1. Summary Information
|
|
|
Country |
|
|
Company Name |
DISH TV INDIA LIMITED |
Principal Name 1 |
Mr. Subhash Chandra |
|
Status |
Moderate |
Principal Name 2 |
Mr. Jawahar Lal Goel |
|
|
|
Registration # |
55-101836 |
|
Street Address |
Essel House, B – 10, |
||
|
Established Date |
10.08.1988 |
SIC Code |
-- |
|
Telephone# |
91-11-66088432 |
Business Style 1 |
The Company is engaged in the business of Direct to Home
(‘DTH’) and Teleport services. |
|
Fax # |
91-11-27184863 |
Business Style 2 |
- |
|
Homepage |
Product Name 1 |
- |
|
|
# of employees |
1500 [Approximately] |
Product Name 2 |
- |
|
Paid up capital |
Rs.1,062,976,000/- |
Product Name 3 |
- |
|
Shareholders |
Promoter And Promoter Group-72.75% Public Shareholding-27.25% |
Banking |
ICICI Bank Limited |
|
Public Limited Corp. |
Yes |
Business Period |
23 Years |
|
IPO |
Yes |
International Ins. |
-- |
|
Public |
Yes |
Rating |
B (34) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Group
Company |
-- |
Churu Trading Company Private Limited |
-- |
|
Note |
-- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
6,604,714,000
|
Current Liabilities |
12,471,158,000
|
|
Inventories |
44,402,000
|
Long-term Liabilities |
10,762,716,000 |
|
Fixed Assets |
13,637,174,000 |
Other Liabilities |
3,006,803,000
|
|
Deferred Assets |
0,000 |
Total Liabilities |
26,240,677,000 |
|
Invest& other Assets |
6,581,808,000 |
Retained Earnings |
15,314,034,000 |
|
|
|
Net Worth |
627,421,000 |
|
Total Assets |
26,868,098,000 |
Total Liab. & Equity |
26,868,098,000 |
|
Total Assets (Previous Year) |
28,740,755,000 |
|
|
|
P/L Statement as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Sales |
14,365,518,000 |
Net Profit |
[1,896,905,000] |
|
Sales(Previous yr) |
10,847,944,000 |
Net Profit(Prev.yr) |
[2,621,325,000] |
MIRA
INFORM REPORT
|
Report Date : |
11.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
DISH TV INDIA LIMITED (w.e.f. 07.03.2007) |
|
|
|
|
Formerly Known
As : |
ASC ENTERPRISES LIMITED |
|
|
|
|
Registered
Office : |
Essel House, B –
10, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
10.08.1988 |
|
|
|
|
Com. Reg. No.: |
55-101836 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.1062.976 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L51909DL1988PLC101836 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA18375A |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
The Company is engaged in the business of Direct to Home
(‘DTH’) and Teleport services. |
|
|
|
|
No. of Employees
: |
1500 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
B (34) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 2500000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a part of Zee-Tele Films Group of Mr. Subhash Chandra, It is
an established company having moderate track. There appears a huge
accumulated losses recorded by the company. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow but
correct. In view of well experienced and resourceful directors, 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.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
|
|
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered
Office : |
Essel House, B –
10, |
|
Tel. No.: |
91-11-66088432/ 30/ 27101145/ 54 |
|
Fax No.: |
91-11-27184863/ 27147627/ 27106128 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
FC 19 Sector 16A, |
|
Tel No.: |
91-120-2599391-95/ 2511064/ 2599555 |
|
Fax No.: |
91-120-4357078 |
|
Website : |
|
|
|
|
|
Branch Office : |
207, Paradigm ‘B’ Mindspace, |
|
Tel. No. : |
91-22-65040280 / 81 /82 |
|
Fax No. : |
91-22-65040285 |
DIRECTORS
As on 31.03.2011
|
Name : |
Mr. Subhash Chandra |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Jawahar Lal Goel |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Bhagwan Das Narang |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Arun Duggal |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Dr. Pritam Singh |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Ashok Kurian |
|
Designation : |
Non-Executive Director |
|
|
|
|
Name : |
Mr. Eric Zinterhoter |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Lakshmi Chand |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Mintoo Bhandari |
|
Designation : |
Non Executive Nominee Director |
|
|
|
|
Name : |
Mr. Sanjay H. Patel |
|
Designation : |
Alternate Director to Mintoo Bhandari |
KEY EXECUTIVES
|
Name : |
Mr. Ranjit Singh |
|
Designation : |
Compliance Officer, Company Secretary |
|
|
|
|
Name : |
Mr. R. C.
