MIRA INFORM REPORT

Report Date :

16.07.2011

IDENTIFICATION DETAILS

Name :	TURMERIC VISION PRIVATE LIMITED
Registered Office :	C-18, Dalia Estate, Near Fun Republic, off New Link Road, Andheri West, Mumbai-400053, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	24.07.2006
Com. Reg. No.:	11-163275
Capital Investment/ Paid-up Capital:	Rs. 18.345 Millions
CIN No.: [Company Identification No.]	U22300MH2006PTC163275
TAN No.: [Tax Deduction & Collection Account No.]	MUMT13640E
PAN No.: [Permanent Account No.]	AACCT5209P
Legal Form :	Private Limited Liability Company.
Line of Business :	The main object of the company is to carry on the business of television channel.
No. of Employees:	Approximately 65

RATING & COMMENTS

MIRA’s Rating :

Ca (18)

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

Status :	Recently commenced
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a subsidiary of Astro All Asia Networks plc, Malaysia. w.e.f. 26^th July, 2010. Thought the company was incorporated in the year 2006, the company has started its commercial business activities recently in January 2011. Business is active. Payment terms are unknown. 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.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Raj Panwar
Designation :	Accountant
Contact No.:	91-9930001216
Date :	15.07.2011

LOCATIONS

Registered Office :	C-18, Dalia Estate, Near Fun Republic, off New Link Road, Andheri West, Mumbai-400053, Maharashtra, India
Tel. No.:	91-22-26735015
Mobile No.:	91-9930001216 (Mr. Raj Panwar)
Fax No.:	91-22-26735014
E-Mail :	raj-panwar@foodfood.com khanakhazana@vsnl.com alyona@sanjeevkapoor.com
Website :	http://www.foodfood.com
Area :	4000 sq.ft. (Rented)
	Note: As informed by Mr. Raj, they are about to shift their office in same building but 4^th floor, new premises. This channel started from 26^th January 2011.
Branch Office 1 :	4^th Floor, ‘A’ Wing, Modi House, C-10, Dalia Estate, Off New Link Road, Near Fun Republic, Andheri (West), Mumbai-400053, Maharashtra, India
Branch Office 2:	401, Dakha House, 18/17, W.E.A, Karol Bagh, New Delhi-110005, India

DIRECTORS

As on 29.09.2010

Name :	Mr. Sanjeev Surendra Kapoor
Designation :	Director
Address :	101, Anand Mansion, Gulmohar Cross Road No. 5, JVPD Scheme, Juhu, Vile Parle West, Mumbai-400049, Maharashtra, India
Date of Birth/Age :	10.04.1964
Date of Appointment :	24.07.2006
DIN No.:	00151488
Other Directorship:	Khana Khazana India Private Limited U55101MH2001PTC134012 Indian Cookery.com Private Limited U99999MH2002PTC134511 Pristine Ventures Private Limited U74140DL2000PTC107229
Name :	Mrs. Alyona Sanjeev Kapoor
Designation :	Director
Address :	101, Anand Mansion, Gulmohar Cross Road No. 5, JVPD Scheme, Juhu, Vile Parle West, Mumbai-400049, Maharashtra, India
Date of Birth/Age :	22.04.1967
Date of Appointment :	24.07.2006
DIN No.:	00151391
Other Directorship:	Khana Khazana India Private Limited U55101MH2001PTC134012

KEY EXECUTIVES

Name :	Mr. Raj Panwar
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2010

Names of Shareholders	No. of Shares
Sanjeev Kapoor	312598
Aloyana Kapoor	13500
Khana TV LLP, Mumbai, Maharashtra, India	1172442
Mogae Consultants Private Limited, Mumbai, Maharashtra, India	335960
Total	1834500

As on 01.02.2011

List of Allottees	No. of Shares Allotted
South Asia Creative Assets Limited, Mauritius	10000
Total	10000

As on 31.03.2011

List of Allottees	No. of Shares Allotted
South Asia Creative Assets Limited, Mauritius	10000
Total	10000

As on 30.06.2011

List of Allottees	No. of Shares Allotted
South Asia Creative Assets Limited, Mauritius	10000
Total	10000

Equity Share Breakup (Percentage of Total Equity)

As on 30.09.2010

Category	Percentage
Bodies corporate	18.31
Directors or relatives of Directors	17.78
Others	63.91
Total	100.00

BUSINESS DETAILS

Line of Business :	The main object of the company is to carry on the business of television channel.
Imports :
Products :	Light Broad Casting Equipment
Countries :	Hong Kong Singapore Germany
Terms :
Purchasing :	T/T

GENERAL INFORMATION

No. of Employees :

Approximately 65

Bankers :

HDFC Bank, Versova Branch

Facilities :

Unsecured Loans	31.03.2010 RS. in Millions	31.03.2009 RS. in Millions
From Shareholders and Directors	12.452	11.455
Total	12.452	11.455

