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, Lawrence Road, Industrial Area, New Delhi – 110035 |
||
|
Established Date |
10.08.1988 |
SIC Code |
-- |
|
Telephone# |
91-11-27156040 |
Business Style 1 |
The Company is engaged in the business of Direct to Home
(‘DTH’) and Teleport services. |
|
Fax # |
91-11-27156042 |
Business Style 2 |
- |
|
Homepage |
Product Name 1 |
- |
|
|
# of employees |
1500 [Approximately] |
Product Name 2 |
- |
|
Paid up capital |
Rs.1,063,600,000/- |
Product Name 3 |
- |
|
Shareholders |
Promoter and Promoter Group-69.07% Public Shareholding-30.93% |
Banking |
ICICI Bank Limited |
|
Public Limited Corp. |
Yes |
Business Period |
25 Years |
|
IPO |
Yes |
International Ins. |
-- |
|
Public |
Yes |
Rating |
B (34) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Holding
Company |
-- |
Dhaka Warriors Sports Private Limited |
-- |
|
Note |
-- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
6,683,100,000
|
Current Liabilities |
10,135,800,000
|
|
Inventories |
68,800,000
|
Long-term Liabilities |
12,143,500,000 |
|
Fixed Assets |
14,203,500,000 |
Other Liabilities |
4,998,600,000
|
|
Deferred Assets |
0,000 |
Total Liabilities |
27,277,900,000 |
|
Invest& other Assets |
5,384,300,000 |
Retained Earnings |
0,000 |
|
|
|
Net Worth |
(938,200,000) |
|
Total Assets |
26,339,700,000 |
Total Liab. & Equity |
26,339,700,000 |
|
Total Assets (Previous Year) |
26,868,098,000 |
|
|
|
P/L Statement as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Sales |
19,578,200,000 |
Net Profit |
(1,588,500,000) |
|
Sales(Previous yr) |
14,365,518,000 |
Net Profit(Prev.yr) |
(1,896,905,000) |
MIRA
INFORM REPORT
|
Report Date : |
10.01.2013 |
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, Lawrence Road, Industrial Area, New Delhi – 110035 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
10.08.1988 |
|
|
|
|
Com. Reg. No.: |
55-101836 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 1063.600
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 |
|
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 record. 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facility : (CARE) BBB |
|
Rating Explanation |
Withdrawn |
|
Date |
November 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.
LOCATIONS
|
Registered
Office : |
Essel House,
B-10, Lawrence Road, Industrial Area, New Delhi – 110035, India |
|
Tel. No.: |
91-11-27156040/ 41/ 43 |
|
Fax No.: |
91-11-27156042 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
FC-19, Sector 16A, Film City, Noida – 201301, Uttar Pradesh, India |
|
Tel No.: |
91-120-2599391-95/ 2511064/ 2599555 |
|
Fax No.: |
91-120-4357078 |
|
Website : |
|
|
|
|
|
Branch Office : |
207, Paradigm ‘B’ Mindspace, Malad Link Road, Malad (West), Mumbai –
400064, Maharashtra, India |
|
Tel. No. : |
91-22-65040280 / 81 /82 |
|
Fax No. : |
91-22-65040285 |
DIRECTORS
AS ON 31.03.2012
|
Name : |
Mr. Subhash Chandra |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Jawahar Lal Goel |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Ashok Kurian |
|
Designation : |
Non-Executive 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. 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 : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2012
|
Category of Shareholder |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
638520785 |
65.17 |
|
|
2594150 |
0.26 |
|
|
2594150 |
0.26 |
|
|
641114935 |
65.43 |
|
|
|
|
|
|
35632125 |
3.64 |
|
|
35632125 |
3.64 |
|
Total shareholding
of Promoter and Promoter Group (A) |
676747060 |
69.07 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
48098515 |
4.91 |
|
|
388290 |
0.04 |
|
|
9314 |
0.00 |
|
|
141658216 |
14.46 |
|
|
190154335 |
19.41 |
|
|
|
|
|
|
40545156 |
4.14 |
|
|
|
|
|
|
34927194 |
3.56 |
|
|
3395195 |
0.35 |
|
|
34081235 |
3.48 |
|
|
2047074 |
0.21 |
|
|
8711 |
0.00 |
|
|
1075 |
0.00 |
|
|
24375 |
0.00 |
|
Foreign Corporate Bodies |
32000000 |
3.27 |
|
|
112948780 |
11.53 |
|
Total Public
shareholding (B) |
303103115 |
30.93 |
|
Total (A)+(B) |
979850175 |
100.00 |
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
85035000 |
0.00 |
|
|
85035000 |
0.00 |
|
Total
(A)+(B)+(C) |
1064885175 |
0.00 |
(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. |
GENERAL INFORMATION
|
No. of Employees : |
1500 [Approximately] |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Bankers : |
Ø
ICICI Bank Ø
Standard Chartered Bank Ø
State Bank of India Ø
Yes Bank Ø
Bank of India Ø
Central Bank of India Ø
Dena Bank Ø
IDBI Bank Limited Ø
ING Vysya Bank Ø Axis Bank
Limited |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Facilities : |
|
|||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
BSR and Company Chartered Accountants |
|
Address : |
Gurgaon, Haryana, India |
|
|
|
|
Holding company : |
Dhaka Warriors
Sports Private Limited (with effect from 26 December 2011) |
|
|
|
|
Subsidiary
companies : |
Ø Integrated Subscriber
Management Services Limited (ISMSL) {ISMSL was subsidiary till 31 May 2011;
renamed as Essel Business Processes Limited (EBPL), and with effect from 16
October 2011 merged with Cyquator Media Services Private limited (all
referred to as Cyquator) Ø Dish TV
Singapore Pte Limited Ø Agrani
Convergence Limited # Ø Agrani Satellite
Services Limited # (#Investments disposed of to ISMSL in pursuant to the
Scheme approved by the Hon’ble High Court of Delhi, vide Ø its Order dated
3 March 2011 effective 31 March 2010) |
|
|
|
|
Enterprises over which key Management personnel/ their relatives have significant influence : |
Ø ASC
Telecommunication Private Limited (formerly ASC Telecommunication Limited) Ø Asia Today
Limited Ø Asia TV USA
Limited Ø Churu Trading Company
Private Limited Ø Cyquator Media
Services Private Limited Ø Dakshin Media
Gamming Solutions Private Limited Ø Diligent Media
Corporation Limited Ø E-City Property
Management and Services Private Limited Ø Essel Agro
Private Limited Ø Essel Corporate
Resources Private Limited Ø Essel
Infraprojects Limited Ø Essel
International Limited Ø Indian Cable Net
Company Limited Ø Interactive
Finance and Trading Services Private Limited. Ø ITZ Cash Card
Limited Ø Media Pro
Enterprise India Private Limited Ø PAN India
Network Infravest Private Limited Ø PAN India
Network Limited Ø Procall Private
Limited Ø Rama Associates
Limited Ø Wire and
Wireless (India) Limited Ø Taj Television
India Private Limited Ø Taj TV Limited Ø Zee Akash News
Private Limited Ø Zee
Entertainment Enterprises Limited Ø Zee News Limited Ø Zee Turner
Limited Ø ZEE Telefilms
Middle East Fz LLC |
CAPITAL STRUCTURE
AFTER 30.08.2011
Authorised Capital : Rs. 1500.000 Millions
Issued, Subscribed & Paid-up Capital : Rs. 1064.779
Millions
AS ON 31.03.2012
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 |
|
|
|
|
|
|
1,061,701,440 |
Equity Shares |
Re. 1/- each |
Rs. 1061.700
Millions |
|
2,722,435 |
Equity shares of fully called up (Issued, subscribed, but not fully paid-up) |
Re. 1/- each |
Rs. 2.700
Millions |
|
|
Less: calls in arrears |
|
Rs. 0.800 Million |
|
|
Total |
|
Rs. 1063.600 Millions |
Note:
|
a) Reconciliation of the number of shares
outstanding at the beginning and at the end of the year |
Numbers
|
|
Shares at the beginning of the year |
1,063,976,535 |
|
Add: Further issued during the year under Employees Stock Option Plan |
447,340 |
|
Shares at the end of the year |
1,064,423,875 |
b) 2,062,513
(previous year 2,068,646) equity shares of Re. 1 each, Re. 0.75 paid up 659,922
(previous year 967,253) equity shares of Re. 1 each, Re. 0.50 paid up.
