MIRA
INFORM REPORT
|
Report Date : |
16.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
MEDIA MATRIX WORLDWIDE LIMITED |
|
|
|
|
Registered
Office : |
Office No. 514, B Wing, 215 Atrium, Andheri-Kurla Road, Chakala,
Andheri (East), Mumbai – 400059, Maharashtra |
|
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|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
07.06.1985 |
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|
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|
Com. Reg. No.: |
11-036518 |
|
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Capital
Investment / Paid-up Capital : |
Rs. 100.865 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L51900MH1985PLC036518 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM18328C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACL2966P |
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|
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|
Legal Form : |
A Public Limited Liability company. The company’s Shares are Listed on
the Stock Exchanges. |
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|
|
|
Line of Business
: |
Subject is engaged in the business of digital media content, mobile handsets and dealing in related activities in telecom, media and entertainment industry |
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|
No. of Employees
: |
Information Decline 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 |
|
Maximum Credit Limit : |
USD 360000 |
|
|
|
|
Status : |
Moderate |
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|
|
Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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|
Comments : |
Subject is an established company having moderate track record. The rating takes in to consideration company’s moderate financial risk
profile and continuous accumulated losses incurred by the company. However, trade relations are fair. Business is active. Payment terms
are slow but correct. The company can be considered for business dealing 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
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
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
Management non-cooperative. (Tel. No.: 91-22-61391700)
LOCATIONS
|
Registered Office : |
Office No. 514, B Wing, 215 Atrium, Andheri-Kurla Road, Chakala,
Andheri (East), Mumbai – 400059, Maharashtra, India |
|
Tel. No.: |
91-22-61391700 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
|
|
|
Corporate Office : |
Plot No 38, 4th Floor, Sector 32, Gurgaon 122001, Haryana,
India |
|
Tel. No.: |
91-124-4310000 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
|
|
|
Branch Office : |
Located at: ·
Delhi ·
Bangalore |
DIRECTORS
As on: 31.03.2013
|
Name : |
Mr. Chhattar Kumar Goushal |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Suresh Bohra |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Mahesh Ranglal Jain |
|
Designation : |
Director |
|
Date of Birth/Age : |
04.10.1970 |
|
Date of Appointment : |
26.01.2012 |
|
|
|
|
Name : |
Mr. Bharat Bhushan Chugh |
|
Designation : |
Director (Finance) |
KEY EXECUTIVES
|
Name : |
Mr. Mohd. Zafar |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 31.12.2013
|
Category of
Shareholder |
Total No. of Shares |
Total Shareholding
as a % of Total No. of Shares |
|
|
|
As a % of (A+B) |
|
(A) Shareholding of
Promoter and Promoter Group |
|
|
|
|
|
|
|
|
37326166 |
3.30 |
|
|
598439606 |
52.83 |
|
|
635765772 |
56.13 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
635765772 |
56.13 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
|
|
|
|
334998125 |
29.57 |
|
|
|
|
|
|
10391863 |
0.92 |
|
|
150521421 |
13.29 |
|
|
1065038 |
0.09 |
|
|
999501 |
0.09 |
|
|
65537 |
0.01 |
|
|
496976447 |
43.87 |
|
Total Public
shareholding (B) |
496976447 |
43.87 |
|
Total (A)+(B) |
1132742219 |
100.00 |
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
1132742219 |
0.00 |
Shareholding
