MIRA
INFORM REPORT
|
Report Date : |
12.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
TERACOM LIMITED (w.e.f. 29.05.2006) |
|
|
|
|
Formerly Known
As : |
TERACOM
PRIVATE LIMITED (w.e.f. 15.03.2002) TOP CHOICE DETERGENT PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No.250, Kundaim Industrial Estate, Kundaim, Goa – 403 115 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
30.09.2012 |
|
|
|
|
Date of
Incorporation : |
09.02.2001 |
|
|
|
|
Com. Reg. No.: |
24-002950 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.124.797
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24241GA2001PLC002950 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCT5254B |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in
manufacturing of telecom products, optical fibre cable, power cable and conductors
and executing turkey contracts and providing services relating thereto. |
|
|
|
|
No. of Employees
: |
Information declined by the Management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (15) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. Management of the company has changed its financial year from 12
months to 18 months ranging from 1st April 2011 to 30th
September 2012. The company has incurred a heavy loss in 2012. The rating also take into consideration the delays by Telecom Group in
meeting its debt obligations. However, business is active. Payment terms are reported to be slow. The company can be considered for business dealings on a secured 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
State-run banks hired nearly
300000 personnel including more than 94000 officers in the last four years,
according to the Indian Banks Association. A study by trade lobby Assocham in
September 2013 indicated that banks would need 800000 people in the next six
years. It estimated that state-run lenders alone would hire 50000 people in
2013/14.
The Competition Commission of India
plans to issue final orders within a broad time-frame of one year in matters
where it decides to carry out detailed investigations. The number of complaints
received by the watchdog which keeps tabs on unfair trade practices in the
marketplace.
The government has detected
custom tax evasion totaling around Rs 37920 mn in 14 states until December.
Maharashtra topped the list of Rs 14190 mn followed by Andhra Pradesh at Rs
8140 mn, Gujarat Rs 5240 mn, Karnataka Rs 1670 mn and Tamilnadu Rs 1610 mn.
Connaught Place in New Delhi
slipped four notches to become the world’s eighth most expensive office
locations. London’s West End is the world’s most expensive office market.
There are 4.072 mn number of
high value spenders under the scanner of the income tax department. The income
tax department has information that they have made cash deposits announcing to
Rs 1 mn or more in their savings bank accounts in the current financial year.
It plans to check potential evasion before the closing of the financial year on
March 31.
Estimated pharmaceutical sales
in the country for 2016 is $ 27 bn. It is 14.4 per cent higher than a year ago.
The life sciences and health care industry is up against challenges such as
quality management, says a recent Deloitte report.
The gross non-performing assets
of listed banks rose 35.2 % to Rs 2.43 lakh crore during the first three months
of the financial year. In absolute terms, the 40 listed banks added Rs 3386
crore to their gross NPAs in nine months with the State Bank of India leading
with the State Bank of India leading with an accretion of Rs 16610 crore.
