Sandhar Technologies Limited — Audit Report / Information 2020

Aug 5, 2019

ARVIND JOSHI Digitally signed by ARVIND JOSHI Date: 2019.08.05 12:14:09 +05'30'

COMPANIES 5 ~~<~~

MUMBAI | MONDAY, 5 AUGUST 2019

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Deloitte quits as auditor of cash-strapped DHFL

Deloitte Haskins & Sells writes to MCA citing reasons for giving up the account

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SUDIPTO DEY the auditor.
New Delhi, 4 August Deloitte’s move to resign
from DHFL comes at a time
eloitte Haskins & Sells, when all the Big Four audit
one of the joint audi- firms, and the credit rating
D tors of the cash- agencies, are under the scan-
strapped housing finance ner for their role in the IL&FS
company DHFL, is believed to crisis. In June, auditors of
have put in its papers. In a Reliance Capital and Reliance
communication to the Home, too, had resigned from
Ministry of Corporate Affairs, the companies.
the auditor has cited repeated Markets regulator Sebi
failure on part of the company (Securities and Exchange
to provide them with sufficient Deloitte’s move to resign from DHFL comes at a time when the Board of India) has recently
explanation or information Big Four, and the credit rating agencies, are under the scanner proposed stricter disclosure
about certain unsecured for their role in the IL&FS crisis norms for auditors of listed
borrowings. companies.
However, the other joint accounting. “We are unable to larities are unfounded and In a consultation paper,
auditor, Mumbai-based Chatu- comment on the company’s malicious. The company is Sebi proposed that if the audi-
rvedi & Shah, continues to compliance of the covenants currently going through a plan tor of a listed entity has signed
service the company, sources in respect of all borrowings to restructure its debt and the audit report for all the
added. and consequential implica- inject fresh capital into the quarters of a financial year,
Earlier, both the joint audi- tions,” the auditors had said. business through a stake sale. except the last quarter,
tors had noted in DHFL’s Earlier, the auditors citing When contacted, a DHFL the auditor should finalise
financial results for FY19 that Section 143 (1) of the Com- spokesperson said they were the audit report for the
there were irregularities in panies Act had sought addi- not aware of the latest devel- said financial year before
granting of certain loans and tional information from the opment. According to Com- such resignation. In all other
that they had reservations company on certain transac- panies law and Sebi-listing cases, the auditor shall issue
about management preparing tions. provisions, a company is sup- limited review/audit report
the statement of accounts DHFL management has posed to inform the regulator for that quarter before such
using a going concern basis of held the allegations of irregu- any instance of resignation by resignation.
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JioPhone loses ground in rural areas

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SOHINI DAS & ROMITA MAJUMDAR merce companies in this space Sources in Jio said Jio- market fell 39 per cent. The
Mumbai, 4 August as well, it is not the only reason Phone contributed 30-40 per decline was due to inventory
for the lower demand. There cent of their overall monthly build-up for Jio, besides the
Reliance Jio, now largest tele- is a pricing shift, with rural addition. “The market share year-before period seeing very
com operator in the country phone customers also upgrad- loss that Counterpoint data strong demand for JioPhone.
by subscriber volume, is seeing ing to phones in the ~6,000- shows could be due to the fact “Featurephone demand is
a slowdown in sales of its flag- 8,000 and ~10,000-12,000 that imports from earlier have back to the 2017 (pre-
ship offering, JioPhone. range as the demand for pre- sold over a longer period of JioPhone) level but it remains
The JioPhone is fourth- mium specifications grows,” time. Usually, phone buying is to be seen if entry-level smart-
generation technology. she said. also seasonal, skewed around phones in the coming quarters
Industry insiders feel used Another analyst festivals and harvest are able to attract the hun-
smartphones are gaining pop- said the used smart- Share of seasons,” said an dreds of millions of feature-
ularity in the hinterland, the phone market was JioPhone in the official, who did not phone users,” it said.
main market for JioPhone. highly fragmented, featurephone wish to be named. Of late, Jio's subscriber
Recent data from Counter- with no credible market has Jio says the addition momentum has
point Research showed the source of informa- shrunk from JioPhone launch slowed. In a recent note (after
share of JioPhone in the fea- tion on size and 47% in the had kept in mind the Telecom Regulatory Authority
turephone market had shrunk growth. “Used smart- second quarter 500 million feature- of India subscriber numbers
from 47 per cent in the second phones are definitely of 2018 to 28% phone user base at for May were issued),
quarter of 2018 to 28 per cent a eating into the mar- a year after that time. It has, it Edelweiss has noted Jio's sub-
year after. ket share of says, no plan for a sciber addition dipped from
Anshika Jain, analyst at JioPhone. However, this cheaper smartphone anytime an average of 10 million a
Counterpoint, said introduc- should not be a matter of con- soon, as cheaper variants of month in 2018-19 (April 2018
tion of a number of phones cern for Jio, as long as their net its LYF did not see much off- to March 2019) to 8.1 million
priced below ~1,000 — by iTel, subscriber additions remain take. However, the feature- and 8.2 million in April and
Lava and Samsung, among steady,” he said. phone market is witnessing May 2019, respectively.
others — was a reason. The JioPhone was sub- some slowing. Counterpoint Analysts expect the
“While the second-hand sidised, he added, and hence said in the second quarter of JioPhone base to touch around
and refurbished phone mar- as long as Jio continues to sell 2019, the smartphone market 127 million over the next one
ket is growing, thanks to the SIMs, it is a positive for the showed growth over a year; year. At present, it is estimated
entry of a few large e-com- company in revenue. however, the featurephone to be 60-65 million.
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Vodafone Idea needs to raise opex savings target: Analysts

