MIRA
INFORM REPORT
|
Report Date : |
28.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
FUTUREWORKS MEDIA LIMITED (w.e.f. 10.09.2007) |
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Formerly Known
as : |
FUTUREWORKS MEDIA PRIVATE LIMITED |
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Registered
Office : |
G.G. House, 42, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
07.08.2007 |
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Com. Reg. No.: |
11-172899 |
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Capital
Investment / Paid-up Capital : |
Rs. 71.603 Millions |
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CIN No.: [Company Identification
No.] |
U92120MH2007PLC172899 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMF05127D |
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PAN No.: [Permanent Account No.] |
AABCF1248F |
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Legal Form : |
A Closely held Public Limited Liability Company |
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Line of Business
: |
They engaged in providing services of post production of audio/vedio
contents for films television. |
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No. of Employees
: |
55 (in Office) (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 35000 |
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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. 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 with some
cautions. |
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
|
Name : |
Mr. Sutar |
|
Designation : |
Finance Controller |
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Contact No.: |
91-9820456146 |
|
Date : |
25.05.2012 |
LOCATIONS
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Registered Office : |
G.G. House, 42, Irish Park, Juhu, Mumbai – 400049, Maharashtra, India |
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Tel. No.: |
91-22-40318585 |
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Mobile No.: |
91-9820456146 (Mr. Sutar) |
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Fax No.: |
91-22-40718585 |
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E-Mail : |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Madhu Sushil Gupta |
|
Designation : |
Director |
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Address : |
42, Irish Park, Juhu, Mumbai – 400049, Maharashtra, India |
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Date of Birth/Age : |
04.09.1961 |
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Date of Appointment : |
11.08.2007 |
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DIN No.: |
01265933 |
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Name : |
Mr. Gaurav Sushil Gupta |
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Designation : |
Director |
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Address : |
C-11, Neha Paratments, Juhu Tara Raod, Mumbai – 400049, Maharashtra,
India |
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Date of Birth/Age : |
09.02.1979 |
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Date of Appointment : |
07.08.2007 |
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DIN No.: |
01298217 |
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|
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Name : |
Mr. Gautam Sushil Gupta |
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Designation : |
Director |
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Address : |
13.04.1977 |
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Date of Birth/Age : |
42, Irish Park, Juhu, Mumbai – 400049, Maharashtra, India |
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Date of Appointment : |
01.04.2008 |
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DIN No.: |
01298043 |
KEY EXECUTIVES
|
Name : |
Mr. Sutar |
|
Designation : |
Finance Controller |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
No. of Shares |
|
Madhu Sushil Gupta |
708875 |
|
Gaurav Sushil Gupta |
4324833 |
|
Gautam Sushil Gupta |
708875 |
|
Sushil Harikishan Gupta |
708875 |
|
S. Ganesan |
10 |
|
Amar Amrut Kanse |
10 |
|
Sushil Gupta (HUF) |
708875 |
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TOTAL |
7160353 |
AS ON 30.09.2010
|
Equity Shares
Break Up |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
They engaged in providing services of post production of audio/vedio
contents for films television. |
GENERAL INFORMATION
|
No. of Employees : |
55 (in Office) (Approximately) |
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Bankers : |
State Bank of India, Andheri (West), Mumbai, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Vijay Mathur, BSR and Company Chartered Accountant |
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Address : |
KPMG House, Kamala Mills Compound, 448, Senapati Bapat Marg, Lower
Parel, Mumbai – 400013, Maharashtra, India |
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Tel. No.: |
91-22-39896000 |
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Fax. No.: |
91-22-39836000 |
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Pan No.: |
AAIFB7357B |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
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|
10000000 |
Equity Shares |
Rs.10/- each |
Rs. 100.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
|
7160353 |
Equity Shares |
Rs.10/- each |
Rs. 71.603
Millions |
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|
|
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Notes:
Of the above 7085353 equity shares have been
issued pursuant to succession of business agreement of Gaurav Digit for
consideration other than cash,
4324833 equity shares (60.40% holding (2009 :
99.65% holding)) are held by Gaurav Gupta, Managing Director
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
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|
|
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|
1] Share Capital |
71.603 |
71.603 |
0.750 |
|
|
2] Share Application Money |
0.000 |
0.756 |
71.282 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(62.687) |
(59.048) |
(10.244) |
|
|
NETWORTH |
8.916 |
13.311 |
61.788 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
71.060 |
145.239 |
128.980 |
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|
2] Unsecured Loans |
137.276 |
49.458 |
13.383 |
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TOTAL BORROWING |
208.336 |
194.697 |
142.363 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
2.639 |
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|
|
|
|
|
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TOTAL |
