MIRA INFORM REPORT
|
Report Date : |
22.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
VODAFONE INDIA LIMITED (w.e.f.11.10.2011) |
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Formerly Known
As : |
VODAFONE ESSAR LIMITED (w.e.f.12.07.2007) HUTCHISON ESSAR LIMITED (w.e.f.26.08.2005) HUTCHISON MAX TELECOM LIMITED (w.e.f.01.12.2004) HUTCHISON MAX TELECOM PRIVATE LIMITED |
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Registered
Office : |
Peninsula
Corporate Park, Ganpatrao Kadam Marg, Lower Parel, Mumbai – 400013,
Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
21.02.1992 |
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Com. Reg. No.: |
11-119108 |
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Capital
Investment / Paid-up Capital : |
Rs. 4140.869 Millions |
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CIN No.: [Company Identification
No.] |
U32200MH1992PLC119108 |
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IEC No.: |
Not Divulged |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMH07197B |
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PAN No.: [Permanent Account No.] |
AAACH5332B |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Providing |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (62) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a subsidiary of “VODAFONE GROUP PLC”. It is
well-established company having fine track record. The company has incurred losses from its operational activities over a
year. However, the rating takes into consideration company’s healthy market
position in the Indian wireless telecommunication industry marked by its adequate
liquidity position. Further rating also takes into consideration managerial
and financial support that company receives from its parent company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. In view of strong holding support, the Company can be considered good
for normal business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks
over coal supply contracts, uncertainty over cancellation of blocks weigh on
stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating : AA |
|
Rating Explanation |
High degree of safety and very low credit
risk. |
|
Date |
April 03, 2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating : A1+ |
|
Rating Explanation |
Very strong degree of safety and carry
lowest credit risk. |
|
Date |
April 03, 2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE [CONTACT NO.: 91-22-71715000]
LOCATIONS
|
Registered/
Corporate Office : |
Peninsula Corporate
Park, Ganpatrao Kadam Marg, Lower Parel, Mumbai – 400013, Maharashtra, India |
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Tel. No.: |
91-22-66645000/
66661222/ 66661200 |
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Fax No.: |
91-22-24963645 |
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E-Mail : |
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Website : |
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Branch Offices : |
Located at: ·
· Mumbai ·
· Ahmedabad · Jaipur · Kolkata ·
· Mohali ·
·
·
Chennai · Karnal ·
· Pune |
DIRECTORS
As on
|
Name : |
Mr. Marten Pieters |
|
Designation : |
Managing director |
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Address : |
Lyndewood House, Flat No 4, 1st Floor, 9
Bomanji Petit Road, Mumbai - 400026, Maharashtra, India |
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Date of Birth/Age : |
29.04.1953 |
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Qualification : |
P.G in
Economics, Dutch Law |
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Date of Appointment : |
01.04.2012 |
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PAN No.: |
BBDPP1859D |
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DIN No.: |
02598456 |
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Name : |
Mr. Analjit Singh |
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Designation : |
Director |
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Address : |
15, Aurangzeb Road, New Delhi – 110011, India |
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Date of Birth/Age : |
11.01.1954 |
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Qualification : |
B.A, B.S, MBA
(Boston) |
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Date of Appointment : |
23.03.2006 |
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DIN No.: |
00029641 |
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Name : |
Mr. Chittranjan Dua |
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Designation : |
Director |
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Address : |
88, Sunder Nagar, New Delhi – 110003, India |
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Date of Birth/Age : |
03.11.1951 |
