MIRA
INFORM REPORT
|
Report Date : |
16.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
WALKWATER MEDIA LIMITED (w.e.f. 10.07.2008) |
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Formerly Known
As : |
ADLABS MEDIA PRIVATE LIMITED |
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Registered
Office : |
9th Floor, Lotus Business park, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
18.10.2007 |
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Com. Reg. No.: |
11-175163 |
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Capital
Investment / Paid-up Capital : |
Rs.50.000 Millions |
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CIN No.: [Company Identification
No.] |
U92100MH2007PLC175163 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA31366G |
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PAN No.: [Permanent Account No.] |
AAGCA6451J |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Company engaged in the business of Production and Distribution of
Films and Television Serials and also trading in Film Rights. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (11) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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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
huge accumulated losses recorded by the company. Trade relations are fair.
Business is active. Payments are reported to be slow. The company can be considered for business dealings on a secured 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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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
|
Registered Office : |
9th Floor, Lotus Business park, |
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Tel. No.: |
91-22-4068000 |
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Fax No.: |
91-22-40680088 |
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E-Mail : |
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Website : |
DIRECTORS
As on 27.09.2010
|
Name : |
Mr. Manmohan Ramanna Shetty |
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Designation : |
Director |
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Address : |
21, |
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Date of Birth/Age : |
24.02.1948 |
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Date of Appointment : |
05.01.2008 |
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DIN No. : |
00013961 |
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Name : |
Ms. Pooja Manmohan Shetty |
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Designation : |
Director |
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Address : |
21, |
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Date of Birth/Age : |
21.07.1978 |
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Date of Appointment : |
18.10.2007 |
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DIN No. : |
00013027 |
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Name : |
Ms. Aarti Manmohan Shetty |
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Designation : |
Director |
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Address : |
21, |
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Date of Birth/Age : |
02.04.1981 |
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Date of Appointment : |
18.10.2007 |
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DIN No. : |
01798896 |
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Name : |
Mr. Chandrashekhar Kulbhushan Kapoor |
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Designation : |
Director |
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Address : |
A5, Beach House, |
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Date of Birth/Age : |
06.12.1945 |
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Date of Appointment : |
18.08.2008 |
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DIN No. : |
00097339 |
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Name : |
Mr. Chandir Gobind Gidwani |
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Designation : |
Director |
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Address : |
1202, Ocean View, |
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Date of Birth/Age : |
03.07.1964 |
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Date of Appointment : |
18.08.2008 |
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DIN No. : |
00011916 |
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Name : |
Mr. Sameer Chandran Nair |
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Designation : |
Director |
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Address : |
Flat No. 4S2 and 4S4, 3rd Floor, Samshiba Nargis, |
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Date of Birth/Age : |
03.12.1964 |
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Date of Appointment : |
18.08.2008 |
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DIN No. : |
01104331 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Pooja Manmohan Shetty |
|
1250000 |
|
Aarti Manmohan Shetty |
|
1250000 |
|
Manmohan Ramanna Shetty |
|
2499996 |
|
Kapil Bagla |
|
1 |
|
Deepak Agrawal |
|
1 |
|
Amit Agarwal |
|
1 |
|
Mayuresh Kore |
|
1 |
|
Total |
|
5000000 |
Equity Share Break up (Percentage of Total Equity)
As on 27.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
99.99 |
|
Other top fifty shareholders |
0.01 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Company engaged in the business of Production and Distribution of
Films and Television Serials and also trading in Film Rights. |
GENERAL INFORMATION
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Bankers : |
Not Available |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
R. M. Ajgaonkar and Associates Chartered Accountant |
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Address : |
Mandar, |
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Associates : |
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Subsidiaries : |
Scrabble Entertainment Private Limited (CIN No. : U92190MH2008PTC178456) Victory Moving Pictures Private Limited |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000
Millions |
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 |
50.000 |
50.000 |