The inflow of smuggled gold
doubled in 2013 following restrictions to curb the supply from official
channels to contain the current account deficit. China surpassed India in the
demand for gold for the first time in 2013 due to liberalization of gold
trading norms by its local governments.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating: D |
|
Rating Explanation |
The company is in default or expected to be in default soon. |
|
Date |
June 24, 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
Management non-cooperative
(Tel. No.: 91-832-3208260)
LOCATIONS
|
Registered Office/ Factory 1: |
Plot No.250, Kundaim Industrial Estate, Kundaim, Goa – 403 115, India |
|
Tel. No.: |
91-832-3208260/ 3206879 |
|
Fax No.: |
91-832-2396165 |
|
E-Mail : |
Telecom Enquiries: sales@teracom.in
Tablets, 3G Datacard and
ADSL2+Modems: sales@teracom.in This e-mail address is being protected from spambots. You
need JavaScript enabled to view it. Telecom Turnkey Solution: info@teracomturnkey.in Security Surveillance Solutions: info@teracom.in
Power Cables: mkanakrajan@teracom.in
Power Conductors: myadav@terexel.com
Power Turnkey Solutions: salespp@teracom.in
|
|
Website : |
|
|
|
|
|
Corporate Office : |
“Teracom House”, B-84, Sector-60, Noida – 201 301, Uttar Pradesh,
India |
|
Tel. No.: |
91-120-3290587/ 3290672/ 3021003/ 3021004 |
|
Fax No.: |
91-120-2585422/ 2582053 |
|
|
|
|
Factory 2 : |
Plot No.17 to 19 and 52 to 54, Sector-5, Integrated Industrial Estate,
Pant Nagar – 263 145, Uttaranchal, India |
|
Tel. No.: |
91-5944-250338 |
|
Fax No.: |
91-5944-250194 |
|
Location : |
Owned |
|
|
|
|
Factory 3 : |
102, 170, 249 and 251, Kundaim Industrial Estate, Kundaim, Goa – 403
115, India |
|
|
|
|
Overseas Office : |
C1-905, Ajman Free Zone - 40062, Dubai, United Arab Emirates |
|
|
|
|
Sales Office : |
Located at: ·
Chennai ·
Mumbai ·
Kolkata |
DIRECTORS
AS ON 30.11.2012
|
Name : |
Mr. Mukesh Arora |
|
Designation : |
Chairman and Managing Director |
|
Address : |
B-26, Sector-36, Noida – 201 301, Uttar Pradesh, India |
|
Date of Birth/Age : |
27.05.1966 |
|
Qualification : |
MIT |
|
Date of Appointment : |
30.03.2003 |
|
DIN No.: |
01072375 |
|
Election ID Card No.: |
FJF3810959 |
|
PAN No.: |
AEFPA6200D |
|
|
|
|
Name : |
Mr. Ram Lakhan Dude |
|
Designation : |
Director |
|
Address : |
Flat 2, Sri Ram Arya Apartments, Pashan Sus Road, Pashan, Pune – 411
008, Maharashtra, India |
|
Date of Birth/Age : |
21.04.1947 |
|
Qualification : |
B.E. |
|
Date of Appointment : |
11.07.2007 |
|
DIN No.: |
00059675 |
|
|
|
|
Name : |
Mr. Rajeev Venkatraman |
|
Designation : |
Whole-time Director |
|
Address : |
F-59, Medha Apartments, Mayur Vihar, Phase-I, Delhi – 110 091, India |
|
Date of Birth/Age : |
26.06.1970 |
|
Qualification : |
B.
Tech, MBA |
|
Date of Appointment : |
22.02.2002 |
|
DIN No.: |
01039823 |
|
Election ID Card No.: |
KND0047481 |
|
PAN No.: |
AAHPV0183A |
|
|
|
|
Name : |
Mr. Sukhdev Raj Sharma |
|
Designation : |
Nominee Director |
|
Address : |
308, R.C.S. Society, Sector 48-A, Chandigarh – 160 046, India |
|
Date of Birth/Age : |
01.06.1955 |
|
Date of Appointment : |
06.11.2012 |
|
DIN No.: |
02135083 |
|
|
|
|
Name : |
Mr. Anand Kumar Shukla |
|
Designation : |
Director |
|
Address : |
I-80, SDector-27, Noida – 201 301, Uttar Pradesh, India |
|
Date of Birth/Age : |
16.08.1973 |
|
Date of Appointment : |
30.11.2013 |
|
DIN No.: |
02122041 |
|
|
|
|
Name : |
Mr. Anuj Kumar Giri |
|
Designation : |
Director |
|
Address : |
S-197, Pandav Nagar, Near Rajendra Ashram, Delhi – 110 092, India |
|
Date of Birth/Age : |
17.01.1980 |
|
Date of Appointment : |
30.11.2013 |
|
DIN No.: |
02263333 |
KEY EXECUTIVES
|
Name : |
Mr. Ashok Kumar Agarwal |
|
Designation : |
Company Secretary |
|
Address : |
B-139, Sector-30, Noida – 201 301, Uttar Pradesh, India |
|
Date of Birth/Age : |
26.05.1959 |
|
Date of Appointment : |
15.07.2011 |
|
PAN No. : |
ACPAA4782H |
|
|
|
|
Name : |
Mr. Uday Shankar Prasad |
|
Designation : |
Company Secretary |
|
Address : |
A-13, Archana Enclave, Khoda Colony, Noida – 201 301, Uttar Pradesh,
India |
|
Date of Birth/Age : |
02.12.1982 |
|
Date of Appointment : |
24.05.2013 |
|
PAN No. : |
BDHPP5129A |
|
E-Mail: |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.11.2012
Note:
Shareholding details file attached.
