|
Report Date : |
20.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
MEDIA CONTENT AND COMMUNICATIONS SERVICES (INDIA) PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
301, 3rd Floor, Boston House, Suren Road, Western Express
Highway, Andheri (East), Mumbai – 400093, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
30.05.2002 |
|
|
|
|
Com. Reg. No.: |
11-136072 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 2865.300 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U92132MH2002PTC136072 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCM0507A |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
The Company is in the business of content production and broadcasting
three news channels through the television and digital media which includes
internet, mobile and Direct-to-Home. |
|
|
|
|
No. of Employees
: |
Information Denied by the Management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (35) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 1000000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of ABPTV Private Limited, India. It is a well
established company having moderate track record. 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 but
correct. In view of strong promoter, the company can be considered normal for
business dealings with slight caution.
|
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Bank Facilities : BBB- |
|
Rating Explanation |
Moderate degree of safety. It carry moderate credit risk. |
|
Date |
April, 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DENIED BY
|
Name : |
Mr. Guarav |
|
Designation : |
Accountant |
|
Contact No.: |
91-22-66160200 |
|
Date : |
19.04.2013 |
LOCATIONS
|
Registered Office : |
301, 3rd Floor, Boston House, Suren Road, Western Express Highway,
Andheri (East), Mumbai – 400093, Maharashtra, India |
|
Tel. No.: |
91-22-66630208/ 66630000 |
|
Fax No.: |
91-22-66661022/ 66631029/ 66160243 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Branch Office 1 : |
A – 37, Sector – 60, Noida – 201307, Uttar Pradesh, India |
|
Tel. No.: |
91-120-4070000/ 196 |
|
|
|
|
Branch Office 2 : |
13, Jamir Lane, 3rd Floor, Gariahat Mall, Kolkata – 700019,
West Bengal, India |
|
Tel. No.: |
91-33-44010300 |
|
Fax No.: |
91-33-44010228 |
|
|
|
|
Branch Office 3 : |
Star News Centre, Off Dr. E Moses Road, Mahalaxmi, Mumbai – 400011,
Maharashtra, India |
|
Tel. No.: |
91-22-66630000 |
|
Fax No.: |
91-22-66631029 |
DIRECTORS
As on: 28.09.2012
|
Name : |
Mr. Avijit Deb |
|
Designation : |
Director |
|
Address : |
1 Rajendra Deb Road, Bura Bazar, Kolkata – 700007, West Bengal, India |
|
Date of Birth/Age : |
01.09.1947 |
|
Date of Appointment : |
01.09.2005 |
|
DIN No.: |
00047233 |
|
|
|
|
Name : |
Mr. Dipankar Das Purkayastha |
|
Designation : |
Director |
|
Address : |
Flat-2A, 23-B, Ballygunge Circular Road, Kolkata – 700019, West
Bengal, India |
|
Date of Birth/Age : |
01.09.1947 |
|
Date of Appointment : |
24.11.2005 |
|
DIN No.: |
00194147 |
|
|
|
|
Name : |
Mr. Arup Kumar Sarkar |
|
Designation : |
Director |
|
Address : |
20, Madan Mohantola Street, Kolkata – 700005, West Bengal, India |
|
Date of Birth/Age : |
16.08.1946 |
|
Date of Appointment : |
19.09.2003 |
|
DIN No.: |
00200053 |
|
|
|
|
Name : |
Mr. Aveek Kumar Sarkar |
|
Designation : |
Director |
|
Address : |
12/4, Ballygunge Park Road, Kolkata – 700019, West Bengal, India |
|
Date of Birth/Age : |
09.06.1945 |
|
Date of Appointment : |
19.09.2003 |
|
DIN No.: |
00224290 |
|
|
|
|
Name : |
Mr. Sanjay Gupta |
|
Designation : |
Nominee director |
|
Address : |
14-A, Manek, L. D. Ruperal Marg, Malabar Hill, Mumbai – 400006,
Maharashtra, India |
|
Date of Birth/Age : |
08.09.1967 |
|
Date of Appointment : |
13.06.2012 |
|
DIN No.: |
05100297 |
KEY EXECUTIVES
|
Name : |
Mr. Guarav |
|
Designation : |
Accountant |
|
|
|
|
Name : |
Mr. Ashok Venkatramani |
|
Designation : |
Chief Executive Officer and Manager
|
|
Address : |
A – 62, 6th Floor, Meherina Apartments, 51 C, Napean Sea
Road, Mumbai – 400026, Maharashtra, India |
