|
|
|
MIRA INFORM REPORT
|
Report No. : |
506393 |
|
Report Date : |
12.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
VODAFONE
MOBILE SERVICES LIMITED (w.e.f. 10.10.2011) |
|
|
|
|
Formerly Known
As : |
VODAFONE
ESSAR MOBILE SERVICES LIMITED (w.e.f. 03.07.2007) HUTCHISON
ESSAR MOBILE SERVICES LIMITED (w.e.f. 01.03.2005) HUTCHISON
ESSAR TELECOM LIMITED (w.e.f. 12.08.2002) STERLING
CELLULAR LIMITED (TRANSFD. CO.) |
|
|
|
|
Registered
Office : |
Peninsula Corporate Park, Ganpatrao Kadam Marg, Lower Parel, Mumbai – 400013, Maharashtra |
|
Tel. No.: |
91-11-71718000 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2016 |
|
|
|
|
Date of
Incorporation : |
27.03.1992 |
|
|
|
|
Com. Reg. No.: |
11-296375 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 13763.027 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U64202MH1992PLC296375 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
Not Divulged |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACS4457Q |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELS09178B |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
Not Divulged |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in Providing Mobile Telecommunication
Services. (Registered Activity) |
|
|
|
|
No. of Employees
: |
Information denied by the management |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exists |
|
|
|
|
Comments : |
Subject is a wholly owned subsidiary of “Vodafone India Limited” incorporated in the year 1992. The subject is a prominent Indian mobile service provider with the second-largest market share in terms of subscribers. Management has failed to file its financials for the year 2017 with Registrar of Companies For the financial year 2016, the company has achieved decent growth in its revenue as compared to its previous year due to significant data usage, fixed lines and visitor revenues along with fair profit margin during the year. Rating takes into consideration, the robust financial risk profile marked by healthy net worth base along with average debt protection metrics. Further, the announcement of merger with “Idea Cellular Limited” with approval from various stake holders and regulators which is likely to be completed in the first half of FY-2018-2019 (Timeline yet to be obtained). The combined entity will become the largest telecommunications provider in India including both company’s tele subscribers. Rating continue to derive strengths from its long and established track record of its business operations along with strong parent support of “Vodafone Group”. However, these rating strengths gets partially offset by Vodafone’s leveraged capital structure because of partly debt-funded capital expenditure which is likely to be deleverage by monetisation of their standalone tower assets, post-merger. Payment seems to be regular. In view of aforesaid, the company can be considered for business dealing 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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating (Continues Watch on Developing Implication) = AA |
|
Rating Explanation |
High degree of safety and low credit risk |
|
Date |
15.03.2018 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating (Continues Watch on Developing Implication) = A1+ |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk |
|
Date |
15.03.2018 |
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
31-03-2018.
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 12.05.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
LOCATIONS
|
Registered Office : |
Peninsula Corporate Park, Ganpatrao Kadam Marg, Lower Parel, Mumbai – 400013, Maharashtra, India |
|
Tel. No.: |
91-11-71718000 |
|
Fax No.: |
91-11-26385081 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 31.03.2018
|
Name : |
Mr. Ajay
Khanna |
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|
Designation : |
Director |
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|
Address : |
C4/4
DLF City Phase 1, Gurgaon - 122002, Haryana, India |
|||||||||||||||||||||||||||||||||
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Date of Birth/Age : |
31.03.1964 |
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Qualification : |
B.A. (Eco) Hons, MBA (IIM-A) |
|||||||||||||||||||||||||||||||||
|
Date of Appointment : |
20.03.2015 |
|||||||||||||||||||||||||||||||||
|
DIN No.: |
00823201 |
|
||||||||||||||||||||||||||||||||
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Other
Directorship:
|
||||||||||||||||||||||||||||||||||
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|
|
|||||||||||||||||||||||||||||||||
|
Name : |
Mr. Sonu
Halan Bhasin |
