MIRA
INFORM REPORT
|
Report Date : |
17.11.2008 |
IDENTIFICATION
DETAILS
|
Name : |
WORLDWIDE MEDIA PRIVATE LIMITED |
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Registered Office : |
4th Floor, Times of India Building, Dr. D N Road, Fort, Mumbai-400001,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
16.09.2003 |
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Com. Reg. No.: |
11-142239 |
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CIN No.: [Company
Identification No.] |
U22120MH2003PTC142239 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM20152G |
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PAN No.: [Permanent
Account No.] |
AADCM7563Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
The Company is engaged in the business of: (i) Printing, Publoshing,
distributing and marketing magazines including “Femina”, “Filmfare”, “Top
Gear” and “Stand Alone Publications” and (ii) Organizing and hosting the
various masthead events, including, “Famina Bridal Show”, “Femina Clothes
Show” and “Filmfare Awards”. |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Maximum Credit Limit : |
USD 3600000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
No Responsible person was available for a long-time at the office. It is a joint venture of Times of India and BBC Worldwide. Subject is doing well. Trade relations are fair. Payments are usually correct
and as per commitments. The company can be considered good for normal business dealings at
usual trade terms ad conditions. |
LOCATIONS
|
Registered Office : |
4th Floor, Times of India Building, Dr. D N Road, Fort, Mumbai-400001,
Maharashtra, India |
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Tel. No.: |
91-22-56354545/ 27703041 |
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Fax No.: |
91-22-22731144 |
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E-Mail : |
DIRECTORS
|
Name : |
Mr. Vineet Jain |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
15, Motilal Nehru Marg, New Delhi-110011, India |
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Date of Birth/Age : |
12.02.1966 |
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Date of Appointment : |
08.03.2004 |
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Name : |
Mr. Peter Phippen |
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Designation : |
Co-Chairman |
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Address : |
Oak, Acre, Temple Wood Lane, Stock Poges, South Buckinghamshire,
SL24BG, England |
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Date of Birth/Age : |
09.02.1960 |
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Date of Appointment : |
03.12.2004 |
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Name : |
Mr. Arun Arora |
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Designation : |
Director |
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Address : |
63, Tenerife, Little Gibbs Road, Mumbai-400006, Maharashtra, India |
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Date of Birth/Age : |
08.08.1945 |
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Date of Appointment : |
16.09.2003 |
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Name : |
Mr. Bhaskar Das |
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Designation : |
Director |
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Address : |
C-1, Queens View, 28/30, Walkeshwar Road, Mumbai-400006, Maharashtra,
India |
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Date of Birth/Age : |
08.05.1953 |
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Date of Appointment : |
03.12.2004 |
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Name : |
Mr. A.P. Parigi |
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Designation : |
Director |
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Address : |
Tnahu Heights Co-operative Hosing Society, 5th Floor, 66,
Napeansea Road, Mumbai-400036, Maharashtra, India |
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Date of Birth/Age : |
15.07.1949 |
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Date of Appointment : |
03.12.2004 |
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Name : |
Mr. Mark Young |
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Designation : |
Director |
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Name : |
Mr. Ian Watson |
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Designation : |
Director |
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Name : |
Mr. Kevin Langford |
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Designation : |
Director |
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Address : |
12, Hillbrow, New Malden, Surrey KT3, 4th, England |
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Date of Birth/Age : |
23.01.1964 |
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Date of Appointment : |
03.12.2004 |
KEY EXECUTIVES
|
Name : |
Mr. Samir Kamat |
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Designation : |
Company Secretary |
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Name : |
Mr. Subramaniam S |
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Designation : |
