MIRA
INFORM REPORT
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Report Date : |
08.02.2012 |
IDENTIFICATION DETAILS
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Name : |
LAQSHYA MEDIA PRIVATE LIMITED |
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Registered Office : |
Jaganlaxmi, Laqshya House, Next to Rameshwar Temple, Saraswati Baug Society
Road, Jogeshwari (East), Mumbai 400060, Maharashtra |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
31.01.1997 |
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Com. Reg. No.: |
105548 |
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Capital Investment
/ Paid-up Capital : |
Rs. 92.612
Millions |
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CIN No.: [Company
Identification No.] |
U74300MH1997PTC105548 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Outdoor Media Services |
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No. of Employees
: |
180 Approximately |
RATING & COMMENTS
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MIRA’s Rating : |
B (30) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 4955060 |
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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. 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
cautions. |
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 |
LOCATIONS
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Registered
Office : |
Jaganlaxmi, Laqshya House, Next to Rameshwar Temple, Saraswati Baug
Society Road, Jogeshwari (East), Mumbai 400060, Maharashtra, India |
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Tel. No.: |
91-22-33086666 / 6600 |
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Fax No.: |
91-22-26733012 |
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Email: |
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Branch Office : |
Located At:
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DIRECTORS
AS ON 30.09.2011
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Name : |
Mr.Parsuram Jalan |
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Designation : |
Director |
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Address : |
2001,Raheja Classique Building.# 4,New |
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Date of
Birth/Age : |
15.08.1947 |
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Date of
Appointment : |
19.01.1998 |
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Name : |
Mr.Alok Jalan |
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Designation : |
Director |
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Address : |
22001,Raheja Classique Building.# 4,New Link Road,Andheri
(West),Mumbai - 400053,Maharashtra |
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Date of
Birth/Age : |
19.06.1972 |
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Date of
Appointment : |
25.04.1999 |
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Name : |
Mr.Vijay Kalantri |
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Designation : |
Director |
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Address : |
2,Wahedna Apartment,Ground Floor,75, |
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Date of
Birth/Age : |
05.01.1949 |
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Date of
Appointment : |
15.01.2002 |
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Name : |
Mr.Ajay Mittal |
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Designation : |
Director |
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Address : |
Flat#343,3rd Block,4th |
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Date of
Birth/Age : |
07.08.1968 |
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Date of
Appointment : |
26.03.2008 |
KEY EXECUTIVES
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Name : |
Mrs Ritcha Rawat-Atmakuri |
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Designation : |
Secretary |
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Address : |
Flat#102,Plot#204 B Wing Jyoti Apartments Sher - E - Punjab,Andheri
(West),Mumbai - 400093,Maharashtra,India |
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Date of
Birth/Age : |
15.07.1977 |
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Date of
Appointment : |
17.01.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
No. of Shares |
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Mr.Anup Jalan |
188650 |
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Mrs Manju Jalan |
531205 |
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Mr.Alok Jalan |
3359854 |
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Amazing Entertaiment Private Limited, Mumbai (Formerly: Laqshya
Entertainment Private Limited) |
1780000 |
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Mansarovar Outdoors Private Limited, Mumbai (Formerly: Laqshya
Outdoors Private Limited) |
860000 |
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Unit Trust Of India Investement Advisory Services Limited A/C Ascent
India Fund, Bangalore |
1208230 |
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Clearview Investments Limited, |
1333340 |
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Total |
9261279 |
AS ON 30.09.2011
|
Category |
Percentage |
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Directors or relatives of
directors |
42.01 |
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Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
16.44 |
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Bodies corporate |
28.50 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business
: |
Outdoor Media Services |
GENERAL INFORMATION
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No. of Employees : |
180 Approximately |
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Bankers : |
·
YES Bank Limited Address: 9th Floor,Nehru Centre,Discovery Of ·