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Qualification : |
B.A. (Hon) &
M.A. (Hon) in Economics, LL.B. |
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Date of Appointment : |
27.09.2006 |
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DIN No.: |
00036080 |
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Name : |
Mr. Vikram Singh Mehta |
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Designation : |
Director |
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Address : |
18, Friends' Colony West, New Delhi – 110065, India |
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Date of Birth/Age : |
30.10.1952 |
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Qualification : |
BA Maths (Hons),
MA Economics, Oxford University and MA (Energy Economics) , Tufts University |
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Date of Appointment : |
08.08.2013 |
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DIN No.: |
00041197 |
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Name : |
Mrs. Ashwani Windlass |
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Designation : |
Director |
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Address : |
N-53, Panchshila Park, New Delhi - 110017, India |
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Date of Birth/Age : |
02.07.1956 |
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Qualification : |
B.Com, MBA |
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Date of Appointment : |
26.05.2012 |
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DIN No.: |
00042686 |
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Name : |
Mr. Rajesh R Laddha |
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Designation : |
Director |
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Address : |
3201/3202 of Tower, 4th Floor, Plant Godrej Simplex,
Starata, 30 Keshav Roa Kgadey Marg, Mumbai – 400011, Maharashtra, India |
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Date of Birth/Age : |
07.05.1967 |
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Qualification : |
MBA, CPA, CA,
CMA |
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Date of Appointment : |
16.02.2012 |
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DIN No.: |
02228042 |
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Name : |
Mr. John William Lorimer Otty |
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Designation : |
Director |
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Address : |
1, Harvest Place, Wargrave, Reading Berkshire U. K. RG10 8AQ |
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Date of Birth/Age : |
13.01.1964 |
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Qualification : |
Degree in
Electronic Engineering from Cambridge University, ACA - 1989 |
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Date of Appointment : |
08.08.2013 |
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DIN No.: |
02432741 |
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Name : |
Mr. Serpil Orhan Timuray |
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Designation : |
Director |
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Address : |
Acarlar Mahallesi Keklik Sokak Beykoz Konaklari, Sitesi No. 114,Daire
A-6, 34800 Beykoz, Istanbul - 34800, Turkey |
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Date of Birth/Age : |
07.07.1969 |
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Date of Appointment : |
22.11.2013 |
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DIN No.: |
06737415 |
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Name : |
Shyamala Gopinath |
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Designation : |
Director |
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Address : |
DG-4, Vasant Vihar, 85, Napean Sea Road, Mumbai – 400020, Maharashtra,
India |
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Date of Birth/Age : |
20.06.1949 |
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Date of Appointment : |
17.04.2014 |
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DIN No.: |
02362921 |
KEY EXECUTIVES
|
Name : |
Mr. Sudhakar H. Shetty |
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Designation : |
Secretary |
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Address : |
1203, Ozone tower 1, Rustomjee Builders, Off. S.V. Road, Goregaon West,
Mumbai – 400062, Maharashtra, India |
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Date of Birth/Age : |
06.06.1968 |
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Date of Appointment : |
01.03.2014 |
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PAN No.: |
AALPS9504Q |
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Name : |
Prasanna Kumar Das |
