MIRA
INFORM REPORT
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Report Date : |
22.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
MADISON COMMUNICATION PRIVATE LIMITED |
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Registered Office : |
3rd Floor, Zoroastrian Building, 16, Horniman Circle, Mumbai-400023, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
25.09.1995 |
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Com. Reg. No.: |
11-93050 |
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CIN No.: [Company
Identification No.] |
U74300MH1995PTC093050 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM20726G |
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PAN No.: [Permanent
Account No.] |
AAACM5979P |
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Legal Form : |
Private limited liability company |
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Line of Business : |
Advertising, Publicity and Propaganda Agents and Counsellors, Consultants and Advertisers to Manufacturers, Traders and Advertisers of Products and Services which would Involve In the Creation of Advertisements Consisting of Words and Visuals Either Written or Said on Paper, Film, Magnetic Tape, Video Tape, Computer Floppy or any Other Medium and Effect the Release of Materials. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 900000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track. Directors are reported as experienced and respectable businessmen.
Trade relations are reported as fair. Business is active. Payments are
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
3rd Floor, Zoroastrian Building, 16, Horniman Circle, Mumbai-400023, Maharashtra, India |
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Tel. No.: |
91-22-2663997 / 0425 / 0140 |
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Fax No.: |
91-22-2694168 |
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E-Mail : |
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Corporate Office : |
349, Business Point, Western Express Highway, Andheri (East), Mumbai-400069, Maharashtr, India |
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Tel. No.: |
91-22-66750420 |
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Fax No.: |
91-22-66750414 |
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E-Mail : |
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Branches : |
Koch House, Ground Floor, Jerbai Wadia Road, Sewree West,
Mumbai 400 015 |
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Tel. No.: |
91- 22 – 24168960 |
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Fax No.: |
91- 22 – 24168964 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Sam Baman Balsara |
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Designation : |
Chairman |
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Address : |
47, Malcolm Baug, Jogeshwari, Mumbai – 400 102, India. |
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Date of Birth/Age : |
12.01.1951 |
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Date of Appointment : |
25.09.1995 |
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Name : |
Mr. Soli Baman Balsara |
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Designation : |
Director |
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Address : |
47, Malcolm Baug, Jogeshwari, Mumbai – 400 102, India. |
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Date of Birth/Age : |
02.05.1940 |
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Date of Appointment : |
25.09.1995 |
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Name : |
Ms. Lara Sam Balsara |
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Designation : |
Director |
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Address : |
47, Malcolm Baug, Jogeshwari, Mumbai – 400 102, India. |
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Date of Birth/Age : |
11.02.1981 |
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Date of Appointment : |
01.11.2006 |
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Other Directorships : |
Madison Teamworks Film Promotions and Entertainment Private Limited |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
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69800 |
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Mrs. Homai Sam Balsara |
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10000 |
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Mr. Sam Baman Balsara |
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Mr. Sam Baman Balsara |
100 |
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Mr. Soli Baman Balsara |
100 |
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Total |
80000 |
BUSINESS DETAILS
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Line of Business : |
Advertising, Publicity and Propaganda Agents and Counsellors, Consultants and Advertisers to Manufacturers, Traders and Advertisers of Products and Services which would Involve In the Creation of Advertisements Consisting of Words and Visuals Either Written or Said on Paper, Film, Magnetic Tape, Video Tape, Computer Floppy or any Other Medium and Effect the Release of Materials. |
GENERAL
INFORMATION
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Customers : |
v ACC v Airtel v Asian
Paints v Blue
Star v Britannia v Cadbury v Cafe
Coffee Day v Coca
Cola v Deccan
Chronicle v Essel
Group (Zee, Playwin) v General
Motors v Go
Air v Kinetic v Kotak
Mahindra v Marico
v McDonald’s
v Mother
Dairy v Oberoi
Construction v Procter
& Gamble v Tata
Tea v TATA
AIG v The
Godrej Group v TVS v UB
Group |
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No. of Employees : |
150 |
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Auditors : |
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Name : |
S. M, Damle and Company Chartered Accountants |
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Address : |
E2/205, Kalpita Enclave, Sahar Road, Andheri (East), Mumbai – 400 069, India. |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
800000 |
Equity Shares |
Rs.10/- each |
Rs.8.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
800000 |
Equity Shares |
Rs.10/- each |
Rs.8.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.800 |
0.800 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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224.650 |
176.023 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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225.450 |
176.823 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
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2.449 |
2.123 |
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TOTAL |
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227.899 |
178.946 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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72.564 |
78.858 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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4.059 |
4.059 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
0.000 |
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Sundry Debtors |
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2049.713 |
1347.202 |
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Cash & Bank Balances |
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69.685 |
25.648 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
|
155.245 |
132.489 |
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Total
Current Assets |
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2274.643 |
1505.339 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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2079.867 |
1371.310 |
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Provisions |
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43.500 |
38.000 |
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Total
Current Liabilities |
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2123.367 |
1409.310 |
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Net Current Assets |
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151.276 |
96.029 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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227.899 |
178.946 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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NA |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
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NA |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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NA |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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NA |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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|
9.42 |
7.97 |
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Current Ratio (Current Asset/Current Liability) |
|
|
1.07 |
1.07 |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY
Subject was incorporated on 25th September 1995 at Mumbai in Maharashtra
having company registration number 93050.
