MIRA
INFORM REPORT
|
Report Date : |
07.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
JMD TELEFILMS INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
Unit No. 323 and 324, 3rd
Floor, Building No. 9, Laxmi Plaza, New
Link Road, Andheri (West), Mumbai –
400053, Maharashtra |
|
|
|
|
Country : |
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|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
01.12.2000 |
|
|
|
|
Com. Reg. No.: |
11-033180 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 72.146 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L67190MH2000PLC033180 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMJ15662D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACA4340C |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Subject is engaged in the business of Recording, Selling and Distribution
of Audio Video CDs, Trading in Software and Hardware Products and also
Investment in Capital Market and Mutual Funds related activities. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
B (33) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
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|
|
|
Litigation : |
Clear |
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|
Comments : |
Subject is an established company having a moderate track record. The company has recorded continuous dip in the profits of the company.
Profit margin of the company is also low. However, trade relations are reported as fair. Business is active.
Payment terms are reported to be slow but correct. 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.
ECGC Country Risk Classification List – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks
over coal supply contracts, uncertainty over cancellation of blocks weigh on
stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest Euro
100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that it had willfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
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
31-03-2014.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE
[CONTACT NO.: 91-33-22299198]
LOCATIONS
|
Registered Office : |
Unit No. 323 and 324, 3rd
Floor, Building No. 9, Laxmi Plaza, New
Link Road, Andheri (West), Mumbai –
400053, Maharashtra, India |
|
Tel. No.: |
91-22-65653453 |
|
Fax No.: |
91-22-26773832 |
|
E-Mail : |
|
|
Website : |
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|
|
|
|
Studio : |
75C, Park Street, Basement, Kolkata – 700016, West Bengal, India |
|
Tel. No.: |
91-33-22299198/ 5359 |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. Kailash Prasad Purohit |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mr. Jagdish Prasad Purohit |
|
Designation : |
Non-Executive Director |
|
Date of Birth /
Age: |
24.02.1958 |
|
Qualification : |
B. Com., LLB |
|
Experience : |
30 Years |
|
Date of Appointment
: |
22.03.2007 |
|
Other Directorship
: |
· Unisys Softwares and Holding Industries Limited Warner Multimedia Limited Scan Infrastructure Limited |
|
|
|
|
Name : |
Mr. Ashok Bothra |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Pawan N. Borad |
|
Designation : |
Independent Director |
|
Date of Birth /
Age: |
11.09.1975 |
|
Qualification : |
B. Com |
|
Experience : |
10 Years |
|
Date of Appointment
: |
12.08.2013 |
|
Other Directorship
: |
Prime Capital Market Limited |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2014
|
Category of Shareholder |
Total
No. of Shares |
As a % |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
500000 |
0.69 |
|
|
2300000 |
3.19 |
|
|
12500000 |
17.33 |
|
|
12500000 |
17.33 |
|
|
15300000 |
21.21 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
15300000 |
21.21 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
|
|
|
|
42276489 |
58.60 |
|
|
|
|
|
|
3730443 |
5.17 |
|
|
10084631 |
13.98 |
|
|
754437 |
1.05 |
|
|
11671 |
0.02 |
|
|
740188 |
1.03 |
|
|
2578 |
0.00 |
|
|
56846000 |
78.79 |
|
Total Public
shareholding (B) |
56846000 |
78.79 |
|
Total (A)+(B) |
72146000 |
100.00 |
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
72146000 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Directors/Promoters & their Relatives
& Friends
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of Recording, Selling and
Distribution of Audio Video CDs, Trading in Software and Hardware Products
and also Investment in Capital Market and Mutual Funds related activities. |
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
|
|
|
|
Bankers : |
· Axis Bank Limited Kotak Mahindra Bank Limited HDFC Bank Limited |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Mehta Kothari and Associates Chartered Accountants |
|
Address : |
134, Great Western Building, 2nd Floor, N. M. Road, Fort,
Mumbai - 400023, Maharashtra, India |
|
|
|
|
Company under same
management : |
JMD Sounds Limited |
|
|
|
|
Subsidiary Company
: |
JMD Broadcasting Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
150,000,000 |
Equity Shares |
Re. 1/- each |
Rs. 150.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
72,146,000 |
Equity Shares |
Re. 1/- each |
Rs. 72.146 Millions |
|
|
|
|
|
Reconciliation of number of Shares
|
Particulars |
31.03.2014 |
|
|
|
|
|
|
Shares Outstanding at the beginning of the year |
72,146,000 |
72.146 |
|
Add : Further Issue of Shares |
-- |
-- |
|
Shares outstanding at the end of the year |
72,146,000 |
72.146 |
Rights, preference
and restrictions attached to Equity Shares
The Company has
one class of Equity shares having a par value of Re.1/- each. Each shareholder
is eligible to one vote per share held.
