MIRA
INFORM REPORT
|
Report Date : |
02.11.2006 |
IDENTIFICATION
DETAILS
|
Name : |
IMAGE
INFOTAINMENT LIMITED |
|
|
|
|
Registered Office : |
32,
TTK Road, Alwarpet, Chennai – 600018, Tamilnadu |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2004 |
|
|
|
|
Date of Incorporation : |
10.12.1998 |
|
|
|
|
Com. Reg. No.: |
18-41557 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U74999TN1998PLC041557 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
CHE102205A |
|
|
|
|
Legal Form : |
A
Closely Public Limited Liability
Company |
|
|
|
|
Line of Business : |
Company
is engaged In Mutimedia Training and Software Development Services |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD
25000 |
|
|
|
|
Status : |
Satisfactory
|
|
|
|
|
Payment Behaviour : |
Usually
Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject
is a well – established company having satisfactory track. Trade relations
are fair. Payments are usually correct and as per commitments. The
company can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered Office : |
32,
TTK Road, Alwarpet, Chennai – 600018, Tamilnadu |
|
Tel. No.: |
91-44-52148993/52148994/52148995/24671542 |
|
Fax No.: |
91-44-24671543 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
College:
|
IMAGE COLLEGE OF ARTS, ANIMATION & TECHNOLOGY
|
|
|
|
|
Training Institute |
INSTITUTE OF MULTIMEDIA ARTS AND GRAPHIC EFFECTS
|
|
E-Mail
: |
|
DIRECTORS
|
Name : |
Mr. K
Kumar |
|
Designation : |
Director
|
|
Address : |
12, 16th
Avenue, Ashok Nagar, Chennai – 600083 |
|
Date of Appointment : |
10.12.1998 |
|
|
|
|
Name : |
Mr. V
Natarajan |
|
Designation : |
Director
|
|
Address : |
7/4,
MIG Flats, Mahalakshmi Colony, 11th Avenue, Ashok Nagar, Chennai –
600083 |
|
Date of Appointment : |
10.12.1998 |
|
|
|
|
Name : |
Mr. R
Madhan |
|
Designation : |
Director
|
|
Address : |
H – 10
– D, Krupa Colony, 1st Avenue, Ashok Nagar, Chennai – 600083 |
|
Date of Appointment : |
10.12.1998 |
|
|
|
|
Name : |
Mr. V
Anand |
|
Designation : |
Director
|
|
Address : |
AH –
118, 4th Street, Anna Nagar, Chennai – 600040 |
|
Date of Appointment : |
10.12.1998 |
|
|
|
|
Name : |
Mr. P
Surendranathan |
|
Designation : |
Director
|
|
Address : |
No.
LIE, Sarvamangala Colony, Ashok Nagar, Chennai – 600083 |
|
Date of Appointment : |
10.12.1998 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
|
Mr. K
Kumar |
25000 |
|
Mr. V
Natarajan |
20000 |
|
Mr. R
Madhan |
22500 |
|
Mr. V
Anand |
22300 |
|
Mr. P
Surendranathan |
10000 |
|
Mr. K
N Parasuram |
100 |
|
Mr. B
Ganesh |
100 |
BUSINESS DETAILS
|
Line of Business : |
Company
is engaged In Mutimedia Training and Software Development Services |
GENERAL
INFORMATION
|
No. of Employees : |
30 |
|
|
|
|
Bankers : |
v
UTI
Bank Limited, M G Road, Adyar, Chennai – 600020 v
ICICI
Bank Limited, Cenotaph Road, Teynampet, Chennai – 600018 v
The
Catholic Syrian Bank Limited v
The
City Union Bank Limited v
The
Federal Bank Limited v
HDFC
Bank Limited v
Central Bank of India, Mylapore
Branch, Chennai – 600004 |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking Relations : |
Satisfactory
|
|
|
|
|
Auditors : |
Kalyanasundaram
& Company Chartered
Accountant |
|
Address: |
# 28 –
P, Ashok Flats, 10th Avenue, Ashok Nagar, Chennai – 600083 |
|
|
|
|
Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
100000 |
Equity
Shares |
Rs. 10/- each |
Rs. 1.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
100000 |
Equity
Shares |
Rs. 10/- each |
Rs. 1.000 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2004 |
31.03.2003 |
31.03.2002 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1.000 |
4.950 |
4.950 |
|
|
2] Pending allotment |
3.950 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1.582 |
1.342 |
1.324 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
6.532 |
6.292 |
6.274 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.592 |
0.501 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.592 |
0.501 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
6.532 |
6.884 |
6.775 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
4.358 |