belonging to the category "Promoter and Promoter Group"
|
Sl. No. |
Name of the
Shareholder |
Details of Shares
held |
Total shares
(including underlying shares assuming full conversion of warrants and convertible
securities) as a % of diluted share capital |
|
|
No. of Shares held |
As a % of grand
total (A)+(B)+(C) |
|||
|
1 |
Digivision Holdings Private Limited |
59,84,39,606 |
52.83 |
52.83 |
|
2 |
Mahendra Nahata |
3,73,26,166 |
3.30 |
3.30 |
|
|
Total |
63,57,65,772 |
56.13 |
56.13 |
Shareholding
belonging to the category "Public" and holding more than 1% of the
Total No. of Shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares held |
Shares as % of
Total No. of Shares |
Total shares (including
underlying shares assuming full conversion of warrants and convertible
securities) as a % of diluted share capital |
|
|
1 |
Sadachar Advisory Services LLP |
11500000 |
1.02 |
1.02 |
|
|
2 |
Ramesh Kumar Haran |
11899519 |
1.05 |
1.05 |
|
|
3 |
Tripurari Properties Private Limited |
19118831 |
1.69 |
1.69 |
|
|
4 |
V and A Ventures LLP |
272892219 |
24.09 |
24.09 |
|
|
|
Total |
315410569 |
27.84 |
27.84 |
Shareholding
belonging to the category "Public" and holding more than 5% of the Total
No. of Shares
|
Sl. No. |
Name(s) of the
shareholder(s) and the Persons Acting in Concert (PAC) with them |
No. of Shares |
Shares as % of
Total No. of Shares |
Total shares
(including underlying shares assuming full conversion of warrants and convertible
securities) as a % of diluted share capital |
|
|
1 |
V and A Ventures LLP |
272892219 |
24.09 |
24.09 |
|
|
|
Total |
272892219 |
24.09 |
24.09 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of digital media content, mobile handsets and dealing in related activities in telecom, media and entertainment industry |
GENERAL INFORMATION
|
No. of Employees : |
Information Decline by the management |
||||||||||||||||||||||||
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Bankers : |
· HDFC Bank Limited · Oriental Bank of Commerce · Corporation Bank Limited · Kotak Mahindra Bank Limited |
||||||||||||||||||||||||
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|
Facilities : |
(Rs.
In Millions)
|
||||||||||||||||||||||||
|
|
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|
Banking
Relations : |
-- |
|
|
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|
Auditors : |
|
|
Name : |
Khandelwal Jain and Company Chartered Accountants |
|
Address : |
12-B, Baldota Bhawan, 117, Maharshi Karve Road, Mumbai -
400020, Maharashtra, India |
|
Tel. No.: |
91-11-23370091 / 892 / 23378795 |
|
Fax No.: |
91-11-23378794 |
|
E-Mail : |
|
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Holding Company: |
· DigiVision Holdings Private Limited |
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|
|
|
Subsidiary: |
· Media Matrix Holdings Private Limited (formerly Digicall Holdings Private Limited) · DigiVive Services Private Limited · DigiCall Teleservices Private Limited · NexG Devices Private Limited |
|
|
|
|
Fellow Subsidiary: |
· Eminent Networks Private Limited · DigiCall Global Services Private Limited · DigiVision Wireless Private Limited |
CAPITAL STRUCTURE
As on: 28.09.2013
Authorised Capital : Rs. 1500.000 Millions
Issued, Subscribed & Paid-up Capital : Rs. 1132.742 Millions
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1500000000 |
Equity Shares |
Rs.1/- each |
Rs. 1500.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100865000 |
Equity Shares |
Rs.1/- each |
Rs. 100.865
Millions |
|
|
|
|
|
75,00,000 Equity Shares of Re. 1/- each fully paid up alloted for consideration other than cash against acquisition of business and 5,39,10,000 Equity shares of Re.1/- each issued as bonus shares by capitalisation of Share Premium.
2,00,00,000 Equity Shares of Re. 1/- each fully paid up at premium of Rs. 2.47 per equity share alloted pursuant to conversion of 2,00,00,000 Optionally Fully Convertiable Debenture on Aug 7, 2012.
