MIRA INFORM REPORT
|
Report No. : |
333771 |
|
Report Date : |
25.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
TIKONA DIGITAL NETWORKS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
3A, 3rd Floor, Corpora, L. B. S. Marg, Bhandup (West), Mumbai –
400078, Maharashtra |
|
Tel. No.: |
91-22-41830000/ 40356300 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
29.05.2008 |
|
|
|
|
Com. Reg. No.: |
11-182808 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 21.001
Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U72900MH2008PTC182808 |
|
|
|
|
IEC No.: |
0308050053 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCT9425H |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Providing Wireless Internet Services thereby wireless broadband
services. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Exist |
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|
|
|
Comments : |
Subject was incorporated in May 2008. Subject provides broadband
internet services to retail customers. It holds a “Category A” Internet
service provided licence from the Department of Telecommunications (DoT),
Government of India, and is currently offering services in 25 cities across
India. It is an established company having moderate track record. Company possesses weak financial risk profile and it has incurred huge
accumulated losses which has eroded networth of the company. However, rating takes into consideration extensive experience of the
Tikona promoters in the telecommunication and broadband internet services
industry and the funding support it receives from its promoters. Trade relations are reported as fair. Payments are reported to be slow. In view of strong promoters support, the company can be considered for
business dealings with some caution. |
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 |
Long term Rating = BB- |
|
Rating Explanation |
Inadequate credit quality and high credit
risk. |
|
Date |
June 08, 2015 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term Rating = A4+ |
|
Rating Explanation |
Minimal degree of safety and very high
credit risk. |
|
Date |
June 08, 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 DECLINED
MANAGEMENT NON-COOPERATIVE
(CONTACT NO.: 91-22-41830000)
LOCATIONS
|
Registered/ Corporate Office : |
3A, 3rd Floor, Corpora, L. B. S. Marg, Bhandup (West), Mumbai –
400078, Maharashtra, India |
|
Tel. No.: |
91-22-41830000/ 40356300 |
|
Fax No.: |
91-22-41830111 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 30.09.2014
|
Name : |
Mr. Prakash Chandra Bajpai |
|
Designation : |
Director |
|
Address : |
Flat No. 201-2, Raheja Grand, Turner Rd, Bandra (West), Mumbai - 400031, Maharashtra, India |
|
Date of Birth/Age : |
09.09.1956 |
|
Qualification : |
B.E. |
|
Experience : |
31 Years |
|
Date of Appointment : |
11.06.2008 |
|
PAN No.: |
AAIPB2137B |
|
DIN No.: |
00030512 |
|
|
|
|
Name : |
Mr. Gaurav Bhandari |
|
Designation : |
Director |
|
Address : |
47 East 87th Street, #5C, New York, 10128, United States of America |
|
Date of Birth/Age : |
10.03.1968 |
|
Date of Appointment : |
06.08.2008 |
|
DIN No.: |
02259646 |
|
|
|
|
Name : |
Iftikar Ali Ahmed |
|
Designation : |
Director |
|
Address : |
505, North Greenwich Connecticut USA 06830 |
|
Date of Birth/Age : |
25.12.1971 |
|
Date of Appointment : |
06.08.2008 |
|
DIN No.: |
02257147 |
|
|
|
|
Name : |
Mr. Atul Kapur |
|
Designation : |
Director |
|
Address : |
21 Holland Pk, #07-21 Lien Towers, Singapore, 249476, Singapore |
|
Date of Birth/Age : |
22.06.1963 |
|
Date of Appointment : |
06.08.2008 |
|
DIN No.: |
01778935 |
|
|
|
|
Name : |
Mr. Tarun Kumar |
|
Designation : |
Director |
|
Address : |
A-9, Badhwar Park, Railway Officers Flats, Cuffe Parade, Mumbai - 400005, Maharashtra, India |
|
Date of Birth/Age : |
20.08.1967 |
|
Qualification : |
M. Tech |
|
Experience : |
23 Years |
|
Date of Appointment : |
25.08.2009 |
|
PAN No.: |
ACXPK0701B |
|
DIN No.: |
02794297 |
|
|
|
|
Name : |
Mrs. Shweta Bhatia |
|
Designation : |
Director |
|
Address : |
H. No. Q-4/9, DLF Phase 2, Purvi Marg, Gurgaon - 122002, Haryana, India |
|
Date of Birth/Age : |
22.11.1978 |
|
Date of Appointment : |
03.11.2011 |
|
DIN No.: |
03164394 |
|
|
|
|
Name : |
Shamod Madanmohan Chulliyil |
|
Designation : |
Director |
|
Address : |
B2-1201, Lok Everest, Jata Shankar Dosa Road, Mulund (West), Mumbai - 400080, Maharashtra, India |
|
Date of Birth/Age : |
19.02.1974 |
|
Date of Appointment : |
04.09.2013 |
|
DIN No.: |
06663108 |
KEY EXECUTIVES
|
Name : |
Heramb Ranade |
|
Designation : |
Chief Marketing Officer |
|
Date of Birth/Age : |
47 Years |
|
Qualification : |
