MIRA
INFORM REPORT
|
Report Date : |
21.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
VIDEOCON TELECOMMUNICATIONS LIMITED (w.e.f.
29.12.2009) |
|
|
|
|
Formerly Known
As : |
DATACOM SOLUTIONS LIMITED (w.e.f.
12.11.2009) DATACOM SOLUTIONS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
171-C, 17th Floor, Mittal Court,
C Wing, Nariman Point, Mumbai – 400021, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of Incorporation
: |
07.06.2007 |
|
|
|
|
Com. Reg. No.: |
16-204763 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.51750.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U72900MH2007PLC204763 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCD6756F |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Providing Telecommunication Services |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 10000000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is a subsidiary of Videocon
Industries Limited. It is an established company having moderate track
record. The company possesses a weak financial profile marked by consecutive lossess recorded in the books resulting in accumulation
of losses during 2013. Further, there seems to be huge external borrowing as well as
unfavorable position between trade receivables and payables which may affect
the liquidity position. The ratings also take into consideration, the infusion of funds as
capital from the promoters which has supported the networth
of the company. Trade relations are seems to be fair. Business is active. Payment
terms are reported as slow. In view of experienced promoters and reputed holding company, the
subject can be considered for business dealings with 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 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of 4.9
%, Fitch Rating said. The global rating agency expects the economy to pick up
in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor
international report.
There is a $29.34 bn outward foreign direct investment by domestic companies
between April and January of 2013/14 which has seen some signs of recovery
according to a Care Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to
raise $ 500 million via a US initial public offering. Alibaba,
which owns a stake in Weibo is expected to raise
about $ 15 billion New York this year in the highest profile Internet IPO since
Facebook’s in 2012.
Bharti Airtel has raised
Rs.2,453.2 crore (350 million Swiss Francs) by
selling six-year bonds at a coupon rate of three per cent and maturing in 2020.
This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss
Francs by selling five year bonds at 2.98 % coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost
complete Paradip refinery in Odhisha
in three to four years. The company board is set to consider the setting up of
a 700000 tonne per annum polypropylene plant at an
estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye
Labs-Facebook type deals in the making.
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 Co-operative (91-22-22886399)
LOCATIONS
|
Registered Office : |
171-C, 17th Floor, Mittal Court,
C Wing, Nariman Point, Mumbai – 400021, Maharashtra, India |
|
Tel. No.: |
91-22-22886399/ 42555000 |
|
Fax No.: |
91-22-22886797 |
|
Website : |
|
|
|
|
|
Corporate Office : |
296, Udyog Vihar,
Phase II, Gurgaon – 122016, Haryana,
India |
|
|
|
|
Circle Head Office : |
RMZ Millenia Business Park, Campus 2, 2nd
Floor, No 143, Dr. MGR Road, Kandanchavady, Perungudi, Chennai – 600096, Tamilnadu,
India |
DIRECTORS
As on 13.09.2013
|
Name : |
Mr. Rajkumar Nandlal
Dhoot |
|
Designation : |
Managing Director |
|
Address : |
Dhoot Bunglow,
Station Road, Padampura, Aurangabad
– 431001, Maharashtra, India |
|
Date of Birth/Age : |
11.09.1955 |
|
Date of Appointment : |
12.12.2007 |
|
DIN No. : |
00419480 |
|
|
|
|
Name : |
Mr. Pradipkumar Nandlal
Dhoot |
|
Designation : |
Director |
|
Address : |
Flat No. 99, Videocon House, 1st Floor, |
|
Date of Birth/Age : |
22.03.1960 |
|
Date of Appointment : |
12.12.2007 |
|
DIN No. : |
01635315 |
|
|
|
|
Name : |
Mr. Subhash Shamsunder
Dayama |
|
Designation : |
Director |
|
Address : |
Flat NO. PL 16B, Vasant Tara Colony, Near Matoshri Jogging Park, Ahmednagar
– 414001, Maharashtra, India |
|
Date of Birth/Age : |
05.05.1961 |
|
Date of Appointment : |
10.06.2008 |
|
DIN No. : |
00217692 |
KEY EXECUTIVES
|
Name : |
Mr. Chandrashekhar Ashok
Nagarkar |
|
Designation : |
Company Secretary |
|
Address : |
37/5, Omkar Apartment, Renavikar
Nagar, Savedi, Ahmednagar – 414003, |
|
Date of Birth/Age : |
17.03.1976 |
|
Date of Appointment : |
10.06.2008 |
|
Pan No. : |
