MIRA INFORM REPORT
|
Report No. : |
342458 |
|
Report Date : |
26.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
IDEA CELLULAR LIMITED |
|
|
|
|
Registered
Office : |
Suman Tower, Plot
No.18, Sector-11, Gandhinagar – 382011, Gujarat |
|
Tel. No.: |
91-79-66714000 / 23232250 |
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|
|
Country : |
India |
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Financials (as
on) : |
31.03.2015 |
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|
|
|
Date of
Incorporation : |
14.03.1995 |
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|
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Com. Reg. No.: |
04-030976 |
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Capital
Investment / Paid-up Capital : |
Rs. 35978.440 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L32100GJ1996PLC030976 |
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|
|
|
IEC No.: |
Not Available |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
AHMI00670F |
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|
|
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PAN No.: [Permanent Account No.] |
AAACB2100P |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
Line of Business
: |
The Company is engaged in the business of Mobility and Long
Distance services. |
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|
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|
No. of Employees
: |
10,875 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (67) |
|
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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|
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Idea Cellular, an Aditya Birla group company, provides global system
for mobile communications (GSM) based wireless services across India; the
company is present in all 22 telecom circles. Rating reflect the company’s strong market position in its established
telecom circles and adequate financial flexibility because of its status as a
key company of the Aditya Birla Group. Moreover, in the spectrum auction held in March 2015, Idea Cellular acquired
79.4 MHz spectrum across 900 MHz, 1800 MHz, and 2100 MHz bands for a total
consideration of Rs.301 billion. This rating strengths is partially offset by Idea Celluar’s high
leverage along with its exposure to regulatory uncertainty in the telecommunications
(telecom) sector, and to stiff competition in its established service areas. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. In view of strong financial and managerial support from group company,
the company can be considered normal for business dealings at usual trade
terms and condition. |
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 |
Rs.7.0 Billion Short term debt Programme CRISIL A1+ (Reaffirmed) |
|
Date |
08.04.2015 |
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 (91-79-66714000)
LOCATIONS
|
Registered Office : |
Suman Tower, Plot
No.18, Sector-11, Gandhinagar – 382 011, Gujarat, India |
|
Tel. No.: |
91-79-66714000 / 23232250 |
|
Fax No.: |
91-79-23232251 |
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E-Mail : |
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Website : |
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Corporate Office : |
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Hyderabad Office : |
3rd Floor K L K Estate , Fateh Maiden Road, Baseerbagh, Hyderabad –
500 001, Andhra Pradesh, India |
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Tel. No.: |
91-40-66652000 |
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Fax No.: |
91-40-66562222 |
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|
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New Delhi Office : |
A-30 Mohan Co-Operative, Industrial Area , Mathura Road, New Delhi –
110 020, India |
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Tel. No.: |
91-11-66615555 |
|
Fax No.: |
91-11-66615698/ 99 |
DIRECTORS
As on 31.03.2015
|
Name : |
Mr. Himanshu Kapania |
|
Designation : |
Managing Director |
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|
|
|
Name : |
Mr. Himanshu Kapania |
|
Designation : |
Managing Director |
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|
Name : |
Mr. Kumar Mangalam Birla |
|
Designation : |
Non- Executive Chairman |
|
Address : |
Mangal Adityayan 20, |
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Date of Birth/Age : |
14.06.1967 |
|
|
|
|
Name : |
Mrs. Rajashree Birla |
|
Designation : |
Non-Executive Director |
|
Address : |
Mangal Adityayan 20, |
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Date of Birth/Age : |
15.09.1945 |
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|
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|
Name : |
Mr. Sanjeev Aga |
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Designation : |
Non-Executive Director |
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Address : |
703, Raheja Grande, |
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Date of Birth/Age : |
01.02.1952 |
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Name : |
Dr. Shridhir Sariputta Hansa Wijayasuriya |
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Designation : |
Non-Executive Director |
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|
Name : |
Mr. Arun Thiagarajan |
|
Designation : |
Independent Director |
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Address : |
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Date of Birth/Age : |
07.09.1944 |
|
|
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|
Name : |
Mr. Gian Prakash Gupta |
|
Designation : |
Independent Director |
|
Address : |
101, Kaveri, B Wing, |
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Date of Birth/Age : |
11.01.1941 |
|
|
|
|
Name : |
Ms. Tarjani Vakil |
|
Designation : |
Independent Director |
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Address : |
A-1, Ishwardas
Mansions Nana Chowk, Mumbai – 400 007, |
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Date of Birth/Age : |
30.10.1936 |
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|
Name : |
Mr. R.C. Bhargava |
