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MIRA
INFORM REPORT
|
Report Date : |
28.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
WARNER BROS PICTURES (INDIA) PRIVATE LIMITED |
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Registered
Office : |
Eros Cinema Building, 42 M Karve Road, Churchgate, Mumbai – 400020,
Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
03.08.2003 |
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Com. Reg. No.: |
141168 |
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CIN No.: [Company Identification
No.] |
U92110MH2003PTC141168 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMW02121A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Distributor of International Film and Film Production. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (19) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Profitability
of the company is under severe pressure. There appears huge accumulated
losses recorded by the company. However, trade relations are reported as fair.
Business is active. Payments are reported to be slow. The company can be considered for business dealings on a secured trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Mihir Shah |
|
Designation : |
Accounts Manager |
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Contact No.: |
91-22-66112542 |
|
Date : |
27.04.2011 |
LOCATIONS
|
Registered Office / Factory: |
Eros Cinema Building, 42 M Karve Road, Churchgate, Mumbai – 400020,
Maharashtra, India |
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Tel. No.: |
91-22-66112542 |
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Fax No.: |
91-22-66112539 |
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E-Mail : |
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Website : |
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Area : |
4000 sq. ft. |
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Location : |
Owned |
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DIRECTORS
AS ON 27.09.2010
|
Name : |
Mr. Anh Dung Jack Nguyen Huu |
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Designation : |
Director |
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Address : |
877, Iliff Stree, Pacific Palisades, California – 90272, USA |
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Date of Birth/Age : |
02.01.1963 |
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Date of Appointment : |
03.07.2003 |
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DIN No.: |
01508197 |
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Name : |
Mr. David Williamson |
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Designation : |
Director |
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Address : |
18747, Mayall Street, Northridge, California – CA91324, USA |
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Date of Birth/Age : |
01.06.1958 |
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Date of Appointment : |
03.07.2003 |
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DIN No.: |
00257119 |
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Name : |
Mr. Damon Banesteel |
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Designation : |
Director |
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Address : |
414 South Bentley Avenue, Los Angeles – 90049, California, USA |
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Date of Birth/Age : |
02.01.1969 |
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Date of Appointment : |
03.07.2003 |
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DIN No.: |
00236297 |
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Name : |
Mr. Blaise Trinity Fernandes |
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Designation : |
Managing Director |
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Address : |
Stella Marie, Co-Operative, Housing Society, Flat No.6A, 2nd
Floor, Off Sitaladevi Road, Mahim, Mumbai – 400016, Maharashtra, India |
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Date of Birth/Age : |
01.09.1965 |
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Date of Appointment : |
03.07.2003 |
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DIN No.: |
00257160 |
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Name : |
Mr. Edward Ramano |
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Designation : |
Director |
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Address : |
14, Toluca Estate Drive, Toluca Lake, California – 91602, USA |
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Date of Birth/Age : |
03.03.1942 |
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Date of Appointment : |
03.07.2003 |
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DIN No.: |
00244299 |
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Name : |
Mr. Suresh Narsappa Talwar |
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Designation : |
Director |
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Address : |
10, Shiv Sahanti Bhavan, 146, Maharashi Karve Road, Churchgate
Reclamation, Mumbai – 400020, Maharashtra, India |
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Date of Birth/Age : |
21.11.1937 |
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Date of Appointment : |
20.01.2005 |
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DIN No.: |
00001456 |
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Name : |
Mr. Darius Cavasji Shroff |
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Designation : |
Director |
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Address : |
Moonlight Flat No.8, Maharshi Karve Road, Churchgate, Mumbai – 400020,
Maharashtra, India |
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Date of Birth/Age : |
08.08.1944 |
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Date of Appointment : |
20.01.2005 |
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DIN No.: |
00170680 |
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Name : |
Mr. John Andrew Rogovin |
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Designation : |
Additional Director |
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Address : |
402 N Bonhill Road, Los Angeles, CA 90049, USA |
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Date of Birth/Age : |
10.07.1961 |
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Date of Appointment : |
23.07.2009 |
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DIN No.: |
02729649 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 27.09.2010
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Names of Shareholders |
|
No. of Shares |
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T W Ventures Inc, USA |
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219999 |
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Warner Bros Entertainment Inc., USA |
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22280001 |
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Total |
|
22500000 |
AS ON 27.09.2010
|
Category |
Percentage |
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Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Distributor of International Film and Film Production. |
