MIRA INFORM REPORT
|
Report No. : |
305481 |
|
Report Date : |
30.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
VODAFONE WEST LIMITED (w.e.f.15.10.2011) |
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|
|
Formerly Known
As : |
VODAFONE ESSAR GUJARAT LIMITED (w.e.f.28.06.2007) FASCEL LIMITED |
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Registered
Office : |
6th Floor, Sakar II, Ellisbridge 6, Ahmedabad – 380006, Gujarat |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of Incorporation
: |
14.03.1995 |
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Com. Reg. No.: |
04-035282 |
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Capital
Investment / Paid-up Capital : |
Rs.5000.000 Millions |
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CIN No.: [Company Identification
No.] |
U32100GJ1995PLC035282 |
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PAN No.: [Permanent Account No.] |
AAACF1190P |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Subject is engaged in providing mobile telecommunication
services. |
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No. of Employees
: |
Information denied by management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (60) |
|
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 |
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established Public Limited Liability Company having fine
track record. Management remains non-co-operative. As per registrar of companies the date of balance sheet i.e. financial
filed is shown as 31st March, 2014 but the documents related to
the financials for the year 2014 are not available from any sources. As per available financials of 2013, the company has acceptable
turnover and profit margin. The company seems to be in decent position. Trade relations are fair. Business is active. Payments terms are
regular and as per commitment. The company can be considered normal for business dealing 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating = AA |
|
Rating Explanation |
High degree of safety and low credit risk |
|
Date |
05.01.2015 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating=A1+ |
|
Rating Explanation |
Very strong degree of safety and carry
lowest credit risk. |
|
Date |
05.01.2015 |
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
31-03-2014.
INFORMATION DENIED
Management Non Co-Operative (Tel No.: 91-79-26578792)
LOCATIONS
|
Registered Office : |
6th Floor, Sakar II, Ellisbridge 6, Ahmedabad – 380006, Gujarat, India
|
|
Tel. No.: |
91-79-26578792/ 26577228 |
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Fax No.: |
91-79-26575990 |
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E-Mail : |
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Website : |
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Branch and
Zonal Offices : |
Located at:
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DIRECTORS
As on 12.09.2014
|
Name : |
Mr. Venkatesh Viswanathan |
|
Designation : |
Director |
|
Address : |
D-6, Krishnalaya, 33-1/34, N.S. Mankikar
Marg, Sion Chunnabhatti, Mumbai - 400022, Maharashtra, India |
|
Date of Birth/Age : |
08.07.1968 |
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Qualification : |
CS , CWA, MBA-Finance (IIM-A) |
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Date of Appointment : |
09.07.2010 |
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DIN No.: |
03122706 |
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Name : |
Mr. Suresh Bagrodia |
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Designation : |
Director |
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Address : |
Flat No.601/2, Green Acres, Building No.1/B,, Lokhandwala Complex, Andheri -West, Mumbai - 400053, Maharashtra, India |
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Date of Birth/Age : |
21.08.1967 |
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Date of Appointment : |
19.12.2013 |
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DIN No.: |
05201062 |
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Name : |
Mr. Naveen Lal Chopra |
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Designation : |
Director |
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Address : |
Bharat Bhuvan, 2nd Floor, 711, Linking Road,
Khar West, Mumbai - 400052, Maharashtra |
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Date of Birth/Age : |
25.04.1960 |
|
Date of Appointment : |
25.06.2012 |
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DIN No.: |
05307614 |
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Name : |
Mr. Bhuvanesh Pratap Singh |
|
Designation : |
Additional Director |
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Address : |
A-2607 , Ashoka Towers, S.S. Rao Road,, Parel, Next To Itc Grand Hotel,,
Mumbai, 400012, Maharashtra, India |
|
Date of Appointment : |
21.01.2015 |
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DIN No.: |
05307640 |
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Name : |
Mr. Dinesh Sharma |
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Designation : |
Director |
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Address : |
Flat No.-21, Second Floor, Ivorick, Saint Cyril Road, Bandra (W), Mumbai,
400050, Maharashtra, India |
|
Date of Appointment : |
21.12.2013 |
|
DIN No.: |
06767993 |
KEY EXECUTIVES
|
Name : |
Mr. Ashesh Thakore |
|
Designation : |
Secretary |
|
Address : |
1, Sumeru Apartment, 13, Pritam Nagar, Ellis
Bridge, Ahmedabad - 380006, Gujarat, India |
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Date of Birth/Age : |
12.10.1965 |
|
Date of Appointment : |
11.03.2010 |
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PAN No.: |
AAIPT6149D |
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Name : |
Mr. Brajesh Bajpai |
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Designation : |
Manager |
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Address : |
B-51, Riviera Elegance, Opposite Sampada
Bunglow, Off. New Corporate Road, Near Prahlad Nagra, Ahmedabad – 380015,
Gujarat, India |
|
Date of Birth/Age : |
13.08.1971 |
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Qualification : |
B. E./ M.B.A. |
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Date of Appointment : |
01.04.2012 |
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PAN No.: |
AAPPB9934P |
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|
|
|
Name : |
Pushpinder Singh
Gujral |
|
Designation : |
Vice President -
Sales and Marketing Operations |
|
Date of Birth/Age : |
42 year |
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Qualification : |
S.S.C./H.S.C./B.
