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|
MIRA INFORM REPORT
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Report No. : |
501868 |
|
Report Date : |
06.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
UTV SOFTWARE COMMUNICATIONS LIMITED (w.e.f. 19.03.1998) |
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Formerly Known
As : |
UNITED SOFTWARE COMMUNICATIONS LIMITED (w.e.f. 27.11.1995) UNITED SOFTWARE COMMUNICATIONS PRIVATE LIMITED |
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Registered
Office : |
1st Floor, Building No.14, Solitaire Corporate Park, Guru Hargovindji Marg,
Chakala, Andheri (East) Mumbai – 400093, Maharashtra |
|
Tel. No.: |
91-22-61091000/ 40981400 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
22.06.1990 |
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Com. Reg. No.: |
11-056987 |
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Capital
Investment / Paid-up Capital : |
INR 8755.880 Million |
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CIN No.: [Company Identification
No.] |
U72200MH1990PLC056987 |
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IEC No.: [Import-Export Code No.] |
0390013030 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
Not Available |
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TIN/CST+ No.: |
27770405421 |
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PAN No.: [Permanent Account No.] |
AAACU4122G |
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GSTN : [Goods & Service Tax
Registration No.] |
27AAACU4122G1ZN |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Subject is primarily engaged in the business of Film Distribution, Film (including Animation) Production, Mobile Value Added Services, Gaming and Interactive media, Content Development & Distribution, Media networks and Disney Consumer Products. (Registered Activity) |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Good |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Exists |
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Comments : |
UTV Software Communications Limited was incorporated on June 22, 1990. The Company was listed with National Stock Exchange and Bombay Stock Exchange upto March 16, 2012 and has been delisted pursuant to take over by The Walt Disney Company (Southeast Asia) Pte Limited. The Company is primarily engaged in the business of film distribution, film (including animation) production, mobile value added services, gaming and interactive media, content development & distribution, media networks and Disney consumer products. As per the financial of 2017, the company has achieved a satisfactory growth of 25.52% in its revenue as compared to the previous year’s revenue but has incurred operational losses. The company has strong capital base along with sound networth position. Rating takes into consideration the strength that the company derives from its holding company and its experienced management team. Business is active. Payment seems to be slow but correct. In view of aforesaid, the company can be considered for business dealings at usual trade terms and condition. NOTE: Pursuant to the Composite Scheme of Arrangement (“Scheme”) under Sections 230 to 232 and other applicable provisions of the Companies Act, 2013 sanctioned by the Tribunal on June 08, 2017, the entire assets and business of The Walt Disney Company (India) Private Limited (‘TWDCI’) and Indiagames Limited (‘Indiagames’) have been transferred and vested in the Company from the Appointed Date of April 01, 2015 and the order has become effective on June 30, 2017. In accordance with the terms of the Scheme, TWDCI and Indiagames stand merged with the Company with effect from the Appointed Date and consequently, TWDCI and Indiagames stand dissolved without winding up. The necessary accounting entries giving effect to the merger of the above entities with the Company from the Appointed Date have been passed in the books of accounts of the Company. Pending implementation of the aforementioned Scheme, the Company had made an application to the Registrar of Companies, Mumbai on June 02, 2017 seeking an extension for holding the 27th Annual General Meeting (‘27th AGM’) beyond September 30, 2017 which was approved and an extension of 03 (three) months was granted to the Company allowing it to hold its 27th AGM on or before December 31, 2017. |
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
31-03-2018.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 06.04.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DENIED
Management non co-operative (91-22-61091000)
91-22-40981400 (Number does not exist)
LOCATIONS
|
Registered Office/ Corporate Office : |
1st Floor, Building No.14, Solitaire Corporate Park, Guru Hargovindji
Marg, Chakala, Andheri (East) Mumbai – 400093, Maharashtra, India |
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Tel. No.: |
91-22-61091000 |
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Mobile No.: |
91-22-67421930 |
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E-Mail : |
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Website : |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Mahesh Ramchand Samat |
|
Designation : |
Managing Director |
|
Address : |
73-D, Dalamal Park Cuffe Parade, Mumbai - 400005, Maharashtra, India |
|
Date of Appointment : |
01.07.2017 |
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DIN No.: |
02321902 |
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|
|
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Name : |
Mr. Sujit Vijay Vaidya |
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Designation : |
Whole Time Director |
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Address : |
Flat no. 1604, D Wing, Oberoi Splendor, Jogeshwari Vikhroli Link Road, Andheri East, Mumbai - 400060 , Maharashtra, India |
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Date of Birth/Age : |
19.04.1967 |
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Qualification |
CA |