Venkateish |
|
Designation : |
Chief Executive Officer |
|
|
|
|
Name : |
|
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
Mr. Salil Kapoor |
|
Designation : |
Chief Operating Officer |
|
|
|
|
Name : |
Ms. Ashima Sehgal |
|
Designation : |
Senior Executive-Finance and Accounts |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Category of Shareholder |
No. of Shares |
Percentage of Holding |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
649490204 |
68.56 |
|
|
3600650 |
0.38 |
|
|
3600650 |
0.38 |
|
|
653090854 |
68.94 |
|
|
|
|
|
|
500000 |
0.05 |
|
|
35632125 |
3.76 |
|
|
36132125 |
3.81 |
|
Total shareholding
of Promoter and Promoter Group (A) |
689222979 |
72.75 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
41991152 |
4.43 |
|
|
36989 |
- |
|
|
8652105 |
0.91 |
|
|
135819198 |
14.34 |
|
|
186499444 |
19.69 |
|
|
|
|
|
|
29336852 |
3.10 |
|
|
|
|
|
|
33783393 |
3.57 |
|
|
6744844 |
0.71 |
|
|
1774083 |
0.19 |
|
|
1736537 |
0.18 |
|
|
8711 |
- |
|
|
1075 |
- |
|
|
27760 |
- |
|
|
71639172 |
7.56 |
|
Total Public
shareholding (B) |
258138616 |
27.25 |
|
Total (A)+(B) |
947361595 |
100.00 |
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
- |
- |
|
|
- |
- |
|
|
117035000 |
- |
|
|
117035000 |
- |
|
Total
(A)+(B)+(C) |
1064396595 |
- |
(1) Indian
Bodies Corporate
Directors/Promoters & their Relatives
& FriendsBUSINESS DETAILS
|
Line of Business
: |
The Company is engaged in the business of Direct to Home
(‘DTH’) and Teleport services. |
|
|
|
|
Brand Names : |
AGRANI and DISH TV |
GENERAL INFORMATION
|
No. of Employees
: |
1500 [Approximately] |
|||||||||||||||
|
|
|
|||||||||||||||
|
Bankers : |
|
|||||||||||||||
|
|
|
|||||||||||||||
|
Facilities : |
Notes: (a) Term Loan from banks Rs.2590.700 millions (Rs.2590.700 millions) is under syndicate debt facility and secured by all movable assets, uncalled capital, intellectual property, goodwill and all investments, all rights, title, interests of all insurance contracts (both present and future), all contracts, government approvals and licenses relating to direct to home services, all amounts in the accounts or other receivables liable to be credited to the accounts in the course of the business, all amounts and receivables from whomsoever person, both present and future in relation to direct to home service business, floating charge on other assets. Further the Company is required to maintain minimum reserve amount with the banks which is guaranteed by a related party. Due within a year Rs.485.756 millions (previous year - Nil). (b) Term loan from a bank Rs.625.000 millions (previous year
Rs.1000.000) is secured by subservient hypothecation charge on whole of
current assets, movable and immovable fixed assets of the Company (present
and future) and unconditional and irrevocable corporate guarantee by a
related party. Due within a year Rs.500.000 millions (previous year
Rs.375.000). (c) Term loan of Rs.2100.000 millions (previous year Rs.3000.000) is
secured by second pari passu charge
on entire fixed assets of the Company and is guaranteed by two directors and
also collaterally secured by immovable property and corporate guarantee
provided by related parties. Due within a year Rs.2100.000 millions (previous
year Rs.900.000). Buyer’s credits (d) Buyer’s credit of Rs. 762.894 millions (previous year - Nil) is
secured by pari passu first charge on the movable and immovable fixed assets
and current assets of the Company. Due within a year ` Nil (previous year `
Nil). (e) Buyer’s credit of Rs.1699.406 millions (previous year - Nil) is
secured by pari passu charge
on all present and future tangible movable and immovable current assets of
the Company including proceeds account; exclusive charge on reserve account;
assignment of rights, titles and interest of the Company in all the
contracts, authorisations, approvals, and licenses (to the extent the same
are capable of being assigned); and assignment of all insurance policies. Due
within a year Rs.Nil (previous year Rs.
Nil). (f) Buyer’s credit of Rs.1068.925 millions (previous year - Nil) is
secured by pari passu charge
on all present and future movable and immovable assets, including but not
limited to inventory of set-top-box and accessories etc., book debts, operating
cash flows, receivables, commissions, revenue and on all intangibles assets
including but not limited to goodwill and uncalled capital of the Company.
Due within a year Rs. Nil (previous year - Nil). (g) Buyer’s credit of Rs. 757.849 millions (previous year Rs.1312.883
millions) is secured by exclusive charge by way of hypothecation on consumer
premises equipment imported under buyer’s credit facility including spares,
tools, accessories, software, whether installed or not, be in or about the
hypothecator’s factories, premises and godowns. Due within a year Rs.757.849
millions (previous year Rs.546.717 millions ). (h) Buyer’s credit of Rs.1156.356 millions (previous year Rs.1169.046
millions) is secured by first pari
passu charge on entire stocks of raw materials, semi-finished and
finished goods, consumable stores, capital goods and spares and such other
movables including book debts, bills whether documentary or clean outstanding
monies, receivables both present and future. Due within a year Rs. 594.961
millions (previous year - Nil). Vehicle loan (i) Vehicle loans are secured against hypothecation of vehicles. Due within a year Rs. 803 millions (previous year Rs. 1.456 millions). |
|||||||||||||||
|
|
|
|||||||||||||||
|
Banking
Relations : |
-- |
|||||||||||||||
|
|
|
|||||||||||||||
|
Auditors : |
|
|||||||||||||||
|
Name : |
B.S.R. and Company Chartered Accountants |
|||||||||||||||
|
Address : |
Noida, |
|||||||||||||||
|
|
|
|||||||||||||||
|
Subsidiary
Companies : |
|
|||||||||||||||
|
|
|
|||||||||||||||
|
Enterprises over
which key Management
personnel/their relatives have significant influence : |
|
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1,350,000,000 |
Equity Shares |
Re.1/- each |
Rs.1350.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1,063,976,535 |
Equity Shares |
Re.1/- each |
Rs.1063.976 Millions |
|
|
Less: Calls in Arrear - by others |
|
Rs. 1.000 millions |
|
|
Total |
|
Rs.1062.976
millions |
Notes:
* Of 1,063,976,535 (previous year 1,063,419,475) equity shares includes:
a) 249,300,890 (previous year 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 made effective from 1 April 2006.
b) 569,140 (previous year 12,080) equity shares issued to the employees
under Employee Stock Option Plan i.e. ESOP 2007.
c) 117,035,000 (previous year 117,035,000) equity shares of Re.1/- each
fully paid-up, for underlying 117,035 nos. (previous year 117,035 nos.) Global
Depository Receipts (GDR). Each GDR represents 1,000 Equity Shares of Rs.1/-
each.
