MIRA
INFORM REPORT
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Report Date : |
21.02.2011 |
IDENTIFICATION DETAILS
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Name : |
MUDRA COMMUNICATIONS PRIVATE LIMITED |
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Registered
Office : |
Mudra House, Opp Grand Hyatt, Santacruz(E), Mumbai-400055, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
28.02.1980 |
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Com. Reg. No.: |
022276 |
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CIN No.: [Company Identification
No.] |
U74300MH1980PTC022276 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM24092F MUMM24091E MUMM21046E |
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PAN No.: [Permanent Account No.] |
AAACM5763H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Providing Media And Business Solutions. |
RATING & COMMENTS
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MIRA’s Rating : |
A (59) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 6239700 |
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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 a well established and reputed company having fine track.
Financial position of the company appears to be sound. Trade relations are reported
as fair. Business is active. Payments are reported to be regular and as per
commitments. The company can be considered normal for business dealings at usual
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
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Name : |
Mr. Dilip Upadhyaya |
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Designation : |
Chief Financial Officer |
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Date : |
19.02.2011 |
LOCATIONS
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Registered Office : |
Mudra House, Opp Grand Hyatt, Santacruz(E), Mumbai-400055,
Maharashtra, India |
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Tel. No.: |
91-22-33080808 |
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Fax No.: |
91-22-33080300 |
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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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Corporate Office : |
Brindavan, 2nd Floor, shree Ram Mills Premises, G K Marg, Worli,
Mumbai-400013, Maharashtra, India |
DIRECTORS
AS on 18.09.2010
|
Name : |
Mr. Narayan Manjappa Kulai |
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Designation : |
Director |
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Address : |
201, Satellite, 58 Tagore Road, Santacruz(W), Mumbai-400054,
Maharashtra, India |
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Date of Birth/Age : |
05.11.1940 |
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Date of Appointment : |
06.07.1987 |
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Name : |
Mr. Ashok Purushottam Vithlani |
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Designation : |
Director |
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Address : |
C-18, Avani Flats, Near Ishwar Bhuvan, Navrangpura, Ahmedabad-380009,
Gujarat, India |
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Date of Birth/Age : |
16.08.1949 |
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Date of Appointment : |
11.05.1988 |
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Date of Cessation : |
14.10.2010 |
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Name : |
Mr. Madhukar Prabhakar Kamath |
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Designation : |
Managing Director |
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Address : |
1203-4, A Wing, Chaitanya Towers, Appasaheb Marathe Marg, Prabhadevi,
Mumbai-400025, Maharashtra, India |
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Date of Birth/Age : |
16.12.1954 |
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Date of Appointment : |
04.03.2003 |
KEY EXECUTIVES
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Name : |
Mr. Dilip Upadhyaya |
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Designation : |
Chief Financial Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 18.09.2010
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Names of Shareholders |
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No. of Shares |
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Equity
Shareholders |
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DDB Worldwide Communications Group Inc., USA |
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23000 |
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Swan Sorority Finance Private Limited, Mumbai, India |
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206997 |
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Mr. Satish Seth jointly with Swan Sorority Finance Private Limited,
Mumbai, India |
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1 |
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Mr. Amitabh Jhunjhunwala jointly with Swan Sorority Finance Private
Limited, Mumbai, India |
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1 |
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Mr. Gautam Doshi jointly with Swan Sorority Finance Private Limited,
Mumbai, India |
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1 |
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Total |
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230000 |
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Preference Shareholders |
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SAF Investments Limited, Delhi, India |
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62 |
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Muralidhar Rao |
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20 |
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Swan Consultants Private Limited, Mumbai, India |
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914 |
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Shri Ramesh Shenou With Swan Consultants Private Limited, Mumbai,
India |
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1 |
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Shri Hasit Shukla With Swan Consultants Private Limited, Mumbai, India |
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1 |
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Shri Surendra Pipara With Swan Consultants Private Limited, Mumbai,
India |
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1 |
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Shri Satish Seth With Swan Consultants Private Limited, Mumbai, India |
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1 |
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Total |
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1000 |
As On 18.09.2010
|
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 |
10.00 |