The company was originally incorporated under the name and style of
Madison DMB and B Advertising Private Limited and was changed to the present on
20th July 1999.
The company commenced its operations from 1st January 1998 by
taking over the running business of Madison Advertising, a proprietory concern
of Mr. Sam Balsara.
BUSINESS
Subject acts as advertising, publicity and propaganda agents and
counsellors, consultants and advertisers, manufacturers, traders and
advertisers of products and services which would involve in the creation of
advertisements consisting of words and visuals either written or said on paper,
film, magnetic tape, video tape, computer floppy or any other medium and effect
the release of materials.
The company is also engaged in providing an entire range of
communication services, which include advertising, media planning and buying,
media research, sales promotion, corporate communication and public relations.
Subject’s income from operations during the year 2002-2003 was Rs.
2866.400 millions as against Rs. 2069.700 millions of the previous year. The
other income was higher at Rs. 7.498 millions as against Rs. 6.255 millions of
the previous year. The management controlled the operating and establishment
expenses, which resulted in higher profit before tax of Rs. 52.130 millions as
against Rs. 33.205 millions of the previous year.
The company’s fixed assets of important value include furniture, office
equipments, cine equipments, electrical installations, computer and motor car.
Website Details :
Madison World is an 18-year-old diversified Communication Group in
India, which offers both integrated and specialized services in different areas
of communication, through its various units:
MADISON CREATIVE: Advertising
MADISON MEDIA GROUP : Media
MOMS OUTDOOR MEDIA SOLUTIONS :Outdoor
MADISON PUBLIC RELATIONS : Public Relations
ANUGRAH MADISON :Rural Advertising
MADISON RETAIL PARADIGM (MRP) : Retail design
MADISON SHOPPER MARKETING (MASH) : Shopper Marketing
MADISON TEAMWORKS FILM PROMOTION & ENTERTAINMENT :
In – film Advertising, Promotion and Celebrity
Management
OUT – SEL PROMOTIONS
The gross billing of Madison World is Rs. 11 billion.
With offices in Mumbai, Delhi, Bangalore, Chennai, Kolkata, Hyderabad
and Kochi, Madison World employs over 400 communication professionals across
units.
INDIA'S OWN AGENCY
Madison
World can be called India's largest homegrown communication group because all
other agencies in the country's top 25 are either internationally owned or have
an international affiliation.
CLIENTELE
Madison World deals with the bluest of
blue chip client. Some of their clients across their units include:
v ACC
v Airtel
v Asian
Paints
v Blue
Star
v Britannia
v Cadbury
v Cafe
Coffee Day
v Coca
Cola
v Deccan
Chronicle
v Essel
Group (Zee, Playwin)
v General
Motors
v
Go Air
v Kinetic
v Kotak
Mahindra
v Marico
v McDonald’s
v Mother
Dairy
v Oberoi
Construction
v Procter
& Gamble
v Tata
Tea
v TATA
AIG
v The
Godrej Group
v TVS
v UB Group
Management
Sam Balsara
Chairman and Managing Director, Madison World
Prabha Prabhu
Partner and Executive Director, Madison
Creative
Punitha Arumugam
Madison Media – Group CEO
Veena Gidwani
Chief Executive Officer, Madison Public Relations
R.V. Rajan
Founder and Managing Director of Anuragh
Marketing and Advertising Services Private Limited
Soumitra Bhattacharya
CEO, MOMS Outdoor Media Solutions
Vijay Kumar
COO and Principal Designer, Madison Retail
Paradigm
Darshana Bhalla
CEO, Mates
Anand Narasimha
CEO, Mash – Madison Shopper Marketing
Lara Balsara
Business Drevelopment and Diversification
Manager, Madison World
SAM BALSARA
Chairman and Managing Director, Madison World
Sam is a prominent industry figure in the Indian Advertising Industry. He has
over 30 years experience; 8 in marketing with Sarabhais and Cadbury's and rest
in advertising with Contract (JWT), Mudra and Madison . He started Madison in
1988.