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Designation : |
Independent Director |
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|
Name : |
Mr. P. Murari |
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Designation : |
Independent Director |
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|
Name : |
Mrs. Madhabi Puri Buch |
|
Designation : |
Independent Director |
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|
Name : |
Mrs. Mohan Gyani |
|
Designation : |
Independent Director |
KEY EXECUTIVES
|
Name : |
Mr. Akshaya Moondra |
|
Designation : |
Chief Financial Officer |
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|
|
|
Name : |
Mr. Pankaj Kapdeo |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2015
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
|
||
|
(A) Shareholding of Promoter and Promoter Group |
||
|
|
|
|
|
|
233333 |
0.01 |
|
|
1520445714 |
42.25 |
|
|
1520679047 |
42.26 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
1520679047 |
42.26 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
67544319 |
1.88 |
|
|
23121029 |
0.64 |
|
|
3350000 |
0.09 |
|
|
76354172 |
2.12 |
|
|
879160583 |
24.43 |
|
|
1049530103 |
29.16 |
|
|
|
|
|
|
17546064 |
0.49 |
|
|
|
|
|
|
40514857 |
1.13 |
|
|
7123615 |
0.20 |
|
|
963318458 |
26.77 |
|
|
1678584 |
0.05 |
|
|
442021 |
0.01 |
|
|
957000543 |
26.59 |
|
|
3655896 |
0.10 |
|
|
541414 |
0.02 |
|
|
1028502994 |
28.58 |
|
Total Public shareholding (B) |
2078033097 |
57.74 |
|
Total (A)+(B) |
3598712144 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
3598712144 |
0.00 |
Shareholding
belonging to the category "Promoter and Promoter Group"
|
S. No. |
Name Of The Shareholder |
Details Of
Shares Held |
|
|
No. Of Shares
Held |
As A % Of Grand
Total |
||
|
1 |
Aditya Birla Nuvo Limited |
83,75,26,221 |
23.27 |
|
2 |
Birla TMT Holdings Private Limited |
28,35,65,373 |
7.88 |
|
3 |
Hindalco Industries Limited |
22,83,40,226 |
6.35 |
|
4 |
Grasim Industries Limited |
17,10,13,894 |
4.75 |
|
5 |
Kumar Mangalam Birla |
2,33,333 |
0.01 |
|
|
Total |
1,52,06,79,047 |
42.26 |
Shareholding
belonging to the category "Public" and holding more than 1% of the
Total No. of Shares
|
Sl. No. |
Name of the Shareholder |
No. of Shares held |
Shares as % of Total No. of Shares |
|
|
1 |
Axiata Investments 1(India) Limited |
464734670 |
12.91 |
|
|
2 |
P5 Asia Investments (Mauritius) Limited |
245000000 |
6.81 |
|
|
3 |
Axiata Investments 2(India) Limited |
247265873 |
6.87 |
|
|
4 |
National Westminster Bank Plc As Depository of First State
Global Emerging Markets Leaders Fund |
44172040 |
1.23 |
|
|
5 |
Vanguard International Growth Fund |
61660100 |
1.71 |
|
|
6 |
National Westminster Bank Plc As Depository of First State
Asia Pacific Leaders Fund |
54412105 |
1.51 |
|
|
7 |
ICICI Prudential Life Insurance Company |
58062395 |
1.61 |
|
|
8 |
Euro Pacific Growth Fund |
62667820 |
1.74 |
|
|
9 |
Parvest Equity India |
38000000 |
1.06 |
|
|
|
Total |
1275975003 |
35.46 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons (together with PAC) belonging to the
category “Public” and holding more than 5% of the total number of shares of the
company
|
Sl. No. |
Name of the Shareholder |
No. of Shares held |
Shares as % of Total No. of Shares |
|
|
1 |
Axiata Investments 1(India) Limited |
464734670 |
12.91 |
|
|
2 |
P5 Asia Investments (Mauritius) Limited |
245000000 |
6.81 |
|
|
3 |
Axiata Investments 2(India) Limited |
247265873 |
6.87 |
|
|
|
Total |
957000543 |
26.59 |
BUSINESS DETAILS
|
Line of Business : |
The Company is engaged in the business of Mobility and
Long Distance services. |
|
|
|
|
Products/ Services : |
Mobility and Long Distance services. |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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 : |
10,875 (Approximately) |
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Bankers : |
· Dena Bank, Deccan Gymkhana Branch, Pune, Maharashtra, India · Deutsche Bank, Mumbai – 400 001, Maharashtra, India · Standard Chartered Bank, 90, M.G Road, Fort, Mumbai – 400 001, Maharashtra, India · Standard Chartered Grindlays Bank · HDFC Bank Limited, 26-A, Narayan Properties, Chandivali Farm Road, Saki Naka, Andheri (East), Mumbai – 400 072, Maharashtra, India · Axis Bank Limited, Sterling Plaza, 1262/B, J.M. Road, Deccan Gymkhana, Pune, Maharashtra, India ·
IDBI
Bank Limited, IDBI House, Dnyaneshwar Paduka Chowk, F.C. Road,
Shivajinagar, Pune, Maharashtra, India |
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Facilities : |
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Statutory Auditors |
|
|
Name : |
Deloitte Haskins and Sells LLP Chartered Accountants |
|
Address : |
706, B Wing, ICC Trade Tower, Senapati Bapat Road,
Pune–411 016, Maharashtra, India |
|
Tel No.: |
91-22-61854000 |
|
Fax No.: |
91-20-66244605 |
|
E-Mail : |
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|
|
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|
Cost Auditors |
|
|
Name : |
Sanjay Gupta and Associates Cost Accountants |
|
Address : |
C-4E/135, Janakpuri New Delhi-110 058, Delhi, India |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Promoters : |
· Hindalco Industries Limited (Hindalco) · Grasim Industries Limited (Grasim) · Aditya Birla Nuvo Limited (ABNL) ·
Birla TMT Holdings Pvt. Limited (Birla TMT) |
|
|
|
|
Subsidiaries : |
· Idea Telesystems Limited (ITL) · Aditya Birla Telecom Limited (ABTL) · Idea Cellular Services Limited (ICSL) · Idea Cellular Infrastructure Services Limited (ICISL) · Idea Mobile Commerce Services Limited (IMCSL) |
|
|
|
|
Joint Venture of
Subsidiary (JV) : |
· Indus Towers Limited (Indus) |
|
|
|
|
Entities having
significant influence : |
· Axiata Investments 1 (India) Limited (AI1) · Axiata Investments 2 (India) Limited (AI2) · Axiata Group Berhad (AGB) |
CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6,775,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 67750.000 Million |
|
1,500 |
Redeemable Cumulative Non-Convertible Preference Shares |
Rs.10000000/- each |
Rs. 15000.000 Million |
|
|
Total |
|
Rs. 82750.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3,597,844,427 |
Equity Shares |
Rs.10/- each |
Rs.
