MIRA INFORM REPORT

Report Date :

12.02.2013

IDENTIFICATION DETAILS

Name :	NATIONAL FILM DEVELOPMENT CORPORATION LIMITED
Registered Office :	Discovery of India Building, 6^th Floor, Nehru Center, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	01.05.1975
Com. Reg. No.:	11-022994
Capital Investment / Paid-up Capital :	Rs.453.999 Millions
CIN No.: [Company Identification No.]	U92100MH1975GOI022994
TAN No.: [Tax Deduction & Collection Account No.]	MUMN10493A
PAN No.: [Permanent Account No.]	AAACN3540R
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Distribution of Film, Production of Films etc.
No. of Employees :	104 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 650000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a government of India company It is an established company having satisfactory 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 usually correct and as per commitments. Since it is a government company the company can be considered good for normal 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.

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country’s growth, which has averaged more than 7% per year since 1997. India’s diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India’s output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis – in large part because of strong domestic demand – and growth exceeded 8% year-on-year in real terms. However, India’s economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government’s fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India’s medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

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 PARTED BY

Name :	Mr. C. P. Gupta
Designation :	Deputy General Manager in Finance
Contact No.:	91-9967084831
Date :	09.02.2013

LOCATIONS

Registered/ Head Office :	Discovery of India Building, 6^th Floor, Nehru Center, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India
Tel. No.:	91-22-66288288/ 24949856/ 24945336
Mobile No.:	91-9967084831 (Mr. C. P. Gupta)
Fax No.:	91-22-24945336
E-Mail :	cpgupta@nfdcindia.com ejpaul@nfdcindia.com harish@nfdcindia.com
Website :	http://www.nfdcindia.com
Location :	Owned
Branch Office :	C/o KSFDC Limited, Chalachitra Kalabhavan, Vazhuthacaud, Thiruvananthapuram – 695014, Kerala, India
Tel. No.:	91-471-2323854
Fax No.:	91-471-2323854
E-Mail :	balachandran@nfdcindia.com
Regional Office :	Located at: · Kolkata · New Delhi · Chennai

DIRECTORS

As on: 31.03.2012

Name :	Mr. Ramesh Sippy
Designation :	Chairman
Name :	Mr. Nina Lath Gupta
Designation :	Managing Director
Address :	11, Sputnik, 85 Warden Road, Mumbai – 400036, Maharashtra, India
Date of Birth/Age :	06.08.1965
Date of Appointment :	17.4.2006
DIN No.:	00350722
Name :	Mr. Sahab Narain
Designation :	Director (Finance)
Date of Appointment :	23.09.2010
DIN No.:	03641879
Name :	Mr. Jawahar Lal Wattal
Designation :	Independent Director
Name :	Mr. A. K. Bir
Designation :	Non Official Part-time Director

KEY EXECUTIVES

Name :	Mr. G. G. Kamei
Designation :	General Manager (Delhi)
Name :	Mr. Vikramjit Roy
Designation :	General Manager (Film Production)
Name :	Mr. N K Vyas
Designation :	Dy. General Manager (Personnel and Administration)
Name :	Mrs. Usha Nair
Designation :	Dy. General Manager (Kolkata)
Name :	Mr. D. Ramakrishnan
Designation :	Dy. General Manager (Chennai)
Name :	Mr. Rajeh Das
Designation :	Consultant (Domestic Distribution)
Name :	Mr. MNA Setty
Designation :	Manager (Delhi)
Name :	Mr. P. P. Math
Designation :	Manager (Film Production)
Name :	Mr. E. J. Paul
Designation :	Company Secretary and Manager (Finance and Accounts)
Name :	Mr. R. Harish
Designation :	Manager (Legal/CPIO/RTI)
Name :	Mr. Raja Chhinal
Designation :	Manager (Overseas Distribution/Exports)
Name :	Mr. C. P. Gupta
Designation :	Deputy General Manager in Finance

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 24.09.2011)

Names of Shareholders	No. of Shares
President of India	4539983
Nina Latha Gupta	1
D P Reddy	1
Total	4539985

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Government (Central and State)	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Distribution of Film, Production of Films etc.
Terms :
Selling :	Cash and Credit (60 days)
Purchasing :	Cash and Credit (30 days/ 60 days)

GENERAL INFORMATION

Customers :	Corporate Government
No. of Employees :	104 (Approximately)
Bankers :	· H.D.F.C Bank · State Bank of India · State Bank of Travancore · Indian Bank · Punjab National Bank · IDBI Bank · Yes Bank · Bank of India