ACMPN7915R |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 13.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Videocon Industries Limited, India |
|
738987120 |
|
Videocon International Electronics Limited, India |
|
3826887840 |
|
Jumbo Techno Services Private Limited, India |
|
562875000 |
|
Venugopal Nandlal Dhoot |
|
10 |
|
Pradipkumar Nandlal Dhoot |
|
10 |
|
Rajkumar Nandlal Dhoot |
|
10 |
|
Saurabh Pradipkumar Dhoot |
|
10 |
|
Kail Limited, India |
|
250000000 |
|
Evans Fraser and Company (India) Limited, India |
|
250000000 |
|
Total |
|
5628750000 |
As on 13.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Telecommunication Services |
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|
Products : |
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GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
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Bankers : |
Not Available |
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||||||||||||||||||
|
Facilities : |
(Rs. In Millions)
|
|
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Banking
Relations : |
--- |
|
|
|
|
Financial Institution : |
SBICAP Trustee Company Limited, 202, Maker Tower ‘E’, Cuffe Parade, Colaba, Mumbai –
400005, Maharashtra, India |
|
|
|
|
Auditors 1 : |
|
|
Name : |
Khandelwal Jain and Company Chartered Accountants |
|
Address : |
221, Hans Bhawan, Bahadur
Shah Zafar Marg, New
Delhi – 110002, India |
|
PAN.: |
AAAFK0985C |
|
|
|
|
Auditors 2 : |
|
|
Name : |
Kadam and Company Chartered Accountants |
|
Address : |
Vedant, 8/9, Viraj
Estate, Opposite Tarakpur Bus Stand, Ahmednagar – 414003, Maharashtra,
India |
|
PAN.: |
ABBPK8294J |
|
|
|
|
Ultimate Holding
Company : |
Videocon Industries Limited |
|
|
|
|
Holding Company : |
Videocon International Electronics Limited |
|
|
|
|
Subsidiary Company
: |
Datacom Telecommunications Private Limited |
|
|
|
|
Fellow Subsidiary
Company : |
Jumbo Techno Services Private Limited |
CAPITAL STRUCTURE
As on 13.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8000000000 |
Equity Shares |
Rs.10/- each |
Rs.80000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5628750000 |
Equity Shares |
Rs.10/- each |
Rs.56287.500 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2013 (15 months) |
31.12.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
51750.000 |
15000.000 |
|
(b) Reserves & Surplus |
|
(49131.787) |
(28308.788) |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
10000.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
2618.213 |
(3308.788) |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
40181.999 |
30600.343 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term liabilities |
|
26.640 |
24.102 |
|
(d) long-term provisions |
|
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
|
40208.639 |
30624.445 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
1579.201 |
19620.838 |
|
(b) Trade payables |
|
3000.765 |
1928.092 |
|
(c) Other current
liabilities |
|
3867.016 |
3124.059 |
|
(d) Short-term provisions |
|
15.502 |
32.301 |
|
Total Current Liabilities (4) |
|
8462.484 |
24705.290 |
|
|
|
|
|
|
TOTAL |
|
51289.336 |
52020.947 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
15000.253 |
17126.089 |
|
(ii) Intangible Assets |
|
22557.665 |
17379.220 |
|
(iii) Capital
work-in-progress |
|
2362.871 |
5775.084 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.520 |
0.520 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
3034.047 |
2346.580 |
|
(e) Other Non-current assets |
|
0.000 |
817.142 |
|
Total Non-Current Assets |
|
42955.356 |
43444.635 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
30.804 |
78.970 |
|
(c) Trade receivables |
|
681.297 |
654.785 |
|
(d) Cash and cash
equivalents |
|
1149.305 |
3193.519 |
|
(e) Short-term loans and
advances |
|
6451.436 |
4635.562 |
|
(f) Other current assets |
|
21.138 |
13.476 |
|
Total Current Assets |
|
8333.980 |
8576.312 |
|
|
|
|
|
|
TOTAL |
|
51289.336 |
52020.947 |
|
SOURCES OF FUNDS |
|
|
31.12.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
15000.000 |
|
|
2] Share Application Money |
|
|
10000.000 |
|
|
3] Reserves & Surplus |
|
|
0.000 |
|
|
4] (Accumulated Losses) |
|
|
(10836.995) |
|
|
NETWORTH |
|
|
14163.005 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
20973.855 |
|
|
2] Unsecured Loans |
|
|
6328.663 |
|
|
TOTAL BORROWING |
|
|
27302.518 |
|
|
DEFERRED TAX LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
|
|
41465.523 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
42196.446 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
-Preoperative Expenditure Pending Allocation |
|
|
