MIRA
INFORM REPORT
|
Report Date : |
27.01.2007 |
IDENTIFICATION
DETAILS
|
Name : |
MTV
NETWORKS INDIA PRIVATE LIMITED |
|
|
|
|
Formerly Known As : |
MTV
INDIA PRIVATE LIMITED |
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|
|
|
Formerly Known As : |
PJ
ENTERTAINMENT PRIVATE LIMITED |
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|
|
|
Registered Office : |
36 –
B, Dr. R. K. Shirodkar Road, Parel [East], Mumbai – 400012, Maharashtra |
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Country : |
India |
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|
Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
19.12.1995 |
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Com. Reg. No.: |
11-95508 |
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|
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CIN No.: [Company
Identification No.] |
U92100MH1995PTC095508 |
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|
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM10374A |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACM9164E |
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|
Legal Form : |
Private
Limited Liability Company |
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|
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|
Line of Business : |
To
carry on the business of receiving, manufacturing, producing, acquiring,
broadcasting, distributing, communicating, relaying, exhibiting, telecasting,
releasing, commissioning, selling, purchasing, licensing, taking or giving on
lease or hire films, motion pictures, serials, documentaries, entertainment
programmes and products, etc. to establish, maintain, operate production
capability and facility, market and sell advertising airtime for the purpose
of broadcasting on television, satellite, cable and other net work, radio and
other media. |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
|
Maximum Credit Limit : |
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|
|
|
Status : |
Moderate
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|
|
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Payment Behaviour : |
Slow |
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|
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Litigation : |
-- |
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|
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|
Comments : |
Subject
is an established Music Channel.
Company’s profitability is under severe pressure. It has huge accumulated losses. Payments are reported as slow &
delayed. The company
can be considered for small business dealings with slight caution, initially. |
LOCATIONS
|
Registered Office : |
36 –
B, Dr. R. K. Shirodkar Road, Parel [East], Mumbai – 400012, Maharashtra,
India |
|
Tel. No.: |
91-22-56622424/66622500 |
|
Mobile No.: |
91-9820000553 |
|
Fax No.: |
91-22-66547720 |
|
Website : |
DIRECTORS
|
Name : |
Mr.
Tan Eng Wah |
|
Designation : |
Director
|
|
Address : |
30
Cots – Wold Close, Singapore – 359642 |
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Date of Birth/Age : |
23.12.1953 |
|
Date of Appointment : |
20.09.1996 |
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|
|
|
Name : |
Mr.
Frank Allan Brown |
|
Designation : |
Director |
|
Address : |
53,
Belmount Road, Singapore – 269885 |
|
Date of Birth/Age : |
02.03.1959 |
|
Date of Appointment : |
14.12.1996 |
|
|
|
|
Name : |
Mr.
Alex K. Kuruvilla |
|
Designation : |
Director
|
|
Address : |
23
Chitrakoot Co-operative Housing Society, Altmount Road, Mumbai – 400026,
Maharashtra, India |
|
Date of Birth/Age : |
01.12.1959 |
|
Date of Appointment : |
01.04.1999 |
|
|
|
|
Name : |
Mr.
Keertan Adyanthaya |
|
Designation : |
Director
/ Chief Executive Officer / General Manager |
|
Address : |
36 –
B, Dr. R. K. Shirodkar Road, Parel [East], Mumbai – 400012, Maharashtra,
India |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
|
No. of Shares |
|
MTV
Asia Ventures [India] Limited |
|
10440000 |
|
MTV
Asia Ventures [India] Pte Limited |
|
4560199 |
|
Mr.
Alex K. Kuruvilla Jointly with MTV Asia Ventures India Pte Limited |
|
1 |
|
TOTAL |
|
15000200 |
BUSINESS DETAILS
|
Line of Business : |
To
carry on the business of receiving, manufacturing, producing, acquiring,
broadcasting, distributing, communicating, relaying, exhibiting, telecasting,
releasing, commissioning, selling, purchasing, licensing, taking or giving on
lease or hire films, motion pictures, serials, documentaries, entertainment
programmes and products, etc. to establish, maintain, operate production
capability and facility, market and sell advertising airtime for the purpose
of broadcasting on television, satellite, cable and other net work, radio and
other media. |
|
|
|
|
Products : |
CDs Programme
Tape |
PRODUCTION
STATUS
Production
: 1188 [No. of Programs]
GENERAL
INFORMATION
|
Customers : |
MTV
Asia Limited Nickelodeon
Asia Holdings Pte Limited |
|
|
|
|
Bankers : |
Not
Available |
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|
|
|
Banking Relations : |
-- |
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|
|
|
Auditors : |
Suresh
Surana & Associates Chartered
Accountants, 4th
Floor, Dalamal Chambers, 29, New Marine Lines, Mumbai – 400020, Maharashtra,
India Tel.