Banking Relations :	--
Auditors :
Name :	K. S. Aiyer and Company Chartered Accountants
Address :	F–7 Laxmi Mills, Shakti Mills Lane, (Off Dr. E. Moles Road), Mahalaxmi, Mumbai – 400011, Maharashtra, India

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
4540000	Equity Shares	Rs.100/- each	Rs.454.000 Millions

Issued :

No. of Shares	Type	Value	Amount
4539985	Equity Shares	Rs.100/- each	Rs.453.999 Millions

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4539985	Equity Shares	Rs.100/- each	Rs.453.999 Millions

Particulars	Equity Shares as on 31.03.2012
	Number	Rs. In Millions
Shares outstanding at the beginning of the year	4539985	453.999
Allotment during the year	--	--
Shares outstanding at the end of the year	4539985	453.999

Details of Shareholders holding more than 5% of shareholding

	As on 31.03.2012
Name of Shareholder	Number	% of Holding
President of India through Secretary Ministry of I &B, New Delhi”	4539983	99.99

Of the above 2840000 Shares are alloted in conversion of Government Loan and interest accured theron into Share Capital.

Terms / Rights attached to Equity Shares

The Company has only one class of equity shares having par value of 100/- per share. The Company declare and pays dividend in Indian Rupees.

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		453.999	453.999	139.999
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.233	0.233
4] (Accumulated Losses)		(289.680)	(330.676)	(347.539)
NETWORTH		164.319	123.556	(207.307)
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	263.809
TOTAL BORROWING		0.000	0.000	263.809
DEFERRED GOVERNMENT GRANT		109.783	69.630	67.133
TOTAL		274.102	193.186	123.635
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		57.665	47.689	34.797
Capital work-in-progress		0.539	2.886	1.135
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.170	4.717	4.622
	Sundry Debtors	735.464	924.460	387.298
	Cash & Bank Balances	1090.348	808.037	274.703
	Other Current Assets	8.229	3.293	1.171
	Loans & Advances	322.085	253.792	107.125
Total Current Assets		2156.296	1994.299	774.919
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	1300.611	1376.776	453.600
	Other Current Liabilities	595.461	438.073	193.321
	Provisions	44.326	38.615	40.295
Total Current Liabilities		1940.398	1853.464	687.216
Net Current Assets		215.898	140.835	87.703
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
PRELIMINARY EXPENSE		0.000	1.776	0.000
TOTAL		274.102	193.186	123.635

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012
	SALES
		Income	2484.371
		Other Income	72.731
		TOTAL (A)	2557.102
Less	EXPENSES
		Operating Expenditure	2359.150
		Employee Benefits Expenses	70.785
		Other Expenses	49.007
		Provision for Doubtful Debts/Loan/Advance	10.036
		Preliminary Expenses Written Off	1.776
		Prior Period Adjustment	(0.023)
		Amortization Expenses	7.644
		Obsolete Fixed Assets Discarded & Written Off	5.902
		Amortisation of VRS Expenses	0.109
		TOTAL (B)	2504.386
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		52.716
Less	FINANCIAL EXPENSES (D)		0.606
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		52.110
Less/ Add	DEPRECIATION/ AMORTISATION (F)		11.347
	PROFIT BEFORE TAX (E-F) (G)		40.763
Less	TAX (H)		0.000
	PROFIT AFTER TAX (G-H) (I)		40.763
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(330.676)
	BALANCE CARRIED TO THE B/S		(289.913)
	EARNINGS IN FOREIGN CURRENCY
		Export on goods/rights calculated on FOB basis	22.136
	TOTAL EARNINGS		22.136
	Earnings Per Share (Rs.)		8.98

