|
Report Date : |
18.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
MUSIC BROADCAST PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
5th Floor, RNA Corporate Park, Off |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
04.11.1999 |
|
|
|
|
Com. Reg. No.: |
11-137729 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 389.096 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U64200MH1999PTC137729 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Provides FM Radio Channel Entertainment Services in |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of IVF Holdings Private Limited. It is an
established company having a moderate track record. The latest financials of
the company are not made available in the government. As per previous year’s record, there appear huge accumulated losses
which exceed the net worth. However, trade relations are reported as fair. Business is active.
Payment terms are reported as unknown. The company can be considered for business dealings with some
caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces of
its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to become
a major exporter of information technology services and software workers. In
2010, the Indian economy rebounded robustly from the global financial crisis -
in large part because of strong domestic demand - and growth exceeded 8%
year-on-year in real terms. However, India's economic growth in 2011 slowed
because of persistently high inflation and interest rates and little progress
on economic reforms. High international crude prices have exacerbated the
government's fuel subsidy expenditures contributing to a higher fiscal deficit,
and a worsening current account deficit. Little economic reform took place in
2011 largely due to corruption scandals that have slowed legislative work.
India's medium-term growth outlook is positive due to a young population and
corresponding low dependency ratio, healthy savings and investment rates, and
increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED BY
|
Name : |
Mr. Jimmy |
|
Designation : |
Accountant |
|
Contact No.: |
91-22-66969100 |
|
Date : |
17.01.2013 |
LOCATIONS
|
Registered Office : |
5th Floor, RNA Corporate Park, Off |
|
Tel. No.: |
91-22-66969100 |
|
Fax No.: |
91-22-26429113 |
|
E-Mail : |
DIRECTORS
AS ON 28.09.2012
|
Name : |
Mr. George Thomas |
|
Designation : |
Director |
|
Address : |
483, AECS Layout, Kundalahalli P.O. Bangalore-560037, |
|
Date of Birth/Age : |
22.06.1960 |
|
Date of Appointment : |
17.01.2005 |
|
DIN No.: |
00068470 |
|
|
|
|
Name : |
Mr. Sunil Vasudevan Theckath |
|
Designation : |
Director |
|
Address : |
96, 2nd Cross Road, Block 5, Banashankari, 3rd
Stage, 3rd Phase, Bangalore-560085, |
|
Date of Birth/Age : |
03.03.1966 |
|
Date of Appointment : |
24.08.2007 |
|
DIN No.: |
00294130 |
|
|
|
|
Name : |
Mr. Vishal Gangadhar Nevatia |
|
Designation : |
Director |
|
Address : |
202, Adibaba, |
|
Date of Birth/Age : |
05.08.1969 |
|
Date of Appointment : |
17.01.2005 |
|
DIN No.: |
01307857 |
|
|
|
|
Name : |
Mr. Vikram R K Nirula |
|
Designation : |
Director |
|
Address : |
704, Gypsy Rose Shatri Nagar, Andheri (West), Mumbai-400053, |
|
Date of Birth/Age : |
28.08.1972 |
|
Date of Appointment : |
02.03.2005 |
|
DIN No.: |
01655115 |
KEY EXECUTIVES
|
Name : |
Mr. Chirag Bharat Bagadia |
|
Designation : |
Secretary |
|
Address : |
A-404, Saraswati Apartment, C S Road No.4, Dahisar (East),
Mumbai-400068, Maharashtra, India |
|
Date of Birth/Age : |
30.10.1982 |
|
Date of Appointment : |
30.11.2010 |
|
PAN No.: |
ALTPB6740J |
|
|
|
|
Name : |
Mr. Jimmy |
|
Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 28.09.2012
|
Names of Equity Shareholders |
No. of Shares |
|
India Value Fund Trustee Company Private Limited, India |
8643054 |
|
IVF Holdings Private Limited, India |
21258466 |
|
George Thomas jointly with Sunil Theckath |
3008066 |
|
Crystal Sound and Music Private Limited, India |
9003181 |
|
TOTAL
|
41912767 |
|
Names of Preference Shareholders |
No. of Shares |
|
India Value Fund Trustee Company Private Limited, India |
4900 |
|
TOTAL |
4900 |
AS ON 28.09.2012
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Bodies corporate |
92.82 |
|
Other top fifty shareholders |
7.18 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Provides FM Radio Channel Entertainment Services in |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
Axis Bank Limited, Universal Insurance Building, Ground Floor, Sir P M
Road, Fort, Mumbai-400001, Maharashtra, India |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S R Batliboi and Associates Chartered Accountants |
