MIRA INFORM REPORT
|
Report No. : |
336846 |
|
Report Date : |
17.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
BHARTI AIRTEL LIMITED (w.e.f. 24.04.2006) |
|
|
|
|
Formerly Known
As : |
BHARTI
TELE-VENTURES LIMITED |
|
|
|
|
Registered
Office : |
Bharti Crescent, 1, Nelson Mandela Road, Vasant Kunj, Phase II, New
Delhi – 110070 |
|
Tel. No.: |
91-11-46666100 /
42666500 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
07.07.1995 |
|
|
|
|
Com. Reg. No.: |
55-070609 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.19987.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L74899DL1995PLC070609 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELB04730F |
|
|
|
|
PAN No.: [Permanent Account No.] |
Not Available |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Subject
is engaged in providing telecommunication systems and services. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (81) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 3300000000 |
|
|
|
|
Status : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
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|
|
|
Comments : |
Subject is a leading global telecommunication company incorporated
during the year 1995 having an excellent track record. Financial position of the company is sound. Fundamentals of the
company are strong and healthy. Performance capability of the company is
high. Share price are quoted high on stock exchange (Face value Rs.5 with
Share price Rs.392) Promoters are reported to be well experienced and respectable
businessmen. Further the rating also takes into consideration company established
market position and its brand image. Trade relations are reported as fair. Business is active. Payments
terms are reported to be regular and as per commitment. In view of long track record, established market position and strong
financial position, the company can be considered good for 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.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Term Loans=(AA+) |
|
Rating Explanation |
High degree of safety and carry low credit risk |
|
Date |
May 2015 |
|
Rating Agency Name |
ICRA |
|
Rating |
Working capital limits=(A1+) |
|
Rating Explanation |
Very Strong degree of Safety and carry lowest credit risk |
|
Date |
May 2015 |
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
31-03-2013.
INFORMATION DENIED
Management Non Co-operative (91-11-46666100 / 42666500)
LOCATIONS
|
Registered Office / Corporate Office : |
Bharti Crescent,
1, Nelson Mandela Road, Vasant Kunj, Phase II, New Delhi-110 070, India |
|
Tel. No.: |
91-11-46666100 /
42666500 |
|
Fax No.: |
91-11-41666137 |
|
E-Mail : |
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|
Website : |
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|
|
|
|
Head Office: |
6th floor, Tower A, Plot No. 16, Udyog Vihar Industrial
Area Phase 4, Gurgaon 122001 – Haryana, India |
|
|
|
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Branch Office : |
Located At:
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|
|
|
Circle Offices : |
Located at
|
DIRECTORS
As on 31.03.2015
|
Name : |
Ms. Chua Sock Koong |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Sheikh Faisal Thani Al-Thani |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. V. K. Viswanathan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr.Ben Verwaayen |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Craig Ehrlich |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. D.K. Mittal |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Manish Kejriwal |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Obiageli Ezekwesili |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Shishir Priyadarshi |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Rajan Bharti Mittal |
|
Designation : |
Director |
|
|
|
|
Name : |
Ms. Tan Yong Choo |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Gopal Vittal, |
|
Designation : |
Managing Director and CEO (India and South Asia) |
|
|
|
|
Name : |
Mr. Christian de Faria |
|
Designation : |
Managing Director and CEO (Africa) |
KEY EXECUTIVES
|
Name : |
Mr. Sunil Bharti Mittal, |
|
Designation : |
Chairman |
|
Address : |
|
|
Name : |
Mr. Gopal Vittal, |
|
Designation : |
Managing Director and CEO (India and South Asia) |
|
Experience : |
|
|
Name : |
Mr. Christian de Faria |
|
Designation : |
Managing Director and CEO (Africa) |
|
|
|
|
Name : |
Mr. Rajendra Chopra |
|
Designation : |
Company Secretary and Compliance Officer |
SHAREHOLDING PATTERN
As on 30.06.2015
|
Category of
Shareholder |
Total No. of Shares |
Total Shareholding as
a % of Total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
||
|
|
|
|
|
|
1750613515 |
43.79 |
|
|