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010
	SALES
		Grant in Aid for regional Film Production	6.240	48.889
		Commission on Regional Film Production	0.624	4.889
		Commissioned Production	88.977	74.702
		Media Campaign for Govt. Depts	1623.252	440.001
		Distribution of films	40.051	30.215
		Service Projects	53.343	47.066
		Other Income	37.482	36.286
		TOTAL (A)	1849.969	682.048
Less	EXPENSES
		Grant in Aid for regional Film Production	6.240	48.884
		Commissioned Production	74.533	56.135
		Media Campaign for Govt. Depts	1552.746	431.058
		Expenditure in respect of distribution of films	28.217	19.453
		Service Projects	36.738	30.925
		Personnel Expenses	41.389	44.458
		Administrative Expense	40.249	32.014
		Admirtisation of cost of feature film	0.000	12.301
		Amortisation of VRS Expense	42.601	30.735
		Bad Debts Written off	0.000	15.274
		Provision for doubtful debts/ loans/ advances	2.834	0.413
		Preliminary Expenses	0.444	0.000
		TOTAL (B)	1825.991	721.650
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		23.978	(39.602)
Less	FINANCIAL EXPENSES (D)		0.313	30.068
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		23.665	(69.670)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		8.131	7.297
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		15.534	(76.967)
Less	TAX (H)		0.000	0.000
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		15.534	(76.967)
	Prior Year Adjustment		(0.458)	(1.737)
Add	Expenses provision for Doubtful debt/ Loan and Advances		0.000	7.386
Add	Gratuity / Leave encashment		1.788	0.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(347.539)	(276.221)
	BALANCE CARRIED TO THE B/S		(330.675)	(347.539)
	EARNINGS IN FOREIGN CURRENCY
		Export on goods/rights calculated on FOB basis	20.008	12.635
	TOTAL EARNINGS		20.008	12.635
	IMPORTS
		Components and Spares Parts	0.000	0.248
	TOTAL IMPORTS		0.000	0.248
	Earnings/ (Loss) Per Share (Rs.)
	Basic		3.71	(50.94)
	Diluted		3.71	(50.94)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.59	0.84	(11.28)
Net Profit Margin (PBT/Sales)	(%)	1.64	0.86	(11.92)
Return on Total Assets (PBT/Total Assets}	(%)	1.84	0.76	9.51
Return on Investment (ROI) (PBT/Networth)		0.25	0.13	0.37
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	(1.27)
Current Ratio (Current Asset/Current Liability)		1.11	1.08	1.13

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

(Rs. In Millions)

Particulars	31.03.2012	31.03.2011	31.03.2010
Sundry Creditors	1300.611	1376.776	453.600
Total	1300.611	1376.776	453.600

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	Yes
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	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
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	No
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, D-5, Shivsagar Estate, Dr A B Road, Worli, Mumbai – 400018, Maharashtra, India, to the present address.

TURNAROUND

After more than a decade of recurring losses and declining turnover, NFDC has been able to establish a consistent turnover escalation in performance for three financial years in a row. The total revenue of the Corporation for the year increased by 38% to Rs. 2557.103 Millions from Rs. 1850.000 Millions during the previous year. However, Profit after Tax (PAT) increased by 142% to Rs.40.763 Millions from a profit of Rs.16.863 Millions for the previous year.

ACTIVITIES OF THE COMPANY

Film Production

Under the Eleventh Five-Year Plan, the Ministry of Information and Broadcasting executed its Plan Scheme “Film Production in Various Regional Languages” through NFDC. From the same, NFDC produces films under its extant guidelines for film production whereby it aims to encourage emerging/debutant feature filmmakers by undertaking 100% production of their first feature film and to produce/ co-produce good quality films in partnership with private players both from India and abroad.

During the year 2011-12, NFDC produced/ completed the following films, of which 5 were directed by debutant filmmakers.

The Punjabi film Anhey Gorhey Da Daan (Alms of the Blind Horse), based on award-winning writer Gurdial Singh’s book of the same title, had its world premiere at the prestigious Venice International Film Festival in 2011, making it the first Punjabi Film to achieve international acclaim of this nature. The film went on to receive multiple awards at the 59th National Film Awards for 2011. It received the award for Best Punjabi Language Film. In addition, the Director of the film, Gurvindar Singh, was adjudged Best Director under the National Film Awards, while debutant Cinematographer Satya Rai Nagpaul received the award for Best Cinematographer. This film also won the Special Jury Mention and the Black Pearl Trophy at the 5th Abu Dhabi Film Festival and the Special Jury

Award at the International Film Festival, Rotterdam for its lyrical and scenic narration. The film has travelled all over the world since then, and has been showcased at the 55th London Film Festival, the Busan International Film Festival, and has most recently been exhibited at the MOMA in New York.

The Bhojpuri film HE… directed by Mangesh Joshi and Bengali film Sanskar directed by Nabendu Chatterjee were selected for Indian Panorama of 42nd International Film Festival of India and screened during the International Film Festival of India held in Goa in November 2011.

