MIRA
INFORM REPORT
|
Report Date : |
05.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
BUSINESS BROADCAST NEWS PRIVATE LIMITED (w.e.f.13.03.2012) |
|
|
|
|
Formerly Known
As : |
BUSINESS BROADCAST NEWS LIMITED (w.e.f. 30.09.2011) UTV NEWS LIMITED (w.e.f. 04.06.2007) UTV NEWS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Parijaat House, 1076, Dr E Moses Road, Worli Naka, Mumbai-400018,
Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
28.04.2007 |
|
|
|
|
Com. Reg. No.: |
11-170406 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 22.788 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U92200MH2007PTC170406 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
MUMU05224C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACU8997R |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
The subject is engaged
in up linking, operating and broadcasting a twenty- four (24) hours per day,
seven (7) days per week English language business news channel under the name
and style of ‘Bloomberg TV India’ and producing content for the its
television channel |
|
|
|
|
No. of Employees
: |
Information not given by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of ‘Unilazer Media Limited’. It is a well
established company having a satisfactory track record. It is engaged in up linking, operating and broadcasting a twenty-four
hours per day, seven days per week English language business news channel
under the name and style of ‘Bloomberg TV India.’ There appears huge external borrowings and accumulated losses recorded
by the company. However, subject receives unconditional and irrevocable corporate
guarantee from Reliance Capital Limited. It enjoys well established market position and reputation. Trade relations are reported as decent. Business is active. Payment
terms are usually correct and as per commitment. The company can be considered for 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.
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 |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
AAA (Long Term Bank Facilities) |
|
Rating Explanation |
Highest degree of safety and lowest credit risk. |
|
Date |
07.11.2012 |
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. Anup Dutta |
|
Designation : |
Vice President of Finance |
|
Contact No.: |
91-22-40987000 |
|
Date : |
05.03.2012 |
LOCATIONS
|
Registered Office : |
Parijaat House, 1076, Dr E Moses Road, Worli Naka, Mumbai-400018,
Maharashtra |
|
Tel. No.: |
91-22-40987000 / 66627000 |
|
Fax No.: |
91-22-40987474 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 27.09.2012
|
Name : |
Mr. Tarun Ashok Katial |
|
Designation : |
Director |
|
Address : |
403, A/20, shastri Naar, Andheri (West), Mumbai-400053, Maharashtra,
India |
|
Date of Birth/Age : |
07.01.1975 |
|
Date of Appointment : |
09.08.2012 |
|
DIN No.: |
01665221 |
|
|
|
|
Name : |
Mr. Deven Harendranath Khote |
|
Designation : |
Director |
|
Address : |
1-# Ashoka Apartments, 1st Floor, Rungla Lane, Napensea
Road, Mumbai-400006, Maharashtra, India |
|
Date of Birth/Age : |
05.04.1962 |
|
Date of Appointment : |
09.07.2007 |
|
DIN No.: |
00003461 |
KEY EXECUTIVES
|
Name : |
Mr. Anup Dutta |
|
Designation : |
Vice President of Finance |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 27.09.2012
|
Names of Shareholders |
No. of Shares |
|
Unilazer Exports and Managements Consultants Limited, India |
19300 |
|
Rohinton Screwvala |
1 |
|
Unilazer Media Limited, India |
1910699 |
|
Bloomberg L.P., New York |
340589 |
|
Prashanto Das |
1760 |
|
Arun Anandgiri |
880 |
|
Sumri Kilam |
733 |
|
Vandana Raval |
440 |
|
Sumit Sethi |
220 |
|
Rahul Arora |
2933 |
|
Vaibhav Chib |
1173 |
|
TOTAL
|
2278728 |
AS ON 27.09.2012
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
14.95 |
|
Bodies corporate |
84.70 |
|
Other top fifty shareholders |