4.744 |
5.402 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
3.775
|
3.779 |
|
|
|
Sundry Debtors |
1.478
|
1.517 |
|
|
|
Cash & Bank Balances |
0.309
|
0.336 |
7.291 |
|
|
Other Current Assets |
0.000
|
0.000 |
|
|
|
Loans & Advances |
1.324
|
1.316 |
|
|
Total Current Assets |
6.886
|
6.948 |
7.291 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
0.437
|
0.010 |
5.922 |
|
|
Provisions |
4.275
|
4.798 |
0.000 |
|
Total Current Liabilities |
4.712
|
4.808 |
5.922 |
|
|
Net Current Assets |
2.174
|
2.140 |
1.369 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.004 |
|
|
|
|
|
|
|
|
TOTAL |
6.532 |
6.884 |
6.775 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2004 |
31.03.2003 |
31.03.2002 |
|
Sales Turnover [including other income] |
11.869 |
13.101 |
19.968 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
0.670 |
0.029 |
0.215 |
|
Provision
for Taxation |
0.300 |
0.011 |
0.079 |
|
Profit/(Loss)
After Tax |
0.370 |
0.018 |
0.136 |
|
|
|
|
|
|
Total
Expenditure |
9.849 |
11.422 |
19.753 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2004 |
31.03.2003 |
31.03.2002 |
|
PAT / Total Income |
(%) |
3.11
|
0.13 |
0.68 |
|
|
|
|
|
|
|
Net
Profit Margin (PBT/Sales) |
(%) |
5.64
|
0.22 |
1.07 |
|
|
|
|
|
|
|
Return
on Total Assets (PBT/Total
Assets} |
(%) |
5.95
|
0.24 |
1.69 |
|
|
|
|
|
|
|
Return
on Investment (ROI) (PBT/Networth) |
|
0.10
|
-- |
0.03 |
|
|
|
|
|
|
|
Debt
Equity Ratio (Total
Liability/Networth) |
|
0.72
|
0.85 |
1.02 |
|
|
|
|
|
|
|
Current
Ratio (Current
Asset/Current Liability) |
|
1.46
|
1.44 |
1.23 |
LOCAL AGENCY
FURTHER INFORMATION
Financial
Highlight
The
director are pleased to report that the company ahs performance well during the
year under report and had made an profit (before tax) of Rs. 0.670 Millions as
against the profit of Rs. 0.029 Millions during the last year. After providing
for taxations a sum of Rs. 0.370 Millions is carried to the balance sheet. The
director are confident that the performance of the company during the current
year will also yield good result
Fixed
Assets
Air
Condition
Computer
& Accessories
Furniture
& Fixture
Software
Office
Equipment
|
Name of the company |
IMAGE
INFOTAINMENT LIMITED |
|
Presented By |
Central Bank of India, Mylapore
Branch, Chennai – 600004 |
|
1) Date and description of instrument creating the change |
13.10.2004 Loan cum hypothecation agreement Term loan agreement for small loans |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 3.600 millions Facility – Term Loan Together with interest, costs charge and all other expenaces which may be debited to the said accounted from time to time |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation by way of first charge in favour of Central Bank of India, Mylapore, Chennai – 600004 all the fixed assets such as furniture and fixture etc and all other tangible movable property such as products of manufacturer and all articles manufacturer there from to the company which now are or from time to time |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Inertest – Interest at the rate of BPLR + 4% Margin – 25% Repayable in 60 equated at Rs. 0.098 Millions Purpose – for purchase of fixed assets |
|
5) Name and Address and description of the person entitled to the charge. |
Central Bank of India, Mylapore Branch, Chennai – 600004 |
|
6) Date and brief description of instrument modifying the charge |
Not Applicable |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Not Applicable |
As Per
Website Details
Image Infotainment Limited is a dedicated Digital Media Company. Pioneers in the Multimedia Industry. IMAGE is one of the leading providers of comprehensive Multimedia Solutions for both ofline and ONLINE media on par with global standards. Amongst its achievements, it has developed the world's first and still the foremost Interactive Encyclopaedia on Carnatic Music- Nadhanubhava, a 200 minutes Cel Animated Interactive storybook on the Ramayana - an interactive epic and has also launched a gaming web portal apart from developing budget computer games for the consumer industry.