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Date of Appointment : |
11.12.2013 |
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PAN No: |
AAAPV6046R |
|
DIN No.: |
03287161 |
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|
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Name : |
Mr. Prem Raj Mehta |
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Designation : |
Director |
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Address : |
S-3 Pemino, Altamount Road, Mumbai-400026, Maharashtra, India |
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Date of Birth/Age : |
16.10.1944 |
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PAN No: |
AALPM3697G |
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Qualification |
MBA and Commerce Graduate |
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Date of Appointment : |
31.03.2015 |
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DIN No.: |
00005622 |
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|
|
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Name : |
Mr. Narendra Kumar Anand Ambwani |
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Designation : |
Director |
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Address : |
1201, Sterling Sea Face, Dr. Annie Besant Road, Worli, Mumbai-400018, Maharashtra, India |
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Date of Birth/Age : |
15.11.1948 |
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PAN No: |
AEIPA8788F |
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Qualification |
PG-DBA-IIT, B- TECH, Electrical Engineer IIT |
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Date of Appointment : |
31.03.2015 |
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DIN No.: |
00236658 |
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|
|
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Name : |
Monisha Suresh Shroff |
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Designation : |
Director |
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Address : |
11/39, Matru Mandir, 278, Tardeo Road, Grant Road Mumbai - 400007, Maharashtra, India |
|
Date of Appointment : |
01.07.2017 |
|
DIN No.: |
05220951 |
KEY EXECUTIVES
|
Name : |
Mr. Puneet Juneja |
|
Designation : |
Company Secretary |
|
Address : |
303, Alka Building, I.C. Colony, Borivali (West), Mumbai-400103, Maharashtra, INDIA |
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Date of Birth/Age : |
23.09.1979 |
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Date of Appointment : |
16.10.2014 |
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PAN No.: |
AFRPJ9169H |
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|
|
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Name : |
Mr. Vishwas Gangadhar Joshi |
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Designation : |
Chief Financial Officer |
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Address : |
601,A, Parkside 1, Raheja Estate, Kulupwadi, Borivli (East), Mumbai-400066, Maharashtra, India |
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Date of Birth/Age : |
21.11.1974 |
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Date of Appointment : |
01.04.2014 |
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PAN No.: |
ABKPJ3951C |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 31.03.2017
|
Category of shareholder |
No. of fully paid up equity shares held |
Shareholding as a % of total no. of shares (calculated as per SCRR,
1957)As a % |
|
|
(A) Promoter & Promoter Group |
875431485 |
99.98 |
|
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(B) Public |
157000 |
0.02 |
|
|
Grand Total |
875588485 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is primarily engaged in the business of Film Distribution, Film (including Animation) Production, Mobile Value Added Services, Gaming and Interactive media, Content Development & Distribution, Media networks and Disney Consumer Products. (Registered Activity) |
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Products/ Services : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS 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 : |
Price Waterhouse and Co LLP Chartered Accountants |
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Address : |
252, Veer Savarkar Marg, Shivaji Park, Dadar, Mumbai – 400028, Maharashtra, India |
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Secretarial
auditors firm |
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Name : |
SPRS and Company Practicing Company Secretaries |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Ultimate Holding Company: |
The Walt Disney Company |
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Intermediate Holding Company: |
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Subsidiaries: |
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Fellow Subsidiaries
of the Company: |
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CAPITAL STRUCTURE
As on:31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1398991500 |
Equity Shares |
INR 10/- each |
INR 13989.920 Million |
|
1666000 |
Compulsory Convertible Preference Shares |
INR 1500/- each |
INR 2499.000 Million |
|
|
Total
|
|
INR 16488.920
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
875588485 |
Equity Shares |
INR 10/- each |
INR 8755.880 Million |
|
|
|
|
|
Reconciliation of the
number of shares outstanding at the beginning and at the end of the reporting
period
|
Equity Shares: |
Year ended March 31, 2017 |
|
|
|
Number |
Amount in INR |
|
Balance as at the Beginning of the year |
52837473 |
528.370 |
|
Add: Shares issued during the year |
817692308 |
8176.920 |
|
Add: Shares issued during the year on account of conversion of preference shares |
5058704 |
50.590 |
|
Balance as at the end of the year |
875588485 |
8755.880 |
Notes:
1. During the current year, the Company has allotted 817692308 equity Shares of INR 10 each at a premium of INR 3 per share to The Walt Disney Company (Southeast Asia) Pte. Limited, the holding company.