AS ON 30.11.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
14.56 |
|
Bodies
corporate |
|
5.39 |
|
Directors
or relatives of directors |
|
58.82 |
|
Other
top fifty shareholders |
|
21.23 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business
: |
Subject is engaged in manufacturing
of telecom products, optical fibre cable, power cable and conductors and
executing turkey contracts and providing services relating thereto. |
|||||||||||||
|
|
|
|||||||||||||
|
Products/ Services : |
·
Multi-Tube
Armored/Dielectric Cable ·
Uni-Tube
Armored/Dielectric Cable ·
FRP Rods · Aluminium Wire Rods |
|||||||||||||
PRODUCTION STATUS AS ON (31.03.2011):
|
Particulars |
Unit |
Licenced Capacity |
Installed
Capacity |
Actual
Production |
|
Optical Fibre Cable |
Kms. Unitube |
N.A. |
34272 |
28219.515 |
|
FRP Rods |
Kms |
N.A. |
200000 |
126596.440 |
|
Customer Premise and other Telecom equipments |
Nos. |
N.A. |
200000 |
517279 |
|
Transmission Equipments |
Nos. |
N.A. |
2500 |
547 |
|
Power Cable |
CKms |
N.A. |
30000 |
3745.837 |
|
House Wire |
CKms |
N.A. |
41400 |
1256.884 |
|
Conductor |
MT |
N.A. |
15000 |
14340.910 |
|
Ariel Bunched Cable |
CKms |
N.A. |
10000 |
1502.919 |
|
Aluminium Wire Rod |
MT |
N.A. |
12000 |
594.272 |
Notes:
· As none of the company’s products are covered under licensing requirements of the new Industrial policy the licensed capacity is being treated and disclosed as ‘N.A’ i.e. Not Applicable. Installed capacity is taken as certified by the management being a technical matter.
· The installed capacity of optical fibre cable is based on number of fibre in the cable and is calculated on 12 Fibre Unitube Cable.
· The installed capacity of Power Cable and Ariel Bunched cable is on the basis of Core Kms.
· FRP Rods 36797.248 Kms has been captivity consumed out of the total production.
· Aluminum Wire Rod 54.062 MT has been captivity consumed out of the total production.
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the Management. |
|||||||||||||||||||||||||||
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|
|||||||||||||||||||||||||||
|
Bankers : |
·
Punjab
National Bank (Lead Bank), BO: Large Corporate Branch, Tolstoy House, Tolstoy
Marg, New Delhi – 110 001, India ·
ICICI Bank Limited, Race Cource
Circle, Alkapuri, Vadodara, Gujarat, India ·
IDBI
Bank, IDBI Tower, WTC Complex, Cuffe Parade, Mumbai – 400 005, Maharashtra,
India ·
Yes
Bank Limited ·
HDFC
Bank Limited ·
The
Hongkong and Shanghai Banking Corporation Limited, Birla House, 25 Barakhabha Road, New
Delhi – 110 001, India ·
Standard
Chartered Bank (acting
as an security agent SCB, Singapore), CRC, Narain Manzil, 23, Barakhambha Road, New Delhi – 110 001,
India |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Haribhakti and Company Chartered Accountants |
|
Address : |
3rd Floor,
52-B, Okhla Industrial Area, Phase III, New Delhi – 110 020, India |
|
PAN No.: |
AAAFH2010F |
|
|
|
|
Subsidiary
Companies : |
|
|
|
|
|
Enterprises which are owned, or have significant influence of or are
partners with Key management personnel and their relatives : |
|
CAPITAL STRUCTURE
AS ON 30.11.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
43500000 |
Equity Shares |
Rs.10/- each |
Rs.435.000 millions |
|
1000000 |
Preference
shares |
Rs.100/- each |
Rs.100.000 millions |
|
|
Total |
|
Rs.535.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
12479650 |
Equity Shares |
Rs.10/- each |
Rs.124.797
millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
30.09.2012 (18 Months) |
31.03.2011 (12 Months) |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1) Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