B. Tech |
|
Experience : |
24 Years |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
GS Investment Partners (Mauritius) I Limited, Mauritius |
|
961 |
|
Indivision India Partners, Mauritius |
|
300 |
|
Oak India Investments, Mauritius |
|
300 |
|
Bajpai Prakash |
|
100 |
|
Tiwari Rajesh |
|
108 |
|
Prakash Bajpai and Heramb Ranade As Trustees – Tikona Trust, India |
|
2083157 |
|
Green Lotus Limited, Mauritius |
|
306 |
|
Sarupria Ajay |
|
14042 |
|
GS Investment Partners (Mauritius) IV Limited, Mauritius |
|
225 |
|
Anand Rathi Financial Services Limited, India |
|
100 |
|
L&T Infrastructure Finance Company Limited, India |
|
605 |
|
|
|
|
|
Total |
|
2100204 |
AS ON 12.11.2014
|
Names of Allottee |
|
No. of Shares |
|
International Finance Corporation, USA |
|
100 |
|
|
|
|
|
Total |
|
100 |
AS ON 30.09.2014
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
0.10 |
|
Bodies
corporate |
0.03 |
|
Directors
or relatives of directors |
0.01 |
|
Other
top fifty shareholders |
99.86 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Wireless Internet Services thereby wireless broadband
services. |
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Products : |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
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Products : |
Not Divulged |
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Countries : |
Not Divulged |
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Imports : |
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Products : |
Not Divulged |
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Countries : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
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 : |
· Punjab National Bank |
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Facilities : |
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S.R. Batliboi and Associates LLP Chartered Accountants |
|
Address : |
Golf View Corporate, Tower B, Sector 42 Sector Road, Gurgaon - 122002, Haryana, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AABFS3421N |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
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|
Subsidiary company
: |
Tikona Infinet Limited [U74899DL1975PLC007904] |
|
|
|
|
Enterprises which
are owned, or have significant influence of or are partners with Key
management personnel and their relatives : |
Tikona Trust |
CAPITAL STRUCTURE
AFTER 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 250.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2,100,304 |
Equity Shares |
Rs. 10/- each |
Rs. 21.003
Million |
|
|
|
|
|
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 250.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
0.10 lakhs |
Equity Shares |
Rs. 10/- each |
Rs. 0.100
Million |
|
16.73 lakhs |
Class-I equity shares, partly paid |
Rs. 10/- each |
Rs. 16.734
Million |
|
4.14 lakhs |
Class-II equity shares, partly paid |
Rs. 10/- each |
Rs. 4.138
Million |
|
0.004 lakhs |
Series A equity shares, fully paid |
Rs. 10/- each |
Rs. 0.004
Million |
|
0.002 lakhs |
Series B equity shares, fully paid |
Rs. 10/- each |
Rs. 0.002
Million |
|
0.007 lakhs |
Series C equity shares, fully paid |
Rs. 10/- each |
Rs. 0.007
Million |
|
0.007 lakhs |
Series D equity shares, fully paid |
Rs. 10/- each |
Rs. 0.007
Million |
|
0.009 lakhs |
Series E equity shares, fully paid |
Rs. 10/- each |
Rs. 0.009
Million |
|
|
|
|
|
|
|
Total |
|
Rs. 21.001 Million |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
21.001 |
20.992 |
20.985 |
|
(b) Reserves & Surplus |
(8142.150) |
(6317.707) |
(4712.434) |
|
(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) |
(8121.149) |
(6296.715) |
(4691.449) |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
22521.943 |
21103.501 |
19888.509 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
long-term provisions |
1.757 |
1.122 |
4.968 |
|
Total
Non-current Liabilities (3) |
22523.700 |
21104.623 |
19893.477 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
179.000 |
0.000 |
0.000 |
|
(b)
Trade payables |
96.463 |
42.935 |
91.377 |
|
(c)
Other current liabilities |
835.000 |
1221.680 |
750.670 |
|
(d)
Short-term provisions |
29.142 |
28.759 |
18.399 |
|
Total
Current Liabilities (4) |
1139.605 |
1293.374 |
860.446 |
|
|
|
|
|
|
TOTAL |
15542.156 |
16101.282 |
16062.474 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
1312.446 |
1559.781 |
2023.158 |
|
(ii)
Intangible Assets |
12679.553 |
12679.686 |
11990.812 |
|
(iii)
Capital work-in-progress |
112.702 |
142.043 |
220.982 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
458.323 |
438.323 |