0.35 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The subject is engaged in up linking, operating and broadcasting a
twenty- four (24) hours per day, seven (7) days per week English language business
news channel under the name and style of ‘Bloomberg TV India’ and producing
content for the its television channel |
GENERAL INFORMATION
|
No. of Employees : |
Information not given by the management |
||||||||||||||||||||||||||||||
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|
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||||||||||||||||||||||||||||||
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Bankers : |
·
Yes Bank Limited, 9th Floor, Nehru
Centre, Discovery of India, Dr. Annie Besent Road, Worli, Mumbai-400018,
Maharashtra, India ·
Axis Bank Limited ·
Indian Overseas Bank |
||||||||||||||||||||||||||||||
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Facilities : |
|
|
|
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Banking
Relations : |
-- |
|
|
|
|
Financial Institution : |
Axis Trustee Services Limited, Axis House, 2nd Floor,
Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai-400025,
Maharashtra, India |
|
|
|
|
Auditors : |
|
|
Name : |
Nisar And Kumar Chartered Accountant |
|
Address : |
A/17, Everest Building, Tardeo Road, Tardeo, Mumbai-400034,
Maharashtra, India |
|
Tel. No.: |
91-22-23515414 |
|
Fax No.: |
91-22-23515527 |
|
PAN No.: |
AACFN8765B |
|
|
|
|
Holding Company : |
Unilazer Media Limited (w.e.f. 17.09.2009) CIN No.: - U74940MH2009PLC191120 |
|
|
|
|
Companies with significant influence & control : |
v Reliance Capital
Limited v Unilazer Holding
Limited v Media Capital
Company (India) Private Limited v Unilazer Ventures
Limited (formerly known as Unilazer Exports and Management Consultants
Limited) |
|
|
|
|
Common control companies : |
v Unilazer Hong
Kong Limited v Unilazer
Television Limited (formerly known as Unilazer Broadcasting Limited) v United
Teleshopping and Marketing Company Limited v IG Interactive
Entertainment Limited v Genx
Entertainment Limited v UTV
Entertainment Television Limited v UTV New Media
Limited v UTV TV Content
Limited v UTV Global
Broadcasting Limited v UTV
Communications (USA) LLC v Ignition Entertainment
Limited-UK v Ignition London
Limited (Formerly known as Digi-Guys Limited) v Indiagames
Limited v Television News
and Entertainment (India) Limited v Screenshot
Televisions Limited (Formerly Smriti Irani Television Limited) v True Games
Interactive Inc v UTV Software
Communications Limited |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4000000 |
Equity Shares |
Rs.10/- each |
Rs. 40.000 Millions |
|
6000000 |
Redeemable Preference Shares |
Rs.10/- each |
Rs. 60.000 Millions |
|
|
TOTAL |
|
Rs. 100.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2278728 |
Equity Shares |
Rs.10/- each |
Rs. 22.788
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
22.788 |
22.775 |
19.300 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
(4551.784) |
(3390.065) |
18.800 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
(2207.073) |
|
|
NETWORTH |
(4528.996) |
(3367.290) |
(2168.973) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1055.206 |
900.443 |
927.201 |
|
|
2] Unsecured Loans |
2704.245 |
2612.500 |
1807.600 |
|
|
TOTAL BORROWING |
3759.451 |
3512.943 |
2734.801 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
(769.545) |
145.653 |
565.828 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
160.470 |
277.665 |
400.906 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
45.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000
|
0.000 |
|
|
Sundry Debtors |
109.921
|
135.461
|
76.815 |
|
|
Cash & Bank Balances |
38.484
|
23.900
|
55.297 |
|
|
Other Current Assets |
4.876
|
3.201
|
0.000 |
|
|
Loans & Advances |
278.705
|
236.874
|
212.378 |
|
Total
Current Assets |
431.986
|
399.436 |
344.490 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
244.769
|
245.750 |
