MIRA
INFORM REPORT
|
Report Date : |
17.11.2006 |
IDENTIFICATION
DETAILS
|
Name : |
PRASAD
PRODUCTIONS PRIVATE LIMITED |
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Registered Office : |
28,
Arunachalam Road, Saligramam, Chennai – 600093, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
06.09.1956 |
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Com. Reg. No.: |
18-3433 |
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CIN No.: [Company
Identification No.] |
U92490TN1956PTC003433 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEP00237G |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Film
Printing and Processing and Sale of Raw Films. |
RATING & COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Maximum Credit Limit : |
USD
3500000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject
is a well established company having fine track. Trade relations are fair.
Financial position is good.
Payments are correct and as per commitments. The
company is doing well. Its payments
are correct and as per commitments. The
company can be considered good for any normal business dealings. It can be regarded as a promising business
partner in a medium to long – run. |
LOCATIONS
|
Registered Office : |
28,
Arunachalam Road, Saligramam, Chennai – 600093, Tamilnadu, India |
|
Tel. No.: |
91-44-23766960
/ 23764432 / 34 |
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Fax No.: |
91-44-23763712
/ 23764395 |
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E-Mail : |
corpcom@prasadgroup.org |
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Website : |
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Factory
1 : |
Prasad Video Digital, 27, Arunachalam Road, Saligraman, Chennai -
600 093, Tamilnadu, India Telephone No : 91 -
44 - 24839253 Fax No : 91 - 44 – 24833712 Prasad Studios, 27,
Arunachalam Road, Saligraman, Chennai - 600 093, Tamilnadu, India Telephone No : 91 -
44 - 24839253 Fax No : 91 - 44 - 24833712 Prasad Film
Laboratories, 27, Arunachalam Road, Saligraman, Chennai - 600 093, Tamilnadu, India Telephone No : 91 -
44 - 24839253 Fax No : 91 - 44 - 24833712 T V Industrial
Estate, Plot No 248 (A), Worli Scheme Worli Road, Mumbai - 400 018,
Maharashtra, India No 77, Industrial
Estate, Industrial Suburb, II Stage, Tumkar Road, Bangalore - 560 022,
Karnataka, India FC-6, Film Centre,
Sector 16A, Noida - 201 301, Uttar Pradesh, India Prasad Recording
Studios, Kanteerava Studio Complex, Kanteerava Nagar, Yeshwantpur, Bangalore
- 560 022, Karnataka, India |
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Branches
: |
Located
at : Bangalore, Mumbai, Calcutta,
Bhuvaneshwar, Hyderabad, Noida |
DIRECTORS
|
Name : |
Mr. A.
Ramesh Prasad |
|
Designation : |
Managing
Director |
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Address : |
288,
T.T.K. Road, Alwarpet, Chennai – 600018, Tamilnadu, India |
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Date of Birth / Age : |
69
years |
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Qualification : |
B. E.,
M.S. [U.S.A.] |
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Experience : |
41
years |
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Date of Appointment : |
20.03.1964 |
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|
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Name : |
Mr. A.
Saiprasad |
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Designation : |
Director |
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Address : |
288,
T.T.K. Road, Alwarpet, Chennai – 600018, Tamilnadu, India |
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Date of Birth / Age : |
41
years |
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Qualification : |
B.E. |
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Experience : |
5
years |
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Date of Appointment : |
01.10.2001 |
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|
|
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Name : |
Mr. M.
P. Rao |
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Designation : |
Director
|
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Address : |
No.
768, Munuswamy Salai, K. K. Nagar West, Chennai – 600078, Tamilnadu, India |
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Date of Appointment : |
01.10.2001 |
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Name : |
Mr. D.
V. S. Raju |
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Designation : |
Director
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Address : |
410
[Old /45] Road No. 6, Film Nagar, Jubilee Hills, Hyderabad – 33 |
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Date of Appointment : |
01.10.2001 |
MAJOR SHAREHOLDERS
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Names
of Shareholders |
|
No. of Shares |
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Mr. A.
Ramesh |
|
82481 |
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Mr. A.
Ravishankar Prasad |
|
1859 |
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Mr. A.
Manohar Prasad |
|
1883 |
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Mr. A.
Saiprasad |
|
36459 |
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Mr. A.
Manorama |
|
483 |
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Ms. A.
Vijayalakshmi |
|
16999 |
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Mrs.
Radha |
|
10138 |
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A.
Ramesh HUF |
|
19338 |
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Mrs.
Rama |
|
10138 |
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A.
Ramesh HUF II |
|
9999 |
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Mrs.
