MIRA
INFORM REPORT
|
Report Date : |
23.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
SPE FILMS INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
1215, Naurang House, 21, Kasturba Gandhi Marg, |
|
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|
Country : |
|
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|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
21.09.1998 |
|
|
|
|
Com. Reg. No.: |
55-096338 |
|
|
|
|
Capital Investment/
Paid-up Capital: |
Rs. 707.646
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U92112DL1998PTC096338 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is the Distribution of forging and Local Cinematographic and
Video Films. |
|
|
|
|
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 1400000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
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|
|
|
Litigation : |
Clear |
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|
Comments : |
Subject is an established company having moderate track. Profitability
of the company is under pressure. The company has huge amount of accumulated losses.
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. Manoj Khatri |
|
Designation : |
Finance Manager |
|
Date : |
22.09.2011 |
|
Contact No: |
91-22-61151638 |
LOCATIONS
|
Registered Office : |
1215, Naurang House, 21, Kasturba Gandhi Marg, |
|
Tel. No.: |
Not Available |
|
E-Mail : |
DIRECTORS
As on 29.09.2010
|
Name : |
Mr. Kercy Sorabji Daruwala |
|
Designation : |
Chairman Cum Managing Director |
|
Address : |
29/7, |
|
Date of Birth/Age : |
27.07.1954 |
|
Date of Appointment : |
12.06.2000 |
|
DIN No: |
00012215 |
Other Directorship:
|
S.No. |
CIN |
Name of the Company |
Current designation of the director |
Date of appointment at current designation |
Original date of appointment |
Date of cessation |
Company Status |
Defaulting status |
|
1 |
U92112DL1998PTC096338 |
SPE FILMS INDIA PRIVATE LIMITED |
Managing director |
02-06-08 |
12-06-00 |
- |
Active |
NO |
|
2 |
U92110MH1935NPL002396 |
KINEMAATOGRAPH RENTERS SOCIETY LIMITED |
Managing director |
01-06-08 |
01-06-08 |
- |
Active |
NO |
|
3 |
U92199WB2007PTC112951 |
BANGLA ENTERTAINMENT PRIVATE LIMITED |
Director |
30-09-09 |
17-02-09 |
13-06-11 |
Active |
NO |
|
Name : |
Mr. Lalit Narain Das Chatnani |
|
Designation : |
Director |
|
Address : |
A – 302, Dheeraj Gaurav Height – 2, New |
|
Date of Birth/Age : |
21.03.1969 |
|
Date of Appointment : |
01.08.2000 |
|
DIN No: |
00012379 |
Other Directorship:
|
S.No. |
CIN |
Name of the Company |
Current designation of the director |
Date of appointment at current designation |
Original date of appointment |
Date of cessation |
Company Status |
Defaulting status |
|
1 |
U92112DL1998PTC096338 |
SPE FILMS INDIA PRIVATE LIMITED |
Director |
01-08-00 |
01-08-00 |
- |
Active |
NO |
|
2 |
U92199WB2007PTC112951 |
BANGLA ENTERTAINMENT PRIVATE LIMITED |
Director |
30-09-09 |
17-02-09 |
13-06-11 |
Active |
NO |
|
Name : |
Mr.Tamali Sen Gupta |
|
Designation : |
Director |
|
Address : |
J – 1957, |
|
Date of Birth/Age : |
27.09.1962 |
|
Date of Appointment : |
21.09.1998 |
|
DIN No: |
00358658 |
Other Directorship:
|
S.No. |
CIN |
Name of the Company |
Current designation of the director |
Date of appointment at current designation |
Original date of appointment |
Date of cessation |
Company Status |
Defaulting status |
|
1 |
U74140DL1996PLC077260 |
ACCESS INDIA ADVISORS LIMITED |
Director |
17-03-96 |
17-03-96 |
- |
Active |
NO |
|
2 |
U92114DL1997PTC091407 |
SPE DUBBING INDIA PRIVATE LIMITED |
Director |
30-12-97 |
30-12-97 |
- |
Active |
NO |
|
3 |
U92112DL1998PTC096338 |
SPE FILMS INDIA PRIVATE LIMITED |
Director |
21-09-98 |
21-09-98 |
- |
Active |
NO |
|
4 |
U72200DL1998PTC096865 |
TSG LEGAL CONSULTING PRIVATE LIMITED. |
Director |
02-11-98 |
02-11-98 |
- |
Active |
NO |
|
5 |
U74140DL2003PTC118968 |
BALLY INDIA PRIVATE LIMITED TFD.FROM T.N TO |
Director |
20-08-03 |
20-08-03 |
- |