c) The Company has
only one class of equity shares, having a par value of Re. 1 per share. Each
shareholder is eligible to one vote per fully paid equity share held (i.e. in
proportion to the paid up shares in equity capital). The dividend proposed, if
any, by the Board of Directors is subject to approval of shareholders in the
ensuing Annual General Meeting, except in case of interim dividend. The
repayment of equity share capital in the event of liquidation and buy back of
shares are possible subject to prevalent regulations. In the event of
liquidation, normally the equity shareholders are eligible to receive the
remaining assets of the Company after distribution of all preferential amounts,
in proportion to their shareholding.
|
d) Shares held
by ultimate holding company/ holding company |
|
|
Equity shares of Re. 1 each, fully paid up by |
637,212,260 |
|
- Dhaka Warriors Sports Private Limited |
59.86% |
e) Details of shareholders
holding more than 5% shares of the Company
|
Name |
As at 31 March
2012 |
|
|
|
Number of shares |
% holding in the Company |
|
Dhaka Warriors Sports Private Limited |
637,212,260 |
59.86% |
|
Deutsche Bank Trust Company Americas |
117,035,000 |
11.00% |
|
Veena Investments Private Limited |
- |
- |
|
Churu Trading Company Private Limited |
- |
- |
|
Prajatma Trading Company Private Limited |
- |
- |
f) Issued,
subscribed and fully paid up shares include:
i) 249,300,890 (previous
year 249,300,890) equity shares of Re. 1 each fully paid up, allotted for
consideration other than cash pursuant to the Scheme of Arrangement made
effective from 1 April, 2006.
ii) 1,016,480
(previous year 569,140) equity shares of Re. 1 each, fully paid up, issued to
the employees, under Employee Stock Option Plan, i.e., ESOP 2007.
iii) 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 1000 Equity Shares of Re. 1 each.
g) 4,282,228
(previous year 4,282,228) equity shares of Re. 1 each are reserved for issue
under Employee Stock Option Plan 2007.
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 |
1063.600 |
1062.976 |
1062.070 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
15314.034 |
15282.338 |
|
|
4] (Accumulated Losses) |
(2001.800) |
(15749.589) |
(12341.659) |
|
|
NETWORTH |
(938.200) |
627.421 |
4002.749 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
10893.500 |
10762.716 |
9142.218 |
|
|
2] Unsecured Loans |
1250.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
12143.500 |
10762.716 |
9142.218 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
11205.300 |
11390.137 |
13144.967 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
14203.500 |
13637.174 |
10150.535 |
|
|
Capital work-in-progress |
3884.300 |
4580.308 |
2250.348 |
|
|
|
|
|
|
|
|
INVESTMENT |
1500.000 |
2001.500 |
4505.566 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
68.800
|
44.402
|
27.799
|
|
|
Sundry Debtors |
286.100
|
215.377
|
338.473
|
|
|
Cash & Bank Balances |
3851.300
|
3201.862
|
5422.248
|
|
|
Other Current Assets |
152.300
|
19.025
|
6.757
|
|
|
Loans & Advances |
2393.400
|
3168.450
|
6039.029
|
|
Total
Current Assets |
6751.900
|
6649.116
|
11834.306
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
794.900
|
5455.533
|
4051.256
|
|
|
Other Current Liabilities |
9340.900
|
7015.625
|
9835.796
|
|
|
Provisions |
4998.600
|
3006.803
|
1708.736
|
|
Total
Current Liabilities |
15134.400
|
15477.961
|
15595.788
|
|
|
Net Current Assets |
(8382.500)
|
(8828.845)
|
(3761.482)
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
11205.300 |
11390.137 |
13144.967 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
19578.200 |
14365.518 |
10847.944 |
|
|
|
Other Income |
385.900 |
880.295 |
686.071 |
|
|
|
TOTAL (A) |
19964.100 |
15245.813 |
11534.015 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases of stock-in-trade |
73.700 |
-- |
-- |
|
|
|
Changes in inventories of stock-in-trade |
(24.400) |
-- |
-- |
|
|
|
Employee Benefit Expenses |
709.800 |
-- |
-- |
|
|
|
Other Expenses |
950.900 |
-- |
-- |
|
|
|
Cost of Traded Goods |
-- |
22.650 |
23.083 |
|
|
|
Operating Expenses |
9975.300 |
7858.097 |
7007.061 |
|
|
|
Personnel Cost |
-- |
566.423 |
398.540 |
|
|
|
Administration and Other Expenses |
-- |
683.069 |
454.317 |
|
|
|
Selling and Distribution Expenses |
2909.300 |
2847.076 |
2018.273 |
|
|
|
TOTAL (B) |
14594.600 |
11977.315 |
9901.274 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
5369.500 |
3268.498 |
1632.741 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1778.000 |
1511.374 |
1216.378 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3591.500 |
1757.124 |
416.363 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
5180.000 |
3654.029 |
3037.947 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
(1588.500) |
(1896.905) |
(2621.584) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
0.259 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(1588.500) |
(1896.905) |
(2621.325) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Teleport services |
0.000 |
0.000 |
86.480 |
|
|
|
Interest income |
93.800 |
42.246 |
0.091 |
|
|
|
Bandwidth charges |
10.900 |
22.334 |
27.032 |
|
|
|
Subscription income |
58.500 |
0.000 |
0.000 |
|
|
|
Others |
0.300 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
163.500 |
64.580 |
113.603 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Components and spare parts |
21.800 |
27.947 |
8.462 |
|
|
|
Capital equipments |
4792.600 |
7550.458 |
2503.669 |
|
|
|
Others |
13.800 |
4.536 |
0.000 |
|
|
TOTAL IMPORTS |
4828.200 |
7582.941 |
2512.131 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(1.49) |
(1.79) |
(3.19) |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
|
Type |
1st Quarter |
2nd Quarter |
|
Sales Turnover |
5199.600 |
5336.200 |
|
Total Expenditure |
3643.700 |
3779.400 |
|
PBIDT (Excl OI) |
1555.900 |
1556.800 |
|
Other Income |
105.700 |
80.300 |
|
Operating Profit |
1661.600 |
1637.100 |
|
Interest |
472.800 |
317.200 |
|
Exceptional Items |
0.000 |
764.300 |
|
PBDT |
1188.800 |
2084.200 |
|
Depreciation |
1512.000 |
1533.300 |
|
Profit Before Tax |
(323.200) |
550.900 |
|
Tax |
0.000 |
0.000 |
|
Provisions and Contingencies |
0.000 |
0.000 |
|
Reported PAT |
(323.200) |
550.900 |
|
Extraordinary Items |
0.000 |
00 |
|
Prior Period Expenses |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
|
Net Profit |
(323.200) |
550.900 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(7.96)
|
(12.44) |
(22.73)
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(8.11)