2. On January 9, 2017 the Company has issued 5058704 equity shares of INR 10 each at a premium of INR 484 each to The Walt Disney Company (Southeast Asia) on conversion of 1666000 Non-Cumulative Compulsorily Convertible Preference shares.
3. During the previous year ended March 31, 2016, the Company had allotted 1173814 equity Shares of INR 10 each at a premium of INR 433 per share to The Walt Disney Company (Southeast Asia) Pte. Limited, the holding company
Terms and rights
attached to
Equity Shares:
The Company has one class of equity shares having a par value of INR 10 per share. Each shareholder is eligible for one vote per share held. In the event of liquidation, the equity shareholders are eligible to receive remaining assets of the Company after distribution of all preferential amounts, in proportion of their shareholding.
Details of
shareholders holding more than 5% share in the Company
|
Equity Shares: |
31.03.2017 |
|
“The Walt Disney Company (Southeast Asia) Pte. Limited, the Holding Company” |
875431485 |
Details of
shareholders holding more than 5% share in the Company (% shareholding )
|
Equity Shares: |
31.03.2017 |
|
“The Walt Disney Company (Southeast Asia) Pte. Limited, the Holding Company” |
99.98% |
Authorised
Share Capital
Pursuant
to Shareholder’s resolution dated September 29, 2016, the total authorised share
capital as at March 31, 2016 of INR 12391.73 million comprising of 139147900
equity shares of INR 10 each and 7333500 Compulsorily Convertible Preference
Shares of INR 1,500/-, each has been reclassified to 989,272,900 equity shares
of INR 10 each and 1666000 Compulsorily Convertible Preference Shares of INR
1500/-, each respectively. Further, after reclassification, the above mentioned
authorised equity share capital of INR 9,892.73 million comprising of 989272900
equity shares of INR 10 each has been increased to INR 13989.92 million
comprising of 1398991500 equity shares of INR 10 each.
During
the previous year ended March 31, 2016, the authorised equity share capital as
at March 31, 2015 of INR 1069.67 million comprising of 106966900 equity shares
of INR 10 each has been increased to INR 1391.48 million comprising of
139147900 equity shares of INR 10 each, pursuant to the Scheme of Amalgamation
between the Company and its subsidiary UTV New Media Limited sanctioned by the
order of the Hon’ble Bombay High Court dated July 3, 2015.
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET (STANDALONE)
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
8755.880 |
528.370 |
3015.640 |
|
(b) Reserves & Surplus |
1512.000 |
(1686.940) |
1670.920 |
|
(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) |
10267.880 |
(1158.570) |
4686.560 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
9600.000 |
500.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
203.110 |
193.570 |
0.000 |
|
(d) long-term
provisions |
23.600 |
17.630 |
19.860 |
|
Total Non-current
Liabilities (3) |
226.710 |
9811.200 |
519.860 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
308.630 |
6125.300 |
4158.070 |
|
(b) Trade
payables |
3514.370 |
2103.260 |
1378.650 |
|
(c) Other
current liabilities |
1318.720 |
648.130 |
8539.000 |
|
(d) Short-term
provisions |
0.000 |
20.470 |
10.980 |
|
Total Current Liabilities
(4) |
5141.720 |
8897.160 |
14086.700 |
|
|
|
|
|
|
TOTAL |
15636.310 |
17549.790 |
19293.120 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
274.590 |
328.600 |
4.390 |
|
(ii)
Intangible Assets |
2764.300 |
3637.990 |
16.610 |
|
(iii)
Capital work-in-progress |
3.510 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.050 |
0.050 |
11069.730 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
121.410 |
230.050 |
1057.050 |
|
(e) Other
Non-current assets |
8792.600 |
8371.870 |
1.400 |
|
Total Non-Current
Assets |
11956.460 |
12568.560 |
12149.180 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
322.890 |
1920.510 |
4326.820 |
|
(c) Trade
receivables |
1736.070 |
1351.430 |
662.400 |
|
(d) Cash
and cash equivalents |
780.230 |
783.780 |
116.150 |
|
(e)
Short-term loans and advances |
2.920 |
9.390 |
1961.030 |
|
(f) Other
current assets |
837.740 |
916.120 |
77.540 |
|
Total
Current Assets |
3679.850 |
4981.230 |
7143.940 |
|
|
|
|
|
|
TOTAL |
15636.310 |
17549.790 |
19293.120 |
PROFIT
& LOSS ACCOUNT
.
