MIRA INFORM REPORT

 

 

Report Date :

22.06.2011

 

IDENTIFICATION DETAILS

 

Name :

MULTI SCREEN MEDIA PRIVATE LIMITED (w.e.f. 21.11.2007)

 

 

Formerly Known As :

SET INDIA PRIVATE LIMITED

 

 

Registered Office :

4th Floor, Interface, Building No.7, Off Malad Link Road, Malad (West), Mumbai 400 064, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

23.10.1997

 

 

Com. Reg. No.:

11-111487

 

 

Capital Investment / Paid-up Capital :

Rs.91.386 Millions

 

 

CIN No.:

[Company Identification No.]

U92100MH1997PTC111487

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMS19106D

 

 

PAN No.:

[Permanent Account No.]

AABCS1728D

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

The Company is primarily engaged in the production and acquisition of television programmes.

 

 

No. of Employees :

Information denied by the management

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A (61)

 

RATING

STATUS

 

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

USD 47506000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well established and a reputed company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments.

 

The company can be considered good for any normal 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.

 

INFORMATION DECLINED BY

 

Name :

Mr. Nitin Natkarni

Designation :

Chief Finance Office

Date :

21.06.2011

 

 

LOCATIONS

 

Registered Office :

4th Floor, Interface, Building No.7, Off Malad Link Road, Malad (West), Mumbai 400 064, Maharashtra, India

Tel. No.:

91-22-67081111

Fax No.:

91-22-66434748

E-Mail :

rajkumarb@setindia.com

Website:

http://www.setindia.com

 

 

DIRECTORS

 

As on 30.11.2010

 

Name :

Mr. Michael Elmore Grindon

Designation :

Director

Address :

146, Gal Noway Street, Los Angeles 90272

Date of Birth/Age :

03.03.1954

Date of Appointment :

15.02.1996

DIN No.:

01541171

 

 

Name :

Mr. Raman Hirji Maroo

Designation :

Director

Address :

21/22 A, Woodisnd 67, Peddar Road, Mumbai-400026, Maharashtra, India

Date of Birth/Age :

06.12.1950

Date of Appointment :

15.02.1996

DIN No.:

00169152

 

 

Name :

Mr. Andrew Jay Kaplan

Designation :

Director

Address :

Foreign 709, 22nd Street, Santa Monics, California 90402 

Date of Birth/Age :

02.11.1960

Date of Appointment :

25.09.2003

DIN No.:

01532580

 

 

Name :

Mr. Rakesh Kumar Aggarwal

Designation :

Director

Address :

239 Arcadia Road, # 03-03, Singapore 289845

Date of Birth/Age :

02.09.1952

Date of Appointment :

20.04.2004

DIN No.:

01792251

 

 

Name :

Mr. Michael Todd Miller

Designation :

Director

Address :

13/F, Block M, Scenic Villas, 26 Scenic Villa Drive, Hong Kong

Date of Birth/Age :

09.04.1966

Date of Appointment :

23.07.2009

DIN No.:

02753294

 

 

Name :

Mr. George Chien

Designation :

Director

Address :

6440 West, 82nd Street, Los Angeles 90045

Date of Birth/Age :

09.07.1972

Date of Appointment :

30.11.2010

 

 

Name :

Mr. Man Jit Singh

Designation :

Director

Address :

1050 Brooklawn Drive Los Angeies, California, United States of America 90077

Date of Birth/Age :

27.12.1956

Date of Appointment :

14.12.2007

Date of Ceasing:

23.07.2009

DIN No.:

01646045

 

 

KEY EXECUTIVES

 

Name :

Mr. Rajkumar Shyamlal Bidawatka

Designation :

Company Secretary

Address :

C 302, D Plot, Rock Avenue, Opposite Joy Ice-Cream, Near Hindustan Naka, Kandivali West, Mumbai-400067, Maharashtra, India

Date of Birth/Age :

10.05.1968

Date of Appointment :

19.07.2007

PAN No.:

AAIPB4224H

 

 

Name :

Mr. Vijay Kumar

Designation :

Accounts Manager

 

 

Name :

Mr. Nitin Natkarni

Designation :

Chief Finance Office

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 30.11.2010

 

Names of Shareholders

 

 

No. of Shares

SPE Mauritius Holdings Limited, Mauritius

 

3837925

SPE Mauritius investments Limited, Mauritius

 

1827716

Atlas Equifin Private Limited, India

 

1106829

Emerging Markets Growth Fund Inc. The Hong Kong and Shanghai Banking Corporation Limited, India

 

106250

Capital International Emerging Markets Fund, India

 

18750

The New Economy Fund, India

 

31400

American Funds Insurance Series International Fund, India

 

32200

American Funds Insurance Series Global Growth Fund, India

 

6400

Grand way Global Holdings Limited, Mauritius

 

1853531

Emerging Markets Growth Fund Inc. The Hong Kong and Shanghai Banking Corporation Limited, India

 

177945

Capital International Emerging, Markets Fund, India

 

31402

The New Economy Fund, India

 

48466

American Fund Insurance Series International Fund, India

 

50017

American Funds Insurance Series Global Growth Fund, India

 

9748

Total

 

9138579

 

As on 30.11.2010

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]

 

87.89

Bodies corporate

 

12.11

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

The Company is primarily engaged in the production and acquisition of television programmes.

