1. Summary Information
|
Country |
|
||
|
Company Name |
DISH TV INDIA LIMITED |
Principal Name 1 |
Mr. Subhash Chandra |
|
Status |
Satisfactory |
Principal Name 2 |
Mr. Jawahar Lal Goel |
|
Registration # |
55-101836 |
||
|
Street Address |
Essel House,
B-10, |
||
|
Established Date |
10.08.1988 |
SIC Code |
-- |
|
Telephone# |
91-11-27156040 |
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 |
Not Divulged |
Product Name 2 |
- |
|
Paid up capital |
Rs.1,064,885,174/- |
Product Name 3 |
- |
|
Shareholders |
Promoter and Promoter Group-70.10%, Public Shareholding-29.90% |
Banking |
ICICI Bank Limited |
|
Public Limited Corp. |
Yes |
Business Period |
25 Years |
|
IPO |
Yes |
International Ins. |
-- |
|
Public |
Yes |
Rating |
Ba (45) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Holding
Company |
-- |
Direct Media Distribution Ventures Private Limited |
-- |
|
Note |
-- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
7,807,700,000
|
Current Liabilities |
17,668,000,000
|
|
Inventories |
86,100,000
|
Long-term Liabilities |
8760,200,000 |
|
Fixed Assets |
14,338,500,000 |
Other Liabilities |
6,674,300,000
|
|
Deferred Assets |
0,000 |
Total Liabilities |
33,102,500,000 |
|
Invest& other Assets |
9,317,300,000 |
Retained Earnings |
(2,617,700,000) |
|
|
|
Net Worth |
(1,552,900,000) |
|
Total Assets |
31,549,600,000 |
Total Liab. & Equity |
31,549,600,000 |
|
Total Assets (Previous Year) |
26,339,700,000 |
|
|
|
P/L Statement as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Sales |
21,668,000,000 |
Net Profit/ (Loss) |
(657,500,000) |
|
Sales(Previous yr) |
19,578,200,000 |
Net Profit/
(Loss) (Prev.yr) |
(1,588,500,000) |
MIRA INFORM REPORT
|
Report Date : |
28.10.2013 |
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) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
10.08.1988 |
|
|
|
|
Com. Reg. No.: |
55-101836 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 1064.800
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
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a part of Essel Group. It is an established company having
a satisfactory track record. There appears a huge accumulated losses recorded by the company during
the financial year 2013. However, the rating into consideration of the strong parentage of the
company being a part of the Essel Group, established brand with market
leadership position in Direct to Home (DTH) segment in the country backed by
a strong distribution network. Trade relations are reported as fair. Business is active. Payments are
reported to be usually 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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
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
India’s current account
deficit or CAD in April-June widened to 4.9 % of gross domestic product. High
imports of gold and oil led to a worsening of the trade deficit, resulting in
CAD jumping to $ 21.8 billion to the latest quarter from $ 16.9 billion in the
corresponding quarter of the previous financial year. The government aims to
bring down CAD to 3.7 % or $ 70 billion, in 2013/14, from 4.8 % or $ 88.2
billion in 2012/13.
The finance ministry
has started preparations for Budget 2014/15. With general elections scheduled
to be held by May next year, there will only be an interim budget. The new
government will present the fiscal Budget.
The Supreme Court
has barred clinical trials for new drugs till a monitoring mechanism is put in
place to protect the lives of people on which the drugs are tested.
Mumbai has been
named the world’s second most honest city according to a survey on 15 cities
worldwide by Readers’ Digest magazine. Finnish capital Helsinki bagged the top
spot for the world’s most honest city while Lisbon, the capital of Portugal,
proved to be the least honest. The survey put hundreds of people to test
in four continents to find out just how honest they were by dropping wallets
and seeing how many would be returned.
3.7 % Growth of the
core sector in August, a seven month high. This takes the overall growth in
April-August this year to 2.3 % compared with 6.3 % in the corresponding period
next financial year.
$19 million
Estimated average spending by companies across the globe including India, on
social media this year, according to a global study by information technology
major Tata Consultancy Services. This will rise to $ 24 million in 2015.
Rising inflation,
fewer employment avenues and dwindling earnings are taking a toll on the
spending capacity in India. Over 72 % respondents from middle and lower middle
income families would be forced to slash their Diwali expenditure by 40 % and
on average spend nearly 25 % of their monthly salary on Diwali, according to a
survey by Assochem.
