MIRA
INFORM REPORT
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Report Date : |
01.12.2011 |
IDENTIFICATION DETAILS
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Name : |
GENX ENTERTAINMENT LIMITED |
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Registered
Office : |
7th Floor, Building No. 11, Solitaire Corporate Park, Guru Hargovindji
Marg, Chakala, Andheri (East), Mumbai – 400093, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
19.02.2007 |
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Com. Reg. No.: |
11-167974 |
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Capital Investment
/ Paid-up Capital : |
Rs. 101.610 Millions |
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CIN No.: [Company Identification
No.] |
U92142MH2007PLC167974 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMG12195B |
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PAN No.: [Permanent Account No.] |
AACCG7831Q |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
The company engaged in broadcasting business. |
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No. of Employees
: |
Information declined by management |
RATING & COMMENTS
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MIRA’s Rating : |
Ca (15) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appears
huge accumulated losses recorded by the company. Profitability of the company
is under pressure. However, trade relations are reported as fair. Business is
active. Payments are reported to be slow. The company can be considered for business dealings on a secured trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION DECLINED BY
|
Name : |
Mr. Jagdish Khaire |
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Designation : |
Finance Manager |
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Date : |
30.11.2011 |
LOCATIONS
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Registered Office : |
7th Floor, Building No. 11, Solitaire Corporate Park, Guru Hargovindji
Marg, Chakala, Andheri (East), Mumbai – 400093, Maharashtra, India |
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Tel. No.: |
91-22-40981400 |
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Fax No.: |
91-22-40981510 |
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E-Mail : |
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Website : |
DIRECTORS
As on 06.07.2011
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Name : |
Mrs. Zerina Mehta |
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Designation : |
Managing Director |
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Address : |
Flat No. 11 and 12, Breach Candy House, 5th Floor, 68, |
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Date of Birth/Age : |
06.11.1961 |
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Date of Appointment : |
19.02.2007 |
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Din No.: |
00004518 |
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Other Directorship:
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Name : |
Mr. Rohinton Screwvala |
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Designation : |
Director |
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Address : |
Flat No. 11 and 12, Breach Candy House, 5th Floor, 68, |
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Date of Birth/Age : |
08.09.1956 |
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Date of Appointment : |
19.02.2007 |
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Din No.: |
00003423 |
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Other Directorship:
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Name : |
Mr. Deven Khote |
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Designation : |
Director |
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Address : |
Ashoka Apartment, 1st Floor, |
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Date of Birth/Age : |
05.04.1962 |
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Date of Appointment : |
20.09.2007 |
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Din No.: |
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Other Directorship:
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KEY EXECUTIVES
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Name : |
Ms. Kavita Bedi |
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Designation : |
Company Secretary |
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Address : |
B/403, |
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Date of Birth/Age : |
12.06.1983 |
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Date of Appointment : |
24.05.2011 |
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Pan No.: |
ARBPP8177B |
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Name : |
Mr. Jagdish Khaire |
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Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 06.07.2011
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Names of Shareholders (Equity Shares) |
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No. of Shares |
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UTV Global Broadcasting Limited, |
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8110994 |
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*Rohinton Screwvala |
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1 |
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*Zarina Mehta |
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1 |
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*Deven Khote |
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1 |
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*Mohd. Sajid Ali |
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1 |
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*Jyotsna Tandel |
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1 |
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*Amit Banka |
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1 |
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TOTAL |
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8111000 |
Notes : Holding shares as a nominee on behalf of UTV Global Broadcasting
Limited
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Names of Shareholders (Preferences
Shares) |
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No. of Shares |
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UTV Global Broadcasting Limited, |
|
2050000 |
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TOTAL |
|
2050000 |
As on 06.07.2011
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Category |
Percentage |
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Bodies Corporate |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
The company engaged in broadcasting business. |
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Products/ Services : |