|
Qualification : |
BE(Mech), PGDM |
|
Experience : |
25 Years |
|
PAN No. : |
ADXPA6170D |
|
|
|
|
Name : |
Mr. Anupam Kumar Chugh |
|
Designation : |
Secretary |
|
Address : |
152, Kewal Kunj Appartments, Plot No. 46, Sector – 13, Rohini, Delhi –
110085, India |
|
Date of Appointment : |
10.04.2007 |
|
PAN No. : |
AABPC8344E |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 28.09.2012
|
Names of Shareholders |
No. of Shares |
|
ABP TV Private Limited, India |
212032200 |
|
Star News Broadcasters Limited, Tortola, British Virgin Island |
74497800 |
|
Total |
286530000 |
Equity Share Break up (Percentage of Total Equity)
As on: 28.09.2012
|
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 |
|
|
Bodies corporate |
|
|
Directors or relatives of Directors |
|
|
Other top fifty shareholders |
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is in the business of content production and
broadcasting three news channels through the television and digital media
which includes internet, mobile and Direct-to-Home. |
GENERAL INFORMATION
|
No. of Employees : |
Information Denied by the Management |
|||||||||
|
|
|
|||||||||
|
Bankers : |
· Axis Bank Limited, Corporate Banking Branch, 1, Shakespeare Sarani, Ac Market, 3rd Floor,, Kolkata - 700071, West Bengal, India · ING Vysya Bank Limited, Nariman Point, Mumbai – 400021, Maharashtra, India |
|||||||||
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|
|
|||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
7th Floor, Building 10, Tower B, DLF Cyber City Complex,
Gurgaon – 122002, Haryana, India |
|
Tel. No.: |
91-124-6792000 |
|
Fax No.: |
91-124-6792012 |
|
PAN.: |
AABFD2095B |
|
|
|
|
Holding Company : |
ABP TV Private Limited, India CIN No.: U92113WB2000PTC092157 |
|
|
|
|
Ultimate Holding Company : |
ABP Private Limited, India CIN No.: U22219WB1922PTC004503 |
|
|
|
|
Companies holding substantial
interest in voting power of the Company: |
Star News Broadcasting Limited, Hong Kong |
CAPITAL STRUCTURE
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
400000000 |
Equity Shares |
Rs.10/- each |
Rs. 4000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
286530000 |
Equity Shares |
Rs.10/- each |
Rs. 2865.300
Millions |
|
|
|
|
|
After: 28.09.2012
Authorised Capital : Rs. 4000.000 Millions
Issued, Subscribed & Paid-up Capital : Rs. 2914.000
Millions
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
2865.300 |
2865.300 |
2677.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
187.800 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(2379.315) |
(2508.994) |
(2603.326) |
|
|
NETWORTH |
485.985 |
356.306 |
261.974 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
59.173 |
343.607 |
|
|
2] Unsecured Loans |
49.791 |
26.135 |
0.000 |
|
|
TOTAL BORROWING |
49.791 |
85.308 |
343.607 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
535.776 |
441.614 |
605.581 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
302.271 |
302.693 |
284.013 |
|
|
Capital work-in-progress (including Capital Advance) |
0.435 |
30.587 |
9.834 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.338
|
0.081
|
0.513
|
|
|
Sundry Debtors |
548.295
|
639.236
|
549.571
|
|
|
Cash & Bank Balances |
158.628
|
75.337
|
246.374
|
|
|
Other Current Assets |
10.450
|
5.697
|
0.000
|
|
|
Loans & Advances |
230.353
|
216.017
|
159.851
|
|
Total
Current Assets |
948.064
|
936.368
|
956.309
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
435.441
|
504.614
|
478.203
|
|
|
Other Current Liabilities |
224.624
|
285.664
|
137.695
|
|
|
Provisions |
54.929
|
37.756
|
28.677
|
|
Total
Current Liabilities |
714.994
|
828.034
|
644.575
|
|
|
Net Current Assets |
233.070
|
108.334
|
311.734
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
535.776 |
441.614 |
605.581 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
2507.900 |
2288.500 |
|
|
|
Other Income |
|
105.300 |
47.800 |
|
|
|
TOTAL (A) |
|
2613.200 |
2336.300 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employee Benefit Expenses |
|
782.200 |