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Designation : |
VP - Distribution Projects |
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Name : |
Ajay Patel |
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Designation : |
EVP - Central Operations Group |
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Name : |
Sunil Sood |
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Designation : |
Chief Operating Officer |
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Name : |
Deepak Sachdeva |
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Designation : |
GM - Sales and Marketing Ops |
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Name : |
Suresh Bagrodia |
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Designation : |
EVP – Finance and Accounts |
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Name : |
Balesh Sharma |
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Designation : |
CEO (Malta) |
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Name : |
Zahir Wykes |
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Designation : |
VP Retail Business Experience |
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Name : |
Himanshu Jain |
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Designation : |
GM- Applic. Devpt and Maint |
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Name : |
Rajiv Kohli |
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Designation : |
Operations Director - North |
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Name : |
JPS Choudhary |
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Designation : |
AVP - Human Resources |
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Name : |
Sambasivan G |
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Designation : |
EVP - Finance |
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Name : |
Jagadish B |
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Designation : |
AVP - HR Business Partner |
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Name : |
Sundeep Kathuria |
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Designation : |
Sr. VP - Regulatory |
MAJOR SHAREHOLDERS
As on 04.09.2014
|
Names of Shareholders (Table A**) |
|
No. of Shares |
|
Central Depository Services (India) Limited, India |
|
395251799 |
|
Vodafone Telecommunications(India) Limited, India |
|
18835021 |
|
Telecom Investments India Private Limited, India |
|
30 |
|
|
|
|
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Total |
|
414086850 |
(Table A**)
|
Names of Shareholders |
|
No. of Shares |
|
Vodafone Telecommunications (India) Limited |
|
19642064 |
|
Mobilvest |
|
39684917 |
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Trans Crystal Limited |
|
34600965 |
|
Al-Amin Investments Limited |
|
19238530 |
|
Prime Metals Limited |
|
6346082 |
|
CCII (Mauritius) Inc |
|
10568355 |
|
Euro Pacific Securities Limited |
|
94459317 |
|
Asian Telecommunications Investments (Mauritius) Limited |
|
23218582 |
|
Telecom Investments India Private Limited |
|
53658489 |
|
Usha Martin Telematics Limited |
|
25123355 |
|
Jaykay Finholding (India) Private Limited |
|
2122557 |
|
Piramal Enterprises Limited |
|
45425328 |
|
Omega Telecom Holdings Private Limited |
|
21163258 |
|
|
|
|
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Total |
|
395251799 |
As on 04.09.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
75.35 |
|
Bodies corporate |
24.65 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Mobile Telecommunication Services. |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
GENERAL INFORMATION
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Suppliers : |
Not Divulged |
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Customers : |
Not Divulged |
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No. of Employees : |
Information declined by the management |
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Bankers : |
ICICI Bank Limited |
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Facilities : |
(Rs.
In Millions)
|
|
Financial Institution : |
· IL & FS Trust Company Limited IL & FS Financial Centre, Plot No C22, G Block, Bandra
Kurla Complex Bandra [East], Mumbai - 400051, Maharashtra, India |
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Auditors : |
|
|
Name : |
Delloite Haskins and Sell LLP Chartered Accountants |
|
Address : |
Tower 3, 27th-32nd Floor, India Bulls
Finance Centre, Elphinstone Mill Compound, Senapati Bapat Marg, Elphinstone
[West], Mumbai – 400013, Maharashtra, India |
|
PAN No.: |
AACFD4815A |
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Holding
Company : |
Vodafone Group Plc |
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Intermediate
Holding Company : |
Vodafone International Holdings B.V. |
