MIRA INFORM REPORT
|
Report No. : |
347773 |
|
Report Date : |
30.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
BHARTI INFRATEL
LIMITED |
|
|
|
|
Registered
Office : |
Bharti Crescent, 1, Nelson Mandela Road Vasant Kunj, Phase
– II, New Delhi – 110070 |
|
Tel. No.: |
91-11-46666100 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
30.11.2006 |
|
|
|
|
Com. Reg. No.: |
55-156038 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.18938.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L64201DL2006PLC156038 |
|
|
|
|
IEC No.: |
0507045521 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCB0274F |
|
|
|
|
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 telecom tower infrastructure services, it offers deployment and management of telecom towers and communication structures and also provides installation of ground-based towers and roof-top towers. |
|
|
|
|
No. of Employees
: |
1249 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (72) |
|
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 |
|
Status : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of Bharti Airtel Limited incorporated in the
year 2006, having excellent track. The company has impressive revenue profile marked by decent
profitability margin and strong operational metrics. The company possesses strong financial profile marked by sound
networth base and good liquidity position. Rating also takes into consideration the company’s established
position in the telecom tower industry. Trade relations are fair. Business is active. Payments are regular and
as per commitment. In view of strong market 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 |
Issuer Rating =
IRAA+ |
|
Rating Explanation |
High credit quality
and low credit risk |
|
Date |
October 26, 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
31-03-2015.
INFORMATION DENIED
Management non-cooperative (91-191-2473196)
LOCATIONS
|
Registered Office : |
Bharti Crescent, 1, Nelson Mandela Road Vasant Kunj, Phase
– II, New Delhi – 110070, India |
|
Tel. No.: |
91-11-46666100 |
|
Fax No.: |
91-11-41666137 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office : |
901, Park Centra, Sector – 30, National Highway – 8, Gurgaon – 122001,
Haryana, India |
|
Tel. No.: |
91-124-4132600 |
|
Fax No.: |
91-124-4109580 |
|
|
|
|
Branch Office : |
2nd, 4th Floor, 29 GMC, TRG Complex, Opposite
Bahu Plaza, Jammu – 180012, Jammu Kashmir, India |
|
Tel. No.: |
91-191-2473196 |
|
|
|
|
Circle Offices : |
Located At :
|
DIRECTORS
As on 31.03.2015
|
Name : |
Mr. Akhil Gupta |
|
Designation : |
Chairman |
|
Qualification : |
Chartered Accountant |
|
Experience : |
30 Years |
|
|
|
|
Name : |
Mr. Bharat Sumant Raut |
|
Designation : |
Independent and Non-Executive Director |
|
Qualification : |
B.Com, LLB and Chartered Accountant |
|
|
|
|
Name : |
Mr. D S Rawat |
|
Designation : |
Managing Director and Chief Executive Officer |
|
Qualification : |
BE in electronics and communications |
|
Experience : |
25 years |
|
|
|
|
Name : |
Mr. Jitender Balakrishnan |
|
Designation : |
Independent and Non-Executive Director |
|
Qualification : |
BE in Mechanical Engineering |
|
|
|
|
Name : |
Ms. Leena Srivastava |
|
Designation : |
Independent and Non-Executive Director |
|
Qualification : |
Doctor of Philosophy |
|
|
|
|
Name : |
Mr. Mark Chin Kok Chong |
|
Designation : |
Independent and Non-Executive Director |
|
|
|
|
Name : |
Mr. N Kumar |
|
Designation : |
Independent and Non-Executive Director |
|
Qualification : |
Electronics Engineer |
|
|
|
|
Name : |
Mr. Rakesh Bharti Mittal |
|
Designation : |
Independent and Non-Executive Director |
|
Qualification : |
Post Graduate Diploma in Electronics |
|
|
|
|
Name : |
Mr. Vinod Dhall |
|
Designation : |
Independent and Non-Executive Director |
KEY EXECUTIVES
|
Name : |
Mr. Anupam Garg |
|
Designation : |