v
Economic Times-Brand Equity rates him as “The Most Influential Media
Person’’
v
Economic Times-Brand Equity also rates him as “The 6th Most Influential
Person in Advertising”
v
Mid-Day rates him as “4th most powerful man in the Indian Advertising
and Media Scene”.
v
Exchange4media voted him as “Media Services Person of the Year” in 2004
v
He recently delivered a Key note speech at the Annual ESOMAR Research
Conference in Shanghai, June 2006
v
He was also a speaker at Malaysia Media Congress, March 2006
v
He was a jury member at Cannes Media Lions, June 2005
Prominent Industry figure-
Current Positions:
Chairman, NRS Technical Committee
Chairman, INS-AAAI Joint Committee
Member, IBF-AAAI Joint Committee
Member, Executive Committee of Advertising Agencies Association of India
Member, Executive Committee of Audit Bureau of Circulation
Member, Board of Governors of Advertising Standards Council of India
Vice-President of ECO-India
Trustee, Subhas Ghosal Foundation
Previous Positions:
v
Immediate Past President of IAA, India Chapter
v
Immediate Past President of AAAI
v
Past Chairman of The Advertising Standards Council of India 2000-01
v
Member, Organising Committee of ADASIA, 2003
v
Past Chairman of Triple A Awards
v
Past President of the Advertising Club, Bombay (3 terms) (1989-92)
v
Editor of Solus – The Ad Club Magazine (1979-92)
PRABHA PRABHU
Partner and Executive Director, Madison Creative
Having over 25 years of experience in advertising at Mudra and Madison, Prabha
has been steering Madison Creative in the right direction for the past 16
years.
Prabha has to her credit, the growth of Cinthol from 9% to
18%, taking Whisper from 26% to 50%, moving Jumpin from 8% to 35%, successfully
repositioning Camlin & TBZ and putting them on the growth track, and making
BenQ one of the top 4 players in a short span of 1 year in the highly competitive
mobile phone market.
Prabha was selected by Procter & Gamble to be part of a 10 member global
strategic think-tank on Whisper, for Cloth Conversion in key markets. She is
also currently the Chairperson, Media Relations Committee, Ad-Club Bombay.
Madison Media - Group, CEO
Punitha has about 15 years of experience in all facets of media- strategy,
planning, buying, research and operations. She has worked with several agencies
like O&M & Initiative Media and in several markets like Chennai,
Bangalore and Mumbai before joining Madison . Her experience spans a wide range
of products including FMCGs, durables and financial services.
She has been voted amongst the top 10 most influential people in the Indian
Media Industry by Brand Equity Ad Agency Reckoner 2006. She is also the winner
of GR8 Woman Achiever Award 2006.
VEENA GIDWANI
Chief Executive Officer,
Madison Public Relations
Veena has over 27 years experience in Marketing, Advertising and Public
Relations.
She started her career in Advertising as an Account Executive, moved over to
the client side and then to outdoor media where she was instrumental in
bringing Airport Advertising to India and instituting awards for excellence in
Outdoor Advertising.
Veena has played a vital role in getting the PR business recognized as an
important management function. For the past 12 years, she has been responsible
for setting up and managing new businesses like:
Madison Public Relations – Her key contribution in the past six years has
been making the business grow substantially through PR services that enhance
corporate and brand image and by building a team of qualified, enthusiastic and
committed professionals.
Prima Communications Ltd, the Image Management agency of Pressman Advertising.
Design Shop India Limited, the creative agency of Tata Donnelly, which
was her initiative for the Company to diversify into creative services.
Professional Activities:
v Chairperson
Awards Committee and Publications and PR committees of the Advertising Club,
Mumbai
v Immediate
Past President of Public Relations Consultants Association of India (PRCAI)
v Immediate
Past President of Public Relations Society of India, Mumbai Chapter (PRSI)
v She lectures regularly at institutes like
Narsee Monjee, Xaviers’ Institute of Communications and
Symbiosis Institute of Mass Communications.
v She is
also a recipient of The Indira Super Achiever Award for Women Achievers
R.V. RAJAN
Founder and Managing Director of Anugrah Marketing and Advertising Services
(Private) Limited
Mr. Rajan has a B.Com (Hons) from Bombay University and a PG Diploma
in advertising and public relations from the Rajendra Prasad College of Mass
Communication, Mumbai and has a rich experience of over 37 years with
Clarion, Grant Kenyon & Eckhardt and Anugrah in handling a wide variety of
consumer, industrial and agri - input products.