Axis Bank Limited Address: Fort Branch,Sir P.M.Road,Fort,Mumbai - 400001, Maharashtra,
India ·
Union Bank of India Address: Veer NAriman Road Branch, 84, Raj Mahal, Veer Nariman Road,
Churchgate, Mumbai 400020, Maharashtra, India |
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Facilities : |
Rs. In Millions
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
BSR And Associate Chartered Accountants |
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Address : |
Lodha Excelus, 1st Floor, Apollo Mills Compound, N M Joshi Marg,
Mahalakshmi, Mumbai 400011, Maharashtra, India |
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Subsidiary: |
· Laqshya Airport Media Private Limited · Laqshya Digital Media Private Limited · Laqshya Hyderabad Airport Media Private Limited · Laqshya Ooh Media Private Limited · Laqshya Media International Mauritius · Airport Media Holding · Gulf Media Holding · Vertigo Lanka Private Limited · Right Angle Media FZ LLC · Arab Media 1 · Arab Media 2 · Arab Media Holding |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
45000000 |
Equity Shares |
Rs.10/each |
Rs. 450.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
9261279 |
Equity Shares |
Rs. 10/- each |
Rs. 92.612 Millions |
Notes :
Of The Above 3587500 Shares were allotted as
bonus shares by capitalisation of General Reserve
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
92.612 |
92.612 |
74.956 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
2397.463 |
2397.463 |
509.354 |
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4] (Accumulated Losses) |
(1251.310) |
(880.187) |
0.000 |
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NETWORTH |
1238.765 |
1609.888 |
584.310 |
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LOAN FUNDS |
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1] Secured Loans |
629.893 |
514.805 |
579.061 |
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2] Unsecured Loans |
12.429 |
0.000 |
0.000 |
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TOTAL BORROWING |
642.322 |
514.805 |
579.061 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1881.087 |
2124.693 |
1163.371 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
268.409 |
277.147 |
113.033 |
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Capital work-in-progress |
6.074 |
40.439 |
47.889 |
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INVESTMENT |
126.046 |
448.111 |
135.606 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
11.972 |
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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 |
391.851
|
434.899 |
525.615 |
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Cash & Bank Balances |
121.173
|
182.834 |
49.466 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
1432.428
|
1037.270 |
662.083 |
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Total
Current Assets |
1945.452
|
1655.003 |
1237.164 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
406.176
|
248.753 |
335.808 |
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Other Current Liabilities |
52.495
|
42.567 |
43.460 |
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Provisions |
6.223
|
4.687 |
3.025 |
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Total
Current Liabilities |
464.894
|
296.007 |
382.293 |
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Net Current Assets |
1480.558
|
1358.996 |
854.871 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1881.087 |
2124.693 |
1163.371 |
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PROFIT & LOSS
ACCOUNT
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|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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TURNOVER INCLUDING
OTHER INCOME |
946.535 |
905.340 |
1170.718 |
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EXPENSES |
1308.700 |
1921.332 |
1154.895 |
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PROFIT BEFORE
TAX |
(362.165) |
(1015.993) |
15.823 |
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Less |
TAX |
8.958 |
14.202 |
12.325 |
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PROFIT AFTER TAX
|
(371.123) |
(1030.195) |
3.498 |
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EARNINGS IN
FOREIGN CURRENCY |
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Commission Earnings |
92.979 |
38.135 |
16.812 |
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Other Earnings |
0.629 |
0.000 |
0.000 |
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TOTAL EARNINGS |
93.608 |
38.135 |
16.812 |
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IMPORTS |
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Capital Goods |
6.627 |
10.635 |
2.128 |
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Others |
0.000 |
0.000 |
0.114 |
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TOTAL IMPORTS |
6.627 |
10.635 |
2.242 |
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Earnings Per
Share (Rs.) |
(40.07) |
(115.48) |
0.50 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(39.20)
|
(113.79) |
0.29 |
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Net Profit Margin (PBT/Sales) |
(%) |
(38.26)
|
(112.22) |
1.35 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(16.35)
|
(52.58) |
1.17 |
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Return on Investment (ROI) (PBT/Networth) |
|
(0.29)
|
(0.63) |
0.03 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.89
|
0.50 |
1.64 |
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|
Current Ratio (Current Asset/Current Liability) |
|
4.18
|
5.59 |
3.23 |
LOCAL AGENCY FURTHER INFORMATION
NOTE:
Registered office of the company has been shifted from Unit No.17,Andheri Industrial Estate,Off Veers Desai Road,Near Janki Centre, Andheri (West),Mumbai - 400053,Maharashtra to the present address w.e.f. 09.12.2010.
