MIRA
INFORM REPORT
|
Report Date : |
16.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
UTV GLOBAL BROADCASTING LIMITED |
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Registered
Office : |
7th Floor, Building No.11, Solitaire Corporate Park, Guru Hargovindji
Marg, Andheri (East), Mumbai-400093, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
06.06.2007 |
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Com. Reg. No.: |
11-171337 |
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Capital Investment
/ Paid-up Capital : |
Rs. 20.001 millions |
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CIN No.: [Company Identification
No.] |
U32300MH2007PLC171337 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMU05223B |
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PAN No.: [Permanent Account No.] |
AAACU9044R |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
The Company provides distribution services to television channels. |
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No. of Employees
: |
Not divulged by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 13000000 |
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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 a subsidiary of UTV Software Communications Limited, India. It is an established company having moderate track. Profitability of the
company is under pressure. There appears some accumulated losses recorded by
the company. However, trade relations are reported as fair. Business is
active. Payments are reported to be slow. In view of strong holding, the company can be considered normal for
business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION DECLINED BY
|
Name : |
Mr. Rohit Agarwal |
|
Designation : |
Account Heads |
|
Date : |
15.06.2011 |
LOCATIONS
|
Registered Office : |
7th Floor, Building No.11, Solitaire Corporate Park, Guru Hargovindji
Marg, Andheri (East), Mumbai-400093, Maharashtra, India |
|
Tel. No.: |
91-22-40981400 |
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Fax No.: |
91-22-40981650 |
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E-Mail : |
DIRECTORS
AS ON 11.08.2010
|
Name : |
Mr. Shantonu Aditya |
|
Designation : |
Whole Time Director |
|
Address : |
701, 7th Floor, Navsonarbala Annexe, Off Turner Road, 28th
Road, Bandra (West), Mumbai-400050, Maharashtra, India |
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Date of Birth/Age : |
30.09.1958 |
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Date of Appointment : |
06.06.2007 |
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Date of Ceasing : |
11.09.2009 |
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DIN No : |
01525944 |
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|
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Name : |
Mrs. Zarina Mehta |
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Designation : |
Director |
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Address : |
Flat No.11 and 12, Breach Candy House, 5th Floor, 68, Bhulabhai
Desai Road, Opposite Permson, Mumbai-400026, Maharashtra, India |
|
Date of Birth/Age : |
06.11.1961 |
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Date of Appointment : |
06.06.2007 |
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DIN No : |
00004518 |
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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,
Bhulabhai Desai Road, Opposite Permson, Mumbai-400026, Maharashtra, India |
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Date of Birth/Age : |
08.09.1956 |
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Date of Appointment : |
06.06.2007 |
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DIN No : |
00003423 |
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|
|
|
Name : |
Mr. Andy Bird |
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Designation : |
Director |
|
Address : |
17753, Calle De Palermo, Pacific Palisdes, California-90272, USA |
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Date of Birth/Age : |
03.01.1964 |
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Date of Appointment : |
06.08.2008 |
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DIN No : |
01182886 |
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Name : |
Ms. Snajaya Kulkarni |
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Designation : |
Director |
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Address : |
A-12, Technocrat society, Twin Tower Lane, Prabhadevi, Mumbai-400025,
Maharashtra, India |
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Date of Birth/Age : |
30.05.1949 |
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Date of Appointment : |
06.08.2008 |
|
DIN No : |
00102575 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 11.08.2010
|
Names of Shareholders |
No. of Shares |
|
UTV Software Communications Limited, India |
1699995 |
|
Rajeev Wagle |
1 |
|
Puneet Juneja |
1 |
|
Deven Khote |
1 |
|
Mohd. Sajid Ali |
1 |
|
Amit Banka |
1 |
|
Jignesh Kenia |
100 |
|
The Walt Disney Company Pte. Limited, Singapore |
300000 |
|
Total |
2000100 |
AS ON 11.08.2010
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
15.00 |
|
Bodies corporate |
85.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company provides distribution services to television channels. |
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Products : |
Channel Distribution |
GENERAL INFORMATION
|
No. of Employees : |
Not divulged by the management. |
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Bankers : |
·
Axis Bank Limited, Credit Management Centre, Unit
No. 6, Corporate Park, Chembur, Mumbai-400071, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
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Financial Institution: |
Sicom Limited, Nirmal Building, 1st Floor, Nariman Paint,
