MIRA
INFORM REPORT
|
Report Date : |
03.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
DOLBY TECHNOLOGY INDIA PRIVATE LIMITED |
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Registered
Office : |
Suite 322 to 324, Novotel Hotel, Balraj Sahani Marg, Juhu Beach,
Mumbai - 400049, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
10.06.2009 |
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Com. Reg. No.: |
11-193204 |
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Capital
Investment/ Paid-up Capital: |
Rs.0.100 Million |
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CIN No.: [Company Identification
No.] |
u74900mh2009ptc193204 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMD17237D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
The business of the Company is to work with its customers
to provide co-ordination, marketing and other technical assistance to drive
the adoption of Dolby Broadcast Technologies. |
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|
No. of
Employees: |
Information declined by the management
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RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 23000 |
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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.
INFORMATION DECLINED BY
|
Name : |
Mr. Qkhis |
|
Designation : |
Manager |
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Contact No.: |
91-22-66934500 |
|
Date : |
02.07.2012 |
LOCATIONS
|
Registered Office : |
Suite 322 to 324, Novotel Hotel, Balraj Sahani Marg, Juhu Beach,
Mumbai -400049, Maharashtra, India |
|
Tel. No.: |
91-22-66934500 |
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Fax No.: |
Not Available |
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E-Mail : |
|
|
Website : |
DIRECTORS
As on: 30.09.2011
|
Name : |
Alan Richard Sankin |
|
Designation : |
Director |
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Address : |
10 Owlswood Road, Tiburon 94920 |
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Date of Birth/Age : |
30.04.1950 |
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Date of Appointment : |
07.12.2010 |
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DIN No.: |
02645338 |
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|
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|
Name : |
Eric Cohen |
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Designation : |
Director |
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Address : |
25th Avenue, San Francisco 94118 |
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Date of Birth/Age : |
18.02.1950 |
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Date of Appointment : |
07.12.2010 |
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DIN No.: |
02639905 |
KEY EXECUTIVES
|
Name : |
Mr. Qkhis |
|
Designation : |
Manager |
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|
|
|
Name : |
Mr. Pankaj Kedia |
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Designation : |
Head, Sales and Business Development |
|
ate of Appointment : |
10.08.2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Rohan Pradeep Shah |
|
9999 |
|
Sujjain Suresh Talwar |
|
1 |
|
|
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Total |
|
10000 |
Equity Share Break up (Percentage of Total Equity)
As on:
|
Category |
|
Percentage |
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|
|
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|
Other top fifty shareholders |
|
100.00 |
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Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The business of the Company is to work with its customers
to provide co-ordination, marketing and other technical assistance to drive
the adoption of Dolby Broadcast Technologies. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management
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Bankers : |
Wells Fargo Bank, NA. Cayman
Islands |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
B S R and Company Chartered Accountants |
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Address : |
1st Floor, Apolio Mills Compound, N. M. Joshi Marg, Mahalakshmi,
Mumbai - 400011, Maharashtra, India |
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Tel. No.: |
91-22-39896000 |
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Fax No.: |
91-22-39836000 |
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PAN No.: |
AAIFB7357B |
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Holding Company : |
Dolby Laboratories International Service Inc (Exercise control over
the composition of the Board of Director ) w.e.f. 01.02.2010 |
CAPITAL STRUCTURE
As on: 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.500 million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
10000 |
Equity Shares |
Rs.10/- each |
Rs. 0.100 million |
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|
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|
Note:
(Rs.10 per equity share is receivable from the
subscribers to the Memorandum of Association)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
0.100 |
0.100 |
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|
2] Share Application Money |
|
0.000 |
0.000 |
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|
3] Reserves & Surplus |
|
5.712 |
1.613 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
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NETWORTH |
|
5.812 |
1.713 |
|
|
LOAN FUNDS |
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|
|
|
|
1] Secured Loans |
|
0.000 |
0.000 |
|
|
2] Unsecured Loans |
|
0.000 |
0.000 |
|
|
TOTAL BORROWING |
|
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
0.081 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
|
5.893 |
1.713 |
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|
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APPLICATION OF FUNDS |
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|
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FIXED ASSETS [Net Block] |
|
3.541 |
0.708 |
