MIRA
INFORM REPORT
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Report Date : |
05.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
HUNGAMA DIGITAL MEDIA ENTERTAINMENT PRIVATE LIMITED (w.e.f.
24.12.2008) |
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Formerly Known
As : |
VIRTUAL MARKETING ( |
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Registered
Office : |
F -1, 1st Floor, Laxmi Woollen Mills Estate, Shakti Mills
Lane, Off Dr. E Moses Road, Mahalaxmi, Mumbai 400013, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
01.04.1999 |
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Com. Reg. No.: |
119259 |
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Capital
Investment / Paid-up Capital : |
Rs. 26.980 millions |
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CIN No.: [Company Identification
No.] |
U12000MH1999PTC119259 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMV06740G |
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PAN No.: [Permanent Account No.] |
AAACV289H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Aggregator, Developer, Publisher and Distributor of Bollywood and
South Asian Entertainment Content |
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No. of Employee:
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Not Divulged by Management |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (51) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 2859000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company in the field of
Digital Entertainment having fine track. Financial position of the company appears
to be sound. Trade relations are fair. Payments are reported to be correct
and as per commitments. The company can be considered good for normal 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
Management Non Co operative (Name not disclosed)
LOCATIONS
|
Registered Office : |
F -1, 1st Floor, Laxmi Woollen Mills Estate, Shakti Mills
Lane, Off Dr. E Moses Road, Mahalaxmi, Mumbai 400013, Maharashtra, India |
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Tel. No.: |
91-22-24903344 |
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Fax No.: |
91-22-24903355 |
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E-Mail : |
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Website : |
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Overseas Office: |
8-1,8th Floor, A1 Thuraiya Tower 2, Dubai Media
City, P. O. Box 500 717, Dubai, United Arab Emirates
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Branches: |
2nd floor, Cybiz Centre,
Plot no. 309-310, Udyog Vihar, Phase IV Gurgaon -122015, Tel :91-124-4503344 Kolkata 25-B, Bengaluru No.2582, 17th Main, 2nd
cross, HAL 2nd stage, Indiranagar, Bengaluru – 560008, Karnataka, India Chennai No. 7, |
DIRECTORS
AS ON 29.09.2010
|
Name : |
Mr. Hiren H Ved |
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Designation : |
Director |
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Date of Birth/Age : |
07.06.1970 |
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Date of Appointment : |
30.05.2000 |
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Name : |
Mr. Ashish R Kacholia |
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Designation : |
Director |
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Date of Birth/Age : |
14.04.1969 |
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Date of Appointment : |
12.04.1999 |
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Name : |
Mr. Neeral G Roy |
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Designation : |
Director |
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Date of Birth/Age : |
13.08.1967 |
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Date of Appointment : |
12.04.1999 |
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Name : |
Mr. Rajiv Agarwal |
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Designation : |
Director |
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Date of Birth/Age : |
28.03.1971 |
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Date of Appointment : |
01.09.2008 |
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Name : |
Mr. Rakesh R Jhunjhunwala |
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Designation : |
Director |
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Date of Birth/Age : |
05.07.1960 |
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Date of Appointment : |
02.08.2001 |
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Name : |
Mr. Ralph Robert Simon |
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Designation : |
Director |
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Date of Birth/Age : |
19.12.1946 |
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Date of Appointment : |
12.11.2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2010
|
Names of Shareholders |
No. of Shares |
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Neha L Sanghvi |
71999 |
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Neeraj G Roy |
296806 |
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Lashit L Sanghvi |
259195 |
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Ashwin Prakash
Chandra Kedia |
259195 |
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Hiren Haresh Ved |
50351 |
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Saleem S Mobhani |
35246 |
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Suleman |
18746 |
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Rakesh
Radheshyam Jhunjhunwala |
493864 |
|
Lucky Securities
Private Limited, Mumbai |
1439 |
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Vjay Sanmukhdas
Israni, |
46265 |
|
Swan Consultants
Private Limited, Mumbai |
788760 |
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Bengal Finance Investment
Private Limited, Mumbai |
131426 |
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Samata
investrade Private Limited, Mumbai |
164158 |
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Kunal R
Jhunjhunwala |
200000 |
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Aatsi Desoi |
500 |
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Ali Hussein |
1800 |
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Amanda Jane
Ferrao |
400 |
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Anand Balu
jangam |
350 |
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Arun D. Patil |
150 |
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Arvind Khadye |
150 |
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Ashfaque Shaikh |
250 |
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Ashish Ashok
Saswadkar |
500 |
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Ashish Patil |
350 |
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Ashok Donkeshwar |
250 |
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Assad Khan |
600 |
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Alin Wadhwa |
250 |
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|
7500 |
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Chaitanya |
500 |
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Deepali Anand |
500 |
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Devendra Rathwe |
250 |
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DhanashreeSardesai |
250 |
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Dhanraj
Toshniwal |
500 |
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Dilip Hiware |
300 |
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Dilip Jangam |
2500 |
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Dilip Manjrekar |
150 |
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Frank Pereira |
750 |
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Jasklrat Singh
Gill |
1000 |
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Javed Shaikh |
250 |
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Jyoti R. Darge |
100 |
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Kaipendu Pandya |
2000 |
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Kamal Amesur |
3000 |
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Kane Kong |
500 |
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Kshitj Mehta |
350 |
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Lincoin Gada |
7500 |
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Manasi NeruRar |
350 |
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Mandar M. Kamat |
2500 |
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Manju Veenam |
500 |
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Milind |
250 |
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Mukesh Kumar |
750 |
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Mulla Aslam |
200 |