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
8387.220 |
6682.040 |
7274.540 |
|
|
Other Income |
257.070 |
338.110 |
196.600 |
|
|
TOTAL |
8644.290 |
7020.150 |
7471.140 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Direct Costs |
5860.970 |
6890.460 |
8115.080 |
|
|
Employees benefits
expense |
1137.060 |
1431.760 |
220.980 |
|
|
Other expenses |
857.560 |
1620.750 |
795.440 |
|
|
Exceptional Item |
613.430 |
5618.270 |
0.000 |
|
|
TOTAL |
8469.020 |
15561.240 |
9131.500 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
175.270 |
(8541.090) |
(1660.360) |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
870.450 |
1441.880 |
1315.050 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
(695.180) |
(9982.970) |
(2975.410) |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
933.770 |
925.080 |
10.580 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
(1628.950) |
(10908.050) |
(2985.990) |
|
|
|
|
|
|
|
Less |
TAX |
3.730 |
(15.450 |
19.170 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
(1632.680) |
(10892.600) |
(3005.160) |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
1355.000 |
1590.810 |
968.000 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
(3.73) |
(160.29) |
(58.17) |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
0.000 |
0.000 |
8250.000 |
|
Cash generated from operations |
3940.570 |
800.960 |
1261.560 |
|
Net cash flows from (used in) operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operating activity |
4105.050 |
314.640 |
1083.18 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
75.55 |
73.82 |
33.24 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
4.83 |
4.94 |
10.98 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
0.54 |
(4.45) |
(0.38) |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.06 |
(2.15) |
(79.06) |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.33 |
1.05 |
1.18 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.03 |
(13.57) |
2.75 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
0.50 |
(7.68) |
3.01 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.30 |
(3.42) |
0.00 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
0.20 |
(5.92) |
(1.26) |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
(19.47) |
(163.01) |
(41.31) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
(10.44) |
(62.07) |
(15.58) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
(15.90) |
940.18 |
(64.12) |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
0.72 |
0.56 |
0.51 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
0.65 |
0.34 |
0.20 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.66 |
(0.07) |
0.24 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
0.04 |
29.76 |
4.28 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
0.72 |
0.56 |
0.51 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR In
Million |
INR
In Million |
INR
In Million |
|
Share Capital |
3015.640 |
528.370 |
8755.880 |
|
Reserves & Surplus |
1670.920 |
(1686.940) |
1512.000 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
4686.560 |
(1158.570) |
10267.880 |
|
|
|
|
|
|
long-term borrowings |
500.000 |
9600.000 |
0.000 |
|
Short term borrowings |
4158.070 |
6125.300 |
308.630 |
|
Current maturities of
long-term debts |
8250.000 |
0.000 |
0.000 |
|
Total
borrowings |
12908.070 |
15725.300 |
308.630 |
|
Debt/Equity
ratio |
2.754 |
(13.573) |
0.030 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
7274.540 |
6682.040 |
8387.220 |
|
|
|
(8.145) |
25.519 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
7274.540 |
6682.040 |
8387.220 |
|
Profit/(Loss) |
(3005.160) |
(10892.600) |
(1632.680) |
|
|
(41.31)% |
(163.01)% |
(19.47)% |
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
8755.880 |
528.370 |
|
(b) Reserves &
Surplus |
|
599.220 |
(3262.400) |
|
(c) Money received
against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
|
0.000 |
0.000 |
|
(3) Non controlling
interest |
|
289.790 |
199.480 |
|
Total Shareholders’ Funds
(1) + (2) |
|
9644.890 |
(2534.550) |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.000 |
10349.930 |
|
(b) Deferred tax
liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term
liabilities |