Banking Relations :	--
Auditors :
Name :	Anjali Dalvi Associates Chartered Accountant
Address :	A-1, Krishna Complex, Subhash Road, A, Vile Parle (East), Mumbai-400057, Maharashtra, India
Tel. No.:	91-22-23803666
E-Mail :	dalvianjali@yahoo.co.in
Joint Venture:	Astro All Asia

CAPITAL STRUCTURE

After As on 29.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
54030000	Equity Shares	Rs. 10/- each	Rs. 540.300 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
33359496	Equity Shares	Rs. 10/- each	Rs. 333.595 Millions

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs. 10/- each	Rs. 20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1834500	Equity Shares	Rs. 10/- each	Rs. 18.345 Millions

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		18.345	18.345	18.345
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		[3.693]	[1.906]	[0.724]
NETWORTH		14.652	16.439	17.621
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		12.452	11.455	2.668
TOTAL BORROWING		12.452	11.455	2.668
DEFERRED TAX LIABILITIES		0.093	0.000	0.000
TOTAL		27.197	27.894	20.289
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.752	0.964	1.534
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		17.284	18.337	18.337
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1.730	1.552	0.523
	Sundry Debtors	0.000	0.000	0.000
	Cash & Bank Balances	0.881	0.967	0.177
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.238	0.118	0.039
Total Current Assets		2.849	2.637	0.739
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000	0.000	0.000
	Other Current Liabilities	0.060	0.302	1.741
	Provisions	0.000	0.000	0.000
Total Current Liabilities		0.060	0.302	1.741
Net Current Assets		2.789	2.335	[1.002]
MISCELLANEOUS EXPENSES		6.372	6.258	1.420
TOTAL		27.197	27.894	20.289

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Operating Income	--	0.000	0.000
		Other Income (Dividend)	--	0.166	0.006
		TOTAL	--	0.166	0.006
	EXPENSES
		Salaries		0.391	0.091
		Administrative, Selling and other Expenses	1.911 (Including Depreciation)	0.330	0.574
		Preliminary Expenses written off		0.027	0.027
		TOTAL	1.911	0.748	0.692
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION			[0.582]	[0.686]
	DEPRECIATION/ AMORTISATION			0.570	0.000
	PROFIT BEFORE TAX		[1.694]	[1.152]	[0.686]
Less	TAX		0.094	0.030	0.000
	PROFIT AFTER TAX		[1.788]	[1.182]	[0.686]
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	[0.724]	[0.038]
	BALANCE CARRIED TO THE B/S		NA	[1.906]	[0.724]
	Earnings Per Share (Rs.)		[0.97]	--	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	--	[712.05]	[11433.33]
Net Profit Margin (PBT/Sales)	(%)	--	0.00	0.00
Return on Total Assets (PBT/Total Assets}	(%)	[47.04]	[31.99]	[30.18]
Return on Investment (ROI) (PBT/Networth)		[0.12]	[0.07]	[0.04]
Debt Equity Ratio (Total Liability/Networth)		0.85	0.72	0.25
Current Ratio (Current Asset/Current Liability)		47.48	8.73	0.42

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS ARE NOT AVAILABLE.

Trade References:

· Endemol

· Ogilvy and Mather

· Astro All Asia

Operating Results:

The company has incurred a loss after tax of Rs. 1.788 Millions during the period.

Fixed Assets:

· Furniture and Fixture

· Computers

· Studio Equipments

· Vehicles

Press Release:

Mogae Group To Pick 20% In Sanjeev Kapoor's Turmeric Vision

Sandeep Goyal's Mogae Group is acquiring 20% stake in Turmeric Vision Private Limited (TVPL), the television company owned by celebrity chef Sanjeev Kapoor and his wife Alyona Kapoor.

The money will be used by Turmeric to launch a 24 hour-food channel-Food TV. The channel is expected to go on-air before the end of this year.

It is not clear what will be left with Sanjeev Kapoor after this 20% stake sale as there was announcement in June this year that Astro All Asia Networks has acquired 80% stake in Turmeric Vision Private Limited for Rs.1220.000 Millions (Dealcurry). There is no clarity whether additional shares are being issued, Sanjeev Kapoor is exiting or Astro All Asia Networks is selling part of its stake.

Astro All Asia Networks Acquires 80% Stake In Turmeric Vision

England based Astro All Asia Networks has acquired 80% stake in Sanjeev Kapoor's Turmeric Vision Private Limited

As a part of the deal, Astro will bring in Rs 1220.000 Millions over the next three years. The money will be used by Turmeric to launch a 24 hour-Food Channel-Food TV.

Astro has bought the stake through South Asia Creative Assets Limited in the four year old television firm. The deal values the channel at Rs 1525.000 Millions

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.52
UK Pound	1	Rs.71.91
Euro	1	Rs.62.98

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	--
--CREDIT LINES	1~10	2
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		18

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	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.