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|
Subsidiary
Company : |
·
Vodafone West Limited [U32100GJ1995PLC035282] ·
Vodafone South Limited [U74899DL1995PLC074451] ·
Vodafone Cellular Limited [U64202TZ1995PLC007674] ·
Vodafone Digilink Limited [U64201DL1997PLC088088] ·
Vodafone Mobile Services Limited
[U64202DL1992PLC088087] ·
Vodafone Shared Services Limited
[U74900GJ2009PLC058189] ·
Vodafone Spacetel Limited [U72200DL1997PLC085764] ·
Mobile Commerce Solutions Limited [U74900MH2008PLC183456] ·
Vodafone Towers Limited [U64200DL2007PLC207420] ·
Unique Intermediary Facilitators
[U65999MH2008NPL182612] ·
Vodafone East Limited [U32204WB1992PLC079998] ·
Connect (India) Mobile Technologies Private
Limited ( w.e.f February 24, 2012) [U32202MH1999PTC120818] |
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|
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|
Fellow
Subsidiary Company
: |
· Vodafone Investments Luxembourg S.A.R.L · Vodafone Group Services Limited · Vodafone India Services Private Limited [U64201GJ1999PTC059542] · Vodafone Procurement Company · Vodafone Netherlands · Vodafone Qatar, Q.S.C · Vodafone Sales and Services Limited · Vodafone Ireland Marketing Limited · Vodafone Overseas Finance Limited · Vodafone Albania · Vodafone Egypt · Vodafone Czech Republic a.s. · Vodafone D2 GmbH · Vodafone Panafon S.A. · Vodafone Hungary Limited · Vodafone Malta Limited · Vodafone Netherlands · Vodafone Portugal · Vodafone Romania S.A. · Vodafone Spain · Telsim Mobile Turkey · Vodafone Limited · Vodafone Omnitel N.V. · Vodafone Espana S.A. · Vodacom Group (Pty) Limited · Vodafone Fiji · Vodafone Asia Pacific Limited · Vodafone Germany (Mobile) · Ghana Telecommunications Company Limited · Vodafone Turkey · Vodacom South Africa · Vodafone New Zealand Limited · Cable and wireless (w.e.f March 31,2013) · Vodafone Global Enterprise INC · Vodafone Australia Limited · Vodafone Procurement Company Sarl |
|
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Joint
Venture : |
Indus Towers Limited [U92100DL2007PLC170574] |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 5000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
414,086,850 |
Equity Shares |
Rs. 10/- each |
Rs. 4140.870
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
4140.869 |
4140.869 |
4140.870 |
|
(b) Reserves & Surplus |
71721.000 |
72870.000 |
76298.000 |
|
(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) |
75861.869 |
77010.869 |
80438.870 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
136212.000 |
70656.000 |
70090.000 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
2925.000 |
1676.000 |
1294.000 |
|
(d) long-term provisions |
4505.000 |
3717.000 |
2645.000 |
|
Total
Non-current Liabilities (3) |
143642.000 |
76049.000 |
74029.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
59543.000 |
53893.000 |
53981.000 |
|
(b) Trade payables |
9694.131 |
9600.131 |
7274.000 |
|
(c) Other current liabilities |
11029.000 |
5527.000 |
5338.000 |
|
(d) Short-term provisions |
511.000 |
292.000 |
210.000 |
|
Total
Current Liabilities (4) |
80777.131 |
69312.131 |
66803.000 |
|
|
|
|
|
|
TOTAL |
300281.000 |
222372.000 |
221270.870 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
20019.000 |
13040.000 |
11575.000 |
|
(ii) Intangible Assets |
30764.000 |
32452.000 |
34215.000 |
|
(iii) Capital work-in-progress |
3743.000 |
1939.000 |
2210.870 |
|
(iv) Intangible assets under
development |
84244.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
71224.000 |
71224.000 |
71226.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
78305.000 |
81784.000 |
59524.000 |
|
(e) Other Non-current assets |
0.000 |
77.000 |
335.000 |
|
Total
Non-Current Assets |
288299.000 |
200516.000 |
179085.870 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade receivables |
1760.000 |
1942.000 |
1849.000 |
|
(d) Cash and cash equivalents |
1854.000 |
2942.000 |
2302.000 |
|
(e) Short-term loans and
advances |
6223.000 |
14924.000 |
36463.000 |
|
(f) Other current assets |
2145.000 |
2048.000 |
1571.000 |
|
Total
Current Assets |
11982.000 |
21856.000 |
42185.000 |
|
|
|
|
|
|
TOTAL |
300281.000 |
222372.000 |
221270.870 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
36840.000 |
32227.000 |
29875.000 |
|
|
Other Income |
15171.000 |
17222.000 |
10822.000 |
|
|
TOTAL
(A) |
52011.000 |
49449.000 |
40697.000 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
23621.000 |
21531.000 |
18428.000 |
|
|
Employees benefits expense |
5515.000 |
4460.000 |
4281.000 |
|
|
Other expenses |
6301.000 |
5810.000 |
6495.000 |
|
|
Exceptional Item before tax |
0.000 |
3218.000 |
0.000 |
|
|
TOTAL
(B) |
35437.000 |
35019.000 |
29204.000 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
16574.000 |
14430.000 |