|
226.110 |
214.470 |
|
(d) long-term provisions |
|
34.160 |
28.190 |
|
Total Non-current
Liabilities (3) |
|
260.270 |
10592.590 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
308.630 |
7101.780 |
|
(b) Trade payables |
|
4392.100 |
4103.720 |
|
(c) Other current
liabilities |
|
2342.450 |
1118.010 |
|
(d) Short-term provisions |
|
0.000 |
56.990 |
|
Total Current Liabilities
(4) |
|
7043.180 |
12380.500 |
|
|
|
|
|
|
TOTAL |
|
16948.340 |
20438.540 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
308.250 |
356.920 |
|
(ii) Intangible Assets |
|
5273.780 |
6354.700 |
|
(iii) Capital
work-in-progress |
|
32.580 |
0.750 |
|
(iv) Intangible assets under
development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
0.050 |
0.050 |
|
(c) Deferred tax assets
(net) |
|
281.970 |
352.390 |
|
(d) Long-term Loan and Advances |
|
129.640 |
109.060 |
|
(e) Other Non-current
assets |
|
3117.970 |
2923.160 |
|
Total Non-Current Assets |
|
9144.240 |
10097.030 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
2017.970 |
4217.870 |
|
(c) Trade receivables |
|
2755.790 |
3185.940 |
|
(d) Cash and cash
equivalents |
|
1971.420 |
1549.040 |
|
(e) Short-term loans and
advances |
|
31.490 |
19.250 |
|
(f) Other current assets |
|
1027.430 |
1369.410 |
|
Total Current Assets |
|
7804.100 |
10341.510 |
|
|
|
|
|
|
TOTAL |
|
16948.340 |
20438.540 |
PROFIT
& LOSS ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Income |
|
12423.550 |
11036.220 |
|
|
Other Income |
|
301.310 |
278.330 |
|
|
TOTAL |
|
12724.860 |
11314.550 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Direct Cost |
|
8039.190 |
10240.630 |
|
|
Employees benefits
expense |
|
1621.410 |
1896.490 |
|
|
Other expenses |
|
1606.920 |
2583.520 |
|
|
Exceptional Item |
|
541.680 |
72.070 |
|
|
TOTAL |
|
11809.200 |
14792.710 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
|
915.660 |
(3478.160) |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
|
993.600 |
1561.120 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
|
(77.940) |
(5039.280) |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
635.670 |
625.970 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
|
(713.610) |
(5665.250) |
|
|
|
|
|
|
|
Less |
TAX |
|
157.370 |
69.450 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
|
(870.980) |
(5734.700) |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
(2.05) |
(83.98) |
LEGAL CASES
|
Case Details |
|
Bench:-Bombay |
||
|
Presentation
Date:- |
13/02/2017 |
||||||||
|
Lodging No.:- |
COMSL/57/2017 |
Filing Date:- |
13/02/2017 |
||||||
|
Petitioner:- |
WADIA MOVIETONE PRIVATE LIMITED |
Respondent:- |
UTV SOFTWARE COMMUNICATIONS LIMITED |
|
Petn.Adv.:- |
KHIMANI AND ASSOCIATES (I9893) |
Resp.Adv.:- |
VERITAS LEGAL (I13416) |
|
District:- |
MUMBAI |
|
Bench:- |
SINGLE |
|||
|
Status:- |
Pre-Admission |
Category:- |
INTELLECTUAL PROPERTY RIGHTS RELATING TO COPYRIGHT |
|
Last Date:- |
03/03/2017 |
Stage:- |
FOR DIRECTION [ORIGINAL SIDE MATTERS] |
|
Last Coram:- |
HON'BLE SHRI JUSTICE K.R. SRIRAM |
|
Act :- |
Trade & Trade Merchandise Marks Act |
|
Case Details |
|
Bench:-Bombay |
||
|
Presentation
Date:- |
13/02/2017 |
||||||||
|
Lodging No.:- |
NMCDL/53/2017 |
Filing Date:- |
13/02/2017 |
Reg No.: |
NMCD/154/2017 |
Reg Date: |
12.04.2017 |
||
|
|
Lodging No.:- |
COMSL/57/2017 |
|
|
Reg No.: |
COMIP/211/2017 |
|
|
|
|
Petitioner |
WADIA MOVIETONE PRIVATE LIMITED |
Respondent:- |
UTV SOFTWARE COMMUNICATIONS LIMITED |
|
Petn.Adv.:- |
KHIMANI AND ASSOCIATES (I9893) |
Resp.Adv.:- |
MOHANISH CHAUDHARI (I10092) |
|
District:- |
MUMBAI |
|
Bench:- |
SINGLE |
|||
|
Status:- |
Pre-Admission |
Category:- |
NOTICE OF MOTION IN COMMERCIAL DIVISIONMATTERS |
|
Last Date:- |
05/02/2018 |
Stage:- |
FOR ACCEPTANCE |
|
Act :- |
Code of civil procedure 1908 |
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 |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
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 |
Yes |
|
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 |
Yes |
|
33 |
Market information |
--- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
BUSINESS OVERVIEW:
COMPANY OVERVIEW