|
(13.20) |
(24.17)
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(7.58)
|
(9.35) |
(11.92)
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
1.69
|
(3.02) |
(0.65)
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
(29.07)
|
41.82 |
6.18
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.45
|
0.43 |
0.76
|
LOCAL AGENCY FURTHER INFORMATION
|
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 |
No |
|
10] |
Designation of contact
person |
No |
|
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 |
No |
|
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 |
UNSECURED LOANS
|
Unsecured Loans |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
|
|
Loan from a related party repayable on demand |
1250.000 |
0.000 |
|
Total |
1250.000 |
0.000 |
BACKGROUND
Dish TV India
Limited (‘Dish TV’ or ‘the Company’) 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.
BUSINESS OVERVIEW
The Indian Broadcasting
Industry is going through an evolutionary phase. Limited number of channels and
substandard picture quality has become a thing of the past.
Entertainment
through satellite dish though a common phenomenon in the western world, was
introduced in India by dishtv, which has brought about a sea-change in the
Indian television market. The brand has changed consumer preferences and
enhanced the standards of television viewership by offering digital picture
quality with stereophonic sound and uninterrupted viewing of more than 400+
channels and services. With value added services like Movie on Demand, Books
Active, Active Games to name a few, owning a dishtv is more than just channel
entertainment. Dishtv has left no stone unturned in providing outstanding
services that has the viewers glued to their television screens.
The DTH industry
consolidated its gain of last 5 years and continued the upward march in terms
of customer acquisition, launch of new products, evolution of new technologies
and wide variety of customer propositions in terms of acquisition &
retention schemes. The industry added more than 10 Million subscribers during
the period . The industry was quite ahead of the numbers acquired by the
digital cable operators during this period.
Strong brand
proposition, differentiated customer offerings, launch of new High Definition
(HD) Channels and increase in the number of channel offering by the industry
was the key highlights of the year gone by.
Despite intense
competition, the Company was able to maintain its leadership position by virtue
of having the maximum number of registered subscribers among all the DTH
operators. Customer delight was the main theme of the year facilitated by door
step services and wider reach.
In view of the
growing appetite of the Indian consumers demanding more channels, the Company
proactively contracted for a new satellite located in the vicinity of the
existing satellite to augment the facility of High Definition channels along
with conventional Standard Definition (SD) channels. During the year , the
Company acquired additional transponders on the Asiasat 5 satellite thus
increasing its total transmission bandwidth to 648 MHz from 432 MHz previously.
The increased transponder capacity enabled the Company to increase its Standard
Definition channel capacity to over 320 and High Definition capacity to over 30
which is substantially higher than any competing DTH operator in both HD as
well as SD transmission. With the availability of additional capacity, the Company
is far ahead of the competition in respect of satellite bandwidth for provision
of additional channels and services to the subscribers. This will continue to
be a differentiator and game changer in the months to come.
During the year,
the Company launched Niche channels like Khana Khazana, Ten Golf, MTune – HD
etc. The
Company will
continue to look for opportunities of similar nature to be ahead of the
competition and create value for the Stakeholders.
The Digital
Addressable Systems (DAS), a long awaited event for the development and growth
of the cable and satellite sector, which has now been notified by the
Government to become applicable in four phases will push the industry towards a
new paradigm benefiting all the Stakeholders of the industry including the
Broadcasters, Distributors, DTH operators, the Government and above all – the
Consumers.
The DTH industry
is expected to grow faster and stronger in the areas where DAS has been
notified by the Government because of brand equity, execution strength,
understanding of the consumer behavior, well established sales and distribution
outlets, value proposition to the consumer and above all – best quality service
at the door steps of the customers.
The year also saw
the emergence of Advertisement sales as a new and growing revenue stream. In
this segment, the Company established its presence, closing the financial year
at a net revenue of ` 15.68 crores (FY 11 – 12), against last year’s revenue of
` 5.65 crores, an increase of 178%. The brand count of advertisers on Dish TV
increased by 279% with leading global brands / organizations such as Microsoft,
Pepsi, Coca-Cola, P&G, HUL advertising on their platform. In fact, Dish TV
was the only DTH platform in India where Microsoft launched its global Windows
7 campaign. The metrics based on advertisers and broadcasters requirements
include CPT (cost per thousand), digital ratings and multiple case studies –
all showcasing Dish TV as THE new medium to be present on.
Various
innovations were experimented with, in this year the advertiser sponsored Free
to Subscriber MOD (which saw an increase of almost 300% in orders in that
period), the advertiser sponsored Open-to-all MOD format (reaching almost 77%
of their base), default boot up screen, banners on the EPG, brand slugs on Buzz
(the default landing channel), Red bug innovations on Buzz & MOD channels,
sponsorship of free to subscriber and paid for by subscriber by leading
advertisers, making broadcasters the default landing channel leading to an
increase in digital ratings and many more, which have all been established as
case studies to be monetized with more brands this year.
The Company
continued its efforts to bring value and additional features in its services.
The Company launched a High Definition Set Top Box with Digital Video Recoding
facility with the facility of getting to record as much content as a subscriber
wishes to. The launch of HD - DVR was a big stride in the direction of
acquiring the largest HD subscriber base.