124.797 |
124.797 |
|
(b) Reserves & Surplus |
|
1422.541 |
2420.050 |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
(3) Deferred government
grants |
|
2.358 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
1549.696 |
2544.847 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
|
2706.127 |
401.990 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
54.322 |
|
(c) Other long
term liabilities |
|
811.049 |
829.475 |
|
(d) Long-term
provisions |
|
10.117 |
37.324 |
|
Total Non-current
Liabilities (3) |
|
3527.293 |
1323.111 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
933.688 |
1748.376 |
|
(b)
Trade payables |
|
2329.147 |
2899.312
|
|
(c)
Other current liabilities |
|
398.139 |
1106.182
|
|
(d) Short-term
provisions |
|
4.511 |
4.820
|
|
Total Current
Liabilities (4) |
|
3665.485 |
5758.690 |
|
|
|
|
|
|
TOTAL |
|
8742.474 |
9626.648 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
1931.776 |
1624.327 |
|
(ii)
Intangible Assets |
|
8.553 |
14.207 |
|
(iii)
Capital work-in-progress |
|
87.301 |
427.544 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.870 |
0.870 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
144.096 |
136.320 |
|
(e) Other
Non-current assets |
|
1947.216 |
1148.683 |
|
Total Non-Current
Assets |
|
4119.812 |
3351.951 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current
investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
1098.518 |
1049.295
|
|
(c)
Trade receivables |
|
2780.002 |
4316.950
|
|
(d) Cash
and cash equivalents |
|
85.609 |
210.832
|
|
(e)
Short-term loans and advances |
|
589.900 |
512.098 |
|
(f) Other
current assets |
|
68.633 |
185.522 |
|
Total
Current Assets |
|
4622.662 |
6274.697 |
|
|
|
|
|
|
TOTAL |
|
8742.474 |
9626.648 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
123.177 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
2116.488 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
2239.665 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
1646.485 |
|
|
2] Unsecured Loans |
|
|
290.000 |
|
|
TOTAL BORROWING |
|
|
1936.485 |
|
|
DEFERRED TAX LIABILITIES |
|
|
22.904 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
4199.054 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
1303.310 |
|
|
Capital work-in-progress |
|
|
428.636 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
19.181 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
538.820 |
|
|
Sundry Debtors |
|
|
4589.310 |
|
|
Cash & Bank Balances |
|
|
356.936 |
|
|
Other Current Assets |
|
|
186.277 |
|
|
Loans & Advances |
|
|
309.070 |
|
Total
Current Assets |
|
|
5980.413 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
3267.383 |
|
|
Other Current Liabilities |
|
|
256.954 |
|
|
Provisions |
|
|
8.149 |
|
Total
Current Liabilities |
|
|
3532.486 |
|
|
Net Current Assets |
|
|
2447.927 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
4199.054 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
30.09.2012 (18 Months) |
31.03.2011 (12 Months) |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue
from operations |
5816.651 |
8177.741 |
7919.533 |
|
|
|
Other Income |
93.305 |
38.131 |
84.373 |
|
|
|
TOTAL (A) |
5909.956 |
8215.872 |
8003.906 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost
of materials consumed |
3924.008 |
4466.273 |
|
|
|
|
Purchases
of stock-in-trade |
1278.376 |
2496.812 |
|
|
|
|
Changes in inventories of
finished goods, work-in-progress and stock-in-trade |
161.415 |
(287.828) |
|
|
|
|
Employee
benefit expense |
245.297 |
200.789 |
|
|
|
|
Other
expenses |
553.252 |
523.038 |
|
|
|
|
Prior
period items |
0.000 |
3.459 |
|
|
|
|
Extraordinary
items |
(139.482) |
(2.311) |