 

 

Products/ Services :

v      Satellite Television Programmes

v      Service Fees

v      Subscription Income

 

 

GENERAL INFORMATION

 

No. of Employees :

Information denied by the management

 

 

Bankers :

Not Available

 

 

Facilities :

Unsecured Loan

As on 31.03.2010

(Rs. in Millions)

As on 31.03.2009

(Rs. in Millions)

Short Term Loan

 

 

- From Banks (Payable within 1 year Rs.1595.650 millions; previous year Rs.2030.200 millions)

1595.650

2030.200

Total

1595.650

2030.200

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Price Waterhouse

Chartered Accountants

Address :

252, Veer Savarkar Marg,  Shivaji Park, Dadar, Mumbai – 400 025, Maharashtra, India

 

 

Subsidiaries :
  • MSM Satellite (Singapore) Pte. Limited
  • MainLine Sports Pte. Limited
  • Ben Set Limited U.K.
  • MSM Asia Limited U.K.
  • MSM North America Inc. USA

 

 

Joint Venture

  • MSM Discovery Private Limited, India  (CIN No.:U92132MH2002PTC136158)

 

 

CAPITAL STRUCTURE

 

As on 31.03.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

50000000

Equity Shares

Rs.10/- each

Rs.500.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

9138579

Equity Shares

Rs.10/- each

Rs.91.386 Millions

 

 

 

 

 

[Of the above shares, 999980 Equity Shares were issued partly for cash and partly for consideration other than cash]

 

[Of the above shares, 4177924 Equity Shares were issued as fully paid up pursuant to investments in Equity Shares of MSM Satellite (Singapore) Pte. Limited (subsidiary company) 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

91.386

91.386

66.779

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

11785.098

11471.017

9717.512

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

11876.484

11562.403

9784.291

LOAN FUNDS

 

 

 

1] Secured Loans

0.000

0.000

0.000

2] Unsecured Loans

1595.650

2030.200

280.700

TOTAL BORROWING

1595.650

2030.200

280.700

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

13472.134

13592.603

10064.991

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

119.576

191.555

276.031

Capital work-in-progress

8.461

17.620

9.791

 

 

 

 

INVESTMENT

8155.203

8155.203

8160.139

DEFERREX TAX ASSETS

282.800

196.116

185.471

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
107.525

167.813

388.611

 

Sundry Debtors
7165.852

6986.955

5226.092

 

Cash & Bank Balances
821.146

956.993

154.741

 

Other Current Assets
0.000

0.000

0.000

 

Loans & Advances
755.111

622.185

530.648

Total Current Assets
8849.634

8733.946

6300.092

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
1599.948

2137.672

2637.332

 

Other Current Liabilities
2249.675

1501.691

2147.042

 

Provisions
93.917

62.474

82.159

Total Current Liabilities
3943.540

3701.837

4866.533

Net Current Assets
4906.094

5032.109

1433.559

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

13472.134

13592.603

10064.991

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2010

31.03.2009

31.03.2008

 

SALES

 

 

 

 

 

Income

12479.261

10853.609

7992.830

 

 

Other Income

 

 

 

 

 

TOTAL                                    

12479.261

10853.609

7992.830

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Office Expenses

11926.054

10257.302

7868.885

 

 

Administrative Expenses

 

 

 

 

 

Advertising Expenses

 

 

 

 

 

TOTAL                                    

11926.054

10257.302

7868.885

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION

553.207

596.307

123.945

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION        

106.133

113.391

106.632

 

 

 

 

 

 

PROFIT BEFORE TAX

447.074

482.916

17.313

 

 

 

 

 

Less

TAX                                                                 

132.993

306.691

75.970

 

 

 

 

 

 

PROFIT AFTER TAX

314.081

176.225

(58.657)

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

1621.580

1445.355

1504.012

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

1935.661

1621.580

1445.355

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

FOB value of exports of programs

6143.136

5403.508

3823.902

 

 

Service income

764.906

717.557

424.050

 

 

Service fee

511.550

3.325

4.545

 

TOTAL EARNINGS

7419.592

6124.390

4252.497

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Capital Goods

NIL

4.738

3.912

 

TOTAL IMPORTS

NIL

4.738

3.912

 

 

 

 

 

 

Earnings Per Share (Rs.)

34.37

21.90

(8.78)

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

PAT / Total Income

(%)
2.52

1.62

(0.73)

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
4.98

5.41

0.26

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.04

0.04

0.00

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
0.47

0.50

0.53

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
2.24

2.36

1.29

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Details of Sundry Creditors:

 

Particulars

 

31.03.2010

(Rs. in millions)

31.03.2009

(Rs. in millions)

31.03.2008

(Rs. in millions)

Sundry Creditors

 

 

 

Micro, Small and Medium Enterprises

0.288

0.775

0.000

Others

1599.660

2136.897

2637.332

Total

1599.948

2137.672

2637.332

 

OPERATION:

 

During its Fifteen year of operation in the financial year 2009-10, the company recorded a turnover of Rs.12479.261 millions as compared to Rs.10853.609 millions during the previous year recording a growth of 15% despite difficult business conditions. Net profit after tax was Rs.314.081 millions for the years as against a net profit after tax of Rs.176.225 millions in the previous year.

 

CONTINGENT LIABILITY:

 

Contingent Liabilities not provided for in respect of:

 

Particulars

31.03.2010

 (Rs. in millions)

Claims against the Company not acknowledge as debts

17.905

Income Tax Matters

435.103

Sales Tax Matters

262.820

Total

715.828

 

Note:

Future cash flow in respect of above, if any, is determinable only on receipt of judgments/ decisions pending with the relevant authorities.

 

FIXED ASSETS:

 

v      Computer Software

v      Leasehold Improvements

v      Plant and Machinery

v      Motor Vehicle

v      Furniture and Fixture

v      Office Equipments

v      Computer

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.44.91

UK Pound

1

Rs.72.90

Euro

1

Rs.64.48

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

7

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

7

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

7

--PROFITABILIRY

1~10

6

--LIQUIDITY

1~10

7

--LEVERAGE

1~10

7

--RESERVES

1~10

7

--CREDIT LINES

1~10

7

--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

 

61

 

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.