MIRA INFORM REPORT

Report Date :

27.09.2014

IDENTIFICATION DETAILS

Name :	ICOMM TELE LIMITED
Registered Office :	Plot No. 40-46, Phase I, IDA, Cherlapally, HCL Post, Hyderabad-500051, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	30.01.1989
Com. Reg. No.:	01-009561
Capital Investment / Paid-up Capital :	Rs. 398.150 Millions
CIN No.: [Company Identification No.]	U64203AP1989PLC009561
TAN No.: [Tax Deduction & Collection Account No.]	HYDI00780D
PAN No.: [Permanent Account No.]	AAECA1326Q
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Seller of Telecommunication Equipments.
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 4255840
Status :	Moderate
Payment Behaviour :	Slow and delayed
Litigation :	Exist
Comments :	Subject is an established company having moderate track. Management has witnessed consecutive losses from its operations along with huge gearing and delays in receivables during FY 13. The ratings also take into consideration the precautionary and improvemental measures followed by the management along with the successful restructuring of debt resulting into re-calibrating terms by major banks which may positively help the company. However, trade relations are improving. Business is active. Payment terms are reported as slow and delayed. In view of pressure on its financial and liquidity profile, the company can be considered for business dealings with great 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

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.

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 DENIED

Management Non-Cooperative [91-40-23552222]

LOCATIONS

Registered Office / Factory 1 :	Plot No. 40-46, Phase I, IDA, Cherlapally, HCL Post, Hyderabad - 500051, Andhra Pradesh, India
Tel. No.:	91-40-23552222 / 27262709
Fax No.:	91-40-23552266 / 27263509
E-Mail :	info@icommtele.com
Website :	http://www.icommtele.com
Area :	80000 sq. ft.
Location :	Owned
COMMUNICATION EQUIPMENT/ SOLAR PHOTOVOLTAIC/ TRANSFORMERS
Factory 2 :	T.S. No. C/7/17/1, Block No. 2, Draksharama Road, Yanam-533464, Union Territory of Pondicherry
Tel. No.:	91-884-2324860
Area :	7000 sq. ft.
Location :	Rented
SHELTERS / TOWER AND CONDUCTORS
Factory 3 :	45-60, Keesara Road, Nagaram Village, Hyderabad-501301, Andhra Pradesh, India
Tel. No.:	91-40-27125523
Area :	6798 Sq. meters
Location :	Owned
Regional Office	Located at: · New Delhi · Kolkata, West Bengal · Pune, Maharashtra · Lucknow, Uttar Pradesh · Jaipur, Rajasthan · Cehnnai, Tamilnadu
Service Centers:	Located At: Naihati Guwahati, Assam Siliguri
Branches :	Located at: Hyderabad New Delhi

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Pradeep Shankar

Designation :

Chairman Cum Managing Director

Address :

B-90, first Floor, Ardee City, Sector – 52, Gurgaon – 122001, Haryana, India

Date of Birth/Age :

18.10.1948

Date of Appointment :

26.02.2010

Din No.:

02179835

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U65190MH1991PTC060503	SBI FACTORS AND COMMERCIAL SERVICES PRIVATE LIMITED	Director	05/04/2008	05/04/2008	31/10/2008	Amalgamated	NO
2	U72200DL2009PTC191751	M. G. FLO2GO TECHNOLOGY PRIVATE LIMITED	Director	30/06/2009	30/06/2009	-	Active	NO
3	U64203AP1989PLC009561	ICOMM TELE LIMITED	Director	26/02/2010	26/11/2009	-	Active	NO
4	U72900HR2010PTC041442	FLO2GO MEDIA SERVICES PRIVATE LIMITED	Director	26/10/2010	26/10/2010	-	Active	NO
5	U74140CH1995PLC015952	EMBEE FINANCIAL SERVICES LIMITED	Director	29/09/2012	13/09/2012	22/05/2014	Active	NO
6	U27109DL2004PTC127305	ACTION ISPAT AND POWER PRIVATE LIMITED	Director	16/09/2013	15/05/2013	-	Active	NO
7	U74120WB2010PTC150253	RESURGENT INDIA CAPITAL ADVISORY PRIVATE LIMITED	Director	19/04/2014	19/04/2014	-	Active	NO