|||||||||||||||||||||||||||||||||
|
Designation : |
Director |
|||||||||||||||||||||||||||||||||
|
Address : |
4/4,
Sarvapriya Vihar, New Delhi - 110016, India |
|||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
29.09.1963 |
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|
Qualification : |
B.Sc. (Hons.) Mathematics, MBA: Faculty of Management Studies (FMS), Delhi |
|||||||||||||||||||||||||||||||||
|
Date of Appointment : |
20.03.2015 |
|||||||||||||||||||||||||||||||||
|
DIN No.: |
02872234 |
|
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Other
Directorship:
|
||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Name : |
Mr. Balesh Sharma |
|||||||||||||||||||||||||||||||||
|
Designation : |
Director |
|||||||||||||||||||||||||||||||||
|
Address : |
901, Bloomingdale, Hiranandani Estate, Ghodbunder Road, Thane-400607, Maharashtra, India |
|||||||||||||||||||||||||||||||||
|
Date of Appointment : |
13.06.2017 |
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|
DIN No.: |
07783637 |
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Other
Directorship:
|
||||||||||||||||||||||||||||||||||
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|
|
|||||||||||||||||||||||||||||||||
|
Name : |
Mr. Prashant Bhagania |
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|
Designation : |
Director |
|||||||||||||||||||||||||||||||||
|
Address : |
B-1207, Shah Heights C.H.S, Plot No. 22 Sector 7, Khargar, Kharghar, Navi Mumbai -410210, Maharashtra, India |
|||||||||||||||||||||||||||||||||
|
Date of Appointment : |
14.07.2017 |
|||||||||||||||||||||||||||||||||
|
DIN No.: |
07871589 |
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KEY EXECUTIVES
|
Name : |
Mr. Hari
Gopalakrishnen |
|
Designation : |
Secretary |
|
Address : |
25/219,
Gokulam, Bombay Tamil Sangham Marg, Sion East, Mumbai - 400022, Maharashtra,
India |
|
Date of Appointment : |
09.02.2010 |
|
PAN No.: |
AHJPG9898G |
|
|
|
|
Name : |
Mr. Vineet Ganeriwala |
|
Designation : |
Chief Finance Officer |
|
Address : |
Flat No. 9212, Ats One Hamlet, Sector 104, Noida - 201301, Uttar Pradesh, India |
|
Date of Appointment : |
28.03.2016 |
|
PAN No.: |
ADSPG1695A |
MAJOR SHAREHOLDERS
As on 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
Vodafone India Limited |
|
1376302710 |
|
Vodafone India Limited |
|
4 |
|
Vodafone Business Services Limited |
|
1 |
|
Bhuvanesh Pratap Singh |
|
1 |
|
Vodafone Tower Limited |
|
1 |
|
Suresh Kumar Ramiah |
|
1 |
|
Vodafone Technology Solution Limited |
|
1 |
|
Naveen Chopra |
|
1 |
|
Total |
|
1376302720 |
Equity Share Break up (Percentage of Total Equity)
As on 28.09.2017
|
Category |
Percentage |
|
Promoters (Body corporate) |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in Providing Mobile Telecommunication
Services. (Registered Activity) |
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|
||||
|
Products / Services
: |
|
||||
|
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|
||||
|
Brand Names : |
“VODAFONE” |
||||
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|
||||
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Agencies Held : |
Not Available |
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|
||||
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Exports : |
Not Divulged |
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|
|
|
||||
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Imports : |
Not Divulged |
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|
||||
|
Terms : |
Not Divulged |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Information denied by the management |
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Bankers : |
|
||||||||||||||||||||||
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|
||||||||||||||||||||||
|
Facilities : |
|
|
Auditors : |
|
|
Name : |
Lovelock and Lewes Chartered Accountants |
|
Address : |
252, Veer Savarkar Marg, Shivaji Park, Dadar (West), Mumbai - 400028, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AABFL5878L |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Associates : |
Indus Towers Limited |
|
|
|
|
Enterprises which
are owned, or have significant
influence of or are partners with Key management personnel and their
relatives : |
Firefly Networks Limited |
|
|
|
|
Fellow Subsidiary Company : |
|
|
|
|
|
Holding company |
Vodafone India Limited |
CAPITAL STRUCTURE
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10,516,000,000 |
Equity Shares |
INR 10/- each |
INR 105160.000 Million |
|
649,412,000 |
Equity Shares |
INR 85/- each |
INR 55200.020 Million |
|
48,000,000 |
Preference Share |
INR 100/- each |