11493.000 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
11984.000 |
12793.000 |
11886.000 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
4590.000 |
1637.000 |
(393.000) |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
5739.000 |
5066.000 |
4300.000 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
(1149.000) |
(3429.000) |
(4693.000) |
|
|
|
|
|
|
|
Less |
TAX
(I) |
0.000 |
0.000 |
(252.000) |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
(1149.000) |
(3429.000) |
(4441.000) |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
Romaing Revenue |
1907.000 |
473.000 |
620.000 |
|
|
TOTAL
EARNINGS |
1907.000 |
473.000 |
620.000 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Capital Goods |
2816.000 |
3289.000 |
2115.000 |
|
|
TOTAL
IMPORTS |
2816.000 |
3289.000 |
2115.000 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
(2.77) |
(8.28) |
(10.72) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
(3.12) |
(10.64) |
(14.87) |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT / Sales) |
(%) |
44.99 |
44.78 |
38.47 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(0.81) |
(2.30) |
(3.17) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.02) |
(0.04) |
(0.06) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.58 |
1.62 |
1.54 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.15 |
0.32 |
0.63 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
4140.870 |
4140.869 |
4140.869 |
|
Reserves & Surplus |
76298.000 |
72870.000 |
71721.000 |
|
Net
worth |
80438.870 |
77010.869 |
75861.869 |
|
|
|
|
|
|
long-term borrowings |
70090.000 |
70656.000 |
136212.000 |
|
Short term borrowings |
53981.000 |
53893.000 |
59543.000 |
|
Total
borrowings |
124071.000 |
124549.000 |
195755.000 |
|
Debt/Equity
ratio |
1.542 |
1.617 |
2.580 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
29875.000 |
32227.000 |
36840.000 |
|
|
|
7.873 |
14.314 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
29875.000 |
32227.000 |
36840.000 |
|
Profit |
(4441.000) |
(3429.000) |
(1149.000) |
|
|
(14.87%) |
(10.64%) |
(3.12%) |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT
|
Particulars |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
|
|
|
|
|
Current maturities of long-term debt |
1550.000 |
804.000 |
782.000 |
|
|
|
|
|
|
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 |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED
LOAN
(Rs. In Millions)
|
Particulars |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
LONG TERM
BORROWING |
|
|
|
Deferred payment liabilities |
61399.000 |
0.000 |
|
Loan and advances from related parties |
11945.000 |
11945.000 |
|
Other Loans and advances |
410.000 |
0.000 |
|
|
|
|
|
SHORT TERM
BORROWING |
|
|
|
Term loan from banks |
23000.000 |
7000.000 |
|
Rupee term loan from others |
2843.000 |
1893.000 |
|
Commercial paper |
33700.000 |
45000.000 |
|
|
59543.000 |
53893.000 |
|
|
|
|
|
Total |
133297.000 |
65838.000 |
LITIGATION DETAILS
|
HIGH COURT OF
BOMBAY |
|
CASE DETAILS BENCH: BOMBAY |
|
Presentation Date: 28/10/2013 |
|
Lodging No: NMAL/2146/2013 Filing Date: 28/10/2013 Reg. No.:- NMAL/1567/2013 Reg. Date.:- 28/11/2013 |
|
Main Matter Lodging No: APPL/426/2013 Reg.
No.: CP/712/2009 |
|
Petitioner: COMMISSIONER OF INCOME TAX-7 Respondent: VODAFONE
INDIA LIMITED Petn. Adv : ABHAY AHUJA (0) District: MUMBAI |
|
Bench: DIVISION Status: Pre-Admission Category:
APPEALS Next Date: 16.12.2014
Stage: APPEALS FOR ADMISSION - FRESH [ORIGINAL SIDE MATTERS] Coram: HON’BLE SHRI JUSTICE S.J. VAZIFDAR HON’BLE SHRI JUSTICE B.P.
COLABAWALLA |
|
Act: Companies Act and Rules 1956 |
Press
Release
VODAFONE INDIA
OUTSHINES GLOBAL PEERS IN SEPTEMBER QUARTER
NEW DELHI: Vodafone India outshone global counterparts in the April-September period, driven by higher data usage and rising call rates, although it faces a battle for survival in four circles where its permits are expiring, leaving it in a must-win situation for airwaves as it does not have any fallback spectrum.
india's No. 2 telecom company, like its top rivals Bharti Airtel and Idea Cellular, reaped the benefits of lower competition after the Supreme Court cancelled 122 telecom licences in 2012 and continuing strong user additions in a market counted as among the fastest growing in the world.
SPECTRUM CONCERNS
Country Chief Executive Officer Marten Pieters said offering limited spectrum in auctions likely to be held in February, as indicated by the government, would lead to massive business disruption.
"It would be a disaster for existing operators whose hundreds of millions of customers are using the existing spectrum," he told reporters. "We think it is wrong to do an auction if there isn't enough fresh spectrum, which means that if an incumbent is unable to buy back his existing spectrum, he has to close shop."