PROFILE:
Subject was incorporated on 31st January 1997 under the Companies Act. 1956 at Mumbai Laqshya is engaged in offering Out of Home (OOH) / Outdoor Media Services. Laqshya offers to enhance the brand recall value and awareness of the client's product through optimal utilization of allocated resources in the outdoor medium by offering personalized solutions. The company plans, strategize, buy, place and finally, monitor the outdoor media plans and operations across the country.
FIXED ASSETS
- Hoardings/disply rights
- Softwares
- Office premises
- Furnitue and Fixtures
- Computers
- Motor Vehicles
- Office Equipments
FORM 8
|
Corporate
identity number of the company |
U74300MH1997PTC105548 |
|
Name of the
company |
OUTDOOR MEDIA INTEGRATED DIVISION OF LAQSHYA MEDIA PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Jaganlaxmi, Laqshya House, Next to Rameshwar Temple, Saraswati Baug Society
Road, Jogeshwari (East), Mumbai 400060, Maharashtra, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
Book debts Movable property
(not being pledge) Others |
|
Particular of
charge holder |
Axis Bank Limited Address: Fort Branch,Sir P.M.Road,Fort,Mumbai - 400001, Maharashtra,
India Email: suyashri@vsnl.com |
|
Nature of
instrument creating charge |
Supplemental Deed
of Hypothecation (SDH) dated 29.03.2011 |
|
Date of instrument
Creating the charge |
29.03.2011 |
|
Amount secured by
the charge |
Rs. 157.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest As per Sanction Letter
or as stipulated by Bank from time to time. Terms of repayment As per Sanction
Letter or as stipulated by Bank from time to time. Margin As per Sanction
Letter or as stipulated by Bank from time to time. Extent and operation of the charge The Credit
facilities granted by Bank modified/enhanced/revised from Rs.200 millions to
Rs.167.000 millions, to secure limits specified in SDH. The security by way
of hypo on pari passu basis of all present and future right, title, int. etc
of Co. in, to and under different Agreements and Contracts specified in the
Annexure to SDH, Book debts arising out of contracts, movable Plant, Mach.
etc., des in Sch to SDH, given earlier, shall continue to secure
modified/enhanced/ revised limits. |
|
Short particulars
of the property charged (Including location of the property) |
For CC - 1st
Charge by hypothecation of entire current assets including stock, book debts
on pari passu basis with Dena Bank and
Std. Chartered Bank (SCB). For CC - 2nd charge
on entire fixed assets of the Company on pari passu basis with Dena Bank, SCB
and Yes Bank. For TL -
Exclusive 1st charge on entire fixed assets financed through TL. For TL -
Exclusive charge by way of assignment on rights of advertisements arising out
of contracts against which funding is given. For TL - 2nd
charge on entire fixed assets other than those charged to Axis Bank on pari
passu with Dena Bank, SCB and Yes Bank. |
|
Date of
instrument modifying the charge |
30/10/2009 |
|
Particulars of the
present modification |
Vide Modi.,
Credit facilities granted by Bank modified/enhanced/revised from Rs.200
millions to Rs.167.000 millions, to secure limits specified in SDH. The
security by way of hypo on pari passu basis of all present and future right,
title, int. etc of Co. in, to and under different Agreements and Contracts
specified in the Annexure to SDH, Book debts arising out of contracts,
movable Plant, Mach. etc., des in Sch to SDH, given earlier, shall continue
to secure modified/enhanced/ revised limits. |
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. 48.92 |
|
|
1 |
Rs. 77.31 |
|
Euro |
1 |
Rs. 64.12 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT
FACTORS |
YES/NO |
YES |
|
TOTAL |
|
30 |
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.