MIRA
INFORM REPORT
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Report Date : |
10.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
DISH TV INDIA LIMITED |
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Formerly Known
as : |
ASC ENTERPRISES LIMITED |
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Registered
Office : |
Essel House, B – 10, Lawrence Road, Industrial Area, Essel House, New
Delhi – 110035 |
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Country : |
India |
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Financials (as
on) : |
31.03.2008 |
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Date of
Incorporation : |
10.08.1988 |
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Com. Reg. No.: |
55-101836 |
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CIN No.: [Company Identification
No.] |
L51909DL1988PLC101836 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA18375A |
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Legal Form : |
Public Limited Liability Company. The company’s Shares are Listed on the
Stock Exchanges |
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Line of Business
: |
Subject Provides DTH Services, Broadcasting Services and consultancy. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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Status : |
Moderate |
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Payment
Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a part of Zee-Telefilms Group of Mr. Subhash Chandra, It
can be considered normal for business dealings at usual trade terms and
conditions on merits. |
LOCATIONS
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Registered
Office : |
Essel House, B – 10, Lawrence Road, Industrial Area, Essel House, New
Delhi – 110035, India |
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Tel. No.: |
91-11-27101145/ 54 |
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Fax No.: |
91-11-27106128 |
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E-Mail : |
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Website : |
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Location : |
Industrial |
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Corporate Office : |
5th Floor, Chintamani Plaza, Andheri Kurla Road, Andheri
(East). , Mumbai – 400099, Maharashtra. |
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Tel. No.: |
91-22-28235111/12/13 |
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Fax No.: |
91-22-282351118 |
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E-Mail : |
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Location : |
Commercial |
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Branch Office : |
207, Paradigm ‘B’ Mindspace, Malad Link Road, Malad [West], Mumbai –
400064, Maharashtra, India |
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Tel. No. : |
91-22-55040280 / 81 /82 |
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Fax No. : |
91-22-55040285 |
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Branch Office : |
FC 19 Sector 16A, Film City, Noida – 201301, Uttar Pradesh, India |
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Tel No.: |
91-120-2599391-95 |
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Fax No.: |
91-120-4357078 |
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Website : |
DIRECTORS
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Name : |
Mr. Subhash Chandra |
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Designation : |
Chairman |
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Date of
Birth/Age : |
30.11.1950 |
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Date of
Appointment : |
09.08.1995 |
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Name : |
Mr. Jawahar Lal Goel |
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Designation : |
Managing Director |
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Name : |
Mr. Ashok Kurian |
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Designation : |
Director |
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Name : |
Mr. B. D. Narang |
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Designation : |
Independent Director |
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Name : |
Mr. Arun Duggal |
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Designation : |
Independent Director |
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Name : |
Mr. Pritam Singh |
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Designation : |
Independent Director |
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Name : |
Mr. Eric Zinterhoter |
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Designation : |
Independent Director |
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Name : |
Mr. Mintoo Bhandari |
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Designation : |
Alternate Director |
KEY EXECUTIVES
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Name : |
Mr. Jagdish Patra |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS
(As on 31.03.2008)
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Names of Shareholders |
No. of Shares |
Percentage |
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Veena Investments Private Limited |