318.323 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
50.710 |
67.445 |
106.521 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
14613.734 |
14887.278 |
14659.796 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
0.000 |
0.000 |
0.000 |
|
(c)
Trade receivables |
168.578 |
168.385 |
186.980 |
|
(d)
Cash and cash equivalents |
145.050 |
371.506 |
564.335 |
|
(e)
Short-term loans and advances |
594.859 |
652.556 |
619.324 |
|
(f)
Other current assets |
19.935 |
21.557 |
32.039 |
|
Total
Current Assets |
928.422 |
1214.004 |
1402.678 |
|
|
|
|
|
|
TOTAL |
15542.156 |
16101.282 |
16062.474 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1570.167 |
1375.168 |
1114.546 |
|
|
|
Other Income |
15.520 |
36.473 |
37.045 |
|
|
|
TOTAL |
1585.687 |
1411.641 |
1151.591 |
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
1944.309 |
1985.893 |
2369.853 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
(358.622) |
(574.252) |
(1218.262) |
|
|
|
|
|
|
|
|
|
|
FINANCIAL
EXPENSES |
833.376 |
180.104 |
11.074 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(1191.998) |
(754.356) |
(1229.336) |
|
|
|
|
|
|
|
|
|
|
DEPRECIATION/ AMORTISATION |
620.108 |
817.164 |
695.185 |
|
|
|
|
|
|
|
|
|
|
PROVISION FOR
IRRECOVERABLE AND DAMAGED ASSETS |
10.629 |
33.321 |
140.392 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(1827.086) |
(1607.370) |
(2073.852) |
|
|
|
|
|
|
|
|
|
|
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(1827.086) |
(1607.370) |
(2073.852) |
|
|
|
|
|
|
|
|
|
|
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
(6322.470) |
(4715.100) |
(2641.248) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(8149.556) |
(6322.470) |
(4715.100) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(869.96) |
(765.68) |
(988.24) |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
0.000 |
400.000 |
0.000 |
|
|
|
|
|
|
Cash generated from operations |
NA |
NA |
NA |
|
|
|
|
|
|
Net cash flows from (used in) operations |
(123.839) |
(675.135) |
(1186.263) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
(116.36) |
(116.89) |
(186.07) |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
(22.84) |
(41.76) |
(109.31) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(12.20) |
(10.36) |
(13.36) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22 |
0.26 |
0.44 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
(2.80) |
(3.42) |
(4.24) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.81 |
0.94 |
1.63 |
Total Liability = Short-term Debt + Long-term Debt + Current Maturities
of Long-term debts
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
20.985 |
20.992 |
21.001 |
|
Reserves & Surplus |
-4712.434 |
-6317.707 |
-8142.150 |
|
Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
-4691.449 |
-6296.715 |
-8121.149 |
|
|
|
|
|
|
Long-term borrowings |
19888.509 |
21103.501 |
22521.943 |
|
Short term borrowings |
0.000 |
0.000 |
179.000 |
|
CURRENT MATURITIES OF LONG-TERM DEBTS |
0.000 |
400.000 |
0.000 |
|
Total
borrowings |
19888.509 |
21503.501 |
22700.943 |
|
Debt/Equity ratio |
-4.239 |
-3.415 |
-2.795 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
1114.546 |
1375.168 |
1570.167 |
|
|
|
23.384 |
14.180 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
1114.546 |
1375.168 |
1570.167 |
|
Profit/ (Loss) |
(2073.852) |
(1607.370) |
(1827.086) |
|
|
(186.07%) |
(116.89%) |
(116.36%) |
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 |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
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
|
HIGH COURT OF
BOMBAY |
|
CASE DETAILS BENCH: BOMBAY |
|
Presentation
Date: 24.06.2015 |
|
Lodging No: NMSL/1636/2015 Filing Date:
24.06.2015 Reg. No.: NMS/924/2015 Reg. Date: 30.06.2015 |
|
Main Matter Lodging No: SSL/2635/2012 Reg. No.: SS/2489/2012 |
|
Petitioner: INTERACTIVE AVENUES PVT. LTD. Respondent: TIKONA
DIGITAL NETWORK PVT. LTD Petn. Adv : DHOLAKIA LAW ASSOCIATES (I5168) Reg. Adv.: 0 (0) District: MUMBAI |
|
Bench: SINGLE Status: Pre-Admission
Category: NOTICE OF MOTION Last Date: 10.07.2015
Stage: Last Coram: HON’BLE SHRI JUSTICE K.R. SRIRAM |
|
Act: Code of Civil Procedure 1908 |
UNSECURED LOANS
|
PARTICULARS |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Debentures |
15860.259 |
15506.401 |
|
SHORT TERM BORROWINGS |
|
|
|
Working capital loans from banks |
179.000 |
0.000 |
|
|
|
|
|
Total |
16039.259 |
15506.401 |
CHANGE OF ADDRESS:
The Registered Office of the company has been shifted from FCH House, Peninsula
Corporate Park, Ganpatrao Kadam Marg, Lower Parel, Mumbai – 400013,
Maharashtra, India to the present address w.e.f.07.11.2008.