426.517 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.520 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
164.338
|
|
|
Sundry Debtors |
|
|
553.004
|
|
|
Cash & Bank Balances |
|
|
1109.589
|
|
|
Other Current Assets |
|
|
5.102
|
|
|
Loans & Advances |
|
|
4298.016
|
|
Total
Current Assets |
|
|
6130.049
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
6001.857
|
|
|
Other Current Liabilities |
|
|
1247.329
|
|
|
Provisions |
|
|
35.823
|
|
Total
Current Liabilities |
|
|
7285.009
|
|
|
Net Current Assets |
|
|
(1157.960)
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
41465.523 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 (15 months) |
31.12.2011 |
31.12.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
5091.201 |
6226.248 |
1690.528 |
|
|
|
Other Income |
1.648 |
7.412 |
177.325 |
|
|
|
TOTAL (A) |
5092.849 |
6233.660 |
1867.853 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employees benefits expense |
1216.406 |
1576.827 |
|
|
|
|
Other expenses |
13815.943 |
14027.713 |
|
|
|
|
TOTAL (B) |
15032.349 |
15604.540 |
9400.129 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(9939.500) |
(9370.880) |
(7532.276) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
7005.302 |
5085.185 |
1211.038 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(16944.802) |
(14456.065) |
(8743.314) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
3878.197 |
3015.727 |
1685.191 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(20822.999) |
(17471.792) |
(10428.505) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(20822.999) |
(17471.792) |
(10428.505) |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(9.29) |
(11.65) |
(8.6) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 (15 months) |
31.12.2011 |
31.12.2010 |
|
PAT / Total Income |
(%) |
(408.87) |
(280.28) |
(558.32) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(409.00) |
(280.62) |
(616.88) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(42.56) |
(37.78) |
21.58
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(7.95) |
5.28 |
0.74
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
15.95 |
(15.18) |
1.93
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.98 |
0.35 |
0.84
|
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
|
31.12.2011 |
31.03.2013 |
|
|
|
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
|
15000.000 |
51750.000 |
|
Reserves & Surplus |
|
(28308.788) |
(49131.787) |
|
Share Application money
pending allotment |
|
10000.000 |
0.000 |
|
Net
worth |
|
(3308.788) |
2618.213 |
|
|
|
|
|
|
long-term borrowings |
|
30600.343 |
40181.999 |
|
Short term borrowings |
|
19620.838 |
1579.201 |
|
Total
borrowings |
|
50221.181 |
41761.200 |
|
Debt/Equity
ratio |
|
(15.178) |
15.950 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.12.2010 |
31.12.2011 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
1690.528 |
6226.248 |
5091.201 |
|
|
|
268.302 |
(18.230) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.12.2010 |
31.12.2011 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
1690.528 |
6226.248 |
5091.201 |
|
Profit / (Loss) |
(10428.505) |
(17471.792) |
(20822.999) |
|
|
(616.88%) |
(280.62%) |
(409.00%) |
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 |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
UNSECURED LOAN
Rs. In
Millions
|
Particular |
As
on 31.03.2013 |
As
on 31.12.2011 |
|
Short-term
borrowings |
|
|
|
Loans and advances from others |
1579.201 |
19620.838 |
|
Total |
1579.201 |
19620.838 |
|
|
|
|
FINANCIAL PERFORMANCE
During the period, the Company has earned a total income of Rs. 5092.800 Millions as against Rs. 6233.700 Millions for the previous year and total expenditure amounted to Rs. 25915.800 Millions as against Rs. 23705.500 Millions for the previous year. The Company incurred a loss of Rs. 20823.000 Millions as against Rs. 17471.800 Millions for the previous year.
With a view to coincidethe financial year of the Company with that of its holding Company viz. Videocon International Electronics Limited the financial year of the Company was extended by a period of 3 (Three) months i.e. upto 31st March,2013. As such the current accounting year comprises of a period of15 Months period i.e. from 1st January, 2012 to 31stMarch, 2013 and therefore the figures for the current accounting period are not comparable.
The paid-up capital of the Company was increased from Rs. 15000.000 Millions to Rs. 51750.000 Millions upto 31st March, 2013. After the Balance Sheet date the paid-up capital of the Company was further increased from Rs. 51750.000 Millions to Rs. 54337.500 Millions up to the date of this report.