|
Address : |
6th Floor, |
|
PAN No.: |
AABFS3421N |
|
|
|
|
Holding Company : |
·
IVF Holdings Private Limited CIN No.:- U65993MH2005PTC155967 |
|
|
|
|
Ultimate Holding Company : |
·
India Value Fund |
|
|
|
|
Fellow Subsidiaries : |
·
Meru Cab Company Private Limited Formerly known as
V-Link Taxis Private Limited |
|
|
|
|
Entities which exercise significant influence on
the Company : |
·
India Value Fund Trustee Company Private Limited ·
Crystal Sound and Music Private Limited |
CAPITAL STRUCTURE
AS ON 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
42000000 |
Equity Shares |
Rs.10/- each |
Rs. 420.000 Millions |
|
50000 |
Preference Shares |
Rs.10/- each |
Rs. 0.500 Million |
|
|
TOTAL |
|
Rs. 420.500
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
41912767 |
Equity Shares |
Rs.10/- each |
Rs. 419.128
Millions |
|
4900 |
Preference Shares |
Rs.10/- each |
Rs. 0.049
Million |
|
|
TOTAL |
|
Rs. 419.177 Millions |
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
42000000 |
Equity Shares |
Rs.10/- each |
Rs. 420.000 Millions |
|
50000 |
Preference Shares |
Rs.10/- each |
Rs. 0.500 Million |
|
|
TOTAL |
|
Rs. 420.500
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
38904700 |
Equity Shares |
Rs.10/- each |
Rs. 389.047
Millions |
|
4900 |
Preference Shares |
Rs.10/- each |
Rs. 0.049
Million |
|
|
TOTAL |
|
Rs. 389.096 Millions |
Note:
41,912,767 (March
31, 2010: 41,912,767) equity shares of Rs.10/- each, fully paid-up. Less:
Amount recoverable from ESOP Trust Rs. 30,081
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 |
389.096 |
389.096 |
389.096 |
|
|
2] Stock Option Outstanding Account |
13.076 |
8.046 |
7.655 |
|
|
3] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
4] Reserves & Surplus |
1766.890 |
1766.890 |
1766.890 |
|
|
5] (Accumulated Losses) |
(2494.079) |
(2573.850) |
(2233.507) |
|
|
NETWORTH |
(325.017) |
(409.818) |
(69.866) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
329.692 |
455.428 |
582.138 |
|
|
2] Unsecured Loans |
1577.125 |
1502.400 |
1407.000 |
|
|
TOTAL BORROWING |
1906.817 |
1957.828 |
1989.138 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1581.800 |
1548.010 |
1919.272 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
784.114 |
1022.571 |
1278.751 |
|
|
Capital work-in-progress |
42.924 |
39.927 |
29.864 |
|
|
|
|
|
|
|
|
INVESTMENT |
29.043 |
7.647 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000
|
|
|
Sundry Debtors |
541.975
|
379.957 |
303.258
|
|
|
Cash & Bank Balances |
248.193
|
257.537 |
384.317
|
|
|
Other Current Assets |
0.000
|
0.000 |
0.000
|
|
|
Loans & Advances |
320.911
|
240.399 |
240.628
|
|
Total
Current Assets |
1111.079
|
877.893 |
928.203 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
29.203
|
44.848 |
285.777
|
|
|
Other Current Liabilities |
337.166
|
339.419 |
15.465
|
|
|
Provisions |
18.991
|
15.761 |
16.304
|
|
Total
Current Liabilities |
385.360
|
400.028 |
317.546 |
|
|
Net Current Assets |
725.719
|
477.865 |
610.657
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1581.800 |
1548.010 |
1919.272 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Advertisement |
1050.065 |
807.503 |
872.138 |
|
|
|
Other Income |
44.558 |
37.577 |
37.059 |
|
|
|
TOTAL |
1094.623 |
845.080 |
909.197 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Administrative and Other Expenses |
866.531 |
847.237 |
968.304 |
|
|
|
TOTAL |
866.531 |
847.237 |
968.304 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
228.092 |
(2.157) |
(59.107) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
75.946 |
98.473 |
139.752 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
152.146 |
(100.630) |
(198.859) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
245.953 |
241.816 |
244.841 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
(93.807) |
(342.446) |
(443.700) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
3.981 |
|
|
|
|
|
|
|
|
|
Less |
Exceptional
Items |
(173.297) |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
79.490 |
(342.446) |
(447.681) |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(2573.850) |
(2233.507) |
(1786.616) |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
(0.281) |
(2.103) |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
(2494.079) |
(2573.850) |
(2233.507) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Content Sale |
NA |
0.190 |
5.888 |
|
|
|
Subscription Revenue |
NA |
0.197 |
0.000 |
|
|
TOTAL EARNINGS |
NA |
0.387 |
