MIRA
INFORM REPORT
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Report Date : |
14.06.2011 |
IDENTIFICATION DETAILS
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Name : |
M.H. ONE TV NETWORK LIMITED |
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Registered
Office : |
2 S.S.I Industrial Area, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
31.01.2003 |
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Com. Reg. No.: |
55-118747 |
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Paid-up Capital
: |
Rs. 100.000 Millions |
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CIN No.: [Company Identification
No.] |
U92132DL2003PLC118747 |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Providing Services related to entertainment through media like TV, Cable
TV, Satellite TV Channels, Radio Magazines, Newspapers etc. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B (29) |
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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 520000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be low. However, trade relations are reported as
fair. Business is active. Payments are reported to be slow but correct. 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.
ECGC Country Risk Classification List – June 30, 2010
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Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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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 : |
2 S.S.I Industrial Area, |
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Tel. No.: |
91-11-42300000/27413923/27213923 |
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Fax No.: |
91-11-27229373 |
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E-Mail : |
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Website : |
DIRECTORS
As On 30.09.2010
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Name : |
Mr. Mahinder Bathla |
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Designation : |
Managing Director |
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Address : |
1 A, |
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Date of Birth/Age : |
10.05.1959 |
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Date of Appointment : |
31.01.2003 |
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DIN No.: |
00217776 |
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Name : |
Mr. Raju Bathla |
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Designation : |
Whole Time Director |
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Address : |
1 A, |
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Date of Birth/Age : |
07.11.1961 |
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Date of Appointment : |
03.02.2003 |
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DIN No.: |
00217702 |
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Name : |
Mr. Karan Bathla |
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Designation : |
Director |
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Address : |
1 A, |
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Date of Birth/Age : |
02.11.1985 |
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Date of Appointment : |
15.12.2005 |
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DIN No.: |
00217817 |
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Name : |
Mr. Nitin Bathla |
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Designation : |
Director |
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Address : |
1 A, |
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Date of Birth/Age : |
30.10.1981 |
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Date of Appointment : |
15.12.2005 |
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DIN No.: |
00217798 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Mahinder Kr. Bathla |
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4051020 |
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Sunita Bathla |
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176000 |
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Nitin Bathla |
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232904 |
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Mahinder Kr. Bathla(HUF) |
|
433283 |
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Naina |
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106793 |
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Raju Bathla |
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4232134 |
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Sharda |
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397740 |
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Karan Bathla |
|
130725 |
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Raju Bathla(HUF) |
|
169818 |
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Chandani Bathla |
|
69583 |
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Total |
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10000000 |
As On 30.09.2010
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Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Providing Services related to entertainment through media like TV, Cable
TV, Satellite TV Channels, Radio Magazines, Newspapers etc. |
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GENERAL INFORMATION
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Suppliers : |
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Customers : |
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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 : |
Ramesh Sardana Chartered Accountant |
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Address : |
11, Mall Apartment, |
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Pan No.: |
AANPA6338J |
CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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15000000 |
Equity Shares |
Rs. 10/- each |
Rs. 150.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
10000000 |
Equity Shares |
Rs. 10/-
each |
Rs. 100.000
Millions |
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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 |
100.000 |
100.000 |
59.818 |
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2] Share Application Money |
5.971 |
5.971 |
21.551 |
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3] Reserves & Surplus |
25.950 |
22.016 |
3.405 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
131.921 |
127.987 |
84.774 |
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LOAN FUNDS |
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1] Secured Loans |
231.842 |
193.318 |
137.022 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
231.842 |
193.318 |
137.022 |
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DEFERRED TAX LIABILITIES |
27.914 |
26.235 |
23.688 |
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TOTAL |
391.677 |
