MIRA
INFORM REPORT
|
Report Date : |
27.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
TIMEZONE ENTERTAINMENT PRIVATE LIMITED |
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Registered
Office : |
305, B - Wing, 3rd Floor, Eureka Towers, Mindspace Link
Road, Malad West, Mumbai – 400064, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
09.10.2003 |
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Com. Reg. No.: |
11-142597 |
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Capital
Investment / Paid-up Capital : |
Rs.255.832 Millions |
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CIN No.: [Company Identification
No.] |
U92199MH2003PTC142597 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMT08818F / MUMT09804E |
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PAN No.: [Permanent Account No.] |
AABCT9012F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
They are is engaged in the Business of Operating Family Entertainment
Center (FEC) Branded as “Timezone” |
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No. of Employees
: |
24 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 260000 |
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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. It has incurred
heavy loss during 2011. Accumulated losses recorded by the company appears to
be increasing over years. Financial position of the company is under severe
pressure. Business is active. Payments are reported to be slow. The company can be considered for business dealings with great
caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
RBI DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Moni Shaik |
|
Designation : |
Accountant |
|
Contact No.: |
91-22-40954413 |
|
Date : |
26.07.2012 |
LOCATIONS
|
Registered Office /
Head Office: |
305, B - Wing, 3rd Floor, Eureka Towers, Mindspace Link
Road, Malad West, Mumbai – 400064, Maharashtra, India |
|
Tel. No.: |
91-22-40954413 / 40954444 / 40954499 |
|
Fax No.: |
91-22-40954499 |
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E-Mail : |
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|
Website : |
DIRECTORS
As on 15.07.2011
|
Name : |
Mr. Chandrashekhar Bhalchandra Navalkar |
|
Designation : |
Director |
|
Address : |
Flat No. 11, Navnidh Apartment., Liberty Garden, Malad (West), Mumbai – 400064, Maharashtra, India |
|
Date of Birth/Age : |
21.03.1966 |
|
Date of Appointment : |
11.01.2007 |
|
DIN No.: |
00027330 |
|
|
|
|
Name : |
Mr. Vivek Manohar Nath Mathur |
|
Designation : |
Director |
|
Address : |
1706, Challenger Tower - I, Thakur Village, Kandivali (East), Mumbai – 400101, Maharashtra, India |
|
Date of Birth/Age : |
06.08.1969 |
|
Date of Appointment : |
30.06.2007 |
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DIN No.: |
01635306 |
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Name : |
Mrs. Sonaal Harinder Nath Chopra |
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Designation : |
Director |
|
Address : |
Flat No. 202 A, Serenity Heights, Mindspace, Malad Link Road, Malad (West), Mumbai – 400064, Maharashtra, India |
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Date of Birth/Age : |
28.09.1973 |
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Date of Appointment : |
15.01.2009 |
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DIN No.: |
01611458 |
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Name : |
Mr, Chong Ching Kee |
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Designation : |
Director |
|
Address : |
Block 106d, Punggol Field, 08-500, Singapore 824106 |
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Date of Birth/Age : |
04.02.1964 |
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Date of Appointment : |
24.12.2010 |
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DIN No.: |
03099574 |
KEY EXECUTIVES
|
Name : |
Mr. Moni Shaik |
|
Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 15.07.2011
|
Names of Shareholders |
|
No. of Shares |
|
Louisiana Investments and Finance Private Limited, India |
|
796699 |
|
Avel Pty Limited, Australia |
|
59850 |
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Aberdee Pty Limited, Australia |
|
9838349 |
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Shoppers Stop Limited, India |
|
11994900 |
|
Leisure & Allied Industries (India) Private Limited, Australia |
|
2893400 |
|
Total |
|
25583198 |
As on 10.10.2011
|
Names of Allottees |
|
No. of Shares
Allotted |
|
Aberdee Pty Limited, Australia |
|
6990279 |
|
Total |
|
6990279 |
As on 12.01.2012
|
Names of Allottees |
|
No. of Shares
Allotted |
|
Aberdee Pty Limited, Australia |
|
3060042 |