5.888 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
0.000 |
0.797 |
|
|
TOTAL IMPORTS |
NA |
0.000 |
0.797 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(2.04) |
(8.80) |
(11.51) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
7.26
|
(40.52) |
(49.24) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(8.93)
|
(42.41) |
(50.87) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(4.95)
|
(18.02) |
(20.10) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.29
|
0.84 |
6.35 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
(7.05)
|
(5.75) |
(33.02) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.88
|
2.19 |
2.92 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS
(Rs.
In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors
|
|
|
|
|
Creditors due
small micro enterprises |
0.000 |
0.000 |
0.000 |
|
Creditors due
others |
29.203 |
44.848 |
1.899 |
|
For Services |
-- |
-- |
45.908 |
|
For Expenses |
-- |
-- |
237.970 |
|
TOTAL |
29.203 |
44.848 |
285.777 |
UNSECURED LOANS
DETAILS:
(Rs.
In Millions)
|
Unsecured Loan |
31.03.2011 |
31.03.2010 |
|
Rupee term loans unsecured |
|
|
|
Rupee term loans
banks unsecured |
209.725 |
110.000 |
|
Deposits related
parties unsecured |
50.000 |
50.000 |
|
Other debt unsecured |
1317.400 |
1342.400 |
|
TOTAL |
1577.125 |
1502.400 |
|
Notes: A)
[Due within one year Rs. 209.725 Millions (March
31, 2010: Rs 110.000 Millions)](This loan is secured by the corporate
guarantee given by a company) B)
Long Term Loan from holding company-[Due within
one year - Rs Nil (March 31, 2010: Rs Nil)] C)
Includes 1)
Long Term Loan from India Value Fund Trustee
Company Private Limited- India Value Fund Scheme B [Due within one year - Rs
Nil (March 31, 2010: Rs Nil)] 2)
Long Term Loan from Crystal Sound and Music
Private Limited [Due within one year – Rs Nil (March 31, 2010: Rs Nil)] 3)
Long Term Loan from India Value Fund Advisors
Private Limited [Due within one year - Rs Nil (March 31, 2010: Rs Nil)] 4)
Long Term Loan from IVF Advisors Private Limited
[Due within one year - Rs Nil (March 31, 2010: Rs Nil)] |
||
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
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 |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
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 |
No |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth
of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External
Agency Rating, if available |
No |
NOTE
The Registered office of the company has been shifted from IL an FS
Financial Centre, 5th Floor, Plot No. C-22, G Block, North Aquadrant
BKC, Bandra (East), Mumbai-400051,
BUSINESS OPERATIONS AND OUTLOOK
Radio City put up
a sterling performance during the year growing by almost 30% in revenues as
compared to FY 2009-10 and registering a 2% (volume share) and 3% (value share)
gain in 2010-11. Programming and marketing initiatives have yielded in significant
growth this year. Radio City listenership grew considerably in IRS making it
the only radio station to grow, as compared to the category de-growth of 4%
Radio city posted a growth of 3%. In RAM, Radio City posted an excellent growth
of 19% in Mumbai and 20% in Bengaluru moving to no 1 and no 2 positions
respectively. Some of the Marketing activities that were acknowledged by the
listeners were Tick Kiya, Dekho Visarjan Aasman se, City Ke Kaminey, I love you
City, City Chi Paati amongst others. Radio City expanded a marquee property -
Musical-E-Azam in its 4th season, to a pan Indian property with 29 artists
performing live and unplugged across 7 cities. Radio City also embarked on a
series of socially relevant programs across various markets. Radio City was
chosen as the most preferred brand among advertisers and media planners in the
Pitch Brand Ometer by the experts in the industry for its outstanding service
quality and customer management. Radio City won 7 Promax Radio Awards covering
different categories of programming and creative advertising. The highlight of
the year was Radio city being featured as one of the best companies to work for
in the Media industry as per 'India’s Best Companies to Work For' - 2011 Study,
conducted by The Great Place to Work® Institute, India, in partnership with The
Economic Times. Radio City’s PlanetRadiocity.com hit a number of milestones in
FY 2010-11 with its average page views reaching 15 million page views a
whopping 150% growth over FY 2009-10. In a short duration the Web Radio has
reached a listenership of 1.4 million listeners making it the tenth largest
across all networks in the country.