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1062.976 |
1062.070 |
687.298 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
15314.034 |
15282.338 |
2792.321 |
|
|
4] (Accumulated Losses) |
[15749.589] |
[12341.659] |
[9720.334] |
|
|
NETWORTH |
627.421 |
4002.749 |
[6240.715] |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
10762.716 |
9142.218 |
2696.205 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
8615.161 |
|
|
TOTAL BORROWING |
10762.716 |
9142.218 |
11311.366 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
11390.137 |
13144.967 |
5070.651 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
13637.174 |
10150.535 |
8806.430 |
|
|
Capital work-in-progress |
4580.308 |
2250.348 |
2380.910 |
|
|
|
|
|
|
|
|
INVESTMENT |
2001.500 |
4505.566 |
944.511 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
44.402
|
27.799
|
30.933
|
|
|
Sundry Debtors |
215.377
|
338.473
|
506.572
|
|
|
Cash & Bank Balances |
3201.862
|
5422.248
|
540.370
|
|
|
Other Current Assets |
19.025
|
6.757
|
0.000
|
|
|
Loans & Advances |
3168.450
|
6039.029
|
7743.892
|
|
Total
Current Assets |
6649.116
|
11834.306
|
8821.767
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
5455.533
|
4051.256
|
7296.766
|
|
|
Other Current Liabilities |
7015.625
|
9835.796
|
8546.664
|
|
|
Provisions |
3006.803
|
1708.736
|
39.537
|
|
Total
Current Liabilities |
15477.961
|
15595.788
|
15882.967
|
|
|
Net Current Assets |
[8828.845]
|
[3761.482]
|
[7061.200]
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
11390.137 |
13144.967 |
5070.651 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales and Services |
14365.518 |
10847.944 |
7376.945 |
|
|
|
Other Income |
880.295 |
686.071 |
12.721 |
|
|
|
TOTAL (A) |
15245.813 |
11534.015 |
7389.666 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Traded Goods |
22.650 |
23.083 |
143.021 |
|
|
|
Operating Expenses |
7858.097 |
7007.061 |
5263.397 |
|
|
|
Personnel Cost |
566.423 |
398.540 |
393.832 |
|
|
|
Administration and Other Expenses |
683.069 |
454.317 |
417.849 |
|
|
|
Selling and Distribution Expenses |
2847.076 |
2018.273 |
2509.177 |
|
|
|
TOTAL (B) |
11977.315 |
9901.274 |
8727.276 |
|
|
|
|
|
|
|
|
|
PROFIT/[LOSS]
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3268.498 |
1632.741 |
[1337.610] |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1511.374 |
1216.378 |
1263.818 |
|
|
|
|
|
|
|
|
|
|
PROFIT/[LOSS]
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1757.124 |
416.363 |
[2601.428] |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3654.029 |
3037.947 |
2154.076 |
|
|
|
|
|
|
|
|
|
|
PROFIT / [LOSS]
BEFORE TAX (E-F) (G) |
[1896.905] |
[2621.584] |
[4755.502] |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.259 |
7.271 |
|
|
|
|
|
|
|
|
|
|
PROFIT / [LOSS]
AFTER TAX (G-H) (I) |
[1896.905] |
[2621.325] |
[4762.773] |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
Teleport services |
0.000 |
86.480 |
52.080 |
|
|
|
Interest income |
42.246 |
0.091 |
0.000 |
|
|
|
Carriage income |
22.334 |
27.032 |
0.000 |
|
|
|
TOTAL EARNINGS |
64.580 |
113.603 |
52.080 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
Components and spare parts |
27.947 |
8.462 |
0.000 |
|
|
|
Capital equipments |
7550.458 |
2503.669 |
3830.662 |
|
|
|
Others |
4.536 |
0.000 |
7.694 |
|
|
|
TOTAL IMPORTS |
7582.941 |
2512.131 |
3838.356 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
[1.79] |
[3.19] |
[10.02] |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2011 |
30.09.2011 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
4603.800 |
4822.700 |
|
Total Expenditure |
|
3482.300 |
3604.300 |
|
PBIDT (Excl OI) |
|
1121.500 |
1218.400 |
|
Other Income |
|
136.700 |
92.000 |
|
Operating Profit |
|
1258.200 |
1310.400 |
|
Interest |
|
334.000 |
634.000 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
924.200 |
676.400 |
|
Depreciation |
|
1107.400 |
1162.000 |
|
Profit Before Tax |
|
[183.200] |
[485.600] |
|
Tax |
|
0.000 |
0.000 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
[183.200] |
[485.600] |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
[183.200] |
[485.600] |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
[12.44] |
[22.73]
|
[64.45] |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
[13.20] |
[24.17]
|
[64.46] |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
[9.35] |
[11.92]
|
[26.98] |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
[3.02] |
[0.65]
|
[0.76] |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
41.82 |
6.18
|
[4.36] |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.43 |
0.76
|
0.55 |
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 and 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
BACKGROUND
Subject was incorporated on 10 August 1988. The Company is
engaged in the business of Direct to Home (‘DTH’) and Teleport services. The
DTH services are rendered to the customer through Consumer Premise Equipment
(CPE), used for receiving and broadcasting DTH signals to the subscriber.