Name :

Mr. Sumanth Paturu

Designation :

Managing Director

Address :

2-2-20/21 A (C-10 and 11), D.D. Colony, Hyderabad – 500007, India

Date of Birth/Age :

12.07.1976

Date of Appointment :

01.10.2013

Din No.:

00137669

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U64203AP1989PLC009561	ICOMM TELE LIMITED	Managing director	01/10/2013	26/08/1994	-	Active	NO
2	U27109TG1994PTC018716	ISITVA STEEL Private LIMITED	Director	09/11/1994	09/11/1994	28/02/2010	Active	NO
3	U29309TG2000PLC034156	ICOMM VENTURES LIMITED	Director	31/03/2000	31/03/2000	-	Active	NO
4	U55101TG2005PTC045039	ENIGMA HOTELS PRIVATE LIMITED	Director	04/01/2005	04/01/2005	26/03/2008	Dormant	NO
5	U45400TG2014PTC094591	PVL CONSTRUCTIONS PRIVATE LIMITED	Director	24/06/2014	24/06/2014	-	Active	NO

Name :

Mr. Venkata Ramakrishna Kunisetty

Designation :

Director

Address :

Flat 301, Oechid, Hirandani Meadows Gladys Alwares Marg, Off Prokharan, Road No. Thane – 400610, Maharshtra, India

Date of Birth/Age :

29.10.1969

Date of Appointment :

26.02.2010

Din No.:

00133248

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U17297TN2003PLC051728	SABARE INTERNATIONAL LIMITED	Nominee director	08/06/2005	08/06/2005	30/08/2010	Active	NO
2	L72200AP1999PLC033131	PALRED TECHNOLOGIES LIMITED	Nominee director	11/10/2005	11/10/2005	30/09/2013	Active	NO
3	U74210TN2002PTC049197	MACROCOMM CONVERGENCE (INDIA) PRIVATE LIMITED	Additional director	02/05/2006	02/05/2006	-	Dissolved	NO
4	U31200TZ1992PTC004114	DIGITRAC POWER CONTROLS PRIVATE LIMITED	Additional director	08/06/2006	08/06/2006	-	Amalgamated	NO
5	U31200TZ1984PTC001476	DYNA SPEDE INTEGRATED SYSTEMS PRIVATE LIMITED	Nominee director	28/08/2007	08/06/2006	-	Active	NO
6	U64203AP1989PLC009561	ICOMM TELE LIMITED	Director	26/02/2010	23/02/2008	-	Active	NO
7	U63033MH2008PTC179520	MAHINDRA AEROSPACE PRIVATE LIMITED	Nominee director	30/07/2010	21/04/2010	-	Active	NO
8	U24200MH1989PLC051018	ADVANCED ENZYME TECHNOLOGIES LIMITED	Director	01/08/2013	11/08/2012	-	Active	NO
9	U72200AP1997PLC033030	PROLIFICS CORPORATION LIMITED	Nominee director	09/12/2013	18/09/2013	-	Active	NO

Name :

Mr. Paramjit Singh Arora

Designation :

Director

Address :

D-323, 1^st Floor, Defence Colony, New Delhi – 110024, Delhi, India

Date of Birth/Age :

01.05.1947

Date of Appointment :

26.02.2010

Din No.:

02982988

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U64203AP1989PLC009561	ICOMM TELE LIMITED	Director	26/02/2010	26/11/2009	-	Active	NO
2	U45204KA2013PTC071400	PARAKRAM INDUS PRIVATE LIMITED	Director	10/10/2013	10/10/2013	-	Active	NO

Name :

Mr. Percy Homi Italia

Designation :

Director

Address :

153, Sapper Lines, Secunderabad – 500003, India

Date of Birth/Age :

14.09.1950

Date of Appointment :

18.03.2010

Din No.:

