MIRA INFORM REPORT
|
Report Date : |
25.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
NGC NETWORK (INDIA) PRIVATE LIMITED |
|
|
|
|
Registered Office : |
Star House, Off Dr. E. Moses Road, Mahalaxmi, Mumbai-400011,
Maharashtra |
|
|
|
|
Country : |
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|
|
|
Financials (as on) : |
31.03.2012 |
|
|
|
|
Date of Incorporation : |
26.06.2000 |
|
|
|
|
Com. Reg. No.: |
11-127390 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.0.466
Million |
|
|
|
|
CIN No.: [Company
Identification No.] |
U74300MH2000PTC127390 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMN07064B |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AABC1401A |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
The Company is primarily engaged in the distribution and advertising
sales business of the National Geographic Channel and The Fox History and Entertainment
Channel (erstwhile The History Channel). |
|
|
|
|
No. of Employees : |
Information denied by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
A (58) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 1250000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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|
Comments : |
Subject is a well established and reputed company having fine track
record. General financial position of the company is good. Trade relations are
reported as fair. Business is active. Payments are reported to be regular and
as per commitments. The company can be considered normal 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 |
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
Management non co-operative. [91-22-66305555]
LOCATIONS
|
Registered Office : |
Star House, Off Dr. E. Moses Road, Mahalaxmi, Mumbai-400011,
Maharashtra, India |
|
Tel. No.: |
91-22-66305555 |
|
Fax No.: |
91-22-66305028 |
|
E-Mail : |
|
|
Web Site: |
|
|
|
|
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Corporate Office 1 : |
Plot # 77, Institutional Area, Sector 32, Gurgaon-122001, Haryana,
India |
|
Tel. No. : |
91-124-6654400 |
|
Fax no. : |
91-124-2382685 |
|
|
|
|
Corporate Office 2 : |
Star India Private Limited, 205, Okhla Industrial Estate, Phase III, New
Delhi- 110020, India |
|
Tel. No.: |
91-11-66567827 |
|
Fax No.: |
91-11-66567828 |
|
E-Mail : |
|
|
|
|
|
Advertising
Sales: |
Located At: v
v
Kolkata
v
Chennai v
Mumbai v
Gurgaon |
|
|
|
|
Distribution: |
Located At: v
v
Kolkata v
Chennai v
Mumbai v
v
v
v
v
v
Jaipur v
v
v
v
Pune v
Vijaywada v
v
v
v
v
v
v
v
v
Guwahatri v
Hosur v
v
|
DIRECTORS
AS ON 29.09.2012
|
Name : |
Mr. Sameer Chawla |
|
Designation : |
Directors |
|
Address : |
D-021, Ridgewood Estate, DLF Phase IV, Gurgaon, |
|
Date of Birth/Age : |
21.06.1969 |
|
Date of Appointment : |
27.01.2005 |
|
Din No.: |
00024103 |
|
|
|
|
Name : |
Mr. Keerthan Adyanthaya |
|
Designation : |
Managing Director |
|
Address : |
603, Uma Shikar, Plot NO. 541, |
|
Date of Appointment : |
02.04.2010 |
|
Din No.: |
02395161 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Sameer Chawla |
|
1 |
|
NGC Network ( |
|
46629 |
|
Keerthan Adyanthaya |
|
1 |
|
|
|
|
|
TOTAL
|
|
46631 |
AS ON 29.09.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is primarily engaged in the distribution and advertising
sales business of the National Geographic Channel and The Fox History and
Entertainment Channel (erstwhile The History Channel). |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by the management. |
|
|
|
|
Bankers : |
Deutsche Bank |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S.R. Batliboi and Associates Chartered Accountants |
|
Address : |
14th Floor, The Ruby, 29 Senapati Bapat Marg, Dadar (West),
Mumbai 400028, Maharashtra, India |
|
Tel No.: |
91-22-61920000 |
|
Fax No.: |
91-22-61921000 |
|
PAN No: |
AABFS3421N |
|
|
|
|
Holding Company : |
NGC Network (Mauritius) Holding Limited |
|
|
|
|
Ultimate Holding Company : |
NGC Network Asia LLC [Holding Company of NGC Network (Mauritius)
Holding Limited] |
|
|
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|
Fellow Subsidiary : |
|
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
46631 |
Equity Shares |
Rs.10/- each
|
Rs.0.466
Million |
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 |
0.466 |
0.466 |
0.466 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
314.039 |
268.683 |
235.889 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
314.505 |
269.149 |
236.355 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
314.505 |
269.149 |
236.355 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
16.623 |
16.482 |
6.980 |
|
|
Capital work-in-progress |
1.573 |
0.271 |
0.054 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
16.062 |
13.947 |
14.161 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
281.031
|
239.848 |
284.121
|
|
|
Cash & Bank Balances |
328.007
|
209.066 |
542.003
|
|
|
Other Current Assets |
6.481
|
0.299 |
0.000 |
|
|
Loans & Advances |
123.457
|
125.085 |
99.559
|
|
Total
Current Assets |
738.976
|
574.298 |
925.683 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