35978.440 Million |
|
|
|
|
|
(i) Out of the above, 199,153,469 Equity Shares are allotted as fully paid up under the Scheme of amalgamation of Spice Communications Limited without payment being received in cash. Spice Communications Limited was merged with the company effective March 1, 2010.
b) Reconciliation of
the number of Shares outstanding:
|
Equity Shares |
No. of Shares |
Rs. in Million |
|
Equity shares outstanding at the beginning of the year |
3319631761 |
33196.320 |
|
Equity shares allotted pursuant to exercise of ESOP |
2493529 |
24.930 |
|
Qualified Institutional Placement (QIP) and Preferential Allotment of Equity shares (Refer Note 31) |
275719137 |
2757 |
|
Equity shares
outstanding at the end of the year |
3597844427 |
35978.440 |
c) 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. In the event of liquidation of the Company, the holder of equity shares
will be entitled to receive remaining assets of the Company, after distribution
of preferential amounts, if any. The distribution will be in proportion to the
number of equity shares held by the shareholders.
d) Shareholders’
holding more than 5% shares of the Company:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Aditya Birla Nuvo Limited |
837,526,221 |
25.23% |
|
Birla TMT
Holdings Private Limited |
283,565,373 |
7.88% |
|
Grasim Industries Limited |
171,013,894 |
4.75% |
|
Hindalco Industries Limited |
228,340,226 |
6.35% |
|
P5 Asia
Investments (Mauritius) Limited |
245,000,000 |
6.81% |
|
Axiata
Investments 2 (India) Limited |
247,265,873 |
6.87% |
|
TMI Mauritius Limited |
464,734,670 |
12.92% |
e) Share Options granted
under the Employee Stock Option Schemes: The Company has granted stock options
under the Employee Stock Option Scheme (ESOS) 2006 and stock options as well as
Restricted Stock Units (RSU’s) under ESOS 2013 to its eligible employees from
time to time. These Options would vest in 4 equal annual installments after one
year of the grant and the RSU’s will vest after 3 years from the date of grant.
The maximum period for exercise of Options and RSUs is 5 years from the date of
vesting. Each Option and RSU when exercised would be converted into one fully
paid-up equity share of Rs. 10/- of the Company. The Options granted under ESOS
2006 and Options as well as RSUs granted under the ESOS 2013 scheme carry no
rights to dividends and no voting rights till the date of exercise. As at the
end of financial year, details of outstanding options are as follows:
Options Granted Under ESOS
2006
|
Particulars |
No.
of Option |
Weighted
average exercise Price |
|
Options outstanding at
the beginning of the year |
7,344,086 |
51.06 |
|
Options granted during
the year |
-- |
-- |
|
Options forfeited/lapsed
during the year |
29,250 |
68.86 |
|
Options exercised during
the year |
2,453,513 |
49.53 |
|
Options expired during
the year |
9,750 |
45.55 |
|
Options outstanding at
the end of the year |
4,851,573 |
51.74 |
|
Options exerciseable at
the end of the year |
4,851,573 |
51.74 |
|
Range of exercise price
of outstanding options |
39.30 - 68.86 |
|
|
Remaining contractual life
of outstanding options (years) |
0.31 - 4.82 |
|
Options Granted Under ESOS
2013
|
Particulars |
No.
of Option |
Weighted
average exercise Price |
|
Options outstanding at
the beginning of the year |
18,565,428 |
126.45 |
|
Options granted during the
year |
559,677 |
150.10 |
|
Options forfeited/lapsed
during the year |
427,809 |
126.45 |
|
Options exercised during
the year |
40,016 |
126.45 |
|
Options expired during
the year |
-- |
-- |
|
Options outstanding at
the end of the year |
18,657,280 |
127.16 |
|
Options exerciseable at
the end of the year |
4,494,393 |
126.45 |
|
Range of exercise price
of outstanding options |
126.45 - 150.10 |
|
|
Remaining contractual
life of outstanding options (years) |
4.87 - 8.75 |
|
RSU’S GRANTED UNDER ESOS
2013
|
Particulars |
No.