Company Secretary and Compliance Officer |
SHAREHOLDING PATTERN
As on 30.09.2015
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of
Shares |
|
(A) Shareholding of
Promoter and Promoter Group |
||
|
|
|
|
|
|
1360000000 |
71.70 |
|
|
1360000000 |
71.70 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
1360000000 |
71.70 |
|
|
|
|
|
(B) Public
Shareholding |
||
|
|
|
|
|
|
1459454 |
0.08 |
|
|
9114166 |
0.48 |
|
|
479331364 |
25.27 |
|
|
489904984 |
25.83 |
|
|
|
|
|
|
8139038 |
0.43 |
|
|
|
|
|
Individual shareholders holding nominal share capital up to Rs.0.100 Million |
3765391 |
0.20 |
|
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million |
5259897 |
0.28 |
|
|
29597759 |
1.56 |
|
|
268668 |
0.01 |
|
|
4366019 |
0.23 |
|
|
11331 |
0.00 |
|
|
24951741 |
1.32 |
|
|
46762085 |
2.47 |
|
Total Public
shareholding (B) |
536667069 |
28.30 |
|
Total (A)+(B) |
1896667069 |
100.00 |
|
|
|
|
|
(C) Shares held by Custodians
and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
1896667069 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in providing telecom tower infrastructure services, it offers deployment and management of telecom towers and communication structures and also provides installation of ground-based towers and roof-top towers. |
|
|
|
|
Products / Services: |
|
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
|
|
Selling : |
Not Divulged |
|
|
|
|
Purchasing : |
Not Divulged |
PRODUCTION STATUS = NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
1249 (Approximately) |
||||||||||||||||||||||
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Bankers : |
|
|
Statutory Auditors
: |
|
|
Name : |
S. R. Batliboi and Associates LLP Chartered Accountants |
|
Address : |
Golf View Corporate Tower –B, Sector – 42, Sector Road, Gurgaon –
122002, Haryana, India |
|
Tel. No.: |
91-124-4644000 |
|
FAX No.: |
91-124-4644050 |
|
|
|
|
Internal Auditors : |
|
|
|
|
|
Secretarial
Auditors : |
Chandrasekaran Associates |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding company : |
Bharti Airtel Limited |
|
|
|
|
Subsidiary company
: |
|
|
|
|
|
Fellow Subsidiary : |
|
|
|
|
|
Entity having
significant influence/Group Company : |
|
|
|
|
|
Employee Welfare
Trust : |
Bharti Infratel Employees’ Welfare Trust |
CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3500000000 |
Equity Shares |
Rs.10/- each |
Rs.35000.000 Million |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1893769293 |
Equity Shares |
Rs.10/- each |
Rs.18938.000
Million |
Reconciliation of the
equity shares outstanding at the beginning and at the end of the reporting
period:
|
Particulars |
As at March 31, 2015 |
|
|
No of Shares |
Rs. In Million |
|
|
At the beginning of the year |
1889301113 |
18893.000 |
|
Issued during the year- ESOP |
4468180 |
45.000 |
|
Outstanding at the
end of the year |
1893769293 |
18938.000 |
Term/ rights attached
to equity shares:
The Company has only one class of equity shares having par value of Rs.10 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividend in Indian rupees.
On April 27, 2015, the Board of Directors have proposed a dividend of Rs.6.50 per equity shares (FY 2013-14 - 4.40 per equity share) to all the existing shareholders for the year ended March 31, 2015. The dividend proposed by the Board of Directors is subject to approval by the shareholders in the ensuing general meeting.
Shares held by
holding company:
|
Particulars |
As at March 31, 2015 |
|
|
No of Shares |
Rs. In Million |
|
|
Bharti Airtel Limited |
1360000000 |
13600.000 |
Aggregate number of
bonus shares issued and shares issued for consideration other than cash during
the period of five years immediately preceding the reporting date:
During the year ended March 31, 2009, the Company allotted 540445950 equity shares as fully paid bonus shares by capitalization of securities premium account.
