MIRA
INFORM REPORT
|
Report Date : |
01.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
MOBILE TELECOMMUNICATIONS LIMITED |
|
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Registered
Office : |
46, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
28.02.1995 |
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|
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Com. Reg. No.: |
04-024812 |
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Capital
Investment / Paid-up Capital : |
Rs.119.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L32100GJ1995PLC024812 |
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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
: |
Subject is engaged in the business of Telecom System development
and electronic hardware and software trading. |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. Sales turnover of the company is declined resulting into dip in profit
of the company during financial year 2013. A reserve of the company is low. However, trade relations are fair. Business is active. Payment terms
are slow but correct. The company can be considered for business dealing with some
caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
The economy grew 4.7 %in 2013/14, marking a second
straight year of sub-5 % growth – the worst slowdown in more than a quarter of
a century. The data was below an official estimate of 4.9 % annual growth and
compared with 4.5 % in the last fiscal year. However, the current account
deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product,
in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A
sharp fall in gold imports due to restrictions on overseas purchases and muted
import of capital goods helped shrink the current account deficit.
Online retailer Flipkart has acquired fashion
portal Myntra as it prepares to battle with the rapidly expanding India arm of
the global e-commerce giant Amazon. The company raised $ 210 million from
Russian Investment firm DST Global which has also invested in companies like
Facebook, Twitter and Alibaba Group.
General Motors will start exporting vehicles
from its Talegaon plant near Pune in the second half of 2014. GM was one of the
few global carmakers that was using its India plant only for the domestic
market.
Google has overtaken Apple as the world’s top
brand in terms of value, according to global market research agency Millward
Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top
10 of the 100 slots were dominated by US companies.
Infosys lost another heavy weight when B G
Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit
after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V
Balakrishnan being the other two.While Vemuri went on to lead IGate,
Balakrishnan joined politics.
Naresh Goyal – promoted Jet Airways posted
biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31,
mainly because it has been offering discounts to passengers to fill planes.
William S Pinckney – Chairman and CEO of
Amway India was arrested by the Andhra Pradesh Police in connection with a
complaint against the direct selling firm. This is the second time that he has
been taken into custody. A year, ago the Kerala Police had arrested Pinckney
and two company directors on charges of financial irregularities.
China has told its state-owned enterprises to
sever links with American consulting firms after the United States charged five
Chinese military officers wih hacking US companies. China’s action which
targets consultancies like McKinsey & Co. and the Boston Consulting Group,
sterns from fears that the first are providing trade secrets to the US governments.
India has emerged as a country with some of
the highest unregistered businesses in the world. Indonesia has the maximum
number of shadow businesses, says a study of 68 countries by Imperial College
Business School in London.
Pfizer has abandoned its attempt to buy
AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55
pounds a share.
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 DENIED
Management Non Co-Operative (91-22-26742117)
LOCATIONS
|
Registered Office : |
46, Empire Tower, Near Associated Petrol Pump, C. G. Road,
Ahmedabad – 380009, Gujarat, India |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Corporate Office : |
3rd Floor, B Wing, Interface Building No. 16, Off Link Road, Malad (West), Mumbai - 400064, Maharashtra, India |
|
Tel. No.: |
91-22-40018000 |
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|
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|
Factory : |
E-78, MIDC, Ambad, Nashik – 422010, Maharashtra, India |
|
Tel. No.: |
91-253-6604620 |
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Fax No.: |
91-253-6604621 |
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|
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Overseas Office : |