76497825 |
17.86 |
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Afro-Asian Satellite Communications |
35172125 |
8.21 |
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Jayneer Capital Private Limited |
34399354 |
8.03 |
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Churu Trading Company Private Limited |
26858508 |
6.27 |
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Ganjam Trading Company Private Limited |
16876987 |
3.94 |
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Premier Finance & Trading Private Limited |
16411055 |
3.83 |
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Life Insurance Corporation of India Limited |
12314813 |
2.88 |
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Prajatama Trading Company Private Limited |
11998875 |
2.80 |
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Oppenheimer Funds Inc. A/c Oppenheimer Globalfund |
10934339 |
2.55 |
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Delgrada Limited |
10190293 |
2.38 |
(As on 31.03.2008)
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Category |
No. of Shares |
Percentage |
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Promoters |
248105772 |
57.94 |
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Individuals |
57325745 |
13.39 |
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Domestic Companies |
26460748 |
6.18 |
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FIs, Mutual Funds and Banks |
30189235 |
7.04 |
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FIIs, OCBs and NRI |
66141303 |
15.45 |
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Total |
428222803 |
100.00 |
BUSINESS DETAILS
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Line of Business
: |
Subject Provides DTH Services, Broadcasting Services and consultancy. |
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Brand Names : |
Agrani and Dish TV |
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Imports : |
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Products : |
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Countries : |
France |
GENERAL INFORMATION
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No. of Employees
: |
About 100 |
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Bankers : |
Connaught Place Branch, New Delhi, India
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
M. G. Bhandari and Company Chartered Accountants, Jolly Bhavan – 2, First Floor, 7 New Marine Lines,
Chaurchgate, Mumbai 400020 Tel. No. : 91-2256332330 Fax No. : 91-22-56351545 E-mail : mgbco@mbgbco.com 21shankar Vihar, Vikas Marg, Delhi 110092 Tel. No. : 91-11-2250830/22456840 E-mail : mghcodelhi@mghco.com |
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Associates : |
v
Agrani
Satellite Services Limited v
Agrani
Convergence Limited v
Agrani
Wireless Services Limited v
Agrani
Satellite Communication Enterprise (Gibraltar) Limited v
Quick
Calls Limited v
Smarttalk
Limited v
Bhilwara
Telenet Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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730000000 |
Equity Shares |
Rs.1/- each |
Rs.730.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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428222803 |
Equity Shares |
Rs.1/- each |
Rs.428.223 Millions |
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Note:
Of the above 249,300,890 Equity Shares of Re. 1 each fully paid up were allotted for consideration other than cash pursuant to the Scheme of Arrangement (Refer Note 25)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
428.223 |
428.200 |
715.700 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
459.600 |
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4] (Accumulated Losses) |
(4955.005) |
(822.900) |
0.000 |
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NETWORTH |
(4526.782) |
394.700 |
1175.300 |
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LOAN FUNDS |
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1] Secured Loans |
683.868 |
1444.700 |
78.100 |
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2] Unsecured Loans |
4582.383 |
306.300 |
5.700 |
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TOTAL BORROWING |
5266.251 |
1751.000 |
83.800 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
739.469 |
1356.300 |
1259.100 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
6316.256 |
5496.500 |
605.900 |
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Capital work-in-progress |
1379.766 |
1126.500 |
536.500 |
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INVESTMENT |
944.510 |
944.500 |
1068.700 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
47.122
|
11.400
|
4.700
|
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Sundry Debtors |
384.370
|
390.600
|
75.600
|
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Cash & Bank Balances |
199.423
|
113.300
|
59.400
|
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Other Current Assets |
0.000
|
0.000
|
0.000
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Loans & Advances |
2844.150
|
1869.400
|
1468.000
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Total
Current Assets |
3475.065
|
2384.700
|