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Capital work-in-progress |
|
0.000 |
0.000 |
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INVESTMENT |
|
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.056 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
|
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|
Inventories |
|
0.000
|
0.000 |
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Sundry Debtors |
|
7.619
|
7.035 |
|
|
Cash & Bank Balances |
|
7.559
|
4.401 |
|
|
Other Current Assets |
|
0.492
|
0.000 |
|
|
Loans & Advances |
|
2.051
|
0.776 |
|
Total
Current Assets |
|
17.721 |
12.212 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
|
9.780
|
7.293 |
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|
Other Current Liabilities |
|
2.503
|
2.811 |
|
|
Provisions |
|
3.086
|
1.159 |
|
Total
Current Liabilities |
|
15.369 |
11.263 |
|
|
Net Current Assets |
|
2.352
|
0.949 |
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|
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|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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|
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TOTAL |
|
5.893 |
1.713 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
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SALES |
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Income from Services |
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|
19.071 |
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Other Income |
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TOTAL |
|
51.114 |
19.071 |
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|
|
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|
|
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Less |
EXPENSES |
|
|
|
|
|
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Personal Cost |
|
|
6.071 |
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Administrative, Selling and Other
Expenses |
|
|
10.430 |
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TOTAL |
|
44.106 |
16.501 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
7.008 |
2.570 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
|
0.341 |
0.083 |
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PROFIT BEFORE
TAX |
|
6.667 |
2.487 |
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Less |
TAX |
|
2.568 |
0.874 |
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PROFIT AFTER TAX
|
|
4.099 |
1.613 |
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BALANCE CARRIED
TO THE B/S |
|
NA |
1.613 |
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|
Earnings Per
Share (Rs.) |
|
409.91 |
161.30 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
|
8.01 |
8.46 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
31.36 |
19.25 |
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Return on Investment (ROI) (PBT/Networth) |
|
|
1.15 |
1.45 |
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Debt Equity Ratio (Total Liability/Networth) |
|
|
2.64 |
6.58 |
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Current Ratio (Current Asset/Current Liability) |
|
|
1.15 |
1.08 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS
(Rs.
In Millions)
|
Particulars |
|
31.03.2011 |
31.03.2010 |
|
Sundry Creditors |
|
|
|
|
Others |
|
9.780 |
7.293 |
|
Total |
|
9.780 |
7.293 |
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Available
in Report [Yes/No] |
|
|
Year
of Establishment |
Yes |
|
Locality
of the Firm |
Yes |
|
Constitution
of the firm |
Yes |
|
Premises
details |
No |
|
Type
of Business |
Yes |
|
Line
of Business |
Yes |
|
Promoters
background |
Yes |
|
No.
of Employees |
No |
|
Name
of Person Contacted |
Yes |
|
Designation
of contact person |
Yes |
|
Turnover
of firm for last two years |
Yes |
|
Profitability
for last two years |
Yes |
|
Reasons
for variation <> 20% |
- |
|
Estimation
for coming financial year |
No |
|
Capital
the business |
Yes |
|
Details
of sister concerns |
Yes |
|
Major
Suppliers |
No |
|
Major
Customers |
No |
|
Payment
Terms |
No |
|
Export
/ Import Details [If Applicable] |
No |
|
Market
Information |
- |
|
Litigations
that the firm / promoter involved in |
- |
|
Banking
Details |
Yes |
|
Banking
Facility Details |
No |
|
Conduct
of the banking account |
- |
|
Buyer
visit details |
- |
|
Financials,
if provided |
Yes |
|
Incorporation
details, if applicable |
Yes |
|
Last
accounts filed at ROC |
Yes |
|
Major
Shareholders, if applicable |
Yes |
BACKGROUND
The Company was incorporated as a private limited company on 10 June 2009. The business of the Company is to work with its customers to provide co-ordination, marketing and other technical assistance to drive the adoption of Dolby Broadcast Technologies. The Company also helps to co-ordinate with potential customers and Dolby CIS to help them license Dolby technology and trademarks. Since the incorporation or the Company, Dolby International Service lnc and its affiliates exercised significant influence over the operating policy decision of the Company. Further with effect from 1 February 2010, Dolby Laboratories International Inc established control over the composition of the Board of directors and hence is the holding company of the Company.
PERFORMANCE
The company has performed very well in the current year. The income of the company has increased 168% in the current year, leading to an increase in profitability by 154%. The Company is hopeful of better prospects in the forthcoming year in lieu of the technology provided by Dolby internationally.
The Company has also executed a Service Agreement with Dolby Laboratories International Services Inc. and is confident that these services will increase the operations of the Company.
FIXED ASSETS:
·
Computers
·
Office Equipment
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.55.83 |
|
|
1 |
Rs.87.41 |
|
Euro |
1 |
Rs.70.43 |
INFORMATION DETAILS
|
Information
Gathered by : |
SBA |
|
|
|
|
Report Prepared
by : |
VRN |
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 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
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.