347.540 |
245.484 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
251.027 |
231.191 |
210.681 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
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 |
106.610
|
149.469 |
106.527 |
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Cash & Bank Balances |
1.249
|
5.473 |
3.685 |
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Other Current Assets |
157.785
|
81.064 |
31.797 |
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Loans & Advances |
0.000
|
0.000 |
0.000 |
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Total
Current Assets |
265.644
|
236.006 |
142.009 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
79.397
|
85.539 |
58.954 |
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Other Current Liabilities |
45.882
|
33.893 |
47.9787 |
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Provisions |
0.000
|
0.652 |
0.843 |
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Total
Current Liabilities |
125.279
|
120.084 |
107.775 |
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Net Current Assets |
140.365
|
115.922 |
34.234 |
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MISCELLANEOUS EXPENSES |
0.285 |
0.427 |
0.569 |
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TOTAL |
391.677 |
374.540 |
245.484 |
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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 |
14.351 |
25.410 |
29.855 |
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Other Income |
192.734 |
181.457 |
125.233 |
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TOTAL (A) |
207.085 |
206.867 |
155.088 |
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Less |
EXPENSES |
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Operational Expenses |
30.346 |
24.671 |
26.883 |
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Administrative Expenses |
13.936 |
15.004 |
14.229 |
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Personnel Expenses |
54.380 |
63.363 |
24.913 |
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Legal, proff and filling fees |
0.259 |
0.158 |
0.088 |
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Selling and distribution expenses |
39.217 |
38.333 |
24.174 |
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Other expenses |
2.489 |
0.385 |
0.356 |
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TOTAL (B) |
140.627 |
141.914 |
90.643 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
66.458 |
64.953 |
64.445 |
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Less |
FINANCIAL
EXPENSES (D) |
32.745 |
24.078 |
9.498 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
33.713 |
40.875 |
54.947 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
28.100 |
34.379 |
42.095 |
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PROFIT BEFORE
TAX (E-F) (G) |
5.613 |
6.496 |
12.852 |
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Less |
TAX (I) |
1.678 |
3.200 |
22.223 |
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PROFIT AFTER TAX
(G-I) (J) |
3.935 |
3.296 |
(9.371) |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
6.701 |
3.405 |
12.776 |
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BALANCE CARRIED
TO THE B/S |
10.636 |
6.701 |
3.405 |
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EARNINGS IN
FOREIGN CURRENCY |
9.992 |
6.728 |
NA |
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Earnings Per
Share (Rs.) |
0.39 |
0.33 |
NA |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.90
|
1.59 |
(6.04) |
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Net Profit Margin (PBT/Sales) |
(%) |
39.11
|
25.56 |
43.05 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.09
|
1.39 |
3.64 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
0.05 |
0.08 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.71
|
2.45 |
2.89 |
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Current Ratio (Current Asset/Current Liability) |
|
2.12
|
1.97 |
1.32 |
LOCAL AGENCY FURTHER INFORMATION
Contingent
Liability:
On the basis of information provided by the management, there are no
contingent liabilities.
Form 8:
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Corporate
identity number of the company |
U92132DL2003PLC118747 |
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Name of the
company |
M.H. ONE TV
NETWORK LIMITED |
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Address of the
registered office or of the principal place of business in |
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This form is for |
Modification of
charge |
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Type of charge |
Book Debts Movable Property 1st
Pari Passu Charge over current assets |
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Particular of
charge holder |
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Nature of
instrument creating charge |
Letter Ceding
Pari Passu |
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Date of instrument
Creating the charge |
03.02.2011 |
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Amount secured by
the charge |
Rs. 175.000
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
- As Per Facility Letter Dated 03.01.2011 Terms of
Repayment - As Per Facility Letter Dated 03.01.2011 Margin - As Per
Facility Letter Dated 03.01.2011 Extent and
Operation of the charge - Pari Passu Charge |
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Particulars of
the property charged |
Hypothecation by
way of first and exclusive charge over all present & future current
assets and movable fixed assets of the company stored or to be stored at the
company's godowns or premises or wherever else the same may be. |
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Date of
instrument modifying the charge |
01.02.2011 |
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Particulars of the
present modification |
There being no
change in the credit facilities of Rs. 175.000 millions already registered
however the same shall be secured by first pari passu charge with punjab and
sind bank over all present and future current assets of the company stored or
to be stored at the company's godowns or premises or wherever else the same
may be. |
Fixed Assets:
- Computer
- Dish antenna
- Studio
equipments
- Building
- Receiver
(satellite)
- Audio video
switcher
- Furniture and
fixture
- Photocopy machine
- Mobile phone
- Editing
system
- Air
conditioner
- Refrigerator
- Television
- Attendance
machine
- Jewellary
- Programme
contents
- Land at badi
- Video and
beta tape
- Fabrics
- Channel
development P.A
- CEPT Society
- Honda City
- Earth Station
- Plant and
machinery
- Honda Accord
- Office
equipments
- Car
AS PER WEBSITE
DETAILS
PROFILE:
Subject was founded in 2003 and launched its first channel in May
2003 under the brand name of MH ONE – 24 hours Punjabi Music Channel which has today
become the leading Punjabi Language Music and Entertainment channel.