Located At: · Hong Kong ·
USA |
DIRECTORS
As on: 31.03.2013
|
Name : |
Mr. Anil B. Vedmehta |
|
Designation : |
Chairman and Managing Director |
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|
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|
Name : |
Mr. Ajay Kapoor |
|
Designation : |
Director |
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|
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|
Name : |
Suhas Jadhav |
|
Designation : |
Director |
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|
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|
Name : |
Pulkit Mehta |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Mahendra N. Soni |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 31.03.2014
|
Category of
Shareholder |
Total
No. of Shares |
Total
Shareholding as a % of Total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
(1) Indian |
|
|
|
|
60247264 |
50.63 |
|
|
60247264 |
50.63 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
60247264 |
50.63 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
|
|
|
|
39531714 |
33.22 |
|
|
|
|
|
|
10009066 |
8.41 |
|
|
8567742 |
7.20 |
|
|
644214 |
0.54 |
|
|
552273 |
0.46 |
|
|
91941 |
0.08 |
|
|
58752736 |
49.37 |
|
Total Public
shareholding (B) |
58752736 |
49.37 |
|
Total (A)+(B) |
119000000 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
119000000 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of Telecom System development and electronic hardware and software trading. |
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Product/Services : |
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GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
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Bankers : |
Oriental Bank of Commerce |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
N. S. Bhatt and Associates Chartered Accountants |
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|
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Enterprises owned or significantly influenced by key management : |
Quantum e Services Private Limited |
CAPITAL STRUCTURE
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
300000000
|
Equity Shares |
Rs.1/- each |
Rs.300.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
119000000
|
Equity Shares |
Rs.1/- each |
Rs.119.000 Millions |
|
|
|
|
|
a. Reconciliation of
the shares outstanding
|
Equity
shares |
31 March 2013 |
|
|
Numbers |
|
At the beginning
of the period |
119000000 |
|
Forfeited During the period |
119000000 |
b. Description of the
rights, preferences and restrictions attached to each class of shares
I The company has only one class of equity shares having a par value of Re.1/- per share. Each holder of equity shares is entitled to one vote per share held.
Ii In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts in proportion to the number of equity shares held by the share holders.
Iii During the year March 31, 2013, the amount of dividend per share recognised as distributions to equity shareholders is Rs.5.950 Millions (March 31, 2012: Rs.7.140 Millions)
c. Details of shares held within the Group N.A.
d. Includes 275,00000 Equity Shares of Re. 1/- each issued for consideration other than cash
e. Details of
shareholders holding more than 5% shares in the company
|
Name
of Shareholder |
As at 31 March 2013 |
|
|
|
No. of Shares held |
% of Holding |
|
Anil
Babulal Vedmehta |
62857345 |
52.82 |
|
Rosevalley
Software Solutions Private Limited |
7541080 |
6.34 |
|
Fair
Wealth Securities Limited |
9487435 |
7.97 |
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 |
119.000 |
119.000 |
119.000 |
|
(b) Reserves & Surplus |
72.319 |
72.141 |
72.080 |
|
(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) |
191.319 |
191.141 |
191.080 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1.466 |
5.243 |
10.664 |
|
(b) Deferred tax liabilities
(Net) |
9.315 |
9.085 |
8.120 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
10.781 |
14.328 |
18.784 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
78.663 |
75.221 |
62.837 |
|
(b) Trade payables |
938.219 |
703.457 |
872.785 |
|
(c) Other current liabilities |
71.602 |
38.208 |
22.920 |
|
(d) Short-term provisions |
20.172 |
23.039 |
19.031 |
|
Total
Current Liabilities (4) |
1108.656 |
839.925 |
977.573 |
|
|
|
|
|
|
TOTAL |
1310.756 |
1045.394 |
1187.437 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
80.349 |
85.559 |
90.673 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(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 |
0.000 |
0.000 |
0.000 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
80.349 |
85.559 |
90.673 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
188.902 |
165.394 |
140.069 |
|
(c) Trade receivables |
967.480 |
743.582 |
896.724 |
|
(d) Cash and cash equivalents |
10.405 |