|
|
|
|
TOTAL (B) |
6022.866 |
7400.232 |
7284.112 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(112.910) |
815.640 |
719.794 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
804.155 |
415.904 |
342.071 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(917.065) |
399.736 |
377.723 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
130.390 |
93.849 |
83.469 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(1047.455) |
305.887 |
294.254 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(54.322) |
40.745 |
9.342 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(993.133) |
265.142 |
284.912 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
814.200 |
521.700 |
436.800 |
|
|
|
|
|
|
|
|
|
|
Profit taken over on
merger of Scantec (India) Private Limited |
0.000 |
27.300 |
0.000 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
200.000 |
|
|
BALANCE CARRIED
TO THE B/S |
(178.900) |
814.200 |
521.700 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of Exports |
389.000 |
186.900 |
73.213 |
|
|
TOTAL EARNINGS |
389.000 |
186.900 |
73.213 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1313.000 |
2180.400 |
2375.842 |
|
|
|
Capital Goods |
2.200 |
98.100 |
214.282 |
|
|
TOTAL IMPORTS |
1315.200 |
2278.500 |
2590.124 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
|
|
|
|
- Basic |
(79.58) |
21.25 |
23.11 |
|
|
|
- Diluted |
(79.58) |
21.23 |
23.07 |
|
KEY RATIOS
|
PARTICULARS |
|
30.09.2012 (18 Months) |
31.03.2011 (12 Months) |
31.03.2010 |
|
PAT / Total Income |
(%) |
(16.80)
|
3.23
|
3.56
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(18.01)
|
3.74
|
3.72
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(12.10)
|
3.33
|
4.81
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.68)
|
0.12
|
0.13
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.35
|
0.84
|
0.86
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.26
|
1.09
|
1.69
|
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
|
31.03.2011 |
30.09.2012 |
|
|
|
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
|
124.797 |
124.797 |
|
Reserves & Surplus |
|
2420.050 |
1422.541 |
|
Deferred government
grants |
|
0.000 |
2.358 |
|
Net worth |
|
2544.847 |
1549.696 |
|
|
|
|
|
|
long-term borrowings |
|
401.990 |
2706.127 |
|
Short term borrowings |
|
1748.376 |
933.688 |
|
Total borrowings |
|
2150.366 |
3639.815 |
|
Debt/Equity ratio |
|
0.845 |
2.349 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2010 |
31.03.2011 |
30.09.2012 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from operations |
7919.533 |
8177.741 |
5816.651 |
|
|
|
3.260 |
(28.872) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2010 |
31.03.2011 |
30.09.2012 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from operations |
7919.533 |
8177.741 |
5816.651 |
|
Profit |
284.912 |
265.142 |
(993.133) |
|
|
3.60% |
3.24% |
(17.07%) |
LOCAL AGENCY FURTHER INFORMATION
Details of Current maturities of long term debt:
|
Particulars |
30.09.2012 (Rs. in millions) |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
|
Current maturities of
long term debt |
139.681 |
331.264 |
NA |
|
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 |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
Yes |
|
34] |
External Agency Rating,
if available |
Yes |
INDEX OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10235382 |
11/12/2012 * |
228,600,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE
CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B65666349 |
|
2 |
10234681 |
19/10/2010 * |
250,000,000.00 |
TATA CAPITAL LIMITED |
ONE FORBES, DR V B GANDHI
MARG, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