The Dividend proposed
by the Board of Directors is subject to the approval of the Shareholders in the
ensuring Annual General Meeting and will be paid in Indian`.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
72.146 |
72.146 |
72.146 |
|
(b) Reserves & Surplus |
299.219 |
296.566 |
293.708 |
|
(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) |
371.365 |
368.712 |
365.854 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long
term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b)
Trade payables |
1270.424 |
765.733 |
612.362 |
|
(c) Other
current liabilities |
91.010 |
75.210 |
71.744 |
|
(d) Short-term
provisions |
7.666 |
7.491 |
14.682 |
|
Total Current
Liabilities (4) |
1369.100 |
848.434 |
698.788 |
|
|
|
|
|
|
TOTAL |
1740.465 |
1217.146 |
1064.642 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
4.764 |
4.431 |
4.865 |
|
(ii)
Intangible Assets |
39.860 |
45.050 |
52.780 |
|
(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 |
102.968 |
143.329 |
121.190 |
|
(c) Deferred tax assets (net) |
0.511 |
0.610 |
0.708 |
|
(d) Long-term Loan and Advances |
0.060 |
0.060 |
0.188 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
148.163 |
193.480 |
179.731 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
8.400 |
8.400 |
8.400 |
|
(b)
Inventories |
31.522 |
31.703 |
32.854 |
|
(c)
Trade receivables |
1241.741 |
758.088 |
586.131 |
|
(d) Cash
and cash equivalents |
41.100 |
7.697 |
11.848 |
|
(e)
Short-term loans and advances |
269.539 |
217.778 |
245.678 |
|
(f)
Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
1592.302 |
1023.666 |
884.911 |
|
|
|
|
|
|
TOTAL |
1740.465 |
1217.146 |
1064.642 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
3819.663 |
2497.297 |
2483.874 |
|
|
|
Other Income |
11.252 |
13.932 |
13.069 |
|
|
|
TOTAL |
3830.915 |
2511.229 |
2496.943 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases of Stock-in-Trade |
3807.051 |
2482.901 |
2439.765 |
|
|
|
Employees benefits expense |
2.328 |
2.802 |
4.696 |
|
|
|
Other expenses |
4.930 |
6.644 |
21.739 |
|
|
|
TOTAL |
3814.309 |
2492.347 |
2466.200 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
16.606 |
18.882 |
30.743 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
6.287 |
8.533 |
5.264 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
10.319 |
10.349 |
25.479 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
3.474 |
3.298 |
6.743 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
6.845 |
7.051 |
18.736 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.95 |
0.98 |
0.26 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2014 |
|
Type |
1st
Quarter |
|
Net Sales |
1095.400 |
|
Total Expenditure |
1091.900 |
|
PBIDT (Excl OI) |
3.500 |
|
Other Income |
1.100 |
|
Operating Profit |
4.700 |
|
Interest |
0.000 |
|
Exceptional Items |
0.000 |
|
PBDT |
4.700 |
|
Depreciation |
1.100 |
|
Profit Before Tax |
3.600 |
|
Tax |
0.000 |
|
Provisions and contingencies |
0.000 |
|
Profit After Tax |
3.600 |
|
Extraordinary Items |
0.000 |
|
Prior Period Expenses |
0.000 |
|
Other Adjustments |
0.000 |
|
Net Profit |
3.600 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
0.18 |
0.28 |
0.75 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.27 |
0.41 |
1.03 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.63 |
0.96 |
2.70 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03 |
0.03 |
0.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.16 |
1.21 |
1.27 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particulars |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
72.146 |
72.146 |
72.146 |
|
Reserves & Surplus |
293.708 |
296.566 |
299.219 |
|
Net
worth |
365.854 |
368.712 |
371.365 |
|
|
|
|
|
|
Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity ratio |
0.000 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
2483.874 |
2497.297 |
3819.663 |
|
|
|
0.540 |
52.952 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
2483.874 |
2497.297 |
3819.663 |
|
Profit |
18.736 |
7.051 |
6.845 |
|
|
0.75% |
0.28% |
0.18% |
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 |
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] |
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 |
INDEX OF CHARGES: NO
CHARGES EXIST FOR COMPANY
CHANGE OF ADDRESS:
The Registered Office of the company has been shifted from Jaisingh
Business Centre, Ground Floor, CTS No. 119, Parsiwada, Sahar Road, Andheri
(East), Mumbai – 400099, Maharashtra, India to the present address.