Analysts believe the
shutdown of the US government would have limited impact in sectors such as IT
or tourism that are dependent on Visa clearances.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities : AA (SO) |
|
Rating Explanation |
High degree of safety and low credit risk. |
|
Date |
September 27, 2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities : BBB |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
September 27, 2013 |
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 DECLINED
MANAGEMENT NON-COOPERATIVE [91-11-27156040]
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 31.03.2013
|
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 : |
Mr. Eric Zinterhoter |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Lakshmi Chand |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Mintoo Bhandari |
|
Designation : |
Non Executive Nominee Director |
|
|
|
|
Name : |
Utsav Baijal |
|
Designation : |
Alternate Director to Mintoo Bhandari |
KEY EXECUTIVES
|
Name : |
Mr. Ranjit Singh |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Category of
Shareholder |
Total No. of Shares |
As a % |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
648651785 |
66.20 |
|
|
2594150 |
0.26 |
|
|
2594150 |
0.26 |
|
|
651245935 |
66.46 |
|
|
|
|
|
|
35632125 |
3.64 |
|
|
35632125 |
3.64 |
|
Total shareholding of Promoter and Promoter Group (A) |
686878060 |
70.10 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
57101766 |
5.83 |
|
|
1099697 |
0.11 |
|
|
4600 |
0.00 |
|
|
95934373 |
9.79 |
|
|
154140436 |
15.73 |
|
|
|
|
|
|
63792457 |
6.51 |
|
|
|
|
|
|
37392203 |
3.82 |
|
|
3017909 |
0.31 |
|
|
34673400 |
3.54 |
|
|
2647353 |
0.27 |
|
|
8883 |
0.00 |
|
|
575 |
0.00 |
|
|
16589 |
0.00 |
|
|
32000000 |
3.27 |
|
|
138875969 |
14.17 |
|
Total Public shareholding (B) |
293016405 |
29.90 |
|
Total (A)+(B) |
979894465 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
85035000 |
0.00 |
|
|
85035000 |
0.00 |
|
Total (A)+(B)+(C) |
1064929465 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is engaged in the business of Direct to Home (‘DTH’)
and Teleport services. |
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
· ICICI Bank · Standard Chartered Bank · State Bank of India · Yes Bank · Bank of India · Central Bank of India · Dena Bank · IDBI Bank · ING Vysya Bank ·
Axis Bank |
||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
BSR and Company Chartered Accountants |
|
Address : |
Gurgaon, Haryana, India |
|
|
|
|
Holding company: |
Direct Media Distribution Ventures Private Limited (formerly known as Dhaka
Warriors Sports Private Limited) (with effect from 26 December 2011 upto 30
March 2013) |
|
|
|
|
Subsidiary
companies: |
· 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’)} · Digital Network Distribution PTE Limited. (formerly known as Dish TV Singapore Pte Limited) · Dish TV Lanka (Private) Limited (with effect from 25 April 2012) |
|
|
|
|
Enterprises over
which key Management
personnel/ their relatives have significant influence: |
· Agrani Convergence Limited · ASC Telecommunication Private Limited (formerly known as ASC · Telecommunication Limited) · Asia Today Limited · Churu Trading Company Private Limited · Cyquator Media Services Private Limited/ Essel Business Processes Limited · (referred to as Cyquator) (w.e.f. 1 June 2011) · Dakshin Media Gamming Solutions Private Limited · Diligent Media Corporation Limited · E-City Property Management & Services Private Limited · E-City Bioscope Entertainment Private Limited · Essel Agro Private Limited · Essel Corporate Resources Private Limited · Essel Infraprojects Limited · Essel International Limited · Interactive Finance and Trading Services Private Limited. · ITZ Cash Card Limited · Media Pro Enterprise India Private Limited · PAN India Network Infravest Private Limited · PAN India Network Limited · PAN India Paryatan Private Limited · Procall Private Limited · Rama Associates Limited · Siti Cable Network Limited (formerly known as Wire and Wireless (India) · Limited) · Taj Television India Private Limited · Taj TV Limited · Zee Akash News Private Limited · Zee Entertainment Enterprises Limited · Zee News Limited · Zee Turner Limited · ZEE Telefilms Middle East Fz LLC |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,500,000,000 |
Equity Shares |
Re. 1/- each |
Rs. 1500.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,064,662,247 |
Equity Shares |
Re. 1/- each |
Rs. 1064.700
Millions |
|
222,928 |
Issued, subscribed,
but not fully paid-up Equity Shares |
Re. 1/- each |
Rs. 0.200
Million |
|
|
Less: Calls in Arrears (other than from directors/ officers) |
|
Rs. 0.100
Million |
|
|
Total |
|
Rs. 1064.800 Millions |
Footnotes:
a) Reconciliation of the number of shares outstanding
at the beginning and at the end of the year
|
|
31.03.2013 |
31.03.2012 |
|
Shares at the beginning of the year |
1,064,423,875 |
1,063,976,535 |
|
Add: Further
issued during the year under Employees Stock Option Plan |
461,300 |
447,340 |
|
Shares at the end of the year |
1,064,885,175 |
1,064,423,875 |
b) 22,314
(previous year 2,062,513) equity shares of Re.1 each, Re.0.75 paid up
200,614 (previous year 659,922) 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 |
31.03.2013 |
31.03.2012 |
|
Direct Media
Distribution Ventures Private Limited (formerly known as Dhaka Warriors
Sports Private Limited) * |
-- -- |
637,212,260 59.86% |
* 481,786,397 number of equity shares comprising of 45.24% holding in
the Company as at 31 March 2013
e) Details of shareholders holding more than 5% shares of the Company
|
Name |
31.03.2013 |
|
|
|
Number of shares |
% holding in the Company |
|
Direct Media
Distribution Ventures Private Limited (formerly known as Dhaka
Warriors Sports Private Limited) |
481,786,397 |
45.24% |
|
Deutsche Bank
Trust Company Americas [footnote f(iii)] |
85,035,000 |
7.99% |
|
Direct Media
Solutions Private Limited |
155,425,863 |
14.60% |
f) Issued,
subscribed and fully paid up shares include:
1)
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.