CORPORATE
INFORMATION
A. NATURE OF
BUSINESS:
Subject was incorporated as a private limited company in India on May 29, 2008. TDN has obtained an all-India Class-A ISP (Internet Service Provider) license granted by the Ministry of Communications, Government of India. The Company started its operations during year ended March 31, 2010.
TDN is engaged in the business of providing wireless internet services, thereby building the next generation wireless broadband services for home and enterprise customers in India. TDN would also be building a comprehensive services framework to deliver voice, video, IT applications and multimedia content services over any broadband or IP-centric network. Such a framework can be outsourced by service providers globally, who desire to offer next generation services to their customers.
The Company has also won licenses in 5 of the 22 circles in the Broadband Wireless Access (BWA) spectrum auction conducted by the Ministry of Communications, Government of India through a combined bid of Rs 10582.000 Million. The Company is in the process of setting up its network and launching its services under BWA spectrum.
B. PROJECT FINANCING
/ FUNDING UPDATE:
As at March 31, 2014, the Company has incurred a loss of Rs 1827.086 Million (March 31, 2013 – Rs 1607.370 Million) and has accumulated losses of Rs 8149.556 Million (March 31, 2013 – Rs 6322.470 Million). The net worth of the Company, considering compulsory convertible debentures (‘CCD’) into equity share capital Rs 7739.111 Million (March 31, 2013 – Rs 9209.685 Million), is eroded by 51% [March 31, 2013 – 41%)].
The Company is yet to launch its services under Broadband Wireless Access (BWA), acquired during the year ended March 31, 2011, for 5 of the 22 circles in the BWA spectrum auction conducted by the Ministry of Communications, Government of India through a combined bid of Rs 10582.000 Million.
The Company has subsequently entered into share subscription agreement with a new investor and considering the equity commitment from the existing shareholders and approved loan sanction facilities from its banks/financial institutions; the Company is confident of meeting its repayment obligations, operating and capital expenditure requirements for its existing business and for going ahead with the launch of its BWA project.
BUSINESS OPERATIONS
FINANCIAL
PERFORMANCE
During the year, the Company has earned total income of Rs. 1585.687
Million against Rs.1411.641 Million in the previous year. Due to a focus on
streamlining of operations and costs, the expenditure declined to Rs. 1944.309
Million from Rs. 1985.893 Million in the previous year, resulting in a better
EBIDTA margin.
FUTURE OUTLOOK
The company shall focus on resuming subscriber growth and achieve EBITA breakeven within the financial year and continue to improve the customer experience and brand perception. Company is also completing its preparation to launch 4G LTE services in Gujarat, Rajasthan, UP-East, UP-West and Himachal Pradesh. Successful launch of 4G services will poise the company for multiple years of exciting growth.
FIXED ASSETS:
·
Buildings
·
Plant and equipment
·
Furniture and fixtures
·
Office equipment
·
Computer equipments
·
Other equipments
·
Leasehold improvements
·
Licenses and franchise
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or investigation
registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 63.89 |
|
|
1 |
Rs. 99.10 |
|
Euro |
1 |
Rs. 70.12 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
26 |
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.