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SOHINI DAS gration, capacity expansion
Mumbai, 3 August and merger synergies are
expected to boost the 4G cov-
As shares of Vodafone Idea, erage to 90 per cent. “However,
the country’s second-largest until then, the subscriber
telecom operator, continue to churn coupled with cash flow
fall on the bourses, analysts crunch could risk the operat-
say the firm’s operational ing capability of the company,”
expenses (opex) savings target said Aliasgar Shakir, research
will have to be raised higher analyst at Motilal Oswal.
than the guided ~8,400 crore BALANCE SHEET Voda Idea’s wireless rev-
as cash losses remain at ele-vated levels. FY19 FY20E FY21E enue decline in the June quar-ter was affected by continuous
The firm hired one of the Total revenue (~cr) 37,092.5 44,182.9 44,678.5 down trading by high average
Big Four consultants to take a Ebitda (~cr) 4,043.0 5,362.2 10,542.3 revenue per user (ARPU) cus-
re-look at its opex and driveadditional cost savings. Analysts at Emkay Global Ebitda margin (%)Subscribers (mn) 334.110.9 12.1317 23.6317 tomers and subscriber churnon minimum recharge plans.“The shrinkage in subscriber
said despite aggressive cost Net adds (mn) 139.58 -17.1 0 base by 102 million over the last
synergies, recent fundraising ARPU (~) 112 105 109 three quarters is higher than
and partial revenue recovery, E: estimated; ARPU: Average revenue per user; Ebitda: Earnings before interest, tax, estimated. Minimum recharge
net debt to Ebitda ratio for FY21 depreciation and amortization Source: Emkay Research plan-led subscriber loss seems
(estimates) remains at an largely behind, while down-
uncomfortable level of 10 now, there are no plans to estimated annual cash trading may continue in the
times. Emkay revised its target accelerate the site reduction requirement of ~28,200 crore ensuing quarters,” said Emkay.
price for the stock to ~5 and plan,” the report said. The firm (capex of ~12,000 crore, debt Analysts said in some large
maintained a sell rating. had indicated in its earnings repayment of ~4,200 crore and circles, data market share is 20
In its note after the earnings call on Monday that it hired the interest cost of ~12,000 crore) per cent while user market
call, Emkay noted that the opex consultant to work over the next two share is 30 per cent. The com-
savings target will have to be with it on cost syner- The firm hired financial years. pany is targeting subscriber
raised higher than the guided gies. It is hopeful that one of the Big Four Thus, the current conversion to data to boost rev-
~8,400 crore as cash losses rem- it would be able to consultants to cash plus addi- enue growth.
ain at elevated levels. It went on take out substantial take a re-look tional monetisa- Revenue in Q1FY20
to add that the company hired amount of cost fur- at its opex and tion opportunity declined 4.3 per cent sequen-
one of the Big Four consult- ther. drive additional could optimisti- tially to ~11,270 crore (7 per cent
ants to re-look into its opex and Motilal Oswal ana- cost savings cally suffice for below estimates), led by con-
drive additional cost savings. lysts said that an addi- the next 4-5 tinuing high subscriber churn
“The management will tional ~10,000-12,000 crore quarters,” it said. (it lost 14 million subscribers
highlight this aspect in the next could be raised through mon- Voda Idea’s Indus tower over the previous quarter).
quarter. Out of the 22,000 site etisation of the Indus Towers stake is roughly valued at However, it was partly offset by
reductions it planned, stake sale and fibre assets and ~6,160 crore while its fibre a rise in ARPU of 4 per cent
Vodafone Idea has so far cut another ~5,000 crore through assets are currently valued at QoQ to ~108 (against an esti-
14,000 sites (10,000 in Q4FY19 cash flow from operations. ~11,850 crore. By June 2020, the mate of ~115) due to the mini-
and 4,000 in Q1FY20). As of “Against this, Voda Idea has efforts towards network inte- mum recharge plans.
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Chinese firms work hard to be Indian

