MIRA
INFORM REPORT
|
Report Date : |
21.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
DIGITAL 18 MEDIA LIMITED (w.e.f. 10.06.2009) |
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Formerly Known
As : |
DIGITAL 18 MEDIA PRIVATE LIMITED |
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Registered
Office : |
503, 504 and 507, 5th Floor, Mercantile House, 15 Kasturba
Gandhi Marg, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
16.04.2007 |
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Com. Reg. No.: |
55-162067 |
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Capital
Investment / Paid-up Capital : |
Rs.0.500 Million |
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CIN No.: [Company Identification
No.] |
U22130DL2007PTC162067 |
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PAN No.: [Permanent Account No.] |
AACCD6006E |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Subject is in the business of Printing and Publishing Business
Magazine. |
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No. of Employees
: |
60 (Approximately) |
RATING & COMMENTS
|
MIRAs Rating : |
Ca (13) |
|
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 |
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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. 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 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
|
Name : |
Mr. Devang Jani |
|
Designation : |
AGM Finance |
|
Contact No.: |
91-22-66667777 |
|
Date : |
20.06.2012 |
LOCATIONS
|
Registered Office : |
503, 504 and 507, 5th Floor, Mercantile House, 15 Kasturba
Gandhi Marg, New Delhi 110001, India |
|
Tel. No.: |
91-11-41506112-14/ 49812600 |
|
Fax No.: |
91-11-41506115 |
|
E-Mail : |
vidhi.kharbanda@netroek18online.com |
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Website : |
http://www.network18online.com |
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|
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Corporate Office : |
Express Trade Tower, Plot No.15-16, sector 16-A, Noida 201301, Uttar
Pradesh, India |
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Tel. No.: |
91-120-4341818/ 3987777 |
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Fax No.: |
91-120-4324106 |
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|
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Mumbai Branch Office : |
1st Floor, Empire Mill Complex, 414 Senapati Bapat Marg, Lower
Parel, Mumbai 400013, Maharashtra, India
|
|
Tel No.: |
91-22-66667777/ 40019000/ 40019444 |
|
Fax No.: |
91-22-24968238 |
DIRECTORS
(AS ON 07.09.2011)
|
Name : |
Mr. Raghav Bahl |
|
Designation : |
Director |
|
Address : |
E-36, Sector 30, Noida 201301, Uttar Pradesh, India |
|
Date of Birth/Age : |
02.01.1961 |
|
Date of Appointment : |
16.04.2007 |
|
DIN No.: |
00015280 |
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|
|
|
Name : |
Mr. Sanjay Ray Chaudhari |
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Designation : |
Director |
|
Address : |
LGG 110, The Laburnum Sushnt Lok, Sector 28, Gurgaon 122022,
Haryana, India |
|
Date of Birth/Age : |
30.01.1966 |
|
Date of Appointment : |
16.04.2007 |
|
DIN No.: |
00015365 |
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|
|
|
Name : |
Mr. Haresh Ramrupchand Chawla |
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Designation : |
Director |
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Address : |
143, 14th Floor, Nibanna CHS Nargis Dutt Road, Pali Hill,
Bandra Mumbai 400050, Maharashtra, India |
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Date of Birth/Age : |
29.12.1967 |
|
Date of Appointment : |
27.05.2009 |
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DIN No.: |
00029828 |
KEY EXECUTIVES
|
Name : |
Mr. Devang Jani |
|
Designation : |
AGM Finance |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 07.09.2011)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Network18 Media and Investments Limited, India |
|
49994 |
|
Bawa Singh Ramandeep |
|
1 |
|
Anil Srivastava |
|
1 |
|
Sanjeev Kulshreshtha |
|
1 |
|
Sachin Gupta |
|
1 |
|
Hitesh Kumar Jain |
|
1 |
|
Sunil Alimchandani |
|
1 |
|
|
|
|
|
Total |
|
50000 |
(AS ON 30.09.2011)
Equity Shares Break up
|
Category |
|
Percentage |
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|
|
|
|
Bodies corporate |
|
100.00 |
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|
|
|
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Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is in the business of Printing and Publishing Business
Magazine. |
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Products : |
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Terms : |
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Selling : |
Cash and Credit (30 days) |
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Purchasing : |
Cash and Credit (30 days) |
GENERAL INFORMATION
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Customers : |
Corporate and Government |
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No. of Employees : |
60 (Approximately) |
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Bankers : |
· Yes Bank Nariman Point, Mumbai, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Mohan L. Jain and Company Chartered Accountant |
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Address : |
403, Prabha Kiran, 17 Rajendra Place, New Delhi 110008, India |
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PAN No.: |
AAOFM9506F |
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|