2)
1,477,780 (previous year 1,016,480) equity shares
of Re.1 each, fully paid up, issued to the employees, under Employee Stock
Option Plan, i.e., ESOP 2007.
3)
85,035,000 (previous year 117,035,000) equity
shares of Re.1 each, fully paid up, for underlying 85,035 nos. (previous year
117,035 nos.) Global Depository Receipts (GDR). Each GDR represents 1,000
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 |
|
|
31.03.2013 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
|
|
1064.800 |
|
(b) Reserves & Surplus |
|
|
(2617.700) |
|
(c) Money received against share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
|
|
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
|
|
(1552.900) |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
8460.200 |
|
(b) Deferred tax liabilities (Net) |
|
|
0.000 |
|
(c)
Other long term liabilities |
|
|
1504.200 |
|
(d)
long-term provisions |
|
|
127.400 |
|
Total
Non-current Liabilities (3) |
|
|
10091.800 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
|
300.000 |
|
(b)
Trade payables |
|
|
2137.400 |
|
(c)
Other current liabilities |
|
|
14026.400 |
|
(d)
Short-term provisions |
|
|
6546.900 |
|
Total
Current Liabilities (4) |
|
|
23010.700 |
|
|
|
|
|
|
TOTAL |
|
|
31549.600 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
|
14273.400 |
|
(ii)
Intangible Assets |
|
|
65.100 |
|
(iii)
Capital work-in-progress |
|
|
6535.200 |
|
(iv) Intangible assets under development |
|
|
0.000 |
|
(b) Non-current
Investments |
|
|
0.300 |
|
(c) Deferred tax assets
(net) |
|
|
0.000 |
|
(d) Long-term Loan
and Advances |
|
|
654.600 |
|
(e)
Other Non-current assets |
|
|
97.000 |
|
Total
Non-Current Assets |
|
|
21625.600 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
|
2781.800 |
|
(b)
Inventories |
|
|
86.100 |
|
(c)
Trade receivables |
|
|
303.600 |
|
(d)
Cash and cash equivalents |
|
|
3621.000 |
|
(e)
Short-term loans and advances |
|
|
3077.800 |
|
(f)
Other current assets |
|
|
53.700 |
|
Total
Current Assets |
|
|
9924.000 |
|
|
|
|
|
|
TOTAL |
|
|
31549.600 |
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
1063.600 |
1062.976 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.000 |
15314.034 |
|
|
4] (Accumulated Losses) |
|
(2001.800) |
(15749.589) |
|
|
NETWORTH |
|
(938.200) |
627.421 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
10893.500 |
10762.716 |
|
|
2] Unsecured Loans |
|
1250.000 |
0.000 |
|
|
TOTAL BORROWING |
|
12143.500 |
10762.716 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
11205.300 |
11390.137 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
14203.500 |
13637.174 |
|
|
Capital work-in-progress |
|
3884.300 |
4580.308 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
1500.000 |
2001.500 |
|
|
DEFERRED TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
68.800
|
44.402
|
|
|
Sundry Debtors |
|
286.100
|
215.377
|
|
|
Cash & Bank Balances |
|
3851.300
|
3201.862
|
|
|
Other Current Assets |
|
152.300
|
19.025
|
|
|
Loans & Advances |
|
2393.400
|
3168.450
|
|
Total
Current Assets |
|
6751.900
|
6649.116
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
794.900
|
5455.533
|
|
|
Other Current Liabilities |
|
9340.900
|
7015.625
|
|
|
Provisions |
|
4998.600
|
3006.803
|
|
Total
Current Liabilities |
|
15134.400
|
15477.961
|
|
|
Net Current Assets |
|
(8382.500)
|
(8828.845)
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
11205.300 |
11390.137 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
21668.000 |
19578.200 |
14365.518 |
|
|
|
Other Income |
512.000 |
385.900 |
880.295 |
|
|
|
TOTAL (A) |
22180.000 |
19964.100 |
15245.813 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases of stock-in-trade |
92.000 |
73.700 |
-- |
|
|
|
Changes in inventories of stock-in-trade |
(17.300) |
(24.400) |
-- |
|
|
|
Operating expenses |
11080.600 |
9975.300 |
7858.097 |
|
|
|
Employee benefits expense |
821.700 |
709.800 |
-- |
|
|
|
Selling and distribution expenses |
3036.400 |
2909.300 |
2847.076 |
|
|
|
Other expenses |
859.400 |
950.900 |
-- |
|
|
|
Exceptional items |
(594.400) |
0.000 |
-- |
|
|
|
Cost of Traded Goods |
-- |
-- |
22.650 |
|
|
|
Personnel Cost |
-- |
-- |
566.423 |
|
|
|
Administration and Other Expenses |
-- |
-- |
683.069 |
