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MIRA
INFORM REPORT
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Report Date : |
20.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
ALTERNATE BRAND SOLUTIONS (INDIA) LIMITED (w.e.f. 02.04.2009) |
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Formerly Known
As : |
ALTERNATE BRAND SOLUTIONS LIMITED |
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Registered
Office : |
4th Floor, ‘A’ Wing, Matulya Centre, Senapati Bapat Marg,
Lower Parel (West), Mumbai – 400 013, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
31.10.2007 |
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Com. Reg. No.: |
11-175549 |
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Capital
Investment / Paid-up Capital : |
Rs.16.000
millions |
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CIN No.: [Company Identification
No.] |
U92190MH2007PLC175549 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
MUMA31527G |
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PAN No.: [Permanent Account No.] |
AAGCA7041Q |
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Legal Form : |
A Closely Held
Public Limited Liability Company |
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Line of Business
: |
Event Management and Experiential Marketing. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
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MIRA’s Rating : |
B (28) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 261000 |
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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. There appears
some accumulated losses recorded by the company. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some
cautions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION DECLINED BY
|
Name : |
Mr. Rajesh R. Indulkar |
|
Designation : |
Group Manager-Accounts and Finance |
|
Date : |
19.07.2011 |
LOCATIONS
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Registered Office : |
4th Floor, ‘A’ Wing, Matulya Centre, Senapati Bapat Marg, Lower
Parel (West), Mumbai – 400 013, Maharashtra, India |
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Tel. No.: |
91-22-40983000 / 66620600 / 66520360 /
67536983 |
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Fax No.: |
91-22-66615030 / 66622360 / 67536900 |
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E-Mail : |
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Website : |
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Corporate Office : |
Trade Gardens, Ground Floor, Kamala Mills Compound, Senapati Bapat Marg,
Lower Parel (West), Mumbai – 400 013, Maharashtra, India |
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Tel. No.: |
91-22-67536983 |
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Fax No.: |
91-22-67536800 / 900 |
DIRECTORS
As on 07.09.2010
|
Name : |
Mr. Amba Preetham Parigi |
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Designation : |
Director |
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Address : |
51, 5th Floor, Tahnee Heights CHS Limited, 66, Napean Sea
Road, Mumbai - 400 036, |
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Date of Birth/Age : |
15.07.1949 |
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Date of Appointment : |
31.10.2007 |
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DIN No.: |
00087586 |
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Name : |
Mr. Sivakumar Sundaram |
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Designation : |
Director |
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Address : |
6, Shankar Sagar, |
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Date of Birth/Age : |
23.07.1966 |
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Date of Appointment : |
31.10.2007 |
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DIN No.: |
00105562 |
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Name : |
Mr. Ravindra Krishna Kulkarni |
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Designation : |
Director |
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Address : |
2, Samruddhi Plot No.19, TPS VI, Relief Road, Santacruz (West), Mumbai
- 400 054, |
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Date of Birth/Age : |
23.05.1945 |
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Date of Appointment : |
22.08.2008 |
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DIN No.: |
00059367 |
KEY EXECUTIVES
|
Name : |
Mr. Rajesh R. Indulkar |
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Designation : |
Group Manager-Accounts and Finance |
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Name : |
Amit Sharma* |
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Designation : |
Business Head |
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Date of Birth/Age : |
35 Years |
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Qualification : |
B.COM |
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Company Experience : |
11 months |
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Total Experience : |
13 Years |
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Date of Appointment : |
01.05.2009 |
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|
|
Name : |
Shashank Chaudhry |
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Designation : |
Vice President - North and East |
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Date of Birth/Age : |
36 Years |
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Qualification : |
PGDBM |
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Company Experience : |
2 Years and 8 months |
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Total Experience : |
12 Years |
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Date of Appointment : |
23.07.2007 |
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|
|
|
Name : |
Hari Ayyappan * |
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Designation : |
Vice President - Special Projects |
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Date of Birth/Age : |
34 Years |
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Qualification : |
BE |
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Company Experience : |
1 Year and 5 months |
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Total Experience : |
13 Years |
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Date of Appointment : |
31.102007 |
* Where employed for part of the year
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 07.09.2010
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
Amba Preetham
Parigi jointly with Entertainment Network ( |
1 |
0.00006 |
|
S. Sivakumar jointly
with Entertainment Network ( |
1 |
0.00006 |
|
Padmakar
Manjunath Rao jointly with Entertainment Network ( |
1 |
0.00006 |
|
Narayanan Kumar
jointly with Entertainment Network ( |
1 |
0.00006 |
|
N. Subramanian
jointly with Entertainment Network ( |
1 |
0.00006 |
|
Prashant Panday
jointly with Entertainment Network ( |
1 |
0.00006 |
|
Entertainment Network ( |
1599994 |
99.99964 |
|
Total
|
1600000 |
100.00 |
As on 07.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Event Management and Experiential Marketing. |
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GENERAL INFORMATION