Financial Controller |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on21.12.2007
|
Names of Shareholders |
|
No. of Shares |
|
Bennett Colleman and Company Limited |
|
49940 |
|
Arun Arora |
|
10 |
|
V G Jindal |
|
10 |
|
S Sivakumar (JT. Bennett, Coleman and Company Limited) |
|
10 |
|
P M Rao (Jt. Bennett, Coleman and Company Limited) |
|
10 |
|
Ajit Dabholkar (Jt. Bennett, Coleman
and Company Limited) |
|
10 |
|
Worldwide Channel Investments Limited |
|
50000 |
Equity Share Breakup (Percentage of Total Equity)
As on 31.12.2007
|
Category |
|
Percentage |
|
Foreign holdings(Foreign institutional invetor(s), Foreign
Companie(s), Foreign financial institution(s), Non-resident Indian(s) or
Overseas corporate bodies or Others |
|
50.00 |
|
Bodies corporate (not mentioned above) |
|
50.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is engaged in the business of: (i) Printing, Publoshing,
distributing and marketing magazines including “Femina”, “Filmfare”, “Top Gear”
and “Stand Alone Publications” and (ii) Organizing and hosting the various
masthead events, including, “Famina Bridal Show”, “Femina Clothes Show” and
“Filmfare Awards”. |
GENERAL
INFORMATION
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Employees: |
Many People are emplyed. |
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Bankers : |
Not Available |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
BSR and Company Chartered Accountant |
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Address : |
KPMG House, Kamala Mills Compound, 448, Senapati Bapat Marg, Lower Parel,
Mumbai-400013, Maharashtra, India |
CAPITAL STRUCTURE
As on 21.12.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs. 10/- each |
Rs. 20.000 Millions |
|
20000 |
Preference Shares |
Rs. 10/- each |
Rs. 0.200 Million |
|
|
Total |
|
Rs. 20.200
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs. 10/-
each |
Rs. 1.000
Milion |
|
20000 |
Preference Shares |
Rs. 10/-
each |
Rs. 0.200
Million |
|
|
Total |
|
Rs. 1.200 Million |
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 |
1.200 |
1.000 |
1.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
733.241 |
514.526 |
451.090 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
734.441 |
515.526 |
452.090 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
310.000 |
547.600 |
530.800 |
|
|
TOTAL BORROWING |
310.000 |
547.600 |
530.800 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
36.080 |
0.431 |
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|
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|
|
|
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TOTAL |
1044.441 |
1099.206 |
983.321 |
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APPLICATION OF FUNDS |
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|
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FIXED ASSETS [Net Block] |
649.183 |
732.326 |
824.178 |
|
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
|
|
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INVESTMENT |
280.914 |
163.654 |
68.546 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
58.724
|
54.558 |
29.534 |
|
|
Sundry Debtors |
111.200
|
205.447 |
111.967 |
|
|
Cash & Bank Balances |
33.356
|
13.995 |
2.563 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
64.802
|
47.678 |
17.630 |
|
Total
Current Assets |
268.082
|
321.678 |
161.694 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
143.565
|
108.787 |
61.272 |
|
|
Provisions |
10.173
|
9.665 |
10.085 |
|
Total
Current Liabilities |
153.738
|
118.452 |
71.357 |
|
|
Net Current Assets |
114.344
|
203.226 |
90.337 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.260 |
|
|
|
|
|
|
|
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TOTAL |
1044.441 |
1099.206 |
983.321 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
804.481 |
739.457 |
278.782 |
|
|
Other Income |
21.215 |
6.702 |
3.304 |
|
|
Total Income |
825.696 |
746.159 |
282.086 |
|
|
|
|
|
|
|
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Profit/(Loss) Before Tax |
[59.113] |
101.740 |
10.743 |
|
|
Provision for Taxation |
[32.928] |
38.304 |
2.561 |
|
|
Profit/(Loss) After Tax |
[26.185] |
63.436 |
8.182 |
|
|
|
|
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Expenditures : |
|
|
|
|
|
|
Printing and Other Expenses |
348.904 |
284.484 |
94.163 |
|
|
Personnel Cost |
77.803 |
44.811 |
23.621 |
|
|
Administrative Expenses |
330.634 |
182.128 |
65.808 |
|
|
Interest |
33.519 |
40.382 |
26.359 |
|
|
Depreciation & Amortization |
93.949 |
92.614 |
61.392 |
|
Total Expenditure |
884.809 |
644.419 |
271.343 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
[3.17]
|
8.50 |
2.90 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
[7.35]
|
13.76 |
3.85 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
[6.44]
|
9.65 |
1.08 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
[0.08]
|
0.20 |
0.02 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.63
|
1.29 |
1.33 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.71
|
2.72 |
2.27 |
LOCAL AGENCY
FURTHER INFORMATION
History:
Subject was incorporated on 16 September 2003 as public Limited Company.