647.100 |
|
|
|
Other Expenses |
|
1606.900 |
1500.400 |
|
|
|
TOTAL (B) |
|
2389.100 |
2147.500 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
224.100 |
188.800 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
16.800 |
30.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
207.300 |
158.500 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
77.600 |
64.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
129.700 |
94.300 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
|
129.700 |
94.300 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
(2509.026) |
(2603.326) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
|
(2379.326) |
(2509.026) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
|
11.147 |
14.795 |
|
|
TOTAL EARNINGS |
|
11.147 |
14.795 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
0.45 |
(1.11) |
|
|
|
PARTICULARS |
|
|
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income from operations |
|
|
2069.019 |
|
|
|
Other Income |
|
|
62.323 |
|
|
|
TOTAL (A) |
|
|
2131.342 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Operating and other Expenses |
|
|
2007.459 |
|
|
|
TOTAL (B) |
|
|
2007.459 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
|
123.883 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST AND
FINANCIAL EXPENSES (D) |
|
|
57.956 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
|
65.927 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
|
121.685 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
|
|
(55.758) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
|
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
|
|
(55.758) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
|
(2547.568) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED TO
THE B/S |
|
|
(2603.326) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
|
|
38.730 |
|
|
TOTAL EARNINGS |
|
|
38.730 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
|
|
(0.67) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
4.96
|
4.04
|
(2.62)
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.17
|
4.12
|
(2.69)
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.37
|
7.61
|
(4.49)
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.27
|
0.26
|
(0.21)
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.10
|
0.24
|
1.31
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.33
|
1.13
|
1.48
|
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
In Millions)
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Sundry Creditors |
|
|
|
|
- Micro and small enterprises |
435.441
|
504.614
|
478.203
|
|
Total |
435.441
|
504.614
|
478.203
|
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
---------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
NOTE:
The registered office of the company has been shifted from Star News Centre, Off Dr. E. Moses Road, Mahalaxmi
Mumbai – 400011, Maharashtra, India to present address w.e.f. 09.03.2012
PERFORMANCE:
During the financial year 2011-12, Company’s total revenue from operations has been Rs. 2613.200 Millions compared to Rs. 2336.293 Millions last year, an increase of 12%. EBITDA has been Rs. 224.100 Millions as against Rs.188.798 Millions last year, a growth of 19%. Profit before tax has been Rs. 129.700 Millions as compared to Rs. 94.332 Millions last year, registering a growth of 37% over the last year. Profit after tax has been Rs. 129.700 Millions compared to Rs. 94.332 Millions last year, registering a growth of 37% over the last year.
The year has been mixed - while the start was good, driven by elections in Bengal, a spate of activities and price increases in regional channels, the impact of slow down was evident after Q2. The news genre share continued to decline and in that scenario the Hindi and Bangla channels lost viewership to non news genres. However, the Company was able to keep the momentum and grow faster than its competitors and the genre. Overall, in line with the trends, the regional channels fared much better than the national channels.
