.: [Company Identification
No.] |
U51900WB2006PTC107908 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CALS23976B |
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PAN No.: [Permanent Account No.] |
AAJCS6622G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Providing Telecom Services. |
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No. of Employees
: |
2000 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (46) |
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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 435000 |
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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 an established company having satisfactory track record. Overall financial position of the company is sound and healthy. Trade relations are reported to be fair. Business is active. Payments are
reported to be usually correct. The company can be considered for business dealing at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
NOT AVAILABLE
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 PARTED BY
|
Name : |
Mr. Abhijit |
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Designation : |
Finance Manager |
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Contact No.: |
91-33-25340801 |
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Date : |
26.12.2014 |
LOCATIONS
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Registered Office : |
76/1, |
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Tel. No. : |
91-33-25340801 |
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Fax No. : |
91-33-25340801 |
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E-Mail : |
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Website : |
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Branch Office : |
Located at ·
· Guwahati · Jharkhand ·
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DIRECTORS
As on 30.09.2014
|
Name : |
Mr. Subhas Bera |
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Designation : |
Director |
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Address : |
22, |
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Date of Birth/Age : |
31.12.1954 |
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Date of Appointment : |
06.02.2010 |
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Voter ID No. : |
WB/21/141/264762 |
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DIN No. : |
00848924 |
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Other Directorship :
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Name : |
Mr. Pradeep Kumar Agarwal |
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Designation : |
Director |
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Address : |
12, Dever Park, Maruti Sadan, 4th Floor, Flat 4A, Kolkata -
700019, West Bengal, India |
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Date of Birth/Age : |
21.12.1970 |
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Date of Appointment : |
13.04.2009 |
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Voter ID No. : |
DWK2056349 |
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DIN No. : |
00703745 |
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Other Directorship :
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KEY EXECUTIVES
|
Name : |
Mr. Abhijit |
|
Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Pradeep Kumar Agarwal |
9350 |
0.47 |
|
Subhas Bera |
1000000 |
50.00 |
|
Rawalwasia Industries (Private) Limited, India |
250000 |
12.50 |
|
Shroff Chemicals Private Limited, India |
740650 |
37.03 |
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Total |
2000000 |
100.00 |
As on 30.09.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Bodies corporate |
50.00 |
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Directors or relatives of Directors |
50.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Providing Telecom Services. |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
-- |
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Imports : |
-- |
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Terms : |
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Selling : |
Cash, L/C and Credit |
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Purchasing : |
Cash, L/C and Credit |
PRODUCTION STATUS:
NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
2000 (Approximately) |
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Bankers : |
· Yes Bank Limited, 9th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai - 400018, Maharashtra, India ·
IDBI Bank Limited, Shakespeare Sarani,
Kolkata, West Bengal, India |
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Facilities : |
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Auditors : |
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Name : |
A.K. Nag and Associates Chartered Accountants |
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Address : |
Aurobinda Setu Market Gouri Bari, Room No-1, Kolkata – 700004, West Bengal, India |
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Income-tax
PAN of auditor or auditor's firm : |
ABGPN2574F |
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Associates/Subsidiaries : |
-- |
CAPITAL STRUCTURE
As on 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
2,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 20.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
2,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 20.000 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
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(1)Shareholders'
Funds |
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(a) Share Capital |
20.000 |
20.000 |
10.186 |
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(b) Reserves & Surplus |
132.258 |
96.511 |
59.822 |
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(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
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(2)
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
152.258 |
116.511 |
70.008 |
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(3) Non-Current
Liabilities |
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(a) long-term borrowings |
0.112 |
0.305 |
0.275 |
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(b) Deferred tax liabilities (Net) |
1.130 |
1.453 |
0.000 |
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(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
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(d) long-term
provisions |
5.501 |
9.811 |
7.118 |
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Total Non-current
Liabilities (3) |
6.743 |
11.569 |
7.393 |
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(4) Current Liabilities |
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(a) Short
term borrowings |
115.783 |
146.963 |
197.932 |
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(b) Trade
payables |
46.719 |
31.939 |
45.144 |
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(c) Other
current liabilities |
30.973 |
31.971 |
53.128 |
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(d) Short-term
provisions |
33.673 |
27.872 |
24.279 |
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Total Current
Liabilities (4) |
227.148 |
238.745 |
320.483 |
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TOTAL |
386.149 |
366.825 |
397.884 |
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II.