Active |
NO |
|
6 |
U22222DL2009ULT195376 |
ZODIAC MEDIA PRIVATE LIMITED |
Director |
21-10-09 |
21-10-09 |
- |
Active |
NO |
|
Name : |
Mr. Ralpharry Ralph Alexander |
|
Designation : |
Director |
|
Address : |
6000, Neddy Ave, |
|
Date of Birth/Age : |
15.11.1953 |
|
Date of Appointment : |
12.06.2000 |
|
|
|
|
Name : |
Mr. Jeffery Vincent Blake |
|
Designation : |
Director |
|
Address : |
10202, West Washington, Boulevard, |
|
Date of Birth/Age : |
28.08.1952 |
|
Date of Appointment : |
01.08.2000 |
|
|
|
|
Name: |
Mr. Zucker Lewis Mark |
|
Designation: |
Director |
|
Address: |
2218, Careful Avenue, |
|
Date of Birth/ Age: |
04.09.1948 |
|
Date of Appointment: |
21.01.2002 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Tamali Sen Gupta |
|
20 |
|
Spe |
|
70764661 |
|
Total |
|
70764681 |
Equity Share Break up (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 the Distribution of forging and Local Cinematographic and
Video Films |
PRODUCTION STATUS AS ON 31.03.2010
|
Particulars |
Unit |
|
|
Actual
Production |
|
DVD’s |
Qty (NO) |
|
|
9.725 |
|
VCD’s |
Qty (NO) |
|
|
6.157 |
|
Blue Ray Discs |
Qty (NO) |
|
|
6.633 |
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged by the Management |
|
|
|
|
Bankers : |
Not Available |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Water House and Company Chartered Accountant |
|
Address : |
252, Veer Savarkar, |
|
PAN No : |
AAEFP3614G |
|
|
|
|
Holding Company : |
SPE |
|
|
|
|
Ultimate Holding Company: |
Sony Corporation |
|
|
|
|
Party in which Director is Interested: |
T. Sengupta and Associates |
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|
|
|
Subsidiaries : |
|
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
85550000 |
Equity Shares |
Rs. 10/- each |
Rs. 855.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
70764681 |
Equity Shares |
Rs. 10/-
each |
Rs. 707.646
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 |
707.646 |
375.414 |
227.748 |
|
|
2] Share Application Money |
2.771 |
228.732 |
147.666 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
[367.930] |
[275.377] |
[110.777] |
|
|
NETWORTH |
342.487 |
328.769 |
264.637 |
|
|
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 |
342.487 |
328.769 |
264.637 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
14.603 |
15.864 |
18.345 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
220.342
|
64.509 |
137.459 |
|
|
Sundry Debtors |
49.326
|
71.182 |
57.265 |
|
|
Cash & Bank Balances |
198.733
|
247.956 |
134.504 |
|
|
Other Current Assets |
3.408
|
5.234 |
0.328 |
|
|
Loans & Advances |
44.181
|
86.029 |
88.608 |
|
Total
Current Assets |
515.990
|
474.910 |
418.164 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
178.96
|
147.057 |
163.717 |
|
|
Other Current Liabilities |
3.963
|
9.234 |
5.462 |
|
|
Provisions |
5.183
|
5.714 |
2.693 |
|
Total
Current Liabilities |
188.106
|
162.005 |
171.872 |
|
|
Net Current Assets |
327.884
|
312.905 |
246.292 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
342.487 |
328.769 |
264.637 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Film Rental and Sales |
474.259 |
694.325 |
655.669 |
|
|
|
Other Income |
20.243 |
16.554 |
7.169 |
|
|
|
TOTAL (A) |
494.502 |
710.879 |
662.838 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed |
22.517 |
32.427 |
|
|
|
|
Packing Material Consumed |
4.476 |
7.138 |
|
|
|
|
Cost of Prints and Other Film Related Expenses |
94.327 |
99.015 |
|
|
|
|
Cost of Production |
94.365 |
241.231 |
|
|
|
|
Distribution Costs |
132.249 |
134.141 |
|
|
|
|
Employees Costs |
49.623 |
69.881 |
|
|
|
|
Licensor Share (Net) |
120.772 |
226.851 |
|
|
|
|
Operating and Other Expenses |
60.772 |
62.958 |
|
|
|
|
Increase in Stock of Finished Goods |
[0.056] |
[3.350] |
|
|
|
|
Prior Period Expenses |
4.550 |
0.000 |
|
|
|
|
TOTAL (B) |
583.595 |
870.292 |
776.231 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
[89.093] |
[159.413] |