1607.700 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
11340.787
|
8577.000
|
2558.300
|
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Provisions |
35.341
|
18.900
|
1.400
|
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Total
Current Liabilities |
11376.128
|
8595.9
|
2559.700 |
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Net Current Assets |
(7901.063)
|
[6211.200]
|
(952.000)
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
739.469 |
1356.300 |
1259.100 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
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Sales Turnover |
4127.438 |
1909.400 |
314.600 |
|
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Other Income |
29.731 |
91.500 |
3.000 |
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Total Income |
4157.169 |
2000.900 |
317.600 |
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Profit/(Loss) Before Tax |
(4126.153) |
[2516.300] |
(2078.000) |
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Provision for Taxation |
5.892 |
2.500 |
0.300 |
|
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Profit/(Loss) After Tax |
(4132.045) |
[2518.800] |
(2078.300) |
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Export Value |
41.304 |
45.543 |
NA |
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Import Value |
2062.021 |
1978.416 |
NA |
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Expenditures : |
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Raw Materials |
204.526 |
12.100
|
61.100
|
|
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Power & Fuel Cost |
3430.298 |
7.300
|
1.600
|
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Other Manufacturing Expenses |
0.000 |
2251.400
|
728.100
|
|
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Employee Cost |
295.076 |
148.700
|
21.500
|
|
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Selling and Administration Expenses |
321.550 |
1146.900
|
335.200
|
|
|
Miscellaneous Expenses |
2028.159 |
206.900
|
1205.100
|
|
|
Interest & Financial Charges |
513.241 |
175.300
|
19.400
|
|
|
Depreciation |
1490.473 |
575.300
|
28.300
|
|
|
Stock Adjustment |
0.000 |
[6.700] |
[4.700] |
|
Total Expenditure |
8283.323 |
4517.200 |
2395.600 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2008 |
|
Type |
|
|
1st
Quarter |
|
Sales Turnover |
|
|
1644.600 |
|
Other Income |
|
|
1.700 |
|
Total Income |
|
|
1646.300 |
|
Total Expenditure |
|
|
2310.800 |
|
Operating Profit |
|
|
(664.500) |
|
Interest |
|
|
142.600 |
|
Gross Profit |
|
|
(807.100) |
|
Depreciation |
|
|
445.700 |
|
Tax |
|
|
1.600 |
|
Reported PAT |
|
|
(1254.400) |
KEY RATIOS
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
Debt-Equity Ratio |
0.00 |
2.35 |
0.05 |
|
Long Term Debt-Equity Ratio |
0.00 |
1.01 |
0.03 |
|
Current Ratio |
0.23 |
0.34 |
1.30 |
|
Fixed Assets |
0.56 |
0.56 |
0.76 |
|
Inventory |
141.11 |
237.19 |
133.87 |
|
Debtors |
10.65 |
8.19 |
6.54 |
|
Interest Cover Ratio |
(6.14) |
(13.35) |
(44.0) |
|
Operating Profit Margin(%) |
(49.86) |
(92.47) |
(262.78) |
|
Profit Before Interest And Tax Margin(%) |
(85.97) |
(122.60) |
(271.77) |
|
Cash Profit Margin(%) |
(64.00) |
(101.79) |
(269.04) |
|
Adjusted Net Profit Margin(%) |
(100.11) |
(131.93) |
(278.04) |
|
Return On Capital Employed(%) |
0.00 |
0.00 |
0.00 |
|
Return On Net Worth(%) |
0.00 |
0.00 |
0.00 |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY:
Subject is an Essel Group venture. Essel Group has a vast
range of national and global business interests that include media programming,
broadcasting & distribution, speciality packaging and entertainment. The
Company was incorporated during August of the year 1988 as Navpad Texturisers
Private Limited. The businesses have close synergies in the areas of content,
distribution and infrastructure. Company is India's first direct to home
entertainment service that has digitalized Indian entertainment to bring to
home the best in television viewing through the latest in digital technology.
Company takes television viewing to the next level as it supports various
futuristic features like Electronic Programme Guide, Parental Lock, Capacity up
to 400 channels, Games, Interactive TV, Movie on Demand etc also brings an
exclusive National and International channels for the first time in India.
During December of the year 1995, the company had changed its name as ASC
Enterprises Limited. In April of the year 2006, the company's Hollywood
blockbusters launched the on Movie on Demand. During June of the same year,
News Active was launched and the One Alliance bouquet had joined in. In July,
the Gaming channel Playjam was commenced. End of the year 2006, Dish Care Centres
set-up dishtv has 93 DCC/ Service franchisees across 51 cities. In 2007, the
name has been changed into subject. During the year 20060-07, the company had
launched a host of new age features like Near Video on Demand (nVOD), Sports
Active, Mosaic for all genres & games for children. During April of the
2007, company crossed the 2 million subscribers marks and in the same period
the Service infrastructure expands to 950-customer service executive at 9
different locations. Dish TV recognised as one of the top 25 start up brands in
the country, by Planman Media in May of the year 2007.