1750613515 |
43.79 |
|
|
|
|
|
|
857180286 |
21.44 |
|
|
8493000 |
0.21 |
|
|
8493000 |
0.21 |
|
|
865673286 |
21.66 |
|
Total shareholding of Promoter and Promoter Group (A) |
2616286801 |
65.45 |
|
(B) Public Shareholding |
||
|
|
|
|
|
|
92538127 |
2.31 |
|
|
698934 |
0.02 |
|
|
164693748 |
4.12 |
|
|
650629970 |
16.28 |
|
|
120388936 |
3.01 |
|
|
120388936 |
3.01 |
|
|
1028949715 |
25.74 |
|
|
|
|
|
|
105449852 |
2.64 |
|
|
|
|
|
|
27042798 |
0.68 |
|
|
6268554 |
0.16 |
|
|
213402382 |
5.34 |
|
|
2022925 |
0.05 |
|
|
5479758 |
0.14 |
|
|
1771983 |
0.04 |
|
|
204127716 |
5.11 |
|
|
352163586 |
8.81 |
|
Total Public shareholding (B) |
1381113301 |
34.55 |
|
Total (A)+(B) |
3997400102 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
3997400102 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in providing telecommunication systems
and services. |
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|
Products/ Services : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
Not Available |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Facilities : |
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Statutory Auditors : |
|
|
Name : |
S. R. Batlibol and Associates LLP Chartered Accountants |
|
|
|
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Internal Auditors : |
|
|
Name : |
ANB Solution Private Limited KPMG Chartered Accountants |
|
|
|
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Cost Auditors : |
|
|
Name : |
R.J. Goel and Company Chartered Accountants |
|
|
|
|
Cost Auditors : |
|
|
Name : |
Chandrasekaran Associates Chartered Accountants |
|
|
|
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Memberships : |
-- |
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|
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|
Collaborators : |
-- |
|
|
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|
Entities where
control exist – Subsidiary/ Subsidiaries of Subsidiary : |
|
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|
Other
subsidiaries of Bharti Airtel Africa B.V.: |
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Associates/Associate
of Subsidiary : |
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Joint
Ventures/Joint Venture of Subsidiary : |
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|
Entities where Key Management Personnel and their
relatives exercise significant influence/Group Companies |
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Entities having significant influence over the
Company : |
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Group Companies: |
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CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000000 |
Equity Shares |
Rs.5/- each |
Rs.25000.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3997400102 |
Equity Shares |
Rs.5/- each |
Rs.19987.000
Million |
|
|
|
|
|
Reconciliation of the
equity shares outstanding at the beginning and at the end of the year
|
Particulars |
For the year
ended March 31, 2015 |
|
|
No. |
Rs. in Million |
|
|
At the beginning of the year |
3,997,400,102 |
19,987 |
|
Issued during the year (refer note 37) |
- |
- |
|
Outstanding at the
end of the year |
3,997,400,102 |
19,987 |
Terms/rights attached
to equity shares
The Company has only one class of equity shares having par value of Rs. 5 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividend in Indian rupees. The dividend proposed by the Board of Directors is subject to approval of the shareholders in the ensuing Annual General Meeting.
During the year ended March 31, 2015, the Board of Directors has proposed dividend of Rs.2.22 per share (March 31, 2014 Rs.1.80). The Company, based on an independent legal opinion, had determined that provisions of the Companies Act, 2013 applies to the proposed dividend for the year ended March 31, 2014, as the same was declared and paid after April 1, 2014. Since, Companies Act, 2013 does not mandate transfer of certain percentage of profits to general reserve, the Company has not transferred any amount to general reserve in respect of proposed dividend for the year ended March 31, 2014 and
March 31, 2015.
Details of shareholders
(as per the register of shareholders) holding more than 5% shares in the
Company
|
Particulars |
As of March 31, 2015 |
|
|
|
No. |
% holding |
|
Equity shares of
Rs.5 each fully paid up |
|
|
|
Bharti Telecom Limited* |
1,747,545,460 |
43.72% |
|
Pastel Limited |
591,319,300 |
14.79% |
|
Indian Continent Investment Limited |
265,860,986 |
6.65% |
|
Life Insurance Corporation of India |
- |
- |
|
Three Pillar Pte Limited |
199,870,006 |
5.00% |
*Holding as at March 31, 2014 does not include 1,950,000 shares credited to the demat account post March 31, 2014.
