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MIRA INFORM REPORT
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Report No. : |
506441 |
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Report Date : |
30.04.2018 |
IDENTIFICATION DETAILS
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Name : |
TATA SKY BROADBAND PRIVATE LIMITED [w.e.f. 20.05.2016] |
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Formerly Known
As : |
QUICKEST BROADBAND PRIVATE LIMITED |
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Registered
Office : |
Unit 306, 3rd Floor, Windsor, Off |
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Tel. No.: |
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Country : |
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Financials (as
on) : |
31.03.2016 |
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Date of
Incorporation : |
26.08.2015 |
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Com. Reg. No.: |
11-267808 |
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Capital
Investment / Paid-up Capital : |
INR 50.100
Million |
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CIN No.: [Company Identification
No.] |
U64204MH2015PTC267808 |
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IEC No.: [Import-Export Code No.] |
Not Divulged |
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GSTN : [Goods & Service Tax
Registration No.] |
27AAACQ3943P1ZX |
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TIN No.: |
27121231200 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACQ3943P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Providing broadband services for All India Service Area under ISP, category A. The Company is currently in the process of setting up infrastructure in order to undertake the above activities and plans to commence commercial operations in near future. [Registered Activity] |
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No. of Employees
: |
Information declined by the Management |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
B |
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Credit Rating |
Explanation |
Rating Comments |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a wholly-owned subsidiary of “TATA Sky limited” and was incorporated in the year 2015. For the financial year 2016, the company has not earned any income from its operations but has incurred pre-operational loss. The moderate financial profile of the company is marked by negative reserve base. Rating takes into consideration the subject’s debt free balance sheet profile. Rating also takes into account the strong financial and managerial support that company receives from its holding entity backed by its well experienced management team. Payment seems to be slow but correct. In view of aforesaid, the company can be considered for business dealings with some caution. Note: As per Registrar
of Companies date of balance sheet (i.e. financial filed) is shown as
31.03.2017 but documents related to the financial for the year 31.03.2017 are
not available from any sources. |
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
NOT AVAILABLE
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
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial Reconstruction)
list as of 30.04.2018.
IBBI (Insolvency and Bankruptcy Board of
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE
[Contact No: 91-22-61100700]
LOCATIONS
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Registered Office : |
Unit 306, 3rd Floor, Windsor, Off |
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Tel. No.: |
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Fax No.: |
91-22-61100703 |
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E-Mail : |
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Website : |
DIRECTORS
AS ON: 31.03.2017
|
Name : |
Mr. Sambasivan Ganesan |
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Designation : |
Director |
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Address : |
1502, |
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Date of Birth/Age : |
28.04.1967 |
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Qualification : |
B
Com, Grad |
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Date of Appointment : |
26.08.2015 |
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PAN No.: |
AAWPS0322H |
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DIN No.: |
00355351 |
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|
|
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Name : |
Mr. Harit Nagpal |
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Designation : |
Director |
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Address : |
Flat No. 5, 2nd Floor, Shangrila 27-A, |
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Date of Birth/Age : |
02.11.1961 |
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Qualification : |
BE(Chemical), MBA, FMS |
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Date of Appointment : |
26.08.2015 |
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PAN No.: |
AADPN5389A |
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DIN No.: |
00481307 |
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|
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Name : |
Mrs. Pallavi Nikhil Puri |
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Designation : |
Director |
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Address : |
C-903, Royal Classic, New |
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Date of Appointment : |
29.08.2016 |
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DIN No.: |
07556628 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 09.06.2017
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
Tata Sky Limited, |
9969893 |
100.00 |
|
Harit Nagpal* (Nominee of Tata Sky Limited) |
1 |
0.00 |
|
Sambasivan Ganesan* (Nominee of Tata Sky Limited) |
1 |
0.00 |
|
Pallavi Puri* (Nominee of Tata Sky Limited) |
1 |
0.00 |
|
Malay Ravindra Dikshit* (Nominee of Tata Sky Limited) |
1 |
0.00 |
|
A. Arun Kumar* (Nominee of Tata Sky Limited) |
1 |
0.00 |
|
Vikas Kapoor* (Nominee of Tata Sky Limited) |
1 |
0.00 |
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|
|
|
|
Total |
9969899 |
100.00 |
*Note: As on March 31,2017, Mr. Harit Nagpal, Mr. Sambasivan G., Ms. Pallavi Puri,
Mr. Malay Dikshit, Mr
. A. Arun Kumar and Mr. Vikas
Kapoor were holding [one} share each
of the Company as a nominee of
Tata Sky Limited,
wherein none of the above
mentioned were having beneficial interest, on
such share. Hence Tala Sky Broadband Private Limited is a 100% subsidiary of Tara Sky Limited.