The Company is a joint venture between Bennett Coleman and Company Limited
(‘BCCL’) and BBC Worldwide Limited (‘BBCWW’). As of 1 December 2004, BCCL hived
off its Magazine Division (‘MD’) and transferred all the related assets and
liabilities of MD of the Company.
Review of Business
Operations
During the financial year, the Revenue From operations of the Company
was at Rs. 804.481 Millions against Rs. 739.457 Millions in the previous year
of operations. The profit before interest, depreciation and taxation stood at
Rs. 68.355 Millions as against Rs. 234.736 Millions in the previous year. The
Company incurred a Loss after Tax of Rs. 26.185 Millions as against a Profit
after Tax of Rs. 63.436 Millions. Over the last financial year there was higher
spend towards personnel cost on account of growth an migration of ad sales
resources in –house and marketing expenses for re-positioning of existing
brands and promotion of international magazine brands launched in India by the
Company. The Directors are confident that investment in people and sustained
development of brands shall hold the Company in good stead against competition
in future.
Corporate
Developments During 2006-07
1.
Bennett, Coileman and Company Limited, the flagship company of Times
Group, India and Worldwide Channel Investments Limited (WOS of BBC Worldwide
Limited, United Kingsom), the two Shareholders of the Company under 50:50 Joint
Venture continued to extend their support and partronge toi the company.
2.
Hello! A highly acclaimed international celebrity magazine was launched
in India under license from Hello! Limited in April 2007. The Company also
proposes to launch the Indian edition of the international fashion and
lifestyle magazine. Grazia form the house of Mondadori, Italy and the
international interior and décor magazine, Good Homes of BBC, United Kingdom in
early 2008. In addition to these magazines, the Company also intends to
introduce new in-house brand magazines including web based magazines in the
year 2007-08.
3.
The events such as “Filmfare Awards 2006” and “Filmfare Awards(South
Films) 2006” orgainsed by the Company met with great success and were a major
revenue earners.
4.
the company laid of emphasis in developing work force and support
services in key functional areas vis-à-vis brands and this include formation of
an independent in-house ad-sales team.
5.
During the cource of the financial year 2006-07, the Company repaid term
loan debt of Rs. 245.000 Millions through internal accruals and issued 10000
0.1% Non-convertible Redeemable Preference Shares each, a premium, to Bennett,
Coleman and Company Limited and Worldwide Channel Investments Limited
respectively in terms of the Shareholders Agreement executed earlier in between
them.
6.
the Company successfully entered into the third year of operations.
BBC WORLDWIDE
PRESS RELEASE
World Wide Media
Appoints new CEO
Date : 15.02.2008
World Wide Media Pvt. Ltd, a joint venture between BBC Worldwide and The Times
of India, has appointed a new Chief Executive Officer to spearhead the company.
Tarun Rai, previously Managing Partner, at JWT, India's largest
communications company, will start his new role at World Wide Media on February
18th.
Tarun has over 18 years experience in the advertising business helping
build some of the world's most reputed brands. His clients at JWT included
Unilever, Diageo, GlaxoSmithkline, Pizza Hut, Reebok, DeBeers, Nestle, Kellogg
and Merill Lynch.
Tarun has worked across many JWT offices and has a very successful
record of building strong teams and achieving aggressive business targets.
Says BBC Magazines Managing Director and Chairman of Worldwide Media,
Peter Phippen: "World Wide Media is the magazine gateway to India. This
meant we were looking for an outstanding leader for the CEO post.
"Tarun has a great combination of commercial and creative expertise
that will grow the company's position as one of India's largest magazine
publishers in a rapidly expanding marketplace."
Says Tarun Rai: "India is a high-growth market and World Wide Media
is well positioned to exploit this potential with some of the world’s best
magazine titles.
"I'm incredibly excited to be working on leading brands such as
Filmfare, Femina, Hello and Top Gear, and launching many new titles."
Some of World Wide Media's brands include Filmfare, India's number one
magazine, and Filmfare awards, India's biggest entertainment event, Femina,
India's largest women's magazine, Hello magazine, and Top Gear – already one of
the leading motoring titles in India and the biggest motoring brand in the
world.
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.49.46 |
|
UK Pound |
1 |
Rs.73.17 |
|
Euro |
1 |
Rs.62.96 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
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 |
|