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Bodies corporate |
90.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Providing Media And Business Solutions. |
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Terms : |
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Selling : |
Cash, Credit (30,60,90 days) |
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Purchasing : |
Cash, Credit (30,60,90 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 : |
HDFC Bank, HDFC Bank House, Senapati Bapat Marg, Lower Parel(W), Mumbai-400013,
Maharashtra, India |
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Facilities : |
CC Rs.150.000 Millions
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Chaturvedi And Shah Chartered Accountant |
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Address : |
714-715, Tulsiani Chambers, 212, Nariman Point, Mumbai-400021,
Maharashtra, India |
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Tel. No.: |
91-22-30218500 |
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Fax No.: |
91-22-30218595 |
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Holding Company : |
Swan Sorority Finance Private Limited |
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Subsidiaries : |
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Associates : |
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CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
490000 |
Equity Shares |
Rs.10/- each |
Rs.4.900 Millions |
|
1000 |
11% Redeemable Non-Cumulative Preference Shares |
Rs.100/- each |
Rs.0.100 Million |
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Total |
|
Rs.5.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
230000 |
Equity Shares |
Rs.10/- each |
Rs.2.300
Millions |
|
1000 |
11% Redeemable Non-Cumulative Preference Shares |
Rs.100/- each |
Rs.0.100 Million |
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Total |
|
Rs.2.400 Millions |
Of the above Equity shares, 207000 equity shares are held by
the Holding Company Swan Sorority Finance Private Limited.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2.400 |
2.400 |
2.400 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1557.525 |
1389.433 |
1304.142 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1559.925 |
1391.833 |
1306.542 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
1.223 |
2.393 |
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2] Unsecured Loans |
0.000 |
161.300 |
136.300 |
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TOTAL BORROWING |
0.000 |
162.523 |
138.693 |
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DEFERRED TAX LIABILITIES |
0.309 |
0.393 |
0.908 |
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TOTAL |
1560.234 |
1554.749 |
1446.143 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
128.718 |
144.083 |
141.049 |
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Capital work-in-progress |
327.352 |
125.059 |
5.177 |
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INVESTMENT |
677.671 |
672.674 |
1019.649 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000
|
0.641 |
0.408 |
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Sundry Debtors |
1884.566
|
1884.897 |
2275.116 |
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Cash & Bank Balances |
24.383
|
30.222 |
26.772 |
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Other Current Assets |
1.773
|
1.620 |
1.775 |
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Loans & Advances |
350.689
|
351.040 |
271.548 |
|
Total
Current Assets |
2261.411
|
2268.420 |
2575.619 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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Sundry Creditors |
1531.250
|
1331.606 |
2168.378 |
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Other Current Liabilities |
295.208
|
304.577 |
105.300 |
|
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Provisions |
8.460
|
19.304 |
21.673 |
|
Total
Current Liabilities |
1834.918
|
1655.487 |
2295.351 |
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Net Current Assets |
426.493
|
612.933 |
280.268 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
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|
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TOTAL |
1560.234 |
1554.749 |
1446.143 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
2011.905 |
2494.736 |
2321.231 |
|
|
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Other Income |
59.295 |
46.709 |
65.170 |
|
|
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TOTAL |
2071.200 |
2541.445 |
2386.401 |
|
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
1997.185 |
2403.880 |
2167.854 |
|
|
|
|
|
|
|
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PROFIT BEFORE
TAX |
74.015 |
137.565 |
218.547 |
|
|
|
|
|
|
|
|
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Less |
TAX |
14.417 |
64.810 |
72.532 |
|
|
|
|
|
|
|
|
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PROFIT AFTER TAX
|
59.598 |
75.755 |
146.015 |
|
|
|
|
|
|
|
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|
Add |
Excess
provision for taxes of earlier years(net) |
35.977 |
9.576 |
0.911 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
5.000 |
5.000 |
5.000 |
|
|
|
Proposed dividend on equity shares |
0.023 |
0.023 |
0.023 |
|
|
|
Proposed dividend on preference shares |
0.011 |
0.011 |
0.011 |
|
|
|
Tax on Dividend |
0.005 |
0.005 |
0.006 |
|
|
BALANCE CARRIED
TO THE B/S |
90.536 |
80.292 |
141.886 |
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Advertising Services |
17.951 |
76.686 |
59.892 |
|
|
TOTAL EARNINGS |
17.951 |
76.686 |
59.892 |
|
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|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
415.490 |
-- |
-- |
|
Expected Sales (2010-2011) : Rs.2500.000 Millions
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.87
|
2.98 |
6.11 |
|
|
|
|
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
3.67
|
5.51 |
9.41 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.09
|
5.70 |
8.04 |
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
0.09 |
0.16 |
|
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|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.17
|
1.30 |
7.94 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.23
|
1.37 |
1.12 |
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors
Details:
(Rs. In Millions )
|
Particulars |
31.03.2010
|
31.03.2009 |
31.03.2008 |
|
Trade |
1505.758
|
1279.988 |
1920.226 |
|
Others |
25.192
|
51.618 |
248.152 |
|
Total |
1531.250
|
1331.606 |
2168.378 |
Note:
The registered office address has been shifted from Shree Ram Mills Premisesganpat Rao Kadam
Marg, Worli, Mumbai-400013,
Review of Operations:
The effect of the global economic downturn witnessed in the previous
year was felt in this fiscal too. The winds of change necessitated a
restructuring. This has helped the company to effectively deal with the
downturn and get back on to the growth path.