|
Total |
|
3060042 |
As on 20.04.2012
|
Names of Allottees |
|
No. of Shares
Allotted |
|
Shoppers Stop Limited, India |
|
1344588 |
|
Aberdee Pty Limited, Australia |
|
2401026 |
|
Total |
|
3745614 |
Equity Share Break up (Percentage of Total Equity)
|
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 |
38.69 |
|
Bodies corporate |
61.31 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
They are is engaged in the Business of Operating Family Entertainment
Center (FEC) Branded as “Timezone” |
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Terms : |
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Selling : |
Cash / Credit |
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Purchasing : |
Cash / Credit |
GENERAL INFORMATION
|
Customers : |
End Users |
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No. of Employees : |
24 (Approximately) |
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Bankers : |
Industrial Development Bank of India Limited, Silver Apartment,
Shankar Ghanekar Marg, Prabhadevi, Mumbai - 400028,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 : |
V. P. Thacker and Company Chartered Accountants |
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Address : |
1105, Embassy Center, Nariman Point, Mumbai 400021, Maharashtra, India |
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Tel. No.: |
91-22-66311480 |
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Fax No.: |
91-22-66311474 |
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E-Mail : |
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PAN.: |
AABFV6588P |
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Group Company : |
· Shoppers Stop Limited · LAI Games International Pte. Limited · LAI Singapore Pte Limited · P T Matahari Graha Fantasi · Avel Pty Limited · Aberdee Pty Limited · Leisure and Aliied Industires Phillippies Inc ·
LAI India Private Limited |
CAPITAL STRUCTURE
After 15.07.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
40000000 |
Equity Shares |
Rs.10/- each |
Rs.400.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
39379133 |
Equity Shares |
Rs.10/- each |
Rs.393.791
Millions |
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As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40000000 |
Equity Shares |
Rs.10/- each |
Rs.400.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
25583198 |
Equity Shares |
Rs.10/- each |
Rs.255.832
Millions |
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FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
255.832 |
177.718 |
159.340 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
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4] (Accumulated Losses) |
(188.705) |
(132.460) |
(82.782) |
|
|
NETWORTH |
67.127 |
45.258 |
76.558 |
|
|
LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
100.489 |
116.897 |
111.900 |
|
|
2] Unsecured Loans |
20.157 |
20.183 |
0.000 |
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TOTAL BORROWING |
120.646 |
137.080 |
111.900 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
187.773 |
182.338 |
188.458 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
129.956 |
147.761 |
174.214 |
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Capital work-in-progress |
51.958 |
25.203 |
15.450 |
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|
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INVESTMENT |
0.000 |
0.000 |
0.005 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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|
Inventories |
4.848
|
6.868 |
9.462 |
|
|
Sundry Debtors |
1.225
|
0.296 |
0.000 |
|
|
Cash & Bank Balances |
20.459
|
8.900 |
1.141 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
38.786
|
29.276 |
35.920 |
|
Total
Current Assets |
65.318
|
45.340 |
46.523 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
40.103
|
25.483 |
33.969 |
|
|
Other Current Liabilities |
14.280
|
6.781 |
9.635 |
|
|
Provisions |
5.076
|
3.702 |
4.130 |
|
Total
Current Liabilities |
59.459
|
35.966 |
47.734 |
|
|
Net Current Assets |
5.859
|
9.374 |
(1.211) |
|
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|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
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|
|
|
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TOTAL |
187.773 |
182.338 |
188.458 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
247.275 |
162.053 |
144.114 |
|
|
|
Other Income |
NA |
NA |
0.431 |
|
|
|
TOTAL |
NA |
NA |
144.545 |
|
|
|
|
|
|
|
|
Less |
|
|
|
|
|
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|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
NA |
NA |