INR 4800.000 Million |
|
200,000 |
0.1% Non Cumulative Non Convertible redeemable |
INR 100/- each |
INR 20.000 Million |
|
5,000 |
0.001% Non Cumulative Non Convertible Redeemable Preference share |
INR 1000000/- each |
INR 5000.000 Million |
|
|
Total |
|
INR 170180.020
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,376,302,720 |
Equity Shares |
INR 10/- each |
INR 13763.027 Million |
|
|
|
|
|
As on 31.03.2016
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10,516,000,000 |
Equity Shares |
INR 10/- each |
INR 105160.000 Million |
|
649,412,000 |
Equity Shares |
INR 85/- each |
INR 55200.020 Million |
|
48,000,000 |
Preference Share |
INR 100/- each |
INR 4800.000 Million |
|
200,000 |
0.1% Non Cumulative Non Convertible redeemable |
INR 100/- each |
INR 20.000 Million |
|
5,000 |
0.001% Non Cumulative Non Convertible Redeemable Preference share |
INR 1000000/- each |
INR 5000.000 Million |
|
|
Total |
|
INR 170180.020
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
626,842,863 |
Equity Shares |
INR 10/- each |
INR 6268.429 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
6268.429 |
1997.165 |
1997.160 |
|
(b) Reserves and Surplus |
31098.000 |
22147.000 |
24447.000 |
|
(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) |
37366.429 |
24144.165 |
26444.160 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
447846.000 |
85162.000 |
85625.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
1018.000 |
|
(c) Other long-term
liabilities |
42941.000 |
10311.000 |
5466.000 |
|
(d) long-term
provisions |
35466.000 |
4157.000 |
2195.000 |
|
Total Non-current
Liabilities (3) |
526253.000 |
99630.000 |
94304.000 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
113201.000 |
3293.000 |
3183.000 |
|
(b) Trade
payables |
47949.000 |
4561.000 |
4079.840 |
|
(c) Other
current liabilities |
144558.571 |
10179.835 |
9078.000 |
|
(d) Short-term
provisions |
4861.000 |
1253.000 |
975.000 |
|
Total Current
Liabilities (4) |
310569.571 |
19286.835 |
17315.840 |
|
|
|
|
|
|
TOTAL |
874189.000 |
143061.000 |
138064.000 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
217987.000 |
19640.000 |
13718.000 |
|
(ii)
Intangible Assets |
460603.000 |
98247.000 |
30274.000 |
|
(iii) Tangible assets
capital work-in-progress |
13402.000 |
1389.000 |
5216.000 |
|
(iv)
Intangible assets under development |
9182.000 |
16.000 |
66171.000 |
|
(b) Non-current Investments |
2888.000 |
2782.000 |
2782.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term loans and advances |
110106.000 |
5502.000 |
3762.000 |
|
(e) Other
Non-current assets |
4690.000 |
4067.000 |
1.000 |
|
Total Non-Current
Assets |
818858.000 |
131643.000 |
121924.000 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade
receivables |
17410.000 |
1442.000 |
1365.000 |
|
(d) Cash and
bank balances |
10238.000 |
606.000 |
823.000 |
|
(e)
Short-term loans and advances |
13902.000 |
7485.000 |
12498.000 |
|
(f) Other
current assets |
13781.000 |
1885.000 |
1454.000 |
|
Total
Current Assets |
55331.000 |
11418.000 |
16140.000 |
|
|
|
|
|
|
TOTAL |
874189.000 |
143061.000 |
138064.000 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
400805.000 |
42992.000 |
38969.000 |
|
|
Other Income |
2978.000 |
4181.000 |
1275.000 |
|
|
TOTAL |
403783.000 |
47173.000 |
40244.000 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
1412.000 |
71.000 |
23760.000 |
|
|
Employee benefit expense |
14530.000 |
1298.000 |
845.000 |
|
|
CSR expenditure |
94.200 |
21.000 |
0.000 |
|
|
Other expenses |
285587.800 |
35787.000 |
6146.000 |
|
|
Extraordinary items before tax |
9399.000 |
965.000 |
0.000 |
|
|
TOTAL |
311023.000 |
38142.000 |
30751.000 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
92760.000 |
9031.000 |
9493.000 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
48440.000 |
5345.000 |
2413.000 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
44320.000 |
3686.000 |
7080.000 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
65819.000 |
6997.000 |
4636.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(21499.000) |
(3311.000) |
2444.000 |
|
|
|
|
|
|
|
Less |
TAX |
(29532.000) |
(1011.000) |
1088.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
8033.000 |
(2300.000) |
1356.000 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Capital Goods |
25503.000 |
1263.000 |
1847.000 |
|
|
TOTAL IMPORTS |
25503.000 |
1263.000 |
1847.000 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
12.82 |
(11.52) |
6.79 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Maturities of Long term debt |
53487.000 |
4140.000 |
140.000 |
|
|
|
|
|
|
Net cash flows from (used in) operations |