E./M.M.S. |
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Experience : |
20 Years |
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|
Name : |
Ranjan Mishra |
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Designation : |
Associate Vice
President-Human Resources |
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Date of Birth/Age : |
42 Years |
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Qualification : |
Post graduate |
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Experience : |
9 Years |
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|
Name : |
P Mani |
|
Designation : |
Associate Vice
President-Finance |
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Date of Birth/Age : |
46 year |
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Qualification : |
S.S.C./H.S.C./C.
A./B. Com. |
|
Experience : |
23 year(s) and 8
month |
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|
|
|
Name : |
Zahir Wykes |
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Designation : |
VP – Retail –
Business Experience |
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Date of Birth/Age : |
46 year |
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Qualification : |
S.S.C./H.S.C./Post
Graduate Diploma/B. Com. |
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Experience : |
25 year(s) and 1
month |
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|
Name : |
Satyanarayana D.
Rao |
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Designation : |
Deputy General
Manager-Business Development |
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Date of Birth/Age : |
39 years |
|
Qualification : |
B. Sc. |
MAJOR SHAREHOLDERS
As on 12.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Central Depository Services (India) Limited - Beneficiary - Vodafone
India Limited, India |
|
499999400 |
|
Vodafone India Limited, India |
|
200 |
|
Pushkaraj Vishnu Joshi Jointly With Vodafone India Limited, India |
|
100 |
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Vodafone East Limited Jointly with Vodafone India Limited, India |
|
100 |
|
Vodafone Mobile Services Limited Jointly with Vodafone India Limited,
India |
|
100 |
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Vodafone Digilink Limited Jointly with Vodafone India Limited, India |
|
25 |
|
Vodafone South Limited Jointly with Vodafone
India Limited, India |
|
50 |
|
Vodafone Cellular Limited Jointly with
Vodafone India Limited, India |
|
25 |
|
|
|
|
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Total |
|
500000000 |
Equity Share Break up (Percentage of Total Equity)
As on 12.09.2014
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in 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 |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
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
denied by management |
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Bankers : |
Not Available |
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Facilities : |
Details of security All the equity
shares of the Company, its subsidiary and of certain of its Indian fellow
subsidiaries have been pledged as security with the banks. Term Loans are
further secured by assignment of the Unified Access Services Licenses (UAS)
of the aforesaid parties and Vodafone India Limited under tripartite
agreements between the licensees, Department of Telecom (DoT) and the
representative of the secured lenders. The equity
shares and UAS licenses also provide security for the loans taken by its
subsidiary, certain of its Indian fellow subsidiaries and Vodafone India
Limited, the Holding Company. Terms of repayment of secured loans Rs.1063.000
millions repayable in financial year 2014-15. Terms of repayment of subordinated loans Rs.8405.000
millions repayable in financial year 2015-16, Rs.2310.000 millions repayable
in financial year 2016-17 and Rs.1646.000 millions repayable in financial
year 2017-18 respectively. However, in terms of the subordination deed
executed with the unsecured lenders, the subordinated loans together with
interest accrued there on, are repayable at the end of subordination period, being the earlier of the date on which the secured loans are paid in full and the date when the financial covenants stipulated by the secured lenders are complied. |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
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PAN No.: |
AACFD4815A |
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Mobile No.: |
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Holding company : |
Vodafone India Limited CIN No.U32200MH1992PLC119108 |
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Ultimate Holding
Company : |
Vodafone Group Plc. |
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Intermediate Holding Company : |
Vodafone International Holdings B.V. |
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Subsidiary company : |
Vodafone Spacetel Limited CIN No.: U72200DL1997PLC085764 |
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Fellow Subsidiary company : |
CIN No.: U74899DL1995PLC074451
CIN No.: U64201DL1997PLC088088
CIN No.: U64202TZ1995PLC007674
CIN No.: U74900GJ2009PLC058189
CIN No.: U64201GJ1999PTC059542