BUSINESS
OVERVIEW:
The company was engaged in expansion of business activity at grass root level
and consolidation of systems and processes to derive the synergies and optimize
the use of available resources. Key focus area included strengthening the
robustness of subscriber management system, creation of Dish Care Centre across
the country, promoting exclusive Dish Shoppe, Expansion of Distributor and
Dealer network in remote area and empowering zones to function as an
independent office with devolution of power and authority for faster decision
and better output.
Sales are driven by strengthening and deepening the distribution
infrastructure, focused attention on sales related to Multi Dwelling Units
(MDU), Key chain stores, Corporate Direct Sales, Corporate tie ups for bundling
of product, special promo offers for regional festivals and of course cricket
led sales. Roping of Mr. Shah Rukh Khan as brand ambassador also helped in
leveraging the Brand Image, stature, imagery and contributed to overall feel
good factor in the trade circle.
Special emphasis on Movie On Demand, Gaming, Interactive service also helped in
enriching the offer and reaching out to a larger section of community.
The Company had added one million subscribers thereby total subscriber base
crossed over 3.0 million with a market share of over 60%. Despite the emergence
of new competition, subject was able to maintain its leadership in the category.
The Company also launched VGA Box during the year, which has the capability to
convert a computer into a TV set, the response of which was encouraging. The
Company also launched company in Airlines and on Mobile Vans ahead of any other
competitor which clearly establishes their technological superiority.
India is the second largest TV market after China and Direct To Home (DTH) will
continue to increase its market share in a rapid way. Moreover, digitalization
of delivery platform, launch of New TV channels, Implementation of Conditional
Access System (CAS), Distribution reach, Robust GDP growth, Launch of new
technology e.g. DVR will continue to drive this sector.
Company believes that competition will grow the market and it would benefit the
Company in terms of market leadership and sustained growth in the near
future.
SUBSIDIARY OPERATIONS:
The Company has three subsidiaries viz : Integrated Subscriber Management
Services Limited (ISMSL), Agrani Satellite Services Limited (ASSL) and Agrani
Convergence Limited (ACL).
Ministry of Corporate Affairs, Government of India has, vide it letter no.
47/152/2008-CL-III dated June 16, 2008 granted exemption to the Company from
applicability of provisions of Section 212(1) of the Companies Act, 1956,
relating to attachment of the accounts of subsidiary companies to its Annual
Accounts for the financial year ended March 31, 2008. Accordingly, Annual
Accounts of the subsidiaries for the current financial year are not being
attached with the Annual Report of the Company. Financial highlights of the
subsidiary companies are disclosed in the Annual Report and the Annual Accounts
of the subsidiary companies are available for inspection by any member of the
Company who may be interested.
As required by Accounting Standard-21 issued by the Institute of Chartered
Accountants of India, the financial statements of the Company reflecting the
Consolidation of the Accounts of its subsidiaries to the extent of equity
holding of the Company in these Companies are included in this Annual
Report.
SHARE CAPITAL
During the financial year 2007-08, there has been no change in the issued
capital of the Company.
The Board of Directors at its Meeting held on April 24, 2008 have approved the
issue of additional shares through a Rights Issue for a value aggregating
Rs.11400.000 Millions. The Draft Letter of offer for the proposed Rights Issue
has been filed with the Securities Exchange Board of India (SEBI) and the Stock
Exchanges in May 2008 and the management is hopeful of getting all requisite
approvals soon.