|
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Holding Company : |
· RVT Investments Private Limited · Television Eighteen India Limited 503, 504 and 507, 5th Floor, Mercantile House, 15 Kasturba Gandhi Marg, New Delhi 110001, India |
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Ultimate Holding Company : |
· Network18 Media and Investments Limited |
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Fellow
Subsidiary Company : |
· Web18 Software Services Limited · E-Eighteen.com Limited · Infomedia 18 Limited · TV18 Broadcast Limited · TV18 Home Shopping Network Limited · Viacom 18 Media Private Limited |
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Other Related Parties : |
· Network18 Publications Limited · Capital18 Fincap Private Limited ·
Network 18 Online Private Limited 503, 504 and 507, 5th Floor, Mercantile House, 15 Kasturba
Gandhi Marg, New Delhi 110001, India |
CAPITAL STRUCTURE
(AS ON 07.09.2011)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500
Million |
|
|
|
|
|
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 |
0.500 |
0.500 |
0.100 |
|
|
2] Share Application Money |
240.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(318.088) |
(259.265) |
(65.213) |
|
|
NETWORTH |
(77.588) |
(258.765) |
(65.113) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
197.750 |
97.550 |
|
|
TOTAL BORROWING |
0.000 |
197.750 |
97.550 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
(77.588) |
(61.015) |
32.437 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
6.669 |
7.676 |
8.214 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.185
|
0.000 |
0.000 |
|
|
Sundry Debtors |
73.868
|
49.448 |
0.000 |
|
|
Cash & Bank Balances |
1.244
|
3.385 |
0.443 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
6.520
|
2.548 |
35.768 |
|
Total
Current Assets |
81.817
|
55.381 |
36.211 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
134.472 |
95.777 |
4.303 |
|
|
Other Current Liabilities |
17.953
|
15.261 |
3.314 |
|
|
Provisions |
13.649
|
13.034 |
4.371 |
|
Total
Current Liabilities |
166.074
|
124.072 |
11.988 |
|
|
Net Current Assets |
(84.257)
|
(68.691) |
24.223 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
(77.588) |
(61.015) |
32.437 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
212.541 |
119.875 |
0.000 |
|
|
|
Other Income |
0.000 |
0.000 |
0.000 |
|
|
|
TOTAL (A) |
212.541 |
119.875 |
0.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing Services Cost |
110.462 |
|
|
|
|
|
Employee related Expenses |
108.256 |
82.363 |
63.973 |
|
|
|
Administrative, Selling and Other Expenses |
49.697 |
101.198 |
|
|
|
|
TOTAL (B) |
268.415 |
311.898 |
63.973 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(55.874) |
(192.023) |
(63.973) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1.250 |
0.391 |
0.052 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(57.124) |
(192.414) |
(64.025) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.699 |
1.637 |
0.726 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX
(E-F) (G) |
(58.823) |
(194.051) |
(64.751) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
0.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(58.823) |
(194.051) |
(64.951) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS BALANCE BROUGHT FORWARD |
(259.264) |
(65.213) |
(0.262) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(318.087) |
(259.264) |
(65.213) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(1,176.46) |
(3,881.03) |
(6,495.15) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(27.68)
|
(161.88) |
0.00 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(27.68)
|
(161.88) |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(66.48)
|
(307.74) |
(145.75) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.76
|
0.75 |
0.99 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
(2.14)
|
(1.24) |
(1.68) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.49
|
0.04 |
3.02 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
(Rs. In Millions) |
||
|
Sundry Creditors |
|
|
|
|
-
Creditors Due Others |
134.472 |
95.777 |
4.303 |
|
|
|
|
|
|
Total |
134.472 |
95.777 |
4.303 |
|
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 |
|
Promoters 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 |
NOTE:
The Registered office of the company has been
shifted from, 601, 6th Floor, commercial Tower, Hotel Le-Meridien, Raisina
Road, New Delhi 110001, India, to the present address w.e.f. 10.05.2010.
OPERATIONS
Company is in the
business of publishing business magazine Forbes India. It has also launched Forbes Life, a supplement magazine, during January 2011.
During the year
2011 company has earned total revenue of Rs.212.540 Millions comprising of
Advertisement Revenue of Rs.172.748 Millions and Circulation and Subscription
Revenue of Rs.39.714 Millions and an expenditure of Rs.271.364 Millions was
incurred resulting in a loss of Rs.58.823 Millions.
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 Intl
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 companys 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.55.86 |
|
|
1 |
Rs.87.93 |
|
Euro |
1 |
Rs.70.88 |
INFORMATION DETAILS
|
Information Gathered
by : |
SVA |
|
|
|
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
1 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
1 |
|
--CREDIT LINES |
1~10 |
1 |
|
--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 |
|
13 |
This score serves as a reference to assess SCs 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.