NATURE OF
OPERATIONS
Subject was
incorporated in India on November 4 1999. The Company is engaged in the business
of operating Private FM Radio Stations through the brand ‘Radio City’. The
Company started its operations in India in July 2001 in Bangalore and currently
owns licenses issued by the Ministry of Information and Broadcasting ‘MIB’ to
operate radio stations in 20 cities across India.
The Company’s
accumulated losses aggregate Rs. 2494.100 Millions as at March 31 2011 after
adjusting profit of Rs. 79.500 Millions incurred during the year ended March 31
2011 whereas the Share Capital and Reserve and Surplus aggregate to Rs.
2169.100 Millions at that date. The Company’s operations are primarily funded
from borrowings from banks and other companies related to the parent company.
These conditions indicate the existence of a material uncertainty that may cast
significant doubt about the Company’s ability to continue as a going concern.
The Company has
significantly increased its revenue base in the current year and with the
reduction in the content royalty cost management is confident that the Company
would be able to generate cash profits in the coming years. The borrowings from
parent company and other companies related to the parent company are
interest-free and their tenure has been extended whenever required. Further the
parent company has provided assurances that it intends to provide adequate
financial support to the Company to enable it to continue its operations for
the year ending March 31 2012 if necessary. This has been demonstrated by the
parent company in the current and prior years where financial and non financial
support has been extended to the Company whenever required to enable the
Company to meet its obligations and as when they fall due for payment.
Accordingly the accompanying financial statements have been prepared under the
going concern assumption.
During the fixed
license fee regime the Company had obtained the licenses from the Ministry of
Information and Broadcasting MIB for operating FM Radio Service for some
stations. Due to delays in obtaining the requisite approvals and reasons of
non-viability of projects the Company surrendered the Licenses of 2 stations
namely Nagpur and Patna in the prior years. The deposit of Rs. 5.000 Millions
and bank guarantee of Rs 121.500 Millions placed with Government of India in
relation to these licenses had not been released due to dispute in relation to
such release by the Government. The Company had filed a suit for recovery of
the amount from MIB. During the year Company won the litigation in its favour.
Accordingly MIB was directed to refund the bank guarantee to the Company. The
Company had then made an application to MIB for refund of both the bank
guarantee and deposit. However the MIB appealed against the order before the
Supreme Court SC the SC stayed the earlier order with the Company having the
facility to replace the BG. Both the Bank Guarantees have been replaced with
the Bank Guarantees having lower margins. Currently leave has been granted by
the SC the pleadings in the matter are being completed and they are awaiting
the registry of the SC to fix a date for the hearing of the matter.
FIXED ASSETS
·
One Time Entry/ Migration
Fees
·
Copy Rights
·
Music Portal
·
Towers, Antenna and
Transmitters
·
Computers
·
Furniture and Fixtures
·
Studio Equipments
·
Office Equipments,
·
Air Conditioners
·
UPS and Gen Set
·
Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON DESIGNATED
PARTY
No 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.54.64 |
|
|
1 |
Rs.87.46 |
|
Euro |
1 |
Rs.72.65 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
BSN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
32 |
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.