|
Report Date : |
20.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
UNIVERSAL MUSIC INDIA PRIVATE LIMITED
|
|
|
|
|
Formerly Known
As : |
POLYGRAM INDIA LIMITED MUSIC INDIA LIMITED GAUMONT-KALEE LIMITED |
|
|
|
|
Registered
Office : |
Samir Complex, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.12.2010 |
|
|
|
|
Date of
Incorporation : |
14.10.1945 |
|
|
|
|
Com. Reg. No.: |
11-004579 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.59.897
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U32300MH1945PTC004579 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMP09536C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACP1958C |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is in the business of Producing, Acquiring, Marketing and
Distribution of Music. |
|
|
|
|
No. of Employees
: |
50 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (22) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is old established company having moderate track. There
appears some 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 on a safe and
secured 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 PARTED BY (General Details)
|
Name : |
Ms. Pallavi Moghe |
|
Designation : |
Executive Assistant in Account and Finance |
|
Contact No.: |
91-22-26553241 |
|
Date : |
19.06.2012 |
LOCATIONS
|
Registered Office : |
Samir Complex, St. Andrews Road, 3rd Floor, Bandra (West),
Mumbai – 400018, Maharashtra, India |
|
Tel. No.: |
91-22-26553241/ 42/ 43/ 44 |
|
Fax No.: |
91-22-26559817/ 26556030 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Warehouse : |
Located at: · Bhandup |
|
|
|
|
Branch Office : |
Located at: · Ahmedabad · Kolkata · Bengaluru · Mumbai · Chennai · Gurgaon · New Delhi · Hyderabad · Pune · Noida |
DIRECTORS
(AS ON 26.09.2011)
|
Name : |
Mr. Boyd Johston Muir |
|
Designation : |
Director |
|
Address : |
The Old Rectory, The Street Albury, Survey, Gu59ax, United Kingdom |
|
Date of Appointment : |
28.09.2001 |
|
DIN No.: |
02748375 |
|
|
|
|
Name : |
Mr. Victor Henri Antippas |
|
Designation : |
Director |
|
Address : |
Rossbergstrasse 6, Wollerau, 8832, Switzerland |
|
Date of Birth/Age : |
18.07.1953 |
|
Date of Appointment : |
26.09.2011 |
|
DIN No.: |
03341276 |
|
|
|
|
Name : |
Mr. Devraj Sugata Sanyal |
|
Designation : |
Managing Director |
|
Address : |
202, Mayflower, Union Park, Plot No.31A, Khar (W), Mumbai – 400 052,
Maharashtra, India |
|
Date of Appointment : |
26.05.2011 |
|
DIN No.: |
03533598 |
KEY EXECUTIVES
|
Name : |
Ms. Pallavi Moghe |
|
Designation : |
Executive Assistant in Account and Finance |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 26.09.2011)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Universal Trading Company B. V., Netherland |
|
598967 |
|
Capella B.V., Netherland |
|
1 |
|
|
|
|
|
Total |
|
598968 |
(AS ON 30.06.2011)
Equity Shares Break – up
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is in the business of Producing, Acquiring, Marketing and
Distribution of Music. |
|
|
|
|
Terms : |
|
|
Selling : |
Depends |
|
|
|
|
Purchasing : |
Depends |
GENERAL INFORMATION
|
Customers : |
Corporates |
|||||||||||||||||||||
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|||||||||||||||||||||
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No. of Employees : |
50 (Approximately) |
|||||||||||||||||||||
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|||||||||||||||||||||
|
Bankers : |
· Citi Bank Mumbai, Maharashtra, India |
|||||||||||||||||||||
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|
|
|||||||||||||||||||||
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Facilities : |
|
|||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S. R. Batliboi and Associates Chartered Accountant |
|
Address : |
14th Floor, The Ruby, 29 Senapati Bapat Marg, Dadar (West),
Mumbai – 400028, Maharashtra, India |
|
PAN No.: |