00033962

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L18100TG1992PLC014389	KARAN WOO-SIN LIMITED	Director	31/08/1996	31/08/1996	11/03/2010	Active	NO
2	U64203AP1989PLC009561	ICOMM TELE LIMITED	Director	18/03/2010	15/03/2010	-	Active	NO

Name :

Sreekumar Gopinadha Kurup

Designation :

Whole-time director

Address :

Flat No. 402, Sita Rama Nilayam, MLA Colony Road No.12, Banjara Hills, Hyderabad – 500034, India

Date of Birth/Age :

07.06.1958

Date of Appointment :

01.02.2013

DIN No. :

03500286

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U64203AP1989PLC009561	ICOMM TELE LIMITED	Whole-time director	01/02/2013	22/03/2011	-	Active	NO
2	AAB-5926	BRIGHT ENGINEERS AND INFRA DEVELOPERS LLP	Designated Partner	19/06/2013	19/06/2013	-	Active	NO

KEY EXECUTIVES

Name :	Rajesh B
Designation :	Company Secretary
Address :	No. 202, Dwarkamai Apartments, Navodhaya Colony, Srinagar Colony, Hyderabad – 500073, India
Date of Birth/Age :	18.02.1983
Date of Appointment :	01.08.2013
Pan No.:	BFXPB3719L

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Shareholders file attached

AS ON 30.09.2013

Equity Share Breakup (Percentage of Total Equity)

Category	Percentage of Holding
Public financial companies	6.89
Venture capital	10.21
Foreign holdings (Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident indian(s) or Overseas corporate bodies or others)	7.63
Bodies corporate (not mentioned above)	4.97
Directors or relatives of directors	69.56
Other top fifty (50) shareholders (other than listed above)	0.74
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Seller of Telecommunication Equipments.

PRODUCTION STATUS

As on 30.09.2010

Particulars	Unit	Installed Capacity
Communications and Technology
a) Antennas BTS	Nos.	20500
b) Antennas CPE’s	Nos.	1000000
c) Wireless / Wire Line Equipment	Nos.	35000
d) CPE’s	Nos.	1000000
EPC Power and Telecom Infrastructure
Towers	Mts	250000
Shelters	Nos.	30000
Cables and Conductor	KMs	30000
Transformers	Nos.	50000
Renewable and Others
Solar Photo Voltiac Systems	Nos.	30000

GENERAL INFORMATION

No. of Employees :

Information declined by the management.

Bankers :

Infrastructure Development Finance Company Limited, KRM Tower, 8th Floor,

No. 1, Harrington Road, Chetpet, Chennai - 600031, Tamilnadu, India

IDBI Trusteeship Services Limited, Asian Bldg., Ground Floor, 17, R.Kamani Marg, Ballard Estate, Mumbai - 400001, Maharashtra, India

Syndicate Bank (Lead Banker), Corporate Finance Branch, #6-3-666, First Floor, Limbini Towers, Somajiguda, Hyderabad - 500082, Andhra Pradesh, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Term loans
From banks	3073.150	230.890
From others	748.150	579.760
Equipment and vehicle loans
From banks	1.840	4.320
From others	0.170	0.460
SHORT TERM BORROWINGS
Loans repayable on demand
From banks - Secured
Working capital demand loans	3125.250	3532.090
Bank Overdraft	12.810	9.090
Total	6961.370	4356.610

NOTE :

LONG TERM BORROWINGS

(i) Pursuant to the Company's application for restructuring of its existing debts, the final restructuring package was approved by the CDR - EG on September 26, 2012 and implemented. As per the approved scheme the existing debt of Rs. 1,217.80 Mn as at March 31, 2012 was restructured to a fresh term loan at a reduced interest rate. Interest accrued and due on such loan as at September 26, 2012 was converted to a Funding Interest term loan (FITL) which will carry a similar rate of interest as in the case of the principal loan. The entire loan including the FITL shall have a moratorium period of 12 months. Interest accrued and due on FITL is repayable on monthly basis.