The film Shanghai,, directed by talented filmmaker Dibakar Banerjee has been made in collaboration with Dibakar Banerjee Productions and PVR Pictures, a leading exhibition, distribution and production company in India, Tasher Desh is being produced in association with Anurag Kashyap Films Private Limited and directed by upcoming director Q. Manjunath and Jal are coproduced with established professionals in the film and television industry of India.

Qissa, a Punjabi film directed by Anup Singh and co-produced with Heimat film of Germany, is the first film to be granted official recognition under the Co-Production Agreement between the Government of India and the Government of Germany. Irfan Khan’s attachment to the project, as the lead actor, gives the film a certain profile in the International markets. In addition, co-producers from Netherlands and France have also boarded this project.

Film Bazaar

NFDC set up Film Bazaar India in 2007 in Goa alongside the International Film Festival of India with the objective of creating a production and sales platform that would ensure greater visibility of Indian cinema across world markets. In 2010, the market was expanded to cater to the needs of cinemas of South Asia. The event has now become a regular feature on the International Market calendar for the International film industry. From a tentative start in 2007 with 170 delegates, Film Bazaar in 2011 saw the attendance of more than 635 delegates from 40 countries.

MANAGEMENT ANALYSIS REPORT

Industry Overview

The Indian Film Sector has to be seen in the context of the overall Media and Entertainment sector of the Indian economy. Its role and importance has to be gauged not by the size of the industry vis-à-vis the entire M and E Space, but the fact that film entertainment in India is a key driver for content on television, music, radio, animation and VFX, and advertising. While the overall industry size attributed to the Film Industry is only a small proportion of the M and E sector, there can be no denying the impact that film content has on the size and growth of other segments of the M and E Sector, given that popularity of film as a means of entertainment is unmatched in India by any other source of entertainment.

The film industry in India essentially comprises regional segments of filmmaking all over the country with films being made in more than 25 Indian languages. The biggest filmmaking centers in India in terms of language films are the Hindi, Tamil, Telegu, and Malayalam industries. Also prominent are Bengali and Bhojpuri films, with the latter having gained significant commercial success in recent years. It can safely be said that the film industry in India is not one cohesive whole, but is instead an amalgamation of several cinemas produced all over the country that aim to reflect their socio-cultural and economic aspirations.

There is no measurable database in India to gauge the actual size, annual production investments, accurate box office returns and other data of the film industry in India. This makes the task of facilitating the growth of the Indian Film industry that much more challenging and there is an need to put into place mechanisms that ensure maintenance of certain quantifiable parameters of performance of the film sector, as also a data bank of industry professionals across various streams of filmmaking. At present data available of film personnel is confined to industry personnel who are members of various film industry associations such as Film Federation of India, Film Producers’ Guild, Indian Motion Pictures Association, South Indian Film Chamber of Commerce, East India Motion Pictures Association and many more. None of these organizations can claim to represent the interests of the entire Indian film sector and as such cannot provide accurate figures for the film sector.

STRUCTURE OF FILM INDUSTRY

The basic segments of the industry comprise of

Film Production: Production ranges from small-scale films of independent filmmakers based on personal finance and private backing to large-scale productions by corporate entities and financial investors. The number of feature films made each year consistently continue to be in the range of 800 to 1000 approximately in more than 25 languages. On the other hand, the documentary film movement is almost non-existent in India, with the bulk of documentary films being in the nature of films commissioned by government departments and ministries. There is thus a huge gap in the documentary film sector of the industry, unlike in other developed and developing countries, where documentaries are recognized as a medium of change, opinion making, and documentation of events. The production segment of the industry, as is the case of other sections of the film industry, is almost entirely driven by private enterprise, lacks organizational structures and does not institute best practices of film production in a uniform manner, unlike in the west where norms of film production are fairly well established. For instance, it is not recognized in India that film producers have a specific role and function to perform and more often than not, a filmmaker in India dons many hats for his film – that of producer, writer, director, and often editor as well. This impacts the final output of the film as the element of objectivity and professional skill sets required for the final product is often eroded.

Film Distribution: The distribution space has undergone several substantial changes in the past decade and more. The practice of purchase of films by distributors on a Minimum Guarantee basis has declined in recent years, and more often than not, the distributor is no longer a financial investor in the film. Distribution has also changed with fragmentation of markets between multiplex and stand-alone theatres and selective exhibition and release of films is being carried out increasingly. Sale of secondary or ancillary rights of films such as television, cable, and video is driven largely by the success of a film on a theatrical circuit, making the latter a crucial link in the film business.