|
|
|
TOTAL (B) |
15278.400 |
14594.600 |
11977.315 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
6901.600 |
5369.500 |
3268.498 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1283.600 |
1778.000 |
1511.374 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
5618.000 |
3591.500 |
1757.124 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
6275.500 |
5180.000 |
3654.029 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
(657.500) |
(1588.500) |
(1896.905) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(657.500) |
(1588.500) |
(1896.905) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Interest income |
108.900 |
93.800 |
42.246 |
|
|
|
Bandwidth charges |
60.100 |
10.900 |
22.334 |
|
|
|
Subscription income |
946.900 |
58.500 |
0.000 |
|
|
|
Others |
0.500 |
0.300 |
0.000 |
|
|
TOTAL EARNINGS |
1116.400 |
163.500 |
64.580 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Components and spare parts |
35.800 |
21.800 |
27.947 |
|
|
|
Capital equipments |
6238.200 |
4792.600 |
7550.458 |
|
|
|
Others |
0.000 |
13.800 |
4.536 |
|
|
TOTAL IMPORTS |
6274.000 |
4828.200 |
7582.941 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(0.62) |
(1.49) |
(1.79) |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2013 |
30.09.2013 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
5783.800 |
5925.800 |
|
Total Expenditure |
|
4566.600 |
4446.900 |
|
PBIDT (Excl OI) |
|
1217.200 |
1478.900 |
|
Other Income |
|
277.300 |
210.500 |
|
Operating Profit |
|
1494.500 |
1689.400 |
|
Interest |
|
354.400 |
345.000 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
1140.100 |
1344.400 |
|
Depreciation |
|
1443.800 |
1504.400 |
|
Profit Before Tax |
|
(303.700) |
(160.000) |
|
Tax |
|
0.000 |
0.000 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
(303.700) |
(160.000) |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
(303.700) |
(160.000) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(2.96)
|
(7.96)
|
(12.44) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(3.03)
|
(8.11)
|
(13.20) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(2.63)
|
(7.58)
|
(9.35) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.42
|
1.69
|
(3.02) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
(5.64)
|
(12.94)
|
17.15 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.37
|
0.45
|
0.43 |
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 |
No |
|
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 |
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 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10435500 |
13/05/2013 |
1,000,000,000.00 |
ING VYSYA BANK
LIMITED |
MITTAL TOWERS,
A-WING, GROUND FLOOR, 210 NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
B79044798 |
|
2 |
10388949 |
02/11/2012 |
1,500,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU
CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI, MUMBAI - 400018,
MAHARASHTRA, INDIA |
B62931530 |
|
3 |
10373750 |
22/11/2012 * |
1,000,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU
CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI, MUMBAI - 400018,
MAHARASHTRA, INDIA |
B64329436 |
|
4 |
10359776 |
07/06/2012 |
2,000,000,000.00 |
ICICI BANK
LIMITED |
LANDMARKRACE COURCE
CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA |
B41271305 |
|
5 |
10283722 |
13/04/2011 |
400,000,000.00 |
ING VYSYA BANK
LIMITED |
MITTAL TOWERS,
A-WING, GROUND FLOOR, 210 NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
B11969169 |
|
6 |
10270118 |
27/09/2011 * |
5,000,000,000.00 |
IDBI BANK
LIMITED |
IDBI TOWER, WTC
COMPLEX, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA |
B23631229 |
|
7 |
10264934 |
11/01/2011 |
1,840,000,000.00 |
IDBI TRUSTEESHIP
SERVICES LIMITED |
ASIAN BLDG., GROUND
FLOOR, 17, R.KAMANI MARG, BALLARD ESTATE, MUMBAI - 400001, MAHARASHTRA, INDIA |
B04833174 |
|
8 |
10256608 |
01/11/2012 * |
5,700,000,000.00 |
AXIS BANK
LIMITED |
B - 2 & B -
3, SECTOR 16, NOIDA - 201301, UTTAR PRADESH, INDIA |
B63043855 |
|
9 |
10140082 |
03/05/2012 * |
510,000,000.00 |
STATE BANK OF
INDIA |
COMMERCIAL
BRANCH, NGN VAIDYA MARG, HORNIMAN CIRCLE, FORT, MUMBAI - 400021, MAHARASHTRA,
INDIA |
B40433138 |
|
10 |
10110906 |
10/07/2008 |
3,000,000,000.00 |
IDBI TRUSTEESHIP