(ii) The nature of security and terms of repayment of long-term secured borrowings as per the approved CDR package is given below:

(a) Term loans from banks carries interest in the range of 11% to 12.25% p.a. and are repayable over a period of two to six years from the date of reschedulement with a moratorium of one year. The loans are secured by first pari-passu charge on the fixed assets of the company excluding assets over which exclusive charge has been given to specific lenders and second pari-passu charge on the entire current assets of the company. Further the loans are secured by pledge of shares of the company held by promoters and personal guarantee of Promoters and Directors of the Company.

(b) Term loans from others include loans taken from Power Trading Corporation Limited and L&T Infra Finance Company carriying interest in the range of 11% - 12.25% p.a. and are repayable over a period of two to six years from the date of

reschedulement with a moratorium of one year. The loans are secured by first pari-passu charge on the fixed assets of the company excluding assets over which exclusive charge has been given to specific lenders and second pari-passu charge on the entire current assets of the company. Further the loans are secured by pledge of shares of the company held by promoters and personal guarantee of Promoters and Directors of the Company.

(c) Term loans from others include loan taken from ILFS carrying an interest rate of 11% which is due for payment as on March 31, 2013 and the same is paid subsequently on April 6, 2013. The loans are secured by first pari-passu charge on the fixed assets of the company excluding assets over which exclusive charge has been given to specific lenders and second pari-passu charge on the entire current assets of the company. Further the loans are secured by pledge of shares of the company held by promoters and personal guarantee of Promoters and Directors of the Company.

(iii) Equipment and vehicles loans from banks carried interest in the range of 9.50% - 11.75% and are secured by hypothecation of respective assets financed through the loan arrangements and are repayable over a period of 3 to 5 years.

(iv) Equipment and vehicles loans from others carried interest of 5.75% and are secured by hypothecation of respective assets financed through the loan arrangements and are repayable over a period of 4 years.

Banking Relations :	--
Statutory Auditors :
Name :	Nataraja Iyer and Company Chartered Accountant
Address :	1-10-126, Ashok Nagar, Hyderabad-500020, Andhra Pradesh, India
PAN No.:	AABFN5154D
Name :	Deloitte Haskings and Sells Chartered Accountant
Address :	1-8-384 and 385, 3^rd Floor, Gowra Grand, S.P. Road, Begumpet, Secunderabad-500003, Andhra Pradesh, India
PAN No.:	AACFD3771D
Subsidiary Companies :	· ICOMM Energy Limited · ICOMM International Nigeria Limited · Vasitva Ispat Limited · ICOMM International Lanka Private Limited · ICOMM Energy Limited
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· Isitva Steel Private Limited · ICOMM Ventures Limited · ARM Celcom Limited

CAPITAL STRUCTURE

AFTER ON 30.09.2013

Authorised Capital : Rs. 550.001 Millions

Issued, Subscribed & Paid-up Capital : Rs.484.945 Millions

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
55000100	Equity Shares	Rs. 10/- each	Rs. 550.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
39814535	Equity Shares (Of the above : 16212720 (30.06.2008: 16212720) Equity Shares of Rs. 10 each were allotted as fully paid bonus shares by capitalization of Rs. 162.130 Millions (30.09.2009: Rs. 162.130 Millions) from Profit and Loss Account)	Rs. 10/- each	Rs. 398.150 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013 [12 Months]	31.03.2012 [18 Months]
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	398.150	398.150
(b) Reserves & Surplus	665.810	2386.640
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1063.960	2784.790
(3) Non-Current Liabilities
(a) long-term borrowings	3873.310	815.430
(b) Deferred tax liabilities (Net)	1.530	40.880
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	47.470	45.950
Total Non-current Liabilities (3)	3922.310	902.260
(4) Current Liabilities
(a) Short term borrowings	3183.930	3591.810
(b) Trade payables	3381.550	4740.500
(c) Other current liabilities	2269.270	2815.290
(d) Short-term provisions	125.350	1.140
Total Current Liabilities (4)	8960.100	11148.740
TOTAL	13946.370	14835.790
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1020.270	1112.860
(ii) Intangible Assets	9.400	14.270
(iii) Capital work-in-progress	8.210	9.850
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	88.670	87.940
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	129.870	138.020
(e) Other Non-current assets	675.270	218.280
Total Non-Current Assets	1931.690	1581.220
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	1808.720	1649.420
(c) Trade receivables	6474.400	6667.630
(d) Cash and cash equivalents	229.980	668.070
(e) Short-term loans and advances	981.370	1580.440
(f) Other current assets	2520.210	2689.010
Total Current Assets	12014.680	13254.570
TOTAL	13946.370	14835.790