A97103162 |
|
3 |
10203649 |
06/02/2010 |
150,000,000.00 |
BANK OF INDIA |
NOIDA BRANCH, E-52/B,
SECTOR-9, NOIDA, UTTAR PRADESH - 201301, INDIA |
A79605820 |
|
4 |
10176717 |
09/03/2010 * |
57,000,000.00 |
PUNJAB NATIONAL BANK |
LARGE CORPORRATE BRANCH, TOLSTOY
HOUSE, TOLSTOY MARG, NEW DELHI, DELHI - 110001, INDIA |
B69419620 |
|
5 |
10152783 |
31/03/2011 * |
251,550,000.00 |
STANDARD CHARTERED BANK |
(ACTING AS AN SECURITY
AGENT SCB, SINGAPOR), CRC, NARAIN MANZIL, 23, BARAKHAMBA ROAD, NEW DELHI, DELHI
- 110001, INDIA |
B09943390 |
|
6 |
10152355 |
08/09/2009 * |
275,000,000.00 |
STANDARD CHARTERED BANK
ACTING AS A SECURITY AGENT |
OF STANDARD CHARTERED
BANK, SINGAPORE, CRC, NARAIN MANZIL, 23 BARAKHAMBA ROAD, NEW DELHI, DELHI -
110001, INDIA |
A70566724 |
|
7 |
10133093 |
05/01/2010 * |
6,525,000,000.00 |
PUNJAB NATIONAL BANK(LEAD
BANK) |
B O : LARGE CORPORATE
BRANCH, TOLSTOY HOUSE, TOLSTOY MARG, NEW DELHI, DELHI - 110001, INDIA |
A76552942 |
|
8 |
10106543 |
04/01/2013 * |
6,867,500,000.00 |
PUNJAB NATIONAL BANK
(LEAD BANK) |
BO: LARGE CORPORATE
BRANCH, TOLSTOY HOUSE, TOLSTOY MARG, NEW DELHI, DELHI - 110001, INDIA |
B69425890 |
|
9 |
10087700 |
17/06/2008 * |
1,385,049,581.62 |
SOJITZ CORPORATION |
1-20, AKASAKA, 6-CHOME, MINATO-KU,
TOKYO, - 1078655, JAPAN |
A42076588 |
|
10 |
10042682 |
25/06/2009 * |
6,000,000,000.00 |
PUNJAB NATIONAL BANK(LEAD
BANK) |
B.O.: LARGE CORPORATE
BRANCH, TOLSTOY HOUSE, TOLSTOY MARG, NEW DELHI, DELHI - 110001, INDIA |
A64770514 |
|
11 |
10042679 |
05/01/2010 * |
6,525,000,000.00 |
PUNJAB NATIONAL BANK |
B O LARGE CORPORATE
BRANCH, TOLSTOY HOUSE, TOLSTOY MARG, NEW DELHI, DELHI - 110001, INDIA |
A76552280 |
|
12 |
10025534 |
03/10/2006 |
195,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE,
ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
A06484026 |
|
13 |
80035399 |
31/01/2006 |
90,000,000.00 |
PUNJAB NATIONAL BANK |
LARGE CORPORATE BRANCH, A
9 CONNAUGHT PLACE, DELHI, DELHI - 110001, INDIA |
- |
|
14 |
80035398 |
13/10/2005 |
30,000,000.00 |
PUNJAB NATIONAL BANK |
LARGE CORPORATE BRANCH, A
9 CONNAUGHT PLACE, NEW DELHI, DELHI - 110001, INDIA |
- |
* Date of charge modification
|
Unsecured Loans |
30.09.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
in Millions) |
|
LONG-TERM
BORROWINGS |
|
|
|
Rupee term loans from banks |
321.175 |
0.000 |
|
Other
loans and advances |
35.000 |
0.000 |
|
SHORT-TERM
BORROWINGS |
|
|
|
Loans
repayable on demand from banks |
0.000 |
150.000 |
|
Loans
repayable on demand from others |
0.000 |
17.843 |
|
Total
|
356.175 |
167.843 |
MANAGEMENT DISCUSSIONS AND ANALYSIS
Financial Review
The year (period of
eighteen months) 2011-12 was a challenging year for the Company. While the year
started on an optimistic note and even the financial results and operations
were growing in line with the projections, the situation started turning
adverse by the end of first quarter and the Company reported a net loss for the
period of eighteen months (year 2011-12).The downturn was attributable to
various Government Policy factors in Telecom and Power Sectors in India. The
global economic downturn in general and unprecedent weakening of Indian Rupee
in particular resulted in unprecedent Forex losses. The delay in receipt of
payments from customers in Telecom and Power sectors resulted in delays in
payments to Creditors. Based on this feedback from Creditors CRISIL downgraded
its ratings on Company’s bank facilities to ‘CRISIL D/CRISIL D’ from ‘CRISIL BBB+/CRISIL
A2’. As a consequence, the Company could not get fresh financing/long term
funding facilities from the banks which resulted in severe liquidity crunch for
the Company.