SERVICES LIMITED |
ASIAN BLDG.,
GROUND FLOOR, 17, R.KAMANI MARG, BALLARD ESTATE,, MUMBAI - 400001,
MAHARASHTRA, INDIA |
A41439159 |
|
11 |
90225174 |
09/01/2002 |
10,000,000.00 |
CANARA BNAK |
KESHAVPURAM, NEW
DELHI - 110035, INDIA |
- |
|
12 |
90225162 |
08/11/2001 * |
10,000,000.00 |
CANARA BANK |
KESHAVPURAM, NEW
DELHI - 110035, INDIA |
- |
|
13 |
90225160 |
07/11/2003 * |
1,100,000,000.00 |
ICICI BANK
LIMITED |
ICICIBANK TOWER
BANDRA KUDA COMPLEX, MUMBAI - 400051, MAHARASHTRA, INDIA |
- |
|
14 |
90225096 |
30/08/2000 |
10,000,000.00 |
CANARA BANK |
KESHAVPURAM, NEW
DELHI - 110035, INDIA |
- |
|
15 |
90225062 |
28/02/2000 |
700,000.00 |
CANARA BANK |
KESHAVPURAM, NEW
DELHI - 110035, INDIA |
- |
|
16 |
90225058 |
02/02/2000 |
400,000.00 |
CANARA BNAK |
KESHAVPURAM, NEW
DELHI - 110035, INDIA |
- |
|
17 |
90225023 |
22/07/1999 |
5,000,000.00 |
CANARA BNAK |
KESHAVPURAM, NEW
DELHI - 110035, INDIA |
- |
|
18 |
90224977 |
27/12/1998 * |
10,000,000.00 |
CANARA BANK |
KESHAVPURAM, NEW
DELHI - 110035, INDIA |
- |
|
19 |
90224927 |
27/02/1998 * |
10,000,000.00 |
CANARA BANK |
KESHAVPURAM, NEW
DELHI - 110035, INDIA |
- |
|
20 |
90224894 |
27/02/1998 * |
10,000,000.00 |
CANARA BANK |
KESHAVPURAM, NEW
DELHI - 110035, INDIA |
- |
|
21 |
90224802 |
12/04/1997 |
210,000.00 |
CANARA BANK |
KESHAVPURAM, NEW
DELHI - 110035, INDIA |
- |
|
22 |
90224787 |
24/02/1997 |
450,000.00 |
CANARA BANK |
KESHAVPURAM, NEW
DELHI - 110035, INDIA |
- |
* Date of charge modification
UNSECURED LOANS
|
UNSECURED LOANS |
31.03.2012 (Rs.
In Millions) |
|
SHORT TERM BORROWINGS |
|
|
Loan from a related party repayable on demand |
1250.000 |
|
|
|
|
Total |
1250.000 |
BACKGROUND
Subject was incorporated on 10 August 1988. The Company is engaged in
the business of Direct to Home (‘DTH’) and Teleport services. The DTH services
are rendered to the customers through Consumer Premise Equipment (CPE), used
for receiving and broadcasting DTH signals to the subscriber.
BUSINESS OVERVIEW
The year continued to bring strength to the Company with constant
acquisition of Subscribers and the Digitization yielding expected results. The
Broadcasting and Distribution Industry gained momentum in the year with large
number of HD Channels becoming available to the consumers. Over the years, Dish
TV has carved a niche for itself on account of its adaptability to the state of
the art technology, variety of content, affordable offerings and quick response
to the consumers. Dish TV is aiming at growth in revenue and subscriber base
inter alia on account of provision of customer oriented support service,
highest number of Hi-Definition channels and services, premium on demand
services for niche content and latest international movie channels.
The favorable demographic pattern and constant rise in the net
disposable income is also driving major change in the Media and Entertainment
Industry, more particularly, the ever growing pay TV Industry. The quality and
veracity of contents is also improving with the increased demand, desire and
expectations of the consumers. The rise in education level and increased
expectations mainly because of the access to international media, internet and
social networking platforms is also driving the Industry. The consumer of today
is more evolved, tech savvy, broadband oriented and is willing to go places to
satiate his demand for content. Fortunately, Indian Broadcast Industry has
moved in tandem with such change in the consumer behavior.
The Government of India is participating actively in the overall digitization
process pushing the entire category towards achieving the objective of complete
digitization. The wide buzz and noise created by the stakeholders of media
Industry has helped the cause, however the digitization process needs to grow
faster to accomplish the desired aim.
The year gone by has been the most opportunistic and challenging for the
Digital Broadcast Industry. The mandate of digitization set open a gigantic
market of analog users waiting to get digitized across top 42 cities.
Aggressive play by digital cable systems was witnessed wherein Direct-to-Home
(‘DTH’) clearly went on establishing itself as the most preferred choice for
digital viewing of pay television content.