of Option |
Weighted
average exercise Price |
|
Options outstanding at
the beginning of the year |
8,105,587 |
10.00 |
|
Options granted during
the year |
254,499 |
10.00 |
|
Options forfeited/lapsed
during the year |
199,978 |
10.00 |
|
Options exercised during
the year |
-- |
-- |
|
Options expired during
the year |
-- |
-- |
|
Options outstanding at
the end of the year |
8,160,108 |
10.00 |
|
Options exerciseable at
the end of the year |
-- |
-- |
|
Range of exercise price of
outstanding options |
10.00 |
|
|
Remaining contractual
life of outstanding options (years) |
6.87 - 7.75 |
|
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 |
35978.440 |
33196.320 |
33143.220 |
|
(b) Reserves & Surplus |
182922.980 |
122647.210 |
107055.790 |
|
(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) |
218901.420 |
155843.530 |
140199.010 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
160064.860 |
171438.770 |
105743.960 |
|
(b) Deferred tax liabilities (Net) |
16090.760 |
15310.490 |
10231.170 |
|
(c) Other long term
liabilities |
11748.940 |
13972.730 |
8266.480 |
|
(d) long-term
provisions |
2820.650 |
2167.050 |
2018.860 |
|
Total Non-current
Liabilities (3) |
190725.210 |
202889.040 |
126260.470 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
1513.940 |
6093.550 |
7050.380 |
|
(b) Trade
payables |
29701.780 |
26343.670 |
24315.890 |
|
(c) Other
current liabilities |
132927.380 |
46848.700 |
45201.050 |
|
(d) Short-term
provisions |
2988.680 |
1865.050 |
1239.690 |
|
Total Current
Liabilities (4) |
167131.780 |
81150.970 |
77807.010 |
|
|
|
|
|
|
TOTAL |
576758.410 |
439883.540 |
344266.490 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
178980.470 |
182967.230 |
176859.460 |
|
(ii)
Intangible Assets |
142158.590 |
77273.920 |
82526.000 |
|
(iii) Capital
work-in-progress |
50794.460 |
113801.230 |
8434.250 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
16466.070 |
16412.070 |
16377.070 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
38906.690 |
28292.270 |
30018.680 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
427306.280 |
418746.720 |
314215.460 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a) Current
investments |
111675.000 |
0.000 |
9296.000 |
|
(b)
Inventories |
582.980 |
487.380 |
545.100 |
|
(c) Trade
receivables |
9321.900 |
7696.890 |
9156.790 |
|
(d) Cash
and cash equivalents |
15419.380 |
1395.320 |
1157.360 |
|
(e) Short-term
loans and advances |
11391.220 |
11522.580 |
9887.340 |
|
(f) Other
current assets |
1061.650 |
34.650 |
8.440 |
|
Total
Current Assets |
149452.130 |
21136.820 |
30051.030 |
|
|
|
|
|
|
TOTAL |
576758.410 |
439883.540 |
344266.490 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
312794.710 |
261794.690 |
220434.350 |
|
|
|
Other Income |
4523.370 |
2239.580 |
434.390 |
|
|
|
TOTAL (A) |
317318.080 |
264034.270 |
220868.740 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Personnel Expenditure |
13587.280 |
11610.120 |
10038.300 |
|
|
|
Network Expenses and IT outsourcing cost |
82886.640 |
74745.370 |
63551.950 |
|
|
|
License Fees and Spectrum Usage Charges |
35351.470 |
29237.980 |
24752.500 |
|
|
|
Roaming and Access Charges |
47313.230 |
41615.640 |
40145.270 |
|
|
|
Subscriber Acquisition and Servicing Expenditure |
25038.290 |
20905.580 |
21324.320 |
|
|
|
Advertisement and Business Promotion Expenditure |
4929.130 |
4616.550 |
4535.610 |
|
|
|
Administration and other Expenses |
6954.550 |
6206.640 |
4956.290 |
|
|
|
TOTAL (B) |
216060.590 |
188937.880 |
169304.240 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
101257.490 |
75096.390 |
51564.500 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
9316.580 |
8111.140 |
8134.550 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
91940.910 |
66985.250 |
43429.950 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
48550.080 |
40932.440 |
30543.570 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
43390.830 |
26052.810 |
12886.380 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
15292.480 |
9159.504 |
4703.790 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
28098.350 |
16893.306 |
8182.590 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
32367.320 |
20863.210 |
10247.610 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
57634.480 |
32367.320 |
20863.210 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
International Roaming Charges |
691.820 |
926.090 |
902.390 |
|
|
|
Termination/Carriage Charges |
4163.110 |
2900.050 |
2067.870 |
|
|
TOTAL EARNINGS |
4854.930 |
3826.140 |
2970.260 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
13195.570 |
13571.800 |
12863.710 |
|
|
TOTAL IMPORTS |
13195.570 |
13571.800 |
12863.710 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
7.94 |
5.09 |
2.47 |
|
|
|
Diluted |
7.91 |
5.08 |
2.47 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
97175.380 |
16084.150 |
16687.120 |
|
Cash generated from operations |
104336.590 |
80,650.190 |
60918.220 |
|
Net Cash from/(used in) Operating Activities |
94743.890 |
75311.220 |
57083.050 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
8.98 |
6.45 |
3.71 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
32.37 |
28.69 |
23.39 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.52 |
8.41 |
4.03 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.20 |
0.17 |