4.762 |
13.666 |
|
(e) Short-term loans and
advances |
46.813 |
30.627 |
35.488 |
|
(f) Other current assets |
16.807 |
15.470 |
10.817 |
|
Total
Current Assets |
1230.407 |
959.835 |
1096.764 |
|
|
|
|
|
|
TOTAL |
1310.756 |
1045.394 |
1187.437 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
SALES |
|
|
|
|
|
Income |
988.420 |
1691.523 |
1546.768 |
|
|
Other Income |
8.676 |
0.197 |
5.047 |
|
|
TOTAL
(A) |
997.096 |
1691.720 |
1551.815 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Production and Other Direct
Expenses |
0.089 |
1.314 |
0.668 |
|
|
Purchases of Traded Goods |
934.479 |
1651.895 |
1544.878 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(23.508) |
(25.325) |
(54.151) |
|
|
Employees benefits expense |
28.467 |
14.543 |
12.664 |
|
|
Exceptional Items |
0.000 |
1.000 |
0.000 |
|
|
Other expenses |
33.973 |
22.987 |
23.166 |
|
|
TOTAL
(B) |
973.500 |
1666.414 |
1527.225 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
23.596 |
25.306 |
24.590 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
6.270 |
6.839 |
6.160 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
17.326 |
18.467 |
18.430 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
7.071 |
6.407 |
3.287 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
10.255 |
12.060 |
15.143 |
|
|
|
|
|
|
|
Less |
TAX
(I) |
3.162 |
3.700 |
4.879 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
7.093 |
8.360 |
10.264 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Dividend |
NA |
8.298 |
8.353 |
|
|
|
|
|
|
|
|
BALANCE
CARRIED TO THE B/S |
NA |
0.062 |
1.911 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
Exports Sales- Products |
0.000 |
2.142 |
3.876 |
|
|
Exports Sales- Services |
29.248 |
2.009 |
0.000 |
|
|
TOTAL
EARNINGS |
29.248 |
4.151 |
3.876 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Components and Stores parts |
0.000 |
0.164 |
0.629 |
|
|
Imports of Machinery and Tools |
0.000 |
0.000 |
7.139 |
|
|
TOTAL
IMPORTS |
0.000 |
0.164 |
7.768 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
0.06 |
0.07 |
0.09 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
0.71 |
0.49 |
0.66 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.04 |
0.71 |
0.98 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.78 |
1.15 |
1.28 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05 |
0.06 |
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.42 |
0.42 |
0.38 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.11 |
1.14 |
1.12 |
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 |
119.000 |
119.000 |
119.000 |
|
Reserves & Surplus |
72.080 |
72.141 |
72.319 |
|
Net
worth |
191.080 |
191.141 |
191.319 |
|
|
|
|
|
|
long-term borrowings |
10.664 |
5.243 |
1.466 |
|
Short term borrowings |
62.837 |
75.221 |
78.663 |
|
Total
borrowings |
73.501 |
80.464 |
80.129 |
|
Debt/Equity
ratio |
0.385 |
0.421 |
0.419 |
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 |
1546.768 |
1691.523 |
988.420 |
|
|
|
9.359 |
(41.566) |
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 |
1546.768 |
1691.523 |
988.420 |
|
Profit |
10.264 |
8.360 |
7.093 |
|
|
0.66% |
0.49% |
0.72% |
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 |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
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 |
-- |
|
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 |
No |
|
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 |
RESULTS OF OPERATIONS
During the year total revenue was Rs.997.096 Millions as compared to Rs.1691.720 Millions in the previous year. This was due to shortage of Working Capital and wrong attachment of Company’s accounts by IT authorities. Company is caught in between the bank and IT authorities one up manship. Due to interpretation of IT order the bank have withdrawn enhancement of limit granted to the Company. This has resulted in surrendering orders worth 75 Crores.
The Company is expecting an early positive outcome of Income Tax appeals. Company has initiated dialogue with Bankers for project Finance at competitive rates.
MANAGEMENT DISCUSSION
AND ANALYSIS
BUSINESS PROCESS
OUTSOURCING:
Mobile Telecommunication’s IT Infrastructure Service center is an independent 35000 sq. ft. facility at India’s one of the premiere IT Park Mind space, Mumbai, fully equipped contact centre capable of offering world class software development and BPO services and A gigabit network exceeding 550+ workstations. The facility has dedicated lines for Internet connectivity, VPN, and IPLC for international data transfer, and will also be equipped with all the facilities viz. conference rooms, canteen, resting areas, state-of-the-art infrastructure, a data vault, UPS backup, generator, an independent transformer, etc. The centre is guarded around the clock and kept under constant bio-metric video surveillance.