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No. of Employees : |
Information declined by the management |
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Bankers : |
Not Available |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Price Waterhouse and Company Chartered Accountants |
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Address : |
252, Veer Savarkar Marg, |
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Income-tax
PAN of auditor or auditor's firm : |
AADFP9359C |
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Ultimate Holding Company: |
Bennett, Coleman and Company Limited (BCCL) |
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Holding Company : |
Entertainment
Network ( CIN No.: L92140MH1999PLC120516 Address: 4th Floor, ‘A’ Wing, Matulya Centre, Senapati Bapat
Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India |
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|
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Fellow Subsidiary Companies : |
v
Times Innovative Media Limited (TIM) v
Zoom Entertainment Network Limited (ZENL) v
Times Business Solutions Limited (TBSL)* v
Times Internet Limited (TIL) v
Mirchi Movies ( v
Times Global Broadcasting Company Limited (TGBCL) v
Optimal Media Solutions Limited (OMSL) * There are no transactions during the year. |
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|
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Other Related Party where common control exists : |
Worldwide Media Private Limited (WWM) |
CAPITAL STRUCTURE
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 |
|
1600000 |
Equity Shares |
Rs.10/- each |
Rs.16.000
millions |
|
|
|
|
|
Note:
1,600,000 Equity Shares of Rupees 10 each are held by
Entertainment Network (
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
01.04.2009 to 31.03.2010 |
01.04.2008 to
31.03.2009 |
31.10.2007 to
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
16.000 |
16.000 |
16.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
54.104 |
57.526 |
57.022 |
|
|
4] (Accumulated Losses) |
(4.913) |
0.000 |
0.000 |
|
|
NETWORTH |
65.191 |
73.526 |
73.022 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.329 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
65.191 |
73.855 |
73.022 |
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|
|
|
|
|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
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|
FIXED ASSETS [Net Block] |
18.300 |
32.333 |
33.622 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
6.500 |
0.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
0.000 |
1.977 |
0.156 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000
|
0.000 |
|
|
Sundry Debtors |
137.559
|
200.040
|
200.611 |
|
|
Cash & Bank Balances |
1.995
|
14.218
|
5.323 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
76.782
|
57.120
|
22.049 |
|
Total
Current Assets |
216.336
|
271.378 |
227.983 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
140.398 |
199.806 |
171.348 |
|
|
Other Current Liabilities |
33.436
|
28.616
|
14.340 |
|
|
Provisions |
2.111
|
3.411
|
3.051 |
|
Total
Current Liabilities |
175.945
|
231.833 |
188.739 |
|
|
Net Current Assets |
40.391
|
39.545
|
39.244 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
65.191 |
73.855 |
73.022 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
01.04.2009 to
31.03.2010 |
01.04.2008 to
31.03.2009 |
31.10.2007 to
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Event Income |
415.189 |
567.972 |
160.798 |
|
|
|
Other Income |
2.513 |
14.375 |
0.004 |
|
|
|
TOTAL |
417.702 |
582.347 |
160.802 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Production Expenses |
279.603 |
349.164 |
67.807 |
|
|
|
Employee Costs |
57.376 |
93.109 |
27.515 |
|
|
|
Administration and Other Expenses |
82.471 |
130.441 |
58.917 |
|
|
|
TOTAL |
419.450 |
572.714 |
154.239 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
(1.748) |
9.633 |
6.563 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
4.239 |
4.946 |
1.502 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
(5.987) |
4.687 |
5.061 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
2.349 |
4.183 |
2.143 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
(8.336) |
0.504 |
2.918 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3.422 |
2.918 |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(4.914) |
3.422 |
2.918 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Event Income |
0.000 |
0.297 |
0.000 |
|
|
TOTAL EARNINGS |
0.000 |
0.297 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(5.21) |
0.32 |
3.95 |
|
KEY RATIOS
|
PARTICULARS |
|
01.04.2009 to
31.03.2010 |
01.04.2008 to
31.03.2009 |
31.10.2007 to
31.03.2008 |
|
PAT / Total Income |
(%) |
(2.00)
|
0.09 |
1.81 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(1.44)
|
0.83 |
3.15 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(2.55)
|
1.54 |
1.93 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.09)
|
0.06 |
0.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.70
|
3.15 |
0.07 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.23
|
1.17 |
1.21 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
01.04.2009 to
31.03.2010 (Rs. in
millions) |
01.04.2008 to
31.03.2009 (Rs. in
millions) |
31.10.2007 to 31.03.2008 (Rs. in
millions) |
|
Sundry Creditors: |
|
|
|
|
− Dues to Micro, Small and Medium Enterprises |
0.013 |
0.110 |
0.000 |
|
− Others |
140.385 |
199.696 |
171.348 |
|
|
140.398 |
199.806 |
171.348 |
FINANCIAL PERFORMANCE:
Total income of
the Company declined by 28% during the financial year. Lower revenues also
resulted in a net loss after tax of Rs.8.336 millions.
OPERATIONS:
Due to recessionary
pressure in the financial year, the Company’s revenues as well as Earnings
Before Interest, Taxes, Depreciation and Amortization (EBITDA) were adversely
affected. However, the Company continues to be cash positive during the
financial year.
The Company’s
events business suffered a down-turn during the year on account of the economic
slow-down that happened through financial year 2009-2010 and the consequent
reduction of spends by clients on events. As a result, the profitability of the
events business was severely affected. With the recovery in advertising
imminent, the team is confident of a recovery in financial year 2010-2011.
The Company’s
focus on promotions and “owned-IPR” events continues. During the year, the
Company launched a new property – Design Warz. With this, the Company now has a
portfolio of 6 owned IPR events. In financial year 2010-2011, the Company
proposes to launch 2 new properties. The promotions space has fared very well
as clients spent more on promotions rather than events in financial year
2009-2010. The Company believes that the growth of the promotions space will
continue in the years to come.
FIXED ASSETS:
Intangible Assets:
v Goodwill
Tangible Assets:
v Leasehold Improvements
v Office Equipment
v Computers
v Furniture and Fixtures
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON DESIGNATED
PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government official
or a family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.59 |
|
|
1 |
Rs.71.62 |
|
Euro |
1 |
Rs.62.78 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--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.