Institute of Multimedia Arts & Graphic Effects, is a subsidiary of Image Infotainment Limited. image believes in offering quality multimedia training and has established a world-class training facility in Chennai with web franichisees throughout india. Combined with this experience and expertise, IMAGE imparts quality training in all aspects of Multimedia and Web to suit International Standards and to bridge the glaring gap between the supply and demand for skilled manpower. Ever since its inception 12 years ago, IMAGE is spearheading a revolution in Multimedia training offering the most comprehensive, exhaustive, challenging and career focused courses on the latest in this emerging technology. Continuing its commitment to provide International Standard Training, IMAGE has tied up with leading Multimedia and Web Solution providers as their "Authorized Education Partners".
Image College of
Arts Animation and Technology, located in Santhome, Chennai,
provides comprehensive education to students pursuing a career in Digital Media
Industry. Academic programme options include full-time PG Diploma in 3D
Animation, Visual Effects and Game Development that includes 1450 hours of
training spread over a period of one year. ICAT is supported by industry
professionals and guest lecture / visiting faculty from leading Academic
Institutions such as IIT, Film & TV Institute, Maryland University (USA),
Liverpool University (UK), and prominent professionals from Film, Television, Advertising,
Gaming, Visual Effects and Animation industry.
MAKING A CAREER OUT OF FANTASY
ACADEMY Award Winner (visual-effects, Total Recall ) Tim McGovern gently interrupts the proceedings of a press conference here, to clarify a point. Long after a journalist at the press conference cast doubt, and rightly so, on the feasibility of 3D animation training and career in India (would each student who passes out of an animation institute get a job?), McGovern reintroduces the point and says, “When I first started off on my career, I was just hired and put in front of a computer. I had to learn the software on my own.” Then, when his work was over he was hired by another company that gave him another software to crack and so on. Animation was absolutely unorganized in the US till about 10 years ago.
McGovern, innovative-media person George Merkert and visual effects designer Madhu Sudhanan are in the city as guest lecturers for the Image College of Arts, Animation and Technology, which offers post-graduate programs in 3D animation, visual effects and game development, and which started in August in Chennai this year.
Continuing his argument about passion winning over the inadequate facility,
McGovern emphasizes, “When the universities started CG animation courses in the
US, they didn't ask questions (about feasibility of courses). They jus
started.” Eventually, all those inclined towards graphics and 3D animation
found places of professional training in these universities, he says, and the
universities found students. “They never had too many (courses),” adds this
double major in graphic designing and photography with a minor in art history.
Independent visual-effects designer and member of the Los Angeles-based ‘Visual Effects Society' Madhu Sudhanan concurs with him saying the CG and 3D animation courses in India are not recognized by the government. As a result, parents here still want their children to become engineers and doctors, Madhu Sudhanan says. Himself an electronics and telecommunications engineer, Madhu Sudhanan says the work that he's presently doing is absolutely unrelated to his engineering degree. He won the President's award for visual-effects in the Tamil film Alavandan and he led a team that was a part, although a small one, of the visual-effects team of Peter Jackson's Lord of the Rings (LOTR): Return of the king that swept the Oscars this year.
Putting things in perspective about 3D animation as a career-option here, the chief academic officer of the Image College of Arts, Animation and Technology, V Natrajan says, “This training programmes are only going to open doors for students.” The implication is that the students should be able to take it up from here and respond to the challenges intrinsic to this industry.
At present a lot of activity is happening in the animation industry in India, although it was pretty dull a couple of years ago. According to Merkert, Indians are talking business and opportunities big time and this promises a future for high-tech animation here.
The best part is this: although India may not be
well-developed as a market for the production of animation, especially 3D
animation, the developed markets, of the US for example, are looking for
talented individuals. With broadband Internet connection, a visual effects team
may be spread over three countries, like it happened with LOTR, part3. And it
was individual talent that led Madhu Sudhanan to his first big break – LOTR, part
3.
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
|
Indian Rupees |
|
US
Dollar |
1 |
Rs.45.17 |
|
UK
Pound |
1 |
Rs.85.24 |
|
Euro |
1 |
Rs.57.89 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|