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MIRA INFORM REPORT
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Report No. : |
484310 |
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Report Date : |
04.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
SONY PICTURES NETWORKS DISTRIBUTION INDIA PRIVATE LIMITED (w.e.f.
16.05.2016) |
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Formerly Known
As : |
MSM MEDIA DISTRIBUTION PRIVATE LIMITED |
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Registered
Office : |
4th Floor, Interface, Building No.7, Off. Malad Link Road,
Mumbai – 400064, Maharashtra |
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Tel. No.: |
91-22-40422222 |
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Country : |
India |
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Financials (as
on) : |
31.03.2016 |
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Date of
Incorporation : |
27.03.2015 |
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Com. Reg. No.: |
11-263107 |
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Capital
Investment / Paid-up Capital : |
INR 0.100 Million |
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CIN No.: [Company Identification
No.] |
U92490MH2015PTC263107 |
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IEC No.: |
Not Divulged |
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GSTIN/UIN : |
Not Divulged |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAJCM6670Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
The Company is in the business of distribution of television channels. [Registered Activity] |
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No. of Employees
: |
Information denied 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 : |
Clear |
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Comments : |
Subject was incorporated in the year 2015. The company is a wholly owned subsidiary of Sony Pictures Networks India Private Limited, India. Sony Pictures Network Distribution India extends partnerships with India’s leading network broadcasters to over 131 million homes across 8,000 towns in India. Spanning all genres from General Entertainment, Sports, Movies, News, English GEC, Music, Regional & Kids, the distribution arm offers a complete ‘Entertainment’ package to its viewers. Along with its own channels namely SET, SAB, PAL, MAX, MAX 2, WAH, AXN, PIX, Sony BBC Earth, MIX, Sony YAY, Aath, SIX, Sony ESPN, SET HD, SAB HD, MAX HD, SIX HD, PIX HD, AXN HD, Sony ESPN HD, Le Plex HD, ROX HD and Sony BBC Earth HD, it also distributes the well-known TV Today Network channels – India Today, Aaj Tak and Tez. Furthermore, with the acquisition of TEN Sport Channels- TEN 1, TEN 2, TEN 3, TEN 1 HD & TEN Golf HD, SPN has now the most enviable line up of sporting properties. As per the Registrar of Companies date of balance sheet (i.e. financial filed) is shown as 31.03.2017 but documents related to the financial for the year 31.03.2017 are not available from any sources. As per the financial of 2016, the company has achieved sales turnover of INR 1050.76 million and earned an average net profit margin of 2.15%. The overall financial position of the company seems to be satisfactory marked by comfortable net worth base along with debt free balance sheet profile and adequate liquidity position. Rating takes into consideration the company’s healthy Earnings Per Share (EPS) of INR 2256.00 as against its Face Value (FV) of INR 10. Rating takes into consideration the strength that the company derives from its holding company and its experienced management team. Business is active. Payments are reported to be slow but correct. In view of aforesaid, the company can be considered for business dealings at usual trade terms and condition. |
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
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
31-03-2016.