86514.000 |
7891.000 |
6606.000 |
|
|
|
|
|
|
Net cash flows from (used in) operating activities |
74993.000 |
6965.000 |
6749.000 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
15.85 |
12.24 |
12.79 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
23.02 |
29.81 |
28.55 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
12394.75 |
23447.39 |
62.67 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.13 |
0.08 |
0.08 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.93 |
0.76 |
0.75 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
16.45 |
3.84 |
3.36 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
8.31 |
0.80 |
0.65 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
18.76 |
4.94 |
4.36 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
1.91 |
1.69 |
3.93 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
2.00 |
(5.35) |
3.48 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
0.92 |
(1.61) |
0.98 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
21.50 |
(9.53) |
5.13 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Ratio (Current Assets / Current Liabilities) |
0.18 |
0.59 |
0.93 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
0.18 |
0.59 |
0.93 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.04 |
0.17 |
0.19 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
98.04 |
46.36 |
44.54 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
0.18 |
0.59 |
0.93 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Share Capital |
1997.160 |
1997.165 |
6268.429 |
|
Reserves & Surplus |
24447.000 |
22147.000 |
31098.000 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
26444.160 |
24144.165 |
37366.429 |
|
|
|
|
|
|
long-term borrowings |
85625.000 |
85162.000 |
447846.000 |
|
Short term borrowings |
3183.000 |
3293.000 |
113201.000 |
|
Current maturities of
long-term debts |
140.000 |
4140.000 |
53487.000 |
|
Total
borrowings |
88948.000 |
92595.000 |
614534.000 |
|
Debt/Equity
ratio |
3.364 |
3.835 |
16.446 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
38969.000 |
42992.000 |
400805.000 |
|
|
|
10.324 |
832.278 |
NET PROFIT MARGIN
|
|
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
38969.000 |
42992.000 |
400805.000 |
|
Profit |
1356.000 |
(2300.000) |
8033.000 |
|
|
3.48
% |
(5.35
%) |
2.00
% |
LEGAL
CASES
High court
|
COMMISSIONER OF SERVICE TAX AHMADABAD. ADVOCATE SANJEEV CO Vs. MS VODAFONE MOBILE SERVICES LIMITED ADVOCATE NARULAKARANJAWALA & |
|
high court-Meghalaya |
|
Case no:CEAC 6/2017 CM APPL. 6902/2017 CM APPL. 37758/2017 |
|
Case status:Pending |
|
Judge: |
|
Date:2017-12-12 |
HIGH COURT
|
KOLKATA MUNICIPAL CORPORATION & ORS. H. S. MONDAL VODAFONE MOBILE SERVICES LTD. & ANR. WITH |
|
high court-West Bengal |
|
Case no:APO 351/2017 GA 4027/2017 WP 717/2009 |
|
Case status:Pending |
|
Judge:HON'BLE JUSTICE BISWANATH SOMADDER AND HON'BLE JUSTICE MOUSHUMI BHATTACHARYA |
|
Date:2018-01-08 |
|
Cases for : Party Name like VODAFONE MOBILE, Case Year: 2015 [PENDING] |
Total : 6 |
|
SL |
Case Number |
Party and Advocate details |
Category |
|
|
1 |
C.A.
No. 006328 - 006399/2015 |
Petitioner |
UNION OF INDIA THROUGH SECRETARY |
-Company Law, Mrtp, Trai, Sebi, Idrai & Rbi : Matters pertaining to TRAI / SEBI / IDRAI and RBI including Appeals U/S 18 of TRAI Act, Indian Electricity Act, 1910 and 2003, Electricity Supply Act, 1948 and Electricity Reforms Commission Act, 1998 : Matters pertaining to TRAI / SEBI / IDRAI and RBI including Appeals U/S 18 of TRAI Act |
|
Pet. Advocates |
D. S. MAHRA, [P-1] |
|||
|
Respondants |
ASSOCIATION OF UNIFIED TELECOM SERVICE PROVIDERS OF INDIA, CELLULAR OPERATORS ASSOCIATION OF INDIA M.D., RAILTEL CORPORATION OF INDIA, RAILTEL CORPORATION OF INDIA, RAILTEL CORPORATION OF INDIA, RAILTEL CORPORATION OF INDIA, RAILTEL CORPORATION OF INDIA, RAILTEL CORPORATION OF INDIA, RAILTEL CORPORATION OF INDIA, RAILTEL CORPORATION OF INDIA, RAILTEL CORPORATION OF INDIA, RAILTEL CORPORATION OF INDIA, RAILTEL CORPORATION OF INDIA, RAILTEL CORPORATION OF INDIA, RAILTEL CORPORATION OF INDIA, RAILTEL CORPORATION OF INDIA, RAILTEL CORPORATION OF INDIA, RAILTEL CORPORATION OF INDIA, RAILTEL CORPORATION OF INDIA, RAILTEL CORPORATION OF INDIA, RAILTEL CORPORATION OF INDIA, HUGHES ESCORTS COMMUNICATIONS LTD. M.D., BHARATI HEXACOM LIMITED M.D.,BHARTI AIRTEL LIMITED M.D., VODAFONE ESSAR SOUTH LIMITED (FORMELY KNOWN AS HUTCHISON ESSAR SOUTH LIMITED) M.D., RAILTEL CORPORATION OF INDIA LIMITED M.D.,RELIANCE COMMUNICATIONS LTD. M.D., DATACOM SOLUTIONS PVT LTD. M.D., S TEL PRIVATE LIMITED (FORMELY S TEL LIMITED) M.D., ID |
|||
|
Res. Advocates |
, , , , , , [Caveat], [R-10] |
|||
|
2 |
C.A.