OPERATIONS
Quashing of UAS Licenses and subsequent allocation of spectrum to the Licencees:
The Company had been awarded licenses by the Department of Telecommunications ('DoT') to provide Unified Access Services ('UAS') in 21 telecom circles in India with effect from 25th January, 2008 which were valid for a period of 20 years. The Company had also been allocated spectrum in 20 circles and had launched its commercial operations in17 circles.
The Hon?ble Supreme Court of India, vide its order and judgment dated 2ndFebruary, 2012 ('Judgment') in two separate writ petitions, quashed the UAS licenses granted on or after 10th January, 2008 pursuant to two press releases issued on 10th January, 2008 and the subsequent allocation of spectrum to licensees which included the 21 UAS licenses issued and allocation of spectrum to the Company. The order quashing the UAS licenses and the allocation of spectrum was to be operative after four months from the date of the Judgment. By subsequent orders dated 24th April, 2012and 27th August 2012, the Hon?ble Supreme Court directed that the licensees whose licenses had been cancelled were to continue their operations until 18th January 2013. This order was modified by a subsequent order dated 15th February 2013, whereby it was directed that the licensees have to stop operations with immediate effect.
The Hon?ble Supreme Court of India vide its Judgment had also directed the Central Government to grant fresh UAS licenses and spectrum allocation by auction. The DoT, had issued a Notice Inviting Applications (bearing file no. 3-16/2012-Fin./Auction) dated 28th September, 2012 for auction of spectrum in1800 MHz and 800 MHz bands. The Company participated in the aforesaid auction and was declared as a successful bidder of spectrum in six circles in 1800 MHz, namely, Bihar, Gujarat, Haryana, Madhya Pradesh, Uttar Pradesh (East) and Uttar Pradesh (West).
On 3rd March, 2013, the Company has been awarded the Unified Licenses (Access Services) for these six circles with effect from 16thFebruary, 2013 which are valid for a period of 20 years. The Company has also been allotted 5 Mhz spectrum in 1800Mhz category in each of these 6 circles out of which, the Company is already providing its commercial services in 3 circles i.e. Gujarat, Haryana and Madhya Pradesh.
By the order dated15th February, 2013, the Hon?ble Supreme Court of India has, inter-alia, held that the successful applicants in the auction should be allowed to operate in those circles in which they have been successful.
The Company is continuing its commercial operations in 3 circles viz. Gujarat, Haryana and Madhya Pradesh. The Company shall be launching, subject to receipt of the necessary approvals from DoT, its commercial operations in remaining 3 circlesviz. Bihar, Uttar Pradesh (East) and Uttar Pradesh (West) shortly.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10281971 |
30/03/2011 |
71,500,000,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
B11035474 |
|
2 |
10245929 |
11/10/2010 |
71,500,000,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
A97382626 |
|
3 |
10198039 |
07/01/2010 |
10,000,000,000.00 |
STATE BANK OF INDIA |
STATE BANK BHAVAN, MADAME CAMA ROAD, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
A77971018 |
* Date of charge modification
FIXED ASSETS
· Building
· Plant and Machinery
· Leasehold Improvements
· Furniture and Fixtures
· Computers
· Office Equipments
· Vehicles
· Computer Software
· License Fees
AS PER WEBSITE
PRESS RELEASES
DOT MAY ASK CAG TO
DROP OBJECTIONS OVER ENTRY-FEE ADJUSTMENTS
March 21, 2014
The Department of Telecommunications (DoT) may ask the CAG to drop objections raised against four telecom operators, whose entry fee was adjusted against the money they had to pay for spectrum won in the November 2012 and March 2013 auctions.
The Comptroller and Auditor General of India (CAG) had questioned DoT's decision to adjust the entry fee paid by these operators in 2008 against the auction amount in 2012, saying it went against the Supreme Court's ruling.
DoT had allowed a set-off of Rs. 16585.700 Millions for Uninor, Rs. 15068.200 Millions for Videocon Telecommunications, Rs. 16263.200 Millions for Sistema Shyam Teleservices (SSTL) and Rs. 6845.900 Millions for Idea Cellular to be adjusted with the price of spectrum these companies bought in the November 2012 and March 2013 auctions.
According to sources, the DoT had in October 2013 written to CAG that the set-off was allowed on the principle of equal restitution, as recommended by the Empowered Group of Ministers (EGoM).