Shareholders holding
more than 5 percent shares
|
Name of Shareholder |
|
As on 31.03.2013 |
|
Digivision Holdings Private Limited |
No. of Shares |
54.4814 |
|
|
% of Holding |
54.02% |
|
|
|
|
|
V and A Ventures LLP |
No. of Shares |
20.000 |
|
|
% of Holding |
19.83% |
The reconciliation of
the number of shares as at 31st March, 2013 is set out below:
|
Name of Shareholder |
As on 31.03.2013 |
|
Number of shares at the beginning |
80.865 |
|
Add: Shares issued during the year |
20.000 |
|
Number of shares at the end |
100.865 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
100.865 |
80.865 |
80.865 |
|
(b) Reserves & Surplus |
(9.051) |
(17.945) |
11.736 |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
91.814 |
62.920 |
92.601 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.345 |
500.000 |
0.000 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.039 |
0.418 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.699 |
0.001 |
0.000 |
|
Total
Non-current Liabilities (3) |
1.044 |
500.040 |
0.418 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
25.255 |
15.215 |
20.501 |
|
(b) Trade payables |
24.047 |
16.398 |
19.120 |
|
(c) Other current liabilities |
434.679 |
1.314 |
1.755 |
|
(d) Short-term provisions |
47.211 |
1.647 |
1.997 |
|
Total
Current Liabilities (4) |
531.192 |
34.574 |
43.373 |
|
|
|
|
|
|
TOTAL |
624.050 |
597.534 |
136.392 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1.273 |
0.614 |
4.233 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
515.749 |
465.949 |
52.471 |
|
(c) Deferred tax assets (net) |
0.157 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
517.179 |
466.563 |
56.704 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade receivables |
2.275 |
17.665 |
44.291 |
|
(d) Cash and cash equivalents |
5.116 |
17.014 |
8.790 |
|
(e) Short-term loans and
advances |
89.401 |
92.517 |
23.100 |
|
(f) Other current assets |
10.079 |
3.775 |
3.507 |
|
Total
Current Assets |
106.871 |
130.971 |
79.688 |
|
|
|
|
|
|
TOTAL |
624.050 |
597.534 |
136.392 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
SALES |
|
|
|
|
|
Income |
526.026 |
31.241 |
89.007 |
|
|
Other Income |
0.361 |
0.758 |
9.098 |
|
|
TOTAL
(A) |
526.387 |
31.999 |
98.105 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Purchases of Stock-in-Trade |
437.188 |
15.597 |
95.413 |
|
|
Employees benefits expense |
32.710 |
5.398 |
0.022 |
|
|
Other expenses |
40.227 |
36.189 |
0.319 |
|
|
Exceptional Items |
0.000 |
1.207 |
0.000 |
|
|
TOTAL
(B) |
510.125 |
58.391 |
95.754 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
16.262 |
(26.392) |
2.351 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
4.656 |
1.095 |
0.014 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
11.606 |
(27.487) |
2.337 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
0.135 |
1.411 |
2.041 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
11.471 |
(28.898) |
0.296 |
|
|
|
|
|
|
|
Less |
TAX
(I) |
4.049 |
0.782 |
0.164 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
7.422 |
(29.680) |
0.132 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
TOTAL
EARNINGS |
5.572 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
TOTAL
IMPORTS |
361.918 |
6.509 |
0.000 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
0.08 |
(0.37) |
0.002 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
1.41 |
-92.75 |
0.13 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.18 |
-92.50 |
0.33 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.61 |
-21.96 |
0.35 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12 |
-0.46 |
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.28 |
8.19 |
0.22 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.20 |
3.79 |
1.84 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
80.865 |
80.865 |
100.865 |
|
Reserves & Surplus |
11.736 |
(17.945) |
(9.051) |
|
Net
worth |
92.601 |
62.920 |
91.814 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
500.000 |
0.345 |
|
Short term borrowings |
20.501 |
15.215 |
25.255 |
|
Total
borrowings |
20.501 |
515.215 |
25.600 |
|
Debt/Equity
ratio |
0.221 |
8.188 |
0.279 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
89.007 |
31.241 |
526.026 |
|
|
|
(64.901) |
1,583.768 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
89.007 |
31.241 |
526.026 |
|
Profit |
0.132 |
(29.680) |
7.422 |
|
|
0.15% |
-95.00% |
1.41% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF
LONG TERM DEBTS DETAILS: NOT AVAILABLE
|
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 |
No |
|
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 |
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 |
No |
UNSECURED LOAN
(Rs.