No. 006009 - 006009/2015 |
Petitioner |
M/S. VODAFONE MOBILE SERVICES LTD. (FORMERLY KNONW AS VODAFONE ESSAR MOBILE SERVICES LTD AND EARLIER KNOWN AS STERLING CELLULAR LTD.), M/S VODAFONE INDIA LTD. (FORMERLY KNOWN AS VODAFONE ESSAR LTD. AND EARLIER KNOWN AS HUTCHISON MAX LTD.), M/S. VODAFONE WEST LTD., M/S. VODAFONE EAST LTD., M/S. VODAFONE SOUTH LTD. (FORMERLY KNOWN AS VODAFONE ESSAR SOUTH LTD. AND EARLIER KNOWN AS BARAKHAMBA SALES AND SERVICES LTD.), M/S. VODAFONE DIGILINK LTD. (FORMERLY KNOWN AS VODAFONE ESSAR DIGILINK LTD AND EARLIER KNOWN AS AIRCEL DIGILINK INDIA LTD) |
-Company Law, Mrtp, Trai, Sebi, Idrai & Rbi : Matters pertaining to TRAI / SEBI / IDRAI and RBI including Appeals U/S 18 of TRAI Act, Indian Electricity Act, 1910 and 2003, Electricity Supply Act, 1948 and Electricity Reforms Commission Act, 1998 : Matters pertaining to TRAI / SEBI / IDRAI and RBI including Appeals U/S 18 of TRAI Act |
|
Pet. Advocates |
KISHORE KUNAL, |
|||
|
Respondants |
UNION OF INDIA THROUGH ITS SECRETARY DEPTT. OF TELECOMMUNICATION, UNION OF INDIA AA |
|||
|
Res. Advocates |
D. S. MAHRA, |
|||
|
3 |
C.A.
No. 005934 - 005934/2015 |
Petitioner |
M/S VODAFONE MOBILE SERVICES LIMITED |
-Company Law, Mrtp, Trai, Sebi, Idrai & Rbi : Matters pertaining to TRAI / SEBI / IDRAI and RBI including Appeals U/S 18 of TRAI Act, Indian Electricity Act, 1910 and 2003, Electricity Supply Act, 1948 and Electricity Reforms Commission Act, 1998 : Matters pertaining to TRAI / SEBI / IDRAI and RBI including Appeals U/S 18 of TRAI Act |
|
Pet. Advocates |
KISHORE KUNAL, |
|||
|
Respondants |
UNION OF INDIA THROUGH ITS SECRETARY DEPTT OF TELECOMMUNICATION |
|||
|
Res. Advocates |
D. S. MAHRA, |
|||
|
4 |
C.A.
No. 008009 - 008017/2015 |
Petitioner |
UNION OF INDIA, IKFT TECHNOLOGIES LTD. (SOLE RESPONDENT IN 8016 OF 2015) |
-Company Law, Mrtp, Trai, Sebi, Idrai & Rbi : Matters pertaining to TRAI / SEBI / IDRAI and RBI including Appeals U/S 18 of TRAI Act, Indian Electricity Act, 1910 and 2003, Electricity Supply Act, 1948 and Electricity Reforms Commission Act, 1998 : Matters pertaining to TRAI / SEBI / IDRAI and RBI including Appeals U/S 18 of TRAI Act |
|
Pet. Advocates |
D. S. MAHRA, |
|||
|
Respondants |
M/S. RELIANCE COMMUNICATION LTD., M/S. VODAFONE EAST LTD., M/S. VODAFONE CELLULAR LTD., M/S. VODAFONE MOBILE SERVICES LTD., M/S. VODAFONE WEST LTD.,M/S. VODAFONE DIGILINK LTD., M/S. VODAFONE SOUTH LTD., IKFT TECHNOLOGIES LTD.,IDEA CELLULAR LTD. |
|||
|
Res. Advocates |
, [R-2], [R-3][Pr], [R-4][Pr], [R-5][Pr], [R-6][Pr], [R-7][Pr], [R-8][Pr] |
|||
|
5 |
C.A.