Contingent
Liabilities
Contingent liabilities not provided for
(Rupees in millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
|
Claim against the Company not acknowledged as debt Income-tax Act, 1961* Sales Tax and Value Added Tax demands Indian Customs Act, 1962 Entertainment Tax demands # Legal cases against the Company |
48.301 405.614 109.855 149.406 118.224 Uncertained |
43.578 - 89.864 - 101.520 Uncertained |
* During the year, the Company received a demand notice for income tax
and interest thereon aggregating Rs. 405.614 millions in relation to an earlier
year. The matter pertains to alleged short deduction of tax at source on
certain payments and interest thereon for delayed period. The Company has
disputed the issue and has filed an appeal against the above said demand with
the tax authorities. The Company, supported by a legal view in the matter, is
of the view that no provision is necessary till the dispute is finally
concluded by the appropriate authorities.
# The Company has also received notices in various States on
applicability of Entertainment Tax, for which no demands have been received.
The Company has contested these notices at various Appellate Forums/ Courts and
the matter is subjudice.
Composite Scheme
of Amalgamation and Arrangements (‘the Scheme’)
i) Agrani Satellite Services Limited (‘ASSL’), a wholly owned subsidiary
of the Company, was formed to own, establish and operate Ku band satellite
system and to market and lease their bandwidth capacities. However, due to
unfavorable market conditions, the satellite business was discontinued in the
previous year. Integrated Subscriber Management Services Limited (‘ISMSL’),
another wholly owned subsidiary of the Company, is in the business of providing
services on commercial basis pertaining to subscriber’s management, including
raising and collection of bills, collection and
maintenance of subscriber’s information, preparation of required reports
and call centre activities.
ii) In order to simplify the group structure and improve cost
efficiency, the Board of Directors had approved a Composite Scheme of
Amalgamation and Arrangement between the Company, ASSL, ISMSL and their
respective shareholders and creditors (‘the Scheme’) at their meeting held on
11 June 2010. The Scheme envisaged transfer of the Company’s non-DTH related
business [including equity shares in ASSL and in Agrani Convergence Limited
(‘ACL’), another subsidiary company], to ISMSL followed by the merger of ASSL
with ISMSL on 31 March 2010, the appointed date. As consideration for transfer
of non-DTH related business, ISMSL would issue and allot 100,000 equity shares
of the face value of ` 10 each, fully paid up, to the Company.
iii) The above Scheme has been approved by the Hon’ble High Court of
Delhi, vide its Order dated 3 March 2011 and corrigendum dated 31 March 2011
and became effective on 31 March 2011 on filing the Order of the Court with the
Registrar of Companies, NCT of Delhi and Haryana.
iv) To give effect to the Scheme and the Order of the Hon’ble High
Court, the Company has transferred its undertaking, along with assets and
liabilities as on 31 March 2010, relating to the non-DTH business to ISMSL. In
accordance with the Scheme, the excess of the book value of net assets
transferred as at 31 March 2010, over the consideration received has been
directly adjusted in the General Reserve
v) The non-DTH business, transferred as above and which has been
excluded from the financial statements of the Company after 31 March 2010, did
not have any operations during the year.
vi) While the Company has followed the accounting treatment prescribed
in the Scheme, duly approved by the Hon’ble High Court of Delhi, it has
resulted in certain deviations as compared to the Generally Accepted Accounting
Principles (GAAP) in
BUSINESS OVERVIEW
The penetration in Direct to Home (DTH) is happening at a much faster
rate than expected under continued investment by the DTH players and increase in
the affordability on account of rise in disposable income. The industry added
13.5 Millions subscribers in the period
as against 8.5 Millions subscribers in the previous period. DTH
accounted for more than 70% of the incremental cable and satellite homes during
the year leaving only marginal share for
the Analog and Digital cable platform. This phenomenon is likely to continue
which would be further led by the digitalization push by the Government, lower
entry cost in the DTH service and wide variety of choice being offered by the
DTH operators.
During the year , the Company added almost double the number of
subscribers as compared to the previous year and was also ahead of the
competition on all aspects including incremental subscriber acquisition and
overall subscriber base. The Company continues to retain the leadership
position in the DTH segment holding 31% of the total DTH subscriber base. The
investment made by the Company in brand building, creation of sales and
distribution infrastructure, expansion of service outlets, retaining and
training the talent have reaped rich fruits and are likely to be the key
differentiator in the days to come.
Their long term Agreements with the content providers, satellite service
providers and other vendors gave the key edge in terms of cost, competitiveness
and margin push. The rate of growth of revenue continues to be much higher than
rate of increase in cost.
The Company understands that the next level of DTH revolution will be on
technology absorption and enhancement in revenue by proper mix of content
layered with new value added services. In view of the same, the Company
acquired additional bandwidth to augment the capacity in order to be able to
provide the maximum number of channels. Going forward, this will also be a key
differentiator among all the DTH players. The Company also became the leading
HD service provider of the country and the push towards acquiring the HD
customers was supported by various tie-ups including the tie-up with Samsung, a
key player in HD TV market.
The year gone by saw major sporting events like FIFA World Cup, ICC
World Cup, Common Wealth Games, Indian Premier League etc. being conducted all
across the globe which resulted in high tended activity around the DTH
industry, resulting into the phenomenal growth of the industry, both in terms
of acquisition as well as revenue. To further strengthen the brand positioning
and visibility, the Company also associated with Kolkata Knight Riders for the
IPL 3 season as an Associate Brand Sponsor.
The key challenges in the future will be to manage subsidy being offered
to the subscribers on the DTH hardware, steep taxation, slow growth in ARPU and
unorganized cable sector.