Mumbai-400021, Maharashtra, India |
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|
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Auditors : |
|
|
Name : |
Price Water House and Company Chartered Accountant |
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Address : |
252, Veer Savarkar Marg, Shivaji Park, Dadar, Mumbai-400028,
Maharashtra, India |
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|
|
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Holding Company : |
·
UTV Software Communications Limited CIN No : L72200MH1990PLC056987 ·
Unilazer Exports and Management Consultants
Limited |
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|
|
|
Subsidiaries : |
·
Genx Entertainment Limited CIN No : U92142MH2007PLC167974 ·
UTV Entertainment Television Limited CIN No : U64200MH2007PLC170405 |
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Fellow Subsidiaries Company: |
·
UTV New Media Limited ·
UTV Communications (USA) LLC ·
IG Interactive Entertainment Limited ·
Indiagames Limited ·
Ignition Entertainment Limited, UK. ·
Ignition London Limited (Formerly known as Digi
Guys Limited) ·
Ignition Entertainment Limited, USA. ·
UTV Games Limited ·
True Games Interactive Inc. ·
UTV TV Content Limited ·
RB Entertainment Limited ·
First Future Agri. & Developers Limited ·
UTV Tele Talkies Limited ·
Smriti Irani Television Limited |
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Associates : |
·
UTV News Limited ·
Unilazer Media Limited ·
Unilazer Holdings Limited ·
Television News and Entertainment (India) Limited ·
Vijay Broadcasting Private Limited ·
United Tele-Shopping and Marketing Company
Limited |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs. 30.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000100 |
Equity Shares |
Rs.10/- each |
Rs. 20.001
Millions |
|
|
|
|
|
Notes : (Out of the above 1700000 (Previous year
1500000) Equity Shares of Rs. 10 each are held by holding company UTV Software
Communication Limited)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
20.001 |
20.000 |
2.000 |
|
|
2] Convertible Warrants |
7.200 |
7.200 |
0.000 |
|
|
3] Share Application Money |
0.164 |
0.000 |
0.000 |
|
|
4] Reserves & Surplus |
3561.017 |
3561.017 |
0.000 |
|
|
5] (Accumulated Losses) |
(314.107) |
(65.393) |
(10.448) |
|
|
NETWORTH |
3274.275 |
3522.824 |
(8.448) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
500.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
2641.100 |
579.500 |
1388.100 |
|
|
TOTAL BORROWING |
3141.100 |
579.500 |
1388.100 |
|
|
DEFERRED TAX LIABILITIES |
6.503 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
6421.878 |
4102.324 |
1379.652 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
17.500 |
19.939 |
17.908 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
5687.141 |
127.411 |
127.412 |
|
|
DEFERREX TAX ASSETS |
6.502 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
180.070
|
292.377 |
196.558 |
|
|
Cash & Bank Balances |
21.161
|
14.225 |
34.238 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
611.375
|
3740.154 |
1124.649 |
|
Total
Current Assets |
812.606
|
4046.756 |
1355.445 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
49.442
|
38.018 |
82.805 |
|
|
Other Current Liabilities |
48.434
|
51.816 |
36.469 |
|
|
Provisions |
3.995
|
1.948 |
1.839 |
|
Total
Current Liabilities |
101.871
|
91.782 |
121.113 |
|
|
Net Current Assets |
710.735
|
3954.974 |
1234.332 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
6421.878 |
4102.324 |
1379.652 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
307.252 |
154.821 |
154.177 |
|
|
|
Other Income |
10.854 |
6.728 |
0.000 |
|
|
|
TOTAL (A) |
318.106 |
161.549 |
154.177 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Other Expenses |
88.494 |
70.679 |
68.294 |
|
|
|
Direct Cost |
211.075 |
85.140 |
12.664 |
|
|
|
Staff Cost |
54.604 |
45.307 |
41.210 |
|
|
|
TOTAL (B) |
354.173 |
201.126 |
122.168 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(36.067) |
(39.577) |
32.009 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
209.278 |
10.865 |
37.450 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(245.345) |
(50.442) |
(5.441) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3.369 |
3.521 |
4.561 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX
(E-F) (G) |
(248.714) |
(53.963) |
(10.002) |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
0.000 |
0.982 |
0.446 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
(248.714) |
(54.945) |
(10.448) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(65.393) |
(10.448) |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(314.107) |
(65.393) |
(10.448) |
|
|
|
|
|
|
|
|
|
|
EXPORT VALUE |
74.623 |
2.279 |
0.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS VALUE |
0.000 |
1.232 |
7.289 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(124.36) |
(40.29) |
(52.24) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(78.18)
|
(34.01) |
(6.78) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(80.95)
|
(29.58) |
(6.49) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(29.73)
|
(1.33) |
(0.73) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.08)
|
(0.02) |
1.18 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.99
|
0.19 |
(149.97) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
7.98
|
44.09 |
11.19 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS
(Rs.
in millions)
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
|
|
|
|
-
Micro and Small
Enterprises |
0.000 |
0.000 |
0.000 |
|
-
Payable to Holding
Company |
12.145 |
9.650 |
0.000 |
|
-
Payable to Subsidiaries |
8.571 |
5.616 |
0.000 |
|
-
Others |
28.726 |
22.752 |
82.805 |
|
Total |
49.442 |
38.018 |
82.805 |
Note : Registered Office
of the company has been shifted from Parijat House, 1076 Dr. E Moses road,
Worli Naka, Mumbai-400018, Maharashtra, India to the present address w.e.f.