ASSETS |
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(1) Non-current assets |
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(a) Fixed
Assets |
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(i)
Tangible assets |
72.586 |
72.203 |
73.082 |
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(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
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(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
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(b) Non-current Investments |
2.454 |
0.000 |
0.000 |
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(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
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(d) Long-term Loan and Advances |
48.171 |
65.587 |
57.390 |
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(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
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Total Non-Current
Assets |
123.211 |
137.790 |
130.472 |
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(2) Current assets |
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|
|
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(a)
Current investments |
0.000 |
0.000 |
0.000 |
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(b)
Inventories |
67.241 |
44.497 |
61.153 |
|
(c) Trade
receivables |
96.424 |
68.419 |
90.052 |
|
(d) Cash
and cash equivalents |
7.898 |
11.866 |
9.759 |
|
(e)
Short-term loans and advances |
5.393 |
1.778 |
7.473 |
|
(f) Other
current assets |
85.982 |
102.475 |
98.975 |
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Total
Current Assets |
262.938 |
229.035 |
267.412 |
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|
|
|
|
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TOTAL |
386.149 |
366.825 |
397.884 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
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SALES |
|
|
|
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|
|
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Income |
546.899 |
525.538 |
425.458 |
|
|
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Other Income |
11.128 |
8.548 |
7.396 |
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TOTAL (A) |
558.027 |
534.086 |
432.854 |
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Less |
EXPENSES |
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TOTAL (B) |
492.830 |
459.461 |
367.791 |
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PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION (A-B) (C) |
65.197 |
74.625 |
65.063 |
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|
Less |
FINANCIAL
EXPENSES (D) |
7.964 |
16.418 |
19.846 |
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PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
57.233 |
58.207 |
45.217 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
4.318 |
3.896 |
3.664 |
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PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
52.915 |
54.311 |
41.553 |
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|
Less |
TAX (H) |
17.168 |
17.621 |
11.500 |
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PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
35.747 |
36.690 |
30.053 |
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Earnings /
(Loss) Per Share (Rs.) |
17.87 |
18.35 |
29.50 |
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Expected Sales (2014-2015): Rs. 600.000 Millions
The above information has been parted by Mr. Abhijit (Finance Manager).
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
6.54 |
6.98 |
7.06 |
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Operating Profit Margin (PBDIT/Sales) |
(%) |
11.92 |
14.20 |
15.29 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
13.79 |
14.81 |
10.44 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.35 |
0.47 |
0.59 |
|
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|
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Debt Equity Ratio (Total Debt/Networth) |
|
0.76 |
1.26 |
2.83 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.16 |
0.96 |
0.83 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
10.186 |
20.000 |
20.000 |
|
Reserves & Surplus |
59.822 |
96.511 |
132.258 |
|
Net
worth |
70.008 |
116.511 |
152.258 |
|
|
|
|
|
|
long-term borrowings |
0.275 |
0.305 |
0.112 |
|
Short term borrowings |
197.932 |
146.963 |
115.783 |
|
Total
borrowings |
198.207 |
147.268 |
115.895 |
|
Debt/Equity
ratio |
2.831 |
1.264 |
0.761 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
425.458 |
525.538 |
546.899 |
|
|
|
23.523 |
4.065 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
425.458 |
525.538 |
546.899 |
|
Profit |
30.053 |
36.690 |
35.747 |
|
|
7.06% |
6.98% |
6.54% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
No |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
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 |
Yes |
|
34] |
External Agency Rating,
if available |
No |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10511451 |
13/10/2014 * |
130,000,000.00 |
THE HONGKONG AND
SHANGHAI BANKING CORPORATION LIMI |
HONGKONG HOUSE, 31 B B D BAGH, KOLKATA, WEST BENGAL - 700001, INDIA |
C27035153 |
|
2 |
10290279 |
28/12/2012 * |
120,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU
CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI, MUMBAI, MAHARASHTRA
- |
B66352386 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
SHORT TERM
BORROWINGS |
|
|
|
Loans and Advances from Related Parties (Excluding Interest Accrued) |
0.000 |
64.912 |
|
Other Loans and Advances (Banks) – (Excluding Interest Accrued) |
15.000 |
0.000 |
|
Total |
15.000 |
64.912 |
CHANGE OF ADDRESS
The registered office of the company has been shifted from 1A, Ballygunj Circular Road, Tivoli Court, 2nd Floor, Suit No. 23, Kolkata – 700019, West Bengal, India to the present address w.e.f. 01.12.2010.
OPERATIONS AND
BUSINESS PERFORMANCE
The Indian Telecom sector has proved to be an internation success story. The sector has witnessed a commendable growth over the past two years.
The company, a provider of services to Indus Towers Limited,
Vodafone Spacetel Limited, Nokia Solutions Networks Private Limited, Bharti
Airtel Limited, Huawei, Himachal Futuristics Company Limited, Samsung India
Electronics Private Limited and Reliance Jio Infocomm Limited and other
telecommunication majors, has scaled in heights in recording turnover of INR
546.800 Millions as compared to INR 525.500 Millions in the previous year,
which is expected to reach at INR 600.000 Millions in the year of 2014-15.
EXPANSION
The company, extends its services to the following sectors
New business with Vodafone acquired in Odisha and Samsung India Electronics Private Limited for its 4G Network. 4G Network and emerged as strategic Service and Implementation partner in major states in India.
Undertook Optic fibre laying project and CME roll out project in Reliance Jio Infocomm Limited 4G Project through HFCL both in West Bengal and Odisha.
Negotiation is being undertaken with respect to new O & M business of Vodafone in J & K.
Expansion of Radio Frequency (Network Planning and Optimization) work is being undertaken in Eastern India as well as Mumbai / Maharashtra Circle to facilitate the network of Vodafone and Bharti Airtel through Nokia Solutions Networks Private Limited.
FIXED ASSETS
· Land
· Buildings
· AC Machine
· Generator Set
· Office Equipment
· Telecom Test Equipment
· Electronic Equipments and Mobile Phone
· Commercial Vehicle
· Transformer
· Motor Cycle
· Motor Car
· Computer Accessories and Software
· Furniture and Fixture
· Electrical Equipments and Fittings
· Interior Decoration and Fittings
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.64 |
|
|
1 |
Rs.98.98 |
|
Euro |
1 |
Rs.77.74 |
INFORMATION DETAILS
|
Information Gathered
by : |
DIP |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
46 |
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.