LISTING DETAILS:
|
|
BSE : 532454 NSE : BHARTIARTL
|
|
Stock Exchange Place : |
The Stock Exchange, Mumbai, National Stock Exchange of India Limited, Luxembourg Stock Exchange |
|
Listed Date : |
Not Available |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
19987.000 |
19987.000 |
18988.000 |
|
(b) Reserves & Surplus |
762742.000 |
647293.000 |
522474.000 |
|
(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) |
782729.000 |
667280.000 |
541462.000 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
196267.000 |
72717.000 |
98408.000 |
|
(b) Deferred tax liabilities
(Net) |
10721.000 |
9475.000 |
11503.000 |
|
(c) Other long term
liabilities |
42036.000 |
39394.000 |
31708.000 |
|
(d) long-term provisions |
1969.000 |
2095.000 |
1494.000 |
|
Total
Non-current Liabilities (3) |
250993.000 |
123681.000 |
143113.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
6259.000 |
12510.000 |
31390.000 |
|
(b) Trade payables |
71232.000 |
62663.000 |
51372.000 |
|
(c) Other current liabilities |
140675.000 |
106454.000 |
106034.000 |
|
(d) Short-term provisions |
12349.000 |
9453.000 |
5461.000 |
|
Total
Current Liabilities (4) |
230515.000 |
191080.000 |
194257.000 |
|
|
|
|
|
|
TOTAL |
1264237.000 |
982041.000 |
878832.000 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
256552.000 |
240682.000 |
264362.000 |
|
(ii) Intangible Assets |
277892.000 |
158100.000 |
167464.000 |
|
(iii) Capital work-in-progress |
26561.000 |
12442.000 |
10308.000 |
|
(iv) Intangible assets under
development |
64108.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
383958.000 |
340348.000 |
271191.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
88381.000 |
145180.000 |
89358.000 |
|
(e) Other Non-current assets |
19221.000 |
17901.000 |
14111.000 |
|
Total
Non-Current Assets |
1116673.000 |
914653.000 |
816794.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
47211.000 |
4891.000 |
10800.000 |
|
(b) Inventories |
94.000 |
11.000 |
21.000 |
|
(c) Trade receivables |
33110.000 |
21655.000 |
22468.000 |
|
(d) Cash and cash equivalents |
3887.000 |
4460.000 |
3627.000 |
|
(e) Short-term loans and
advances |
53942.000 |
24218.000 |
14133.000 |
|
(f) Other current assets |
9320.000 |
12153.000 |
10989.000 |
|
Total
Current Assets |
147564.000 |
67388.000 |
62038.000 |
|
|
|
|
|
|
TOTAL |
1264237.000 |
982041.000 |
878832.000 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
554964.000 |
499185.000 |
453509.000 |
|
|
Other Income |
51930.000 |
8534.000 |
14631.000 |
|
|
TOTAL
(A) |
606894.000 |
507719.000 |
468140.000 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Access charges |
79601.000 |
73015.000 |
74212.000 |
|
|
License fee and spectrum
charges (revenue share) |
67062.000 |
54682.000 |
48815.000 |
|
|
Cost of goods sold |
76.000 |
22.000 |
19.000 |
|
|
Employees benefits expense |
16915.000 |
16481.000 |
15113.000 |
|
|
Other expenses |
95766.000 |
92711.000 |
92424.000 |
|
|
Power and Fuel |
41151.000 |
41697.000 |
35699.000 |
|
|
Rent |
59790.000 |
56904.000 |
52225.000 |
|
|
Charity And Donation |
292.000 |
685.000 |
295.000 |
|
|
Exceptional Items |
0.000 |
2071.000 |
0.000 |
|
|
TOTAL
(B) |
360653.000 |
338268.000 |
318802.000 |
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
246241.000 |
169451.000 |
149338.000 |
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
14091.000 |
13364.000 |
16523.000 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
232150.000 |
156087.000 |
132815.000 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
75597.000 |