[113.393] |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3.530 |
4.686 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ LOSS
BEFORE TAX (E-F) (G) |
[92.623] |
[164.099] |
[113.393] |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
[0.070] |
0.500 |
1.186 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ LOSS
AFTER TAX (G-H) (I) |
[92.553] |
[164.599] |
[114.579] |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
[275.377] |
[110.777] |
2.045 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
[367.930] |
[275.377] |
[112.534] |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
[367.930] |
[275.377] |
[112.534] |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Sales |
0.299 |
0.000 |
4.138 |
|
|
|
Film Rental |
NA |
NA |
3.471 |
|
|
|
Reimbursement of Expenses |
NA |
NA |
10.940 |
|
|
TOTAL EARNINGS |
0.299 |
0.000 |
18.549 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
|
|
|
|
|
- Indigenous |
22.516 |
32.426 |
30.143 |
|
|
TOTAL IMPORTS |
22.516 |
32.426 |
30.143 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
[1.81] |
[7.16] |
[5.03] |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
[18.71]
|
[23.15] |
[17.28] |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
[19.53]
|
[23.63] |
[17.29] |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
[17.45]
|
[33.43] |
[25.97] |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
[0.27]
|
[0.49] |
[0.42] |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.54
|
0.49 |
0.64 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.74
|
2.93 |
2.43 |
LOCAL AGENCY FURTHER INFORMATION
Details
of Sundry Creditors
(Rs in
Millions)
|
Sundry Creditors |
2010 |
2009 |
2008 |
|
Micro and Small Enterprises |
1.034 |
0.335 |
0.653 |
|
Others |
175.378 |
138.028 |
151.142 |
|
Advanced Received from Customers |
2.132 |
6.485 |
6.688 |
|
Temporary Book Overdraft with Schedule Bank |
0.000 |
1.793 |
4.732 |
|
Security Deposit |
0.416 |
0.416 |
0.502 |
|
Total |
178.96 |
147.057 |
163.717 |
Note:
The Registered Office of the company has been shifted from 40/135,
Performance of the
Company:
The company is in the field of distribution of
The company has a long term view for Local Language Films production and
for the same additional investment has been made in the Financial Year
2009-2010.
Contingent
Liability:
(1) Show-cause cum demand notice No. DRI/
MZU/E/ 47/2007/2026 dated March 5, 2009 has been received by the Company from
Directorate of Revenue Intelligence towards under valuation of the imported
recorded media containing foreign feature films amounting to Rs. 18.563
Millions (Previous Year Rs. 18.563 Millions). The Company has paid Rs. 2.500
Millions on October 24, 2007 under protest against a show-cause cum demand
notice that preceded the aforesaid show-cause cum demand notice received in the
financial year 2007-2008.
(ii) Claims against the Company not
acknowledged as debts aggregating Rs. Nil (Previous Year Rs. 1.352 Millions).
(iii) With effect from March 2000 the
Company was subject to levy of tax @ 4% on lease of copyrights under the Lease
Act, 1985 of
In anticipation of receiving positive
response to a representation made by the Film and Television
Producers Guild of India on June 16, 2006 to
the Chief Minister of Maharashtra and the Finance Minister of Maharashtra seeking
administrative relief vis-à-vis levy of VAT on lease of copyrights, and another
similar representations made by the Film Industry to the Government in the year
2008, the Company did not levy/collect VAT on its invoices
Fixed Assets:
- Leasehold
Improvements
- Machinery and
Equipments
- Computers
- Furniture and
Fixtures
- Motor
Vehicles
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.48.82 |
|
|
1 |
Rs.75.48 |
|
Euro |
1 |
Rs.66.10 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--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 |
YES |
|
--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 |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.