25.100 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(68.594) |
(11.553) |
(1.336) |
|
|
NETWORTH |
(18.594) |
38.447 |
23.764 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
167.361 |
0.960 |
1.419 |
|
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2] Unsecured Loans |
475.582 |
586.280 |
279.672 |
|
|
TOTAL BORROWING |
642.943 |
587.240 |
281.091 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
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|
|
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TOTAL |
624.349 |
625.687 |
304.855 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
4.996 |
6.390 |
4.568 |
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Capital work-in-progress |
0.000 |
0.000 |
0.250 |
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INVESTMENT |
322.160 |
308.160 |
124.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.561 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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Inventories |
693.371
|
462.908 |
48.694 |
|
|
Sundry Debtors |
93.036
|
79.457 |
44.789 |
|
|
Cash & Bank Balances |
9.612
|
10.188 |
40.906 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
37.844
|
49.372 |
43.004 |
|
Total
Current Assets |
833.863
|
601.925 |
177.393 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
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|
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|
Sundry Creditors |
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|
|
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Other Current Liabilities |
536.611
|
290.730 |
1.903 |
|
|
Provisions |
0.059
|
0.058 |
0.014 |
|
Total
Current Liabilities |
536.670
|
290.788 |
1.917 |
|
|
Net Current Assets |
297.193
|
311.137 |
175.476 |
|
|
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|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
624.349 |
625.687 |
304.855 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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|
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Income |
110.104 |
243.043 |
0.000 |
|
|
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Other Income |
1.379 |
4.914 |
2.846 |
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|
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TOTAL (A) |
111.483 |
247.957 |
2.846 |
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|
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Less |
EXPENSES |
|
|
|
|
|
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Purchases |
43.754 |
201.366 |
0.000 |
|
|
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Employees remuneration and benefits |
9.720 |
18.954 |
1.584 |
|
|
|
Administrative and Other Expenses |
8.017 |
17.446 |
2.855 |
|
|
|
Production and Distribution Expenses |
93.950 |
9.819 |
0.000 |
|
|
|
TOTAL (B) |
155.441 |
247.585 |
4.439 |
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|
|
|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(43.958) |
0.372 |
(1.593) |
|
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|
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|
|
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|
Less |
FINANCIAL
EXPENSES (D) |
11.469 |
7.691 |
0.011 |
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(55.427) |
(7.319) |
(1.604) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.613 |
1.950 |
0.212 |
|
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|
|
|
|
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|
PROFIT BEFORE
TAX (E-F) (G) |
(57.040) |
(9.269) |
(1.816) |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
0.000 |
0.947 |
(0.480) |
|
|
|
|
|
|
|
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|
PROFIT AFTER TAX
(G-I) (J) |
(57.040) |
(10.216) |
(1.336) |
|
|
|
|
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|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(11.552) |
(1.336) |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(68.592) |
(11.552) |
(1.336) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(11.41) |
(2.17) |
(10.24) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(51.16)
|
(4.12) |
(46.94) |
|
|
|
|
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
(51.80)
|
(3.81) |
-- |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
(6.80)
|
(1.52) |
(1.00) |
|
|
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|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
3.07
|
(0.24) |
(0.08) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
(63.44)
|
22.84 |
11.91 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.55
|
2.07 |
92.54 |
LOCAL AGENCY FURTHER INFORMATION
CHANGE OF ADDRESS
:
Registered office of the company has been shifted from Unit 1-7, 9th
Floor,
OPERATIONS:
The Company has
started its business activity and have achieved turnover of Rs.114.800
millions. However the Company incurred a loss of Rs.57.040 millions which is
carried forward. This was largely on account of recessionary trends prevalent
in 2009 across the entertainment business and the economy at large.
FUTURE PROSPECTS:
After a demanding
year for the media and entertainment industry in FY 08-09 especially for the
movie making industry, the current fiscal has improved the overall prospects especially
for content creators. With the world economy showing a marked recovery, the
Indian economy has been growing much faster. In Film Production business, films
produced by The Company including ‘Raajneeti’ and ‘Tere Bin Laden’ have done
exceedingly well at the box office in the current financial year.
The company is
confident of taking full advantage of the upcoming opportunities that will be
offered by the growing entertainment industry. The company’s first television
serial ‘Pratigya’ is on air on Star Plus. The show has done extremely well and
is expected to continue its good performance.
SHARE CAPITAL:
The paid up
capital of the company had been increased to Rs.50.000 millions in the previous
fiscal and there has been no change in the current year.
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.44.91 |
|
|
1 |
Rs.73.05 |
|
Euro |
1 |
Rs.64.03 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
1 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
- |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
11 |
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.