72313.000 |
68267.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
156553.000 |
83774.000 |
64548.000 |
|
|
|
|
|
|
|
Less |
TAX (H) |
24548.000 |
17772.000 |
13585.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
132005.000 |
66002.000 |
50963.000 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
Earnings In Foreign Currency |
37274.000 |
35035.000 |
27824.000 |
|
|
TOTAL
EARNINGS |
37274.000 |
35035.000 |
27824.000 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Capital Goods |
37221.000 |
16145.000 |
25516.000 |
|
|
TOTAL
IMPORTS |
37221.000 |
16145.000 |
25516.000 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
33.02 |
16.69 |
13.42 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
13128.000 |
18427.000 |
12385.000 |
|
Cash generated from operations |
207934.000 |
178733.000 |
154679.000 |
|
Net cash flow from operating activity |
179398.000 |
160220.000 |
138847.000 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
23.79 |
13.22 |
11.24 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
44.37 |
33.95 |
32.93 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
19.83 |
13.31 |
10.81 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.20 |
0.13 |
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.28 |
0.16 |
0.26 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.64 |
0.35 |
0.32 |
QUARTERLY RESULTS
|
Particulars |
30.06.2015 |
|
|
Unaudited |
|
Net Sales |
148213.000 |
|
Total Expenditure |
93831.000 |
|
PBIDT (Excl OI) |
54382.000 |
|
Other Income |
1533.000 |
|
Operating Profit |
55915.000 |
|
Interest |
5779.000 |
|
Exceptional Items |
(1286.000) |
|
PBDT |
48850.000 |
|
Depreciation |
21007.000 |
|
Profit Before Tax |
27843.000 |
|
Tax |
7892.000 |
|
Provisions and contingencies |
0.000 |
|
Profit After Tax |
19951.000 |
|
Extraordinary Items |
0.000 |
|
Prior Period Expenses |
0.000 |
|
Other Adjustments |
0.000 |
|
Net Profit |
19951.000 |
|
Equity Capital |
19987.000 |
STOCK
PRICES
|
Face Value |
Rs.5 |
|
Market Value |
Rs.392 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
18988.000 |
19987.000 |
19987.000 |
|
Reserves & Surplus |
522474.000 |
647293.000 |
762742.000 |
|
Net
worth |
541462.000 |
667280.000 |
782729.000 |
|
long-term borrowings |
98408.000 |
72717.000 |
196267.000 |
|
Short term borrowings |
31390.000 |
12510.000 |
6259.000 |
|
Current Maturities of
Long-Term Debts |
12385.000 |
18427.000 |
13128.000 |
|
Total
borrowings |
142183.000 |
103654.000 |
215654.000 |
|
Debt/Equity
ratio |
0.263 |
0.155 |
0.276 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
453509.000 |
499185.000 |
554964.000 |
|
|
|
10.072 |
11.174 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
453509.000 |
499185.000 |
554964.000 |
|
Profit |
50963.000 |
66002.000 |
132005.000 |
|
|
11.24% |
13.22% |
23.79% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
No |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
LITIGATION
DETAILS:
IN THE
HIGH COURT OF DELHI AT NEW DELHI
CO.PET.
492/2014 AND CO. APPL. NOS.1749, 1750 and 1751/2014
SAI
SOLAR TANCHOOS (P) LTD. …….. Petitioner
Through:
Mr. Manish Batra, Advocate
Versus
BHARTI
AIRTEL LTD. ….. Respondent
Through
CORAM:
HON’BLE
MR. JUSTICE SUDERSHAN KUMAR MISRA
O R
D E R
02.02.2015
Counsel
for the petitioner for an adjournment to file an additional affi davit setting
further material facts along with documents which according to him are
relevant. He is permitted to do so.
Let
the same be filed within four weeks from today.
List
on 23rd July, 2015.
SUDERSHAN
KUMAR MISRA, J.