During the year ended March 31, 2013, the Company further allotted 1161605820 equity shares as fully paid bonus shares by capitalization of securities premium account.
During the year ended March 31, 2015, the company allotted 4468180 equity shares (FY 2013-2014 and 2013-2013 - 558,059 and 100212 equity shares respectively) of Rs.10 each to its employees on exercise of stock options under the Employee Stock Option Plan 2008 wherein part consideration was received in form of employee services.
Details of
shareholders holding more than 5% shares in the Company:
|
Particulars |
As at March 31, 2015 |
|
|
No of Shares |
% age |
|
|
Equity shares of Rs.10 each fully paid |
|
|
|
Bharti Airtel Limited |
1360000000 |
71.81% |
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 |
18938.000 |
18893.000 |
18887.000 |
|
(b) Reserves &
Surplus |
160697.000 |
158593.000 |
157837.000 |
|
(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) |
179635.000 |
177486.000 |
176724.000 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax
liabilities (Net) |
4971.000 |
4330.000 |
4087.000 |
|
(c) Other long term
liabilities |
5485.000 |
14087.000 |
4777.000 |
|
(d) long-term provisions |
3510.000 |
3374.000 |
3275.000 |
|
Total Non-current
Liabilities (3) |
13966.000 |
21791.000 |
12139.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
1015.000 |
1459.000 |
1687.000 |
|
(c) Other current
liabilities |
12679.000 |
12933.000 |
21679.000 |
|
(d) Short-term provisions |
14920.000 |
9815.000 |
6708.000 |
|
Total Current Liabilities
(4) |
28614.000 |
24207.000 |
30074.000 |
|
|
|
|
|
|
TOTAL |
222215.000 |
223484.000 |
218937.000 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
64608.000 |
66826.000 |
71097.000 |
|
(ii) Intangible Assets |
93.000 |
29.000 |
19.000 |
|
(iii) Capital
work-in-progress |
681.000 |
522.000 |
771.000 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
87801.000 |
96761.000 |
59922.000 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
2825.000 |
3214.000 |
5221.000 |
|
(e) Other Non-current
assets |
17457.000 |
15153.000 |
12311.000 |
|
Total Non-Current Assets |
173465.000 |
182505.000 |
149341.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
31440.000 |
33670.000 |
37021.000 |
|
(b) Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade receivables |
3392.000 |
2774.000 |
2045.000 |
|
(d) Cash and cash
equivalents |
8882.000 |
474.000 |
772.000 |
|
(e) Short-term loans and
advances |
3911.000 |
2737.000 |
28276.000 |
|
(f) Other current assets |
1125.000 |
1324.000 |
1482.000 |
|
Total Current Assets |
48750.000 |
40979.000 |
69596.000 |
|
|
|
|
|
|
TOTAL |
222215.000 |
223484.000 |
218937.000 |
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
53889.000 |
49993.000 |
44601.000 |
|
|
Other Income |
19954.000 |
5302.000 |
6810.000 |
|
|
TOTAL |
73843.000 |
55295.000 |
51411.000 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Power and Fuel |
19843.000 |
19537.000 |
16942.000 |
|
|
Rent |
2731.000 |
2492.000 |
2382.000 |
|
|
Employees benefits
expense |
2444.000 |
2151.000 |
2087.000 |
|
|
Repairs and Maintenance |
3991.000 |
3731.000 |
0.000 |
|
|
Charity and donation |
67.000 |
117.000 |
52.000 |
|
|
Adjust with general
reserves in accordance with the scheme of arrangement |
(606.000) |
(737.000) |
(802.000) |
|
|
Exceptional Items |
0.000 |
0.000 |
(31.000) |
|
|
Other expenses |
873.000 |
1196.000 |
5670.000 |
|
|
TOTAL |
29343.000 |
28487.000 |
26300.000 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
44500.000 |
26808.000 |
25111.000 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
-65.000 |
91.000 |
7.000 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
44565.000 |
26717.000 |
25104.000 |
|
|
|
|
|
|
|
Less/Add |
DEPRECIATION/
AMORTISATION |
11828.000 |
11751.000 |
11888.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
32737.000 |
14966.000 |
13216.000 |
|
|
|
|
|
|
|
Less |
TAX |
5485.000 |
4067.000 |
3118.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