With deep market
understanding and a well crafted consumer insight, entertainment as an interest
was immaculately matched to the emotion of Passion. For every television lover,
it is their endless passion for entertainment which makes them demand more
content, best technology and superior experience. Some people go to any extent
to catch their favorite dose of entertainment and dishtv, as a brand wants to
target those thought leaders in the world of entertainment and uniquely
positioned the brand to stand for Passion for entertainment i.e. Dish Sawaar
Hai. With a first of its kind initiative in the industry, an all exclusive
dishtv anthem communicates the passion and zeal of dishtv to its consumers
across segments that are practically run by TV entertainment today.
The brand is built
around their commitment to provide the most technologically advanced products
with the maximum content and excellent services that reflects the eminence of
not only the market leader but a set of people behind dishtv who are thought
leaders in the world of entertainment.
The key challenges
in the future will be harnessing the opportunities created out of DAS regime,
containing the cost of fund, steep taxation, satiate the ever increasing
appetite for new content.
SUBSIDIARY OPERATIONS
During the year, Essel
Business Processes Limited (earlier known as Integrated Subscriber Management
Services Limited) ceased to be a subsidiary of the Company. For the purpose of
enabling 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, the Company
divested its entire shareholding in Essel Business Processes Limited on June 1,
2011. Accordingly, Essel Business Processes Limited ceased to be a subsidiary
of the Company from the date of transfer.
Subsidiary in
Singapore
The Company, on
the approval of the Board of Directors, has incorporated a wholly owned
subsidiary in Singapore under the name and style of “Dish TV Singapore Pte.
Ltd.”
The said Company
is engaged in providing DTH related service. The subsidiary company has been in
operation since November 2011.
The Ministry of
Corporate Affairs, Government of India, has allowed general exemption to
Companies from complying with Section 212 (8) of the Companies Act, 1956,
provided such companies publish the audited consolidated financial statements
in the Annual Report. The Board has decided to avail the said general exemption
from applicability of provisions of Section 212 of the Companies Act, 1956, and
accordingly, the Annual Accounts of the Subsidiary of the Company viz. Dish TV
Singapore Pte. Ltd., for the financial year ended March 31, 2012 are not being
attached with the Annual Report of the Company and the specified financial
highlights of the said subsidiary company are disclosed in the Annual Report,
as part of the Consolidated financial statements. The audited Annual Accounts
and related information of the subsidiary will be made available, upon request
and also be open for inspection at the Registered Office, by any Shareholder.
As required by the
Accounting Standard AS – 21 issued by the Institute of Chartered Accountants of
India and Listing Agreement with the Stock exchange(s) the financial statements
of the Company reflecting the Consolidation of the Accounts of its subsidiaries
to the extent of equity holding of the Company in these Companies are included
in this Annual Report.
Subsidiary in Sri
Lanka
The Company, on
the approval of the Board of Directors, formed a Joint Venture Company with
Satnet (Private) Limited, a DTH License holder in Sri Lanka, in the name and
style of Dish T V Lanka (Private) Limited in Sri Lanka in April 2012. The
Company holds 70% of the share capital in the said Subsidiary Company and the
balance 30% is being held by Satnet (Private) Limited. The Management is in the
process of initiating the commercial operations of the Subsidiary Company.
HOLDING COMPANY
Direct Media
Distribution Ventures Private Limited (earlier known as Dhaka Warriors Sports
Private Limited), a Company incorporated in India and being a part of Promoter
Group, held 515,916,648 fully paid up equity shares (aggregating to 48.51% of
the paid up share capital) of the Company and it acquired additional 28,975,000
fully paid up equity shares of the Company on December 26, 2011. Consequent to
such acquisition, its aggregate shareholding in the Company increased to
544,891,648 fully paid up equity shares i.e. 51.19% of the paid up share
capital of the Company and thus Direct Media Distribution Ventures Private
Limited became the Holding Company of the Company.
As on March 31,
2012, Direct Media Distribution Ventures Private Limited holds 637,212,260 fully
paid up equity shares constituting 59.86% of the paid up share capital of the
Company.
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 more than 10 million new subscribers. The cumulative DTH subscribers in
India stand at around 45 Million currently.
The Indian economy
is going through a phase of contraction which is reflected in all consumer
durable and FMCG products but the TV set market continued to expand in double
digits. Further, there was marked improvement in the sale of flat panel TV sets
eg., LCD, LED and HD TV sets. The continued growth of number of Television sets
in the country, specially the high end flat television is an encouraging sign
for the digital delivery platforms. This trend is likely to continue due to the
Digitization mandate initiated by the Government of India and reduction in the
prices of such television sets. Television will continue to provide cheaper
modes of entertainment and DTH will always be a preferred medium because of its
inspirational value, uninterrupted content delivery, proven and reliable
technology and plethora of value added services. Moreover, DTH industry being
highly capital intensive with long gestation period, the players engaged in
this industry, due to the strong business and brand lineage, provide comfort
and delight to the user.
The DTH industry
consolidated its gains across all the segments namely launch of additional
channels, robustness of the service delivery, launch of contemporary products
and overall move from ‘numbers’ to a new
world of customer relationship paradigm. They continue to believe that
technology, better consumer offer, launch of niche channels, value added
services, positive government vibes and implementation of GST will continue to
drive the category towards new heights and glory. The Company is well placed to
encash and enrich itself from the opportunities going forward.
STRATEGY
In the Indian
marketplace over the last six years, DTH has clearly established itself as the
preferred choice for digital viewing of pay television content. Of the
approximately 50 Mn installed base of digital connections almost 44 Mn or 88%
is accounted for by DTH with digital cable accounting only for the balance 12%.
However with the government mandate for Digital Addressable Systems (DAS) set to
kick in, in four phases, it is expected that the terrestrial cable systems are
likely to get more aggressive and pose a challenge to the unfettered growth of
DTH. Any strategy will necessarily have to encompass these challenges as well
as maximizing the opportunity for DTH presented by the DAS mandate. The major
advantages of DTH which are sought to be strengthened by the organization are
the extensive infrastructure which has been developed by Dish TV in terms of
selling and recharge points as well as service centers. Additionally an
extensive CRM system is in place which is capable of handling over 3 million
calls per month. Dish TV is further working on strengthening this backbone to
ensure a top class customer experience from themoment a customer is acquired,
right through the life cycle of the customer. This capability will remain a
formidable differentiator, both against existing DTH companies and also versus
digital cable systems.
Technology is the
next big differentiator, in which DTH has already taken the lead and Dish TV in
particular will seek to widen the gap with competition. With the largest HD
bouquet of 42 channels, Dish TV has set the trend for movement from analog
straight to third generation technology. Additional innovations recently introduced
like HD DVR with unlimited recording feature allows for time shift viewing to
suit the changing life style of urban consumers.
Addition of new
generation technologies and seamless integration with the web, have seen the
introduction of web applications through which the customer can interface with
his CRM and transact on his Android/Windows mobile phone, providing a rich user
experience for Dish TV customers.
