MIRA INFORM REPORT
|
Report Date : |
05.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
TURNER INTERNATIONAL INDIA PRIVATE LIMITED |
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Registered
Office : |
5th Floor, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
30.08.1994 |
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Com. Reg. No.: |
55-061152 |
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Capital Investment
/ Paid-up Capital : |
Rs.250.098 Millions |
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CIN No.: [Company Identification
No.] |
U74899DL1994PTC061152 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELT02187D |
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PAN No.: [Permanent Account No.] |
AAACT3821H |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Distribution of Television Programming Services, Procurement of
Advertising Sales and Production Services. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 3000000 |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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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 regular
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
Management Non Co-operative.
Tel No.: 91-11-41699100
LOCATIONS
|
Registered Office : |
5th Floor, |
|
Tel. No.: |
91-11-41699100/ 26779201 |
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Fax No.: |
91-11-26779205/ 26779206 |
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E-Mail : |
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Mumbai Office : |
Audeus, Veera Desai Road, New Yash Raj Studios, Fun Republic Lane,
Andheri (West), Mumbai – 400053, Maharashtra, India |
|
Tel. No.: |
91-22-40699199/ 42099194 |
|
Fax No.: |
91-22-66607440 |
DIRECTORS
(AS ON 30.09.2011)
|
Name : |
Mr. Anshuman Misra |
|
Designation : |
Managing Director |
|
Address : |
16 B, Block 3,Pacific View, No.38, |
|
Date of Birth/Age : |
24.04.1964 |
|
Date of Appointment : |
01.01.2005 |
|
DIN No.: |
00105399 |
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|
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|
Name : |
Mr. Raymond F Hutton |
|
Designation : |
Director |
|
Address : |
7530, |
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Date of Birth/Age : |
02.11.1956 |
|
Date of Appointment : |
01.01.2011 |
|
DIN No.: |
02654233 |
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|
|
|
Name : |
Mr. Louise Scott Sams |
|
Designation : |
Director |
|
Address : |
174, The Prado Ne Atlanata, |
|
Date of Birth/Age : |
20.11.1957 |
|
Date of Appointment : |
01.05.1998 |
|
DIN No.: |
02660921 |
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|
Name : |
Mr. Siddharth Jain |
|
Designation : |
Managing Director |
|
Address : |
E-4, Green Wood City, Sector 45, Gurgaon – 122001, Harayana, India |
|
Date of Birth/Age : |
23.09.1964 |
|
Date of Appointment : |
24.11.2011 |
|
DIN No.: |
03178997 |
KEY EXECUTIVES
|
Name : |
Mrs. Disha Rustagi |
|
Designation : |
Company Secretary |
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Address : |
P-503, Anupam Apartments, East Arjun Nagar, |
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Date of Birth/Age : |
12.11.1987 |
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Date of Appointment : |
08.09.2011 |
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PAN No.: |
AJEPR5528F |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2011)
|
Names of Shareholders |
|
No. of Shares (Equity) |
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Turner Broadcasting System Asia Pacific Inc., |
|
1300974 |
|
Turner International Inc., |
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10 |
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Total |
|
1300984 |
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||
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Names of Shareholders |
|
No
of Shares (Preference)
|
|
|
|
|
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|
1200000 |
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Total |
|
1200000 |
(AS ON 30.09.2011)
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 |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Distribution of Television Programming Services, Procurement of
Advertising Sales and Production Services. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
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Bankers : |
Not Available |
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Banking Relations
: |
-- |
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Auditors : |
|
|
Name : |
S. R. Batliboi and Company Chartered Accountant |
|
Address : |
Golf View Corporate Tower-B, Sector-42, |
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PAN No.: |
AALFS0506L |
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Holding Company : |
· Historic TBS Asia LLC (formerly known as Turner Broadcasting System Asia Pacific Inc., USA) |
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Fellow Subsidiaries : |
· Turner Entertainment Networks (TENA), CNN Inc. and Warner Bros. |
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Joint Venture (Partnership)
of Ultimate Holding Company: |
· HBO Singapore Pte, Limited |
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Enterprises over
which individuals having significant influence over the company is able to
exercise significant influence : |
· Real Global Broadcasting Private Limited Miditech Private Limited Turner General Entertainment Network India Private Limited Alliance Lumiere Limited Imagine Pictures Limited |
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Joint Venture : |
· Zee Turner Limited (ZTL) |
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|
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Holding Company
of Joint Venture Company: |
· Zee Telefilms Limited |
CAPITAL STRUCTURE
(AS ON 31.03.2011)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000 |
Equity Shares |
Rs.100/- each |
Rs.200.000 Millions |
|
2000000 |
Preference Shares |
Rs.100/- each |
Rs.200.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.200.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1300984 |
Equity Shares |
Rs.100/- each |
Rs.130.098
Millions |
|
1200000 |
Preference Shares |
Rs.100/- each |
Rs.120.000
Millions |
|
|
|
|
|
|
|
Total |
|
250.098 Millions |
NOTE:
(A) 2,000,000 (Previous Year 2,000,000) Equity shares of Rs.100/- each.
(B) 2,000,000 (Previous Year 2,000,000) 0% Non Cumulative Preference shares of Rs.100/- each.
(C) 1,300,984 (Previous year 1,300,984) Equity Shares of Rs.100/- each fully paid.
(D) 1,200,000 (Previous year 1,200,000) 0% Non Cumulative Preference Shares of Rs.100/- each fully paid.