Before the November 2012 auction, the EGoM on spectrum headed by Finance Minister P Chidambaram had decided to adjust fees of only those companies that win spectrum in the auction.
In the November 2012 auction, Uninor and Videocon won spectrum in six circles each and Idea Cellular in seven circles. SSTL won airwaves in eight circles in March 2013.
The DoT had said the "set-off is not in the nature of refund as it was allowed only in case of participation and winning of spectrum in the auction."
It had also communicated to the CAG that these decisions involve issues of policy and legality and issues of policy cannot be dealt with by audit and issues of legality can only be dealt with by the courts, the source added.
The licences of these companies were cancelled by the Supreme Court in 2012, after which they wrote to the government seeking a refund of the entry fee paid by them or its adjustment against the bid amount if they participated in the auctions in 2012 and 2013.
"It may be mentioned that the actions of the government in allowing the set-off were very much in conformity with the directions of Supreme Court as it had allowed the quashed licences to continue to operate and participate in the auctions," the DoT is believed to have written to the CAG.
According to sources, the DoT communicated to the CAG that the issue may be examined in entirety and the objections raised may be dropped.
VIDEOCON TO ROLL OUT
4G SERVICES IN SIX CIRCLES BY YEAR-END
March 14, 2013
Ahmedabad:
Videocon Telecommunication will roll out long term evolution (LTE) technology for offering 4G services in six circles including Gujarat and Bihar by the end of this year, the company said on Thursday.
"LTE technology offering better speed and connectivity to consumers will in first phase shall be rolled out in six circles of Gujarat, Haryana, Madhya Pradesh, UP-East, UP-West and Bihar by this year end," said Arvind Bali to reporters. He is Videocon's director and chief executive officer.
"The technology offering high-speed data services has the potential to overcome the handicaps posed by the 3G services. LTE can offer 20-50 times higher speed over 3G to consumers," he claimed.
"We got a new spectrum licence on January 18 which enables us to use it for any technology over the next 20 years, and now we shall be taking many leaps during this span," Mr. Bali said.
"We have got pan-India 22 licences for national long distance service and our maximum budgeting shall be for it," Mr. Bali added.
For the troubled telcom industry, Mr. Bali said voice calls will be the big driver going forward. While the growth would be high in data download services.
2G CASE: SUPREME
COURT DISMISSES CURATIVE PETITIONS OF TELCOS, A. RAJA
February 14, 2013
New Delhi:
The Supreme Court today dismissed the curative petitions of several telecom firms requesting re-examination of its verdict cancelling 122 2G spectrum licences allocated during tenure of former telecom minister A. Raja
The apex court also denied permission to Mr. Raja to file his curative petition.
The companies whose petitions were rejected are Videocon Telecommunications Limited, Sistema Shyam Teleservices Limited (SSTL), Tata Teleservices Limited (TTSL) and Idea Cellular Limited.
A bench of Chief Justice Altamas Kabir and justices P. Sathasivam and G.S. Singhvi rejected the plea of the telecom firms and Raja saying "no case is made out".
"We have gone through the curative petitions and the relevant documents. In our opinion, no case is made out within the parameters indicated in the decision of this court...hence, the curative petitions are dismissed."
"As far as the curative petition of Raja is concerned, permission to file curative petitions is rejected," it said adding, "Consequently, applications for stay and appropriate directions are rejected."
A curative petition is filed after the dismissal of review petition and is decided in the chambers of judges.
Earlier on April 3, 2012, the apex court had dismissed the review petitions of Videocon Telecommunications Limited, S Tel Limited, SSTL, TTSL, Unitech Wireless (Tamil Nadu) Private Limited, Etisalat DB Telecom Private Limited and Idea Cellular Limited.
A bench of justices G.S. Singhvi and A.K. Ganguly (since retired), on February 2, 2012, had cancelled the 122 2G licences holding as unconstitutional the policy of first-come-first-served.
Reacting to the dismissal of the curative petition, SSTL in a statement said: It is unfortunate that the Supreme Court has not admitted the curative petition of SSTL. The company believes that it has been unfairly penalized in the February 2, 2012 order by the Supreme Court. While SSTL remains committed to its operations, however, it would be up to the shareholders to decide the go forward strategy of the company."
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.58.75 |
|
|
1 |
Rs.98.77 |
|
Euro |
1 |
Rs.80.53 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
1 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
27 |
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.