MIRA
INFORM REPORT
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Report Date : |
25.03.2011 |
IDENTIFICATION DETAILS
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Name : |
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Registered
Office : |
201, Peninsula Chambers, Ganpatrao Kadam Marg, Lower Parel, Mumbai –
400 013, |
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Country : |
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Financials (as
on) : |
31.12.2009 |
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Date of Incorporation
: |
29.10.1998 |
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Com. Reg. No.: |
11-116984 |
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CIN No.: [Company Identification
No.] |
U74300MH1998PTC116984 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Advertising Agencies. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 267000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade relations
are reported as fair. Business is active. Payments are reported to be usually
correct and as per commitments. The company can be considered normal for 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.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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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 |
INFORMATION DENIED BY
Management is Non Co-operative
LOCATIONS
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Registered Office : |
201, Peninsula Chambers, Ganpatrao Kadam Marg, Lower Parel, Mumbai –
400 013, |
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Tel. No.: |
91-22-40958888 |
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E-Mail : |
DIRECTORS
As on 26/05/2009
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Name : |
Mr. Anil Mahadeo Deorukhkar |
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Designation : |
Director |
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Address : |
C-52, Swapnashilp, |
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Date of Birth/Age : |
12/04/1952 |
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Date of Appointment : |
08/01/2002 |
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Name : |
Mr. Alexander Jeremy De Courcy Thompson |
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Designation : |
Director |
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Address : |
116, |
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Date of Birth/Age : |
17/04/1968 |
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Date of Appointment : |
21/09/2005 |
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Name : |
Mr. Ashutosh Srivastava |
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Designation : |
Alternate Director to Alex Thompson |
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Address : |
63-64, Mamta Apartments, Appasaheb Marathe Marg, Mumbai – 400 025, |
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Date of Birth/Age : |
03/10/1962 |
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Date of Appointment : |
10/03/2006 |
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Name : |
Mr. Colvyn James Harris |
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Designation : |
Director Appointed In Casual Vacancy |
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Address : |
1-B, Saker Apartments, 71, |
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Date of Birth/Age : |
12.10.1957 |
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Date of Appointment : |
30/04/2007 |
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Name : |
Mr. Srivatsan Rajamany |
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Designation : |
Director |
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Address : |
Apt Block 67, |
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Date of Birth/Age : |
12/10/1958 |
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Date of Appointment : |
14/05/2010 |
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Name : |
Mr. Brian Townshend |
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Designation : |
Director |
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Address : |
24, The Squirrels Pinner, Middlesex, HAD 53 B.D.U.K. |
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Date of Birth/Age : |
29/05/1966 |
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Date of Appointment : |
06/04/2003 |
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Date of Ceasing : |
04/12/2008 |
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Name : |
Mr. Vikram Sakhuja |
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Designation : |
Alternate Director |
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Address : |
4th Floor, |
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Date of Birth/Age : |
30/10/1961 |
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Date of Appointment : |
24/09/2009 |
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Name : |
Mr. Sridhar Ramasubramanian |
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Designation : |
Alternate Director |
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Address : |
C 601, Jupiter Vasant Galaxy, Bangur Nagar, Goregaon West, Mumbai –
400 090, |
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Date of Birth/Age : |
09/05/1967 |
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Date of Appointment : |
24/09/2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 26/05/2009
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Names of Shareholders |
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No. of Shares |
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Hindustan Thompson Associates Private Limited, |
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480000 |
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Miniato B.V., The |
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320000 |
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Total
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800000 |
As on 26/05/2009
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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40.00 |
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Bodies
corporate |
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60.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Advertising Agencies. |
GENERAL INFORMATION
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No. of Employees : |