A. Renuka |
|
10138 |
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Mrs.
Sai Sivajyothi |
|
25 |
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Mrs.
Kavitha Saiprasad |
|
59 |
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TOTAL |
|
199999 |
BUSINESS DETAILS
|
Line of Business : |
Film
Printing and Processing and Sale of Raw Films. |
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Products : |
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GENERAL
INFORMATION
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No. of Employees : |
800 |
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Bankers : |
Andhra Bank T. Nagar Branch, Chennai – 600017, Tamilnadu Andhra Bank, Specialised Corporate Finance Branch, Pancom Business Centre, Ameerpet X Roads, Hyderabad – 500073 Indian Bank, Rajaji Salai, Chennai - 600 001, Tamilnadu Canara Bank, Greames Road, Chennai - 600 006, Tamilnadu Punjab National Bank, Chennai - 600 001, Tamilnadu Citibank, Mount Road, Chennai - 600 002, Tamilnadu Bank of America, Mount Road, Chennai - 600 002, Tamilnadu |
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Facilities : |
Secured
Loans : Secured Overdraft from Bank : Rs. 164.662 millions |
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Banking Relations : |
Good |
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Auditors : |
Brahmayya
& Company Chartered
Accountants, Andhra
Insurance Building, 156, Thambu Chetty Street, Chennai – 600001, Tamilnadu,
India |
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Tel. No.: |
91-44-25341743/25342465/25342230/25340443 |
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Grams : |
AUDITRICIS |
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Fax No.: |
91-44-25340424 |
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E-Mail : |
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Joint Ventures : |
Prasad
Kalinga Film Laboratories Limited Bubaneshwar |
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Associates : |
Prasad
Corporation Private Limited, Chennai Prasad
Media Corporation Limited, Hyderabad |
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Subsidiaries : |
Prasad
Film Laboratories [Mumbai] Private Limited Prasad
Film Laboratories Private Limited, Hyderabad |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
200000 |
Equity
Shares |
Rs. 100/- each |
Rs. 20.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
199999 |
Equity
Shares |
Rs. 100/- each |
Rs. 19.999 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
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|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
19.999 |
19.999 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
909.712 |
815.673 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
929.711 |
835.672 |
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LOAN FUNDS |
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1] Secured Loans |
|
164.662 |
240.935 |
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2] Unsecured Loans |
|
9.652 |
16.171 |
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TOTAL BORROWING |
|
174.314 |
257.106 |
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DEFERRED TAX LIABILITIES |
|
2.208 |
4.399 |
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TOTAL |
|
1106.233 |
1097.177 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
116.936 |
119.530 |
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Capital work-in-progress |
|
0.000 |
1.746 |
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INVESTMENT |
|
243.875 |
222.208 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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Inventories |
|
8.436 |
11.323 |
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Sundry Debtors |
|
421.780 |
441.019 |
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Cash & Bank Balances |
|
286.943 |
268.983 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
184.444 |
267.372 |
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Total Current Assets |
|
901.603 |
988.697 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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|
|
|
|
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Current Liabilities |
|
104.381 |
111.004 |
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Provisions |
|
51.800 |
124.000 |
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Total Current Liabilities |
|
156.181 |
235.004 |
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Net Current Assets |
|
745.422 |
753.693 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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TOTAL |
|
1106.233 |
1097.177 |
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PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
|
Sales Turnover [including other income] |
|
835.942 |
750.974 |
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|
|
|
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Profit/(Loss)
Before Tax |
|
139.366 |
185.944 |
|
Provision
for Taxation |
|
46.079 |
68.465 |
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Profit/(Loss)
After Tax |
|
93.287 |
117.479 |
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|
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Export
Value |
|
20.823 |
N.A. |
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Total
Expenditure |
|
696.575 |
565.030 |
KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
|
11.15 |
15.64 |
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Net
Profit Margin (PBT/Sales) |
(%) |
|
16.67 |
24.76 |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
|
13.68 |
16.77 |
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Return
on Investment (ROI) (PBT/Networth) |
|
|
0.14 |
0.22 |
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Debt
Equity Ratio (Total
Liability/Networth) |
|
|
0.35 |
0.58 |
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Current
Ratio (Current
Asset/Current Liability) |
|
|
5.77 |
4.20 |
LOCAL AGENCY
FURTHER INFORMATION
PERFORMANCE
:
The
company had shown improved performance during the year under report. Sales and other Income was at Rs. 835.943
millions as against Rs. 750.975 millions during the previous year. The Net Profit before tax stood at Rs.
139.366 millions as against Rs. 185.944 millions in the previous year. The Increase in Turnover represent normal
business growth.
