MIRA
INFORM REPORT
|
Report Date : |
21.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SONY BMG ENTERTAINMENT INDIA PRIVATE LIMITED |
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Formerly Known As: |
SWAR MALA ENTERTAINMENT INDIA PRIVATE LIMITED |
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Registered Office : |
Span Centresouth Avenue, Santacruz (W), Mumbai-400054, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
02.06.2004 |
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Com. Reg. No.: |
11-146706 |
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CIN No.: [Company
Identification No.] |
U92100MH2004PTC146706 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS45981F |
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PAN No.: [Permanent
Account No.] |
AAICS1766Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject is a Music Company |
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 |
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Maximum Credit Limit : |
USD 631520 |
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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 apart of Sony, Japan Available information indicates high
financial responsibility of the company. Trade relations are fair. Financial
position is satisfactory. Payments are correct and as per commitments. The company can be considered good for any normal business dealings at
usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
Span Centresouth Avenue, Santacruz (W), Mumbai-400054, Maharashtra,
India |
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Tel. No.: |
91-22-21588541 to44 |
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Fax No.: |
91-22-25188545 |
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E-Mail : |
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Website : |
DIRECTORS
|
Name : |
Mr. Shridhar Subramanium |
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Designation : |
Managing Director |
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Address : |
1102 Shrusthi Apartments Old Prabhadevi Road, Mumbai-400025, Maharashtra,
India |
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Date of Birth/Age : |
02.04.1963 |
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Date of Appointment : |
01.12.2004 |
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Name : |
Mr. Suresh Srinivasan |
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Designation : |
Director |
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Address : |
Flat No.48 C Block Hyderabad Estate
Napeansea Road, Mumbai-400006, Maharashtra, India |
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Date of Birth/Age : |
02.06.1958 |
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Date of Appointment : |
01.12.2004 |
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Date of Ceasing: |
22.04.2005 |
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Name : |
Mr. Ketan Kothari |
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Designation : |
Director |
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Address : |
b/9 3rd Floor Paradise Apartments7 SV Road Andheri (W),
India-400058, Maharashtra, India |
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Date of Birth/Age : |
26.01.1964 |
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Date of Appointment : |
02.06.2004 |
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Date of Ceasing: |
11.02.2005 |
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Name : |
India Solomon Aaron |
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Designation : |
Director |
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Address : |
701-A Peoples Cosmopolitan Chs ST Theresa Road, Bandra (W),
India-400050, Maharashtra, India |
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Date of Birth/Age : |
08.04.1971 |
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Date of Appointment : |
02.06.2004 |
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Date of Ceasing: |
11.02.2005 |
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Name : |
IndiaRichard Gerrit Denekamp |
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Designation : |
Director |
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Address : |
10 B Headland Road India India |
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Date of Appointment : |
06.04.2005 |
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Date of Ceasing: |
15.06.2005 |
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Name : |
India Daniel Michael Mandil |
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Designation : |
Director |
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Address : |
29 A South Port Land Ave Brooklyn New York-11217, USA |
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Date of Birth/Age : |
21.04.1956 |
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Date of Appointment : |
06.04.2005 |
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Name : |
India Michael John Smellie |
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Designation : |
Director |
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Address : |
160 Rivers Side , Blvd # 32 New York-10069 USA |
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Date of Birth/Age : |
31.07.1953 |
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Date of Appointment : |
06.04.2005 |
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Name : |
India Prabhakar Iyer |
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Designation : |
Director |
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Address : |
Flat No.201, Winga Glengate Clife Avenue, Hiranandani Garden Powai
India, Maharashtra, India |
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Date of Birth/Age : |
09.07.1964 |
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Date of Appointment : |
15.04.2005 |
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Name : |
India Orion Brendan Pinto |
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Designation : |
Secretary |
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Address : |
Ev-Lil Apartments 202 2nd Floor Malad (W) India-400064,
Maharashtra , India |
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Date of Birth/Age : |
14.12.1968 |
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Date of Appointment : |
01.12.2004 |
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|
Name : |
India Timothy Barry Poland Bowen |
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Designation : |
Director |
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Address : |
225 West 86th Street Aparment 508, New York 10024 |