FEBRUARY
02, 2015
rd
$9
Company Overview
Bharti Airtel continued to be among the top four mobile service providers globally with presence in 20 countries, including India, Sri Lanka, Bangladesh and 17 countries in the African continent. The Company’s diversified service range includes mobile, voice and data solutions, using 2G, 3G and 4G technologies. Its service portfolio comprises an integrated suite of telecom solutions to its customers, besides providing long-distance connectivity in India, Africa and the rest of the world. The Company also offers Digital TV and IPTV services in India. All these services are rendered under a unified brand ‘airtel’, either directly or through subsidiary companies.
The Company also deploys and manages passive infrastructure pertaining to telecom operations through its subsidiary, Bharti Infratel Limited, which also owns 42% of Indus Towers Limited. Together, Bharti Infratel and Indus Towers are the largest passive infrastructure service providers in India.
Management Discussion and Analysis
Report
Economic Overview
Global Review
Financial year 2014-15 was marked by the collapse in crude prices and other commodities, while legacy risks continued to play their part in slow global growth.
Many economic adjustments that these events have triggered will continue to materialise in the quarters ahead. On the one hand, there is visible expansion in the US economy, while on the other, we are witnessing weak and uneven acceleration in some pockets of Europe, though largely macro-economic indicators continue to remain sluggish. There has been a decoupling in global growth – while the US is talking about starting monetary tightening, in markets of Europe and even China – which contributed largely to global growth – are continuing to talk about easing. The collapse in oil prices will effectively provide a tax cut for consumers globally. Growth in China has been sluggish, amid slowdown in the construction and manufacturing sectors. The world’s second largest economy is now rebalancing itself from an investment and export-led model to a consumption-led growth model.
Indian Economy
India is back on track as an emerging powerhouse of Asia and the world. Inflation has largely been range bound
during the course of the year, building a strong case for a more balanced monetary policy stance. The collapse of the global commodity prices has reduced stress on twin deficits and inflation, boosting consumer demand at the same time. These macro tailwinds are facilitating a gradual recovery with stable exchange rates, resulting in increased investor appetite and capital flows into the country. Asset prices are thus buoyant, with Indian equity indices near all-time highs and among the best performing in the world.
Certain lead indicators, also suggest that the headwinds buffeting India’s economy seem to be easing at the margin, as some of the bottlenecks in key industries are being removed. Noteworthy is the Government’s focus on infrastructure investments, and this is expected to strengthen India’s economic growth, going forward. Telecom is also expected to play a significant role in implementing the Government’s Digital India vision.
Outlook
Country’s economic engine revving up. Unlike most developed countries, India leapfrogged to mobile/smartphone
generation by skipping through the desktop era. With only 15 Mn fixed-line broadband connections, mobiles will continue to be the primary means to access the internet. More so, favourable demographics and content would drive further engagement. Around 72% of the world’s internet users are aged between 15 and 44 years, and India has 580 Mn people in this age group.
Overall, voice secularity will facilitate a stable growth story, but within this, data growth will be exponential, thanks to enhanced penetration, mobile commerce and mobile banking opportunities.
UNSECURED LOAN
|
PARTICULARS |
31.03.2015 (Rs.
in Million) |
31.03.2014 (Rs.
in Million) |
|
Long-term
Borrowings |
|
|
|
Term Loans |
|
|
|
From Banks |
19265.000 |
54876.000 |
|
From Others |
46843.000 |
35228.000 |
|
Deferred payment liabilities towards spectrum |
143167.000 |
1026.000 |
|
Finance lease obligations |
144.000 |
0.000 |
|
Less: Current
maturities |
|
|
|
From Banks |
(5822.000) |
(12642.000) |
|
From Others |
(7306.000) |
(5785.000) |
|
Finance lease obligations |
(43.000) |
0.000 |
|
Total |
196248.000 |
72703.000 |
FINANCIAL RESULTS
FOR THE QUARTER JUNE 30, 2015
|
Particulars |
Quarter Ended June 30, 2015 |
|
|
|
|
|
|
|
1.