27252.000 |
10899.000 |
10098.000 |
|
|
Earnings / (Loss) Per
Share (Rs.) |
|
|
|
|
|
Basic |
14.415 |
5.770 |
5.666 |
|
|
Diluted |
14.401 |
5.757 |
5.653 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
22404.000 |
19865.000 |
25385.000 |
|
Net cash flows from operating activities |
17207.000 |
18157.000 |
22428.000 |
QUARTERLY RESULTS
|
Particulars (Audited) |
30.09.2015 |
30.06.2015 |
|
1st
Quarter |
2nd
Quarter |
|
|
Net Sales |
13857.000 |
13875.000 |
|
Total Expenditure |
7798.000 |
7713.000 |
|
PBIDT (Excl OI) |
6059.000 |
6162.000 |
|
Other Income |
1748.000 |
1904.000 |
|
Operating Profit |
7807.000 |
8066.000 |
|
Interest |
2.000 |
1.000 |
|
Exceptional Items |
0.000 |
0.000 |
|
PBDT |
7805.000 |
8065.000 |
|
Depreciation |
2908.000 |
2864.000 |
|
Profit Before Tax |
4897.000 |
5201.000 |
|
Tax |
1705.000 |
1825.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
|
Profit After Tax |
3192.000 |
3376.000 |
|
Extraordinary Items |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
|
Net Profit |
3192.000 |
3376.000 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT/Sales) |
(%) |
50.57 |
21.80 |
22.64 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT / Sales) |
(%) |
82.58 |
53.62 |
56.30 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
24.48 |
11.86 |
8.35 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18 |
0.08 |
0.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.70 |
1.69 |
2.31 |
STOCK
PRICES
|
Face Value |
Rs.10/- |
|
Market Value |
Rs.385.65/- |
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 |
18887.000 |
18893.000 |
18938.000 |
|
Reserves & Surplus |
157837.000 |
158593.000 |
160697.000 |
|
Net worth |
176724.000 |
177486.000 |
179635.000 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity ratio |
0.000 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
44601.000 |
49993.000 |
53889.000 |
|
|
|
12.089 |
7.793 |
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 |
44601.000 |
49993.000 |
53889.000 |
|
Profit |
10098.000 |
10899.000 |
27252.000 |
|
|
22.64% |
21.80% |
50.57% |
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 |
No |
|
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 |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
Yes |
|
20 |
Banking Details |
No |
|
21 |
Banking facility details |
No |
|
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 |
---------------------- |
|
33 |
Market information |
---------------------- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES: NO
CHARGES EXIST FOR THE COMPANY
BUSINESS OVERVIEW
Bharti Infratel is a provider of tower and related infrastructure sharing services. On a consolidated basis, we are one of the largest PAN India tower infrastructure providers, based on the number of towers owned and operated by Bharti Infratel and Indus, which are represented by Bharti Infratel’s 42% equity interest in Indus. The business of Bharti Infratel and Indus is to acquire, build, own and operate towers and related infrastructure. Bharti Infratel and Indus provide access to their towers primarily to wireless telecommunication service providers on a shared basis under long-term contracts. Their three largest customers are Bharti Airtel (together with Bharti Hexacom), Vodafone India and Idea Cellular, which are the three leading wireless telecommunication service providers in India by wireless revenue.
They have a nationwide presence with operations in all 22 telecommunication circles in India, with Bharti Infratel and Indus having operations in 4 overlapping circles.
As of March 31, 2015, Bharti Infratel owned and operated 37,196 towers with 75,819 co-locations in 11 telecommunication circles while Indus operated 115,942 towers with 253,513 co-locations in 15 telecommunication circles. With Bharti Infratel’s towers\ and its 42% interest in Indus, They have an economic interest in the equivalent of 85,892 towers and 182,294 co-locations in India as of March 31, 2015.