395.020
|
277.927 |
40.783
|
|
|
Other Current Liabilities |
48.462
|
45.362 |
416.121
|
|
|
Provisions |
15.247
|
12.560 |
253.619
|
|
Total
Current Liabilities |
458.729
|
335.849 |
710.523
|
|
|
Net Current Assets |
280.247
|
238.449 |
215.160
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
314.505 |
269.149 |
236.355 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
NA |
442.909 |
380.572 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
NA |
393.003 |
339.582 |
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
NA |
49.906 |
40.990 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
NA |
17.113 |
14.365 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
45.356 |
32.793 |
26.625 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Service Fees |
549.287 |
320.755 |
NA |
|
|
|
Revenue From Programming Content |
129.469 |
99.239 |
NA |
|
|
TOTAL EARNINGS |
678.756 |
419.994 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
972.65 |
703.24 |
570.97 |
|
%20PRIVATE%20LIMITED%20-%20215480%2025-Mar-2013_files/image001.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
NA
|
7.40 |
7.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
8.45 |
4.39 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
0.19 |
0.17 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.61
|
1.70 |
1.30 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
|
Particulars |
31.03.2012 (Rs. in millions) |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
|
Sundry Creditors |
395.020
|
277.927 |
40.783
|
|
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 |
No |
|
10] |
Designation of contact person |
No |
|
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 |
No |
|
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] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
BACKGROUND:
Subject was
incorporated on June 26, 2000. The Company is primarily engaged in the
distribution and advertising sales business of the National Geographic Channel
and The Fox History and Traveller Channel (erstwhile The History Channel/Fox
History and Entertainment Channel). The Company has in its capacity as agent
with effect from April 1, 2008 acting for and on behalf of NGC Network Asia LLC
and Fox International Channels (US) Inc. in turn appointed Star India Private
Limited as the distributor of these channels. The Company is also engaged in
producing / procuring television programmes and renders post production
services to media companies.
Effective October
1, 2009, the Company has contracted exclusively with Star India Private Limited
for and on behalf of both of NGC Network Asia LLC (for National Geographic
Channel) and Fox International Channels (US) Inc. (for The Fox History and
Traveller Channel) for both the ad sales and distribution revenues on the
channels.
FINANCIAL RESULTS
AND OPERATIONS:
The Company has obtained
permission from the Ministry of Information and Broadcasting (MIB) to downlink
the Fox Traveller HD channel in July 2012.
The Company has
obtained approval from the Foreign Investment Promotion Board, Department of
Economic Affairs under the Ministry of Finance on June 6, 2012 to undertake the
activity of up-linking and down-linking of non news and current affairs
channels. The Company has also filed on August 14, 2012 an application with the
MIB to uplink the Fox Life HD channel in India.
The operations
during the year resulted in a Net Profit after Tax of Rs. 45.356 Millions,
which was carried to Balance Sheet.
CONTINGENT LIABILITIES:
|
Particulars |
31.03.2012 (Rs. in millions) |
31.03.2011 (Rs. in millions) |
|
Income Tax Demand
|
82.734 |
0.000 |
|
NOTE: Income tax
demand comprises the demand from the Indian Tax Authorities for payment of
additional tax upon completion of their tax review for the assessment year 2008-09.
The tax demand is mainly on account of Transfer Pricing adjustment relating
to adsales and distribution. The demand includes interest under Section 234
of the Indian Income Tax Act. The Company had
filed an appeal with Dispute Resolution Panel which has decided the matter in
favour of the Revenue department. The Company intends to contest the said
demand since the management believes based on opinion from its tax advisors
that its position will most likely be upheld in the appellate process. No tax
expense has been accrued in the financial statements for the tax demand
raised. The management believes that the ultimate outcome of this proceeding
will not have a material adverse effect on the company's financial position
and result of operations. |
||
FIXED ASSETS:
- Computer
- Studio
Equipments
- Office
Equipments
- Vehicles
- Furniture and
Fixtures
- 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 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] 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.54.34 |
|
|
1 |
Rs.82.55 |
|
Euro |
1 |
Rs.70.10 |
INFORMATION DETAILS
|
Information Gathered
by : |
SVA |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
58 |
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.