The Company was incorporated under the laws of India on June 22, 1990 in Mumbai under the Companies Act, 1956. The Company was listed with National Stock Exchange and Bombay Stock Exchange upto March 16, 2012 and has been delisted pursuant to take over by The Walt Disney Company (Southeast Asia) Pte Limited. The Company is primarily engaged in the business of Film Distribution, Film (including Animation) Production, Mobile Value Added Services, Gaming and Interactive media, Content Development & Distribution, Media networks and Disney Consumer Products.
SCHEME OF AMALGAMATION
Pursuant to the Composite Scheme of Amalgamation between the Company and its group company/subsidiary company namely, The Walt Disney Company (India) Private Limited (TWDC) and Indiagames Limited (Indiagames) sanctioned by the order of the Hon’ble National Company Law Tribunal dated June 8, 2017 (the ‘Scheme’); all assets and liabilities of these entities were transferred and vested in the Company with effect from the appointed date of April 1, 2015. The Scheme has accordingly been given effect to in these financial statements with effective from April 1, 2015.
TWDC was into four main business segments namely, Media Networks Services, Disney Consumer Products right licensing, Home Entertainment and Interactive.
Indiagames were in the business of developing, aggregating and distributing content on interactive media and digital platforms and also creating digital applications.
The amalgamation had been accounted based on the Composite Scheme of Amalgamation and Arrangement given under the Scheme and accordingly, the Company has not applied pooling of interest method prescribed under Ind AS 103 - Business Combination with respect to accounting for common control business combinations. Accordingly, the assets and liabilities of TWDC and Indiagames as at April 1, 2015 have been taken over at their fair values as determined by an independent valuer.
1. Pursuant to scheme, USCL has issued 11,394,818 equity shares subsequently on July 24, 2017 to Disney Enterprises Inc., on amalgamation of TWDC into the Company.
2. The Company’s investment (56%) in the equity share capital of Indiagames Limited stand cancelled. Further, the Company has also issued 4,882,271 equity shares subsequently on July 24, 2017 to The Walt Disney Company (Southeast Asia) Pte Limited for the remaining 44% stake on amalgamation of Indiagames into the Company. These additional equity shares issued subsequently by the company on amalgamation have been disclosed as “Shares to be issued” under “Other Equity” as at April 1, 2015; March 31, 2016 and March 31, 2017. There were no differences in Accounting Policies of the Company and its above mentioned amalgamated companies.
As approved under the Scheme, the difference between the amount of fair value of consideration over the fair value of the overall net assets taken over (including other intangible assets), has been debited to Goodwill Account, such Goodwill would be amortised over a period of five consecutive financials years beginning the financial year ended March 31, 2016 in line with above Scheme
BUSINESS OVERVIEW:
The media and entertainment industry in India is undergoing rapid transformation, with video-on-demand services gaining widespread acceptance on the back of increasing mobile connectivity and reducing data costs. This transition has provided individuals access to personalized entertainment and created a growing demand for quality content across all demographics. Our Company remains optimistic about the potential of our integrated business model to navigate these changing scenarios. We are focused on exploring how to build and monetize our assets digitally. We have re-aligned our business portfolio to minimize risk from volatility in our business segments and will continue to focus on building capabilities for the future. The infusion of equity capital has been used to repay all long term borrowings. The Company also merged its affiliate/subsidiary namely The Walt Disney Company (India) Limited and Indiagames Limited carrying on the Licensing & Media Service Business and Games & Interactive Business respectively, more particularly detailed below, so as to create a more integrated structure.