They have entered into Master Service Agreements (MSAs) with our customers. The MSAs are long-term contracts which set out the terms on which access is provided to Bharti Infratel’s and Indus’s towers, with all service providers being offered substantially the same terms and receiving equal treatment at towers where they have installed their active infrastructure. Under the MSAs, Bharti Infratel and Indus enter into service contracts in respect of individual towers. The MSAs and service contracts govern Bharti Infratel’s and Indus’s relationship with their customers, the services provided, the applicable charges and incorporate annual escalation clauses in respect of the applicable charges. This provides stability to our business and provides visibility with regard to future revenues.
FINANCIAL HIGHLIGHTS
Standalone financial
results as per Indian generally accepted accounting principles
(Rs. In Million)
|
Particulars |
Year ended March 31, 2015 |
|
Revenue* |
53889.000 |
|
EBITDA |
24007.000 |
|
Profit before Tax |
32737.000 |
|
Profit after Tax |
27252.000 |
* Revenue and EBITDA are excluding other income.
AWARDS AND
RECOGNITION
Bharti Infratel was awarded the Top Infrastructure Company Award under the Telecom Infrastructure Development category at the Dun and Bradstreet Infra Awards 2014. The Infra Awards recognize and felicitate India’s Leading Infrastructure Companies who have delivered exemplary performance.
The Company was conferred with the ‘Global Business Excellence Award 2014’ for Outstanding Business category. The Company was recognised as one of the India’s largest telecom tower infrastructure providers that deploys, owns and manages telecom and communication towers for wireless operators.
Bharti Infratel was conferred with the ‘National Quality Excellence Award 2015’ organised by the World Quality Congress for two categories – Best Business Process Excellence Program and Lean Six Sigma Program. These awards are a testimony of the robust process quality framework they have at Bharti Infratel and help benchmark their processes with the global standards.
The Company was conferred with ‘Amity Telecom Excellence Award’ for being the ‘Top Telecom Tower Company of the Year 2014’ by Amity Management during the 11th Annual National Telecom Seminar ‘Telefocus’. Of the Company for the year the Company was adjudged as the "Best Employer 2015" and "Best Employer for Commitment to Engagement 2015" by the prestigious Aon Hewitt Best Employer Awards 2015. The Aon Hewitt awards recognize and felicitates companies for a robust people practices followed with key focus on career development and engagement through career opportunities, leadership development, internal communications processes, robust HR strategy and execution.
Their Managing Director and Chief Executive Officer was felicitated with India’s Top 10 MD/CEO Award for 2014 by HITEC India (Haryana IT, Telecom, & Enabled Industries Confederation) in recognition of his leadership, versatile understanding, in-depth experience in handling technology, rollouts and regulatory interfaces, within the areas of Telecom Infrastructure sector.
Their Chief Information Officer was awarded the India’s Top 10 CIO/CTO Award for 2014 by HITEC for advanced and innovative use of Information Technology as an enabler at the Company.
Their Chief Information Officer was felicitated with HP Hall of Fame and CIO 100 Award for 2014 for advanced and innovative use of Information Technology as an enabler at the Company.
AUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED SEPTEMBER 30, 2015
(Rs. In Million)
|
Particulars |
Quarter ended 30.09.2015 |
Quarter ended 30.06.2015 |
Half year ended 30.06.2015 |
|
|
(Audited) |
(Audited) |
(Audited) |
|
Income
from operations |
13857.000 |
13875.000 |
27732.000 |
|
Expenditure |
|
|
|
|
Power and Fuel |
5055.000 |
5012.000 |
10067.000 |
|
Rent |
702.000 |
725.000 |
1427.000 |
|
Employees benefit expenses |
662.000 |
643.000 |
1305.000 |
|
Depreciation and amortization expenses |
2908.000 |
2864.000 |
5772.000 |
|
Repair and Maintenance Expenses |
971.000 |
985.000 |
1956.000 |
|
Other expenditure |
408.000 |
348.000 |
756.000 |
|
Total expenses |
10706.000 |
10577.000 |
21283.000 |
|
Profit
from operations before other income and financial costs |
3151.000 |
3298.000 |
6449.000 |
|
Other income |
1748.000 |
1904.000 |
3652.000 |
|
Profit from
ordinary activities before finance costs |
4099.000 |
5202.000 |
10101.000 |
|
Finance costs |
2.000 |
1.000 |
3.000 |
|
Profit from ordinary activities after finance costs but before exceptional items |
4897.000 |
5201.000 |
10098.000 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
Profit from
ordinary activities before tax Expense: |
4897.000 |
5201.000 |
10098.000 |
|
Tax expenses |
1705.000 |
1825.000 |
3530.000 |
|
Net Profit / (Loss)
from ordinary activities after tax |
3192.000 |
3376.000 |
6568.000 |
|
Extraordinary Items (net of tax expenses) |
0.000 |
0.000 |
0.000 |
|
Profit / (Loss) for
the period / year |
3192.000 |
3376.000 |
6568.000 |
|
Paid-up equity share capital (Nominal value Rs.5/- per share) |
18967.000 |
18963.000 |
18967.000 |
|
Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year |
167271.000 |
164184.000 |
167271.000 |
|
Earnings per share
(before extraordinary items) of Rs.10/- each) (not annualized): |
|
|
|
|
Basic |
1.683 |
1.782 |
3.465 |
|
Diluted |
1.683 |
1.781 |
3.464 |
|
Earnings per share (after
extraordinary items) |
|
|
|
|
Basic |
1.683 |
1.782 |
3.465 |
|
Diluted |
1.683 |
1.781 |
3.464 |
|
A.
Particulars of shareholding |
|
|
|
|
1.
Public Shareholding |
|
|
|
|
- Number of shares |
535015069 |
534655136 |
535015069 |
|
- Percentage of shareholding |
28.21% |
28.19% |
28.21% |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
Nil |
Nil |
Nil |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
Nil |
Nil |
Nil |
|
Percentage of shares (as a % of total share capital of the
company) |
Nil |
Nil |
Nil |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
1360000000 |
1360000000 |
1360000000 |
|
Percentage of shares (as a % of total shareholding of the promoter
and promoter group) |
100.00% |
100.00% |
100.00% |
|
Percentage of shares (as a % of total share capital of the
company) |
71.70% |
71.72% |
71.70% |
|
|
|
|
|
|
Non-promoter
non-public shareholding |
|
|
|
|
Number of shares |
1652000 |
1652000 |
1652000 |
|
Percentage of shareholding |
0.09% |
0.09% |
0.09% |
|
B.
Investor Complaints |
|
|
|
|
Pending at the beginning of the quarter |
|
|
Nil |
|
Receiving during the quarter |
|
|
0 |
|
Disposed of during the quarter |
|
|
0 |
|
Remaining unreserved at the end of the quarter |
|
|
Nil |
Note:
- The above financial results for the quarter and six months ended September 30, 2015 have been reviewed by the Audit Committee in its meeting held on October 23, 2015 and approved by the Board of Directors in its meeting held on Oct 23, 2015.
- During the quarter ended September 30, 2015, the Company has issued 356125 and 3808 equity shares of Rs. 10 each at an exercise price of Rs.109.67 and Rs. 10 per share respectively, pursuant to exercise of employee stock options under the ESOP Scheme 2008.
- Since the Company's business activity falls within a single business and geographical segment of providing passive infrastructure, there is no separate reportable segment as defined under Accounting Standard -17 'Segment reporting'.
- On April 27, 2015, Board of Directors had proposed a dividend of Rs. 6 50 per equity share to all the existing shareholders for the year ended March 31, 2015. The dividend proposed by the Board of Directors has been approved in the annual general meeting held on August 11, 2015 and paid subsequently.
- A wholly owned subsidiary, Smartx Services Limited, has been incorporated on September 21, 2015 with the object of transmission through Optic Fibre Cables and setting up Wi-Fi hotspots for providing services to telecom operators and others on sharing basis.