Income from operations |
148213.000 |
|
|
|
|
2.Expenditure |
|
|
Access charges |
19912.000 |
|
License
fee and spectrum charges (revenue share) |
17147.000 |
|
Depreciation
and amortization charges |
21007.000 |
|
Power and fuel |
9714.000 |
|
Rent |
15527.000 |
|
Employee benefit
expenses |
4735.000 |
|
Cost of goods
sold |
4735.000 |
|
Other
operating expenses |
26647.000 |
|
Total expenses |
|
|
|
|
|
3.
Profit from operations before other income and financial costs Exceptional
items and tax |
33375.000 |
|
4. Other income |
1533.000 |
|
5. Profit
from ordinary activities before finance costs Exceptional items and tax |
34908.000 |
|
6. Finance costs |
5.779.000 |
|
7. Profit from ordinary
activities after finance costs but before exceptional items and Tax |
29129.000 |
|
8. Exceptional item |
1286.000 |
|
9. Profit / (Loss) from
ordinary activities before tax Expense: |
27843.000 |
|
10.Tax expenses |
7892.000 |
|
11.Net Profit / (Loss) from ordinary activities
after tax |
19551.000 |
|
12.Extraordinary Items (net of tax expense) |
0.000 |
|
13 Profit / (Loss) for the
period |
19951.000 |
|
14.Paid-up equity share capital (Nominal value Re.
5/- each) |
19987.000 |
|
15. Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
773381.000 |
|
16.i) Earnings per share (before extraordinary
items) of Re. 5/- each) |
|
|
(a)Basic |
4.991 |
|
(b)Diluted |
4.991 |
|
Earnings per share (after extraordinary items) of Re. 5/- each) |
|
|
(a)Basic |
4.991 |
|
(b)Diluted |
4.991 |
|
Particulars
|
Three Month
Ended ( Reviewed) |
|
|
30.06.2015 |
|
A. Particulars of shareholding |
|
|
1. Public Shareholding |
|
|
- Number of shares |
1379999090 |
|
- Percentage of shareholding |
34.52% |
|
2. Promoters and Promoters group Shareholding- |
|
|
a) Pledged /Encumbered |
|
|
Number of shares |
Nil |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
Nil |
|
Percentage of shares (as a % of total share capital of the
company) |
Nil |
|
|
|
|
b) Non Encumbered |
|
|
Number of shares |
2616286801 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100.00 |
|
Percentage of shares (as a % of total share capital of the
company) |
65.45% |
|
|
|
|
3. Non Promoter-Non Public Shareholding |
|
|
-
Number of Shares |
1114.211 |
|
-
Percentage of Shareholding |
0.03% |
|
S.No. |
Particulars |
Quarted Ended June 30 |
|
B |
Status of
investors complaints as on June 30, 2015 is as follows. |
|
|
|
Complaints pending as on April 1, 2015 |
Nil |
|
|
Complaints received during the quarter |
Nil |
|
|
Complaints resolved during the quarter |
Nil |
|
|
Complaints pending as on June 30, 2015 |
Nil |
|
Particulars |
|
|
|
|
|
1.Segment
Revenue |
|
|
Net sales/income from each segment |
|
|
a)Mobile Services |
127400.000 |
|
b)Telemedia Services |
10667.000 |
|
c)Airtel Business |
17327.000 |
|
d)Unallocated |
0.000 |
|
Total |
155.394.000 |
|
Less Inter Segment Eliminations |
7181.000 |
|
Net Sales/Income |
148213.000 |
|
|
|
|
2.Segment
Revenue |
|
|
Profit/(Loss) before tax, finance costs/(Income) and exceptional items
from each segment |
|
|
a)Mobile Services |
29295.000 |
|
b)Telemedia Services |
2946.000 |
|
c)Airtel Business |
1485.000 |
|
d)Unallocated |
134.000 |
|
Total |
33860.000 |
|
Less Inter Segment Eliminations |
0.000 |
|
Profit/(Loss)
before tax, finance cost and exceptional items |
33860.000 |
|
Less: |
|
|
Net finance Costs/(Income) |
4731.000 |
|
Exceptional Items – Loss / (Gain) |
1286.000 |
|
Total profit
before tax |
27843.000 |
|
|
|
|
3.Capital Employed |
|
|
(Segment assets – Segment liabilities) |
|
|
a)Mobile Services |
416655.000 |
|
b)Telemedia Services |
17479.000 |
|
c)Airtel Business |
1072.000 |
|
d)Unallocated |
333750.000 |
|
Total |
768956.000 |
Notes to the
financial results :
The financial results fot the quarter ended June 30, 2015 have been
reviewed by the Audit Committee and approved by the Board of Directors in their
respective meetings held on August 01, 2015.