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Nagesh Sawant |
1000 |
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Nilesh Bolkrishno
Raut |
350 |
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Nishant Patil |
1000 |
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Paresh Jodhawat |
350 |
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Partho Maitra |
500 |
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Poonom Manhas |
300 |
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Pradeep join |
500 |
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Prafulla Ankushj
Salgaonkar |
500 |
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Pramod Jajoo |
2000 |
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Priyadarshani
Gavand |
200 |
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Rajesh Singh
Panwar |
150 |
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|
500 |
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Rovinder Singh |
750 |
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Reetu |
1000 |
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Reneesh Abhi |
1350 |
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Sallm Bankar |
750 |
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Sandeep
Chiplunkar |
250 |
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Sandeep Nakoshe |
250 |
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Sandeep
Phansekar |
150 |
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Sanjay Palkar |
350 |
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Sarika Patil |
150 |
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shadab Khan |
200 |
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Shilpa Raul |
350 |
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Sonali Dinanath
Prabhu |
350 |
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Sunila Karir |
500 |
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Surin Bhavsar |
500 |
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Voishali Patil |
200 |
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Yogesh P. More |
350 |
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Total |
2870250 |
AS ON 29.09.2010
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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1.61 |
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Bodies corporate |
|
37.83 |
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Directors or relatives of directors |
|
36.27 |
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Other top fifty shareholders |
|
24.29 |
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Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Aggregator, Developer, Publisher and Distributor of Bollywood and
South Asian Entertainment Content |
GENERAL INFORMATION
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No. of Employees : |
Not Divulged by Management |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Gandhi Paleja and Associates Chartered Accountant |
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Address : |
1-12, |
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Associates and Joint Ventures: |
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Subsidiaries : |
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CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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9000000 |
Equity Shares |
Rs. 10 each |
Rs.90.000 millions |
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Issued & Subscribed Capital :
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No. of Shares |
Type |
Value |
Amount |
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2870250 |
Equity Shares |
Rs. 10 each |
Rs.28.702 millions |
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Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
2678950 |
Equity Shares |
Rs. 10 each |
Rs. 26.789 millions |
|
191300 |
Equity Shares (Partly paid up Rs. 1 Each) |
Rs. 10 each |
Rs. 0.191 million |
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Rs. 26.980
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
26.980 |
26.980 |
26.980 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
687.916 |
596.167 |
499.657 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
714.896 |
623.147 |
526.637 |
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LOAN FUNDS |
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1] Secured Loans |
335.717 |
1.838 |
1.492 |
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2] Unsecured Loans |
300.000 |
550.000 |
100.000 |
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TOTAL BORROWING |
635.717 |
551.838 |
101.492 |
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DEFERRED TAX LIABILITIES |
13.113 |
9.810 |
4.108 |
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TOTAL |
1363.726 |
1184.795 |
632.237 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
111.970 |
100.876 |
53.682 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
74.611 |
31.161 |
30.474 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.089
|
0.100 |
0.128 |
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Sundry Debtors |
897.566
|
569.977 |
352.564 |
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Cash & Bank Balances |
36.820
|
100.310 |
27.836 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
548.885
|
623.761 |
341.017 |
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Total
Current Assets |
1483.360
|
1294.148 |
721.545 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
123.577
|
71.077 |
72.653 |
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Other Current Liabilities |
108.765
|
129.437 |
80.011 |
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Provisions |
73.873
|
40.876 |
20.800 |
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Total
Current Liabilities |
306.215
|
241.390 |
173.464 |
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Net Current Assets |
1177.145
|
1052.758 |
548.081 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1363.726 |
1184.795 |
632.237 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
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SALES |
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Sales |
|
2289.692 |
1765.510 |
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Other Income |
|
0.000 |
0.000 |
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TOTAL (A) |
|
2289.692 |
1765.510 |
|
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Less |
EXPENSES |
|
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Office Expenses |
|
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|
|
|
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Administrative Expenses |
|
2148.141 |
1609.624 |
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Advertising Expenses |
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TOTAL (B) |
|
2148.141 |
1609.624 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
141.551 |
155.886 |
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Less |
FINANCIAL
EXPENSES (D) |
|
NA |
NA |
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|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
141.551 |
155.886 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
NA |
NA |
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|
|
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|
PROFIT BEFORE
TAX (E-F) (G) |
|
141.551 |
155.886 |
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|
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Less |
TAX (H) |
|
49.851 |
59.377 |
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|
PROFIT AFTER TAX
(G-H) (I) |
|
91.700 |
96.509 |
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|
Earnings Per
Share (Rs.) |
|
31.97 |
33.62 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
4.00
|
5.46 |
NA |
|
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|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.18
|
8.82 |
NA |
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.87
|
11.17 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.25 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.33
|
1.28 |
0.52 |
|
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Current Ratio (Current Asset/Current Liability) |
|
4.84
|
5.36 |
4.15 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS
Rs. In Millions
|
Particulars |
31.03.2010
|
31.03.2009 |
31.03.2008 |
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|
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Sundry Creditors |
123.577
|
71.077 |
72.653 |
OPERATING RESULTS
Year ended the company earned a net profit after tax of Rs. 91.700
millions on a gross income of Rs. 2289.600 millions.