No. 013705 - 013711/2015 |
Petitioner |
M/S. VODAFONE MOBILE SERVICES LTD. AND OTHERS |
-Company Law, Mrtp, Trai, Sebi, Idrai & Rbi :
Matters pertaining to TRAI / SEBI / IDRAI and RBI including Appeals U/S 18 of
TRAI Act, Indian Electricity Act, 1910 and 2003, Electricity Supply Act, 1948
and Electricity Reforms Commission Act, 1998 : Matters pertaining to TRAI /
SEBI / IDRAI and RBI including Appeals U/S 18 of TRAI Act |
|
Pet. Advocates |
KISHORE KUNAL, |
|||
|
Respondants |
UNION OF INDIA THROUGH ITS SECRETARY DEPTT. OF TELECOMMUNICATIONS |
|||
|
Res. Advocates |
, |
|||
|
6 |
C.A.
No. 003675 - 003680/2015 |
Petitioner |
BHARAT SANCHAR NIGAM LIMITED |
-Company Law, Mrtp, Trai, Sebi, Idrai & Rbi : Matters pertaining to TRAI / SEBI / IDRAI and RBI including Appeals U/S 18 of TRAI Act, Indian Electricity Act, 1910 and 2003, Electricity Supply Act, 1948 and Electricity Reforms Commission Act, 1998 : Matters pertaining to TRAI / SEBI / IDRAI and RBI including Appeals U/S 18 of TRAI Act |
|
Pet. Advocates |
SUCHITRA ATUL CHITALE, |
|||
|
Respondants |
VODAFONE MOBILE SERVICES LIMITED ., VODAFONE INDIA LIMITED (FORMERLY KNOWN AS VODAFONE ESSAR LIMITED AND EARLIER KNOWN AS HUTCHISON MAX LELECOM) THROUGH MANAGING DIRECTOR, VODAFONE WEST LIMITED (FORMERLY KNOWN AS VODAFONE ESSAR GUJARAT LIMITED AND EARLIER KNOWN AS FASCEL LIMITED) THROUGH MANAGING DIRECTOR, VODAFONE EAST LIMITED (FORMERLY KNOWN AS VODAFONE ESSAR EAST LIMITED AND EARLIER KNOWN AS USHA MARTI N TELEKOM LIMITED) THROUGH MANAGING DIRECTOR, VODAFONE SOUTH LIMITED (FORMERLY KNOWN AS VODAFONE ESSAR SOUTH LIMITED AND EARLIER KNOWN AS BARAKHAM BA SALES AND SERVICES LIMITED) THROUGH MANAGING DIRECTOR, VODAFONE DIGILINK LIMITED (FORMERLY KNOWN AS VODAFONE ESSAR DIGILINK LIMITED AND EARLIER KNOWN AS AI RCELL DIGILINK INDIA LIMITED) THROUGH MANAGING DIRECTOR, VODAFONE CELLULAR LIMITED (FORMARLY KNOWN AS VODAFONE ESSAR CELLULAR LIMITED) THROUGH MANAGING DIRECTOR, VODAFONE SPACTEL LIMITED (FORMARLY KNOWN AS VODAFONE ESSAR SPACETEL LIMITED) THROUGH MANAGING DIRECTOR, UNION OF INDIA THROUGH SECRETARY DEPARTMENT |
|||
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) |
Yes |
|
16] |
No. of employees |
Yes |
|
17] |
Details of sister concerns |
Yes |
|
18] |
Major suppliers |
Yes |
|
19] |
Major customers |
Yes |
|
20] |
Banking Details |
Yes |
|
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 |
No |
|
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 |
UNSECURED LOAN
|
PARTICULARS |
31.03.2016 (INR
in Million) |
31.03.2015 (INR
in Million) |
|
Long-term
Borrowings |
|
|
|
Deferred payment Indian sources |
0.000 |
47296.000 |
|
Rupee term loan from others |
323300.000 |
10485.000 |
|
Non convertible Debenture |
75000.000 |
0.000 |
|
Short-term
borrowings |
|
|
|
Rupee term loans from banks |
75988.000 |
3293.000 |
|
|
37213.000 |
0.000 |
|
Total |
511501.000 |
61074.000 |
INDEX
OF CHARGES
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of
Modification |
Date of
Satisfaction |
Amount |
Address |
|
1 |
G38059226 |
10142087 |
IL & FS TRUST COMPANY LIMITED |
14/01/2009 |
20/07/2009 |
10/03/2017 |
280000000000.0 |
IL & FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRAKURLA COMPLEX BANDRA (EAST) MUMBAI-400051, INDIA |
|
2 |
G38059622 |
10143502 |
IL & FS TRUST COMPANY LIMITED |
14/01/2009 |
20/07/2009 |
10/03/2017 |
280000000000.0 |
IL & FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRAKURLA COMPLEX BANDRA (EAST) MUMBAI-400051, INDIA |
|
3 |
G38058533 |
10000102 |
IL & FS TRUST COMPANY LIMITED |
21/02/2006 |
20/07/2009 |
10/03/2017 |
280000000000.0 |
IL & FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRAKURLA COMPLEX BANDRA (EAST) MUMBAI-400051, INDIA |
|
4 |
G38060067 |
80039338 |
IL & FS TRUST COMPANY LIMITED |
23/02/2006 |
25/05/2009 |
10/03/2017 |
280000000000.0 |
IL & FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRAKURLA COMPLEX BANDRA (EAST) MUMBAI-400051, INDIA |
|
5 |
G38059101 |
10000111 |
IL & FS TRUST COMPANY LIMITED |
21/02/2006 |
25/05/2009 |
10/03/2017 |