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.18 |
1.24 |
0.92 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.89 |
0.26 |
0.39 |
STOCK
PRICES
|
Face Value |
Rs.10.00 |
|
Market Value |
Rs.141.30 |
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 |
33143.220 |
33196.320 |
35978.440 |
|
Reserves & Surplus |
107055.790 |
122647.210 |
182922.980 |
|
Net
worth |
140199.010 |
155843.530 |
218901.420 |
|
|
|
|
|
|
long-term borrowings |
105743.960 |
171438.770 |
160064.860 |
|
Short term borrowings |
7050.380 |
6093.550 |
1513.940 |
|
Current maturities of
long-term debts |
16687.120 |
16084.150 |
97175.380 |
|
Total
borrowings |
129481.460 |
193616.470 |
258754.180 |
|
Debt/Equity
ratio |
0.924 |
1.242 |
1.182 |
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 |
220434.350 |
261794.690 |
312794.710 |
|
|
|
18.763 |
19.481 |
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 |
220434.350 |
261794.690 |
312794.710 |
|
Profit |
8182.590 |
16893.306 |
28098.350 |
|
|
3.71% |
6.45% |
8.98% |
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 |
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 |
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 |
|||||
|
Bench:- Bombay |
|||||
|
Presentation
Date:- 27/04/2015 |
|||||
|
Lodging No. : |
RAL/405/2015 |
Failing Date:- |
27/04/2015 |
Reg. No.:- |
RA/405/2015 |
|
Reg. Date:- |
27/04/2015 |
|
|
|
|
|
|
|
Main Matter |
|
|
|
|
Lodging No.:- |
ITXAL/1777/2014 |
|
Reg No.:- |
ITXA/516/2015 |
|
|
Petitioner:- |
THE COMMISSIONER OF INCOME TAX- 3, MUMBAI |
Respondent:- |
M/S. IDEA CELLULAR LIMITED |
||
|
Petn.Adv:- |
PADMA Divakar (0) |
|
|
||
|
District:- |
MUMBAI |
||||
|
Bench:- |
SINGLE |
|
|
||
|
Status:- |
Pre-Admission |
|
|
||
|
Act. : |
Income Tax Act, 1961 |
|
|||
UNSECURED LOAN
|
Particular |
31.03.2015 (Rs.
in Million) |
31.03.2014 (Rs.
in Million) |
|
Long-term
Borrowings |
|
|
|
Term Loans |
|
|
|
Foreign Currency Loan – From Banks |
4506.540 |
11089.490 |
|
Deferred Payment Liabilities towards Spectrum |
93541.510 |
87418.170 |
|
Short-term
borrowings |
|
|
|
Working Capital Loan from Banks |
1464.070 |
111.500 |
|
|
|
|
|
Total |
99512.120 |
98619.160 |
COMPANY OVERVIEW
The Company is the third largest mobile telecommunications
operator in the country, with pan India operations offering voice, data and
other value added services (VAS). The Company provides GSM-based 2G and 3G
mobile telecommunications services in all 22 service areas in India and 21
service areas respectively. The Company offers 3G services in 12 service areas
pursuant to spectrum allocated to the Company and provides 3G services in remaining
service areas through intra-circle roaming (ICR) arrangements with other mobile
telecommunication service providers. The company also provides WiFi services in
select locations. The company also has the capability to launch 4G in earmarked
service areas based on the spectrum it acquired in February 2014 and March 2015
auctions. The company also holds licenses to offer NLD, ILD, ISP and IP-1
services. While the NLD and ISP services mainly cater to the captive needs of
the company currently, the ILD and IP-1 services cater to both external and
captive needs.
OPERATIONS REVIEW
The Company is pleased to report another year of splendid performance outpacing the sector growth, maintaining its track record of growing faster than the sector. On a standalone basis, The Company clocked total revenues of Rs. 317,318 Million, a growth of 20.2% over the previous year, primarily driven by solid growth in Voice and data volumes. The EBITDA also increased to Rs. 101,257 Million, representing a growth of 34.8 % over the previous year. The Profit after Tax stood at Rs. 28,098 Million, a rise of 66.3% as compared to the previous year.
On a consolidated basis, the total revenues were Rs. 320,406 Million, a growth of 19.8% over the previous year. The EBITDA at Rs. 112,813 Million, reflects a growth of 32.4% as compared to the previous year. The consolidated Profit after Tax stood at Rs. 31,929 Million, up by 62.3% compared to the previous year.
As on March 31, 2015 the subscriber base of The company was 157.8 Million, representing a growth of 16.2% over the previous year. The company continues to improve its market position by gaining higher incremental market share both in terms of revenue as well as in terms of subscribers, and positioned itself as 'One among the Top Three' operators in India.
As per TRAI reports, during the Financial Year 2014-15, The Company gained incremental revenue market share (RMS) of 29.7% of the Indian mobile telecommunication service industry, resulting in RMS improvement of 1.3% compared to the previous year, highest among all telecom operators, thus taking up the RMS to 17.5%. In terms of subscriber market share, during the year The company added 22 Million subscribers, while the industry added 65.4 Million subscriber, capturing 33.7% incremental subscriber market share. The subscriber market share for The Company stood at 16.3% as of March 31, 2015, compared to 15% as of March 31, 2014, an improvement of 1.3%. The company also maintains its leadership position in terms of percentage of active subscriber base to total subscriber base. Further, The Company strengthened its leadership position in Mobile Number Portability (MILLIONP), based on the net subscriber additions.