COPORATE
RESTRUCTURING AND SUBSIDIARIES
The Directors approved the Composite Scheme of Amalgamation and
Arrangement between the Company, Agrani Satellite Services Limited (ASSL),
Integrated Subscriber Management Services Limited (ISMSL), to demerge the Non
DTH business of the Company into ISMSL, followed by merger of ASSL with ISMSL
with effect from March 31, 2010, being the Appointed Date. The Hon’ble High
Court of
Upon effectiveness of the said Scheme, ASSL stands amalgamated with
ISMSL from the Appointed Date of March 31, 2010. ISMSL divested its entire
holdings in Agrani Convergence Ltd during the Financial Year 2010-11 and
consequently, Agrani Convergence Limited ceases to be a Subsidiary of the
Company. In order to further simplify the Corporate Structure and to capitalize
the growth prospects, the Board felt that it is necessary for the Company to
have enhanced focus on its core DTH operations so that it can expand customer
base, raise revenue contributions through product innovations and provisions of
various value added services. To achieve the same, the Company has transferred
its entire shareholding in ISMSL, which is engaged in the business of providing
services pertaining to subscribers’ management, collection and maintenance of
subscribers’ information, and call centre activities, on June 1, 2011. Accordingly, ISMSL ceased to be a Subsidiary
of the Company from the date of transfer.
SHARE CAPITAL
During the year, the Company issued and allotted 557,060 fully paid
equity shares upon exercise of Stock Options by the employees under the ‘ESOP
Scheme – 2007’ of the Company.
During the Financial Year 2008-09, the Company had come up with Rights
Issue of 518,149,592 equity shares of Re.1 each, issued at Rs.22 per share
(including premium of Rs.21 per share), payable in three installments. Upon
receipt of valid first and second call money, during the year , the Company
converted 16,151 equity shares from 0.50 paid up to 0.75 paid up and 1,376,629
equity shares from 0.75 paid up to fully paid up.
Pursuant to the issue of further shares under ESOP and subsequent to
conversion of partly paid shares, the paid up capital of the Company during the
year has increased from Rs.1062.070 millions comprising of 1,059,006,947 equity shares of Rs.1 each, fully paid up,
3,429,124 equity shares of Rs.1 each - paid up Rs. 0.75 per share and 983,404
equity shares of Rs.1 each – paid up Rs. 0.50 per share to Rs.1062.976 millions
comprising of 1,060,940,636 equity shares of Rs.1 each, fully paid up,
2,068,646 equity shares of Rs. 1 each - paid up Rs.0.75 per share and 967,253
equity shares of Re. 1 each - paid up Rs.0.50 per share. As on March 31, 2011
the Company has not received the valid Second call on 2,068,646 partly paid
shares and first and second call on 967,253 partly paid shares.
GLOBAL DEPOSITORY
RECEIPT
The Global Depository Receipt (GDR) Offer of the Company for 117,035
GDRs at a price of US $ 854.50 per GDR, each GDR representing 1,000 fully paid
equity shares of the Company was fully subscribed by Apollo India Private
Equity II (Mauritius) Limited.
MANAGEMENT DISCUSSION
AND ANALYSIS
Overview
Digitization continued to play a major role in transforming the face of
the Indian media and entertainment industry with DTH being the single greatest
force behind it. The Indian DTH industry grew exponentially in the previous
fiscal, acquiring in its fold 13.5 millions new subscribers far surpassing the
previous year figure of 8.5 Millions. A series of national and international
sporting events and introduction of new age services like High Definition
complemented the proliferation of DTH subscribers in the country. The
cumulative DTH subscribers in
Meanwhile, some of the already digitized homes have begun upgrading to
High Definition transmission. Various value added services have also
supplemented the growth and popularity of DTH.
Dish TV not only maintained its leadership in the category but also
consistently delivered higher operating margins in each successive quarter of
the previous fiscal thus getting closer to achieving bottom-line profitability.
UN-AUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS
ENDED 30.09.2011
(Rs.
in millions)
|
Particulars |
Quarter-ended |
Half year ended |
|
30.09.2011 (Un-Audited) |
30.09.2011 (Un-Audited) |
|
|
1. i) Income
from sales and services |
4822.700 |
9425.900 |
|
ii) Other
operating income |
0.000 |
0.600 |
|
Total income |
4822.700 |
9426.500 |
|
2. Expenditure |
|
|
|
a) (Increase)/ decrease
in stock in trade |
[18.300] |
[14.800] |
|
b) Purchase of
traded goods |
30.400 |
39.500 |
|
c) Employees
cost |
171.300 |
345.700 |
|
d) Depreciation
/ amortisation |
1162.000 |
2269.400 |
|
e) Programming/
content and other costs |
1472.000 |
3043.700 |
|
f) License Fees |
493.500 |
965.700 |
|
g) Other
operating costs |
402.400 |
818.300 |
|
h) Selling and
distribution expenses |
|
|
|
i) Commission |
490.800 |
798.600 |
|
ii) Other
selling and distribution expenses |
327.500 |
624.400 |
|
i) Other
expenditure |
234.700 |
465.500 |
|
Total
expenditure |
4766.300 |
9356.000 |
|
3. Profit /
(loss) from operations before other income, interest, exceptional items and
tax (1-2) |
56.400 |
70.500 |
|
4. Other income |
92.000 |
214.100 |
|
5. Profit /
(loss) before interest, exceptional items and tax (3+4) |
148.400 |
284.600 |
|
6. Interest and
finance charges (net) (note no. 6) |
634.000 |
953.300 |
|
7. Profit /
(loss) after interest but before exceptional items and tax (5-6) |
[485.600] |
[668.700] |
|
8. Exceptional
items |
- |
- |
|
9. Profit /
(loss) from ordinary activities before tax (7-8) |
[485.600] |
[668.700] |
|
10. Tax expense |
- |
- |
|
11. Net profit /
(loss) from ordinary activities after tax (9-10) |
[485.600] |
[668.700] |
|
12.