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Date of Birth/Age : |
25.06.1947 |
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Date of Appointment : |
30.09.2006 |
KEY EXECUTIVES
|
Name : |
India Arun Ladhuram Purohit |
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Designation : |
Secretary |
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Address : |
206/B, Poonman Darshan, Navghar Road, Bhayandar(E), District
Thane-401105, Maharashtra, India |
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Date of Birth/Age : |
11.08.1980 |
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Date of Ceasing: |
11.05.2007 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
|
SBME Holdings BV |
9903399 |
|
Sony BMG Music Entertainment (International Limited) |
1 |
|
|
|
|
Total |
9903400 |
Equity Share Break Up (as on 27.09.2007)
|
Particulars |
Percentage |
|
Foreign holdings (foreign institutional
investors (s), foreign companies (s), foreign financial institution (s), non-
resident Indian (s) or overseas corporate bodies or others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is a Music Company |
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Products : |
ITC code: 8524.32
ITC code: 8524.90 |
GENERAL
INFORMATION
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Employees: |
About 600 |
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Bankers: |
Not Available |
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Holding Company: |
SBME Holding BV |
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Auditors : |
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Name : |
BSR and Company (Chartered Accountant) |
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Address : |
KPMG House, Kamala Mill Compound, 448, Senapati Bapat Marg,
Mumbai-400013, Maharashtra, India |
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Associates/Subsidiaries : |
Outside Japan: ·
Sony
Americas Holding ,Incorporation ·
Sony
Benelux B.V. ·
Sony
Berlin G.M.B.H. ·
Sony
BMG Management Company., LLC ·
Sony BMG Music Entertainment ·
Sony BMG Music Entertainment BV ·
Sony
Broadband Entertainment Incorporation. ·
Sony
Capital Corporation ·
Sony Computer
Entertainment America Inc. ·
Sony Computer Entertainment Europe
Limited. ·
Sony Corporation of Hong Kong
Limited. ·
Sony Corporation of Panama, S. A. ·
Sony
DADC US Incorporation. ·
Sony Device Technology (Thailand)
Co., Ltd. ·
Sony
Electronics Asia Pacific Private Limited. ·
Sony
Electronics Incorporation. ·
Sony
Electronics (Singapore) Private Limited. ·
Sony
Electronics of Korea Corporation. ·
Sony
Electronics (Wuxi) Co., Limited. ·
Sony
EMCS (Malaysia) Sdn. Bhd. ·
Sony
Ericsson Mobile Communications, AB ·
Sony
Europe Holding B.V. ·
Sony
Film Holding Inc. ·
Sony
Global Treasury Services Plc. ·
Sony
Holding (Asia) B.V. ·
Sony
India Private Limited. ·
Sony
International (Hong Kong) Limited. ·
Sony Latin America Incorporation. ·
Sony
Magnetic Products Inc. of America ·
Sony
Music Entertainment Incorporation. ·
Sony
Music Holding Incorporation. ·
Sony
Network Taiwan Limited. ·
Sony
Nordic A/S ·
Sony
Overseas S.A. ·
Sony
Pictures Cable Ventures Incorporation. ·
Sony
Pictures Digital Incorporation. ·
Sony
Pictures Entertainment Incorporation. ·
Sony
Pictures Home Entertainment Inc. ·
Sony
Pictures Releasing Corporation ·
Sony
Pictures Television, Inc. ·
Sony
Precision Devices (Huizhou) Co., Ltd. ·
Sony
Service Centre (Europe) N.V. ·
Sony
Technology (Malaysia) Sdn. Bhd ·
Sony
Technology (Thailand) Co., Ltd. ·
Sony Thai Corporation Limited. ·
Sony United Kingdom Limited. ·
Sony
U.S. Funding Corporation ·
BE-ST
Bellevuestrasse Development GmbH & Co. First Real Estate KG. ·
Califon
Productions, Incorporation. ·
Columbia
Pictures Industries, Incorporation. ·
CPE
Holdings, Incorporation. ·
CPT
Holdings, Incorporation. ·
Inter
Trust Technologies Corporation ·
Jeopardy Productions,
Incorporation. ·
LEP
Communications Incorporation. ·
LEP Holdings
Incorporation. ·
Lot,
Incorporation. . ·
MGM
Holdings, Incorporation. . ·
PEP
Communications ·
SEL
Holdings Incorporation. . ·
Shanghai Suoguang
Electronics Co., Ltd ·
Shanghai
Suoguang Visual Products Co., Ltd ·
S-LCD
Corporation ·
S-LCD
Holding AB ·
SPE
Corporate Services Incorporation ·
Tandem
Licensing Corporation ·
TriStar
Pictures, Incorporation. ·
TriStar
Television, Incorporation. |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
9903400 |
Equity Shares |
Rs.10/- each |
Rs.99.034
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
99.034 |
99.034 |
99.034 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
27.270 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
(9.776) |
(31.712) |
|
|
NETWORTH |
126.304 |
89.258 |
67.322 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
126.304 |
89.258 |
67.322 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
12.622 |
15.079 |
15.560 |
|
|
Capital work-in-progress |
0.422 |
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 |
11.104
|
12.985 |
17.245 |
|
|
Sundry Debtors |
137.181
|
135.267 |
138.719 |
|
|
Cash & Bank Balances |
123.174
|
88.392 |
15.768 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
74.068
|
90.891 |
51.569 |
|
Total
Current Assets |
345.527
|
327.535 |
223.301 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
224.193
|
245.860 |
165.164 |
|
|
Provisions |
8.074
|
7.496 |
6.375 |
|
Total
Current Liabilities |
232.267
|
253.356 |
171.539 |
|
|
Net Current Assets |
113.260
|
74.179 |
51.762 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
126.304 |
89.258 |
67.322 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
618.331 |
519.921 |
|
|
Other Income |
|
0.000 |
0.000 |
|
|
Total Income |
|
618.331 |
519.921 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
43.617 |
23.403 |
|
|
Provision for Taxation |
|
0.000 |
0.000 |
|
|
Profit/(Loss) After Tax |
|
43.617 |
23.403 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Depreciation & Amortization |
|
4.884 |
7.556 |
|
|
Other Expenditure |
|
569.830 |
488.962 |
|
Total Expenditure |
|
574.714 |
496.518 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
7.05
|
4.50 |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.05
|
4.50 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.16
|
6.83 |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.34
|
0.26 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.839
|
2.838 |
2.548 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.488
|
1.293 |
1.302 |
LOCAL AGENCY
FURTHER INFORMATION
History:
Sony music India is a wholly subsidiary of Sony Music Entertainment Inc.,
New York. SMEI is one of the world major record companies and a group company
of sony corporation and is represented in more than 60 countries worldwide.