Consequently, the Company
had requested the lenders being Punjab National Bank Working Capital Consortium
and the Term Lenders i.e. Punjab National Bank and ICICI Bank Limited for debt
restructuring. At the request of the Company and in consideration of the
Company’s commitment to improve its operations, the Company was referred to the
Corporate Debt Restructuring Forum, a non-statutory voluntary mechanism set up
under the aegis of the Reserve Bank of India, for the efficient restructuring
of corporate debt (hereinafter referred to as the ‘CDR’). Pursuant thereto, the
CDR Empowered Group at their meeting held on May 7, 2012 had approved a
restructuring package for restructuring of the existing loans and for extending
concessions to the Company as set out in the Letter of Approval dated June 08,
2012 and subsequent modifications (if any) (hereinafter referred to as ‘LOA’)
issued by Corporate Debt Restructuring Cell to the CDR Lenders and Company
(hereinafter referred to as the ‘CDR Package’). The CDR Package has been
approved and accepted by the CDR Lenders, in terms of the CDR Package and LOA
and accordingly a Master Restructuring Agreement dated June 29, 2012
(hereinafter referred to as ‘MRA’) is executed between the Company and majority
of Lenders along with other Restructuring Documents and the remaining CDR
lenders and other non CDR lenders (since sanctioned their respective
restructuring proposal) will also execute the supplementary restructuring
documents shortly.
During the year (period of
18 months) 2011-12 the sales and other incomes was at Rs.6082.200 millions
against Rs.8444.100 millions during the year (period of 12 months) 2010-11, the
dip in the top line was attributable mainly due to company’s conscious decision
to remain slow on turnkey projects both in Telecom and power Sectors, due to
drying up of funds and uncertainties prevailed in these sectors, and to remain
focused on its core manufacturing business. The loss was Rs.993.100 millions as
against profit of Rs.265.100 millions during the previous year, which was
attributable to loss on account of unprecedented foreign exchange fluctuation
to the extent of Rs.179.600 millions, and due to low operation and capacity
utilization (below even breakeven level) in all the business verticals of the
company mainly due to the delayed implementation of CDR package.
INDUSTRY STRUCTURE AND DEVELOPMENTS
Telecom Sector
The
Indian Telecommunication network with over 886 million connections is the third
largest in the world and second largest among the emerging economies of Asia.
The Department of Telecommunication (DOT) has set a target of rural
Tele-density from the current level of around 35% to 60% by the year 2017 and
to 100% by the year 2020 as envisaged in National Telecom Policy 2011-2012.
Indian Telecom sector is
one of the fastest growing sectors in India. Within a period of 10 years,
Mobile Telecommunication system in India become second largest world wireless
network as Indian mobile subscriber base increased to 846.32 million during
this year.
Tele-density in the country
has been steadily increasing. The growth in average Tele-density is driven
mostly by increase in wireless subscriber base. The overall Tele-density has
increased to 70.89% during this year.
The growth in number of
broadband connections in India has accelerated since 2006. Number of Broadband
subscribers increased to 11.89 million at the end of this year, registering a
year on year growth of 35.49%. The issuance of new 3G and 4G licenses will
further boost the Broadband growth in India.
The uncertainty over
Telecom policy and huge cash outflow of Telecom License fee and subsequently
cancellation of the licenses granted to the Telecom operators has temporarily
halted the network expansion.
New opportunities in Telecom Sector
Broadband Telecom Equipments
What Banking is to economy,
Telecom infrastructure is to Telecom services. Adequate infrastructure becomes
the bedrock for reliable telecom services. Data services such as video calling,
mobile banking and mobile entertainment are expected to take off in a major way
after the prevailing un-certainties on the policy issues are over. Mobile
operators, device makers, application developers and equipment vendors are all
gearing up towards making the entire ecosystem ready to meet consumer
expectations from the third generation (3G) and BWA technologies. Several
countries are pledging investment in the new telecom infrastructure. In the US
for example, the economic stimulus supported Broadband Technology Opportunities
Program allocates a major share of its budget to fund broadband-related
projects in hitherto un addressed areas, including for the requisite
infrastructure.
