MIRA
INFORM REPORT
|
Report Date : |
31.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
VENUS WORLDWIDE ENTERTAINMENTS PRIVATE
LIMITED (w.e.f. 22.10.2010) |
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|
Formerly Known
As : |
VENUS RECORDS AND TAPES PRIVATE LIMITED |
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Registered
Office : |
106/1, Blue Diamond, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
07.09.1988 |
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Com. Reg. No.: |
11-048756 |
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CIN No.: [Company Identification
No.] |
U52334MH1988PTC048756 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMV04637D |
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PAN No.: [Permanent Account No.] |
AAACV4561G |
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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 acquiring and creating re –
recording right in various films and non – films songs and in exploitation thereof
by way of manufacturing Records, Cassettes C.D’s, V.CD’s, V.H.S., D.V. D’s,
Containing the said programmers and sale thereof, producing, presenting and
distributing Films through Theatres, Cables and satellite, Providing Studio
and Equipments an Hire. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1180400 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track records.
Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct 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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office : |
106/1, Blue Diamond, |
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Tel. No.: |
91-22-6733000 |
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Fax No.: |
91-22-6600483 |
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E-Mail : |
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Web Site : |
SOLE PROPRIETOR/PARTNERS/DIRECTORS
AS ON 28.09.2010
|
Name : |
Mr. Ganesh Chhaganlal Jain |
|
Designation : |
Director |
|
Address : |
Jassa Wala Wadi Jain Bungalow, Plot No. 899, Juhu Tara Road, Mumbai –
400049, Maharashtra, India |
|
Date of Birth/Age : |
28.07.1951 |
|
Date of Appointment : |
07.09.1988 |
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|
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|
Name : |
Mr. Ratan Devichand Jain |
|
Designation : |
Director |
|
Address : |
Jassa Wala Wadi Jain Bungalow, Plot No. 899, Juhu Tara Road, Mumbai –
400049, Maharashtra, India |
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Date of Birth/Age : |
13.07.1954 |
|
Date of Appointment : |
01.01.1908 |
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|
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Name : |
Mr. Girish Devichand Jian |
|
Designation : |
Director |
|
Address : |
14 |
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Date of Birth/Age : |
01.03.1969 |
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Date of Appointment : |
11.12.1992 |
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Name : |
Mr. Champak Davichand Jain |
|
Designation : |
Director |
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Address : |
33, |
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Date of Birth/Age : |
29.05.1966 |
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Date of Appointment : |
11.12.1992 |
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Name : |
Mr. Umed Devichand Jain |
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Designation : |
Director |
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Address : |
31, |
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Date of Birth/Age : |
02.01.1954 |
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Date of Appointment : |
11.12.1992 |
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Name : |
Mr. Ramesh Chhaganlal, Jain |
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Designation : |
Director |
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Address : |
506/B Jaldarshan Ruia Park Gandhigram Road, Juhu West, Mumbai -
400049, |
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Date of Birth/Age : |
02.05.1958 |
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Date of Appointment : |
11.12.1992 |
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|
|
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Name : |
Mr. Bhawar Devichand Jain |
|
Designation : |
Director |
|
Address : |
311/312 C Jaldarshan Ruia Park, Gandhigram Road, Juhu West, Mumbai –
400049, Maharashtra, India |
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Date of Birth/Age : |
20.06.1959 |
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Date of Appointment : |
01.04.2008 |
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|
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Name : |
Mr. Gheesoolal F. Kothari |
|
Designation : |
Director |
|
Address : |
503/504 Rajgir 5th Floor |
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Date of Birth/Age : |
10.05.1954 |
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Date of Appointment : |
01.07.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 28.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Mr. Ganesh Chhaganlal Jain |
|
850000 |
|
Mr. Ratan Devichand Jain |
|
850000 |
|
Mr. Ramesh C. Jain |
|
811305 |
|
Mr. Girish D. Jain |
|
714610 |
|
Mr. Champak C. Jain |
|
779574 |
|
Mr. Umed D. Jain |
|
812055 |
|
Mr. Bhawar D. Jain |
|
775424 |
|
Ms. Parsan G. Jain |
|
189430 |
|
Ms. Pushpa R. Jain |
|
180864 |
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Ms. Ratan R. Jain |
|
750 |
|
Ms. Veena B. Jain |
|
4150 |
|
Mr. Rajendra R. Jain |
|
8566 |
|
Mr. Gheesoolal F. Kothari |
|
519716 |
|
Mr. Rashes B. Shah |
|
750000 |
|
Ms. Bina B. Shah |
|
950000 |
|
Mr. Rajiv B. Shah |
|
750000 |
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|
|
|
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Total |
|
8946444 |
AS ON 28.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
72.61 |
|
Other top fifty shareholders |
27.39 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The company is engaged in the business of acquiring and creating re –
recording right in various films and non – films songs and in exploitation
thereof by way of manufacturing Records, Cassettes C.D’s, V.CD’s, V.H.S.,
D.V. D’s, Containing the said programmers and sale thereof, producing,
presenting and distributing Films through Theatres, Cables and satellite,
Providing Studio and Equipments an Hire. |
PRODUCTION STATUS AS ON 28.09.2010
|
Particulars |
Unit |
Actual
Production |
|
|
|
|
|
Recorded Audio Cassettes |
Nos/Sets |
582205 |
|
Digital Video Disc |
Nos/Sets |
1356 |
|
Compact Disc |
Nos/Sets |
134624 |
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|
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GENERAL INFORMATION
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Bankers : |
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Facilities : |
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Note: * (Against a First
charger on negatives, all revenues/ receivables of the under production film
“Hisss (Naagin)” and personal guarantee from directors Shri Ganesh Jain and
Shri Ratan Jain.