In Millions)
|
Particulars |
As on 31.03.2013 |
As on 31.03.2012 |
|
Long term
borrowings |
|
|
|
0% Optionally Fully Convertible Debentutes (OFCDs) |
0.000 |
500.000 |
|
|
|
|
|
Short term borrowings
|
|
|
|
from Holding Company |
21.524 |
11.484 |
|
from other Corporates |
3.731 |
3.731 |
|
|
|
|
|
Total |
25.255 |
515.215 |
MANAGEMENT
DISCUSSIONS AND ANALYSIS (MDA)
FINANCIAL REVIEW
The operating income during the financial year ended 31st March, 2013 stood at Rs. 526.026 millions against the total operating income of Rs. 31.240 millions in the previous financial year ended 31st March, 2012. During the Year the Company has earned a net profit of Rs.7.422 millions as compared to the net loss of Rs. 29.680 millions in the previous year.
BPO INDUSTRY
One of the subsidiaries of the Company, DigiCall Teleservices Private Limited along with step down subsidiary of the Company, DigiCall Global Private Limited are engaged into domestic and international BPO services in India respectively.
INDIAN IT-BPO
INDUSTRY (PERFORMANCE AND OUTLOOK)
NASSCOM predicts slow growth for India IT-BPO Industry in FY 2012-2013 with a lesser growth rate of around 14% with revenues of around US$115 billion in FY 2012-13 compared to revenues of around US$ 101 billion at 15% growth it expects for FY 2011-12. In FY13, the IT and BPO export revenues is expected to grow at 11-14% (US$78 billion), while the domestic revenues are slated to grow by 13-16 %( US$37 billion) and reach a total of US$115 billion. Growth is primarily driven by new business models and disruptive technologies like such as cloud, mobility, analytics, social media, and vertical specific solutions. NASSCOM expects a 4.5% growth in the Global Technology spending in 2012 and further predicts that industry can meet the vision 2020 target of touching US$225 billion by 2020.
Contribution of IT-BPO Industry to India’s gross domestic product has gone up to 7.5% from 6.4% in 2008. SME sector contributed US$5 billion in revenues in current fiscal. Salary hikes could be in the range of 8-10% in 2012-13 as compared to 10-14% in 2011-12. IT Services segment grew by a CAGR of 16% in the last four years to grow to US$40 billion from US$22 billion in 2008 despite the economic problems in US and Europe. Indian BPO industry has a share of 36% in the global BPO outsourcing market, and significant revenues contributed by customer interaction business at US$6.7 billion. Research and development exports went up by a CAGR of 12% to US$10 billion ( US$7 billion in 2008), taking a 15% pie in the overall IT-BPO exports. NASSCOM also projected that the IT-BPO industry will add 200,000 jobs in 2012-13, down from 230,000 jobs in 2011-12 and 240,000 in 2010-11.
MOBILE TELEVISION
One of the subsidiaries of the Company, DigiVive Services Private Limited is engaged into mobile video streaming services in India.
In India the mobile data and mobile video consumption is expected to grow faster as Indian telecom industry is at the verge of seeing an inflection point in data consumption with advent of 3G/4G services. The mobile subscriber base in India crossed 900 million in July 2012 out of which more than 125 million are data users. The mobile subscriber base is projected to cross one billion in FY 2013-2014, growing at more than 9 per cent from 2010.
With new technologies (3G/LTE), data speed is increasing and data charges are reducing creating a favorable environment for higher data consumption over mobile devices. Uptake of new technologies is shifting focus towards growth through service innovation across the multimedia and data services.
Auctioning of spectrum for 3G and BWA services in India in 2010 started the trend towards focus on data specific services. Both 3G and LTE are capable of delivering high throughputs to the mobile user and can support data heavy applications.