- Previous year’s/ periods' figures have been regrouped/ rearranged wherever necessary to conform to current period's classifications.
STATEMENT OF ASSETS AND LIABILITIES
(Rs. In Million)
|
Particulars |
30.09.2015 |
|
(Audited) |
|
|
EQUITY AND
LIABILITIES |
|
|
Shareholders’ Funds |
|
|
Share Capital |
18967.000 |
|
Reserves and Surplus |
167271.000 |
|
|
186238.000 |
|
Non-Current Liabilities |
|
|
Deffered tax liabilities |
4828.000 |
|
Other long-term liabilities |
5622.000 |
|
Long term provisions |
3590.000 |
|
|
14040.000 |
|
Current liabilities |
|
|
Trade payables |
1285.000 |
|
Other current liabilities |
13075 |
|
Short term provisions |
122.000 |
|
|
14482.000 |
|
|
|
|
Total Equity and
Liabilities |
214760.000 |
|
|
|
|
ASSETS |
|
|
Non-Current Assets |
|
|
Fixed Assets |
64602.000 |
|
Non-current investments |
84077.000 |
|
Long term loans and advances |
2456.000 |
|
Other non-current assets |
17084.000 |
|
|
168219.000 |
|
Current Assets |
|
|
Current Investment |
13270.000 |
|
Trade receivables |
1948.000 |
|
Cash and Cash Equivalents |
25348.000 |
|
Short term loans and advances |
3820.000 |
|
Other Current Assets |
2155.000 |
|
|
46641.000 |
|
|
|
|
Total Assets |
214760.000 |
FIXED ASSETS
- Land
- Plant and Equipment
- Office furniture and Equipment
- Vehicles
- Computers
- Leasehold Improvements
WEBSITE DETAILS:
PRESS RELEASE:
BHARTI INFRATEL INCORPORATES
NEW WI-FI COMPANY
23 October 2015
Smartx Services
Limited was incorporated on Sep 21, 2015 as wholly owned subsidiary of Bharti
Infratel Limited.
NEW DELHI: Bharti Infratel, India's only listed telecom tower operator has joined the Wi-Fi bandwagon by incorporating a new subsidiary, Smartx Services Limited, which will focus on setting up Wi-Fi hotspots and transmission through Optic Fibre Cables to provide services to telecom operators and others on sharing basis, the company said.
Smartx Services Limited was incorporated on Sep 21, 2015 as wholly owned
subsidiary of Bharti Infratel Limited. Akhil Kumar Gupta, Devender Singh Rawat
and Pankaj Miglani have been appointed as directors of Smartx Services.
Bharti Infratel Friday said its net profit rose 25% on year, as mobile phone
operators invested in expanding 3G networks and rolling out 4G infrastructure.
Net profit for the July-September quarter rose to Rs.5790.000 Million from
Rs.4650.000 Million.
On a consolidated basis, Bharti Infratel is one of the largest pan-India
providers, based on the number of towers operated by Bharti Infratel and
represented by Bharti Infratel's 42% equity interest in Indus. It currently has
a consolidated portfolio of over 87184 telecom towers, which includes over
37801 of its own towers.
India's leading telecom carriers Bharti Airtel and Vodafone India last year
formed a joint venture called FireFly Networks to focus on public Wi-Fi
deployments. Headed by Raj Sethia, Vodafone's senior vice president, FireFly
Networks currently has equal number of representation from both the companies,
Bharti Airtel and Vodafone.
Mukesh Ambani-owned Reliance Jio Infocomm, in the pan-India BWA license holder,
is too making strides in the public Wi-Fi space and has already rolled out 4G
backed W-Fi service in multiple states, including Kolkata, UP and Gujarat.
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 records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration:
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime:
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws:
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government:
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government official
or a family member or close business associate of a Government official.
9] Compensation Package:
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report:
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.15 |
|
|
1 |
Rs.99.36 |
|
Euro |
1 |
Rs.71.24 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
AMT |
|
|
|
|
Report Prepared
by : |
PNM |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILITY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
72 |
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.