280000000000.0 |
IL & FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRAKURLA COMPLEX BANDRA (EAST) MUMBAI-400051, INDIA |
|
6 |
G38061875 |
80039625 |
IL & FS TRUST COMPANY LIMITED |
22/02/2006 |
25/05/2009 |
10/03/2017 |
280000000000.0 |
IL & FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRAKURLA COMPLEX BANDRA (EAST) MUMBAI-400051, INDIA |
|
7 |
G38056487 |
10000081 |
IL & FS TRUST COMPANY LIMITED |
21/02/2006 |
20/07/2009 |
10/03/2017 |
280000000000.0 |
IL & FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRAKURLA COMPLEX BANDRA (EAST) MUMBAI-400051, INDIA |
|
8 |
A43660471 |
10089398 |
IL & FS TRUST COMPANY LIMITED |
27/12/2007 |
- |
14/08/2008 |
45000000000.0 |
IL & FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRAKURLA COMPLEX BANDRA (EAST) MUMBAI-400051, INDIA |
|
9 |
A41675265 |
90008760 |
GLOBAL TRUST BANK LTD. |
14/02/2000 |
- |
02/07/2008 |
330000000.0 |
M. G. ROAD, BANGLORE-560001, KARNATAKA, INDIA |
|
10 |
A41675356 |
90008504 |
GLOBAL TRUST BANK LTD. |
11/09/1997 |
03/07/1998 |
02/07/2008 |
10000000.0 |
LANDMARK; NO. 21/15 MAHATMA GANDHI ROAD, BANGLORE-560001, KARNATAKA, INDIA |
PERFORMANCE
During the financial year ended 31 March 2015, the company was operating telecommunication services only in Delhi service area. During the period under review i.e. for the financial year ended 31 March 2016, its subsidiary and certain fellow subsidiaries of the Company have amalgamated with the Company and accordingly the above figures are for operations of the Company for the whole of India excluding Mumbai service area. The details of amalgamation are provided in the following pages of the Report.
The year ended March 2016 has been a tough year, in challenging circumstances. The revenue upside was primarily due to significant data usage, fixed line and visitor revenues. Data revenue was 48.1% higher due to 91.5% higher usage. The company has made significant investment in the brand by improving the network and upgrading the customer touch point.
The Companys customer base grew to 189.3 million subscribers with a growth rate of 7.9% on a year on year basis. Your Company continues to be one of the leading operator, having a revenue market share of 21.5% (Includes fixed line revenue of all operators) in current financial year in a very competitive multi-player market.
OUTLOOK FOR FINANCIAL
YEAR 2016-17
Industry growth is expected to be driven by data usage and traffic growth through customer addition. With respect to smart phone penetration, the industry will continue to witness surge in smartphones leading to increase in data usage however with yield erosion. However revenue is challenged by changes in regulations like additional 0.5% Krishi Kalyan cess, Service tax increase from 14.5% to 15.0%.
Revenue growth for Vodafone in FY17 is expected to be through driving customer value management, strengthening network and providing superior customer experience. Data uptake expected to increase on account of evolving 4G ecosystem and increase in coverage, growth in smartphone penetration and high bandwidth consuming applications, video streaming and downloads. However the pressure on data realization expected to continue.
Competitive LTE coverage in 9 circles and strong 3G coverage in 16markets accounting for 91% of total revenue. Emphasis would be given on making Customer Experience simple & effortless and drive the My Vodafone app as the primary interface for customers. Drive brand affinity through insightful network & product propositions.
PRESS RELEASE
Kumar Mangalam Birla owned Idea Cellular NSE -2.27 % said
its Board has approved of a merger with Vodafone India and its wholly owned
subsidiary Vodafone India Mobile Services, which will create India's largest mobile
phone company with about 400 million customers, 35% customer market share and
41% revenue market share.
Vodafone India's business barring its investments in Indus Towers will vest in
the new entity, which will be renamed at a later stage, the companies said a
statement Monday.