Dish TV is also
working with content providers to provide unique access to its subscribers for
content through multiple devices over the web. Thus a Dish TV customer will be
able to access content using his Dish TV subscription account specified content
delivered over the internet and received in his mobile phone, laptop or tablet
computer.
The core strategy
driving DishTV’s leadership position in the marketplace will be threefold.
1) Be the leader
in content delivery
2) Be the leader
in customer satisfaction
3) Be the leader
in technology and innovation
With Dish TV clearly
focused on improving its delivery capability in these core metrics, they
believe they will be able to successfully strengthen their position as both the
leading DTH player and successfully fend off any threat from cable to remain
India’s most preferred digital content delivery platform.
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 financial year
2009-10. Integrated Subscriber Management Services Limited (‘ISMSL’), another
wholly owned subsidiary of the Company, was 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 was 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 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 was directly adjusted in the General Reserve in
financial year 2010-11
v) The non-DTH
business, transferred as above and which was excluded from the financial
statements of the Company after 31 March 2010, did not have any operations
during the previous year.
vi) While the
Company followed the accounting treatment prescribed in the Scheme, duly
approved by the Hon’ble High Court of Delhi, it resulted in certain deviations
as compared to the Generally Accepted Accounting Principles (GAAP) in India.
Had the Company followed the GAAP, the impairment of fixed assets/ diminution
in the value of investment [in accordance with Accounting Standard (‘AS’) 28
and AS 13 respectively] would have been recognised in the Profit and Loss
Account of the financial year 2009-10 and, accordingly, loss for the year
2009-10 and the debit balance in the Profit and Loss Account as at 31 March
2010 would have been higher by Rs. 1743.500 Millions. Since the aforesaid
impairment of fixed assets/ diminution in the value of investment was not
recognised in the previous year as a prior period item, which together with the
impact of the transfer of other net assets/ liabilities in the previous year,
net of consideration received, was adjusted in General Reserve directly, the
loss for the previous year and the debit balance in the Profit and Loss Account
at the end of the previous year was lower by Rs. 1511.000 Millions. However, on
implementation of the Scheme, the above net loss stands adjusted directly in
the General Reserve in accordance with the accounting treatment approved in the
Scheme by the Hon’ble High Court of Delhi
UNAUDITED
STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS PERIOD ENDED 30
SEPTEMBER, 2012
(Rs.
in millions)
|
Particular |
For the Quarter
Ended |
Six months
period ended |
|
|
|
30.09.2012 (Unaudited) |
30.06.2012 (Unaudited) |
30.09.2012 (Unaudited) |
|
Income from Operations |
|
|
|
|
Net
Sales/Income from Operations |
5332.700 |
5199.500 |
10532.200 |
|
Other
Operating Income |
3.500 |
0.100 |
3.600 |
|
Total Income from operations (net) |
5336.200 |
5199.600 |
10535.800 |
|
|
|
|
|
|
Expenses |
|
|
|
|
(a) Purchase
of stock in trade |
30.200 |
17.500 |
47.700 |
|
(b) Changes in
inventories of stock-in-trade |
(7.900) |
(2.200) |
(10.000) |
|
(c) Employee benefits expense |
203.000 |
202.100 |
405.100 |
|
(d)
Depreciation and amortization expenses |
1533.200 |
1512.000 |
3045.300 |
|
(e) Programming/ content and other costs |
1420.100 |
1510.400 |
2930.500 |
|
(f) License fees |
556.000 |
538.900 |
1094.900 |
|
(g) Other operating costs |
549.300 |
513.500 |
1062.800 |
|
(h) Selling and distribution expenses |
|
|
|
|
i) Commission |
348.700 |
348.300 |
697.000 |
|
ii) Other selling and distribution expenses |
396.100 |
302.800 |
698.800 |
|
(i) Other
Expenses |
283.900 |
212.400 |
396.800 |
|
Total Expenses |
5312.600 |
5155.700 |
10368.900 |
|
Profit from Operations before Other Income,
Finance costs and Exceptional item |
23.600 |
43.900 |
166.900 |
|
Other Income |
80.300 |
205.100 |
185.900 |
|
Profit/ Loss from Ordinary Activities before
Finance costs and Exceptional item |
103.900 |
249.000 |
352.800 |
|
Finance costs |
317.200 |
572.200 |
889.400 |
|
Profit/ Loss from Ordinary Activities after
Finance costs but Exceptional item |
(213.300) |
(323.200) |
(536.600) |
|
Exceptional item |
764.300 |
0.000 |
764.300 |
|
Profit/ Loss from Ordinary Activities
before tax |
551.000 |
(323.200) |
227.700 |
|
Tax Expenses |
-- |
-- |
-- |
|
Net Profit/ Loss from Ordinary Activities
after tax |
551.000 |
(323.200) |
227.700 |
|
Extraordinary
Items |
-- |
-- |
-- |
|
Net Profit for the period |
551.000 |
(323.200) |
227.700 |
|
Paid- up Equity Share Capital (Face value
of the share – Re. 1) |
1063.900 |
1063.600 |
|
|
Reserves excluding revaluation reserves as per
balance sheet of Previous Accounting Year |
|
|
|
|
Basic earnings/
(loss) per share (not annualised) (In Rs.) |
0.52 |
(0.30) |
0.21 |
|
Diluted
earnings/ (loss) per share (not annualised) (In Rs.) |
0.52 |
|
0.21 |
|
|
|
|
|
|
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1. Public shareholding |
|
|
|
|
Number of Shares |
387968255 |
375243696 |
367968255 |
|
Percentage of
Shareholding |
|
|
|
|
- Calculated on total number of issued shares |
36.44 |
35.25 |
36.44 |
|
- Calculated on the paid-up capital |
36.39 |
35.28 |
36.39 |
|
|
|
|
|
|
2. Promoters
and promoter group shareholding |
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
- Number of Shares |
305575000 |
241325000 |
157353630 |
|
- Percentage of Shares (as a % of the Total Shareholding
of promoter and promoter group) |
45.15 |
35.01 |
45.15 |
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
28.70 |
22.67 |
28.700 |
|
|
|
|
|
|
Non - encumbered |
|
|
|
|
- Number of Shares |
371172060 |
447987979 |
371172060 |
|
- Percentage of Shares (as a % of the total shareholding of
promoter and promoter group) |
54.85 |
64.99 |
54.85 |
|
- Percentage of Shares (as a % of the total share capital of the company) |
34.86 |
42.08 |
34.86 |
See accompanying notes to the financial results.
|
|
Particulars |
Quarter
Ended 30.09.2012 |
|
B |
Investor
complaints |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
7 |
|
|
Disposed of during the quarter |
7 |
|
|
Remaining unresolved at the end of the quarter |
Nil |
# Comprises
1,061,993,633 (1,061,701,440 as on 31 March 2012, 1,061,744,993 shares as on 30
June 2012, 1,061,365,506 as on 30 September 2011) fully paid up equity shares
of Re. 1 each ; 2,061,858 (2,062,513 as on 31 March 2012, 2,061,858 shares as
on 30 June 2012, 2,065,524 as on 30 September 2011) partly paid up equity
shares of Re. 0.75 each; and 659,824 (659,922 as on 31 March 2012, 659,824
shares as on 30 June 2012, 965,565 as on 30 September 2011) partly paid up
equity shares of Re. 0.50 each.