136.442 |
|
|
Other Current Liabilities |
1109.270
|
325.334
|
29.165 |
|
|
Provisions |
7.962
|
5.364
|
13.961 |
|
Total
Current Liabilities |
1362.001
|
576.448 |
179.568 |
|
|
Net Current Assets |
(930.015)
|
(177.012)
|
164.922 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
(769.545) |
145.653 |
565.828 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
386.159 |
374.883 |
222.656 |
|
|
|
Other Income |
16.370 |
27.574 |
8.656 |
|
|
|
TOTAL (A) |
402.529 |
402.457 |
231.312 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employee Benefit Expenses |
321.889 |
317.421 |
850.426 |
|
|
|
Other Expenses |
759.022 |
966.002 |
|
|
|
|
TOTAL (B) |
1080.911 |
1283.423 |
850.426 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(678.382) |
(883.966) |
(619.114) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
356.147 |
160.718 |
73.486 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(1034.529) |
(1041.684) |
(692.600) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
127.127 |
160.109 |
152.599 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(1161.656) |
(1201.793) |
(845.199) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.063 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(1161.719) |
(1201.793) |
(845.199) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
NA |
(1361.874) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
NA |
(2207.073) |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
0.274 |
3.663 |
7.794 |
|
|
TOTAL IMPORTS |
0.274 |
3.663 |
7.794 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(510.00) |
(561.00) |
(437.93) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(288.61)
|
(298.61) |
(365.39) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(300.82)
|
(320.58) |
(379.60) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(196.07)
|
(177.49) |
(113.39) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.26
|
0.36 |
0.39 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
(0.83)
|
(1.04) |
(1.26) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.32
|
0.69 |
1.92 |
LOCAL AGENCY FURTHER INFORMATION
|
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) |
Yes |
|
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 |
Yes |
|
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 |
Yes |
|
Unsecured Loan |
Rs.
In Millions 31.03.2012 |
Rs.
In Millions 31.03.2011 |
|
Long Term
Borrowings |
|
|
|
Term Loan - from Bank |
|
|
|
Security: Unconditional
irrevocable Corporate Guarantee of Reliance Capital Limited Terms of
repayment : Payable in equal monthly installment of Rs. 125.000 Millions each till
30.06.2013 |
375.000 |
0.000 |
|
Short Term Borrowings |
|
|
|
Loans and
advances from related parties |
|
|
|
(i)
From Holding Company Terms of
repayment -Payable on demand |
1592.500 |
1592.500 |
|
(ii)
From Reliance Capital Limited Terms of
repayment - Payable on demand after one year from last disbursement i.e. After 7th
February 2013 |
736.745 |
1020.000 |
|
|
|
|
|
TOTAL |
2704.245 |
2612.500 |
SUNDRY CREDITORS
DETAILS
(Rs.
In Millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Sundry Creditors
|
|
|
|
|
Sundry Creditors for Goods and Expenses |
|
|
|
|
-
Due to Small and Micro Enterprises |
0.000 |
0.000 |
0.000 |
|
Sundry Creditors for Goods and Expenses |
244.769 |
245.750 |
136.442 |
|
|
|
|
|
|
TOTAL |
244.769 |
245.750 |
136.442 |
BUSINESS OVERVIEW
The Company is
engaged in (a) up linking, operating and broadcasting a twenty- four (24) hours
per day, seven (7) days per week English language business news channel under
the name and style of ‘Bloomberg TV India’ (earlier named as ‘Bloomberg UTV’);
and (b) producing content for the its television channel
During the year the
Company changed the name of it’s channel from ‘Bloomberg UTV’ to ‘Bloomberg TV
India’ vide the approval of Ministry of Information and Broadcasting received
on 8th August, 2012.