Vodafone India, in which the parent took full control earlier this year, will have to bid aggressively in Maharashtra & Goa and Rajasthan where it does not have any backup 1800 MHz spectrum, while the Gujarat and Uttar Pradesh (East) circles do not have enough quantum of airwaves in the 1800 MHz band. Further, the quality of existing 1800 MHz airwaves in the second set of circles is poor, executives at the company explained.
"In the last auction, there was a limited availability of 900 MHz, but there was fallback of enough new 1800 MHz," he said. "In this auction, you simply lose your business, which means thousands of crores invested into the business will be lost," Pieters said, pointing towards an immense hit to global investor confidence in India.
The company, which has begun to see the impact of data growth in India, posted an almost 12% increase in organic service revenue for the first half of fiscal 2015 at about Rs 20,642 crore, while operating profit was up nearly 12%. Data revenue rose 65.5% to Rs 2,552 crore. For the UK-based Vodafone Group, organic service revenue fell 2.8%, reflecting pressures from competition, regulation and weak economies in Europe. The company doesn't provide country-wise net profit figures. "In India, growth has accelerated, stimulated by investment in our 3G network," Vodafone Group CEO Vittorio Colao said in a statement.
DATA USAGE
Data usage grew 94.6%, primarily driven by mobile Internet customer growth, while active data customers totalled 57.2 million, including 13.6 million 3G customers and 33.9 million smartphone users as of September 30. The company had 173.8 million customers at the end of September.
Reduced competition has allowed operators to cut down on promotional offers such as free-call minutes and increase effective call rates. Additionally, a surge in the use of smartphones has pushed up premium high-margin data services, boosting growth for mobile phone operators. These have helped telcos to improve key parameters such as average revenue per user (ARPU) and average realisation per minute (ARPM).
DIFFICULT TO DO
BUSINESS IN INDIA: VODAFONE
Country's second largest mobile operator Vodafone India today said conditions for doing business in the country have not improved much in the last few months but it is "hopeful that change will happen".
"Its not nice to say, but it is reality. It is not like we said 'its
difficult to do business in India', it is objectively difficult to do business
in India..," Vodafone India Managing Director and CEO Marten Pieters said
when asked if conditions have improved for doing business.
"Coming to the telecom industry, we have not seen much change so far but
we are hopeful that change will happen," he added.
Pieters cited the latest World Bank report wherein India has dropped by two
places as compared to last year in the ease of doing business.
India ranked 142 among the 189 countries surveyed for the latest World Bank's
'Ease of Doing Business' report, a drop by two places from the last year's
ranking.
Citing the example of 3G intra-circle roaming (ICR) pacts among operators,
Pieters said the government should have ended the matter when telecom tribunal
TDSAT allowed them to continue with the arrangements, but the government
decided to do otherwise.
The British telecom major is facing a tax liability of over Rs 11,200 crore,
along with interest, on its 2007 acquisition of Honk Kong-based Hutchison
Whampoa's stake in India's telecom major, Hutchison Essar. The India unit is
its subsidiary.
Vodafone India has moved the Delhi High Court alleging the Centre is indulging
in "arm-twisting" and "coercive" tactics by refusing to
sign its unified licence (UL) till it unconditionally accepts the
"restrictive" clauses in the licence.
VODAFONE INDIA MD
MARTEN PIETERS EARNS NICKNAME OF ‘CRUSADER” FOR THE TELECOM INDUSTRY
UMBAI: Marten Pieters, the Vodafone India Managing Director, is doing what his Indian counterparts would love to do: take on the government at every turn - be it on spectrum, on tax or on other regulatory issues, earning him the nickname of 'Crusader" for the telecom industry.
Pieters, 61, has been at the head of Vodafone in India since February 2009, making him the longest serving chief of any Indian telecom company and the only one to have seen all spectrum auctions in India. He doesn't flinch when speaking his mind whether it may offend regulators, peers or even staff. He speaks his mind, always on record, always consistent, and has come to be appreciated for the quality, say several people who have worked with him or at rival telecom companies. He is also arguably the most outspoken expat CEO in India. "He (Pieters) has been more vocal, but his positions have been in line with rest of the industry. He also has a bigger stake in the outcome," said Rajan Mathews,general secretary of GSM operators' apex industry body, COAI, which represents Vodafone India, apart from larger rival Bharti Airtel. Pieters is the chairman of COAI as well.