To facilitate the Rights Issue, the Members at the Extra Ordinary General
Meeting held on May 29, 2008, have approved the increase of the authorized
share capital from Rs.730.000 Millions to Rs.1000.000 Million.
MANAGEMENT DISCUSSION
AND ANALYSIS:
India's TV viewership is among the largest in the world at 115 million, just
ahead of US (112 million households) but well behind China (386 million households).
However, the total TV penetration of 54% in India is still much lower that that
of other countries in the region. At the same time, pay TV has attained a
fairly high penetration in India at 64% of all TV households mainly in the
analogue format. This indicates that as TV penetration increases, pay TV has
the opportunity to grab a larger share of the TV households' pie.
With the huge untapped potential aside, key demographics shifts and changes in
the Indian economic environment are fuelling consumption growth like never
before. According to Indian National Readership Survey, the number of pay TV
homes increases with the rising household income levels.
In terms of sheer numbers, TV households are projected to increase from 115
million to 132 million by 2012 at a growth rate of 3% over the next five years.
In this, the pay TV homes are projected to increase from 74 million (64%
penetration) in 2007 to 115 million (87% penetration) in 2012. Currently, cable
TV homes command a penetration of 95% i.e. 70 million of the pay TV homes. This
is projected to come down to 68% by 2012 and DTH homes would increase from 4
million in 2007 to 25 million by 2012 thus increasing their penetration from a
low of 3% of the total TV homes in 2007 to 19% in 2012.
DTH regulation in India is also in the process of evolving, with TRAI
addressing issues related to tariffs, interconnection, and implementation of
CAS would encourage competition between distribution platforms and industry
players.
With the emergence of new competitors the industry will grow and mature which
will eventually help in strengthening its footage as a formidable option of TV
service providers. Key area to watch will be SAC (Subscriber Acquisition Cost);
growth in ARPU; Content cost; Govt. Regulation; Taxation policy; Provision for
exclusive content; CAS rollout and overall development of the economy in the
days to come.
Moreover a reduction in License Fee from 10% to 6% will help in augmentation of
Income and they are expecting this to be realty anytime during the year.
With the multiple growth levers available, the challenges to the DTH providers
will be largely to balance subscriber growth with ARPU enhancement.
ACTIVITIES DURING THE YEAR:
This entire year the focus has been on a three pronged strategies of aggressive
subscriber acquisition, improvement in quality of subscribers and enhancement
of customer experience at all service touch points. They are proud to have
built an organization that is leading the category from the front-innovating in
more ways than one.
FOCUS ON BRAND BUILDING:
In the last few months huge investments have been made into brand building
activities on two fronts - a stronger affinity with the mother brand ZEE and
thru their tie-up with our brand ambassador Shah Rukh Khan who has taken their
brand promise to market very effectively. Further, dishtv's transparency
campaign, 'The dishtv Challenge', helped garner large volumes in an otherwise
price sensitive market. The idea was to provide flexi plans that will benefit
the consumers across all segments and help them evaluate the benefits of a
single price, with no hidden costs whatsoever.
IMPROVING THE SERVICE LEVELS:
Moreover, large strides have also been made in their organization's structure development
and service infra enhancement in order that they meet each subscriber needs
efficiently and in the lowest possible turn around time. Continuous efforts
have been made into ensuring a delighted subscriber base where promising
renewal trends can be seen. Initiatives like, the launch of my account page
that allows subscribers to know their renewal info on their TV screens, onboard
calling for newly acquired members of the family, uniform call centre numbers
and facilities, service extension of dish care centres to over 120 towns.
PROVIDING AN EXPERIENCE TO
CUSTOMERS:
Dishtv continues to be the platform with the widest content, packaged in most
consumer friendly customizable packages, which continues to be one of their
biggest strengths and product differentiator that is not easy to match.