CIN No.: U32202MH1999PTC120818
CIN No.: U64202DL1992PLC088087
CIN No.: U74900MH2008PLC183456
CIN No.: U32204WB1992PLC079998
|
CAPITAL STRUCTURE
As on 12.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
750000000 |
Equity Shares |
Rs.10/- each |
Rs.7500.000 Millions |
|
|
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|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000000 |
Equity Shares |
Rs.10/- each |
Rs.5000.000 Millions |
|
|
|
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
5000.000 |
5000.000 |
5000.000 |
|
(b) Reserves & Surplus |
32241.000 |
29795.000 |
29474.000 |
|
(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) |
37241.000 |
34795.000 |
34474.000 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
13424.000 |
14934.000 |
14500.900 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
2349.000 |
1528.000 |
388.700 |
|
(d) long-term
provisions |
785.000 |
716.000 |
808.800 |
|
Total Non-current
Liabilities (3) |
16558.000 |
17178.000 |
15698.400 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
1097.000 |
1143.000 |
456.600 |
|
(b) Trade
payables |
3985.000 |
3541.000 |
3587.300 |
|
(c) Other
current liabilities |
7095.000 |
5817.000 |
3935.900 |
|
(d) Short-term
provisions |
1105.000 |
996.000 |
934.700 |
|
Total Current
Liabilities (4) |
13282.000 |
11497.000 |
8914.500 |
|
|
|
|
|
|
TOTAL |
67081.000 |
63470.000 |
59086.900 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
11523.000 |
11836.000 |
12330.000 |
|
(ii)
Intangible Assets |
10928.000 |
11770.000 |
12649.200 |
|
(iii)
Capital work-in-progress |
1578.000 |
1174.000 |
765.400 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
2935.000 |
1855.000 |
1855.000 |
|
(c) Deferred tax assets (net) |
264.000 |
127.000 |
265.600 |
|
(d) Long-term Loan and Advances |
34609.000 |
31580.000 |
28008.000 |
|
(e) Other
Non-current assets |
204.000 |
2.000 |
0.000 |
|
Total Non-Current
Assets |
62041.000 |
58344.000 |
55873.200 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade
receivables |
841.000 |
852.000 |
647.000 |
|
(d) Cash
and cash equivalents |
2481.000 |
2466.000 |
622.900 |
|
(e)
Short-term loans and advances |
630.000 |
942.000 |
1203.300 |
|
(f) Other
current assets |
1088.000 |
866.000 |
740.500 |
|
Total
Current Assets |
5040.000 |
5126.000 |
3213.700 |
|
|
|
|
|
|
TOTAL |
67081.000 |
63470.000 |
59086.900 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
||
|
|
SALES |
|
|
|
||
|
|
|
Income |
33224.000 |
31335.000 |
27082.800 |
|
|
|
|
Other Income |
329.000 |
470.000 |
692.300 |
|
|
|
|
TOTAL (A) |
33553.000 |
31805.000 |
27775.100 |
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
Cost of Materials Consumed |
18002.000 |
17143.000 |
14435.400 |
|
|
|
|
Employee Benefits Expenses |
605.000 |
652.000 |
575.500 |
|
|
|
|
Other Expenses |
5240.000 |
5066.000 |
4666.800 |
|
|
|
|
Exceptional Items |
0.000 |
2335.000 |
0.000 |
|
|
|
|
TOTAL (B) |
23847.000 |
25196.000 |
19677.700 |
|
|
|
|
|
|
|
||
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
9706.000 |
6609.000 |
8097.400 |
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES (D) |
1989.000 |
1741.000 |
1043.400 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
7717.000 |
4868.000 |
7054.000 |
||
|
|
|
|
|
|
||
|
Less |
DEPRECIATION/
AMORTISATION (F) |
3717.000 |
3396.000 |
2980.400 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
4000.000 |
1472.000 |
4073.600 |
||
|
|
|
|
|
|
||
|
Less |
TAX (H) |
1554.000 |
1151.000 |
1048.800 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
2446.000 |
321.000 |
3024.800 |
||
|
|
|
|
|
|
||
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
29795.400 |
29474.000 |
26449.200 |
||
|
|
|
|
|
|
||
|
|
BALANCE CARRIED
TO THE B/S |
32241.400 |
29795.400 |
29474.000 |
||
|
|
|
|
|
|
||
|
|
EARNINGS IN FOREIGN
CURRENCY |
116.000 |
164.000 |
163.700 |
||
|
|
|
|
|
|
||
|
|
IMPORTS |
|
|
|
||
|
|
|
Capital Goods |
2170.000 |
2677.000 |
2744.600 |
|
|
|
TOTAL IMPORTS |
2170.000 |
2677.000 |
2744.600 |
||
|
|
|
|
|
|
||
|
|
Earnings Per
Share (Rs.) |
4.89 |
0.64 |
6.05 |
||
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Net Profit Margin PAT / Sales |
(%) |
7.36 |
1.02 |
11.17 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
29.21 |
21.09 |
29.90 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.42 |
2.44 |
7.25 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11 |
0.04 |
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.39 |
0.46 |
0.43 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.38 |
0.45 |
0.36 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
5000.000 |
5000.000 |
5000.000 |
|
Reserves & Surplus |
29474.000 |
29795.000 |
32241.000 |
|
Net
worth |
34474.000 |
34795.000 |
37241.000 |
|
|
|
|
|
|
long-term borrowings |
14500.900 |
14934.000 |
13424.000 |
|
Short term borrowings |
456.600 |
1143.000 |
1097.000 |
|
Total
borrowings |
14957.500 |
16077.000 |
14521.000 |
|
Debt/Equity
ratio |
0.434 |
0.462 |
0.390 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
27082.800 |
31335.000 |
33224.000 |
|
|
|
15.701 |
6.028 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
27082.800 |
31335.000 |
33224.000 |
|
Profit |
3024.800 |
321.000 |
2446.000 |
|
|
11.17% |
1.02% |
7.36% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
Rs.
