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Report No. : |
325681 |
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Report Date : |
10.06.2015 |
IDENTIFICATION DETAILS
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Name : |
MYANMAR TOWER CO.,LTD. |
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Registered Office : |
Room 301, Block D, 3rd Floor, Pearl Condominium, Kabaraye Pagoda Road Bahan Township, Yangon |
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Country : |
Myanmar |
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Date of Incorporation : |
01.01.2014 |
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Legal Form : |
Company limited by shares |
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Line of Business : |
Subject is engaged in manufacturing and providing services o building
and general construction, telecommunication |
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No. of Employee : |
200 |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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-- |
NB |
New Business |
-- |
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Status : |
New Company |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Myanmar |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
MYANMAR TOWER
CO.,LTD.
With regard
to your request on
Country Myanmar
[ MM ]
Company Reg
Company Name DIGICEL
MYANMAR TOWER COMPANY
Address 301
, BLOCK D, PEARL CONDOMINIUM BAHAN TOWNSHIPKABAR AYE PAGODA ROAD YANGON
Postcode 0
Telephone 9977011744/9250194582
Comment
Contact Company Name -
Main Address: Room
301, Block D, 3rd Floor, Pearl Condominium, Kabaraye Pagoda Road
Zip code/City: Bahan Township, Yangon, Myanmar
Telephone: +95 9250194582
+95
9977011744
Web site: http://www.mtc.com.mm/
E-mail: info@mtc.com.mm
WIN Worldbox No.: MM0000064306
Established: 2014
Line of Business: Building and general construction, Telecommunication
Industry Division: Manufacturing, Services
Industry-code (NACE): 4222 Construction of utility projects for electricity and
telecommunications
6110
Wired telecommunications activities
6190
Other telecommunications activities
Banks: unknown
Employees: 200
CNPJ: -
Board of
Directors:
Director Ricky
Steyn
Professional address: Myanmar
Member Colm
Delves
Professional address: Myanmar
Member Lawrence
Hickey
Professional address: Myanmar
Member Denis
O’Brien
Professional address: Myanmar
Member Serge
Pun
Professional address: Myanmar
Member Andrew
Rickards
Professional address: Myanmar
Chairman John
Mulcahy
Professional address: Myanmar
Chief Executive Officer Oliver Coughlan
Chief Financial Officer Susan Bank
Chief Development Officer Kieran Rabbitt
Chief Human Resources Officer Kay Khaing
Aung
Chief Legal Officer Andrew Gale
Public
information:
No legal information is available.
Legal form: Company
limited by shares
Incorporation date: 01.01.2014
Balance sheet filing date: -
Tax Contributor Number (CNPJ):-
Legal status: active
Responsible Register: Registry of Myanamar
Entry Deleted Name
active Myanmar
Tower Co.,Ltd.
Entry Deleted Legal
domicile
active Bahan
Township, Myanmar
Entry Deleted Address
active 3rd
Floor, Block D, Pearl Condominium, Kabaraye Pagoda Road, Bahan Township,
Yangon, Myanmar/MM
Sanctions
List
The company is not listed on the
WorldCompliance Database.
Import
and Export:
-
Payment
history:
No payment history is available.
Owners/-s:
Class: 100%
Type: direct
Name: Digicel
Asian Holdings Pte. Limited
City/Country: Singapore/SG
Interest: 100,00%
voting right, 100,00% capital interest
Class: 50%
Type: indirect
Name: DIGICEL
GROUP LIMITED
City/Country: Bermuda/BM
Interest: 50,00%
voting right, 50,00% capital interest
Class: 50%
Type: indirect
Name: YSH
Finance Limited
City/Country: British
Virgin Islands/VG
Interest: 50,00%
voting right, 50,00% capital interest
The subject is a subsidiary of Digicel Asian
Holdings, an investment holding company, who develops, constructs, and leases
telecommunications towers in Myanmar through its subsidiary. Digicel Asian
Holdings Pte. Limited operates as a subsidiary of Digicel Group Limited.; and
YSH Finance Ltd.
Digicel Group Limited is a leading global
telecommunications provider with operations in 31 markets in the Caribbean,
Central America and Asia Pacific. After 12 years of operation, total investment
to date stands at over US$4.5 billion worldwide. The company is renowned for
delivering best value, best service and best network. Digicel runs a host of
community-based initiatives across its markets and has set up Digicel
Foundations in Jamaica, Haiti, Papua New Guinea and Trinidad and Tobago which
focus on educational, cultural and social development programmes.
Digicel is the lead sponsor of Caribbean,
Central American and Pacific sports teams and individuals including the world’s
fastest man, Usain Bolt and Special Olympics teams throughout these regions.
Digicel also sponsors the West Indies cricket team.
YSH Finance Ltd is part of the SPA Myanmar
Group, one of the leading business groups in Myanmar, with companies active in
key business sectors, including financial services, real estate development,
automobile distribution, agriculture, manufacturing, services, retail and
travel and tourism.
YSH Finance Ltd is owned by First Myanmar
Investment Co., Ltd (“FMI”) and Yoma Strategic Holdings Ltd (“Yoma Strategic”),
two public companies within the SPA Myanmar Group.
In 1992, Mr. Pun set up FMI, a public company
in Myanmar with over 4,500 shareholders, all of whom are Myanmar nationals.
Employing approximately 5,000 people within the Group, FMI is active in a broad
range of activities in Myanmar.
In 2006, Mr. Pun led Yoma Strategic to a
successful listing on the mainboard of the Singapore Stock Exchange, which is
today an internationally publicly listed company offering investors direct
exposure to Myanmar.
Financial
information:
Private companies in Myanmar are not required
to disclose financial statements.