217.252 |
208.008 |
206.790 |
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APPLICATION OF FUNDS |
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|
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FIXED ASSETS [Net Block] |
192.024 |
201.359 |
213.035 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
|
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000
|
0.000 |
|
|
Sundry Debtors |
30.849
|
8.841
|
2.610 |
|
|
Cash & Bank Balances |
1.582
|
5.079
|
1.765 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
21.789
|
11.894
|
3.912 |
|
Total
Current Assets |
54.220
|
25.814
|
8.287 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
11.205
|
7.952
|
|
|
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Other Current Liabilities |
17.149
|
10.691
|
14.984 |
|
|
Provisions |
0.638
|
0.522
|
0.050 |
|
Total
Current Liabilities |
28.992
|
19.165
|
15.034 |
|
|
Net Current Assets |
25.228
|
6.649
|
(6.747) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.502 |
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|
|
|
|
|
|
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TOTAL |
217.252 |
208.008 |
206.790 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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|
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SALES |
|
|
|
|
|
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Income |
109.443 |
75.540 |
7.839 |
|
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Other Income |
18.088 |
0.724 |
0.039 |
|
|
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TOTAL (A) |
127.531 |
76.264 |
7.878 |
|
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|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Administrative Expenses |
49.074 |
74.230 |
7.273 |
|
|
|
Personal Costs |
26.791 |
14.886 |
2.299 |
|
|
|
Preliminary Expenses W/off |
0.000 |
0.866 |
0.000 |
|
|
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TOTAL
(B) |
75.865 |
89.982 |
9.572 |
|
|
|
|
|
|
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|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
51.666 |
(13.718) |
(1.694) |
|
|
|
|
|
|
|
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|
Less |
FINANCIAL EXPENSES (D) |
7.223 |
8.744 |
3.761 |
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|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
44.443 |
(22.462) |
(5.455) |
|
|
|
|
|
|
|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
46.134 |
28.994 |
2.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(1.691) |
(51.456) |
(7.555) |
|
|
|
|
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|
|
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Less |
PRIOR PERIOD
ITEMS (EXPENSES) / INCOME |
(1.948) |
0.256 |
0.000 |
|
|
|
|
|
|
|
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|
Less |
TAX (I) |
0.000 |
(2.396) |
2.689 |
|
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|
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|
|
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|
PROFIT / (LOSS)
AFTER TAX (G-I) (J) |
(3.639) |
(48.804) |
(10.244) |
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|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(59.048) |
(10.244) |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(62.687) |
(59.048) |
(10.244) |
|
|
|
|
|
|
|
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|
|
EARRINGS IN
FOREIGN EXCHANGE |
0.222 |
0.000 |
0.000 |
|
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|
|
|
|
|
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|
|
IMPORTS VALUE
(Capital Goods) |
31.001 |
8.728 |
NA |
|
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|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(0.51) |
(25.18) |
(136.59) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(2.85)
|
(63.99) |
(130.03) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(1.55)
|
(68.11) |
(96.37) |
|
|
|
|
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|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(0.69)
|
(22.65) |
(3.41) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.19)
|
(3.86) |
(0.12) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
26.62
|
16.07 |
2.54 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.87
|
1.35 |
0.55 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1. Year of Establishment |
Yes |
|
2. Locality of the firm |
Yes |
|
3. Constructions 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 |
No |
|
17. Major suppliers |
No |
|
18. Major customers |
No |
|
19. Payments terms |
No |
|
20. Export / Import details |
Yes |
|
21. Market information |
------ |
|
22. Litigations that the firm / promoter involved |
------ |
|
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 |
SUNDRY CREDITORS DETAILS
(Rs. In Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors
|
|
|
|
|
-
Dues to Micro, small and medium enterprises |
0.000 |
0.000 |
NA |
|
-
Other creditors |
11.205 |
7.952 |
NA |
|
TOTAL |
11.205 |
7.952 |
NA |
BACKGROUND
Subject was incorporated as a public limited company
on 10 September 2007, Under the companies Act, 1956 (the Act) Vide agreements
dated 1 February 2008, the business of M/s. Gaurav Digital, the sole
proprietorship firm of Mr. Gaurav Gupta, was successes by Futureworks Media
Limited, on a going Concern Basis. The Company has transferred subtitling
business to Reliance Mediaworks Limited during the year.
The company is engaged in providing services
of post production of audio / vedio contains for films and television and
services like recording , dubbing, special effect, background music, sound
recording, sound mixing and other related activities.
OPERATIONS
1.
BACKGROUND
Subject was
incorporated as a public limited company on 10 September 2007.
2.
WORK
The Company is engaged
in providing services of post production of audio / video contents for films
and television and services like recording, dubbing, special effects,
background music, sound recording, sound mixing and other related activities.
3.
OPERATIONAL ACHIEVEMENTS
During the F.Y.
2009-2010 Futureworks got to next level in terms of quality of films and
advertisement clients and further consolidated our position in the digital and
visual effects market.
FIXED ASSETS
·
Goodwill
·
Software
·
Trademark
·
Plant and Machinery
·
Furniture and Fixtures
·
Computers
·
Office Equipment
·
Vehicle
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. 55.72 |
|
|
1 |
Rs. 87.26 |
|
Euro |
1 |
Rs. 69.89 |
INFORMATION DETAILS
|
Information
Gathered by : |
SBA |
|
|
|
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--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.