MIRA
INFORM REPORT
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Report Date : |
17.02.2011 |
IDENTIFICATION DETAILS
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Name : |
SANRAA MEDIA LIMITED (w.e.f.
11.11.2008) |
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Formerly Known As : |
SANRA SOFTWARE LIMITED |
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Registered Office : |
Flat No. 33/6, B R Complex, 2nd Floor, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
01.05.1995 |
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Com. Reg. No.: |
031194 |
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CIN No.: [Company
Identification No.] |
L72300TN1995PLC031194 |
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Legal Form : |
A Public Limited Liability Company. The company’s shares are listed on
stock exchange. |
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Line of Business : |
The Company is engaged in the business of production and services of
animation and media related programs. |
RATING & COMMENTS
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MIRA’s Rating : |
B (28) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 5439000 |
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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. Trade
relations are reported as fair. Business is active. Payments are reported to
be slow. The company can be considered for business dealings with some caution.
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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
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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 |
LOCATIONS
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Registered Office : |
Flat No. 33/6, B R Complex, 2nd Floor, |
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Tel. No.: |
91-44-42908000 |
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Fax No.: |
91-44-42908020 |
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E-Mail : |
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Website : |
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Production Units : |
147, 1st Cross, Poonam Complex, KHB, Main Road, Manorayana
Palaya, R T Nagar (P.O.), Bangalore – 560032, Karnataka, India |
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Tel. No.: |
91-80-23656100 / 23656101 |
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Fax No.: |
91-80-23656102 |
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Email : |
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Corporate Office : |
Block –A, Plot No.51/52, Developed Plots Estate, Perungudi, Chennai –
600097, |
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Tel. No.: |
91-44-42907000 |
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Fax No.: |
91-44-42907070 |
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Email : |
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Regional Office : |
No. 401, |
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Tel. No.: |
91-22-24079238 / 24011589 |
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Fax No.: |
91-44-24093969 |
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DIRECTORS
As on : 31.03.2010
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Name : |
Mr. G. Sundaresan |
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Designation : |
Chairman |
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Name : |
Mr. Sukumar Subramanian |
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Designation : |
Executive Director |
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Name : |
Mr. K Rajagopal |
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Designation : |
Independent Director |
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Name : |
Ms. Uma Karthikeyan |
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Designation : |
Whole Time Director |
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Name : |
Mr. Rajeev Agarwal |
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Designation : |
Independent Director |
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Name : |
Mr. R Siva Shankaran |
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Designation : |
Independent Director |
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Name : |
Mr. R. Siva Shankaran |
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Designation : |
Independent Director |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2010
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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(A) Shareholding
of promoters and Promoter Group |
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1. Indian |
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Individuals / Hindu Undivided Family |
1350000 |
0.14 |
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Bodies Corporate |
29525400 |
2.97 |
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Sub Total (A)
(1) |
30875400 |
3.10 |
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(B) Public
Shareholding |
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1. Institutions |
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Financial Institutions / Banks |
22500 |
-- |
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Sub Total (B)
(1) |
22500 |
-- |
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2. Non
Institutions |
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Bodies Corporate |
193657056 |
19.47 |
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Individual shareholders holding nominal share capital up to Rs. 0.100
million |
373675137 |
37.56 |
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Individual shareholders holding nominal share capital in excess of Rs.