SOURCES OF FUNDS		30.09.2010
SHAREHOLDERS FUNDS
1] Share Capital		398.150
2] Share Application Money		0.000
3] Reserves & Surplus		3091.670
4] (Accumulated Losses)		0.000
NETWORTH		3489.820
LOAN FUNDS
1] Secured Loans		3273.560
2] Unsecured Loans		1513.610
TOTAL BORROWING		4787.170
DEFERRED TAX LIABILITIES		0.000
TOTAL		8276.990
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1110.850
Capital work-in-progress		18.030
INVESTMENT		99.810
DEFERREX TAX ASSETS		29.620
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1419.870
	Sundry Debtors	5186.800
	Cash & Bank Balances	612.370
	Other Current Assets	3888.240
	Loans & Advances	1681.200
Total Current Assets		12788.480
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2949.330
	Other Current Liabilities	2008.970
	Provisions	811.530
Total Current Liabilities		5769.830
Net Current Assets		7018.650
MISCELLANEOUS EXPENSES		0.030
TOTAL		8276.990

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013 [12 Months]	31.03.2012 [18 Months]
	SALES
	Revenue from operations	3800.010	11540.290
	Other Income	112.080	173.600
	TOTAL (A)	3912.090	11713.890
Less	EXPENSES
	Cost of Materials Consumed	2502.670	6703.590
	Purchases of Stock-in-Trade	668.040	706.480
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(97.490)	21.140
	Employees benefits expense	323.160	627.610
	Expenditure on production, transportation and other expenditure	1195.010	2789.070
	pertaining to E&P activities
	TOTAL (B)	4591.390	10847.890
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	(679.300)	866.000
Less	FINANCIAL EXPENSES (D)	948.410	1727.190
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	(1627.710)	(861.190)
Less/ Add	DEPRECIATION/ AMORTISATION (F)	97.140	158.770
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	(1724.850)	(1019.960)
Less	TAX (H)	(4.020)	(315.090)
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	(1720.830)	(704.870)
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	18.930	198.360
	TOTAL EARNINGS	18.930	198.360
	IMPORTS
	Raw Materials	60.080	886.460
	Components and Stores parts	0.850	1.960
	Capital Goods	0.210	58.210
	TOTAL IMPORTS	61.140	946.630
	Earnings / (Loss) Per Share (Rs.)	(43.22)	(17.70)

	PARTICULARS		30.09.2010
	SALES
		Income	10060.200
		Other Income	77.590
		TOTAL (A)	10137.790
Less	EXPENSES
		Increase/ Decrease in Stock	(150.510)
		Raw Materials Consumed	6351.390
		Payments and Benefits to Employees	436.040
		Manufacturing and Other Expenses	1899.260
		Prior Period Income	(30.220)
		TOTAL (B)	8505.960
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1631.830
Less	FINANCIAL EXPENSES (D)		853.240
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		778.590
Less/ Add	DEPRECIATION/ AMORTISATION (F)		102.730
	PROFIT BEFORE TAX (E-F) (G)		675.860
Less	TAX (H)		236.520
	PROFIT AFTER TAX (G-H) (I)		439.340
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1317.120
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000
		Interim Dividend	0.320
		Tax on Dividend	0.050
	BALANCE CARRIED TO THE B/S		1756.090
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	259.930
	TOTAL EARNINGS		259.930
	IMPORTS
		Raw Materials	645.110
		Stores & Spares	0.340
		Capital Goods	22.530
	TOTAL IMPORTS		667.980
	Earnings Per Share (Rs.)
	Basic		11.56
	Diluted		11.03