India has added 69 million Internet users during 2008-2011 and currently has 150 million internet users with a population penetration rate of 11%, recording a 26% YoY growth. Nearly 130 million users are set to access the internet in the country through such mobile devices by next year. While globally, the desktop internet usage still dominates over the mobile internet; mobile internet usage has already surpassed desktop internet usage in June 2012 in India. According to Mobile Marketing Association board member, India will have 250 million mobile internet users by 2014. In December 2012, the number of users accessing internet through mobile devices was 87.100 million.
OPPORTUNITIES AND
OUTLOOK
The strategy of Company and/or its subsidiaries has been towards investing in the new application and/or technologies related to Mobile on account of rising demand for data services/solution in 3G/4G era, and making investments in next generation businesses including Contents, Telecom and Media businesses which are expected to have substantial growth over the next decade on account of rising demand for online and e-commerce businesses. The Company would be working either directly or through its subsidiaries to take up existing and/or new projects to achieve the above.
CONTINGENT
LIABILITIES
|
Particulars |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
Unexpired Letters of Credit (Margin money paid Rs. 21.000 millions (provided by third party); (Previous Year Rs. 35.813 millions) |
0.000 |
32.558 |
|
Guarantees given by banks on behalf of the Company (Margin Money kept by way of Fixed deposits Rs.2.720 millions; (Previous Year Rs 8.795 millions) |
2.720 |
8.795 |
STATEMENT OF
STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED 31ST DECEMBER 2013
(Rs. In Millions)
|
Particulars |
Quarter Ended |
9 Months |
|
|
|
31.12.2013 (Audited) |
30.09.2013 (Audited) |
31.12.2013 (Audited) |
|
1) Income from
operations |
|
|
|
|
a) Net sales/income from operations (Net of excise duty) |
6.910 |
6.340 |
23.996 |
|
b) Other operating income |
0.000 |
0.000 |
0.000 |
|
Total Income from
operations (net) |
6.910 |
6.340 |
23.996 |
|
|
|
|
|
|
2) Expenses |
|
|
|
|
a) Cost of material consumed |
0.000 |
0.000 |
0.000 |
|
b) Purchases of stock-in-trade |
0.000 |
0.000 |
5.044 |
|
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade |
0.000 |
0.000 |
0.000 |
|
d) Employee benefits expense |
1.487 |
2.696 |
10.733 |
|
e) Depreciation and amortization expenses |
0.050 |
0.039 |
0.128 |
|
f) Legal and Professional charges |
2.538 |
3.485 |
7.522 |
|
g) Rent expenses |
0.932 |
0.331 |
1.292 |
|
h) Other Expenses |
1.886 |
1.196 |
4.423 |
|
i)Bad debts, advance and miscellaneous balance written off |
0.000 |
0.000 |
0.000 |
|
Total expenses |
6.893 |
7.747 |
29.142 |
|
3) Profit from
operations before other income, finance costs and exceptional items (1-2) |
0.017 |
(1.406) |
(5.146) |
|
4) Other income |
2.557 |
4.814 |
11.023 |
|
5) Profit from ordinary
activities before finance costs and exceptional items (3+4) |
2.574 |
3.408 |
5.877 |
|
6) Finance costs |
0.000 |
0.080 |
0.166 |
|
7) Profit / (Loss) from ordinary
activities after finance costs but before exceptional items (7-8) |
2.574 |
3.327 |
5.711 |
|
8) Exceptional items |
0.000 |
0.000 |
0.000 |
|
9) Profit / (Loss) from ordinary
activities before tax (9+/-10) |
2.574 |
3.327 |
5.711 |
|
10) Tax expense |
|
|
|
|
- Current tax |
0.608 |
1.025 |
1.661 |
|
- Deferred tax |
0.139 |
0.023 |
0.070 |
|
11) Net Profit from
ordinary activities after tax (11+/-12) |
1.827 |
2.279 |
3.979 |
|
12) Extraordinary items (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
13) Net Profit for the period (13+/-14) |
1.827 |
2.279 |
3.979 |
|
14) Paid up equity share capital(Face value Rs. 2/- each) |
1132.742 |
1132.742 |
1132.742 |
|
15) Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year |
|
|
|
|
16.i. Earnings per share (before
extraordinary items) (of Rs 5/- each)