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 04.01.2018
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 BY
|
Name : |
Mr. Mayur |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-22-67081300 |
|
Date : |
03.01.2018 |
LOCATIONS
|
Registered Office : |
4th Floor, Interface, Building No.7, Off. Malad Link Road,
Mumbai – 400064, Maharashtra, India |
|
Tel. No.: |
91-22-40422222 / 67081300 |
|
Fax No.: |
91-22-66407565 |
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E-Mail : |
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Website : |
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Regional Offices : |
Ø A-306, Capitol Tower, 3rd Floor, Radio Station Circle, Fraser Road, Patna – 800001, Bihar, India Ø
Manipal Centre, 8th Floor, 806
North Wing, Dickenson Road, Ø 31/1, Old No. 12, Shaffee Mohammed Road, Thousand Lights, Chennai – 600006, Tamilnadu, India Ø No 5/6/7 and 8, Time Tower Ground Floor, MG Road, Gurugram – 122002, Haryana, India Ø G2, Dwaraka Apartment, Thakur Mansion Lane, Somajiguda, Hyderabad – 500082, Telangana, India Ø 2nd Floor, Princess Sky Park, Scheme No 54/PU-3, Indore – 452010, Madhya Pradesh, India Ø 2nd Floor, Ideal Centre, 9 A.J.C. Bose Road, Kolkata – 700017, West Bengal, India |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Ashok Nambissan |
|
Designation : |
Director |
|
Address : |
1701, 17th Floor, Anmol Prestige, Excel Compound,
Opposite Patel Auto, Off S. V. Road, Goregaon (West), Mumbai – 400062, Maharashtra,
India |
|
Date of Birth/Age : |
02.12.1956 |
|
Date of Appointment : |
27.03.2015 |
|
DIN No.: |
00288695 |
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|
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Name : |
Mr. Narinder Pal Singh |
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Designation : |
Director |
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Address : |
22, Harshavardhan, J.P. Road, Versova, Andheri (West),
Mumbai – 400061, Maharashtra, India |
|
Date of Birth/Age : |
13.11.1959 |
|
Date of Appointment : |
27.03.2015 |
|
DIN No.: |
03335912 |
KEY EXECUTIVES
|
Name : |
Mr. Mayur |
|
Designation : |
Finance Manager |
MAJOR SHAREHOLDERS
AS ON 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
Sony Pictures Networks India Private Limited, India |
|
9999 |
|
Bangla Entertainment Private Limited, India |
|
1 |
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Total |
|
10000 |
Equity Share Break up (Percentage of Total Equity)
AS ON 24.08.2017
|
Category |
Percentage |
|
Promoters [Bodies
corporate] |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is in the business of distribution of television channels. [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 – (NOT AVAILABLE)
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information denied by the management |
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Bankers : |
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Auditors : |
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Name : |
Price Waterhouse Chartered Accountants |
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Address : |
2nd Floor, 252, Veer Savarkar Marg, Next To Mayor's Bungalow, Dadar (West), Mumbai – 400028, Maharashtra, India |
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PAN No.: |
AAEFP3641G |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding company : |
·
Sony Pictures Networks India Private Limited
[U92100MH1995PTC111487] |
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Fellow Subsidiary
company : |
· MSM Discovery Private Limited [U92132MH2002PTC136158] |
CAPITAL STRUCTURE
AS ON 24.08.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000 |
Equity Shares |
INR 10/- each |
INR 1.000 Million |
|
|
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|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000 |
Equity Shares |
INR 10/- each |
INR 0.100 Million |
|
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|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2016 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
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|
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(a) Share Capital |
|
|
0.100 |
|
(b) Reserves & Surplus |
|
|
22.560 |
|
(c) Money
received against share warrants |
|
|
0.000 |
|
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|
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|
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(2) Share Application money pending
allotment |
|
|
0.000 |
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Total Shareholders’
Funds (1) + (2) |
|
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22.660 |
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(3)
Non-Current Liabilities |
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(a) Long-term borrowings |
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|
0.000 |
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(b) Deferred tax liabilities (Net) |
|
|
0.000 |
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(c) Other long term
liabilities |
|
|
2.300 |
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(d) Long-term
provisions |
|
|
18.670 |
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Total Non-current
Liabilities (3) |
|
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20.970 |
|
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(4)
Current Liabilities |
|
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|
(a) Short
term borrowings |
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|
0.000 |
|
(b) Trade
payables |
|
|
252.200 |
|
(c) Other
current liabilities |
|
|
2803.930 |
|
(d) Short-term
provisions |
|
|
2.010 |
|
Total Current
Liabilities (4) |
|
|
3058.140 |
|
|
|
|
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TOTAL |
|
|
3101.770 |
|
|
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II.