The Company is coming up with another facility with 25000 sq. ft. at Nasik which will occupy another 350 workstation developed as per international parameters and standards which can be operational for 3 shifts a day. The Facility will be operational by end of 2013.
The Companies Infrastructure and Location is Capable to support any IT and BPO Services:
Data Entry and Data Processing Services
• Recruitment and Job Posting Support
• Loans and Mortgage Processing
• Real Estate Appraisal Data Entry
• Web Based Market Research
• Customer Support Services
• Email Support
• Online Chat-based Support
• Help Desk and Technical Support
• Online Profile Approval, Web Content Approval, Website Bug Reports
• Claims Administration
• Procurement and Purchase Support
• Accounting and Financial Back Office
The company has identified niche area in the USA market and has developed product and services for both B2B and B2C. The company has deployed its most efficient team on the projects is optimistic about its business to grow rapidly in the USA. The company further plans to step in UK, Canada, New Zealand and Australia in coming years with the similar products and services which has been a success in the USA.
EMS:
Manufacturing (Capacity Expansion): EMS sector has seen rapid growth in last few years. In order to remain updated and lead in this competitive market the company has increased its capacity to 225% and installed state of the art SMT line. However the cost of raw material went too high to meet the cost parity and compete with global players. Thus the company decided to reconsider its strategy for developing business in EMS and identify profitable projects only. The Company is running the operations at minimal levels to reduce outflows. Although it has not at all affected adversely in the Top Line and Bottom Line of the company. However recently we have queries for large domestic projects. We have done the assessment and tested the viability. Once negotiations are over and terms are freeze. The production will commence in full swing.
Few major sectors in which Subject has successfully created space in the market are listed as under:
LED/LCD (Cosima):
Manufacturing of LED/LCD
Subject has entered the vast market of LED/LCD manufacturing, Branding and Marketing in the name of Cosima world.
A short brief about
LED Market:
The market momentum for LED lighting applications slowed somewhat in 2009 as the overall lighting market declined by 15-20%, but it is resumed vengeance in 2010 and 2011. Although LED lighting still accounts for less than 2 % of the overall lighting market, and still mainly addresses niche applications, growth continues to be robust, is estimated at around 20% for 2012.
Many mainstream lighting projects are beginning to be addressed by LED lighting. Some of these include major retrofits at retail chains, hotels and shopping malls, and Government/municipal lighting. Energy efficiency is often the major driver, but other attributes of LED lighting such as long life, low maintenance costs and improved quality of light are often important factors.
A short brief about
LCD Market:
The strength in India’s LCD manufacturing can be attributed to the brisk expansion of LCD-TV production capacity as well as to the growing demand from both the domestic and export markets. In particular, MTL has invested a huge amount in production lines, becoming more competitive with the global brands in the overall LCD arena.
Speaker
(Sian-Hyundai):
MTL has come up with another brand name called as Sian-Hyundai for penetrating in the much awaited vast speaker market. To provide closer services to customers and to develop the emerging market, Subject announced to establish a joint venture module with Hyundai being one of the leader in Speaker manufacturer industry, in China, with Sian for speaker assembly and sales business. The joint venture will be a boost for MTL to advance into the emerging market with its strategic partner. It also demonstrates the new business model of supplying the international brand customer from the JV. The brand name and quality of the product along with the marketing network of the company will put the company in a win-win situation. MTL is also establishing its first to offer customer in-time services and support center.
Video Surveillance
(Ugocam):
Subject has come up with video surveillance service in the brand name of Ugocam. Ugocam is the next generation of Web based video surveillance, i.e. Managed Video as a Service (MVaaS) solution. The service offers an inclusive intelligent hosting technology tool that enables their customers to manage, view, record and broadcasting videos for surveillance, monitoring and visual information needs via any browser and mobile phone.
Company has identified a niche area in to solar energy field. Company intends to get into the following activities under this domain:
· EPC project
· Manufacturing and Trading of Solar energy equipment
The World Bank has allocated a financial aid of $2.00 billion (Rs.11000 crores). A lot of tenders for procurement of these systems are being floated by various state governments and energy development authorities.
The company intends to be an aggressive player in to this area and tap the potentials in this market by bringing in a sophisticated and well qualified team of professionals.