It has an average weekly market share of 37-40% increased from 17.87%
since the time of launch according to TAM Viewer-ship Data. The channel
has an average weekly reach of 12.5 million viewers and is available in more
than 85% of house-holds with access to cable and satellite.
MH ONE gave
MH ONE offers a host of
genres - Comedy, Music, Dance and general entertainment. The channel has a
library of over 20,000 hours of
programming.
The year 2007 was a landmark
year for the group with the launch of 2 additional channels SHRADDHA MH ONE – the devotional channel and MH
ONE NEWS – the 24 hour news channel with a focus on the Hindi speaking belt.
With the vast experience of running a bouquet of 3 channels from different
genres they believe that they are well positioned to capture considerable
growth opportunities in
MH ONE NEWS has national
level infrastructure deployed at the regional scale. Regular news from
the regions and select important information / news at national and international
level are an integral part of the channel which has a – “Global approach”.
MH ONE NEWS brings the
happenings of interest to the masses, in its actual and factual situations. The
Channel carries discussions on the current affairs affecting the general masses
and helping them in solving their day to day problems with relevant
authorities. The programming includes News Panel Discussions, Crime, Current
Affairs, Sports, Auto Show, Life Style, Entertainment, Astrology, Vishesh – as
the big story of the day and Business Forums.
SHRADDHA MH ONE - A devotional
satellite channel of its own kind, evoking the divine insight to there own
selves. Launched on 19th March 2007 and with in a short span of its
launch has acquired the position of ‘one of the major' devotional channels in
the north.
To be able to
telecast Live Aartis from the Mata Vaishno Devi Darbar is a blessing for
any broadcaster as this provides them a platform to connect to millions of
bhakts / viewers across the world and enables them to have ‘darshan’ of the
holy shrine on a daily basis.
Subject has created
history in Television Industry as it has been allowed to cover Live Aartis from
Shri Mata Vaishno Devi Shrine Darbar. The Aartis are telecast LIVE on
SHRADDHA MH ONE, MH ONE and MH ONE NEWS for 2 hours in the morning and on
SHRADDHA MH ONE 2 hours in the evening
The Channel has installed special up linking station and dedicated a
separate Bandwidth for 24 hours to ensure uninterrupted ‘LIVE’ telecast and
Darshan of Mata Vaishno Devi right in the viewer’s homes, other special
programs from the Bhawan are also being telecast.
SHRADDHA MH ONE programming
includes Yoga and Meditation, Spiritualism, Astrology, Astronomy, Healing
Treatment - Vedic, Aurvedic and unani methods, Yatras of different places of
importance, Pravachan by Gurus, Saints, Acharyas, and Mahamandleshwars,
etc. The USP is presentation, graphics, packaging and the high quality of
transmission. Live programs are telecast direct from various known temples in
The channel is designed to reach towards the younger generation in the
age group of 15+ to understand the values and traditions of there secular
country. It is also well designed to meet the thrust of devotion and
spiritualism of all categories including the Senior citizens of there country.
All 3 Channel in the bouquet enjoy viewer-ship in almost all categories considered
to be important by advertisers. Subject is today respected in the industry as a media company of repute and
credibility.
MH ONE channels reach in the
states of
Subject aims to become a
leading Integrated Content Company creating, aggregating and delivering high
quality media and entertainment content in all genres and on all media
platforms.
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.44.87 |
|
|
1 |
Rs.72.83 |
|
Euro |
1 |
Rs.64.37 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
29 |
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.