In the past, he has held the prestigious posts of the President for the
Public Relations Society of India - Tamil Nadu Chapter, Ad Club Madras, Rotary
Club of Madras South, Chairman of the Madras West Round Table No.10 and
ex-member of the Executive Committee of the Advertising Agencies Association of
India.
CEO, MOMS Outdoor Media Solutions
Soumitra, an English Literature graduate from Calcutta University , has over 20
years of experience in marketing and sales. He has developed a hard core sales
and marketing background through Dealer Networks and Direct Sales. He has
worked in companies like Nestle, Modi Xerox, Shaw Wallace and MMT before
joining Madison 's outdoor unit.
VIJAY KUMAR
COO & Principal Designer, Madison Retail Paradigm
Vijay has a Masters in Product Design from IDC, IIT, Mumbai and a Bachelors in
Mechanical Engineering from PSG College of Technology, Coimbatore. With over 13
years of experience in retail design, Vijay’s strength lies in conceptualising
ideas and transforming them into physical products and spaces through a perfect
blend of creativity and engineering. He has a rich portfolio of work experience
in the areas of Product, Retail & Urban design. He has two product patents
pending and another design project selected for incubation by National
Institute of Design (NID), Ahmedabad.
CEO, MATES
Darshana, is a management graduate from NMIMS and has over 8 years of sales
experience in Indian Express Newspapers and Sony Entertainment Television. She
started a company called TeamWorks fp&e for entertainment-associated
advertising, which has had the opportunities to work with film projects like
Chalte Chalte, Main Hoon Naa, Kyun! Ho Gaya Na..etc. This company is a part of
the JV, which formed MATES.
ANAND NARASIMHA
CEO, MASH - Madison Shopper Marketing
Anand is a graduate from IIM - Kolkata with about 20 years of advertising and
marketing experience. He has got a rich portfolio of experience having worked
in agencies like JWT, McCann, Saatchi & Saatchi, and heading marketing
departments of companies like BPL and Hyundai.
He has been involved in Shopper Marketing for the last one year and has worked
on live Shopper Marketing projects in India and abroad and has also attended
some Shopper Marketing workshops abroad.
Business Development and Diversification Manager, Madison
World
Lara has done her Masters in Marketing from UK and is
responsible for diversification into unexplored areas of communication. If you
have any ideas/suggestions for Madison, you can get in touch with her. She is
also in charge of organization building and recently conceptualized a unique
Madisonites Stock Partnership Scheme to attract and retain talent within the
Group.
MADISON'S SUCCESS AND GROWTH HAS RECEIVED WIDE RECOGNITION
FROM THE MEDIA.
This section gives you a glimpse of Madison's wide media coverage, as
well as chronicles and interviews with Madison
head-honchos, insightful articles written by the top management at
Madison, press releases and more.
Press
Release
MTDC
brings Madison PR on Board
2007-02-06 14:24
Maharashtra Tourism Development Corporation has
appointed Madison PR to manage its Public Relations. MTDC was set up by the
Government of Maharashtra to systematically develop Tourism in the State in a
systematic and professional manner. It organizes several Festivals to promote
Tourism in Maharashtra. MTDC owns and maintains resorts at all key tourist
centers and having more resorts is on the plan. Madison PR is a specialist
image management agency, a division of Madison Communications Private Limited.
Commenting on the new association Mr. Bhushan
Gagrani, MD, MTDC said, “After having evaluated proposals from various
agencies, they felt that Madison PR is best suited for the communication
requirements in the light of new initiatives by MTDC. Festivals like
‘Maharashtra Maza’ organized in Mumbai are part of the broad strategy of
attracting both domestic and foreign tourists to Maharashtra.”
Commenting on the new win, Madison PR’s CEO,
Veena Gidwani, said, “As always they will look at an innovative and creative
approach for MTDC. With the large number of interesting tourist locations in
Maharashtra and diverse events and festivals planned by MTDC, it’s going to be
exciting and challenging.”
Madison Public Relations has maintained a
sharp growth over the past four years and currently works with companies like
P&G, Britannia, MacDonald’s, Café Coffee Day, Next Gen Publishing, IGI,
Dale Carnegie Training among others, across industries like FMCG, IT, Pharma,
Health Care, Food, Jewellery and Lifestyle, Fashion, Engineering and Financial
Services.
Madison PR is a part of Madison World, which also has specialist units in
Creative, Media, Outdoor, Rural, Retail and Entertainment, employing 375
communications professional across seven cities in India.
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.43.70 |
|
UK Pound |
1 |
Rs.85.90 |
|
Euro |
1 |
Rs.58.25 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
53 |
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 |
|