135.308 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
NA |
NA |
135.308 |
|
|
|
|
|
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|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(1.357) |
0.434 |
9.237 |
|
|
|
|
|
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION |
51.909 |
48.491 |
37.635 |
|
|
|
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|
|
|
|
|
|
Prior Period
Items |
2.978 |
1.621 |
(0.120) |
|
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|
PROFIT / (LOSS)
BEFORE TAX |
(56.244) |
(49.678) |
(26.660) |
|
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|
|
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|
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|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
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|
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|
|
PROFIT / (LOSS)
AFTER TAX |
(56.245) |
(49.678) |
(26.660) |
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(132.460) |
(82.782) |
(56.122) |
|
|
|
|
|
|
|
|
|
|
BALANCE / (LOSSS)
CARRIED TO THE B/S |
(188.705) |
(132.460) |
(82.782) |
|
|
|
|
|
|
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|
IMPORTS |
|
|
|
|
|
|
|
Stores & Spares |
NA |
0.646 |
1.623 |
|
|
|
Capital Goods |
NA |
15.919 |
32.199 |
|
|
TOTAL IMPORTS |
NA |
16.565 |
33.822 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(7.38) |
(2.96) |
(1.81) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
NA
|
NA |
(18.44) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(22.75)
|
(30.66) |
(18.50) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(28.80)
|
(25.73) |
(12.08) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.84)
|
(1.10) |
(0.35) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.68
|
3.82 |
2.09 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.10
|
1.26 |
0.97 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry
Creditors
Rs.
In Millions
|
Particular |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Creditors due small micro enterprises |
40.103
|
25.483 |
33.969 |
|
Total |
40.103
|
25.483 |
33.969 |
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
(Yes) |
|
2] |
Locality of the firm |
(Yes) |
|
3] |
Constitutions of the firm |
(Yes) |
|
4] |
Premises details |
(No) |
|
5] |
Type of Business |
(Yes) |
|
6] |
Line of Business |
(Yes) |
|
7] |
Promoter's background |
(Yes) |
|
8] |
No. of employees |
(Yes) |
|
9] |
Name of person contacted |
(Yes) |
|
10] |
Designation of contact person |
(Yes) |
|
11] |
Turnover of firm for last three years |
(Yes) |
|
12] |
Profitability for last three years |
(Yes) |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
(No) |
|
15] |
Capital in the business |
(Yes) |
|
16] |
Details of sister concerns |
(Yes) |
|
17] |
Major suppliers |
(No) |
|
18] |
Major customers |
(No) |
|
19] |
Payments terms |
(Yes) |
|
20] |
Export / Import details (if applicable) |
(No) |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
---------------------- |
|
23] |
Banking Details |
(Yes) |
|
24] |
Banking facility details |
(Yes) |
|
25] |
Conduct of the banking account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
(Yes) |
|
28] |
Incorporation details, if applicable |
(Yes) |
|
29] |
Last accounts filed at ROC |
(Yes) |
|
30] |
Major Shareholders, if available |
(Yes) |
|
31] |
PAN of Proprietor/Partner/Director, if available |
(No) |
|
32] |
Passport No of Proprietor/Partner/Director, if available |
(No) |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
(No) |
Note:
The registered office of the company has been shifted from 514, Palm Spring, 5th Floor, Palm Spring Center, Link Road, Malad (West), Mumbai - 400064, Maharashtra India to present address w.e.f. 01.09.2011
FINANCIALS:
The company has opened three new stores in the current financial year and revenue has grown by 52% as compared to the previous financial year. The net Loss for the financial year reported is Rs. 56.245 Millions. The company expects to turnaround by optimizing resource utilization and opening new stores in the coming years
CONTINGENT
LIABILITIES AND PROVISIONS
Rs. In Millions
|
Particular |
31.03.2011 |
|
Disclosure of contingent liabilities |
Rs.3.134 Millions on account of Entertainment tax dispute Previous year – Nil |
Fixed Assets
· Plant and Machinery
· Furniture and Fixtures
· Electrical Installation
· Other Equipments
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.55.95 |
|
|
1 |
Rs.86.56 |
|
Euro |
1 |
Rs.67.95 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--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 |
|
26 |
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.