Facing severe backlash from the govcouple of years, many Chinese e-comernment, trader organisations, andindependent bodies over time, merce firms are working hard to maketheir online marketplace more inclu- Valuation Chinese digital commerce and socialmedia firms are working hard tochange the narrative. sive. Therefore, instead of having justproducts from China, many of themsuch as Club Factory are working with � ASSETS � BUSINESSES � BRANDS From setting up their second office a host of Indian sellers. � SWEAT EQUITY in India to bank-rolling onshore data Club Factory, which has close to centres, Chinese firms are going above 50 million Indian users on its plat- ANMOL SEKHRI CONSULTANTS P. LTD and beyond even US tech firms to form, is planning to add 10,000 sellers e-mail: corpassistance@yahoo.co.in show they are as Indian as other playin India. It has an office in Gurugram website: www.valuationsekhri.com ers in the country. After facing flak and plans to open offices in Bengaluru from trader organisations over the last and Mumbai. BS REPORTERS

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(Formerly known as Globus Constructors & Developers Limited)Regd. Office:GLOBUS POWER GENERATION LIMITEDCorporate Office: Vaishali Nagar, Jaipur, Rajasthan- 302021 Shyam House, Plot No.3, Amrapali Circle,Phase-I, New Delhi-110028A-60, Naraina Industrial Area, ¼vpy lEifRr gsrq½djksy ckx 'kk[kkdCtk lwpuk
Exchange Board of India (Listing Obligations andDisclosure Requirements) Regulations,Pursuant to Regulation 29 of Securities and CIN No. L40300RJ1985PLC047105Email id: globuscdl@gmail.comWebsite : www.gpgl.in NOTICE 2015 esa foRrh; vkfLr;ksa dk izfrHkwfrdj.k ,oa iqufuZekZ.k rFkk izfrHkwfr fgr izorZu vf/kfu;e] 2002tcfd v/kksgLrk{kjh us y{eh foykl cSad fyfeVsM] djksy ckx 'kk[kk ds izkf/kdr vf/kdkjh ds :i ¼izfrHkwfr fgr ¼izorZu½ fu;ekoyh] ds v/khu vkSj izfrHkwfr fgr ¼izorZu½ fu;ekoyh 2002 ds fu;e & 2002 8¼1½ ds lkFk ifBr ifjf'k"V& ds fu;e 9 ds lkFk ifBr /kkjk 4½<br>held on Monday, 12(“Listing Regulations”), Notice is hereby given that the 03the Company for the financial year 2019-20 will be rd meeting of the Board of Directors of th day of August, 2019 at 1:00 tkjh dh Fkh] ftlesa dtZnkj 2 13 ½ Jh bUnzs'k dqekj jLrksxh ¼12½ ds rgr iznRr 'kfDr;ksa dk iz;ksx djrs gq, ,d ekax lwpuk fnukafdr Jh vfouk'k jLrksxh vkSj xkjaVjksa ls lwpuk eas of.kZrkuqlkj cdk;k jkf'k 1½ Jherh v:.kk jLrksxh] :- 51,00,086.64 28.05.2018<br>Company, inter alia, to consider and take on Delhi-110028, the Corporate OfficePM at A-60, Naraina Industrial Area, Phase-I, New of the ¼:- bD;kou yk[k fN;klh rFkk iSls pkSalB ek=k½ frfFk ls 60 fnu ds Hkhrj djus dh ekax dh xbZ FkhA dk Hkqxrku mDr lwpuk dh izkfIr dh<br>record the Unaudited