No. : 91-22-22003553 |
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|
|
|
Ultimate Holding Company : |
MTV
India LDC, Cayman Islands |
|
|
|
|
Holding Company : |
MTV
Asia Ventures [India] Pte. Limited, Mauritius |
|
|
|
|
Associates : |
MTV
Asia LDC, Cayman Islands MTC
Asia Ownership One LDC MTV
Asia Ownership Two LDc Nickelodeon
Asia Holdings Pte Limited, Singapore Nickelodeon
India Private Limited |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
16000000 |
Equity
Shares |
Rs. 10/- each |
Rs. 160.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
15000200 |
Equity
Shares |
Rs. 10/- each |
Rs. 150.002 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
150.002 |
150.002 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
|
[297.042] |
[189.371] |
|
|
NETWORTH |
|
[147.040] |
[39.369] |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.000 |
0.000 |
|
|
2] Unsecured Loans |
|
0.000 |
0.000 |
|
|
TOTAL BORROWING |
|
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
[147.040] |
[39.369] |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
123.139 |
128.790 |
|
|
Capital work-in-progress |
|
1.894 |
0.094 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
9.072 |
0.710 |
|
|
Sundry Debtors |
|
130.363 |
95.760 |
|
|
Cash & Bank Balances |
|
222.613 |
139.261 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
48.774 |
42.345 |
|
Total Current Assets |
|
410.822 |
278.076 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities & Provisions |
|
682.895 |
446.329 |
|
Total Current Liabilities |
|
682.895 |
446.329 |
|
|
Net Current Assets |
|
[272.073] |
[168.253] |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
[147.040] |
[39.369] |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
|
Sales Turnover [including other income] |
|
544.339 |
446.381 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
|
[109.101] |
6.033 |
|
Provision
for Taxation |
|
0.020 |
0.718 |
|
Profit/(Loss)
After Tax |
|
[109.121] |
5.315 |
|
|
|
|
|
|
Export
Value |
|
405.938 |
332.994 |
|
|
|
|
|
|
Import
Value |
|
N.A. |
10.380 |
|
|
|
|
|
|
Total
Expenditure |
|
653.440 |
440.347 |
KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
|
20.04 |
1.19 |
|
|
|
|
|
|
|
Net
Profit Margin (PBT/Sales) |
(%) |
|
20.04 |
1.35 |
|
|
|
|
|
|
|
Return
on Total Assets (PBT/Total
Assets} |
(%) |
|
20.43 |
1.48 |
|
|
|
|
|
|
|
Return
on Investment (ROI) (PBT/Networth) |
|
|
0.74 |
[0.15] |
|
|
|
|
|
|
|
Debt
Equity Ratio (Total
Liability/Networth) |
|
|
[4.64] |
[11.33] |
|
|
|
|
|
|
|
Current
Ratio (Current
Asset/Current Liability) |
|
|
0.60 |
0.62 |
LOCAL AGENCY
FURTHER INFORMATION
History
:
The
subject was incorporated on 19th December, 1995 as ‘PJ Entertainment
Private Limited’. Subsequently the name
was changed to ‘MTV India’ Private Limited’.
Again the name was changed to the present name w.e.f. 26th
May, 2003.
Fixed
Assets :
Furniture
& Fixtures
Office
Equipments
Studio
Equipments
Motor
Vehicles
Computers
WEBSITE
DETAILS
MTV Networks India
MTV India
MTV, India’s leading multimedia youth platform, caters to the interests
and passions of 15-34 year olds, offering them an exciting mix of music and
non-music programming (Bollywood, adventure, humor, fashion & style and
fiction), presented in its inimitable style by Indian VJs. Since its launch in
1996, the channel has won numerous awards at Indian as well as International
level for its unique humor and unmatched creativity. Known for its unique
properties (MTV Immies, MTV Music Summit for AIDS, Style Awards, MTV Youth
Marketing Forum, MTV VJ Hunt, MTV Youth Icon and MTV Roadies among others), the
channel has today become a preferred destination for advertisers to reach out
to Indian youth. With over 545,624 hyperactive users www.mtvindia.com continues
to be the most popular youth hangout online. MTV India is a part of the MTV
Networks, world’s largest television network reaching out to 481.5m households
across 171 territories. For the 6th consecutive year, MTV was named The World's
Most Valuable Media Brand by Business Week & Interbrand's 2005 Best Global
Brands study.
Nick India
Nick launched in India in 1999 as the country’s first multi-genre kids’
TV channel and is today viewed in well over 23 million households in the
country. Nick India is a 24-hour pay channel distributed by OneAlliance with
the option of a Hindi audio feed. With kids at the centre of its approach, Nick
provides respectful, non-violent, empowering entertainment for both boys and
girls alike. Its pioneering content for 2-14 year olds includes animated
series, live-action shows, comedy, popular game shows (including the locally
produced 'Dum Duma Dum' and ‘Gili Gili Gappa’), hosted shows and India's very
first live-action-cum-animation series, 'J Bole Toh Jadoo'.
A part of MTV Networks, Nickelodeon, as it is known internationally, is the
world's number-one entertainment brand dedicated to kids and is viewed in more
than 202.3 million households in 170 territories, with channels in Africa, Asia
and the Pacific Rim, Latin America, Europe, CIS/Baltic Republics and the US. In
the US alone, Nickelodeon has been the number one cable channel (across all
C&S genres) for the last ten years consecutively. It has been consistently
involved in understanding and bettering the lives of kids through research and
pro-social campaigns.
Vh1
An MTV Networks India channel, Vh1 is India’s only 24-hour international music
and lifestyle channel, providing music buffs with their daily dose of international
music, pop culture, reality TV and celebrity lifestyle. Launched in January
2005, the channel today reaches almost 20 million homes across India and is
growing rapidly to reach many more. Vh1 has brought the best international
music to India, coupled with the biggest stars, the juiciest stories and the
latest in the favourite artiste’s life. With an exhaustive music library
spanning over 30 years and genres like flower power, punk, rock, reggae, hip
hop, pop and many more, Vh1 customizes its music and programme mix to appeal to
Indian tastes. Globally, Vh1 is available across 142.8 million households in
over 141 territories.
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 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.44.24 |
|
UK
Pound |
1 |
Rs.86.95 |
|
Euro |
1 |
Rs.57.33 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
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 |
|