KEY RATIOS

PARTICULARS		31.03.2013 [12 Months]	31.03.2012 [18 Months]	30.09.2010
PAT / Total Income	(%)	(43.99)	(6.02)	4.33
Net Profit Margin (PBT/Sales)	(%)	(45.39)	(8.84)	6.72
Return on Total Assets (PBT/Total Assets}	(%)	(12.45)	(6.92)	4.85
Return on Investment (ROI) (PBT/Networth)		(1.62)	(0.37)	0.19
Debt Equity Ratio (Total Liability/Networth)		6.63	1.58	3.02
Current Ratio (Current Asset/Current Liability)		1.34	1.19	2.22

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	398.150	398.150
Reserves & Surplus	2386.640	665.810
Net worth	2784.790	1063.960
long-term borrowings	815.430	3873.310
Short term borrowings	3591.810	3183.930
Total borrowings	4407.240	7057.240
Debt/Equity ratio	1.583	6.633

YEAR-ON-YEAR GROWTH

Year on Year Growth	30.09.2010	31.03.2012 [18 Months]	31.03.2013 [12 Months]
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Revenue from operations	10060.200	11540.290	3800.010
		14.712	(67.072)

NET PROFIT MARGIN

Net Profit Margin	30.09.2010	31.03.2012 [18 Months]	31.03.2013 [12 Months]
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Revenue from operations	10060.200	11540.290	3800.010
Profit/(Loss) After Tax	439.340	(704.870)	(1720.830)
	4.37%	(6.11%)	(45.28%)

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

CASE DETAILS

ITTA437/2012 IITASR 1686/2008

CASE IS: PENDING

PETITIONER: COMMISSIONER OF INCOME TAX – II

RESPONDENET : VS ICOMM TELE LIMITED

PET ADV :ASHOK RES ADV. VASANT KUMAR

SUBJECT: U /SEC. 143 ASSESSMENT

DISTRICT: HYDERABAD

FILING DATE : 12.06.2008

POSTING STAGE: ADMISSION (OTHER SUBJECT)

REG DATE: 11.10.2012

LISTING DATE : 29.11.2012

STATUS : ADMIT

HON’BLE JUDGE (S) GODA RAGHURAM M. S RAMACHANDRA RAO

Note:

Registered office has been shifted from the ICOMM House, Plot No.31, Phase-I, Kamalapuri Colony, Srinagar Colony, Banjara Hills, Hyderabad-500073, Andhra Pradesh, India to the present address.

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Loans from related parties	50.000	0.000
SHORT TERM BORROWINGS
From others - bills discounted	45.870	50.630
Total	95.870	50.630
Note : LONG TERM BORROWINGS Unsecured loan from related parties is interest free and is repayable as per the terms stipulated in the Corporate Debt Restructuring (CDR) scheme..

OVERVIEW:

During the period, the Company recorded a Gross Income of Rs. 4114.08 Mn as against Rs.12139.76 Mn for the

previous year (18 months period). The Company achieved a Net Income of Rs. 3912.09 Mn as against Rs. 11713.89 Mn for the Previous Financial Year (18 months period).

The Earnings before Interest and Depreciation and Taxes (EBITDA) is Rs. (679.31) Mn as compared to Rs. 866.00 Mn of the last year .

The Net Profit/loss during the year/period is Rs.(1720.83) Mn, as against Rs. (704.87) Mn during the previous year (18 months period).

The impact of delay in receivables and negative sentiments prevailing in the infrastructure sector in the last couple of years affected the Company's cash flows and also in augmenting the adequate working capital. In order to service the debt obligations that were built in the last few years of rapid growth, the Company opted for a formal method of loan restructuring with the consortium of 14 banks and referred the total debt to the Company to the Corporate Debt Restructuring (CDR) cell under the regulatory framework of the Reserve Bank of India. This exercise has been completed in 2012-13. It involved re-calibrating the debt in terms of payback period, deferring certain interests on term loans, providing concessional rate of interest and advancing further need-based working capital.