Sony music India commenced full- fledged operations in 1996-97. It can
claim to be the only integrated Music Company in India, with sophisticated
Manufacturing, Marketing and Distribution Infrastructure. Head quartered at
Mumbai, sony music has regional offices located at new Delhi, Bangalore,
Calcutta and Chennai. the company is managed by a select team of professionals,
with varied experience and diverse back grounds. In a relatively short span of
time, sony music has established itself as one of the premier music companies
in the country.
PRESS RELEASE:
With India emerging as one of the hottest entertainment markets, Sony
BMG, the number one music company in the world, is marking its expanding
footsteps into the regional music industry in India. Sony BMG has made its
entry into the growing music market in Tamil Nadu by signing on the biggest blockbuster
of the year - Dhasavadhaaram.
Sony BMG signed the biggest
blockbuster of the year - V Ravichandran's Dhasavadhaaram starring the
legendary Kamal Hassan. Kollywood's leading producer and distributor, V
Ravichandran of Oscar Films Pvt. Ltd. Confirming the release date of his film
said, Dhasavadhaaram is getting ready for a worldwide solo release on April 10,
Thursday. It will release big in Tamil, Telugu and Hindi simultaneously, the
number of prints and publicity campaign are being worked out."
Excited about venturing
into the Tamil Market, Mr. Shridhar Subramaniam, Managing Director, SONY BMG
India, "It is a privilege for us to enter the Tamil music market with a
project as grand and special as Dhasavadhaaram. Being associated with Mr. Kamal
Hassan and Mr. V Ravichandran in our very first Tamil project says a lot about
the equity of Sony BMG, even in the markets where our presence has not been
significant till recently. Dhasavadhaaram is a very special beginning to the
things to come and it shows our commitment to be a serious long term player in
this market. Sony BMG has always redefined the way music has been marketed, and
we are looking forward to setting new standards here as well."
Dhasavadhaaram, the most
expected movie of the year 2007, features Kamal Hassan in ten different roles,
countered by the heroine Asin's dual role in the movie. Mallika
Sherawat dons an altogether different cap in this movie. She appears
as a CIA agent while Jayapradha, the well-known character artist, plays another
important role in the movie. Music Dhasavadhaaram is scored by none other than Himesh Reshammiya.
This is his debut in Bollywood.
The music for this film is
slated to be launched in the first week of March. Also in the pipeline are
several promising non-film albums, which include one by the very talented Yuvan
Shankar. This marks Sony BMG's foray into the as-yet unexplored Tamil Pop and
Non-Film music space. Sony BMG thus aims to redefine and initiate an entirely
new experience of Indipop music in this region, as it has already successfully
done in the existing markets.
Related
News:
Sony and Eros to partner on Indian Films - glamsham
Sony Pictures Entertainment and Eros International will co-invest in a slate of Hindi films popularly known as Bollywood to be released...
Kamal, Asin keep everyone guessing on Dasavatharam - indiabroadcast
Kamal Hassan and Asin play hide and seek with the media as they keep everyone guessing on what Dasavatharam is all about...
Jackie Chan Comes Calling - movietalkies
Jackie Chan is believed to be flying down to Chennai for the music release of Himesh Reshammiya's first Tamil film, Dashaavtaram. The action hero is expected to fly down in February next...
Sony Pictures India is said to have been so impressed with Shankar's Robot that they have offered to produce it right away, which they say, might cross the Rs.100 crore mark, making it...
Dasavatharam to hit screens on April
10 - galatta
‘Oscar’ Ravichandran, the film’s producer, has confirmed that April 10 will be the date of release of the most-awaited movie of the year...
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.42.78 |
|
UK Pound |
1 |
Rs.85.51 |
|
Euro |
1 |
Rs.67.90 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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. |
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 |
|