AABFS3421N |
|
Tel No.: |
91-22-61920000 |
|
Fax No.: |
91-22-61921000 |
|
|
|
|
Holding Company : |
· Universal Trading Company B.V., Netherland |
|
|
|
|
Ultimate Holding Company: |
· Universal Music Publishing India Private Limited |
|
|
|
|
Subsidiaries : |
· Universal Music Publishing Private Limited, UK CIN No.: U92100MH1999PTC118222 · Universal Music Operations Limited, UK ·
Universal International Music Baam, Netherlands ·
UMG Recording Services Inc, USA ·
UM Malaysia ·
UM Limited, Hong Kong ·
UM Limited, Thailand ·
Universal Music (PTE) Limited, Singapore ·
Universal International BV Hanover ·
UM Music and Video - New York ·
Universal Music - Brazil ·
Universal Music - Denmark ·
UM Record Operation- Essex Loudon ·
Vivendi Universal Games, USA ·
Universal Music, Sweden ·
Universal Music Pty. Limited, Australia ·
Universe! Music Group - Philippines ·
Universal Music Group - Singapore ·
Universal Music Group - Taiwan ·
Universal Music KK- Japan ·
Universal Music Group- South Korea · Digital Distribution Services |
CAPITAL STRUCTURE
(AS ON 26.09.2011)
Authorised Capital : Rs.80.000
Millions
Issued, Subscribed & Paid-up Capital : Rs.69.118 Millions
(AS ON 31.12.2010)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
600000 |
Equity Shares |
Rs.100/- each |
Rs.60.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
598968 |
Equity Shares |
Rs.100/- each |
Rs.59.897
Millions |
|
|
|
|
|
Of the above
598967 Equity share are held by Universal
Music Trading Company BV and 1 Equity Shares held by Capella BV.
Out of the above 162233 Shares were issued by
commission of external commercial borrowing during the year.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
59.897 |
43.674 |
43.674 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
959.384 |
2.630 |
3.051 |
|
|
4] (Accumulated Losses) |
(1467.590) |
(1629.813) |
(1698.344) |
|
|
NETWORTH |
(448.309) |
(1583.509) |
(1651.619) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
820.325 |
1793.725 |
1793.725 |
|
|
TOTAL BORROWING |
820.325 |
1793.725 |
1793.725 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
372.016 |
210.216 |
142.106 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
13.855 |
9.677 |
12.493 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.144 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
8.181
|
10.030 |
12.745 |
|
|
Sundry Debtors |
249.675
|
75.569 |
89.857 |
|
|
Cash & Bank Balances |
232.140
|
203.822 |
168.125 |
|
|
Other Current Assets |
81.035
|
59.136 |
54.125 |
|
|
Loans & Advances |
101.195
|
69.783 |
63.630 |
|
Total
Current Assets |
672.226
|
418.340 |
388.482 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
177.133 |
113.123 |
173.974 |
|
|
Other Current Liabilities |
104.198
|
82.467 |
61.762 |
|
|
Provisions |
32.734
|
22.211 |
23.277 |
|
Total
Current Liabilities |
314.065
|
217.801 |
259.013 |
|
|
Net Current Assets |
358.161
|
200.539 |
129.469 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
372.016 |
210.216 |
142.106 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income (Revenue) |
354.849 |
268.266 |
293.359 |
|
|
|
Other Income |
8.291 |
18.730 |
23.116 |
|
|
|
TOTAL |
363.140 |
286.996 |
316.475 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Consumed |
64.851 |
51.687 |
52.127 |
|
|
|
Personnel Expenses |
56.529 |
47.259 |
37.478 |
|
|
|
Royalties |
63.370 |
44.674 |
53.916 |
|
|
|
Marketing, General and Administrative Expenses |
142.562 |
130.399 |
149.785 |
|
|
|
Exceptional Items |
(131.238) |
(61.016) |
0.000 |
|
|
|
TOTAL |
196.074 |
213.003 |
293.306 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
167.066 |
73.993 |
23.169 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
4.842 |
4.816 |
3.650 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
162.224 |
69.177 |
19.519 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.647 |