Studios
Dangal became Bollywood’s highest grossing movie till date, earning a record-breaking $217 Million internationally.
Revenues from Hollywood films continue to trend upward, displaying a growing adoption of international content. The Company’s international slate continued to perform well with ~45% of our overall collections at the box office coming from dubbed language releases. Growing the Marvel brand has been a strong focus area for the Company with Captain America: Civil War and Guardians of the Galaxy Vol. 2 both performing better than their predecessors. Dr. Strange outperformed our expectations and highlighted the fact that a Marvel film does not need established characters to succeed. The Jungle Book quickly became the highest grossing Hollywood film in India with a strong resonance with the Indian audience. The Company is committed to focusing on the Hollywood slate going forward including Marvel.
SYNDICATION BUSINESS
The syndication of our content assets, both local and international, continued to be very profitable. With the rise of video-on-demand services in the country, there has been an increase in the demand for content from various parties. The company continues to monetize these assets to the best of our ability.
LIVE ENTERTAINMENT
In May 2016, the live stage musical production of ‘Beauty and The Beast’ had a second run in Mumbai. The response from the audience continued to be very enthusiastic, and the Company is planning to bring more stage productions to India, through a licensing model.
MEDIA NETWORKS
With digitization nearing completion, the television audience is evolving into clearly defined segments. The top-end segment has shown a preference towards HD channels and English language programming. The rural TV audience, included in the BARC ratings for the first time, generated higher ratings for Free-to-air (FTA) channels. Overall, the broadcasting industry had a steady growth in 2016, with advertising and subscription rates growing at ~11% each. However, there have been a few disruptions: the rise in digital consumption, reduced advertising spends after demonetization and the introduction of Goods & Services Tax. The Media Networks business of our Company was still able to perform in spite of these disruptions, achieving a PBT of ~10%.
The Disney Channel has shown continued improvement across the year; and has been recently among the top 2 Kids’ channels. The development of local animation properties continues, and the Company continues to strengthen our Kids’ offering. With effect from October 29, 2017 [00:00 Hours] the feed of the channel Bindass Play was replaced with high definition feed under the name Disney International HD, which is a brand new content destination for youth.
This year, the Movie Channel genre saw an upside in ad sales interest. Our movie channels were able to command a higher advertising rate. The Company continues to invest in content for our channels.
The increased adoption of smartphones and falling data prices has affected the viewership for the Youth genre on television. The Company released webseries like ‘Girl in the City’ and ‘The Trip’, which swiftly became some of the most watched content by the Youth. With 150 MN+ views across first three shows, the Company continues to focus on this omni-platform model for Bindass. Given that the falling Youth viewership on television is not high enough to justify two youth channels, the Company is looking to consolidate our channel presence as well as expand the digital presence through a digital over the top (“OTT”) app.
The Telecom Regulatory Authority of India (TRAI) announced new regulations for the interconnect, tariff order and quality of service which will change the current landscape of TV distribution. The validity of the new regulations have been challenged at the High Court of Judicature at Madras. Pursuant to such challenge, currently the High Court of Judicature at Madras has stayed / halted the implementation of the new regulations.
Games and Interactive
Business
Disruption caused due to demonetization and consolidation in telecom operators led to subdued revenues in FY17, but the margins for the gaming business have been maintained by cost rationalization through organizational restructuring.
Licensing Business
Their company continues to be the largest character licensing business in India and also in the ‘back-to-school’ category. The Consumer Products business continued to grow, with a revenue growth of 8% in this year. We continued to strengthen and expand Their licensee relationships, with Back-to-School, Fashion and Toys as Their strongest categories. Higher affinity among the youth for TheirMarvel and Star Wars franchises has led to an increased adoption of Their products. The business remains a steady contributor for Theircompany, with minimal volatility. While demonetization did affect the third quarter results, the business recovered enough by the end of the financial year.
We have focused on building Their presence in the online space, with Myntra, Flipkart, Amazon and First Cry as key relationships. Their share of business with each of these partners is growing much faster than the market. We are exploring the possibility of creating licensed stores selling exclusive Disney merchandise.