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Terms : |
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Selling : |
Cash, Credit (30 days, 60 days,
90 days) |
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Purchasing : |
Cash, Credit (30 days, 60 days,
90 days) |
GENERAL INFORMATION
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Customers : |
·
End Users ·
OEM’s |
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No. of Employees : |
50 (Approximately) |
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Bankers : |
CITI Bank, Fort Branch, Mumbai |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S.R. Batliboi and Associates Chartered Accountant |
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Address : |
18th Floor, Express Towers, Nariman Point, Mumbai – 400021,
Maharashtra, India |
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Tel. No.: |
91-22-66655000 |
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Fax No.: |
91-22-22826000 |
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Holding Company : |
·
Warner Bros. Entertainment Inc. |
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Fellow Subsidiaries : |
·
Warner Bros (F.E.) Inc. ·
Warner Bros. Home Entertainment Inc. ·
Warner Bros. Distributing Inc. ·
Warner Bros. Pictures International (a division
of Warner Bros. Pictures Inc. ) |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
122500000 |
Equity Shares |
Rs.10/- each |
Rs.1225.000 Millions |
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|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
22500000 |
Equity Shares |
Rs.10/- each |
Rs.225.000
Millions |
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|
|
|
|
Note :
Of the above 22280001 shares of Rs. 10 each
are held by Warner Bros Entertainment Inc., (the holding company) PY 22280001
Shares) and 219999 shares of Rs. 10 each are held by TW Ventures Inc., USA) (PY
219999 Shares)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
225.000 |
225.000 |
55.200 |
|
|
2] Share Application Money |
1000.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(1112.069) |
(714.803) |
(47.760) |
|
|
NETWORTH |
112.931 |
(489.803) |
7.440 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
64.819 |
787.123 |
440.446 |
|
|
TOTAL BORROWING |
64.819 |
787.123 |
440.446 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
177.750 |
297.320 |
447.886 |
|
|
|
|
|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
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|
FIXED ASSETS [Net Block] |
74.220 |
97.654 |
8.148 |
|
|
Capital work-in-progress |
188.495 |
289.150 |
521.499 |
|
|
|
|
|
|
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INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
74.730
|
57.478 |
47.198 |
|
|
Cash & Bank Balances |
37.782
|
15.559 |
31.980 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
60.878
|
47.156 |
6.534 |
|
Total
Current Assets |
173.390
|
120.193 |
85.712 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
102.755 |
40.640 |
30.645 |
|
|
Other Current Liabilities |
139.273
|
152.846 |
128.786 |
|
|
Provisions |
16.327
|
16.191 |
8.222 |
|
Total
Current Liabilities |
258.355
|
209.677 |
167.473 |
|
|
Net Current Assets |
(84.965)
|
(89.474) |
(81.761) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
177.750 |
297.320 |
447.886 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales and Services |
357.612 |
376.365 |
352.705 |
|
|
|
Other Income |
23.782 |
7.055 |
0.516 |
|
|
|
TOTAL (A) |
381.394 |
383.420 |
353.221 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Royalties |
6.184 |
33.716 |
134.330 |
|
|
|
Print and Sales Promotion Expenses |
178.247 |
190.486 |
167.192 |
|
|
|
Personnel Expenses |
79.743 |
65.419 |
49.811 |
|
|
|
Operating and Other Expenses |
218.764 |
74.336 |
35.546 |
|
|
|
TOTAL (B) |
482.938 |
363.955 |
386.879 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(101.544) |
19.463 |
(33.658) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
84.266 |
77.324 |
7.551 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(185.810) |
(57.861) |
(41.209) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
211.456 |
607.880 |
2.112 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(397.266) |
(665.741) |
(43.321) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
1.301 |
2.061 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-J) (I) |
(397.266) |
(667.042) |
(45.382) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(714.803) |
(47.760) |
(4.434) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(1112.069) |
(714.803) |
(47.760) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(17.66) |
(29.65) |
(8.22) |
|
|
Particulars |
|
|
31.03.2011 |
|
|
|
|
|
|
Sales Turnover |
|
|
380.000 |
|
|
|
|
|
Expected Sales (2011-12) : Rs. 400.000 millions
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(104.16)
|
(173.97) |
(12.84) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(111.08)
|
(176.88) |
(12.28) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(160.44)
|
(305.60) |
(46.15) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(3.51)
|
(1.35) |
(5.82) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.86
|
(2.03) |
81.70 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.67
|
0.57 |
0.51 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS :
(Rs.
In Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
|
|
|
Sundry Creditors |
102.755 |
40.640 |
30.645 |
|
|
|
|
|
BACKGROUND :
The Company
incorporated in July 2003 1st
a subsidiary of Warner Bros Entertainment Inc. The Company is principally
engaged in import. Duplication and distribution of foreign cinematographs and
video films and activities for acquisition
and distribution of Indian films.
'The Company has incurred losses during the year and the accumulated losses
of the Company at the close of
the year arc Rs 1112.069 millions as against its paid up capital (including
share application monies) of Rs
1225.000 Millions. The Company's ability to meet its obligations in the
ordinary course of business and to fund its proposed operations is dependent
upon its ability
to establish profitable operations and financial support from its parent
company. Based on the business
plan prepared by the Management, it is confident of its ability to generate
sufficient revenues. Improve operational performance and continue as going concern. Further, the Company is assured of continuing
financial support from its parent company. The Company is therefore being
viewed as a going concern and accounts have been prepared under the going
concern assumption
PERFORMANCE :
The Company has incurred a net loss of Rs 397.266 millions for the year after providing Rs. 211.455 millions for
depreciation and amortization. The Company is expecting to further increase its revenue during the
current year. There were no transfers to Reserves account during the year.
FIXED ASSETS :
·
Leasehold Improvement
·
Furniture and Fixtures and Office Equipments
·
Vehicles
·
Computer
·
Film Released
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 44.40 |
|
|
1 |
Rs. 73.26 |
|
Euro |
1 |
Rs. 65.17 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
19 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.