MIRA INFORM REPORT
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Report No. : |
336022 |
|
Report Date : |
08.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
EROS INTERNATIONAL FILMS PRIVATE LIMITED (w.e.f. 04.02.2009) |
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Formerly Known
As : |
EROS PICTURE PRIVATE LIMITED (w.e.f.23.10.2007) SHIVAM VIDEOTECH PRIVATE LIMITED |
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Registered
Office : |
201, Kailash Plaza, Plot No. A-12, Opposite Laxmi Industrial Estate,
Link Road, Andheri (West), Mumbai – 400053, Maharashtra |
|
Tel. No.: |
91-22-66021500 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
18.08.1994 |
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Com. Reg. No.: |
11-080423 |
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Capital
Investment / Paid-up Capital : |
Rs.200.000 Million |
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CIN No.: [Company Identification
No.] |
U92113MH1994PTC080423 |
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|
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACS6244D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged solely in the business of film production and rights exploitation. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary “EROS International Media Limited”. It is an
established company having satisfactory track record. For the financial year ended 2014, company possesses above average
operational performance and it has achieved profit from its operational
activities. Rating also takes into consideration company’s strong capital base
along with zero debt balance sheet profile and strong financial as well as
managerial support that company receives from its holding company. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. In view of strong holding company support, 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
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
31-03-2013.
INFORMATION DECLINED BY
|
Name : |
Mr. Vinod |
|
Designation : |
Account Executive |
|
Contact No.: |
91-22-66021500 |
|
Date : |
07.08.2015 |
LOCATIONS
|
Registered Office : |
201, Kailash Plaza, Plot No. A-12, Opposite Laxmi Industrial Estate,
Link Road, Andheri (West), Mumbai – 400053, Maharashtra, India |
|
Tel. No.: |
91-22-66021500 |
|
Fax No.: |
Not Available |
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E-Mail : |
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|
Website : |
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Administrative Office : |
Second Floor, Satyadev Building, Off. New Link Road, Andheri (West),
Mumbai – 400053, Maharashtra, India |
|
Tel No.: |
91-22-40538500 |
|
Fax No.: |
91-22-40538540 |
DIRECTORS
As on 22.09.2014
|
Name : |
Mr. Anand Shankar Kamtam |
|
Designation : |
Director |
|
Address : |
Padmashali, Co-operative Housing Society, F Wing, 4th
Floor, Room No. 402, M.L. Camp, Mumbai – 400019, Maharashtra, India |
|
Date of Birth/Age : |
02.03.1968 |
|
Date of Appointment : |
28.05.2010 |
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DIN No.: |
02942810 |
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|
|
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Name : |
Mr. Sunil Arjan Lulla |
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Designation : |
Director |
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Address : |
Aumkar Bunglow, Plot 172, Off. Gand Higram Road, Juhu, Mumbai –
400049, Maharashtra, India |
|
Date of Birth/Age : |
29.06.1964 |
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Date of Appointment : |
18.08.1994 |
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DIN No.: |
00243191 |
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|
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|
Name : |
Mr. Naresh Chandra |
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Designation : |
Director |
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Address : |
C4/4053, Vasant Kunj,, New Delhi, 110070, India |
|
Date of Appointment : |
16.03.2015 |
|
DIN No.: |
00015833 |
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|
|
|
Name : |
Mr. Dhirendra Swarup |
|
Designation : |
Director |
|
Address : |
A-9 / 13B, Vasant Vihar, New Delhi, 110057, Delhi, India |
|
Date of Appointment : |
16.03.2015 |
|
DIN No.: |
02878434 |
KEY EXECUTIVES
|
Name : |
Mr. Vinod |
|
Designation : |
Account Executive |
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|
Name : |
Mr. Bankim Ashok Kumar Mehta |
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Designation : |
Company Secretary |
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|
Name : |
Mr. Dinesh Modi |
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Designation : |
CFO |
|
Address: |
A-2701, Avalon, Hiranandani Gardens, Powai, Mumbai- 400076, Maharashtra, India |
|
Date of Appointment |
16/03/2015 |
|
PAN No.: |
AHJPM9485H |
|
|
|
|
Name : |
Mr. Mudrika Desai |
|
Designation : |
Secretary |
|
Address: |
210/C-5, Sangam Apt. Shiv Sena Gali, Bhayandar West, Mumbai - 401101, Maharashtra, India |
|
Date of Appointment |
16/03/2015 |
|
PAN No.: |
AWSPD4077G |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 22.09.2014
|
Names of Shareholders |
No. of Shares |
%age
holding |
|
Eros International Media Limited, India |
19930300 |
99.65 |
|
Eros Digital Private Limited, India |
69700 |
0.35 |
|
Total |
20000000 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
As on 22.09.2014
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Subject is engaged solely in the business of film production and rights exploitation. |
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Products/Services : |
Film Production |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Auditors : |
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Name : |
Walker Chandiok and Company Chartered Accountants |
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Address : |
India Bulls, Finance Centre, 16th Floor, Tower-II, S.B Marg,
Evershine (West), Mumbai – 400013, Maharashtra, India |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AAAFW4298E |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Ultimate Holding
company: |
Eros International PLC, Isle of Man |
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Holding company: |
Eros International Media Limited, India L99999MH1994PLC080502 |
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Fellow Subsidiary
company : |
U92110MH2005PTC156504
U92100MH2008PTC186402
U92120MH2007PTC175027
U92140MH2008PTC178628
U92100TN2007PTC072223
U92100TN2008PTC069493 |
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·
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Other Related
Parties : |
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Enterprises which
are owned, or have significant influence of or are
partners with Key management personnel and their
relatives |
U92114MH1999PTC118496 |
CAPITAL STRUCTURE
As on 22.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 Million |
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|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are in
Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
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I.