** (Against prime securities by way of equitable Mortgage of immovable
properties belonging to other companies and concerns under the same management
as well as of Directors and their relatives and personally guaranteed by them
plus lien in fixed deposits worth Rs. 61.000 Millions and collateral securities
by way of hypothecation of all current assets including book debts, stock of
audio, film and other library right of music / films etc which are not
specifically charged to other banks for specific projects.)
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
R. S. Shah and Associates Chartered Accountant |
|
Address : |
217, Vardhaman Chambers, 2nd Floor, |
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Tel. No.: |
91-22-2873508/22042469 |
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Associates/Subsidiaries : |
-- |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs. 100.000Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
8946444 |
Equity Shares |
Rs.10/- each |
Rs.
89.464Millions |
|
Note |
Out of above 250000 Equity shares alloted as
fully paid up pursuant to agreements of take – over without payments being
received in cash. |
|
|
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 |
89.464 |
89.464 |
89.464 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
205.653 |
70.022 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
(8.063) |
|
|
NETWORTH |
295.117 |
159.486 |
81.401 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
233.530 |
430.361 |
156.909 |
|
|
2] Unsecured Loans |
105.339 |
4.189 |
13.687 |
|
|
TOTAL BORROWING |
338.869 |
434.550 |
170.596 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
|
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TOTAL |
633.986 |
594.036 |
251.997 |
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
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|
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|
FIXED ASSETS [Net Block] |
162.080 |
104.607 |
78.034 |
|
|
Capital work-in-progress |
0.000 |
6.416 |
0.000 |
|
|
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|
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|
|
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INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
(29.658) |
(1.166) |
0.748 |
|
|
|
|
|
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
142.210
|
353.018 |
113.245 |
|
|
Sundry Debtors |
83.033
|
111.953 |
51.525 |
|
|
Cash & Bank Balances |
7.249
|
0.843 |
3.484 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
346.295
|
235.096 |
218.185 |
|
Total
Current Assets |
578.787
|
700.910 |
386.439 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
50.401
|
70.787 |
57.321 |
|
|
Other Current Liabilities |
26.149
|
133.273 |
153.137 |
|
|
Provisions |
0.673
|
12.671 |
2.850 |
|
Total
Current Liabilities |
77.223
|
216.731 |
213.308 |
|
|
Net Current Assets |
501.564
|
484.179 |
173.131 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000
|
0.000 |
0.084 |
|
|
|
|
|
|
|
|
TOTAL |
633.986 |
594.036 |
251.997 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1120.561 |
539.817 |
371.710 |
|
|
|
|
|
|
|
|
|
|
TOTAL |
1120.561 |
539.817 |
371.710 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
NA |
402.990 |
233.315 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
NA |
402.990 |
233.315 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
205.649 |
136.827 |
138.395 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
NA |
80.636 |
89.357 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
NA
|
14.93 |
24.03 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
18.35
|
25.34 |
37.23 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
35.53
|
19.52 |
35.81 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.69
|
0.85 |
1.70 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.26
|
1.35 |
2.62 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
7.49
|
3.23 |
1.81 |
LOCAL AGENCY FURTHER INFORMATION
Note: Registered office
address of the company been shifted from Shivsagar Corner of AB Nair Rdopp
Chand Society, Juhu, Mumbai – 400049,
OPERATIONS AND OUTLOOK:
During the year the company earned an total
income of Rs. 1120.561 Millions as against Rs. 531.179 Millions achieved during
the corresponding period of the previous year. After off setting the expenses
the company made during the year a profit of Rs. 205.649 Millions (Before tax)
as against Rs. 136.827 Millions achieved during the corresponding period of the
previous year. The directors are optimistic about the future of the company.
Form 8
|
Corporate
identity number of the company |
U52334MH1988PTC048756 |
|
Name of the
company |
Venus Worldwide Entertainments Private Limited |
|
Address of the
registered office or of the principal place of business in |
106/1, Blue Diamond,
Mumbai – 400049, |
|
This form is for |
Creation of
charge |
|
Type of charge |
Book Debts Movable Property |
|
Particular of
charge holder |
EXPORT-IMPORT
BANK OF |
|
Nature of
instrument creating charge |
Unattested Deed of
Hypothecation executed by Venus Worldwide Entertainments Private
Limited("the Borrower") in favour of Export-Import Bank of |
|
Date of
instrument Creating the charge |
28.12.2010 |
|
Amount secured by
the charge |
210.000 Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest: 13.5% per annum and interest shall be payable
by Borrower with monthly rests on 20th day of each month. Terms of Repayment : The Loan amount drawn to be repaid on or
before release of the Film - "TEZZ" (hereinafter referred to as
"the Film"), but not later than 12 (Twelve) months from the date of
first disbursement Margin : 50% Extent and Operation of the charge : Charge created under Deed of Hypothecation
dated 28th December 2010 (DOH) shall operate as security by way of exclusive charge over movable assets pertaining to
the Film, both present and future, more particularly mentioned in Schedule
III of DOH for due repayment of the Loan, interest thereon and other money
payable by the Borrower under the Loan Agreement dated 28th October 2010
(LA). |
|
Short particulars
of the property charged |
1) All of the
tangible and intangible assets of the Film, including its physical properties
relating to development, production, distribution, etc. of the Film,
including positives, negatives, prints etc 2) General
intangibles including copyrights, patents, trademark, trade name, etc. as
briefly described in Schedule III to the DOH 3) Lien on the
old film library valued about Rs 210.000 Millions. (list of titles are
mentioned in DOH) |
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.45.74 |
|
|
1 |
Rs.72.73 |
|
Euro |
1 |
Rs.62.73 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
46 |
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.