Reserves and surplus as at June 30, 2015 include Rs.698 Mn, towards
Employee Stock Options Outstanding.
During the quarter ended June 30, 2015, the Company made an additional
equity investment of USD 500Mn (Rs.31952 Mn) in Bharti Airtel International
(Mauritius) Limited – a wholly owned subsidiary of the company.
During the quarter ended June 30, 2015 the Government of India (‘GOI”)
issued Letters of Intent for earmarking the spectrum won by the Company in all
the 15 service areas in the auctions conducted during March 2015.
Subsequent to the balance sheet date, the GOI has allotted certain
portion of earmarked spectrum to the Company. Accordingly, deffered payment
liability of Rs.43,519 Mn has been recognized. The balance amount of Rs.134,025
Mn, attributable towards the spectrum not yet allotted to the Company, has been
disclosed as part of capital commitments.
During the quarter ended June 30, 2015, the Company has issued 4.375%
Senior Unsecured USD 1,000 Mn (Rs.63,885 Mn approximately) Notes at the price
of 99.304% that are due for repayment in March 2015. The said Notes are listed
on Singapore Exchange.
The Scheme of Arrangements (‘Scheme’) under sections 391 to 394 of the
Companies Act, 1956 with respect to the amalgamation of Airtel Broadband Services
Private Limited (“ABSPL”) – a wholly owned subsidiary of the Company, with the
Company, as approved by the Hon’ble High, Court of Bombay on April 11, 2014,
has been filed by the Company with the Registrar of Companies (“ROC”) on April
9, 2015, being the effective and appointed date of the scheme whereby ABSPL
shall cease to exist. The Company has accounted for the amalgamation in the
nature of merger under the pooling of interest method. Accordingly, the assets,
liabilities and reserves in the books of ABPSL have been recognised by the
Company as at the date of the amalgamation at the CARRYING value. The
difference of Rs.8599 Mn between share capital of ABPSL and the carring value
of investment in equity shares of ABPSL in the books of the Company, has been
adjusted with the reserves of the Company.
On January 8, 2013, the Department of Telecommunications (“DoT”) issued
a demand on the Company for Rs.51353 Mn towards levy of one time spectrum
charge. Based on a petition filed by the Company. The Hon’ble High Court of
Bombay, through its order dated January 28, 2013, has directed DoT to respond
and not to take any coercive action until the next date of hearing. The
Company, based on independent legal opinions, till date has not given any
effect to the above demand.
Exceptional item during the quarter pertains to the regulatory fee
provisions of Rs.1286 Mn arising out of reassessment of positions consequent to
a recent judicial pronouncement. Tax credit on the above amounted to Rs.445 Mn.
The figures for the quarter ended March 31, 2015 are calculated as the
difference between the audited figures in respect of the full financial year
and the audited year to date figures up to the third quarter of the financial
year 2014-2015.
Previous year’s/ period figures have been regrouped/ rearranged,
wherever required.
INDEX
OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10582035 |
29/06/2015 |
4,941,916.00 |
KOTAK MAHINDRA PRIME LIMITED |
27BKC, C 27, G Block, Bandra Kurla Complex, Bandra (E),, Mumbai, Maharashtra - 400051, INDIA |
C59859876 |
FIXED ASSETS
- Leasehold Land
- Freehold Land
- Building
- Plant and Equipment
- Furniture and Fixture
- Vehicles
- Office Equipment
- Computer
- Leasehold Improvements
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.65.12 |
|
|
1 |
Rs.101.61 |
|
Euro |
1 |
Rs.72.55 |
INFORMATION DETAILS
|
Information Gathered
by : |
GYA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SUD |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
9 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILITY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--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 |
|
81 |
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.