The overall demand for both Voice and Data remained strong during the year. The company has added 95.7 Bn voice minutes on its network, highest incremental voice minutes addition in last 4 years, taking the total minutes of usage on the network for the Financial Year 2014-15 to 683.4 Bn, a growth of 16.3% compared to previous year. The total data usage continue to grow by more than 100% on YoY basis. The total data usage of 172.5 Bn MB registered a growth of 117.3%, compared to previous year.
The Company continues to invest in the long term value creators and remain committed towards increasing its geographical coverage as well as improve the capability of network to address the growing demand of both voice and data. During the year, The Company added 7,589 2G sites, taking the 2G site count to 112,367 as of March 31, 2015. 2G services are now available in more than 360,000 towns and villages. On 3G front, The Company added 8,910 sites increasing its 3G site count to 30,291. The Company is focused to improve its Optical Fibre Cable (OFC) transmission network, with the growing demand of data. During the year The Company expanded its OFC transmission network approximately to 93,200 km compared to 82,000 km a year ago, an increase of more than 11,000 km.
In the recent spectrum auction held in March, 2015, The Company was successful in retaining spectrum in the crucial 900 MHz band in nine of its leadership service areas, and won 54 MHz of 900 MHz Spectrum (including additional 5 MHz in Maharashtra for second carrier of 3G service), which account for over 73% of the company's revenues. The Company also acquired 20.4 MHz additional spectrum in the 1800 MHz band in six of its key service areas and 5 MHz in the 2100 MHz for launching 3G services in the metro market of Kolkata. This will enable company to further expand its 3G Services on own spectrum to 13 service areas covering 80% of its revenue and provide capability to do 4G roll out on 1800 MHz in 10 Service Areas covering 61% of its revenue
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
INDIAN WIRELESS
SECTOR
The events that have marked the Indian wireless sector during the financial year 2014-15 are indeed the steps in the path towards the vision of “Digital India”; a program to transform India into a digitally empowered society and knowledge economy. Firstly, the Government has clearly identified the 3 key areas -‘Digital Infrastructure as a Utility to Every Citizen’, ‘Governance & Services on Demand’ and ‘Digital Empowerment of Citizens’ which are supported by 9 pillars with the aim of connecting 250,000 Gram Panchayats in phased manner and providing most of the government services via digital platform. Secondly, the DoT has offered additional spectrum under 800 MHz, 1800 MHz and 2100 MHz band which can be used for the advanced technologies like 3G or 4G; along with the added efforts initiated by DoT towards spectrum harmonization. And lastly mobile operators have made large commitments in the spectrum auctions as well as towards rolling out the next generation wireless networks
The subscriber addition during 2014-15 continued to remain robust in the second largest wireless market globally. On an incremental basis, the subscriber addition of 65.4 Million during Financial Year 2014-15 was the highest across the globe, surpassing the net subscriber addition in world’s largest wireless market of China, for the first time. The reported subscriber base stood at 969.9 Million as of March 2015, registering a YoY growth of 7.2%. The VLR subscriber addition during the same period stands at 71.8 Million, taking the VLR subscriber base to 862.6 Million, a YoY growth of 9.1%
A large part of the incremental subscriber addition continues to come from rural India. Out of the total subscriber addition of 65.4 Million during Financial Year 2014-15, 42.4 Million subscribers are added from rural areas, constituting 64.9% of subscriber addition. The urban penetration stands at 143.1%, while the rural penetration is still at 47.8%; indicating the growth potential for the industry.
Number of wireless internet subscribers increased to 248.5 Million as of December, 2014 from 220.4 Million subscribers as of December, 2013 (TRAI performance indicator report), an addition of 28.1 Million subscribers. Further, the wireless broadband (>512 kbps) subscriber base has increased to 83.7 Million as of March 2015, an addition of 37.7 Million subscribers in one year; reflecting a solid growth of 81.9%. The wireless broadband subscriber penetration (of reported subscribers) improved from 5.1% as of March, 2014 to 8.6% as of March, 2015.
While the voice business continues to grow; the data business acts as a growth driver for the Industry. The strong incumbent operators continued with the expansion of their 2G and 3G network to meet the growing demand of Voice and data. The gross revenue for the sector, during the Financial Year 2014-15, registered 10.8% growth compared to Financial Year 2013-14 of 9.6%. The top three incumbent operators, including Idea, accounted for around 87% of the incremental industry revenue in Financial Year 2014-15.
OUTLOOK
In past few years, The Company has consolidated its position from No. 3 operator in India to one among the top 3 operators in India. During the Financial Year 2014-15, The Company has gained more than 33.7% of incremental subscriber market share and close to 29.7% revenue market share. The company has further improved its data spectrum (3G and 4G) profile with acquisition of 4G spectrum in the service areas of Tamil Nadu and Odisha as well as 3G spectrum in Kolkata service areas. The Broadband spectrum profile (3G or 4G) of The company now covers over 87% of its revenue. The spectrum renewal risk has been taken care by securing 900 MHz spectrum in all 9 service areas which were due to expire in December, 2015/April, 2016.