In Millions
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Current maturities of long term debt |
3172.000 |
1861.000 |
0.000 |
|
Total |
3172.000 |
1861.000 |
0.000 |
|
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 |
---------- |
|
23] |
Banking Details |
No |
|
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 |
No |
|
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 |
Yes |
UNSECURED LOANS:
|
Particulars |
31.03.2013 Rs. In Millions |
31.03.2012 Rs. In Millions |
|
Long Term Borrowings |
|
|
|
Loans and
advances from related parties |
12361.000 |
10698.000 |
|
|
|
|
|
Short Term Borrowings |
|
|
|
Loans repayable
on demand from banks |
1097.000 |
1143.000 |
|
|
|
|
|
Total |
13458.000 |
11841.000 |
OPERATIONS:
The year ended March 2013 has been a good year for the Company. The favourable revenue performance was primarily due to both higher Outbound and Inbound Voice and greater Messaging and Data usage. During the year, the Company has widened its subscriber base by launch of various segmented products.
The company's customer base grew to a landmark 16.1 million
subscribers with a growth rate of 0.3% on a year on year basis. The Company
continues to be the leading operator, having a Revenue market share of 37.5%
(Includes fixed line revenue of all operators) as at 31 March 2013in a very
competitive multi-player market.
During the year 2012-13, the Company has further expanded its network to
increase its coverage and n networks continue to perform better against
acceptable thresholds for the major performance parameters. The Company has
added 267more cell sites to enhance its network coverage, closing with a total
of 7,455cell sites as at 31 March 2013.
OUTLOOK FOR
2013-2014
Tightened acquisition norms and reduced viability of marginal players
will likely see a reduction in competitive intensity and improved position for
incumbents. This is most likely to translate into improvement in RpM and
reduction in SAC. While past impact on VF RMS has been muted, they expect a
resumption of market share gains by Vodafone India. Vodafone is one among the
top multinational consumer brands in India and they expect to leverage the
brand especially in the areas of fixed and mobile data business with
Multinationals, Small and Medium enterprise segments.
Revenue growth in FY14 is expected to be driven by a mix of growth in
subs, MOU per sub, RpM hardening and data. Browsing revenue is expected to
increase significantly as usage per sub is expected to record double digit
growth due to increase penetration and use of smart phones. There will be an
enhanced focus on 3G and value added services. Further, plans to attract new
high value quality customers and retain existing customers are in place. The
focus on cost reduction and working capital improvement will continue with more
rigor in the coming year. Being the dominant player in Gujarat along with the
brand strength of Vodafone, the management is confident of delivering consistent
results.
EVENTS SUBSEQUENT TO
BALANCE SHEET DATE - SCHEME OF AMALGAMTION FOR MERGER OF THE COMPANY WITH
VODAFONE MOBILE SERVICES LIMITED
As part of the restructuring of the Vodafone India Group of Companies, the Company has filed a Scheme of Amalgamation with the Hon'ble High Court of Gujarat for merging the Company with and into another group Company - Vodafone Mobile Services Limited (VMSL) with 1 April2012 as the Appointed Date.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
80039625
|
25/05/2009
* |
280,000,000,000.00
|
IL
AND FS TRUST COMPANY LIMITED |
IL AND FS FINANCIAL CENTREPLOT NO C22 G BLOCK
BANDRA, KURLA COMPLEX BANDRA EAST, MUMBAI, Maharashtra |
A65754814
|
*Date of modification Charges
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Furniture and Fixture
·
Computer
·
Vehicles
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.61.41 |
|
|
1 |
Rs.93.18 |
|
Euro |
1 |
Rs.69.82 |
INFORMATION DETAILS
|
Information
Gathered by : |
DPA |
|
|
|
|
Analysis Done by
: |
SUC |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILITY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
60 |
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.