OVERVIEW OF ECONOMY
A survey by global consultancy firm Ernst and Young (E and Y) sees India
as the world's most attractive investment destination. With the opening up of
foreign direct investment (FDI) in several sectors, India is today an
eye-catching destination for overseas investors. The relaxation of norms by the
government has created a vast opportunity for foreign players, who are
competing for a greater role in the Indian market. Sectors projected to do well
in the coming years include automotive, technology, life sciences and consumer
products.
The World Bank has projected an economic growth rate of 5.7 per cent in
FY15 for India, due to a more competitive exchange rate and several significant
investments going forward.
India is the third biggest economy in the world in terms of purchasing
power parity (PPP), according to a World Bank report. The country was ranked
10th in the previous survey conducted in 2005.
The stakes held by foreign institutional investors (FII) in Indian
companies touched a record high in the fourth quarter of FY14.The estimated
value of FII holdings in India stands at US$ 279 billion.
OVERALL PERFORMANCE AND OUTLOOK
The Business environment remains extremely challenging and the continued
recessionary economic conditions leading to slowdown in demand and inflation
pushed scale up of input costs left its adverse imprint on overall performance
for 2013-2014. Gross Sales / Revenue were in line during the year in comparison
to last financial year but Profit Margin remained under pressure in spite of
significant increase in Turnover.
The Company based on its intrinsic strength, has broadly maintained its
performance. Gross income from operations remained satisfactory to an amount of
6.845 Millions during the year in comparison to last years' Rs. income of
Rs.7.050 Millions. The Company is in to the Business of Music recording,
trading of Imported Mobile Instruments and Accessories and Softwares as well as
investment activities Capital Market. The outlook for the current year is
expected to be challenging mainly due to sluggish economy. However, the Company
expects to grow despite the adverse environment due to its commitment to
clients of the Company.
MANAGEMENT DISCUSSION AND ANALYSIS
MACRO ECONOMIC ENVIRONMENT
In the recent past, the Indian economy has had to overcome varied
challenges in its resolve to sustain its economic success. The major challenges
included: unsupportive external environment, domestic structural constraints,
growth slowdown and inflationary pressures. The slowdown manifested in the
decline in the growth of Gross Domestic Product (at factor cost at constant
2004-05 prices) from 8.9 per cent in 2010-11 to 6.7 per cent in 2011-12 and 4.5
per cent in 2012-13. With the economy projected to have registered a growth
rate of 4.9 per cent in 2013-14, the declining trend in growth seems to have
reversed. The growth slowdown in India is broadly in sync with trends in
similar emerging economies. The sharp downturn in growth owes to the interface
of domestic factors with the global economic environment of uncertainties and
slow growth in many advanced economies. The growth of real GDP has generally
shown a declining trend since the first quarter (Q1) of 2011-12, and is
characterized by a moderation in services growth and a protracted slowdown in
industry. The revival in agriculture on the back of a steady monsoon and robust
growth in financial and business services led to a modest uptick in growth in
2013-14.
The policy response of the Government to the present growth slowdown has
been in the form of structural reforms aimed at reducing entry-barriers and
boosting competition and productivity in various sectors; fiscal consolidation
and reforms in administered prices; further strengthening of financial/banking
sectors; introduction of instruments to encourage financial savings of
households; measures to restart the investment cycle through support to
infrastructure financing and encouragement to micro, small and medium
enterprises (MSMEs); steps to revive growth in manufacturing and reforms in
energy pricing. These policies have gone hand-in-hand with macroeconomic
stabilization that has had to balance the concerns of inflation and growth
recovery, while managing a volatile external situation characterized by a sharp
depreciation of the Rupee witnessed till the second quarter (Q2) of 2013-14.