(not annualised): |
|
|
|
|
Basic |
0.0019 |
0.0020 |
0.0041 |
|
Diluted |
0.0019 |
0.0020 |
0.0041 |
|
After extraordinary items |
|
|
|
|
Basic |
0.0019 |
0.0020 |
0.0041 |
|
Diluted |
0.0019 |
0.0020 |
0.0041 |
|
|
|
|
|
|
A PARTICULARS OF SHAREHOLDINGS |
|
|
|
|
1. Public
Shareholding |
|
|
|
|
No. of shares |
496976447 |
496976447 |
496976447 |
|
Percentage of shareholding |
43.87% |
43.87% |
43.87% |
|
|
|
|
|
|
2. Promoter and
Promoter group Shareholding |
|
|
|
|
a. Pledged/Encumbered |
|
|
|
|
-Number of Shares |
Nil |
Nil |
Nil |
|
Percentage of Shares(as a % of total shareholding of promoter group) |
NA |
NA |
NA |
|
-Percentage of Shares(as a % of the total Share Capital of Company |
NA |
NA |
NA |
|
b Non-Encumbered |
|
|
|
|
-Number of Shares |
635765772 |
635765772 |
635765772 |
|
-Percentage of Shares(as a % of total shareholding of promoter group) |
100% |
100% |
100% |
|
-Percentage of Shares(as a % of the total Share Capital of Company |
56.13% |
56.13% |
56.13% |
|
B. Investor Complaints |
31.12.2013 |
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
Nil |
|
Disposed of during the quarter |
Nil |
|
Remaining unresolved at the end of the
quarter |
Nil |
Note:
The above results were reviewed by the Audit Committee and approved by the Board of Directors of the Company at its meeting held on February 14, 2014. The Statutory Auditors have carried out the Limited Review of the same.
The Company has come out with issue of 90,77,85,000 equity shares with a face
value of Re. 1/- each at a premium of Rs. 0.20 per equity share for an amount
aggregating Rs. 1089.342 Millions on a rights basis in the ratio of 9 equity
shares for every 1 fully paid-up equity share held by the equity shareholders
on the record date, that is, on March 19, 2013. The aforesaid shares allotted
by the Board of Directors on May 07, 2013 have already been listed at BSE
Limited and are available for trading w.e.f. May 10, 2013.0ut of the right
Issue proceeds of Rs 10,89.342 Millions, the Company has utilised funds to the
tune of Rs. 802.236 Millions as of December 31, 2013 and of Rs. 62.500 Millions
during the quarter ended December 31, 2013 for the objects of the issue as
stated in the Letter of Offer.
Further, the Company is registered with Reserve Bank of India (RBI) vide
registration dated August 13,1999 as NBFC Company. Since the Company is
presently engaged in business of digital media content, and dealing In related
activities in telecom, media and entertainment Industry and the Company has not
carried on NBFC activities nor it has the intention to carry on NBFC activities
in future, the Company has submitted an application to RBI on September 13,
2011 for de-registration as NBFC company. Since the Company presently does not
meet the criteria of principal business of NBFC as specified by the RBI and
instead qualifies as Core Investment Company (CIC) based on its current
investment structure, the Company has notified the same to RBI vide letter
dated April 20, 2013. The Company qualifies for exemption from registration as
CIC and has applied for the same to RBI. The same is under due consideration of
RBI.
The Company is presently engaged in the business of digital media content and
dealing in related activities in media and entertainment industry and does not
have more than one reportable segment in line with the AS-17.
Previous period/ year figures are re-grouped/ re-classified wherever considered
necessary to conform to current period classification.
Note: No Charges Exist for Company
FIXED ASSETS
· Plant and Machinery
· Computer
· Furniture and Fixtures
· Office Equipments
· Air Conditions
·
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 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. 60.26 |
|
|
1 |
Rs. 100.71 |
|
Euro |
1 |
Rs. 83.27 |
INFORMATION DETAILS
|
Information Gathered
by : |
HAN |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
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.