The Company is thankful that the banks /financial institutions have shown faith in our long term capability to deliver good returns and provided breathing space to streamline the business since the Company has sufficient healthy Order Book of over Rs.12,000 Mn on hand & best in class manufacturing and R&D facilities to turn around it in the shortest time possible. Given the changed business environment, the Company focused on cost management. The Company is rationalizing the exposure to different verticals to remain focused on Defence, Manufacturing to utilize the best in class infrastructure pain snakingly built over the years and Power Transmission including HDVS. The Company has been successful in making the organization leaner. The Company is striving to save costs by optimizing deployment of resources in the business and is also sharpening the cash flow management that all should reflect in the performance of the Company in the near term.

3 ICOMM BAGGED PRESTIGIOUS PROJECTS:

The Directors are pleased to share with the that during the period under review, ICOMM received orders for Defence Projects and also from APSPDCL for HVDS works to an extent of Rs. 1250 Mn & from APTRANSCO through JV for supply of tower parts to an extent of Rs. 480 Mn against Tower Package 'e-EHVT- 03 /2012' for 400kV D/C (Quad) Transmission line from Jaipur TPP to Rangampet (AP48) associated with Jaipur Transmission scheme.

4 MAJOR PROJECTS COMPLETED:

Inspite of the challenges faced by the Company with respect to delay in receivables, the Company could complete some of the very major projects well meeting the expectations of the customers like PGCIL, NHPC, APTRANSCO, NTPC-NESCL, etc.

Few of the Projects are 765 kV Sasan-Silwar power transmission lines, 400 kV Mundra power transmission lines for the Country's first ultra mega power project (UMPP) at Mundra, 400 kV Transmission Line for APTRANSCO, two Defence projects, four projects under RGGVY electrifying more than 10,000 villages in the states of UP, Uttarakhand and Odisha.

MANAGEMENT DISCUSSION AND ANALYSIS

The Company is dedicated to providing comprehensive infrastructure solutions, in the EPC, defence, telecom, power, water and waste water sectors. We differentiate ourselves with state-of-the-art manufacturing facilities supported by dedicated R&D department committed to providing innovative solutions to our clients.

Their operations are organized into two main Business Divisions: EPC and Communications and Technology.

OVERVIEW OF THE INDIAN ECONOMY

India's Economy witnessed strong GDP growth rates of 8.6% in FY 10 and 9.3% in FY 11. However, it declined to 6.2% in FY 12. Consequently, GDP growth rate suffered and registered a 5% growth in FY 13, the lowest in a decade. The slowdown in FY 13 has been seen across all sectors. Besides, the Euro zone crisis and uncertainties about the US Fiscal Policy also had an adverse impact on the growth rate. In FY 13, the inflation has remained consistently high. The current account deficit reached an all-time high and also faced the risk of breaching fiscal deficit targets. However, the last couple of quarters provided some ray of hope, with the Government pushing for several policy reforms, controlling FY 13 fiscal deficit to 4.9% of GDP.

INDUSTRY SECTOR OVERVIEW: OUTLOOK AND OPPORTUNITIES

The areas where the Company operates like power transmission and distribution, water and waste water management, defence communication etc. growth potential is available in abundance but the non-softening of the basic interest regime that negatively affected the 'sentiments' is acting as a show stopper. However, with the confirmed orders on hand and conclusion of the debt restructuring plan the Company initiated, the Company is confident to reverse the current trend of decreasing sales and the consequent loss in the coming years.

POWER TRANSMISSION

India, an emerging economy experiencing rapid urbanisation and industrialisation, is the World's fourth largest energy consumer. However, the Country has always experienced power demand supply gap. The peak power deficit for FY 13 is 8.7% (Source: Central Electricity Authority). This power deficit, coupled with an increasing demand, provides significant growth opportunities for India's power sector. In the draft of 12th Five Year Plan, the Planning Commission has recommended a capacity addition target of 88,537 MW, as compared to the 11th Five Year Plan's actual capacity addition of 54,964 MW. An additional 30,000 MW of renewable energy capacity addition is targeted during the 12th Five Year Plan. Hence, there is an immediate need to create power transmission infrastructure to support this planned generation capacity expansion. In the 12th Five Year Plan, the

transmission line capacity addition plan at 1,07,440 circuit kms is 54% higher than the 11th Five Year Plan's actual addition of 69,926 circuit kms. The Plan includes a multi-fold increase of 765 kV transmission lines addition, which requires a comparatively higher investment.