Extraordinary item (net of tax expense Rs. nil) |
- |
- |
|
13. Net profit /
(loss) for the period (11-12) |
[485.600] |
[668.700] |
|
Paid-up equity
share capital (Face value Re. 1) (#) |
1063.400 |
1063.400 |
|
Reserves (excluding
revaluation reserves, if any) |
|
|
|
Basic and
diluted earning per share (not annualised) (In Rs.) |
[0.46] |
[0.63] |
|
Public
shareholding |
|
|
|
Number of equity
shares of Re.1 each |
375173616 |
375173616 |
|
Percentage of
shareholding |
|
|
|
- Calculated on
total number of issued shares |
35.25 |
35.25 |
|
- Calculated on
the paid-up capital |
35.19 |
35.19 |
|
Promoters and
promoter group shareholding (calculated on total number of issued shares) |
|
|
|
a) Pledged /
encumbered |
|
|
|
i) Number of
shares |
157353630 |
157353630 |
|
ii) Percentage
of shares (% of the total shareholding of promoters and promoter group) |
22.83 |
22.83 |
|
iii) Percentage
of shares (% of the total share capital of the company) |
14.78 |
14.78 |
|
b) Non-encumbered |
|
|
|
i) Number of
shares |
531869349 |
531869349 |
|
ii) Percentage
of shares (% of the total shareholding of promoters and promoter group) |
77.17 |
77.17 |
|
iii) Percentage of shares (% of the total share capital of the
company) |
49.97 |
49.97 |
# Comprises 1,061,365,506 (428,222,803 as on 30 September 2010 and
1,060,940,636 as on 31 March 2011) fully paid up equity shares; 2,065,524 (514,685,017
as on 30 September 2010 and 2,068,646 as on 31 March 2011) partly paid up
equity shares of Re. 0.75 each; and 965,565 (3,464,575 as on 30 September 2010
and 967,253 as on 31 March 2011) partly paid up
equity shares of Re. 0.50 each
Disclosure of
assets and liabilities as per clause 41 [1][ea] of the listing agreement
Rs in Millions
|
Particulars |
30.09.2011 |
|
(Un-audited) |
|
|
SOURCES OF FUNDS |
|
|
Shareholders Funds |
|
|
Share Capital |
1063.400 |
|
Reserves & Surplus |
15330.000 |
|
LOAN FUNDS |
12089.400 |
|
|
|
|
TOTAL |
28482.800 |
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
FIXED ASSETS [Net] |
18774.700 |
|
|
|
|
INVESTMENT |
1500.000 |
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
Inventories |
59.200 |
|
Sundry Debtors |
223.100 |
|
Cash & Bank Balances |
2514.200 |
|
Other Current Assets |
36.900 |
|
Loans & Advances |
2440.500 |
|
|
5273.900 |
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
Current Liabilities |
10062.600 |
|
Provisions |
3421.500 |
|
|
13484.100 |
|
Net
Current Assets |
[8210.200] |
|
Profit and Loss Account |
16418.300 |
|
TOTAL |
28482.800 |
Notes:
- The above financial results for the quarter and
six months period ended 30 September 2011 have been reviewed by the Audit Committee
and were approved by the Board of Directors in their meeting held on 19
October 2011.
- The Statutory Auditors of the Company have
carried out a Limited Review of the financial results for the quarter and
six months period-ended 30 September 2011.
- During the quarter ended 30 June 2011, the
Company acquired the Conditional Access System (CAS) Business from Essel
Business Processes Limited (EBPL) (formerly known as Integrated Subscriber
Management Services Limited), the then wholly owned subsidiary of the
Company, on a slump sale basis. The acquired business primarily comprises
of Viewing Cards, which are used by the Company in Consumer Premises
Equipment provided to the customers, along with related assets and
liabilities.
Further,
to enhance the focus of the Company on core Direct to Home (DTH) operations and
to capitalize the growth prospects of DTH industry, the Company has divested
its entire investment in EBPL and has recorded profit on sale of such
investment amounting to Rs. 9.300 millions in other income.
- In order to simplify the group structure and
improve cost efficiency, the Board of Directors of the Company had
approved a Composite Scheme of Arrangement and Amalgamation ('Scheme')
between the Company, Agrani Satellite Services Limited ('ASSL'),
Integrated Subscriber Management Services Limited ('ISMSL') and their
respective shareholders and creditors on 11 June 2010. The Scheme
envisaged transfer of the Company's non-DTH related business [including
equity shares in ASSL and in Agrani Convergence Limited ('ACL'), another
subsidiary company], to ISMSL followed by the merger of ASSL with ISMSL on
31 March 2010, the appointed date. The above Scheme has been approved by
the Hon'ble High Court of Delhi, vide its Order dated 3 March 2011 and
corrigendum dated 31 March 2011 which became effective on 31 March 2011 on
filing the Order of the Court with the Registrar of Companies. To give
effect to the Scheme and the Order of the Hon'ble High Court, the Company
had transferred its undertaking, along with assets and liabilities as on
31 March 2010, relating to the non-DTH business to ISMSL. As consideration
for transfer of non-DTH related business, ISMSL issued and allotted
100,000 equity shares of the face value of Rs.10 each, fully paid up, to
the Company. In accordance with the Scheme, the excess of the book value
of net assets transferred as at 31 March 2010 amounting to Rs. 1511.000
millions over the consideration received had been directly adjusted in the
General Reserve during the year ended 31 March 2011.
- The life of the Consumer Premises Equipment (CPE)
for the purposes of depreciation has been estimated by the management as
five years. However, in certain cases, the one-time advance contribution
towards the CPE in the form of rental is recognised over a period of three
years. The Company is in the process of streamlining the above practices.
