MIRA INFORM REPORT

 

 

Report Date :

18.06.2011

 

IDENTIFICATION DETAILS

 

Name :

OUT-OF-HOME MEDIA (INDIA) PRIVATE LIMITED

 

 

Registered Office :

Ferndale Annex, Plot No. 226, 12th Road, Khar West, Mumbai-400052, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

08.08.2006

 

 

Com. Reg. No.:

11-163636

 

 

Capital Investment/ Paid-up Capital:

Rs. 361.992 Millions

 

 

CIN No.:

[Company Identification No.]

U74300MH2006PTC163636

 

 

Legal Form :

Private Limited Liability Company.

 

 

Line of Business :

Subject is a media company specializing in out-of-home television.

 

 

No. of Employees:

Not Divulged by the management.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (27)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

 

Maximum Credit Limit :

USD 780000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having moderate track. Profitability of the company is under severe pressure. There appears huge 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 caution.

 

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. Gaurav

Designation :

Accounts Manager

Date :

17.06.2011

 

 

LOCATIONS

 

Registered/ Corporate Office :

Ferndale Annex, Plot No. 226, 12th Road, Khar West, Mumbai-400052, Maharashtra, India

Tel. No.:

91-22-66296646

Fax No.:

91-22-66296602

E-Mail :

babuj@oohindia.com

Website :

http://www.oohindia.com

 

 

Branches :

Located At:

 

  • Bangalore
  • Delhi/ NCR Office
  • Hyderabad
  • Ahmedabad
  • Pune
  • Chennai
  • Kolkata

 

 

DIRECTORS

 

As on 30.09.2010

 

Name :

Mr. Ishan Raina

Designation :

Managing Director

Address :

Flat No. 7, Naples Co-Operative Housing Society, 9, Sobhani Road, Colaba, Mumbai-400005, Maharashtra, India

Date of Birth/Age :

12.07.1958

Date of Appointment :

14.02.2007

DIN No.:

00151951

 

 

Name :

Mr. Nikhil Omprakash Gahrotra

Designation :

Director

Address :

12, Praneet, Dr. J. Palker Road, Worli, Mumbai-400049, Maharashtra, India

Date of Birth/Age :

08.07.1979

Date of Appointment :

01.04.2010

DIN No.:

01277756

 

 

Name :

Mr. Mahesh Ramchand  Chabria

Designation :

Director

Address :

11, Golden Beach Ruia Park, Juhu, Mumbai-400049, Maharashtra, India

Date of Birth/Age :

19.04.1964

Date of Appointment :

08.08.2006

Date of Ceasing:

15.03.2010

DIN No.:

00166049

 

 

Name :

Mr. Sunil Madhav Hingorani

Designation :

Additional Director

Address :

502, Trailokya, 16th Road, Khar (West), Mumbai-400052, Maharashtra, India

Date of Birth/Age :

18.10.1965

Date of Appointment :

24.12.2008

Date of Ceasing:

30.08.2009

DIN No.:

00630508

 

 

Name :

Mr. Pankaj Chetan Gupta

Designation :

Director

Address :

Flat No. B-1307 Maple Leaf Building, No. 15, CST No. 119F/1A Tungwa Village, Opposite Chandivli Studio, Raheja Vihar, Powai, Mumbai-400076, Maharashtra, India

Date of Birth/Age :

16.01.1976

Date of Appointment :

31.08.2009

Date of Ceasing:

06.08.2010

DIN No.:

02769795

 

 

KEY EXECUTIVES

 

Name :

Mr. Gaurav

Designation :

Accounts Manager

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 30.09.2010

 

Names of Shareholders

 

No. of Shares

Digital AD (Mauritius) Limited, Mauritius

 

36599062

Mahesh Ramchand Chhabria

 

100

Total

 

36599162

 

Equity Share Breakup (Percentage of total Equity)

As on 30.09.2010

 

Category

Percentage

Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others

100.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is a media company specializing in out-of-home television.

 

 

 

GENERAL INFORMATION

 

No. of Employees :

Not Divulged by the Management

 

 

Bankers :
  • Citi Bank
  • BNP Paribas Bank
  • Axis Bank

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Govind Ahuja Partner of S.R. Batlioboi and Associates

Chartered Accountant

Address :

6th Floor, Express Tower, Nariman Point, Mumbai-400021, Maharashtra, India

 

 

Subsidiaries :

Adimpact Media Private Limited

U99999MH2006PTC159322

 

 

 

CAPITAL STRUCTURE

 

As on 31.03.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

37000000

Equity Shares

Rs. 10/- each

Rs. 370.000 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

36599162

Equity Shares

Rs. 10/- each

Rs. 365.992 Millions

 

Note:

 

(Of the above 36599062 (Previous year 36599062) Equity Shares are held by Digital AD (Mauritius) Limited, the holding company and 100 (Previous year 100) Equity Shares held by its nominees)

 

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

365.992

365.992

240.977

2] Share Application Money

0.000

0.000

138.354

3] Reserves & Surplus

667.966

667.966

167.908

4] (Accumulated Losses)

[838.864]

[657.211]

[340.943]

NETWORTH

195.094

376.747

206.296

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

0.000

0.000

 

 

 

 

TOTAL

195.094

376.747

206.296

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

81.972

126.614

155.809

Capital work-in-progress

1.328

8.104

1.360

 

 

 

 

INVESTMENT

0.000

6.585

18.450

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
0.000

0.000

0.000

 

Sundry Debtors
52.580

58.906

42.673

 

Cash & Bank Balances
68.272

212.332

9.252

 

Other Current Assets and Loans and Advances
49.043

53.555

45.908

Total Current Assets
169.895

324.793

 97.833

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
31.633

50.526

12.157

 

Other Current Liabilities
24.119

35.603

53.865

 

Provisions
2.349

3.220

1.134

Total Current Liabilities
58.101

89.349

67.156

Net Current Assets
111.794

235.444

30.677

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

195.094

376.747

206.296

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2010

31.03.2009

31.03.2008

 

SALES

 

 

 

 

 

Gross Income

154.177

197.220

75.766

 

 

 

 

 

 

PROFIT BEFORE TAX

[181.653]

[314.122]

[282.360]

 

 

 

 

 

Less

TAX                                                                 

0.000

2.146

2.043

 

 

 

 

 

 

PROFIT AFTER TAX

[181.653]

[316.268]

[284.403]

 

 

 

 

 

 

Earnings Per Share (Rs.)

4.96

--

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

Return on Total Assets

(PBT/Total Assets}

(%)
[72.12]

[70.06]

[111.32]

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
[0.93]

[0.83]

[1.37]

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
0.30

0.24

0.33

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
2.92

3.64

1.46

 

 

LOCAL AGENCY FURTHER INFORMATION

 

 

DETAILS OF SUNDRY CREDITORS

 

(Rs. in Millions)

Particulars

31.03.2010

31.03.2009

31.03.2008

 

Sundry Creditors

31.633

50.526

12.157

 

 

Sales and Operations:

 

During the year the income of the company decreased form Rs. 197.220 Millions in the last year to Rs. 154.177 Millions. however, during the year company has incurred loss of Rs. 181.653 Millions. The company is taking various steps to improve its performance and reduce operation cost.

 

Fixed Assets:

 

  • Computer
  • Office Equipments
  • Media Display Equipments
  • Furniture and Fixture
  • Leasehold Improvements
  • Motor Vehicle
  • Computer Software

 

 

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 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.44.93

UK Pound

1

Rs.72.43

Euro

1

Rs.63.62

 

 

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

2

--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

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

 

27

 

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.