OVERALL COMPETITIVE
ADVANTAGE:
They are confident to face the competition and emerge stronger as a DTH Player
of choice by the public. The following strengths that will differentiate from
the competitors:
- Wide subscriber base:
The Company has created a Zonal structure comprising of 7 zones to create
a wide spread distribution capability across India. They have a geographically
diverse subscriber base in the 4 corners of India. They also believe that their
large subscriber base contributes to achieving other economies of scale which
will help break-even faster than their competitors.
- Distribution & Customer service network:
They have a network of 575 distributors and approx. 45,000 dealers (dealership
presence in 5,200 towns). They have systems for collections and customer
service with over 25,000 service personnel and 100 Dish Care Centers, offering
customer care in 9 different languages. Theirr emphasis is to build capability
in the team to develop subscriber relationship management and CRM calendars
which will help in timely collection and to upgrade offers. With the emergence
of new players with telecom background, their existing dealer network will be
extensively used which will not be less than 2,00,000 which will deepen the
market potential and provide reach to the customer.
- Substantial Channel Capacity and High Quality
infrastructure:
They are using transponders as on date on the NSS-6 Satellite comprising four
transponders of 54MHz. and five transponders of 36MHz. distributed in
horizontal and vertical polarizations. They believe they are able to deliver to
their subscribers one of the widest selections of programming available today
around the world. They have also partnered with following software
providers:
- Open TV for middle
ware
- CONAX for encryption
and authentication
- SCOPUS/TANDBENG for
compression systems
- HARRIS for automation
and broadcasting software
- First Mover Advantage:
On account of being the first DTH service provider in India, with a large
footprint of trade and subscribers in both urban and rural markets the company
has secured relatively large market share.
- Promoter backing:
The Company is promoted by Essel Group, which comprises of India's largest
integrated media houses (ZEE) with requisite industry domain knowledge. In
addition, they believe this brand name enhances their ability to secure
strategic alliances with programmers, distributors and other technology and
service providers.
- Multi-tiered/Regional packages:
The content is offered at various price points to customers based on the viewer
preference and capacity to pay. This helps us in driving numbers from different
consumer segments - both demographically as well as geographically.
- Cost conscious:
The entire set-up is continuous monitoring to derive economies of scale
from content providers and equipment suppliers.
Form 8 Particular for creation or modification of
charges
|
Name of the company |
ASC ENTERPRISES LIMITED |
|
Presented By |
ING VYSYA BANK LIMITED & ASC ENTERPRISES LIMITED |
|
1) Date and description of instrument creating the change |
Term Loan agreement dt. 07.05.2004 |
|
2) Amount secured by the charge/amount owing on the securities of
charge |
Rs. 500.000 millions |
|
3) Short particular of the property charged. If the property acquired
is subject to charge, date of the acquired of the property should be given |
i] Residual charge on all movable fixed assets of the company
including furniture, fixtures, computers and other movables both present and
future situated at Fifth floor, Chintamani Plaza, Andheri [East], Mumbai,
Essel House, B – 10, Lawrence Road, Industrial Area, New Delhi – 110035 or
any other places or any place in transit. Ii] Residual charge on all movable
plant and machinery of the company situated at various places present and
future situated at Fifth Floor, Chintamani Plaza, Andheri Kurla Road, Andheri
[East], Mumbai, Essel House, B – 10, Lawrence Road, Industrial Area, New
Delhi – 110035 or any other places or any place in transit |
|
4) Gist of the terms and conditions and extent and operation of the
charge. |
The residual charge on above assets is to secure the Rupee Term Loan
of Rs. 500 millions sanctioned to the company. Interest is chargeable at 6.5% pa payable with monthly rests or
at such other rates as may be fixed by the Bank from time to time. The loan is repayable in 10 equal monthly
installments of Rs. 50 millions each commencing from 31st July,
2004 and ending on 30th April, 2005 |
|