15.05.2010
BUSINESS OVERVIEW
The Company is currently
distributing five channels namely Bindass, UTV Action, UTV World Movies, UTV
Movies and Bloomberg UTV. All these channel target specific audiences, UTV
World Movies showcases world’s greatest movies from 40 countries. Bindass is
fast becoming an Iconic Indian Youth brand by focusing on path breaking content
and the very best Music. UTV Action the latest addition to the network is a
genre-specific movie channel showcasing fast-paced and high-octane action films
from Hollywood and Bollywood. UTV Movies is India’s New Age Hindi Movie channel
offering both the viewers and advertiser a highly engaged audience. With the
maximum number of premiers, the latest library and making use of UTV group
synergies, UTV Movies is triggered to grow to the top 3 position. We have
developed strong and ongoing relationships with over 280 brands and 200
Advertisers. We distribute our own channels and are well distributed on cable
as well as across all DTH platforms as well as many IPTV networks across the
country. Importantly we believe strongly that broadcast will eventually be
driven by pay revenues as digitization accelerates and each of their channels
have been pay since launch.
PERFORMANCE AND
PLANS
During the year
the subscription revenue has nearly doubled as compared to the last year. The
increase in revenue is mainly attributable to UTV Movies which has been
distributed in the international markets and also there is an increase in the
subscriber base on the DTH platforms and UTV Movies has established itself as the
driver for the network. The subscriber base for all the channels that were
distributed at the start of the year were around 0.857 million which has grown
to 1.017 millions at the end of the financial year. The Company is also
planning to increase its distribution strengths in various other geographical
areas so as to increase its subscriber base and reach of the channels which
will have a direct impact on the revenue generation capabilities.
BACKGROUND OF THE
COMPANY
Subject was incorporated
in India as a Public Limited Company under the Companies Act, 1956 on June 6,
2007. The Company became a subsidiary of UTV Software Communications Limited
(“UTV”) with effect from August 8, 2008.The Company provides distribution
services to television channels.
FORM 8
|
Corporate
identity number of the company |
U32300MH2007PLC171337 |
|
Name of the
company |
UTV
Global Broadcasting Limited |
|
Address of the
registered office or of the principal place of business in |
7th
Floor, Bldg No. 11, Solitaire Corporate Park, Guru Hargovindji Marg, Chakala,
Andheri (East), Mumbai-400093, Maharashtra, India |
|
This form is for |
Creation of charge |
|
Type of charge |
·
Book debts ·
Movable property (not being pledge) ·
Floating charge ·
Others |
|
Particular of
charge holder |
Axis Bank Limited, Credit Management Centre, Unit No. 6, Corporate
Park, Chembur, Mumbai-400071, Maharashtra, India |
|
Nature of
instrument creating charge |
Composite
Hypothecation Agreement dated 28th February 2011 executed in favour of Axis
Bank Limited creating charge on movable property, currents assets including
Content library for working capital facility of Rs.250.000 millions each
provided to UTV Entertainment Television Limited and Genx Entertainment
Limited, Wholly Owned subsidiaries. |
|
Date of
instrument Creating the charge |
28.02.2011 |
|
Amount secured by
the charge |
Rs. 500.000 millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Extent and
operation of the charge Towards
repayment of the principal amount of the Working Capital Facility amounting
to Rs.250.000 millions each sanctioned to UTV Entertainment Television
Limited and Genx Entertainment Limited, Wholly Owned subsidiaries of the Company,
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 by the afore mentioned wholly owned
subsidiaries. |
|
Short particulars
of the property charged (Including location of the property) |
First
pari passu charge on all movable properties, current assets including Content
library of the Company. |
FIXED ASSETS
·
Freehold Land
·
Plant and Machinery
·
Furniture and Fixtures
·
Computers
·
Office Equipments
·
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.44.68 |
|
|
1 |
Rs.73.04 |
|
Euro |
1 |
Rs.64.29 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
32 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.