Not Divulged by the Management. |
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Bankers : |
The Hong Kong and Shanghai Banking Corporation Limited (Hong Kong
Bank), 52/ 60, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountants |
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Address : |
12, |
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Tel. No.: |
91-22-66679000 |
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Fax No.: |
91-22-66679100 |
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Holding Company : |
Hindustan Thompson Associates Private Limited, CIN No.: U99999MH1938PTC002771 |
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Fellow Subsidiaries : |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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800000 |
Equity Shares |
Rs.10/- each |
Rs.8.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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800000 |
Equity Shares |
Rs.10/- each |
Rs.8.000 millions |
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Of the above,
480,000 shares are held by Hindustan Thompson Associates Private Limited, the
Holding Company
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2009 |
31.12.2008 |
31.12.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
8.000 |
8.000 |
8.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
58.675 |
58.212 |
45.157 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
66.675 |
66.212 |
53.157 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
51.269 |
0.000 |
0.000 |
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TOTAL BORROWING |
51.269 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
117.944 |
66.212 |
53.157 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.655 |
2.637 |
3.419 |
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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 |
5.426 |
6.446 |
3.752 |
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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 |
642.729
|
930.376 |
593.876 |
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Cash & Bank Balances |
141.077
|
88.592 |
101.045 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
94.413
|
69.899 |
54.151 |
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Total
Current Assets |
878.219
|
1088.867 |
749.072 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
697.263
|
970.616 |
638.810 |
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Other Current Liabilities |
0.880
|
12.822 |
28.266 |
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Provisions |
71.213
|
48.300 |
36.010 |
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Total
Current Liabilities |
769.356
|
1031.738 |
703.086 |
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Net Current Assets |
108.863
|
57.129 |
45.986 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
117.944 |
66.212 |
53.157 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.12.2009 |
31.12.2008 |
31.12.2007 |
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SALES |
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Revenue |
232.770 |
218.750 |
162.100 |
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PROFIT BEFORE
TAX |
109.180 |
101.390 |
68.750 |
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Less |
TAX |
38.520 |
38.030 |
27.940 |
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PROFIT AFTER TAX
|
70.660 |
63.360 |
40.810 |
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EARNINGS IN
FOREIGN CURRENCY |
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Advance from customer towards services |
0.379 |
-- |
NA |
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TOTAL EARNINGS |
0.379 |
-- |
NA |
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Earnings Per Share
(Rs.) |
88.32 |
79.21 |
NA |
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KEY RATIOS
|
PARTICULARS |
|
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.38
|
9.29 |
9.14 |
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Return on Investment (ROI) (PBT/Networth) |
|
1.64
|
1.53 |
1.29 |
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Debt Equity Ratio (Total Liability/Networth) |
|
12.31
|
15.58 |
13.23 |
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Current Ratio (Current Asset/Current Liability) |
|
1.14
|
1.06 |
1.07 |
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors details not available.
Note:
The registered office of the company has been shifted from First Floor, A Wing, Mhatre Pen Building, Senapati Bapat Marg, Mumbai – 400 028, Maharashtra to the present address w.e.f. 23.03.2007.
Financial Results
During the
Financial Year 2009, the Company’s revenue amounted to Rs.232.770 millions as
against Rs.218.750 millions in 2008.
The profit before
tax was Rs.109.180 millions as against Rs.101.390 millions and the profit after
tax was Rs.70.660 millions as against Rs.63.360 millions in 2008.
Shareholders’
Funds
Shareholders’
Funds as at the end of the financial year amounted to Rs.66.670 millions
compared to Rs.66.210 millions at the end of the previous year, thereby showing
an increase of 0.7%.
Performance
During the year,
company has posted good results inspite of fall in Client Spends in Outdoor
advertising during the year. The revenue increased by 6%, PBT by 8% and PAT by
12% over previous year. This has been mainly on account of Better Trading
Strategy initiated during the Year. The company continued to add new business
during the year.
Directors
Mr. Rajamany
Srivatsan was appointed as Director of the Company on December 15, 2008 in the
casual vacancy caused by the resignation of Mr. Brian Townshend. Accordingly
the term of Mr. Rajamany Srivatsan ceases at the ensuing Annual General
Meeting. Mr. Rajamany Srivatsan being eligible offers himself for
reappointment. The Directors recommend his appointment as a Director of the
Company liable to retire by rotation.
Mr. Vikram Sakhuja
and Mr. Sridhar Ramasubramanian have been appointed as Alternate Directors to
Mr. Alex Thompson and Mr. Rajamany Srivatsan respectively.
Mr. Alex Thompson,
Director of the Company retires by rotation and being eligible, offers himself
for reappointment.
FIXED ASSETS:
·
Computers
·
Office Equipments
·
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.44.77 |
|
|
1 |
Rs.72.66 |
|
Euro |
1 |
Rs.63.06 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
|
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--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.