- The Company had received a demand notice for
income-tax and interest thereon aggregating Rs. 405.600 millions in
relation to an earlier year. The matter pertains to alleged short
deduction of tax at source on certain payments and interest thereon for
delayed period. The Company has disputed the issue and has filed an appeal
against the above said demand with the tax authorities. The Company,
supported by a legal view in the matter, is of the view that no provision
is necessary till the dispute is finally concluded by the appropriate
authorities.
- The Audit Committee and Board of Directors noted
the utilisation of the proceeds of Rights Issue for the quarter and six
months period-ended 30 September 2011 which is in line with revised
utilisation schedule approved by the Board of Directors. The unutilised
amount as on 30 September 2011 is Rs. 1579.200 millions.
- The Company is in the business of providing
Direct to Home (DTH) and Teleport services primarily in
- There were no investors complaints pending either
at the beginning or end of the quarter. During the quarter-ended 30
September 2011, 2 complaints were received and the same were disposed off.
- The Company has not recognised deferred tax
assets in view of substantial tax losses/unabsorbed depreciation and no
virtual certainty supported by convincing evidence that sufficient future
taxable income will be available against which such deferred tax assets
can be realised.
- The previous period/ year's figures have been
regrouped / reclassified, wherever necessary to make them comparable.
|
Information on Subscriber Base and ARPU |
Number in Lakhs |
|
|
Particulars |
As on 30.09.2011 |
As on 30.06.2011 |
|
Gross Subscriber
Base |
117.40 |
111.61 |
|
Net Subscriber
Base |
91.95 |
89.30 |
|
|
For the Quarter
Ended |
|
|
|
As on 30.09.2011 |
As on 30.06.2011 |
|
Subscribers
Added |
5.75 |
7.25 |
|
ARPU (Subscription Revenue) (Rs) |
152 |
150 |
FIXED ASSETS:
·
Goodwill
·
License Fees
·
Software
·
Plant and Machinery
·
Consumer Premises Equipments
·
Computers
·
Office Equipments
·
Furniture and Fixtures
·
Vehicles
·
Leasehold Improvements
WEBSITE DETAILS:
Business Description
Subject
is an Indian company engaged in the business of providing direct-to-home (DTH)
satellite television service, which includes teleport service, customer support
and transponder space leasing. dishtv is a division of Zee Network Enterprise
(Essel Group Venture). Essel Group Venture has national and global presence
with business interests in media programming, broadcasting and distribution,
speciality packaging and entertainment. Zee Network incorporated dishtv to
modernize television (TV) viewing. It provides features, such as Electronic
Programme Guide (EPG), parental lock, games, 400 channels, interactive TV and
movie on demand. dishtv also brings national and international channels in
Borad of Directors :
Mr. Subhash Chandra
Mr. Subhash Chandra is Non-Executive Chairman of the Board
of subject. He is promoter of Essel Group of Companies. His industry businesses
include television networks and film entertainment, cable systems, satellite
communications, theme parks, flexible packaging, family entertainment centers
and online gaming. Mr. Chandra has been the recipient of numerous honorary
degrees, industry awards and civic honors, including being named Global Indian
Entertainment Personality of the Year’ by FICCI for 2004, ˜Business Standard’s
Businessman of the Year’ in 1999, ‘Entrepreneur of the Year’ by Ernst and Young
in 1999 and ‘Enterprise CEO of the Year’ by International Brand Summit. The
Confederation of Indian Industry (CII) chose Mr. Chandra as the Chairman of the
CII Media Committee for two successive years. Mr. Chandra has made his mark as
an influential philanthropist in
Mr. Mintoo Bhandari
Mr. Mintoo Bhandari is Non-Executive Director - Nominee of
Apollo
Mr. Lakshmi Chand
Mr. Lakshmi Chand is the Non-Executive Independent Director
of subject. Mr. Lakshmi Chand is a Post Graduate in M.A (Economics) from
Mr. Arun Duggal
Mr. Arun Duggal is Non-Executive Independent Director of
subject. Mr. Duggal is a Mechanical Engineer from Indian Institute of Technology,
Mr. Jawahar Lal Goel
Mr. Jawahar Lal Goel is Managing Director, Executive
Director of subject. since January 6, 2007. Mr. Goel is actively involved in
creation and expansion of Essel Group of Industries. He has been an oracle in
pioneering the Direct to Home (DTH) services in
Mr. Ashok Mathai
Kurien
Mr. Ashok Mathai Kurien is Non-Executive Director of
subject. Mr. Kurien has been in the business of building brands for over 35
years, particularly in the fields of media and communications. An early bird,
Ashok Kurien has the keen eye of driving start-ups in emerging businesses and
guiding them to size and scale, such as TV, Lottery, PR and dot coms, where he
invested and mentored, which have been resounding success stories. Mr. Ashok
Kurien, a well known personality in the Advertising world, founded Ambience
Advertising, one of the most formidable creative power house in its first
decade. Ambience has come a long way, and was later sold to the Publicis
Groupe. As a special advisor to the US$ 5 billion Public is Groupe, he leads
their mergers and acquisitions for
Mr. Bhagwan Dass
Narang
Mr. Bhagwan Dass Narang is Non-Executive Independent Director of subject. Mr. Narang is a Post Graduate in Agricultural Economics and brings with him 32 years of Banking experience. During this period, he also held the coveted position of the Chairman and Managing Director of Oriental Bank of Commerce. Mr. Narang has handled special assignments viz. alternate Chairman of the Committee on Banking procedures set up by Indian Banks Association for the year 1997-98, Chaired a panel on serious financial frauds appointed by RBI, Chaired a Panel on financial construction industry appointed by Indian Banks Association(IBA), appointed as Chairman of Governing Council of National Institute of Banking Studies and Corporate Management, elected member of Management Committee of IBA, Member of the Advisory Council of Bankers Training College(RBI) Mumbai, Chairman of IBA’s Advisory Committee on NPA Management, CDR Mechanism, DRT, ARC etc., elected as a Fellow and Member of Governing Council of the Indian Institute of Banking and Finance, Mumbai, elected as Deputy Chairman of Indian Banks Association, Mumbai and recipient of Business Standard ‘Banker of the year’ Award for 2004. Apart from the Company, Mr. Narang holds directorship in nine (9) other Indian Public Limited Companies viz., Shivam Autotech Limited, Jubilee Hills Landmark Projects Limited, Afcon Infrastructure Limited, VA Tech Wabag Limited, Amar Ujala Publications Limited, Revathi Equipment Limited, Karvy Stock Broking Limited, DSE Financial Services Limited and Lakshmi Precision Screws Limited As on March 31, 2011 Mr. Narang does not hold any shares in the Company.