The company is preparing itself for the next leg of the
growth which appears to be led by data. The company has clearly defined plans
to cater the need of data consumers by offering 4G services staring from
Calendar year 2016, in a phased manner, in addition to aggressively expansion
of own 3G network coverage. The company is also working to offer its own
‘Digital Services’ related to information, entertainment, communication,
utilities and API. The strong brand pull coupled with the improving cash flows
and strong spectrum portfolio provides enough confidence to The company to
remain on the path of profitable growth going forward.
CORPORATE INFORMATION
The company an Aditya Birla Group company, is currently the third largest pan India telecom service provider in India. The Company is engaged in the business of Mobility and Long Distance services.
CONTINGENT
LIABILITIES:
(i) In Financial year 2012-13, DoT had issued demand notices towards one time spectrum charges
– For spectrum beyond 6.2 Mhz in respective service areas for retrospective period from July 1, 2008 to December 31, 2012, amounting to Rs. 3,691.30 Million., and
– For spectrum beyond 4.4 Mhz in respective service areas effective January 1, 2013 till expiry of the period as per respective licenses amounting to Rs. 17,443.70 Million.
In the opinion of Company, inter-alia, the above demands amount to alteration of financial terms of the licenses issued in the past. The Company had therefore, petitioned the Hon’ble High Court of Bombay, where the matter was admitted and is currently sub-judice. The Hon’ble High Court of Bombay has directed the DoT, not to take any coercive action until the matter is further heard.
(ii) The Company has a contingent obligation to buy
compulsorily convertible preference shares issued by Aditya Birla Telecom
Limited (ABTL), a subsidiary of the Company, from the holder at a mutually
agreed consideration based on the fair value, in the event the holder exercises
exit rights.
(iii) Other Matters
(Rs. in million)
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
|
Income Tax Matters not acknowledged as debts |
66566.750 |
25563.220 |
|
Sales Tax and Entertainment Tax Matters not acknowledged
as debts |
994.340 |
973.590 |
|
Service Tax Matters not acknowledged as debts |
1364.22 |
1538.930 |
|
Entry Tax and Customs Matters not acknowledged as debts |
386.570 |
294.760 |
|
Licensing Disputes |
35520.910 |
19943.820 |
|
Other claims not acknowledged as debts |
2370.120 |
2322.460 |
INDEX
OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10586444 |
24/07/2015 |
300,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W |
C61910311 |
|
2 |
10549947 |
23/01/2015 |
19,750,000,000.00 |
IDBI Bank Limited |
IDBI TOWER WTC COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra - 400005,
INDIA |
C43990746 |
|
3 |
10511652 |
09/07/2014 |
80,500,000,000.00 |
IDBI Bank Limited |
IDBI Tower, WTC Complex, Cuffe Parade, Mumbai, Maharashtra - 400005,
INDIA |
C14085468 |
|
4 |
10509697 |
24/06/2014 |
300,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W |
C11802303 |
|
5 |
10482657 |
14/02/2014 |
5,000,000,000.00 |
IDBI Bank Limited |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra - 400005,
INDIA |
B98509151 |
|
6 |
10438864 |
29/05/2013 |
300,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W |
B80397052 |
|
7 |
10427852 |
17/05/2013 * |
5,000,000,000.00 |
IDBI Bank Limited |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra - 400005,
INDIA |
B76769868 |
|
8 |
10408312 |
15/02/2013 * |
4,000,000,000.00 |
IDBI Bank Limited |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra - 400005,
INDIA |
B71127054 |
|
9 |
10406050 |
28/01/2013 * |
10,000,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Building, Ground Floor, 17, R. Kamani Marg, |
B69407096 |
|
10 |
10386431 |
18/10/2012 |
582,200,000.00 |
DENA BANK |
Deccan Gymkhana Branch, Ashok Chambers, Deccan Gymkhana, Pune,
Maharashtra - 411004, INDIA |
B62063946 |
* Date of charge modification
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30.06.2015
(Rs. In Million)
|
|
|
|
Quarter ended |
|
|
|
|
30.06.2015 |
|
|
|
|
Unaudited |
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
|
|
87947.100 |
|
b) Other operating income |
|
|
36.400 |
|
Total
income from Operations(net) |
|
|
87983.500 |
|
2.Expenditure |
|
|
|
|
a) Cost of Trading Goods |
|
|
86.200 |
|
b) Personnel Expenditure |
|
|
3901.100 |
|
c) Network Expenses & IT Outsourcing Cost |
|
|
19896.400 |
|
d) Licence & WPC Charges |
|
|
10217.400 |
|
e) Roaming & Access Charges |
|
|
11513.600 |
|
f) Subscriber Acquisition & Servicing Expenditure & Advertisement and Business Promotion Expenditure |
|
|
7886.000 |
|
g) Depreciation & Amortisation |
|
|
15159.000 |
|
h) Other Expenditure |
|
|
2199.000 |
|
Total expenses |
|
|
70858.700 |
|
3. Profit from operations before other income and
financial costs |
|
|
17124.800 |
|
4. Other income |
|
|
1224.300 |
|
5. Profit from ordinary activities before finance costs |
|
|
18349.100 |
|
6. Finance costs |
|
|
4016.300 |
|
7. Net profit/(loss) from ordinary activities after finance costs but before exceptional items |
|
|
14332.800 |
|
8. Exceptional item |
|
|
-- |
|
9. Profit from ordinary activities before tax Expense: |
|
|
14332.800 |
|
10.Tax expenses |
|
|
5024.500 |
|
11.Net Profit / (Loss) from ordinary activities after tax (9-10) |
|
|
9308.300 |
|
12.Extraordinary Items (net of tax expense) |
|
|
-- |
|
13.Net Profit / (Loss) for the period (11 -12) |
|
|
9308.300 |
|
14.Paid-up equity share capital (Nominal value Rs.10/- per share) |
|
|
359871 |
|
15. Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year |
|
|
-- |
|
16.i) Earnings per share |
|
|
|
|
Basic |
|
|
2.59 |
|
Diluted |
|
|
2.58 |
|
|
|
|
|
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
|
|
2078033097 |
|
- Percentage of shareholding |
|
|
57.74% |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
|
|
|
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
|
|
-- |
|
Percentage of shares (as a % of total share capital of the
company) |
|
|
-- |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
|
|
1520679047 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
|
|
100.00% |
|
Percentage of shares (as a % of total share capital of the
company) |
|
|
42.26% |
|
B.