With an enviable
squad of Indian journalists, power of over 2500 professionals across the globe
and a network of 145 bureaus, ‘Bloomberg TV India’ is a product of local news
gathering, production and distribution expertise combined with world class
financial news capabilities and global reach. The channel is positioned as an enabler
that cuts out the terminology and presents the honest truth. It ushers in the
investment culture to a whole new class of Indian growth aspirants that have
somewhat been alienated with the erstwhile genre offering. Powered with thought
leadership across markets, news and path breaking features, ‘Bloomberg TV
India’ aims to lead the attitudinal shift where intimidating numbers give way
to usable knowledge and clarity and aptly create a business news delivery
format that’s Blunt. And Sharp. The Channel is focussing on the under-mentioned
areas to increase the channel share and viewership base.
·
Increase availability in cities, which are major
reach contributors to Business News.
·
Marketing Promotion through:
o
Brand campaigns casting a wider net across major
metros
o
Tent pole properties, to induce trials on
‘Bloomberg TV India’
o
Region/area centric promotion to create awareness
on retuning the STBs
·
Focus more on the derivatives side and more
importantly go big on market/stock moving news.
·
Create a differentiated product which is of value
to the trader. In other words, shift focus to news from analysis.
·
Achieve the distribution targets in the defined
markets.
·
Brand name change to Bloomberg TV India, followed
by a brand campaign to build the desired perception
·
Focus on increasing our market share in the
‘Markets Band’, and specifically in the 08am-10am time-slot, thereby adding to
overall channel market share in the competitive set to a 20% levels (and being
within 5% of No.2 player).
·
Drive aggressive revenue growth on the back of
sustained market share + perception + Bloomberg brand.
·
Sync marketing efforts with key editorial
properties to increase tune ins and sampling, especially in the morning band.
CHANGE OF NAME / CONVERSION INTO A PRIVATE LIMITED COMPANY
1.
The name of the Company was changed from ‘UTV News
Limited’ to ‘Business Broadcast News Limited’ vide fresh Certificate of
Incorporation consequent upon Change of Name issued by the Registrar of Companies,
Maharashtra, Mumbai dated September 30, 2011.
2.
Subsequently the name of the Company was again
changed to ‘Business Broadcast News Private Limited’ pursuant to conversion
into Private Company vide fresh Certificate of Incorporation consequent upon
Change of Name on conversion to Private Limited Company issued by the Registrar
of Companies, Maharashtra, Mumbai dated March 13, 2012.
FORM 8
|
Corporate
identity number of the company |
U92200MH2007PLC170406 |
|
Name of the
company |
Business Broadcast
News Limited |
|
Address of the
registered office or of the principal place of business in |
Parijaat House, 1076, Dr E Moses Road, Worli Naka, Mumbai-400018, Maharashtra |
|
This form is for |
Creation of
charge |
|
Type of charge |
·
Book
debts ·
Movable
property (not being pledge) ·
Floating
charge ·
Others |
|
Particular of
charge holder |
Yes Bank Limited, 9th Floor, Nehru Centre, Discovery of
India, Dr. Annie Besent Road, Worli, Mumbai-400018, Maharashtra, India |
|
Nature of
instrument creating charge |
Deed of
Hypothecation dated 19th April 2012 between the Company and Yes Bank Limited
against the credit facility to the extent of Rs. 100.000 Millions |
|
Date of
instrument Creating the charge |
19.04.2012 |
|
Amount secured by
the charge |
Rs. 100.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest 13.75% Terms of repayment Half yearly
repayment in 6 equal installments. Margin Nil Extent and operation of the charge Second pari passu
charge on the current assets and moveable fixed assets of the Company. |
|
Short particulars
of the property charged (Including location of the property) |
Second pari passu
charge on current assets and moveable fixed assets of the company more
particularly defined in the schedule to the deed of hypothecation dated 19th
April, 2012 |
FIXED ASSETS
·
Leasehold Improvements
·
Plant and Machinery
·
Furniture and Fixtures
·
Computers
·
Office Equipments
·
Vehicles
·
Website
·
Computer Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No 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 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. 55.05 |
|
|
1 |
Rs. 82.74 |
|
Euro |
1 |
Rs. 71.61 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
45 |
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.