Financial Results for the dtZnkj mDr jkf'k pqdkus esa vlQy jgs gSa] vr% ,rn~}kjk dtZnkj vkSj tulk/kkj.k dks<br>quarter ended June 30, 2019.Date: 02.08.2019Place: New Delhi For Globus Power Generation Limited (Company Secretary)Urmil KakkarSd/- dtZnkj dks fo'ks"k :i ls rFkk tulk/kkj.k dks lkekU; :i ls bu lEifRr;ksa ds laca/k esa lEifRr dk lkadsfrd dCtk vf/kfu;e dh /kkjk lwpuk nh tkrh gS fd v/kksgLrk{kjh us mDr fu;ekoyh ds fu;e 13¼4½ ds rgr mldks iznRr 'kfDr;ksa dk iz;ksx djrs gq, ;gka uhps of.kZr 03 vxLr] 2019 dks izkIr dj fy;k gSA 9 ds lkFk ifBr mDr<br>laO;ogkj ugha djus gsrq lko/kku fd;k tkrk gS vkSj bu lEifRr;ksa ds laca/k esa dksbZ Hkh<br>Regd. Office: Shyam House, 3, Amrapali Circle Vaishali Nagar, Jaipur-302021, SHYAM TELECOM LIMITED CIN: L32202RJ1992PLC017750 rFkk ml ij C;kt pqdkus ds ckn gh fd;k tk ldrk gSA 48,55,998.64 laO;ogkj y{eh foykl cSad fyfeVsM] djksy ckx 'kk[kk¼:- vM+rkyhl yk[k ipiu gtkj ukS lkS vB~Bkuos rFkk iSls pkSalB ek=k½ dh cdk;k jkf'k :-<br>Website: www.shyamtelecom.com, Email: investors@shyamtelecom.comRajasthan, India Ph.: 91-141-5100343, Fax: 91-141-5100310 Notice vf/kfu;e dh /kkjk dtZnkj@xkjaVjksa dk /;ku] izR;kHkwr vkfLr;ksa dks NqM+kus ds fy,] miyC/k le; ds laca/k esa] 13 dh mi&/kkjk ¼8½ ds izko/kku dh vksj vkd"V fd;k tkrk gSA
Pursuant to Regulation 47 read with Regulation 29 of Securities and Exchange Board of vpy lEifRr dk o.kZu
hereby given that the Meeting of the Board of Directors of the Company will be held on Monday, India (Listing Obligations and Disclosure Requirement) Regulations, 2015, Notice be and is 12th day of August, 2019 , 04.00 PM at A-60, Naraina Industrial Area, Phase – I, lEifRr la- 1 % dtZnkj }kjk ca/kd j[kh xbZ lEifRr;kas dk o.kZu
www.shyamtelecom.com and on the websites of the Stock Exchanges where Shares of ThisNew Delhi -110028, the Corporate Office of the Company inter alia, to consider, approve and take on record the Unaudited Financial Results for the Quarter ended 30information is also available on the Website of the th CompanyJune, 2019. at Qst&uacj Jherh v:.kk jLrksxh iRuh Jh bUnzs'k dqekj jLrksxh ds lkFk lacaf/kr ÝhgksYM MhMh, nqdku 1191] >aMsokyku ,DlVsa'ku] ubZ fnYyh&&,] Hkw ry] {ks=kQy ifjeki 23.20110005 oxZ ehVj] ysvkmV Iyku lkbfdy ekdsZV] dk lkfE;d ca/kdA
the Company are listed at Bombay Stock Exchange Limited (www.bseindia.com) and National Stock Exchange of India Ltd. (www.nseindia.com)For SHYAM TELECOM LIMITED By the order of the Board iwjc % LVs;lZ mRrj % [kqyk if'pe % nqdku uacj 118&, nf{k.k % jkLRkk
Place: New DelhiDate: 02 nd August, 2019 COMPANY SECRETARYSAURAV GOEL Sd/- frfFkLFkku % ubZ fnYyh : 03.08.2019 y{eh foykl cSad fyfeVsM¼izkf/kd`r vf/kdkjh½
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