Dr. Pritam Singh
Dr. Pritam Singh, Ph.D, is Non-Executive Independent
Director of subject. Dr. Singh is an M.Com (BHU), MBA (USA), Ph.D. (BHU) and author
of seven academically reputed books and published over 50 research papers. Dr.
Pritam Singh is one of the pioneers of management education in
Mr. Eric Louis
Zinterhofer
Mr. Eric Louis Zinterhofer is Non-Executive Independent
Director of subject. Prior to cofounding Searchlight Capital Partners, L.P. in
2010, Eric was a senior partner at Apollo Management, L.P. (‘Apollo’) which he joined in 1998. Mr. Eric
served on the Board of Directors of Affinion Group, Inc., IPCS Inc. and Unity
Media GmbH. He is currently Chairman of the Board of Charter Communications,
Inc. and a member of the Board of Directors at Central European Media
Enterprises Limited From 1994- 1996, Mr. Eric was a member of the Corporate
Finance Department at Morgan Stanley Dean Witter and Company From 1993-1994, he
was a member of the Structured Equity Group at J.P. Morgan Investment
Management. He graduated Cum Laude from the
PRESS RELEASE
Dayanidhi Maran in
fresh trouble over favors to Sun Direct
24 October 2011
New Delhi, Oct. 24 -- After his alleged involvement in the 2G scam and leasing of telephone lines, former Telecom Minister Dayanidhi Maran's 'role' in sanctioning of Spectrum to Sun Direct is now being looked into by the CBI.
The agency had sought the files from Department of Telecom related to Spectrum allocation made to direct-to-home (DTH) broadcasters by seeking details of sanction of bandwidth.
The decision to probe the DTH broadcasters was taken after agency sleuths found that some of the telecom companies, under probe in the 2G scam, were also broadcasters of the service, official sources said.
The files pertained to Dish TV India Limited, Reliance Big TV Private Limited, Bharti Multi-media Limited, Bharti Business Channel Private Limited, Doordarshan, SunDirect TV Private Limited and Tata Sky Limited.
However, barring Sun Direct, all other files were returned by the CBI to the authority and sources in the know said allocation of Spectrum to the Tamil Nadu-based TV channel was being looked into.
The CBI recently registered a case against Maran, his brother Kalanidhi and two others besides three companies for allegedly receiving favors during the DMK leader's tenure as Telecom Minister.
Searches were carried out on October 10 at various places including residential premises of Maran, who resigned earlier this year as Textiles Minister.
More trouble for
Maran; grant of DTH to Sun Direct under CBI
23 October 2011
New Delhi, October 23 2011 (PTI) -- After his alleged involvement in the 2G scam and leasing of telephone lines, former telecom minister Dayanidhi Maran's 'role' in sanctioning of spectrum to Sun Direct CBI is now being looked into by the CBI.
The agency had sought the files from Department of Telecom related to spectrum allocation made to direct-to-home (DTH) broadcasters by seeking details of sanction of bandwidth.
The decision to probe the DTH broadcasters was taken after agency sleuths found that some of the telecom companies, under probe in the 2G scam, were also broadcasters of the service, official sources said.
The files pertained to Dish TV India Limited, Reliance Big TV Private Limited, Bharti Multi-media Limited, Bharti Business Channel Private Limited, Doordarshan, SunDirect TV Private Limited and Tata Sky Limited.
However, barring Sun Direct, all other files were returned by the CBI to the authority and sources in the know said allocation of spectrum to the Tamil Nadu-based TV channel was being looked into.
The CBI recently registered a case against Maran, his brother Kalanithi and two others besides three companies for allegedly receiving favours during the DMK leader's tenure as telecom minister.
Searches were carried out on October 10 at various places including residential premises of Maran, who resigned earlier this year as textiles minister.
The CBI has also registered a preliminary enquiry to probe into allegations of allocation of over 300 telephone lines to the residence of Maran in Chennai and illegally linking with a television channel owned by his brother.
These 323 residential lines were in the name of BSNL General Manager and connecting the Boat House residence of Maran with office of Sun TV through a dedicated underground cable during his tenure as telecom minister, CBI alleged.
The sources said these lines were not ordinary telephone lines but more costly ISDN, capable of carrying huge data thus facilitating faster transmission of TV news and programmes across the globe.
The CBI alleged that a stealth cable was used to connect the residence of the Minister with Sun TV office to give impression that these lines were for the Minister but actually they were used by the channel. PTI SKL ZMN
Disclosure under SEBI
Takeover Regulations
18 October 2011
India, Oct. 18 -- Dish TV India Limited has submitted to the Exchange a copy of Disclosure under Securities and Exchange Board of India (Substantial acquistion of shares and takeovers) Regulations ,1997 and Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 1992 with respect to change in Shareholding of Churu Trading Company Private Limited.
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.50.27 |
|
|
1 |
Rs.80.07 |
|
Euro |
1 |
Rs.68.44 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
34 |
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.