STATEMENT OF ASSETS AND LIABILITIES AS AT 30 SEPTEMBER 2012
(Rs. in millions)
|
Particulars |
30.09.2012 |
|
|
A. EQUITY AND LIABILITIES |
Unaudited |
|
|
1.
Shareholders Funds |
|
|
|
a] Share Capital |
1063.900 |
|
|
b] Reserves and Surplus |
(1762.500) |
|
|
Sub-total –
Shareholders’ funds |
(698.600) |
|
|
|
|
|
|
2. Non-current
Liabilities |
|
|
|
a] Long term Borrowings |
10199.900 |
|
|
b] Other
Long term liabilities |
1366.700 |
|
|
c] Long term provisions |
121.900 |
|
|
Sub-total -
Non-current Liabilities |
11688.500 |
|
|
|
|
|
|
3. Current Liabilities |
|
|
|
a] Short term Borrowings |
-- |
|
|
b] Trade Payables |
670.500 |
|
|
c] Other Current Liabilities |
9351.600 |
|
|
d] Short Term Provision |
5205.700 |
|
|
Sub-total - Current Liabilities |
15227.800 |
|
|
TOTAL - EQUITY
AND LIABILITIES |
26217.700 |
|
|
|
|
|
|
B ASSETS |
|
|
|
1. Non-current assets |
|
|
|
a] Fixed assets |
18284.400 |
|
|
b] Non-current investment |
1500.300 |
|
|
c] long Term loans and Advances |
506.400 |
|
|
d] Other non-current assets |
86.400 |
|
|
Sub-total – Non- current assets |
20377.500 |
|
|
|
|
|
|
2.
CURRENT ASSETS |
|
|
|
|
Current Investments |
501.700
|
|
|
Inventories |
78.800
|
|
|
Trade Receivables |
381.800
|
|
|
Cash & Bank Balances |
2823.900
|
|
|
Short Term loans and advances |
1995.600
|
|
|
Other Current Assets |
58.400
|
|
Sub-total – Current Assets |
5840.200
|
|
|
|
|
|
|
TOTAL - ASSETS |
26217.700 |
|
Notes to financial results for the quarter ended 30 September 2012
1. The above financial
results for the quarter and six months period ended 30 September 2012 have been
reviewed by the Audit Committee and were approved by the Board of Directors in
their meeting held on 18 October 2012.
2. 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 2012 and a
modified opinion has been issued in respect of advance CPE rentals.
3. Dish TV Lanka
(Private) Limited, a Joint Venture Company, was incorporated on April 25, 2012
under the laws of Sri Lanka. Dish TV India Limited holds 70% share capital in
the JV company with Satnet (Private) Limited, a company duly incorporated in
and having a DTH License in Sri Lanka, holding 30% of the share capital. The
said JV company shall engage in providing DTH related services in Sri Lanka.
4. The life of the
Consumer Premises Equipment (CPE) for the purposes of depreciation has been
estimated by the management as five years. Upto 31 March 2012, in certain cases,
the one-time advance contribution towards the CPE in the form of rental was
being recognized over a period of three years from the activation date. Such
Practice, during the current quarter/half year, has been changed to five years
in respect of CPE’s activated on or after 1 April 2012. There is no significant
impact on financial results of the quarter and six months period ended 30
September 2012 on account of change in estimate for revenue recognition.
5. In earlier
years, the Company had received a demand notice of income-tax and interest
thereon which was reduced in the previous year to Rs 264.200 millions. The
matter pertains to 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 had submitted with the tax authorities the requisite supporting
documents/clarifications from vendors.
The Company,
supported by a legal view in the matter, is of the view that outcome of the
litigation will not have significant impact on the financial results. During
the previous year, this matter was qualified in the statutory auditors’ report.
6. The Company's
net-worth as at 30 September 2012 is completely eroded by its accumulated
losses. However, the management has prepared the financial results assuming
that the Company will continue as a going concern considering that the Company
has adequate resources in the form of operating cash flows and sanctioned
credit facilities from lenders to adequately meet its obligations.
7. 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 2012
which is in line with revised utilisation schedule approved by the Board of
Directors. The unutilised amount as on 30 September 2012 is Rs. 1500.000
millions.
8. Finance costs
for the previous quarter includes Rs. 21.600 millions relating to interest on
tax litigations pertaining to earlier years
9. The Company is
in the business of providing Direct to Home (DTH) and Teleport services
primarily in India. As the Company’s business activities primarily fall within
a single business and geographical segment, no additional disclosures are
required in terms of Accounting Standard 17 on “Segment Reporting”
10. Hitherto, the
exchange differences arising from foreign currency borrowings to the extent
that they are regarded as an adjustment to interest cost, were treated as
borrowing cost in terms of the AS – 16, “Borrowing Costs”. During the period,
pursuant to a clarification dated 9 August 2012 from the MCA, the Company has
changed the accounting policy, w.e.f. from 1 April 2011, to treat the same as
“foreign exchange fluctuation” accounted as per AS – 11 “Effect of Changes in
Foreign Exchange Rates” instead of the “borrowing costs”. This has resulted
into reversal of finance costs of Rs. 944.100 millions (including Rs. 706.800
millions for the year ended 31 March 2012) and higher depreciation by Rs.
179.800 millions (including Rs. 112.400 millions for the year ended 31 March
2012) for the quarter ended 30 September 2012. The aforesaid change resulted in
net gain of Rs. 764.300 millions and has been shown as ‘exceptional items’ in the
financial results. In earlier periods, foreign exchange relating to bank
accounts and certain other items were netted off from ‘finance costs’. The same
has been regrouped as ‘other income’ by Rs.99.500 millions Rs.140.800 millions,
Rs. 160.500 millions, Rs. 192.800 millions, for the quarter ended 30 June 2012
and 30 September 2011; six months ended 30 September 2011 and year ended 31
March 2012 and as 'other expenses' by Rs. 5.500 millions and Rs. 105.000
millions for the period six months ended 30 September 2012 and quarter ended
September 2012 respectively.
11. The previous period/ year’s figures have been regrouped /
reclassified, wherever necessary to make them comparable.