With strong thrust on cutting costs and unimportant expenses, they were able to keep their overall operating expenses under check and thus were able to deliver on their aggressive PBT numbers.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U92132MH2002PTC136072 |
|
Name of the
company |
MEDIA CONTENT AND
COMMUNICATIONS SERVICES (INDIA ) PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
301, 3rd Floor, Boston House, Suren Road, Western Express
Highway, Andheri (East), Mumbai – 400093, Maharashtra, India |
|
This form is for |
Modification of charge |
|
Charge
identification (ID) number of the charge to be modified |
10022716 |
|
Type of charge |
· Book debts · Movable property (not being pledge) ·
Others |
|
Particular of
charge holder |
Axis Bank Limited, Corporate Banking Branch, 1, Shakespeare Sarani, Ac Market, 3rd Floor,, Kolkata - 700071, West Bengal, India |
|
Nature of
instrument creating charge |
Supplemental Deed
of Hypothecation |
|
Date of
instrument Creating the charge |
26.11.2012 |
|
Amount secured by
the charge |
Rs. 580.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest will be
charged for Term Loan: Base Rate + 3.50% i.e. 13.50% presently, payable
monthly. Terms of Repayment Cash Credit repayable on demand. The Term Loan is for a period of 5 years including one year of moratorium period from the date of first disbursement. Repayment schedule is as follows:- First 4 quarterly installment of Rs.12.500 Millions each, Next 4 quarterly installments of Rs.20.000 Millions each, Subsequent 4 quarterly installments of Rs.30.000 Millions each, Last 4 quarterly installment of Rs.37.500 Millions each. Margin Cash Credit: RMS,
SIP, FGs and Pkg. Material, Stores and Spares, Book Debts (Cover period upto
90 days): 25%, Term Loan:
23.92%, Bank Guarantee: 5%, 100% cash margin in case of disputed liabilities. Extent and Operation of the charge Extension of
first charge on all the assets of the Company including all programming
assets, both present and future. Extension of
first charge on all current/ non current assets of the company including all
book debts, stocks and cash flows. Routing of the
company's cash flows both present and future through the accounts maintained
with us. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
· First charge basis for the Working Capital limit, all the stock in trade both present and future consisting stock including raw materials, stock in process, finished goods, cash and other current assets and · Outstanding, monies, receivables, claims and bills etc. · First charge, all the movable plant and machinery, furnitures, fixtures etc, both present and future, being movable properties or at present installed at Different parts of the Country except assets · purchased on hire purchase basis. |
|
Date of instrument
modifying the charge |
17.07.2012 |
|
Particulars of
the present modification |
By this
modification, Overall limit has been increased/ realigned/ revised from
Rs.180.000 Millions to Rs.580.000 Millions. The details of credit facilities
are as under:- Facilities Amount Cash Credit Rs.180.000 Millions Term Loan Rs.400.000 Millions Bank
Guarantee Rs.100.000 Millions (Sub
limit of Cash Credit limit) Total
limit Rs.580.000 Millions Other terms and
conditions remain unchanged. |
REVENUE
MCCS continued to show growth in revenue, while most news broadcasters either declined or maintained the same level. This year’s growth has been remarkable because Hindi News share declined and most news broadcaster failed to increase rate further, while for them the growth came from rate increase across all three channels.
Star News
Star News revenue grew despite lower consumption of inventory, stiff competition and low pricing by competition. This growth came from increase in Commercial Time Rate, unprecedented revenue from State Election and high revenue from Union Budget and Cricket. This growth was achieved despite a sharp decline in Govvernment advertising and a poor festival season. The Channel viewership tossed between number 2 and 3 position but in cost per rating point it maintained a number 3 or 4 position. However, by selling more non FCT and channel properties, the Channel managed to arrest the impact of expensive spots. The Channel also increased its client base and revenue by geographical expansion in State of UP, UK , PHCHP, and Rajasthan.