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GENERAL INFORMATION
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No. of Employees : |
Information declined by management |
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Bankers : |
Axis Bank Limited, Credit Management Centre, Unit No. 6, Corporate
Bank, Chembur, Mumbai – 400071, |
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Financial Institution : |
SBICAP Trustee Company Limited, 202, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Price Water House and Company Chartered Account |
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Address : |
252, Veer Savarkar Marg, |
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E-Mail : |
AADFP9359C |
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Ultimate Holding Company : |
UTV Software Communication Limited |
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Holding Company : |
UTV Global Broadcasting Limited CIN No.: U32300MH2007PLC171337 |
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Fellow Subsidiaries : |
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Other Related Parties : |
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CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
22500000 |
Equity Shares |
Rs.10/- each |
Rs. 225.000 Millions |
|
2500000 |
Preferences Shares |
Rs.10/- each |
Rs 25.000 Millions |
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Total |
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Rs. 250.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
8111000 |
Equity Shares |
Rs.10/- each |
Rs. 81.110
Millions |
|
2050000 |
Preferences Shares |
Rs.10/- each |
Rs. 20.500
Millions |
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Total |
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Rs. 101.600 Millions |
Notes:
- 8111000 equiity shares of Rs. 10 each fully paid up held by UTV Global
Broadcasting Limited and its nominees
- 2050000 1% non cumulative convertible and or Redeemable preferences
shares of Rs. 10 each fully paid up held by UTV Global Broadcasting
Limited
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
|
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1] Share Capital |
101.610 |
101.610 |
70.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1725.920 |
1725.920 |
0.000 |
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4] (Accumulated Losses) |
(2219.913) |
(2159.400) |
(1791.182) |
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NETWORTH |
(392.383) |
(331.870) |
(1721.182) |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
626.700 |
272.000 |
1710.000 |
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TOTAL BORROWING |
626.700 |
272.000 |
1710.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
234.317 |
(59.870) |
(11.182) |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
38.714 |
42.982 |
45.158 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
162.798
|
0.000 |
68.613 |
|
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Sundry Debtors |
258.238
|
126.793 |
82.599 |
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Cash & Bank Balances |
0.954
|
11.579 |
10.728 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
290.360
|
287.036 |
202.767 |
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Total
Current Assets |
712.350
|
425.408 |
364.707 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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Sundry Creditors |
233.752
|
452.937 |
374.481 |
|
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Other Current Liabilities |
251.698
|
42.805 |
16.156 |
|
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Provisions |
31.297
|
32.518 |
30.410 |
|
Total
Current Liabilities |
516.747
|
528.260 |
421.047 |
|
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Net Current Assets |
195.603
|
(102.852) |
(56.340) |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
|
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|
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TOTAL |
234.317 |
(59.870) |
11.182 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Sales and Services Net |
1061.894 |
359.441 |
288.318 |
|
|
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Other Income |
23.410 |
19.140 |
0.174 |
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|
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TOTAL (A) |
1085.304 |
378.581 |
288.492 |
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|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Direct Cost |
709.940 |
442.296 |
725.480 |
|
|
|
Staff Cost |
144.040 |
90.298 |
84.329 |
|
|
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Other Expenses |
278.742 |
207.011 |
181.473 |
|
|
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TOTAL (B) |
1132.722 |
739.605 |
991.282 |
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Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(47.418) |
(361.024) |
(702.790) |
|
|
|
|
|
|
|
|
|
Less |
INTEREST AND
FINANCIAL EXPENSES (D) |
5.496 |
0.000 |
66.979 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(52.914) |
(361.024) |
(771.769) |
|
|
|
|
|
|
|
|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
7.599 |
7.194 |
8.862 |
|
|
|
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|
|
|
|
|
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PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
(60.513) |
(368.218) |
(780.631) |
|
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|
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|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
0.931 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
(60.513) |
(368.218) |
(781.562) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(2159.400) |
(1791.182) |
(I1009.620) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(2219.913) |
(2159.400) |
(1791.182) |
|
|
|
|
|
|
|
|
|
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Earnings/loss
Per Share (Rs.) |
|
|
|
|
|
|
Basic and
Diluted |
(7.00) |
(108.00) |
(391.00) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(5.58)
|
(97.26) |
(270.91) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(5.70)
|
(102.44) |
(270.75) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(8.06)
|
(78.61) |
(190.39) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16
|
1.11 |
0.45 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
(2.91)
|
(2.41) |
(1.24) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.38
|
0.81 |
0.87 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs. in Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Creditors Due to Small Micro Enterprises |
0.000 |
0.000 |
0.000 |
|
Creditors Due others |
233.752 |
452.937 |
374.481 |
|
TOTAL |
233.752 |
452.937 |
374.481 |
NOTES:
The registered office address has been changed from Parijaat House,
1076,
BUSINESS OVERVIEW
The Company owns and operates two channels namely “UTV Bindass” and “UTV Action”.