To start with the company is getting into trading act. In solar energy equipment as mentioned above. This strategy will compensate the reduction in the buss, of networking equipment where the company is not willing to take exposure with the existing telecom operators as the industry is facing tight liquidity and lower margins.
Transmission and
Distribution Losses:
The core problem with the power sector, as was identified in the mid- 90s, has been poor state of sub-transmission and distribution system of SEBs and other electricity utilities. The initiatives taken by the Central government and State governments to attract investments focused primarily on generation with limited success. Distribution segment of power industry remained neglected for decades.
The plan outlay for the power sector has been heavily biased towards generation. While a balanced proportion is 1:1 (1 for generation, 1 for transmission and distribution), this was 3:1 in 1993 and has improved to 1.3: 1 in the ninth plan period (1997- 02). This shift has been due to the realization of the anomaly, and also due to the fact that the State is not investing much in generation now. In most parts of the country, distribution infrastructure suffers from inadequate transformation capacities, lack of redundancies, high technical losses, poor consumer services, absence of IT to address the issues of reliability and consumer concerns.
The Company has further identified implementation of SCADA (Supervisory Control and Data Acquisition) projects to various state governments, and private energy producers. SCADA system monitors and acquires data of transmission and distribution losses and controls and supervises the Transmission and Distribution system.
In order to qualify for bidding such projects company is in talks with various transmission and distribution companies all over the globe for a strategic tie-up for development and implement of SCADA.
Telecom:
Wireless
Communicating Equipments:
Currently the telecom wireless equipment sector in India is on its peak as never before. With Telecom companies launching new services for better customer satisfaction and trying to acquire customer preference in the fight against other competitors, the wireless equipment market is at its peak.
With 3G and 2G services launched the customer’s demand is increasing every day which in turn demands the bandwidth requirement with the operators and thus drives the equipment market.
Subject has acquired vast space in the quality Telecom Wireless arena with its collaboration with OEM’s from United States, Germany and United Kingdom.
Being one of the leaders in distribution of wireless equipments for the Telecom industry Subject is now planning to setup its own brand to cater the vast requirement of the industry.
Mobile Tele caters to a huge clientele in the wireless industry bifurcated in 2 divisions:
1. Telecom companies
2. System Integrators
CONTINGENT
LIABILITIES
(Rs. In Millions)
|
Particular |
31.03.2013 |
31.03.2012 |
|
Income Tax Demand |
|
|
|
For Assessment Year 2008-09* |
5.373 |
5.373 |
|
For Assessment Year 2009-10** |
8.613 |
8.613 |
|
For Assessment Year 2010-11 |
31.304 |
0.000 |
Notes:
*Appeal is pending in ITAT, The authorities have demand Rs. 5.373 Millions out of which Rs. 2.402 Millions have already being paid by the Company on 23rd August, 2012
** Appels Pending in CIT
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10211297 |
02/03/2010 |
15,000,000.00 |
ORIENTAL BANK OF COMMERCE LIMITED |
FORT BRANCH, SIR P.
M ROAD, JASH CHAMBERS, FORT |
A82790049 |
|
2 |
90099906 |
10/11/2012 * |
58,000,000.00 |
ORIENTAL BANK OF COMMERCE |
FORT BRANCH, SIR P.
M ROAD, JASH CHAMBERS, FORT, |
B63478382 |
|
3 |
90101043 |
06/10/2004 |
26,500,000.00 |
ORIENTAL BANK OF COMMERCE |
FORT BRANCH; JASH
CHAMBERS, SIR P. M. ROAD FORT, |
- |
* Date of charge modification
FIXED ASSETS
Tangible Assets
· Land
· Factory Building
· Plant and Machinaries
· Networking Systems
· Computer Equipment
· Furniture and Fittings
· Electrical Installation
· Air Conditioners
· Office Equipment
· Motor Car
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.60.09 |
|
|
1 |
Rs.102.33 |
|
Euro |
1 |
Rs.82.01 |
INFORMATION DETAILS
|
Information
Gathered by : |
NAY |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
32 |
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.