Out of the approximately 60 Mn installed base of digital connections, substantial
number of connections have become part of the DTH category. Dish TV strategy
was encompassed keeping in mind these challenges as well as maximizing the
opportunity for DTH, presented by the Digital Addressable Systems (‘DAS’)
mandate of the Government of India. To spearhead the DTH advantage, Dish TV
with a well crafted insight re-positioned the brand in the space of passion for
entertainment; tapping into consumers who are passionate about their dose of
entertainment and establish Dish TV as an endpoint for all TV entertainment
needs.
With consumers seeking maximum value for their money, the Company
brought forth unparalleled offerings in form of lucrative entry offers, schemes
like 70+ channels free for Lifetime, cash back offers to ensure best
competitive advantage. Carrying forward the spirit of innovation and
leadership, Dish TV unveiled its Standard Definition Box with Recorder, thus
redefining the recorder category.
The Company with focused enhancement in the pillars of Content, Service
and Technology continued to gain significant edge over the competition
prevailing in the DTH Industry. To ensure maximum coverage and visibility
around the digitization wave, incremental steps were made on ground and
in–shops. Dish TV carried expansion in service infrastructure across India to
cater to the massive demand and providing quick service support to the
customers.
With a robust sales and distribution network, Dish TV ensured strong foothold
in retail outlets combined with an All India Service Network. In a service
driven Industry, it is also pivotal for a Company to enhance the existing
subscriber experience by constantly designing and offering services that match
their dynamic needs. The strategy was to position Dish TV as a service led
brand with the objective of meeting customer delight. With this endeavor, the
Company introduced an exclusive Dish delight program to recognize its valuable
subscriber base and benefit them with unique privileges such as Free
relocation, Free upgrade, Express queue etc.
The challenges to the DTH Industry includes successful implementation of
the Digitization process in phased manner, availability of satellite capacity
due to ever rising demand of the content, competitive intensity, reasonable
growth in Average Revenue Per User (‘ARPU’) and reasonable taxation structure.
SUBSIDIARY
OPERATIONS
SUBSIDIARY IN
SINGAPORE
During the year, the name of Dish TV Singapore Pte. Limited, which was
the Company’s Wholly Owned Subsidiary (‘WOS’) in Singapore, was changed to
Digital Network Distribution Pte. Limited on March 12, 2013.
Further, upon approval of the Board, the shareholding of the Company in
Digital Network Distribution Pte. Limited (earlier known as Dish TV Singapore
Pte. Limited) was divested consequent to which Digital Network Distribution
Pte. Limited has ceased to be Subsidiary of the Company with effect from April
1, 2013. The said divestment was carried out in accordance with the provisions of
Foreign Exchange Management (Transfer or issue of any Foreign Security),
Regulations, 2004 and other applicable guidelines.
SUBSIDIARY IN SRI
LANKA
During the year, the Company, upon the approval of Board of Directors,
incorporated a Joint Venture (‘JV’) Company with Satnet (Private) Limited, a
DTH license holder in Sri Lanka, in the name and style of Dish T V Lanka
(Private) Limited on April 25, 2012 with a paid up share capital of 1 million
Sri Lankan Rupees. The Company holds 70% in the JV Company and Satnet (Private)
Limited holds 30% in the said JV Company. The Company and Satnet (Private)
Limited had entered into a JV agreement on April 24, 2012.
The Ministry of Corporate Affairs, Government of India had 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 Subsidiaries
of the Company as on March 31, 2013 viz. Digital Network Distribution Pte.
Limited and Dish TV Lanka (Private) Limited are not being attached with the
Annual Report of the Company and the specified financial highlights of these
Subsidiary Companies are disclosed in the Annual Report, as part of the
Consolidated Financial Statements of the Company. The audited Annual Accounts
and related information of the Subsidiaries will be made available, upon
request and shall also be open for inspection at the Registered Office of the
Company, by any Shareholder.
As required under the Accounting Standard AS 21 – ‘Consolidated
Financial Statements’, issued by the Institute of Chartered Accountants of
India (‘ICAI’) and applicable provisions of the 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 in these Companies are included in this Annual Report.
MANAGEMENT
DISCUSSION AND ANALYSIS
OVERVIEW
The year gone by has been the most opportunistic and challenging for the
Digital Broadcast Industry. The mandate of digitization set open a gigantic
market of analog users waiting to get digitized across Top 42 cities.
Aggressive play by digital cable systems was witnessed wherein DTH clearly went
on establishing itself as the most preferred choice for digital viewing of pay
television content. Out of the approximately 60 Million installed base of
digital connections, substantial number of connections have become part of the
DTH category.