OVERVIEW
This is the first
time their company has clocked a turnover in excess of Rs. 2000 millions, setting
a new benchmark in their business and indeed laying a very strong foundation
for quantum growth from here.
This year they
have looked at growth in their business across digital,
The
FIXED ASSETS:
- Computers
- Furniture and
Fittings
- Plant and
Machinery
- Vehicles
- Websites
- Software –
WIP
FORM 8
|
Corporate
identity number of the company |
U12000MH1999PTC119259 |
|
Name of the
company |
HUNGAMA DIGITAL MEDIA ENTERTAINMENT PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
F -1, 1st Floor, Laxmi Woollen Mills Estate, Shakti Mills
Lane, Off Dr. E Moses Road, Mahalaxmi, Mumbai 400013, Maharashtra, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
Book debts Movable property (not
being pledge) |
|
Particular of
charge holder |
IDBI Bank Limited, Email: ag.wanjari@idbi.co.in |
|
Nature of
instrument creating charge |
First
Supplemental Joint Deed of Hypothecation dated 11.12.2010 executed by the
company in favour of WC Bankers in consortium,lead by IDBI for existing
facility of Rs 300 millions by IDBI Bank and additional facility of Rs. 300
millions by Federal Bank, on whole of the movable assets of the company (more
particularly described in column no. 15) for securing due repayment by the
company in terms of SFA dated 11.12.2010 for aggregate Working Capital
Facility of Rs. 600 millions . |
|
Date of instrument
Creating the charge |
11.12.2010 |
|
Amount secured by
the charge |
Rs. 600.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest As per Facility
agreement dt 14.10.2010 executed by the company in favour of IDBI and SFA dt
11.12.10 executed by the company in favour of WC Bankers viz.IDBI and Federal
Bank as amended from time to time Terms of repayment As per Facility agreement
dt 14.10.2010 executed by the company in favour of IDBI and SFA dt 11.12.10
executed by the company in favour of WC Bankers viz.IDBI and Federal Bank as
amended from time to time Margin As per Facility
agreement dt 14.10.2010 executed by the company in favour of IDBI and SFA dt
11.12.10 executed by the company in favour of WC Bankers viz.IDBI and Federal
Bank as amended from time to time Extent and operation of the charge The charge
operates as security inter alia as first pari passu charge basis by way of
hypothecation 1.on Co's all
current assets both present and future and 2.on Co's all
movable plant and machinery and other movable fixed assets both present and
future to secure
aggregate WCF of Rs 600
millions(existing Rs 300 millions sanctioned by IDBI and addtnl Rs 300
millions sanctioned by Federal Bank together with all costs,expenses,other
monies as stipulated in FA dt 14.10.10 and SFA dt 11.12.10 respectively) as
amended from time to time |
|
Short particulars
of the property charged (Including location of the property) |
First pari passu
charge on entire current assets i.e. raw materials, semi finished and
finished goods, stores spares, Bill receivables, book debts, present and
future, more particularly described in the First Supplemental Deed of
Hypothecation dated 11th December, 2010 executed by the Company in favour of
WC bankers viz. IDBI and Federal Bank First pari passu
charge on entire movable fixed assets including movable machinery, machinery
spares, tools and accessories, both present and future more particularly
described in the First Supplemental Deed of Hypothecation dated 11th
December, 2010 executed by the Company in favour of WC bankers viz. IDBI and
Federal Bank |
|
Date of
instrument modifying the charge |
14.10.2010 |
|
Particulars of
the present modification |
IDBI consortium
WCF aggregating to Rs 600 millions (enhanced from Rs 300 millions to Rs. 600
millions) together with interest and all other monies, which was originally
secured by way of hypothecation dtd 14.10.2010 to the extent of Rs 300
millions from IDBI is now also secured by way of First Supplemental Deed of
hypothecation dtd 11.12.2010 to the extent of
additional WCF of Rs 300 millions from The Federal Bank Ltd. on first
pari passu charge basis. |
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.49.35 |
|
|
1 |
Rs.78.68 |
|
Euro |
1 |
Rs.65.63 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
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 |
|
51 |
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.