Vodafone will own 45.1% in the combined entity after transferring 4.9% to the promoters of Idea Cellular for Rs 3,874 crore in cash post the merger. Kumar Mangalam Birla and other promoters of Idea Group will hold 26% and the rest will be owned by the public, said the statement.
Prior to completion of the transaction, Vodafone and Idea
intend to sell their standalone tower assets and Idea’s 11.15% stake in Indus
Towers to reduce leverage in the combined company. Vodafone will also explore
strategic options for its 42% stake in Indus Towers; potential options include
either a partial or a full disposal.
The Idea stock, which had jumped over 15% in early trade, was down 8% at
Rs99.45 on the BSE at 10.36 am, as investors booked profits. The merger ratio
is based Idea's price at Rs 72.5 a unit.
The companies added that the implied enterprise value is Rs 828 billion or
$12.4 billion for Vodafone India and Rs 722 billion or US$10.8 billion for
Idea, excluding its stake in Indus Towers, valuing Vodafone India at 6.4x
EV/LTM EBITDA and Idea excluding its stake in Indus Towers at 6.3x EV/LTM
EBITDA.
Vodafone will contribute Rs 2,500 crore ($369 million) more net debt than Idea, upon closure of the merger. Based on Idea's net debt of Rs 52,700 crore at December end, Vodafone would contribute Rs 55,200 crore of net debt to the merged entity.
“This landmark combination will enable the Aditya Birla Group to create a high
quality digital infrastructure that will transition the Indian population
towards a digital lifestyle and make the Government’s Digital India vision a
reality," said Aditya Birla Group Chairman, Kumar Mangalam Birla.
He added that Idea and Vodafone will together create a very valuable company
given our complementary strengths.
Vodafone Group Chief Executive, Vittorio Colao said, "The combined company
will have the scale required to ensure sustainable consumer choice in a
competitive market and to expand new technologies – such as mobile money
services – that have the potential to transform daily life for every
Indian."
"We look forward to working with the Aditya Birla Group to create value
for all stakeholders.”
The merger should be completed within 24 months, that is in 2018, subject to
approvals from shareholders, creditors, stock exchanges, SEBI, the telecom
department and Competition Commission of India.
The merger is not subject to approval from Vodafone Group's shareholders. The pact also has a break-fee of Rs 3,300 crore (US$500 million) that would become payable under certain circumstances.
Vodafone India will be deconsolidated, reducing Vodafone Group's net debt by Rs 552 billion or $8.2 billion and lowering Vodafone Group leverage by around 0.3x Net Debt/EBITDA. The transaction is expected to be accretive to Vodafone’s cash flow from the first full year post-completion.
Promoters of Idea and Vodafone will have the right to nominate three directors each into a Board of the combined entity which will be comprised of 12 directors, six will be independent. Idea will have its nominee as chairman while CFO will be put forth from Vodafone's side. Both CEO and COO will be a joint decision taken by both parties, said the statement.
While the merger will result in creation of the largest telecom entity with
pan-India 3G and 4G footprint, it will have sufficient spectrum to compete with
major operators while offering attractively priced mobile services to
consumers, specially in the wake of competition from Reliance Jio.
It would hold 1,850 MHz, including circa 1,645 MHz of liberalised spectrum
acquired through auctions 7 . It will be capable of building substantial mobile
data capacity, utilising the largest broadband spectrum portfolio with 34 3G
carriers and 129 4G carriers across the country.
It will leverage customer affinity for Vodafone and Idea brands, that have
combined consumer base of about 390 million, it will create substantial cost
and capex synergies for both companies - an estimated net present value of
around US$10 billion after integration costs and spectrum liberalisation
payments, with estimated run-rate savings of US$2.1 billion on an annual basis
by the fourth year post completion. Operating cost savings represent 60% of the
expected run-rate savings.
The telecom industry is going through a consolidation phase with many players
looking for a merger. The Vodafone Idea alliance will create the largest telco
in the country pushing Sunil Mittal's Bharti AirtelNSE -1.89 % to the second
spot.
ET on Monday had reported that Vodafone CEO Vittorio Colao will be arriving
this week to discuss the key issues related to the merger besides bolstering
staff morale that’s been undermined by fears of job losses after a union, said
the people cited above.
FIXED ASSETS
- Land
- Building
- Furniture and
Fixture
- Computer
- Plant and
Machinery
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records 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 67.22 |
|
UK Pound |
1 |
INR 90.87 |
|
Euro |
1 |
INR 80.08 |
INFORMATION DETAILS
|
Information Gathered
by : |
AKS |
|
|
|
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
TRUP |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
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.
·