Bindass, the youth entertainment channel caters to 15-34 yrs Males and Females in SEC A and B in 1mn+ towns. The channel has made its way and has beaten the old timers through various innovative show concepts and brand led activations. The brand saw a growth in GRPs from 15 to 40 in this year.
During the year UTV Bindass launched Bindass Street Dance, Dadagiri 3, Emotional Atyachaar 2, The Chair, Big Switch 2, Date Trap, Love Lock Up, Dadagiri 4- Revenge of the sexes and the fiction show- Meri Toh Lag Gayi Naukari with innovative ideas like Flash mobs for Bindass Street dance outside CST, Augmented reality for The Chair, EA Ambulanze (relief van for EA2), Launch of Emotional Atyachaar Music CD with T-series, Mithai distribution / Free Xerox activations for MTLGN.
In the current year UTV Bindass marched ahead than competition and was a clear leader in the youth genre for approx 6 months.
UTV Bindass launched a CSR initiative on facebook during the end of the year wherein for every 10 million likes on bindass facebook, UTV bindass would donate certain predefined amount to CRY-Child Relief and You. The facebook LIVE feeds were integrated on the channel via a ticker where the comments of the viewer were showcased directly on the ticker. The facebook fans of bindass increased from 50,000 to 3.5 lacs currently.
BACKGROUND
The company was incorporated in
CONTINGENT
LIABILITIES
|
Nature |
Description |
31.03.2011 |
|
Disputed Income Tax |
Demand by TDS department of Income Tax |
Rs. 121.372
Millions |
FORM 8
|
Corporate
identity number of the company |
U92142MH2007PLC167974 |
|
Name of the
company |
GENX
ENTERTAINMENT LIMITED |
|
Address of the
registered office or of the principal place of business in |
7th Floor, Building No. 11, Solitaire Corporate Park, Guru
Hargovindji Marg, Chakala, Andheri (East), Mumbai – 400093, Maharashtra,
India Email: angna.arora@utvgroup.com |
|
This form is for |
Creation of
charge |
|
Type of charge |
|
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Particular of
charge holder |
Axis Bank Limited, Credit Management Centre, Unit No. 6, Corporate
Bank, Chembur, Mumbai – 400071, |
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Nature of
instrument creating charge |
Composite
Hypothecation Agreement dated 28th February 2011 executed in favour of Axis
Bank creating charge on movable properties, current assets including content
library of the Company. |
|
Date of
instrument Creating the charge |
28.02.2011 |
|
Amount secured by
the charge |
Rs. 250.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest:
Cash Credit- at
3.75% above Axis Bank's Base Rate and Purchase
Bill Discounting-at 2% above Axis Bank's Base Rate Terms of
Repayment: Cash Credit and
Purchase Bill Discounting- On Demand Margin: On Purchase Bill
Discounting: 10% On Cash Credit
facility-25% on RM; 25% on SIP; 25% on FG; 25% on Stores and Spares and 25%
on Book Debts Extent and
operation of the charge: Towards repayment
of the principal amount of the Loan together with payment of all interest,
penal interest, liquidated damages, fees, premium on prepayment,
reimbursement of all costs, charges and expenses and all other monies due to
the lender. |
|
Particulars of
the property charged |
First pari passu
charge on all movable properties, current assets including content library of
the Company. |
FIXED ASSETS
- Plant and Machinery
- Office Equipment
- Computer
- Furniture and Fixture
- Leasehold Properties
- Computer Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No 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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.16 |
|
|
1 |
Rs.81.29 |
|
Euro |
1 |
Rs.69.47 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
-- |
|
--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 |
|
15 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial condition
(40%) Ownership background
(20%) Payment record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.