0.100 million |
367095693 |
36.90 |
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Any Other (Specify) |
29532014 |
2.97 |
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Non Residents |
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NRI |
29532014 |
2.97 |
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Sub Total (B)
(2) |
963959900 |
96.89 |
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(B) = (B) (1) +
(B) (2) |
963982400 |
96.90 |
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Total (A)+(B) |
994857800 |
100.00 |
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Shares
held by custodians and against which depository receipts have been
issued (C) |
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Promoter and Promoter Group |
-- |
-- |
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Public |
201242200 |
16.82 |
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Total (A) + (B) +(C) |
1196100000 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
The Company is engaged in the business of production and services of
animation and media related programs. |
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
M/s. R. Ravindran And Associates Chartered Accountant |
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Address : |
No.14, |
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CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1250000000 |
Equity Shares |
Rs.1/- each |
Rs.125.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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65800000 |
Equity Shares |
Rs.1/- each |
Rs.65.800 Millions |
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200000000 |
Equity Shares |
Rs.1/- each |
Rs.200.000 Millions |
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265800000 |
Equity Shares |
Rs.1/- each |
Rs.265.800 Millions |
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664500000 |
Equity Shares |
Rs.1/- each |
Rs.664.500 Millions |
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Total |
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Rs.1196.100
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
1196.100 |
531.600 |
65.800 |
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2] Share Application Money |
0.000 |
0.000 |
9.200 |
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3] Reserves & Surplus |
163.568 |
747.613 |
59.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1359.668 |
1279.213 |
134.000 |
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LOAN FUNDS |
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1] Secured Loans |
129.550 |
84.863 |
8.500 |
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2] Unsecured Loans |
0.472 |
1.058 |
17.900 |
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TOTAL BORROWING |
130.022 |
85.921 |
26.400 |
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DEFERRED TAX LIABILITIES |
1.830 |
2.673 |
0.000 |
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TOTAL |
1491.520 |
1367.807 |
160.400 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
109.622 |
130.748 |
51.700 |
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Capital work-in-progress |
351.142 |
347.400 |
45.200 |
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INVESTMENT |
6.597 |
6.592 |
0.000 |
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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
|
0.000 |
0.000
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Sundry Debtors |
381.407
|
245.436 |
74.300
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Cash & Bank Balances |
0.933
|
37.914 |
1.900
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Other Current Assets |
0.000
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0.000 |
0.000
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Loans & Advances |
113.249
|
41.123 |
7.800
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Total
Current Assets |
495.589
|
324.473 |
84.000 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
88.815
|
69.334 |
16.000
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Provisions |
40.169
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19.398 |
10.400
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Total
Current Liabilities |
128.984
|
88.732 |
26.400 |
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Net Current Assets |
366.605
|
235.741 |
57.600
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MISCELLANEOUS EXPENSES |
4.452 |
3.904 |
5.900 |
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TOTAL |
838.418 |
724.385 |
160.400 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
666.580 |
437.577 |
134.600 |
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Other Income |
10.658 |
8.699 |
1.100 |
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TOTAL (A) |
677.238 |
446.276 |
135.700 |
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Less |
EXPENSES |
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Personnel Cost |
104.427 |
55.222 |
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Administration and Other Expenses |
67.986 |
35.242 |
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Content developments expenses |
344.967 |
247.900 |
76.300 |
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Selling and Business Promotion Expenses |
14.558 |
6.143 |
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TOTAL (B) |
531.938 |
344.507 |
76.300 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
145.300 |
101.769 |
59.400 |
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Less |
FINANCIAL
EXPENSES (D) |
13.945 |
12.238 |
0.700 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
131.355 |
89.531 |
58.700 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
39.589 |
27.682 |
17.000 |
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PROFIT BEFORE TAX
(E-F) (G) |
91.766 |
61.849 |
41.700 |
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Less |
TAX (I) |
11.311 |
7.393 |
6.000 |
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PROFIT AFTER TAX
(G-I) (J) |
80.455 |
54.456 |
35.700 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
88.563 |
34.106 |
NA |
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Less |
APPROPRIATIONS |
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Bonus Issue |
5.450 |
-- |
NA |
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BALANCE CARRIED
TO THE B/S |
163.568 |
88.563 |
NA
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Earnings Per
Share (Rs.) |
0.07 |
0.17 |
5.43 |
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QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2010 |
30.09.2010 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Sales Turnover |
|
223.380 |
211.920 |
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Total Expenditure |
|
184.860 |
123.720 |
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PBIDT (Excl
OI) |
|
38.520 |
88.200 |
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Other Income |
|
0.020 |
0.080 |
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Operating
Profit |
|
38.540 |
88.280 |
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Interest |
|
8.840 |
12.840 |
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Exceptional
Items |
|
0.000 |
0.000 |
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PBDT |
|
29.700 |
75.440 |
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Depreciation |
|
9.070 |
32.430 |
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Profit
Before Tax |
|
20.630 |
43.010 |
|
Tax |
|
0.510 |
0.000 |
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Reported PAT |
|
20.130 |
43.010 |
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Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
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Net Profit |
|
20.130 |
43.010 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
11.87
|
12.20 |
26.30 |
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Net Profit Margin (PBT/Sales) |
(%) |
13.76
|
13.85 |
30.98 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
15.16
|
13.58 |
13.72 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
0.04 |
0.31 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.19
|
0.13 |
0.38 |
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Current Ratio (Current Asset/Current Liability) |
|
3.84
|
3.65 |
3.18 |
LOCAL AGENCY FURTHER INFORMATION
History:
The Promoters of the company commenced their business in 1992 under a
partnership with the firm name and style SANRA COMPUTERS (SC) with its business as development of custom made
application software. Over a period of
time, 95 % of the pharmaceutical distributors of
Also, the software needs of a
group of businesses/allied concerns opened up the possibilities for developing
software packages. Spurred by such emerging market needs for standard software
packages. SC focused on developing such products. The first successful business accounting package christened BUSINESS GRIP was born.