Investor Complaints |
Quarter Ended 30.06.2015 |
|
Pending at the beginning of the quarter |
0 |
|
Receiving during the quarter |
44 |
|
Disposed of during the quarter |
44 |
|
Remaining unreserved at the end of the quarter |
0 |
UNAUDITED SEGMENT
WIE REVENUE, RESULTS AND CAPITAL EMPLOYED
|
PARTICULAR |
|
|
Quarter
ended |
|
|
|
|
30.06.2015 |
|
|
|
|
Unaudited |
|
1.
Segment Revenue |
|
|
|
|
Net Sales / Income from each segment |
|
|
|
|
Mobility |
|
|
86603.500 |
|
International Long Distance |
|
|
1890.000 |
|
Passive Infrastructure |
|
|
6848.500 |
|
Total |
|
|
95342.000 |
|
Less : Inter Segment Revenue |
|
|
(7394.900) |
|
Net
Sales |
|
|
87947.100 |
|
|
|
|
|
|
Segment
Result (Profit before Interest and Tax) |
|
|
|
|
Profit before Finance Charges and Tax from
each segment |
|
|
15205.500 |
|
Mobility |
|
|
110.400 |
|
International Long Distance |
|
|
1808.900 |
|
Profit before
Finance Charges and Tax |
|
|
17124.800 |
|
Add :
Unallocated Income |
|
|
1224.300 |
|
Less: Finance & Treasury Charges (Net) |
|
|
4016.300 |
|
Profit
before Tax |
|
|
14332.800 |
|
|
|
|
|
|
3.
Capital Employed (Segment
Assets - Segment Liabilities) |
|
|
|
|
Mobility |
|
|
398757.300 |
|
International Long Distance |
|
|
45.400 |
|
Passive Infrastructure |
|
|
32468.800 |
|
Unallocated |
|
|
32561.400 |
|
Total |
|
|
463832.900 |
1. The above unaudited financial results, as reviewed by the Audit Committee of the Board, were approved and taken on record by the Board of Directors at their meeting held on 21st July 2015. Limited Review, as required under Clause 41 of Listing Agreement, has been carried out by the Statutory Auditors.
2. On 8th January 2013, Department of Telecommunications (DoT) issued demand
notices towards one time spectrum charges:
- for spectrum beyond 6.2 Mhz in respective service areas for retrospective
period from 1st July 2008 to 31st December 2012, amounting to Rs. 3691.300
Million, and
- for spectrum beyond 4.4 Mhz in respective service areas effective 1st January
2013 till expiry of the period as per respective licenses, amounting to Rs.
17443.700 Million.
In the opinion of Company, inter-alia, the above demands amount to alteration
of financial terms of the licenses issued in the past. The Company had
therefore, petitioned the Hon’ble High Court of Bombay, where the matter was
admitted and is currently sub-judice. The Hon’ble High Court of Bombay has
directed the DoT, not to take any coercive action until the matter is further
heard. No effects have been given in the financial results for the above.
3. The financial results for the quarter ended 31st March 2015 are balancing
figures between audited results for the full financial year and the published
year to date figures upto the third quarter.
4. Previous periods’ figures have been regrouped and rearranged wherever
necessary.
FIXED ASSETS:
- Freehold Land
- Leasehold Land
- Buildings
- Plant and Machinery
- Furniture and Fixtures
- Office Equipment
- Vehicles
- Entry/License Fees
- Computer - Software
- Bandwidth
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.66.09 |
|
|
1 |
Rs.100.88 |
|
Euro |
1 |
Rs.73.95 |
INFORMATION DETAILS
|
Information
Gathered by : |
DPA |
|
|
|
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
JYTK |
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 |
7 |
|
--PROFITABILITY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
67 |
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.