ASSETS |
|
|
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(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i) Tangible
assets |
|
|
2.320 |
|
(ii)
Intangible Assets |
|
|
1.100 |
|
(iii)
Capital work-in-progress |
|
|
0.000 |
|
(iv)
Intangible assets under development |
|
|
0.000 |
|
(b) Non-current Investments |
|
|
0.000 |
|
(c) Deferred tax assets (net) |
|
|
26.500 |
|
(d)
Long-term Loan and Advances |
|
|
113.690 |
|
(e) Other
Non-current assets |
|
|
0.000 |
|
Total Non-Current
Assets |
|
|
143.610 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
|
0.000 |
|
(b) Inventories |
|
|
0.000 |
|
(c) Trade
receivables |
|
|
107.310 |
|
(d) Cash
and cash equivalents |
|
|
2685.220 |
|
(e)
Short-term loans and advances |
|
|
164.450 |
|
(f) Other
current assets |
|
|
1.180 |
|
Total
Current Assets |
|
|
2958.160 |
|
|
|
|
|
|
TOTAL |
|
|
3101.770 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
|
|
1050.760 |
|
|
Other Income |
|
|
8.320 |
|
|
TOTAL |
|
|
1059.080 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Employee benefit expense |
|
|
424.530 |
|
|
Other expenses |
|
|
599.600 |
|
|
TOTAL |
|
|
1024.130 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
|
|
34.950 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
|
34.950 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
|
|
0.440 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
|
|
34.510 |
|
|
|
|
|
|
|
Less |
TAX |
|
|
11.950 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
|
|
22.560 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
|
2256.00 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
|
|
31.03.2016 |
|
Current Maturities of Long term debt |
|
|
NA |
|
Cash generated from operations |
|
|
NA |
|
Net cash flows from (used in) operations |
|
|
2828.830 |
|
Net cash flows from (used in) operating activities |
|
|
2683.090 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
|
|
31.03.2016 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
|
|
37.28 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
|
|
9.79 |
|
|
|
|
|
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Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
|
|
0.00 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
|
|
0.00 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
|
|
10.22 |
LEVERAGE RATIOS
|
PARTICULARS |
|
|
31.03.2016 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
|
|
0.99 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
|
|
0.00 |
|
|
|
|
|
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Current Liabilities to Networth (Current Liabilities / Net Worth) |
|
|
134.96 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
|
|
0.15 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
|
|
0.00 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
|
|
31.03.2016 |
|
PAT to Sales ((PAT
/ Sales) * 100) |
% |
|
|
2.15 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
|
|
0.73 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
|
|
99.56 |
SOLVENCY RATIOS
|
PARTICULARS |
|
|
31.03.2016 |
|
Current Ratio (Current
Assets / Current Liabilities) |
|
|
0.97 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
|
|
0.97 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
|
|
0.01 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
|
|
0.00 |
|
|
|
|
|
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G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
|
|
0.97 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
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 |
No |
|
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 |
No |
|
26 |
Turnover of firm for last one year |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last one year |
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 |
OPERATIONS:
The Company was incorporated on March 27, 2015. The Company is a wholly owned subsidiary of Sony Pictures Networks India Private Limited (“SPN”) (formerly known as “Multi Screen Media Private Limited”). The Company is in the business of distribution of television channels. The Company has arrangements with SPN and TV Today Network Limited (“TVT”) on a principal to agent basis effective from April 01, 2015, enabling the Company to distribute their channels as an authorized agent.
With effect from May 16, 2016 name of the company has changed from “MSM Media Distribution Private Limited” to “Sony Pictures Networks Distribution India Private Limited”.
INDEX OF CHARGES: NO
CHARGES EXISTS FOR COMPANY
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 63.48 |
|
|
1 |
INR 86.41 |
|
Euro |
1 |
INR 76.54 |
INFORMATION DETAILS
|
Information
Gathered by : |
SHW |
|
|
|
|
Analysis Done by
: |
NYT |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
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.