UNSECURED LOAN
|
PARTICULAR |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Long-term
Borrowings |
|
|
|
Term Loan from Banks |
0.000 |
9656.51 |
|
Less: Interest accrued but not due |
0.000 |
(56.51) |
|
|
|
|
|
Short-term
borrowings |
|
|
|
From Banks Working capital Loans |
0.000 |
3513.870 |
|
Cash Credit |
308.870 |
318.730 |
|
Liability component of Compound Financial instruments |
0.000 |
2306.57 |
|
Less : Interest accrued but not due |
(0.240) |
(13.870) |
|
Total |
308.630 |
15,725.300 |
INDEX OF CAHREGS:
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
Y10288690 |
90186791 |
CENTUION BANK LTD |
22/09/2000 |
- |
- |
1000000.0 |
MAKER CHAMBERSNARIMNA POINT MUMBAI-400021 MAHARASHTRA INDIA |
|
2 |
Y10288310 |
90186411 |
DENA BANK |
30/12/1996 |
- |
- |
133642000.0 |
BOMBAY MAIN OFFICEFORT MUMBAI 400023 MAHARASHTRA INDIA |
|
3 |
Y10288177 |
90186278 |
DENA BANK |
21/11/1995 |
- |
- |
7500000.0 |
FORT MUMBAI 400023 MAHARASHTRA INDIA |
|
4 |
Y10290396 |
90188497 |
DENA BANK |
10/09/1993 |
- |
- |
5000000.0 |
ADVANCES DEPTLEGAL SECTION; 17 HORNIMAN CIRCLE FORTBOMBAY-400023 MAHARASHTRA INDIA |
|
5 |
Y10287829 |
90185930 |
DENA BANK |
31/03/1993 |
15/07/1995 |
- |
64460000.0 |
ADVANCES DEPARTMENT17 HORNIMAN CIRCLE; FORT BOMBAY-400023 MAHARASHTRA INDIA |
|
6 |
Y10287823 |
90185924 |
DENA BANK |
21/03/1993 |
30/04/1996 |
- |
8700000.0 |
BOAMBAY MAIN OFFICE17 H. CIRCLE FORTBOMBAYMH400023IN |
|
7 |
Y10289441 |
90187542 |
DENA BANK |
30/08/1991 |
- |
- |
4040000.0 |
SOMBAY MAIN OFFICE; ADVANCES DEPARTMENTLEGAL SECTION; 17 HORNIMAN CIRCLE FORT BOMBAY-400023 MAHARASHTRA INDIA |
|
8 |
Y10287650 |
90185751 |
DENA BANK |
30/08/1991 |
01/08/1994 |
- |
43720000.0 |
BOMBAY MAIN OFFICCELEGAL SECTION; 17 HORNIMAN CIRCLE; FOR BOMBAY-400023 MAHARASHTRA INDIA |
|
9 |
Y10289434 |
90187535 |
DENA BANK |
03/05/1991 |
- |
- |
2000000.0 |
SOMBAY MAIN OFFICE; ADVANCES DEPARTMENTLEGAL SECTION; 17 HORNIMAN CIRCLE FORTBOMBAY-400023 MAHARASHTRA INDIA |
|
10 |
B44355840 |
10225661 |
SBICAP TRUSTEE COMPANY LIMITED |
01/06/2010 |
25/08/2011 |
20/07/2012 |
2925000000.0 |
202, MAKER TOWER, 'E', CUFFE PARADE,COLABA,MUMBAI-400005 MAHARASHTRA INDIA |
CONTINGENT
LIABILITIES:
(INR in Million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
Claims against the Company not acknowledged as debts |
732.520 |
834.520 |
|
On account of disputed demand of: |
|
|
|
Income tax matters |
598.690 |
618.120 |
|
Services tax matters |
815.020 |
242.380 |
|
Sales Tax / VAT/ Lease Tax |
692.400 |
250.370 |
|
Custom Duty |
- |
- |
FIXED ASSETS
- Land
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Office equipment
- Computer equipments
- Other equipments
- Leasehold improvements
- Computer software
- Copyrights, patents and other operating rights
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 records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] 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
|
INR |
|
US Dollar |
1 |
INR 65.06 |
|
|
1 |
INR 92.06 |
|
Euro |
1 |
INR 80.37 |
INFORMATION DETAILS
|
Information
Gathered by : |
AKY |
|
|
|
|
Analysis Done by
: |
NYT |
|
|
|
|
Report Prepared
by : |
RKI |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.