Exchange
rate:
US$ 1,00
= MMK 1,092.70 - Official rate on
08.06.2015
Main
Activities:
The company is engaged in developing
telecommunications network across The Republic of the Union of Myanmar. The
company's main business services includes telecommunication tower leasing, the
planning and design, deployment, management, and operation and maintenance of
tower infrastructure.
MTC owns and operates 1250 tower sites in
Myanmar including self-supporting towers of heights varying from 45 to 65
meters, monopoles and some rooftop solutions.
Partnerships:
- Yoma Strategic Holdings
Operations & branches:
At the address, 3rd Floor, Block D, Pearl
Condominium, Kabaraye Pagoda Road, Bahan Township, Yangon, we find the
company's head office.
Staff:
200
Company's
Background:
In December 2, 2013, Digicel Group and YSH
Finance Ltd (comprising Yoma Strategic Holdings Ltd (“Yoma Strategic”) and
First Myanmar Investment Co., Ltd (“FMI”) announced that their reorganised
consortium, Digicel Asian Holdings, has signed an agreement with Ooredoo
Myanmar to develop, construct and lease telecommunications towers in the
Republic of the Union of Myanmar as part of Ooredoo's commitment to deploy a
world-class telecommunications network across the country.
We have been unable to obtain the full
register details.
News
"Digicel's Myanmar deal adds to Islamic
finance landscape
May 5 Cellular operator Digicel Group Ltd has
obtained $60 million in sharia-compliant financing for its Myanmar venture,
helping widen the reach of Islamic finance transactions as the sector continues
to expand into new markets.
Islamic finance has seen a string of landmark
deals over the past year, with debut sovereign Islamic bonds (sukuk) from
Britain, Luxembourg and South Africa helping test the funding format across a
growing number of jurisdictions.
Islamic financial products can require
multiple transfers of title of the underlying asset, and so can present
regulatory challenges for new jurisdictions in areas such as tax.
When Digicel's Myanmar Tower Company (MTC)
accedes to the financing it would mark the first Islamic cross-border deal in
the country, law firm Clifford Chance said in a statement.
"This transaction is also a milestone as
very few cross-border financings in relation to Myanmar have been completed in
recent years," said the law firm, which advised Doha-based investment firm
QInvest on the deal.
Due to regulatory and timing issues, MTC's
parent company in Singapore is the initial borrower of the funds, with the
terms of the deal allowing the Myanmar entity to replace the parent company
when it is able to do so.
In 2013, MTC signed an agreement to build and
lease telecommunication towers in Myanmar for Qatar's Ooredoo , which in August
became the first foreign firm to begin operations in one of the world's last
mobile frontiers.
Norway's Telenor Group holds the only other
international operating license in Myanmar.
As of March, Ooredoo had sold more than 3.3
million pre-paid SIM cards in Myanmar and hopes to expand coverage to reach 97
percent of the population within five years."
In Reuters May 4, 2015 by Bernardo Vizcaino.
"Myanmar Tower Co in talks for firm’s
sale
Myanmar Tower Company (MTC), which is owned
by Digical Asian Holdings, a joint venture between Digicel Group and YSH Finance,
has been put up for sale, including all its contracts and sites, according to
several market sources.
Several companies have made an initial bid
and are now carrying out the due diligence process on MTC, according to a
source at one of the companies, who did not want to be named as the matter is
sensitive.
MTC and Yoma Strategic both declined to
comment.
Digicel Group first came to Myanmar with a
view to securing one of two international telecommunications licences tendered
by the government, which were eventually won by Norway’s Telenor and Qatar’s
Ooredoo.
Digicel Asian Holdings comprised Digicel
Group, George Soros’s Quantum Strategic Partners and YSH Finance, according to
company statements at the time. YSH Finance comprises Yoma Strategic Holdings
and First Myanmar Investment Company, both chaired by prominent local
businessperson Serge Pun.
After Ooredoo and Telenor won the licences,
Digicel and YSH restructured Digicel Asian Holdings and formed a subsidiary
called Myanmar Tower Company, which signed an agreement in 2013 with Ooredoo to
develop, construct and lease 1250 telecommunications towers. Unlike other
towers companies such as Irrawaddy Green Towers, MTC did not provide power to
Ooredoo.
In May 2014, Yoma increased its stake in MTC from
8 percent to 25pc.
Ooredoo launched its services in August 2014
in Yangon, Mandalay, Nay Pyi Taw and surrounding area. Senior company officials
said at the time that they wish they had more towers to provide coverage
particularly in Yangon, though a tricky approvals process and impact from the
rainy season slowed down the construction. Besides MTC, Ooredoo had an
agreement with Pan Asia Towers to build its sites.
Myanmar’s land-use law has posed challenges
for the companies building telecoms towers. For example, the law specifies more
than 10 types of land and also often requires that projects receive approval
from more than one ministry or department.
In December last year, the Asian Development
Bank (ADB) approved a loan of up to $100 million to Yoma Strategic to “improve
infrastructure connectivity”. It was not clear how much of this loan would have
been used to build telecommunication towers.
Digicel Group Limited is an international
telecommunications provider with operations in 31 markets in the Caribbean,
Central America and Asia Pacific. It is owned by Irish businessperson Denis
O’Brien, and has been in operation for 13 years.
Mr O’Brien’s businesses also own Myanmar
electronic payments company Red Dot Network, as well as a major shareholder of
MyJobs, one of Myanmar’s main recruitment companies.
Earlier this month, Mr O’Brien and his
business partner Leslie Buckley sold their China recruitment business
ChinaHR.com to online classifieds company 58.com."
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.94 |
|
|
1 |
Rs.98.27 |
|
Euro |
1 |
Rs.72.37 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
ASH |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
-- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.