AS ON: 09.06.2017
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
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Promoters – Body Corporate |
100.00 |
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|
|
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing broadband services for All India Service Area under ISP, category A. The Company is currently in the process of setting up infrastructure in order to undertake the above activities and plans to commence commercial operations in near future. [Registered Activity] |
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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 : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS: (NOT AVAILABLE)
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the Management |
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Bankers : |
· Axis Bank Limited 12 A Wing, First Floor, Mittal Tower, Nariman Point,
Mumbai-400021, |
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Facilities : |
--- |
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Auditors : |
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Name : |
S B Gabhawalla and Company Chartered Accountants |
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Address : |
802-803,
Sunteck Grandeur, Opposite Subway, |
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PAN No.: |
AABPG3657L |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding Company : |
Tata Sky Limited, |
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Ultimate Holding Company : |
Tata Sons Limited |
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Direct Holding Company : |
Tata Sky Limited |
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Fellow Subsidiary Company : |
Tata Consultancy Services Limited, |
CAPITAL STRUCTURE
AS ON: 09.06.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
30000000 |
Equity Shares |
INR 10/- each |
INR 300.000 Million |
|
|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9969899 |
Equity Shares |
INR 10/- each |
INR 99.699
Million |
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|
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|
AS ON: 31.03.2016
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000000 |
Equity Shares |
INR 10/- each |
INR 300.000 Million |
|
|
|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5010000 |
Equity Shares |
INR 10/- each |
INR 50.100
Million |
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|
|
|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2016 |
|
I.
EQUITY
AND LIABILITIES |
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(1)Shareholders' Funds |
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(a) Share Capital |
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|
50.100 |
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(b) Reserves and Surplus |
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|
(24.155) |
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(c) Money
received against share warrants |
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|
0.000 |
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(2) Share Application money pending
allotment |
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|
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
|
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25.945 |
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(3)
Non-Current Liabilities |
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(a) long-term borrowings |
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|
0.000 |
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(b) Deferred tax liabilities (Net) |
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|
0.000 |
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(c) Other long-term
liabilities |
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|
0.000 |
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(d) long-term
provisions |
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|
0.294 |
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Total Non-current
Liabilities (3) |
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|
0.294 |
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(4)
Current Liabilities |
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(a) Short-term
borrowings |
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|
0.000 |
|
(b) Trade
payables |
|
|
10.150 |
|
(c) Other
current liabilities |
|
|
116.518 |
|
(d) Short-term
provisions |
|
|
0.003 |
|
Total Current
Liabilities (4) |
|
|
126.671 |
|
|
|
|
|
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TOTAL |
|
|
152.910 |
|
|
|
|
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II.