Dish TV’s strategy was encompassed keeping in mind these challenges as well
as maximizing the opportunity for DTH presented by the DAS mandate of the
Government of India. The Company continued to be in the forefront of
digitization achieving a substantial part of the DTH subscribers in the Phase I
digitization markets of Delhi, Kolkata, Chennai and Mumbai. Their strategy has
been to deliver sensible growth with long term profitability as the ultimate
objective. They have been able to achieve their objective of sustainable growth
through sustained consumer delight based on better offerings - product as well
as services. It has been their endeavor to maximize consumer value proposition
thereby leading to better acquisitions as well as earnings.
The Company continued to lead the way in innovation by launching India’s
first Standard Definition Recorder at an affordable price to the consumer. This
Standard Definition Recorder is a unique product which brings the benefit of
recording to the mass consumers for the first time and was enthusiastically
lapped up by the consumers.
During the year the Company also took the initiative to roll out its
service network Pan India from a presence in around 200 cities earlier. This
move represents significant steps by the Company in putting the customer first
and will dramatically improve their service quality across all pop strata and
across income groups.
The Company continues to expand its distribution footprint and now
reaches over a 100000 outlets for Set Top Boxes and the customers can recharge
from over 25,000 outlets nationally. In keeping pace with the changing
technological trends, the Company has made available payment solution for
recharge through the Interbank Mobile Payment Service (IMPS). This will allow
customers to easily recharge their subscription using a simple mobile phone. They
continue to work to expand the availability of recharge facilities for their
customers both directly and through third parties so that their customers have
recharge facilities available anytime and anywhere. They continue to believe
that continuous process improvement, better technology, focus on end-to-end
customer experience management and evolving exclusive techniques to combat
intense competition will continue to drive the Company towards new heights and
glory.
UNAUDITED
STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS PERIOD ENDED 30
SEPTEMBER 2013
(Rs.
in Millions)
|
Particulars |
Quarter-ended |
Six months
period-ended |
|
|
|
Unaudited |
Unaudited |
Unaudited |
|
Income from operations |
30.09.2013 |
30.06.2013 |
30.09.2013 |
|
1. a) Net sales/ income
from operations |
5896.800 |
5764.900 |
11661.700 |
|
b) Other operating income |
29.000 |
18.900 |
47.900 |
|
Total income from
operations (net) |
5925.800 |
5783.800 |
11709.600 |
|
2. Expenses |
|
|
|
|
a) Purchase of stock-in-trade |
13.600 |
31.000 |
44.600 |
|
b) Changes in inventories
of stock-in-trade |
(0.300) |
(1.600) |
(1.900) |
|
c) Employee benefits
expense |
223.400 |
241.900 |
465.300 |
|
d) Depreciation and
amortization expense |
1504.400 |
1443.800 |
2948.200 |
|
e) Programming/ content
and other costs |
1864.500 |
1915.500 |
3780.000 |
|
f) License fees |
619.500 |
601.400 |
1220.900 |
|
g) Other operating costs |
689.400 |
629.200 |
1318.600 |
|
h) Selling and
distribution expenses |
|
|
|
|
i)
Commission |
429.600 |
396.900 |
826.500 |
|
ii)
Other selling and distribution expenses |
307.600 |
503.200 |
810.800 |
|
i) Other expenses |
299.600 |
249.100 |
548.700 |
|
Total expenses |
5951.300 |
6010.400 |
11961.700 |
|
3. Profit / (loss) from operations
before other income, finance costs and exceptional items (1-2) |
(25.500) |
(226.600) |
(252.100) |
|
4. Other income |
210.500 |
277.300 |
487.800 |
|
5. Profit / (loss) from
ordinary activities before finance costs and exceptional items (3+4) |
185.000 |
50.700 |
235.700 |
|
6. Finance costs |
345.000 |
354.400 |
699.400 |
|
7. Profit / (loss) from
ordinary activities after finance costs but before exceptional items (5-6) |
(160.000) |
(303.700) |
(463.700) |
|
8. Exceptional items |
-- |
-- |
-- |
|
9. Profit / (loss) from
ordinary activities before tax (7+8) |
(160.000) |
(303.700) |
(463.700) |
|
10. Tax expense/ (write
back) |
-- |
-- |
-- |
|
11. Net profit / (loss)
from ordinary activities after tax (9-10) |
(160.000) |
(303.700) |
(463.700) |
|
12. Extraordinary item |
-- |
-- |
-- |
|
13. Net profit / (loss) for the period (11-12) |
(160.000) |
(303.700) |
(463.700) |
|
14. Paid-up equity share capital (Face
value Re. 1) (#) |
1064.900 |
1064.900 |
1064.900 |
|
15. Reserves (excluding revaluation reserves,
if any) |
|
|
|
|
16. Basic earning/ (loss) per share (not
annualised) (In Rs.) |
(0.15) |
(0.29) |
(0.44) |
|
17. Diluted earning/ (loss) per share (not
annualised) (In Rs.) |
(0.15) |
(0.29) |
(0.44) |
|
Part II |
|
|
|
|
A) Particulars of shareholding |
|
|
|
|
1. Public shareholding |
|
|
|
|
Number of equity shares of Re.1 each |
378,051,405 |
388,180,905 |
378,051,405 |
|
Percentage of shareholding |
|
|
|
|
Calculated on total number of issued shares |
35.50 |
36.45 |
35.50 |
|
Calculated on the paid-up capital |
35.50 |
36.45 |
35.50 |
|
2. Promoters and promoter group
shareholding (calculated on total number of issued shares) |
|
|
|
|
a) Pledged / encumbered |
|
|
|
|
i) Number of shares |
454,682,886 |
441,517,886 |
454,682,886 |
|
ii) Percentage of shares (% of the total
shareholding of promoters and promoter group) |
66.20 |
65.24 |
66.20 |
|
iii) Percentage of shares (% of the total
share capital of the company) |
42.70 |
41.46 |
42.70 |
|
b) Non-encumbered |
|
|
|
|
i) Number of shares |
232,195,174 |
235,229,174 |
232,195,174 |
|
ii) Percentage of shares (% of the total
shareholding of promoters and promoter group) |
33.80 |
34.76 |
33.80 |
|
iii) Percentage of shares (% of the total share
capital of the company) |
21.80 |
22.09 |
21.80 |
See accompanying notes to the financial
results.