Film Exhibition: It has been roughly estimated over the past decade or so that the Indian exhibition sector is equipped with roughly 10000-14000 theatres, including moving theatres (temporary structures that are moved from place to place in rural areas). However, there is no accurate recorded data in India about the actual number of theatres across the country. Notwithstanding that, it is a fact that the numbers of theatres in India are grossly disproportionate to population of the country when compared to screens available to audiences in other countries. Further, the exhibition space has undergone a marked fragmentation in the past decade after the influx of multiplexes. While multiplexes largely cater to urban audiences, high-ticket prices in a price sensitive economy have resulted in limited occupancy rates for the bulk of films released in the multiplexes. On the other hand, the proportionately extremely low ticket prices of stand alone theatres in Grade B and C centers do not make distribution of films in these centers a viable proposition for film distributors, thereby escalating the fragmentation of film audiences and non-availability of film content in smaller centers. A possible solution that is emerging in the scenario is digital exhibition.

Contingent Liabilities not provided for

(Rs. In Millions)

Particular	31.03.2012	31.03.2011
Bank Guarantees	0.495	0.495
Claims from the Sales Tax Authorities for film distribution business for which appeal has been filed.	0.000	2.070
Legal cases against the Corporation.	56.059	52.240
Claim against Corporation for increase in rental for the premises not acknowledgeas debts pending in Civil Court.	1.038	1.038
Balance salary payable to Senior General Manager, suspended earlier on the charges of mis-representation of facts and impounding of documents.	0.846	0.846

FIXED ASSETS:

· Leasehold Land

· Building - 16 MM

· Building - Sub-Titling

· Office Premises

· Ownership Flats

· V. C. R. Equipments

· 16 MM Infrastructure

· Video Studio

· Special Effects

· Cinema Equipments (EXHIB)

· Cinema Equipments (DIST)

· Office Equipments

· Computers

· Furniture and Fixture

· Vehicles

· Laser Studio

· Electrical Fittings

· Temporary Structure

· Plant Held for Sale

· Telecine Equipments

PRESS RELEASE

RAMESH SIPPY APPOINTED NFDC CHAIRMAN

January 17, 2012

Veteran Filmmaker Ramesh Sippy has been appointed chairman of the National Film Development Corporation (NFDC).

Best known for directing Bollywood classic 'Sholay', Sippy replaces actor Om Puri, officials said.

The Information and Broadcasting ministry has also appointed Jawahar Wattal and Odiya cinematographer A K Bir as independent directors.

NFDC is the central agency established to encourage the good cinema movement in the country. The primary goal of the NFDC is to plan, promote and organize an integrated and efficient development of the Indian film industry and foster excellence in cinema.

The organisation (and its predecessor the Film Finance Corporation) have so far funded and produced over 300 feature films.

National Film Development Corporation comes up with latest movie, Maya Bazaar

June 5, 2012

Kolkata: National Film Development Corporation (NFDC) has come up with latest movie, Maya Bazaar. As Kolkata swelters under scorching heat, well-known actors like Dhritiman Chatterjee and Roopa Ganguly and others are geared up to add on to the blaze with their latest screen outing in Maya Bazaar produced by the NFDC.

Maya Bazaar, an anthology of three stories - Smriti, Satwa and Bhobisshot -- drives you to a world of obsession engulfed by memories, overwhelmed with illusion, desperately trying to contemplate the absolute truth of life. While the young widow in Smriti is obsessed with the absence of her husband, seeing any man as her ex-husband, the prolific artist in Satwa is engrossed in his self-articulated image of the girl frequenting his dreams. Bhobisshot summons up the age-old argument of natural and supernatural.

"Every man has his own mental world, his own mode of thinking. Every man creates a world of good and evil, pleasure and pain, out of his own imagination only. My character, Kuhu in Smriti, portrays that internal conflict within one self through her anxious longing for her husband who is no more in this world," said Roopa Ganguly in a media meet.

Joydeep Ghosh, the director, has already made a name for himself as a maker of documentary and short films revolving around social issues. On weaving Maya Bazaar with three stories into one complex plot, he said, "Maya Bazaar is a very thought provoking film that compels you to think beyond the empirical world. It's a movie for every sensible man who otherwise has a world of his own imagination. There is a common link between all the stories, that is an obsession and desperation to find something that is missing."

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.68
UK Pound	1	Rs.84.85
Euro	1	Rs.71.87

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		47

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	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.