CONTINGENT LIABILITIES
(Rs. in millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
|
Claim against the Company not acknowledged as debt |
48.300 |
48.300 |
|
Income-tax Act, 1961(refer note 49c) |
265.200 |
405.600 |
|
Sales Tax and Value Added Tax demands |
116.900 |
109.900 |
|
Indian Customs Act, 1962 |
79.500 |
149.400 |
|
Finance Act,1994 (Service tax case) |
16.700 |
0.000 |
|
Wealth Tax Act,1957 |
0.100 |
0.000 |
|
Entertainment tax demands |
124.400 |
118.200 |
|
Legal cases including customers against the Company |
Unascertained |
Unascertained |
FIXED ASSETS:
Ø
Goodwill
Ø
License Fees
Ø
Software
Ø
Plant and Machinery
Ø
Consumer Premises Equipments
Ø
Computers
Ø
Office Equipments
Ø
Furniture and Fixtures
Ø
Vehicles
Ø Leasehold Improvements
WEBSITE DETAILS
Board of Directors
Subhash Chandra
Subhash Chandra, 60, is the Non-Executive Chairman of the Board and
promoter of Essel Group of Companies. His industry leading 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 &
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 India. He set
up TALEEM (Transnational Alternate Learning for Emancipation and Empowerment
through Multimedia), an organisation which seeks to provide access to quality
education and to promote research in various disciplines relating to health and
family life, social & cultural anthropology, communication and media. He is
also the trustee for the Global Vippassana Foundation, a trust set up for helping
people in spiritual upliftment.
Apart from the Company Mr. Chandra holds directorship in five (5) other Indian
Public Limited Companies viz., Zee Entertainment Enterprises Limited, Zee News
Ltd., Essel Propack Limited, Wire and Wireless (India) Limited and Essel
Infraprojects Limited.
Mr. Chandra does not hold any shares in the Company.
Jawahar Lal Goel
Jawahar Lal Goel, 57, is the Managing Director of the Company. 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 India and
instrumental in establishing Dish TV as a prominent brand with India’s most
modern and advanced technological infrastructure. Mr. Goel has held the
position of President of Indian Broadcasting Foundation (IBF) for three
successive terms which takes up various issues relating to Broadcasting
industry at various forums. He has also been an active member on the Board of
various committees and task force, set up by Ministry of Information and
Broadcasting (MIB), Govt. of India which takes care of several critical matters
relating to the industry. Mr. Goel introduced the CATV Network concept. He is
the architect in establishing India’s most modern and advanced technological
infrastructure for the implementation of Conditional Access System (CAS),
Direct to Home (DTH) and Head End-in-the Sky (HITS) which has bought revolution
in the distribution of various entertainment and electronic media products in
India, which has enormously benefited consumers (TV viewers) in terms of value
proposition.
Apart from the Company, Mr. Goel holds directorship in six (6) other Indian Public Limited Companies viz., Chiripal Industries Limited, East India Trading Company Limited, Essel International Limited, Essel Infraprojects Limited, Rankay Investment and Trading Company Limited. and Zee- Turner Limited.
Mr.
Goel holds 176,800 equity shares in the Company.
Bhagwan Dass Narang
Bhagwan Dass Narang,
66, is an Independent Non-Executive Member of the Board. 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 ten
(10) 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, Lakshmi Precision Screws Limited and Mayar
Health Resorts Limited.
Mr. Narang holds 3,000 equity shares in the Company.
Ashok Kurien
Ashok Kurien, 61, is a Non-Executive member of the Board.
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 powerhouse 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
Publicis Groupe, he leads their mergers and acquisitions for India. He is
founder and promoter of various business ventures including Hanmer &
Partners, one of India’s top three Public Relations agencies, Flora2000, one of
the leading global flower distribution services on the web, as well as a few
other internet ventures.
Despite the great heights he’s achieved in his career, Ashok Kurien has his feet firmly rooted to the ground. He believes in commitment to society and is involved with a number of charities, NGOs and social service organizations.
Apart from the Company, Mr. Kurien holds directorship in Zee Entertainment Enterprises Limited.
Mr. Kurien holds 1,174,150 equity shares, comprising of 0.11% of paid up capital of the Company.
Arun Duggal
Arun Duggal, 64, is an Independent Non-Executive member of the Board. Mr. Duggal is a Mechanical Engineer from Indian Institute of Technology, Delhi, and holds an MBA from the Indian Institute of Management, Ahmedabad (recipient of Distinguished Alumnus Award). Mr. Duggal is a visiting Professor at the Indian Institute of Management, Ahmedabad where he teaches a course on Venture Capital and Private Equity. He is an experienced international Banker and has advised companies and financial institutions on Financial Strategy, M&A and Capital Raising.
Mr. Duggal had a 26 years career with Bank of America, mostly in the U.S., Hong Kong and Japan. His last assignment was as Chief Executive of Bank of America in India from 1998 to 2001. He is an expert in international finance and from 1981-1990 he was head of Bank of America’s (oil & gas) practice handling relationships with companies like Exxon, Mobil, etc. From 1991-94 as Chief Executive of BA Asia Limited, Hong Kong he looked after Investment Banking activities for the Bank in Asia. In 1995, he moved to Tokyo as the Regional Executive, managing Bank of America’s business in Japan, Australia and Korea. From 2001 to 2003 he was Chief Financial Officer of HCL Technologies, India.
Mr. Duggal is involved in several initiatives in social and education sectors.
Mr. Duggal is Chairman of Bellwether Microfinance Fund, a social sector fund,
which provides equity capital to smaller, promising Micro Finance organizations.
He was erstwhile Chairman of the American Chamber of Commerce, India. He was on
the Board of Governors of the National Institute of Bank Management.
Apart from the Company, Mr. Duggal holds directorship in
nine (9) other Indian Public Limited
Companies viz., Patni Computer Systems Limited, Shriram EPC Limited, Shriram City Union Finance Limited,
Shriram Transport Finance Company Limited, Shriram Properties Limited,
Shriram Capital Limited, Info Edge (India) Limited, Mundra Port and Special Economic
Zone Limited,
and Zuari Industries Limited.
Mr. Duggal does not hold any shares in the Company.
Eric Louis
Zinterhofer
Eric Louis Zinterhofer, 40, is an Independent Non-Executive member of the Board. Mr. Zinterhofer graduated Cum Laude from the University of Pennsylvania with BA degrees in Honors Economics and European History and received his MBA from the Harvard Business School. 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. Zinterhofer served on the Board of Directors of Affinion Group, Inc., IPCS Inc. and Unity Media GmbH. He is 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.
Mr. Zinterhofer does not hold directorship in any other Indian Public Limited Companies.
Mr. Zinterhofer does not hold any shares in the Company.
Lakshmi Chand
Lakshmi Chand, 66, is an Independent Non-Executive Director on the Board of the Company. Mr. Lakshmi Chand is a Post Graduate in M.A (Economics) from Punjab University and is a Law Graduate from Delhi University. He joined I.A.S. in 1969 in UP cadre.