(E) Of the above, 1,300,974 (Previous year 1,300,974) equity shares of Rs. 100 each are held by Historic TBS Asia LLC (formerly known as Turner Broadcasting System Asia Pacifiv Inc, USA (Holding Company).
(F) Of the above, 1,200,000 (Previous year 1,200,000) 0% Non-Cumulative Preference shares of Rs.100/- each are held by Holding Company. These Preference Shares are redeemable at par after fifteen years from the date of allotment i.e. May 4, 2006.
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 |
250.098 |
250.098 |
250.098 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
488.940 |
290.922 |
217.497 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
739.038 |
541.020 |
467.595 |
|
|
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 |
739.038 |
541.020 |
467.595 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
72.466 |
48.873 |
73.007 |
|
|
Capital work-in-progress |
6.165 |
4.735 |
5.814 |
|
|
|
|
|
|
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INVESTMENT |
0.260 |
0.260 |
0.260 |
|
|
DEFERREX TAX ASSETS |
123.840 |
115.527 |
107.439 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
8.374
|
27.779 |
0.000 |
|
|
Sundry Debtors |
1840.332
|
1671.202 |
1547.622 |
|
|
Cash & Bank Balances |
556.241
|
340.070 |
635.434 |
|
|
Other Current Assets |
6.950
|
4.102 |
3.780 |
|
|
Loans & Advances |
396.983
|
332.700 |
333.157 |
|
Total
Current Assets |
2808.880
|
2375.853 |
2519.993 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
75.848 |
7.621 |
1.701 |
|
|
Other Current Liabilities |
2116.522
|
1928.482 |
2179.743 |
|
|
Provisions |
80.203
|
68.125 |
57.474 |
|
Total
Current Liabilities |
2272.573
|
2004.228 |
2238.918 |
|
|
Net Current Assets |
536.307
|
371.625 |
281.075 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
739.038 |
541.020 |
467.595 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4029.920 |
3542.687 |
3242.209 |
|
|
|
Other Income |
|
62.209 |
31.315 |
|
|
|
TOTAL (A) |
4029.920 |
3604.896 |
3273.524 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Distribution Rights |
|
2173.564 |
2036.493 |
|
|
|
Personnel Expenses |
|
283.438 |
251.385 |
|
|
|
Administrative, Selling and Other Expense |
|
933.062 |
887.364 |
|
|
|
Promotional License Expenses |
|
30.976 |
29.537 |
|
|
|
Decrease/ (Increase) in Inventories |
|
(27.779) |
0.000 |
|
|
|
Prior Period Adjustment (Net) |
|
31.760 |
17.742 |
|
|
|
TOTAL (B) |
3690.291 |
3425.021 |
3222.521 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(Including
Financial Expenses) |
179.875 |
51.003 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
0.414 |
4.154 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
339.629 |
179.461 |
46.849 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
37.342 |
38.905 |
31.905 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
302.287 |
140.556 |
14.944 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
104.270 |
67.131 |
10.940 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
198.017 |
73.425 |
4.004 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
192.272 |
118.847 |
114.843 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
390.289 |
192.272 |
118.847 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
152.21 |
56.44 |
3.08 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
4.91
|
2.04 |
0.12 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
3.97 |
0.46 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.49
|
5.80 |
0.58 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.41
|
0.26 |
0.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.08
|
3.70 |
4.79 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.24
|
1.19 |
1.13 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
(Rs. In Millions) |
||
|
|
|
|
|
|
Sundry Creditors |
|
|
|
|
-
Creditors due other |
75.848 |
7.621 |
1.701 |
|
|
|
|
|
|
Total |
75.848 |
7.621 |
1.701 |
|
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 |
No |
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9) Name of person contacted |
No |
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10) Designation of contact person |
No |
|
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 |
No |
|
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 |
No |
|
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 |
NOTE:
The Registered Office of the company has been shifted
from, A and B Upper Ground Floor, 2 Level, Block F, International Trade Tower,
Nehru Place, New Delhi – 110019, India, to the present address w.e.f.
20.08.2008.
OPERATIONS:
The Company registered
a sustained growth in revenues and profitability. The Company continues to be
engaged in its business of distribution of television programming services,
procurement of advertising sales and production services. The company’s
operational performance and delivery excellence have shown excellent
improvement during the year and the Company is positioned to achieve further
growth during the ongoing fiscal.
FUTURE OUTLOOK
The Directors expect
to exploit new opportunities that have emerged in the form of new service
providers of the DTH platform and ever-growing subscribers of the DTH services.
The Directors also sense the immense growth opportunities with the advent of
new technologies i.e. IPTV and HITs. The Directors are very hopeful that the
presence of these technologies will provide further growth in revenue and
increased sustained profitability this coming year.
CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF*: (RS. IN MILLIONS)
|
Particulars |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
a) Demands raised by Sales Tax Authorities,
being disputed by the Company. |
0.986 |
0.986 |
|
|
|
|
|
b) Demands raised by
Income Tax Authorities towards shortfall in deposition of income tax for the
assessment year 2005-06, being disputed by the Company. |
1.057 |
1.057 |
FIXED ASSETS:
· Plant and Machinery
Office
Equipment
Computer
Furniture
and Fixture
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.55.52 |
|
|
1 |
Rs.85.29 |
|
Euro |
1 |
Rs.68.86 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
54 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.