The monetary policy stance of the Reserve Bank of India has been driven
by the imperatives of keeping inflation in check and supporting growth revival
while managing a complex external economic situation. With moderation in
overall headline inflation, as per the Wholesale Price Index (WPI), during
2012-13 and during the first two quarters of 2013-14, there was a reduction in
the repo rate by 25 basis points in May 2013. Headline WPI inflation averaged
6.16 per cent during 2013-14 (April-December) as compared to 7.56 per cent in
the corresponding period of the previous year. Despite easing, the level of
inflation is high, especially in terms of consumer price indices.
In the face of growing uncertainties in global financial conditions,
monetary easing was paused in June 2013. However, there has been significant
improvement in the external situation. With acceleration in the growth of
exports and decline in imports, the trade deficit for 2013-14 (April-December)
has narrowed considerably. Reduction in the trade deficit, complemented by a
rise in net invisibles receipts, resulted in significant reduction in the
current account deficit (CAD) in the first half (H1) of 2013-14. In response to
these developments, and due to steps undertaken to moderate the CAD, the
exchange rate, that breached the level of 68 per US$ in August 2013, recovered
to 61.16 per US$ on October 11, 2013.The exchange rate of the rupee averaged
61.91 per US$ in December 2013. On the fiscal front, the slowdown in growth
affected tax collections and receipts from disinvestment of Public Sector
Undertakings. However, the Government is on track to achieve the fiscal deficit
to
GDP target envisaged for 2013-14
REVIEW OF OPERATIONS
During the financial year 2013-2014, the Company registered a gross
sale/ income of Rs.3830.915 Millions as compared to Rs.2511.229 Millions in
previous financial year. PBT Margin remains at Rs.10.318 Millions in comparison
to last years' figure of Rs.10.349 Millions whereas Net Profit remains at
Rs.6.845 Millions in comparison to last years' figure of Rs.7.050 Millions,
which is almost the same in comparison to last years' performance.
In term of Segmental Operations, the Company has earned a Profit before
Tax (PBT) of Rs.1.575 Millions from Mobile Application Software, Rs.2.530
Millions from Music CDs and Studio Rent, Rs.1.945 Millions from Investment
Activities, and Rs.4.268 Lac from Other activities.
Further the Company has proposed a Dividend @ 5% to its Members and
therefore, has provided sum of Rs.4.192 Millions for payment of Dividend
including Tax thereon. The Dividend will be payable subject to confirmation by
Members in ensuring Annual General Meeting.
BUSINESS SEGMENT
During the year, the Company was into the business of Music Recording
(Entertainment Industry), Software (Mobile Applications) Trading, Recording and
Sale of Music CDs in its retail outlets or through Franchisees, Renting of
Musical Studio as well as Investment activity in Capital Market in accordance
with the Accounting Standard 17 notified by Companies (Accounting Standards)
Rules 2006.