Star Ananda
It's strong leadership position again helped them grow both rate and revenue in double digit. While there was a decline in ad break inventory, they showed double digit growth in revenue from Non FCT, premium from channel properties and premium from events. WB election helped them grow too. However the same was offset by drying up of government advertising revenue. The Channel managed to grow despite a stiff competition not only from news channels but also from Begali GEC. We expanded the market and revenue growth by bringing sustainable revenue for the first time from places like Ranchi, Raipur, Odhisa, and south Bengal.
Star Majha
Majha showed double digit growth of revenue from both corporate and SME's sector. It's effectiveness in CPRP and combination with Hindi News was major growth reason. Growth in Majha came from both rate increase of commercial time and also utilisation of more commercial time. While the revenue growth contribution to Majha came from all parts of India, they expanded the geographical market by setting up revenue offices in different parts of Maharashtra.
Syndication Revenues
The channel has continued to earn its normal fixed-fee Syndication revenue on the news feed sent out of India through the STAR system.
OUTLOOK FOR 2012-13
2011-12 was a year of economic uncertainty and many sectors like finance , automobiles etc , which spend heavily on news genres, were facing poor growths and so had curtailed their spends. Advertisers in general grew cautious and started demanding greater value and not keen on committing to any longer term deals. The coming year is likely to be tough, with continued economic uncertainties, poor economic growth, political indecisiveness driving advertiser behavior and actions.
The Company migrated from the Star brand to ABP with effect from June 1, 2012. Further, in continuation of the association with Star, the shareholders requested that the Preference shares held by them in the Company, be converted into Equity shares. This process was completed on April 30, 2012.
The key challenges for 2012-13 would be their ability to manage the brand migration from Star to ABP, ability to retain price leadership and progress on cable sector digitalization. Genre share is expected to decline marginally and Government likely to push aggressively for inventory cap for the broadcast industry.
Manage smoothly the brand migration
· Leveraging on the success of events / special projects as a revenue stream as it helps improve margin and prices, while providing customized activation platform for client brands
· Continue to manage costs tightly to ensure that they maintain the advantage.
· Driving viewership share through a well thought out re launch activity for ABP channels, post brand migration.
This would be based on a new editorial strategy which would ensure that they stick to strong mainstream news, launch 5 new programs and take a high ground on news coverage in an endeavor to achieve the leadership position in the Hindi News Genre. This activity would be amply supported by marketing initiative to reposition the brand. It is expected that the implementation of the above strategies will help in achieving the desired objectives.
CONTINGENT
LIABILITIES
a. Estimated amount of contracts to be executed on capital account Rs. 4.438 Millions (Previous year Rs. 3.478 Millions).
b. The Company has purchased fixed assets under the ‘Export Promotion Capital Goods Scheme’. As per the terms of the license granted under the scheme, the Company had undertaken to achieve an export commitment of Rs. 957.297 Millions (Previous year Rs. 957.297 Millions) over a period of 9 years. The period was subsequently extended to 10 years and expires on 23 October, 2012. The Company may be liable to pay customs duty of Rs. 107.437 Millions (Previous year Rs. 107.437 Millions) and interest on the same at the rate of 15 per cent compounded annually in the event of non-fulfillment of the export obligations.
The Company has fulfilled its export obligations of Rs. 865.847 Millions (Previous year Rs. 808.499 Millions) till 31 March, 2012, the balance export obligation being Rs. 91.450 Millions (Previous year Rs 148.798 Millions). The Company will make an application to the Director General of Foreign Trade for issuance of the export obligation discharge certificates (EODC) after the completion of the outstanding export obligation.
UNSECURED LOAN
(Rs in Millions)
|
Particular |
As
on 31.03.2012 |
As
on 31.03.2011 |
|
Other loans and advances |
49.791 |
26.135 |
|
Total |
49.791 |
26.135 |
FIXED ASSETS
·
Leasehold Improvements
·
Plant and Machinery
·
Computers
·
Office Equipment
·
Furniture and Fixtures
·
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 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 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. 54.03 |
|
|
1 |
Rs. 82.43 |
|
Euro |
1 |
Rs. 70.49 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
UDS |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
--DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
35 |
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.