Growth of broadband
services has so far been through variants of ADSL technology on copper network,
3G dongles on 3G wireless Networks and GEPON on Optical Fiber Networks. Future
growth is expected through wireless technologies and on fibre. The sharing of
copper loop through unbundling or bit stream sharing which was at one time
considered important for increasing broadband penetration has lost relevance
especially for rural areas. It is now increasingly becoming evident that in the
short wireless broadband technologies would be key to growth of broadband while
in the longer term fibre based technologies would be right option.
The
main thrust of the National Broadband Plan is to create a robust fibre based
broadband infrastructure for proliferation of broadband related services in
urban and rural areas. The National Broadband Plan envisages provision of 75
million broadband connections (17 million DSL, 30 million cables and 28 million
wireless broadband) by the year 2012 and 160 million broadband connections (22
million DSL, 78 million cables and 60 million wireless broadband) by the year
2014. The plan involves setting up of an open access fibre optic network
connecting all Gram Panchayats by the year 2012 and all habitations with
population of 500 and above by the year 2013. The Network will provide easy
access to high speed data and information to citizens, promoting thereby the
efforts in the field of education, health etc. This will also boost demand for
optic fibre cables and Customer Premise Equipments (CPEs).
Power Sector
The Growth in power
Generation and distribution is directly linked to GDP Growth of the country.
Unfortunately the Power sector in India is presently passing through a very
difficult situation with many Power Generation and Distribution companies going
for financial restructuring.
Severe liquidity crunch
experienced by most of power Generation and distribution companies resulted in cutting
down of fresh capital expenditure in power transmission and distribution. The
result is massive underinvestment that chokes off economic growth. Currently,
11% of power demand is unmet and this causes crippling grid failures like the
ones that plunged most of the country into darkness in July 2012.
Recently in Month of
September 2012, the Union Cabinet has approved a plan to bail out cash-strapped
power distributors. The implementation of this special package will revive the
demand for capital goods in Power sector in the times to come.
OUTLOOK:
The Telecom and Power
sectors are both evergreen and ever growing sectors and the setbacks of the
recent past are of only temporary nature. Since Significant investment of the
company is into these sectors, the outlook for the Company seems to be good and
shall largely depends upon the spending from government on development of
infrastructure in the field of telecom and power. The performance shall largely
depend upon the resolution of ongoing external and internal causes/problems in
these sectors. Suitable economic policies will determine the pace of
development in these sectors which will create the healthy economic atmosphere
which will lead to further investment from private sectors and from the FDI. The
existing line of products and services are being continuously developed. The
focus of the Company will remain on supply of Company’s product, equipment and
services with increased attention on the business module where financial
investment is less, margins are better and cash flow is faster and receivables
are secured.
AWARD AND RECOGNITION:
ISA
Technovation Award 2011- For 3G USB data card as best product of the year-
Consumer Electronics.
AMALGAMATION:
The Hon’ble High Court at
Delhi and Goa vide order dated 19.11.2010 and 16.12.2010 respectively,
sanctioned the Scheme of Amalgamation of Scantec (India) Private Limited
(Scantec), the subsidiary with the Company. As per the Scheme of Amalgamation
the appointed date is April 1, 2009. The amalgamation has been effectuated by
filing the certified copy of said orders with the Registrar of Companies, Delhi
and Goa on 27.12.2010 and Scantec stands merged with the Company and the legal
entity of Scantec stands dissolved without winding up. Further effective April
1, 2009 the entire business and undertaking of Scantec gets transferred and
vested in the Company and a sum of Rs.13.999 millions arises towards
Amalgamation Reserve.
FIXED ASSETS:
Tangible Assets:
·
Leasehold Land
·
Buildings
·
Plant and Machinery
·
Vehicles
·
Office Equipments
·
Computer and Printer
·
Furniture and Fixtures
Intangible Assets:
·
Computer Software
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.60.70 |
|
|
1 |
Rs.100.97 |
|
Euro |
1 |
Rs.84.16 |
INFORMATION DETAILS
|
Information Gathered
by : |
PDT |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
- |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
15 |
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.