STATEMENT OF STANDALONE UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE 2014
[RS. IN MILLIONS]
|
PARTICULARS |
3 Months
ended 30.06.2014 |
|
|
(Unaudited) |
|
Income from Operations |
|
|
Net Sales/Income from Operations |
1094.438 |
|
Other Operating Income |
1.000 |
|
Total Income from
operations (net) |
1095.438 |
|
|
|
|
Expenses |
|
|
(a) (Increase)/Decrease in stock in trade |
0.100 |
|
(b) Consumption of Raw Material |
0.000 |
|
(c) Cost of Goods Traded |
1090.600 |
|
(d) Employee benefit expenses |
0.575 |
|
(e) Depreciation and amortization expenses |
1.100 |
|
(f) Other Expenses |
0.642 |
|
Total Expenses |
1093.017 |
|
Profit from Operations
before Other Income, Finance costs and Exceptional item |
2.421 |
|
Other Income |
1.125 |
|
Profit/ Loss from
Ordinary Activities before Finance costs and Exceptional item |
3.546 |
|
Finance costs |
0.000 |
|
Profit/ Loss from
Ordinary Activities after Finance costs but Exceptional item |
3.546 |
|
Exceptional
item |
0.000 |
|
Profit/ Loss from Ordinary Activities
before tax |
3.546 |
|
Tax Expenses |
0.000 |
|
Net Profit/ Loss from Ordinary Activities
after tax |
3.546 |
|
Extraordinary
Items |
0.000 |
|
Net Profit for the period |
3.546 |
|
Share of Profit/(Loss) of Associates* |
-- |
|
Minority Interest* |
-- |
|
Net Profit (+)/Loss(-) after tax, minority
interest and Share of Profit / (Loss) of Associates |
3.546 |
|
Paid- up
Equity Share Capital (Face value of the share – Re. 1) |
72.146 |
|
Reserves
excluding revaluation reserves as per balance sheet of Previous Accounting
Year |
-- |
|
Earnings Per Share (before extra-ordinary items) of Rs. 1/- each (not annualized) -
Basic |
0.05 |
|
- Diluted |
0.05 |
|
Earnings Per Share (after extra-ordinary items) of Rs. 1/- each (not annualized) -
Basic |
0.05 |
|
-
Diluted |
0.05 |
|
|
|
|
PARTICULARS OF SHAREHOLDING |
|
|
1. Public
shareholding |
|
|
Number of
Shares |
56846000 |
|
Percentage of Shareholding |
78.79 |
|
2. Promoters
and promoter group shareholding |
|
|
a)
Pledged/Encumbered |
|
|
- Number of Shares |
12500000 |
|
- Percentage of Shares (as a % of the Total Shareholding
of promoter and promoter group) |
81.70 |
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
17.33 |
|
|
|
|
Non - encumbered |
|
|
- Number of
Shares |
2800000 |
|
- Percentage
of Shares (as a % of
the total shareholding of promoter and promoter group) |
18.30 |
|
- Percentage
of Shares (as a % of
the total share capital of the company) |
3.88 |
|
|
PARTICULARS |
3 Months
ended 30.06.2014 |
|
B |
Investor
complaints (Nos.) |
|
|
|
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 |
SEGMENT – WISE
REVENUE, RESULTS AND CAPITAL EMPLOYED
|
PARTICULARS |
3 Months
ended 30.06.2014 |
|
|
(Unaudited) |
|
1. Segment Revenue |
|
|
a. Sale of Software and Hardware |
1090.611 |
|
b. Sale of Mobile Phone |
0.000 |
|
c. Music Activities |
4.001 |
|
d. Investment Activities |
0.826 |
|
e. Other Operational Activities |
1.125 |
|
Total income from operations (net) |
1096.563 |
|
|
|
|
2. Segment Results |
|
|
Profit/ (loss) before tax and interest |
|
|
a. Sale of Software and Hardware |
1.500 |
|
b. Sale of Mobile Phone |
0.000 |
|
c. Music Activities |
0.600 |
|
d. Investment Activities |
0.321 |
|
e. Other Unallocable Activities |
1.125 |
|
Total |
3.546 |
|
|
|
|
3. Capital Employed |
|
|
(Segment Assets – Segment Liabilities) |
|
|
a. Sale of Software and Hardware |
1245.000 |
|
b. Sale of Mobile Phone |
0.059 |
|
c. Music Activities |
31.490 |
|
d. Investment Activities |
412.000 |
|
e. Other Unallocable Activities |
43.524 |
|
Total |
1732.073 |
NOTES:
1) Above results were reviewed by Audit Committee taken on record in Board Meeting held on 12th August, 2014.
2) The figures of preceding Quarter ended 31st March 2014 are the balancing figures between Audited figures in respect of full financial year and the published year to date figures upto the 3rd Quarter of the Previous Financial Year.
3) The Auditors of the Company have carried out "Limited Review" of the above financial Results.
4) Provision for Taxation will be made at the end of financial year.
FIXED ASSETS:
TANGIBLE ASSETS
· Furniture and Fixtures
Vehicles
(Owned)
Office
Equipment
Studio
Equipment
Investment
in Property
INTANGIBLE ASSETS
· Brands/Trademarks
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. 61.75 |
|
|
1 |
Rs. 100.07 |
|
Euro |
1 |
Rs. 77.95 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared by
: |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
33 |
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.