Similarly
the telecine and allied service recoveries [Video Division receipts] during the
year under report stood at Rs. 28.022 millions as compared to previous year
performance of Rs. 32.033 millions.
During
the year under report the company has incurred a sum of Rs. 3.574 millions to
commence a training institute namely “L. V. Prasad Film And TV Academy” for imparting
training to students in Cinematography, Editing, Sound Engineering &
Direction both from India and abroad.
The
directors are hopeful of improved performance during the coming years
Fixed
Assets
Land,
Studio Laboratory & Factory Building, Office & Other Building, Plant
& Machineries, Furniture & Fixtures, Vehicles, etc.
|
Name of the company |
PRASAD PRODUCTIONS PRIVATE LIMITED |
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Presented By |
Mr. A. Ramesh, Managing Director |
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1) Date and description of instrument creating the change |
Demand Promissory Note for Rs. 120.000 millions dtd. 7.11.2005 Demand Promissory Note for Rs. 32.400 millions dtd. 07.11.2005 with application for advance against Term deposit Composite Agreement dtd. 07.11.2005 General form of guarantee dtd. 07.11.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
SOD I – Rs. 120.000 millions SOD II – Rs. 32.400 millions FLC – Rs. 100.000 millions BG / PLC – Rs. 50.000 millions |
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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 |
Fixed assets of the company Charge over entire current assets of the company Against deposits with Andhra Bank, T Nagar Br. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest, finer rate of BMPLR= 10.50% Rate of Interest, Finer rate of deposit rate + 1% |
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5) Name and Address and description of the person entitled to the charge. |
Andhra Bank T. Nagar Branch, T. Nagar, Chennai – 600017 |
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6) Date and brief description of instrument modifying the charge |
Demand Promissory Note for Rs. 120.000 millions dtd. 7.11.2005 Demand Promissory Note for Rs. 32.400 millions dtd. 07.11.2005 with application for advance against Term deposit Composite Agreement dtd. 07.11.2005 General form of guarantee dtd. 07.11.2005 |
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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. |
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Name of the company |
PRASAD PRODUCTIONS PRIVATE LIMITED |
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Presented By |
Mr. A. Ramesh, Managing Director |
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1) Date and description of instrument creating the change |
Demand promissory note [RF. 242] dt. 4.9.2001 [2] Letter of deposit of title deeds of immovable property RF. 255 dt. 4.09.2001 [3] Application for advance against term deposits dt. 4.9.2001 [4] letter of credit facilities [RF. 298] dt. 4.9.2001 [5] Security for advances & loans dt. 4.9.2001 [6] Hypothecation of motor vehicles dt. 4.9.2001 [7] Hypothecation of movable machinery dt. 4.9.2001 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Secured Overdraft I [SOD] : Rs. 100.000 millions Secured Overdraft III [SOD III] : Rs. 32.400 millions Bank Guarantee / ILC : Rs. 50.000 millions FLC : Rs. 100.000 millions |
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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 |
1. Fixed assets of the company 2. Charge over entire current assets of the company and 3. Against deposits |
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4) Gist of the terms and conditions and extent and operation of the charge. |
1. Rate of Interest is at 12% [PLR] + spread of 2.75% = 14.75% per annum 2. 2% over the interest on deposit up to 75% of deposit portion 3% over the rate of interest on deposit but not less than PLR above 75% and up to 85% |
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5) Name and Address and description of the person entitled to the charge. |
Andhra Bank T. Nagar Branch, Chennai – 600017, Tamilnadu, India |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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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 |
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Name of the company |
PRASAD PRODUCTIONS PRIVATE LIMITED |
|
Presented By |
Mr. A. Ramesh, Managing Director |
|
1) Date and description of instrument creating the change |
Corporate Guarantee dated 18th May, 2002, executed by the company in favour of Andhra Bank, specialised corporate finance branch, Hyderabad for the financial assistance extended by the bank to Prasad Media Corporation Limited |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 185.000 millions |
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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 |
Overall charge on the assets of the company |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The charge operates at security for the financial assistance extended by Andhra Bank to Prasad Media Corporation Limited to the extent of Rs. 185.000 millions together with interest, costs charges and expenses |
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5) Name and Address and description of the person entitled to the charge. |
Andhra Bank, Specialised Corporate Finance Branch, Pancom Business Centre, Ameerpet X Roads, Hyderabad – 500073 |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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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 |
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.44.75 |
|
UK
Pound |
1 |
Rs.85.14 |
|
Euro |
1 |
Rs.57.55 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
72 |
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 |
|