EQUITY AND LIABILITIES |
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|
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|
(1)Shareholders' Funds |
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|
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(a) Share Capital |
200.000 |
200.000 |
200.000 |
|
(b) Reserves & Surplus |
85.700 |
82.817 |
91.509 |
|
(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) |
285.700 |
282.817 |
291.509 |
|
|
|
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(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
1.162 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
71.939 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
0.000 |
0.000 |
73.101 |
|
|
|
|
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(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
38.153 |
|
(b) Trade payables |
15.068 |
20.233 |
255.294 |
|
(c) Other current liabilities |
289.977 |
279.378 |
43.697 |
|
(d) Short-term provisions |
1.167 |
0.000 |
0.046 |
|
Total
Current Liabilities (4) |
306.212 |
299.611 |
337.190 |
|
|
|
|
|
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TOTAL |
591.912 |
582.428 |
701.800 |
|
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II.
ASSETS |
|
|
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(1) Non-current assets |
|
|
|
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(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
3.451 |
4.637 |
6.268 |
|
(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 |
80.007 |
80.100 |
80.100 |
|
(c) Deferred tax assets (net) |
0.000 |
3.879 |
0.840 |
|
(d) Long-term Loan and Advances |
459.211 |
458.133 |
1.749 |
|
(e) Other Non-current assets |
0.000 |
0.678 |
69.055 |
|
Total
Non-Current Assets |
542.669 |
547.427 |
158.012 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
17.500 |
18.094 |
0.987 |
|
(c) Trade receivables |
11.697 |
11.580 |
19.895 |
|
(d) Cash and cash equivalents |
0.986 |
2.359 |
1.803 |
|
(e) Short-term loans and
advances |
18.944 |
2.852 |
95.831 |
|
(f) Other current assets |
0.116 |
0.116 |
425.272 |
|
Total
Current Assets |
49.243 |
35.001 |
543.788 |
|
|
|
|
|
|
TOTAL |
591.912 |
582.428 |
701.800 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
TOTAL INCOME |
32.341 |
6.653 |
762.773 |
|
|
|
|
|
|
|
Less |
Operating
Expenses |
24.305 |
16.958 |
754.642 |
|
|
TOTAL |
24.305 |
16.958 |
754.642 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
8.036 |
(10.305) |
8.131 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
1.186 |
1.603 |
2.160 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
6.850 |
(11.908) |
5.971 |
|
|
|
|
|
|
|
Less |
TAX |
3.967 |
(3.216) |
0.764 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
2.883 |
(8.692) |
5.207 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
16.711 |
5.424 |
`NA |
|
|
TOTAL
EARNINGS |
16.711 |
5.424 |
NA |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
0.14 |
0.43 |
0.26 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
0.000 |
1.162 |
2.211 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flow from operating activity |
(0.237) |
23.137 |
(230.908) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Total Income) |
(%) |
8.91 |
(130.65) |
0.68 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.34 |
(2.39) |
0.96 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02 |
(0.04) |
0.02 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.14 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.16 |
0.12 |
1.61 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
200.000 |
200.000 |
200.000 |
|
Reserves & Surplus |
91.509 |
82.817 |
85.700 |
|
Net
worth |
291.509 |
282.817 |
285.700 |
|
|
|
|
|
|
long-term borrowings |
1.162 |
0.000 |
0.000 |
|
Short term borrowings |
38.153 |
0.000 |
0.000 |
|
Current Maturities of
Long-Term Debts |
2.211 |
1.162 |
0.000 |
|
Total
borrowings |
41.526 |
1.162 |
0.000 |
|
Debt/Equity
ratio |
0.142 |
0.004 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Total Income |
762.773 |
6.653 |
32.341 |
|
|
|
(99.128) |
386.112 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Total Income |
762.773 |
6.653 |
32.341 |
|
Profit |
5.207 |
(8.692) |
2.883 |
|
|
0.68% |
(130.65%) |
8.91% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
No |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
NOTE: Registered office of the company has been
shifted from 6-A/4, Juhu Sangeeta Apartments Behind Lido Cinema Juhu Road,
Juhu, Bombay – 49, Mumbai – 400049, Maharashtra, India to the present address w.e.f. 24.04.2008
OPERATIONS
During the year, the Company has earned net profit after tax amounting to Rs. 2.883 Million as compared to loss of Rs. 8.692 Million in the previous year.
INDEX
OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10125815 |
04/12/2008 * |
330,000,000.00 |
IDBI Bank Limited |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra - 400005,
INDIA |
A52366200 |
CONTINGENT
LIABILITIES:
(Rs. in million)
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
|
The Cumulative total of tax disputed |
84.176 |
84.176 |
FIXED ASSETS
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Motor vehicles
- Office equipment
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.63.76 |
|
|
1 |
Rs.99.60 |
|
Euro |
1 |
Rs.69.70 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SUJ |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
43 |
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.