The product quickly found market
acceptance and a loyal customer base with sales and revenue growing at a very fast pace. The success in
meeting the requirement of this segment
enthused the promoters to develop the idea of
Customisable Standard Software. In March 1994, Government of India announced certain tax holidays for setting up
new units in specified locations,
including in
Fixed Assets :
- Plant and
Machinery
- Office
Equipments
- Computer and
Accessory
- Furniture and
Fixtures
- Vehicles
- Goodwill
- Software
- IPR’s Film
Right
Achievements :
- The
company hosted a press meet on 31st March 2010 to
launch the Indian trailer of The 99 along with Dr.Naif Al Mutawa - CEO of
Tashkeel Media Group,
- It was a proud moment for the 99 Super Heroes when President Obama made as special mention about The 99 in his speech at the President summit on entrepreneurship which took place on April` 26th and 27th 2010 at Washington DC.
- The company have successfully delivered the episodes for the 99 series-1, which had appreciation from the clients and partners worldwide, they have also delivered the broadcast series of IBN BATTUTA.
- In continuation to the successful launch and other deliveries of series 1 of The 99, we are on the verge of signing for the next 26 episodes as season 2 for The 99.
- The company’s board was strengthened with additional directors to drive the business more efficiently, the Board was added with Mr.G.Sundaresan Chairman with rich experience as an entrepreneur, Mr.Vijay R Vakharia a business man having 25 years rich experience in multi-facet industry viz., non-banking finance; real estate and logistics business having insight knowledge in analyzing the viability of new business ventures and Mr.T.V.Balachandran with rich experience as Senior Corporate Finance Manager and investment professional for over 13 years; have been associated with transactions involving start-up projects, private companies and listed entities in the Middle East and North Africa region and in India.
- The company also rejuvenated the education division in the name of Sanraa Media Knowledge Centre with latest syllabus on 11th Aug 2010
- The company has also issued bonus shares at 5:4 ratio i.e. 5 fully paid-up equity share of Re. 1/- each for every 4 existing fully paid-up equity shares held by the shareholders of the Company.
- In order to expand the operations of the company in the business Capital of India Mumbai we had set up a regional office at Mumbai on 16th May 2010 to have an easy access to Mumbai movie and entertainment market.
- The
company has also participated in the Tamil conference held at
- The company has also signed an MOU with the Malaysian client for a total value of 10 Million Dollars for a new Movie.
- The
company was effective in achieving the targets and within a short span of
time, since 2006, your company has become the largest Animation Company in
Tamil Nadu and one among the top ten Animation companies in
MANAGEMENT DISCUSSION AND ANALYSIS :
Global Outlook:
The Global Media and Entertainment (M and E) Industry is
expected to grow at CAGR 6.6%, and to reach $2.2 trillion in 2012. Over the
next five years, Asia Pacific and
Indian Outlook:
The Indian Media and Entertainment (M and E) industry stood
at Rs 587000.000 millions in 2009 clocking a growthof1. 4per cent as compared
to last year, a report says. Over the next five years, the industry is
projected to grow at a Compound Annual Growth rate (CAGR) of 13 per cent to
reach the size of Rs 1091000.000 millions by 2014, says a FICCI and KPMG report
released at the FICCI-FRAMES 2010 by Maharashtra Chief Minister Ashok Chavan.
Over the next five years, the industry is projected to grow at nine per cent
CAGR and reach Rs 137000.000 millions by 2014. Growth drivers for this sector
would include expansion of multiplex screens resulting in better realizations,
increase in number of digital screens facilitating wider release, improving
collections for the overseas markets and ancillary revenue streams like DTH,
digital downloads are expected to emerge in future, the report said.
PERFORMANCE
HIGHLIGHTS OF THE YEAR
The Board of Directors are pleased to state that during
the financial year, the income of the company is Rs 677.238 millions as against
Rs.446.277 millions for the previous financial year. The EBITDA for the
financial year is Rs. 145.301 millions as against Rs.101.732 millions for the
previous financial year. The PAT for the financial year is Rs. 80.455 millions
as against Rs.54.457 millions for the previous financial year.
CHANGE OF
REGISTERED OFFICE
During the year, the registered office of the company was
shifted to Flat No.33/6, II Floor, B R Complex,
AS PER WEBSITE
INFRASTUCTURE
Sanraa has two development centers in Chennai and
space is complete with all support services and amenities. Sanraa’s latest
system and software’s facilitates the creative team to deliver optimal
performance all the time. Its also capable of expanding the infrastructure to
meet the demand of the projects.
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. 45.45 |
|
|
1 |
Rs. 72.90 |
|
Euro |
1 |
Rs. 61.43 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
28 |
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.