To strategically grow and also to create distinct identities, the
Management decided that it was beneficial to operate under the architecture of
four distinct Agencies/ Verticals. All other operations would then become
Stratgic Business units (SBU’s) under each one of these Agencies. To facilitate
this three specialized verticals were carved out of the company and made
operational effective November 2009.
1. Mudra Online Technologies
2. Mudra Max
3. lgnite Mudra
In the year the company was ranked 4th in the Brand Equity Ad
Agency Reckoner 2009, making it one of the country’s most respected marketing
communications companies in the eyes of clinets, peers media and talent.
From a business point of view the company had a reasonably good year.
Over and above business from existing clients, it won several new clients, the ones
of note being Inorbit, Femina, Filmfare, Cavin Care, BSNL, Paramount etc.
The company continued to build competencies and strengthen its
capabilities to deliver creative solutions by recruiting new talent and by
designing more efficient training processes. The company also won a large
number of awards at reputed forums like the Abby Awards, Cannes Lions, Effies
and Spikes Asia among others.
Trade References:
- Cavin Care
- Femina
- Film Fare
- Paramount
- Adani Wilmar Limited
Form 8:
|
This form is for |
Creation of
charge |
|
Charge
identification number of the modified |
-- |
|
Corporate
identity number of the company |
U74300MH1980PTC022276 |
|
Name of the
company |
MUDRA
COMMUNICATIONS PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
Shree Ram Mills
Premisesganpat Rao Kadam Marg, Worli, Mumbai-400013, Maharashtra, India |
|
Type of charge |
Book Debts Floating Charge Claims,
Receivables, Specified Fixed Deposits |
|
Particular of
charge holder |
HDFC Bank, HDFC Bank House, Senapati Bapat Marg, Lower Parel(W),
Mumbai-400013, Maharashtra, India |
|
Nature of
description of the instrument creating or modifying the charge |
Letter of Hypothecation
of Book Debts |
|
Date of
instrument Creating the charge |
22.06.2010 |
|
Amount secured by
the charge |
Rs.150.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As Specified By
The Bank From Time To Time Terms of
Repayment Cash Credit Limit
: Repayable On Demand Bank Guarantee :
5 Years [Including Claim Period ] Margin 25% On Book debts
[ Debtors Ageing More Than 180 Days To Be Excluded] Extent and
Operation of the charge First Exclusive
Hypothecation Charge Over Book Debts Both Present & Future In Favour of
HDFC Bank Others NIL |
|
Short particulars
of the property charged |
First Exclusive Hypothecation
Charge Over Book Debts Both Present and Future In Favour of HDFC Bank |
Fixed Assets:
- Land
- Buildings
- Plant And Machinery
- Furniture and Fixtures
- Leasehold Improvement
- Vehicles
- Wind Mill
- Software
- Licence and Know-How
- Courseware and Products including Patents
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.4.18 |
|
|
1 |
Rs.73.04 |
|
Euro |
1 |
Rs.61.43 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
59 |
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.