5) Name and Address and description of the person entitled to the
charge. |
ING VYSYA BANK LIMITED Connaught Place Branch, New Delhi |
|
6) Date and brief description
of instrument modifying the charge |
Nil |
|
7) Particulars of modifications specifying the terms and conditions or
the extent of operations of the charge in which modification is made and the
details of the modification. |
Nil |
Form 8 Particular
for creation or modification of charges
|
Corporation identity number or foreign company registrations number
of the company |
U51909DL1988PLC101836 |
|
Name of the company |
ASC ENTERPRISES LIMITED |
|
Address |
Essel House, B – 10, Lawrence Road, Industrial Area, Essel House, New
Delhi – 110035 |
|
This Form is for |
Creation of charge |
|
Type of Charges |
Hypothecation |
|
Particular of the charge holder
|
L65190MH2004GOI148838 INDUSTRIAL DEVELOPMENT BANK OF INDIA LIMITED IDBI Tower WTC Complex, Cuffe Parade, Mumbai – 400005, Maharashtra E-mail : appl.helpdesk@mca.gov.in |
|
Nature or description of the instrument creating charge |
Deed of hypothecation dated 23rd May, 2006 |
|
Date of the instrument creating charge |
23.05.2006 |
|
Amount Secure by the charge |
Rs. 750.000 millions |
|
Brief of the principal terms and conditions and extent and operation
of the charge |
As per Annexure |
|
Description of the property charge whether it is a charge on |
Plant and machinery, furniture and fixtures, stock in trade, book
debts and vehicles |
|
Particulars of the Property charged
|
The whole of moveable properties of the borrower including its
movable plant & machinery, machinery spares, tools, accessories, book
debts, located at FC – 19, Sector – 16A, Noida, Uttar Pradesh |
FIXED ASSETS:
- Licenses Fees
- Software
- Plant and Machinery
- Computers
- Office Equipment
- Furniture
- And Fixture
- Vehicles
- Leasehold Improvement
AS PER WEBSITE
Profile:
Subject is
India’s first direct to home entertainment service that has digitalized Indian
entertainment to bring to the home the best in television viewing through the
latest in digital technology. It not only broadcasts high quality programmes
straight from the satellite to the home, but also gives absolute and complete
control of what watch and pay for.
Subject can unleash the true potential of the high-end television set and
complete the TV viewing experience with true DVD quality. If are a connoisseur
of good sound then make sure experience true stereophonic sound effects, which
only companycan bring to the home.
Subject takes television viewing
to the next level as it supports various futuristic features like Electronic
Programme Guide, Parental Lock, Capacity up to 400 channels, Games, Interactive
TV, Movie on Demand etc.
Company also
brings exclusive National and International channels for the first time in
India! Enjoy all of these never-seen -before channels in uninterrupted viewing
without any transmission cuts.
Brought to by a Zee Network Enterprise, Subject has changed the face of the
Indian television home, bringing it at par with the global entertainment
industry.
DISHTV EDGE
Going the DTH way has a lot of benefits. Automatically upgraded to
a host of world class features that makes television viewing a pleasurable
experience. Have a look at some of the key add on benefits that Company brings to the home.
Digital Picture Quality
The exceptional digital and direct-to-home transmission
ensures watch all the favourite programmes in true DVD quality.
Sterephonic Sound
The Direct-to-Home satellite transmission treats the ears to
a true theatre experience by providing awesome stereophonic sound.
Geographic Mobility
No matter which part of the country are in or moving to, Subject with its all India coverage
ensures direct signals wherever are.
Uninterrupted Viewing
Company at the home, as long as the equipment is connected
to a power source can enjoy uninterrupted transmission of your favourite
programmes.
Capacity up to 400 Channels
Subjkect can
offer up to 400 entertaining channels. And that's not all, every month more
channels will be added to provide complete entertainment to the family.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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 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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.74 |
|
UK Pound |
1 |
Rs.85.19 |
|
Euro |
1 |
Rs.66.12 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--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 |
|
TOTAL |
|
33 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|