ASSETS |
|
|
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(1)
Non-current assets |
|
|
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(a) Fixed
Assets |
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|
|
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(i)
Tangible assets |
|
|
0.000 |
|
(ii)
Intangible Assets |
|
|
0.000 |
|
(iii) Tangible assets capital
work-in-progress |
|
|
6.932 |
|
(iv)
Intangible assets under development |
|
|
115.775 |
|
(b) Non-current Investments |
|
|
0.000 |
|
(c) Deferred tax assets (net) |
|
|
0.000 |
|
(d)
Long-term loans and advances |
|
|
2.454 |
|
(e) Other
Non-current assets |
|
|
0.000 |
|
Total Non-Current
Assets |
|
|
125.161 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
|
0.000 |
|
(b)
Inventories |
|
|
0.000 |
|
(c) Trade
receivables |
|
|
0.000 |
|
(d) Cash and
bank balances |
|
|
27.356 |
|
(e)
Short-term loans and advances |
|
|
0.000 |
|
(f) Other
current assets |
|
|
0.393 |
|
Total
Current Assets |
|
|
27.749 |
|
|
|
|
|
|
TOTAL |
|
|
152.910 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
|
|
0.000 |
|
|
Other Income |
|
|
0.000 |
|
|
TOTAL |
|
|
0.000 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Employee benefit expense |
|
|
7.148 |
|
|
Other expenses |
|
|
16.938 |
|
|
TOTAL |
|
|
24.086 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
|
|
(24.086) |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
|
0.069 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
|
(24.155) |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
|
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
|
|
(24.155) |
|
|
|
|
|
|
|
Less |
TAX |
|
|
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
|
|
(24.155) |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
|
|
|
|
Basic |
|
|
(64.08) |
|
|
Diluted |
|
|
(64.00) |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
|
|
31.03.2016 |
|
Current Maturities of Long term debt |
|
|
NA |
|
|
|
|
|
|
Net cash flows from (used in) operations |
|
|
(12.320) |
|
|
|
|
|
|
Net cash flows from (used in) operating activities |
|
|
(12.320) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
|
|
31.03.2016 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
|
|
0.00 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
|
|
0.00 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
|
|
0.00 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
|
|
0.00 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
|
|
(0.20) |
LEVERAGE RATIOS
|
PARTICULARS |
|
|
31.03.2016 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
|
|
0.83 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
|
|
0.00 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
|
|
4.88 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
|
|
4.73 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
|
|
(349.07) |
PROFITABILITY RATIOS
|
PARTICULARS |
|
|
|
31.03.2016 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
|
|
0.00 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
|
|
(15.80) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
|
|
(93.10) |
SOLVENCY RATIOS
|
PARTICULARS |
|
|
31.03.2016 |
|
Current Ratio (Current
Assets / Current Liabilities) |
|
|
0.22 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
|
|
0.22 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
|
|
0.17 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
|
|
0.00 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
|
|
0.22 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
No |
|
26 |
Turnover of firm for last one year |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last one year |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
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
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G10819282 |
100022315 |
Axis Bank Limited |
29/03/2016 |
08/08/2016 |
- |
100000000.0 |
12 A Wing, First Floor, Mittal Tower,Nariman PointMumbaiMH400021IN |
CORPORATE INFORMATION
The Company has been incorporated on 26th August, 2015 under the Companies Act, 2013. The company has been registered with the Registrar of Companies, Mumbai.
The Company has been granted unified license by the Department of Telecommunications on 5th April, 2016, to provide broadband services for All India Service Area under ISP, category A. The Company is currently in the process of setting up infrastructure in order to undertake the above activities and plans to commence commercial operations in near future.
As on 31.03.2016, the company is a wholly owned subsidiary of Tata Sky Limited which exercises control over operating and financial policies of the company.
BUSINESS REVIEW
The Company has been granted Unified License by the Department of Telecommunications on April 5, 2016 to provide Broadband services for All India Service Area under ISP, category A. The Company is currently in the process of setting up infrastructure in order to undertake the above activities and plans to commence commercial operations in the FY 2016-17.
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
|
INR |
|
US Dollar |
1 |
INR 66.78 |
|
|
1 |
INR 92.89 |
|
Euro |
1 |
INR 80.74 |
INFORMATION DETAILS
|
Information
Gathered by : |
AKY |
|
|
|
|
Analysis Done by
: |
PRY |
|
|
|
|
Report Prepared
by : |
|
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.