Pieters declined to
comment for or on the article.
Vodafone is the country's second largest telecom company after Bharti Airtel. The Indian unit of the British telecom giant, which has invested some Rs60,000 crore in India, including capex and spectrum costs, and has over 174 million subscribers has had a rough time in India since it entered the country in 2007 by buying out Hutchison Whampoa's stake in what was then called Hutchison Essar, and now is Vodafone India.
Its landmark Rs20,000 crore withholding tax dispute with the government related to its 2007 stake buy is yet to be resolved despite a Supreme Court verdict in the company's favour. It has seen two bruising spectrum auctions - 3G in 2010 and 2G in 2014 - which increased debt and, along with the industry, is emerging from a period of intense competition which had hurt revenue and profitability. The industry in general still awaits what it calls favourable M&A laws, apart from long-awaited rules on sharing and trading in airwaves.
No wonder, Pieters, a Dutch national, is a skeptic.
In his latest salvo fired at the government, he said, "This is a difficult business to be in. I find it difficult to deal with the regulation because it's very often too complicated and it is actually not really helping the business or even the country."
Recently, at another public forum, he said: "Yes, it is difficult to do business in India, that's the general perception I think of foreign companies and that is not just in telecom".
Last year, when the incumbents including Vodafone and Bharti Airtel were challenging refarming of airwaves in the 900MHz band they were currently using, there were fears that the players may need to shut operations or transfer them to potential winners of their airwaves. Pieters' was unequivocal, nearly threatening, when he said the government shouldn't and couldn't let that situation develop.
"Between Bharti and us, we have 60% of the market share in Mumbai and Delhi," Pieters said. "If you allow these to be shut, the cities will go dark, you won't be able to make calls. Even decision-making will come to a standstill."
Currently, when Vodafone, along with Idea, Bharti Airtel and Reliance Communications are facing a similar situation with their airwaves in circles where their permits are expiring about to be auctioned, Pieters read out the repercussions frankly, while the other telcos have been far more measured in their reactions.
"We will see if we have business. The outcome of the second round of auctions will decide how sustainable we are in India. The situation in the upcoming circles is very dismal," Pieters said. The others' reactions ranged from "We will take all measures to protect our spectrum, but we have enough options" to "We don't face any such situation as we had hedged our bets in the last auctions".
PIRAMAL
ENTERPRISES LIMITED (“PIRAMAL”) AGREES TO SELL EQUITY
STAKE
IN
VODAFONE INDIA LIMITED
Mumbai, 10 April 2014: Piramal Enterprises
Ltd. (“Piramal”, NSE: PEL, BSE : 500302) today
announced that it has agreed to divest its entire
e quity stake, comprising 45,425,328 shares
(~11%), in Vodafone India Limited to Prime Metals Ltd., an indirect subsidiary of Vodafone Group Plc, for a total
consideration of Rs. 8,900 Cr, valuing the shares of Vodafone India Ltd. at Rs. 1,960 per share.
Piramal had acquired these shares at an average price of Rs. 1,290 per
share for a total consideration of Rs. 5,864 Cr in two tranches during FY12.
“The equity purchase in Vodafone was consistent with our objective of
making investments that offer opportunity to generate
attractive long term return on equity” says
Ajay Piramal, Chairman, Piramal Group, “I am glad to say that we have delivered
against our targeted returns with this
investment”.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
80039461 |
25/05/2009 * |
280,000,000,000.00 |
IL & FS TRUST COMPANY LIMITED |
IL & FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRA |
A65857302 |
* Date of charge modification
FIXED ASSETS
· Plant and equipment
· Other plant and equipment
· Furniture and fixtures
· Vehicles
· Motor vehicles
· Office equipment
· Computer equipments
· Other equipments
· Leasehold improvements
· Computer software
·
Licenses and franchise
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No 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.61.85 |
|
|
1 |
Rs.97.01 |
|
Euro |
1 |
Rs.77.62 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
ART |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
62 |
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.