Fixed Assets:

· Freehold Land

· Factory Building

· Plant and Machinery

· Electrical Installations

· Computers and Software

· Office Equipments

· Furniture and Fixtures

· Vehicles

· Tools

· Leasehold Improvements

AS PER WEBSITE

KOTAK SEAF PE LOOKS TO EXIT ICOMM TELE, SCOUTING FOR STRATEGIC INVESTOR 

Wednesday, February 5, 2014 – 

ICOMM Tele has been battling with debt pile up and previously scrapped plans to float an IPO.

India Growth Fund, a PE fund jointly floated by Kotak PE and SEAF, is looking to exit its six-year old investment in telecom and power sector focused engineering, procurement and construction (EPC) services company ICOMM Tele Limited and is scouting for potential strategic buyers, a source familiar with the development told VCCircle.

ICOMM is one of top players in product designing, engineering development and turnkey solutions for telecom, defense, solar power and infrastructure sectors. Started in 1989, ICOMM has also expanded its presence to Sri Lanka, Bangladesh, Nepal, Africa and the Middle East.

ODISHA ENERGY DEPT BARS ICOMM TELE TO TAKE PART IN RS 2,6000.000 MILLIONS PROJECT

Hyderabad-based ICOMM Tele has been hired by NTPC to carry on RGGVY projects in three districts of Odisha

May 27, 2014

The state energy department has issued a cautionary note against ICOMM Tele, a tower maker for companies like Vodafone, Aircel and Power Grid Corporation, to take part in the Rs 2,600 crore Odisha Distribution System Strengthening Project (ODSSP) citing its unsatisfactory performance in other projects carried out in the state.

“It is learnt that ICOMM is participating in the tender floated for ODSSP. Since the performance of ICOMM is not satisfactory in execution of RGGVY (Rajiv Gandhi Gramin Vidyutikaran Yojna) projects, any tender filed by the firm for ODSSP projects may be considered under above mentioned background,” said P N Seth, additional energy secretary, in a letter to Odisha Power Transmission Corporation Limited (OPTCL).

Hyderabad-based ICOMM Tele has been hired by NTPC to implement RGGVY projects in three districts, Kalahandi, Koraput and Dhenkanal. Frequent review meetings indicated that the company was not able to improve its performance in past couple of years. “The representatives of ICOMM have expressed their inability to perform citing bad financial condition,” the energy department official said in the letter, urging OPTCL to be cautious while considering tender application of the company. The ODSSP project envisages setting up of 500 power substations.

In the first phase, 178 sub-stations with 33 and 11kv capacity will be set up. OPTCL, which is the nodal agency to implement the project, had floated a tender in this regard in September last year. In the second phase, 165 sub-stations will be installed while the balance 150 will be installed in the last phase.

Upgradation of power distribution infrastructure needed extra attention from the state government as Odisha currently has 588 substations in total with 193 substations of 33Kv capacity separated by a distance of more than 30 km, resulting in huge transmission losses. Besides, rising consumer base of the state, which has gone up by five times to 5 million within a span of 13 years, has necessitated the need for upgradation of power distribution infrastructure.

Though the four power distribution companies (discoms) of the state are working on a Rs 2,4000.000 Millions capital expenditure plan to develop distribution network, the government said, it was forced to put extra investment from its kitty considering the poor financial health of the companies.

Apart from upgrading the existing power network, the state energy department is also taking steps to lay underground cables in important areas such as Puri temple, Lingaraj emple and Samaleswari temple.

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

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 records 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.61.57
UK Pound	1	Rs.100.42
Euro	1	Rs.78.45

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	SUB
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.