During his 36 years of service he served both the Union Government and the State Government whereby he handled a variety of assignments both at the policy formulation level and at the implementation level. While at the State level, in addition to the usual assignments of SDM/DM/DIV Commissioner, he worked on the posts of Secretary/Principal Tourism, Sugar Industry, CMD, UPSRTC and Chairman, Noida, Greater Noida, UPSIDC, UPFC, UP Nirman Nigam, UP Bridge Corporation, UP Textile Corporation etc. While at the Center he worked as Dy. Director (Admin) AIIMS, and Joint Secretary, Ministry of Development of Industrial Policy & Promotion. He retired as Secretary, Ministry of Development of North Eastern Region on July 31, 2005. He has widely travelled both in India and abroad. After retirement he joined the National Commission for Denotified, Nomadic and Semi-Nomadic Tribes as Member Secretary for 2½ years. He holds Directorship in Institutions and Organizations like RBI, National Housing Bank and Echelon Institute of Technology, Faridabad (Haryana) and also holds Chairmanship of the Southern Local Board, RBI and Audit Committee of NABARD.
Mr. Lakshmi Chand does not hold directorship in any other Indian Public Limited Companies.
Mr. Lakshmi Chand does not hold any shares in the Company.
Mintoo Bhandari
Mintoo Bhandari, 45, is a Non – Executive Nominee Director of Apollo India Private Equity II (Mauritius) Limited on the Board of the Company with effect from October 27, 2010. Prior to that he was on the Board of the Company as an Alternate Director to Mr. Eric Zinterhofer. Mr. Bhandari graduated with an SB in Mechanical Engineering from MIT and with an MBA from the Harvard Business School.
Mr. Bhandari is the Managing Director of AGM India Advisors
Private Limited,
the Indian Advisor to
Apollo Management. Prior to AGM India Advisors Private Limited, Mr. Bhandari was Managing
Director of The View Group, an India-focused Private Equity Firm. He was an
early participant in the sourcing, execution and development of transactions
and enterprises which leveraged operating resources in India and has been integrally
involved with approximately twenty such transactions, several of which were
pioneering in their structure, strategy and timing. Mr. Bhandari was also
previously a member of the private equity team, and later a manager of hedge
fund capital at the Harvard Management Company which manages the endowment of
Harvard University.
Mr. Bhandari does not hold directorship in any other Indian Public Limited Company. Apart from the Company, Mr. Bhandari also serves on the Board of Directors of SOURCECORP.
Mr. Bhandari does not hold any shares in the Company.
PRESS RELEASE:
Dish TV Adds 2
more Popular Tamil Channels to its 70+ Channels free Offer
Chennai, 20th
December’12: As a pioneer and market leader, Dish TV, Asia’s largest DTH Service provider
is offering special Digitization delight to its esteemed Tamil viewers
in Chennai by adding 2 more Tamil General Entertainment channels to
its lifetime free offer, in addition to the game changing
initiative aimed at viewers in 4 metros which fall under digitization.
Under this offer
these customers will be eligible to receive a basic channel tier comprising of 70+
channels free of cost lifetime. Following channels will be available along
with 70+ Free Channels offered under Lifetime Free offer to ONLY customers in
Chennai acquired after the announcement of this offer.
Commenting on the
development, Mr. Salil Kapoor, Chief Operating Officer, Dish TV said, “Being a pioneer
and market leader Dish TV has always stood up to its promise of
providing maximum Width and depth of content with an overall of 400+
channels & services. This is a never before kind of unique facility
for all those valued subscribers who will choose our services during
digitization. This is a highly differentiated and extremely consumer
friendly move and now by adding 2 exceedingly popular Tamil general
entertainment channels to the lifetime basic tier free offer, We’re extending
ourselves as a more personalized option to Dish TV subscribers in Chennai.
”
With this
initiative, Dish TV has given Chennai subscribers another reason to opt for
Dish TV and avail its Lifetime Free offer with the additional merit of regional
channels. Viewers availing this offer have to remain active by subscribing to a
regular package at least twice during a year. This unique offer is
not available with any other DTH or Digital Cable , it has encouraged
thousands of people to shift to Dish TV for excellent TV viewing experience;
And adding more regional content to this very alluring initiative would ensure
that the subscriber numbers rise further.
Life Time Free Offer spans for 5 years
About DishTV India
DishTV is India’s
largest direct-to-home company and part of the biggest media conglomerate – Zee
Group. DishTV has on its platform 400+ channels and services including 21 audio
channels with 13.9 million subscribers, which is growing. The company has a
vast distribution network of about 1400 distributors and 55,000 dealers that
spans around 6600 towns across the country. DishTV has 24*7 call centres with
1600 seats in 11 different languages to take care of subscriber requirements at
any point of time.
Dish TV adds 2 Bengali Channels to its 70+ channels free Offer
Kolkata’19
December’12: As a pioneer and market leader, Dish TV, Asia’s largest DTH Service
provider is offering Special digitization delight to its esteemed
Bengali viewers in Kolkata by adding 2 more leading Bengali news and
entertainment channels to its lifetime free offer, in addition to the game
changing initiative aimed at viewers in the 4 metros which fall under the
digitization. Under this offer these customers will be eligible to receive a
basic channel tier comprising of 70+ channels free of cost for life.
Following channels will be available along with 70+ Free Channels offered under
Lifetime Free offer to ONLY customers in Kolkata acquired after the
announcement of this offer.
Commenting on the
development, Mr. Salil Kapoor, Chief Operating Officer, Dish TV said, “Being a pioneer
and market leader Dish TV has always stood up to its promise of
providing maximum Width and depth of content with an overall of 400+
channels & services. This is a never before kind of unique facility
for all those valued subscribers who will choose our services during
digitization. This is a highly differentiated and extremely consumer
friendly move. And now by adding 2 exceedingly popular Bengali news
and entertainment channels to the lifetime basic tier free offer, We’re extending
ourselves as a more personalized option to Dish TV subscribers in Kolkata.
”
With this
initiative, Dish TV has given Kolkata subscribers another reason to opt for
Dish TV and avail its Lifetime Free offer with the additional merit of regional
channels. Viewers availing this offer have to remain active by subscribing to a
regular package at least twice during a year. This unique offer is
not available with any other DTH or Digital Cable , it has encouraged
thousands of people to shift to Dish TV for excellent TV viewing experience;
And adding more regional content to this very alluring initiative would ensure
that the subscriber numbers rise further.
Life Time Free Offer spans for 5 years
About DishTV India
DishTV is India’s
largest direct-to-home company and part of the biggest media conglomerate – Zee
Group. DishTV has on its platform 400+ channels and services including 21 audio
channels with 13.9 million subscribers, which is growing. The company has a
vast distribution network of about 1400 distributors and 55,000 dealers that
spans around 6600 towns across the country. DishTV has 24*7 call centres with
1600 seats in 11 different languages to take care of subscriber requirements at
any point of time.
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. 54.96 |
|
|
1 |
Rs. 88.23 |
|
Euro |
1 |
Rs. 71.92 |
INFORMATION DETAILS
|
Report Prepared
by : |
BVA |
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.