0.649 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
162.224 |
68.530 |
18.870 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(1629.813) |
(1698.343) |
(1717.213) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED TO
THE B/S |
(1467.589) |
(1629.813) |
(1698.343) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
7.965 |
12.093 |
16.871 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
321.66 |
156.92 |
43.21 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
PAT / Total Income |
(%) |
44.67
|
23.88 |
8.72 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
45.72
|
25.79 |
6.65 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
23.65
|
16.16 |
4.87 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.36)
|
(0.04) |
(0.01) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
(2.53)
|
(1.27) |
(1.24) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.14
|
1.92 |
1.50 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
(Rs. In Millions) |
||
|
|
|
|
|
|
Sundry Creditors (Includes Due to Micro, Small and Medium Enterprises Rs. Nil) |
177.133 |
113.123 |
173.974 |
|
|
|
|
|
|
Total |
177.133 |
113.123 |
173.974 |
|
Check list by info
Agents |
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 |
|
Promoter’s Background |
Yes |
|
No. of Employees |
Yes |
|
Name of Person Contacted |
Yes |
|
Designation of Contact person |
Yes |
|
Turnover of Firm for last three years |
Yes |
|
Profitability for last three years |
Yes |
|
Reasons for variation <> 20% |
----- |
|
Estimation for coming financial year |
No |
|
Capital in the business |
Yes |
|
Details of sister concerns |
Yes |
|
Major Suppliers |
No |
|
Major Customers |
No |
|
Payments Terms |
Yes |
|
Export/ Imports Details (If applicable) |
No |
|
Market Information |
----- |
|
Litigations that the firm/ Promoters Involved in |
----- |
|
Banking details |
Yes |
|
Banking Facility Details |
Yes |
|
Conduct of the Banking Account |
----- |
|
Buyer visit details |
----- |
|
Financials, if provided |
Yes |
|
Incorporation details is applicable |
Yes |
|
Last Accounts filed at ROC |
Yes |
|
MAJOR SHAREHOLDERS, IF AVAILABLE |
YES |
FINANCIAL HIGHLIGHT
1.
Revenues of the company increase by 32.5%
over the last year from Rs.268 million to Rs.355 million. This was due to more
revenue from Digital Segment.
2.
The cost of goods ratio (physical)
sales has increased from 41.9% in. the year, 2009 to 42.7% in the year, 2010
due to.
-
Product mix more in favour of
Domestic Repertoire
-
Pressure on product prices in the
declining physical sales market
3.
Employee costs remain constant at
Rs.57 million in 2010.
4.
Royalty costs have increased from Rs.44.7
million to Rs.63.4 million as a result of the huge revenue from digital.
5.
Marketing and general administrative
expenses have increased from Rs.131 million to Rs.143 million.
6.
During the year the Company has
earned a profit of Rs.162.2 million mainly due to better management and
increase in sales and digital/ mobile income b) Transfer of Publishing rights
to subsidiary Universal Music Publishing Private Limited for Rs.131 mn.
Contingent Liabilities
not provided for
|
Particulars |
31.12.2010 |
31.12.2009 |
|
|
(Rs. In Millions) |
|
|
Claims against the company not acknowledged as debts |
|
|
|
Amount payable in respect of partly paid-up hares of the subsidiary company |
-- |
0.400 |
|
Sales tax Matters (All India) |
79.872 |
67.229 |
FIXED ASSETS:
· Office Building
· Plant and Machinery
· Furniture and Fixture
· Vehicles
·
Computer Hardware
·
Computer Software
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.55.60 |
|
|
1 |
Rs.87.34 |
|
Euro |
1 |
Rs.70.66 |
INFORMATION DETAILS
|
Information
Gathered by : |
SBA |
|
|
|
|
Report Prepared
by : |
NIT |
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 |
2 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
22 |
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.