|
Particulars |
Quarter ended |
|
|
30.09.2013 |
|
B) Investor complaints Pending at the beginning
of the quarter Received during the
quarter Disposed of during the
quarter Remaining unresolved at
the end of the quarter |
-- 5 5 -- |
# Comprises 1,064,877,270
(1,064,875,649 shares as on 30 June 2013, 1,064,662,247 as on 31 March 2013, 1,061,993,633
as on 30 September 2012) fully paid up equity shares of Re. 1 each ; 22,193
(22,314 shares as on 30 June 2013, 22,314 as on 31 March 2013, 2,061,858 as on
30 September 2012) partly paid up equity shares of Re. 0.75 each; and 30,002
(30,002 shares as on 30 June 2013, 200,614 as on 31 March 2013, 659,824 as on
30 September 2012) partly paid up equity shares of Re. 0.50 each.
STATEMENT OF ASSETS AND LIABILITIES AS AT 30
SEPTEMBER 2013
(Rs.
in Millions)
|
Particulars |
Standalone |
|
|
As at 30.09.2013 |
|
|
Unaudited |
|
A. Equity and liabilities |
|
|
1. Shareholders' funds |
|
|
(a) Share capital |
1064.900 |
|
(b) Reserves and surplus |
(3076.500) |
|
Sub-total - shareholders'
funds |
(2011.600) |
|
2. Non-current liabilities |
|
|
(a) Long-term borrowings |
8574.600 |
|
(b) Other long term
liabilities |
1593.500 |
|
(c) Long-term provisions |
145.500 |
|
Sub-total - non-current
liabilities |
10313.600 |
|
3. Current liabilities |
|
|
(a) Short-term borrowings |
|
|
(b) Trade payables |
1906.700 |
|
(c) Other current
liabilities |
14036.900 |
|
(d) Short-term provisions |
6889.000 |
|
Sub-total - current
liabilities |
22832.600 |
|
Total equity and
liabilities |
31134.600 |
|
B. Assets |
|
|
1. Non-current assets |
|
|
(a) Fixed assets |
20433.300 |
|
(b) Non-current
investments |
0.300 |
|
(c) Long-term loans and
advances |
629.800 |
|
(d) Other non-current
assets |
56.500 |
|
Sub-total - non-current
assets |
21119.900 |
|
2. Current assets |
|
|
(a) Current investments |
2000.000 |
|
(b) Inventories |
88.000 |
|
(c) Trade receivables |
332.700 |
|
(d) Cash and cash
equivalents |
4239.100 |
|
(e) Short-term loans and
advances |
3339.000 |
|
(f) Other current assets |
15.900 |
|
Sub-total - current assets |
10014.700 |
|
Total assets |
31134.600 |
Notes to financial results
for the quarter ended 30 September 2013
1. The above financial results for the quarter and six
months period ended 30 September 2013 have been reviewed by the Audit Committee
and were approved by the Board of Directors in their meeting held on 23 October
2013.
2. The Statutory Auditors of the Company have carried out
a Limited Review of the above financial results for the quarter and six months
period ended 30 September 2013 and a modified opinion has been issued in respect
of CPE rentals (refer note 3 below). The report of statutory auditors is being
filed with BSE Limited and National Stock exchanges and is also available on
the Company's.
3. 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 CPEs in the form of rental was being recognized over a period of
three years from the activation date. Such practice, with effect from 1 April
2012, has been changed to five years in respect of CPEs activated on or after 1
April 2012. The impact in relation to the other CPEs installed before 01 April
2012 has not been ascertained.
4. a). The Company's net-worth as at 30 September 2013 is
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, sanctioned credit facilities from lenders and bank deposits to
adequately meet its obligations.
b).
The Company's DTH license was valid upto 30 September 2013. The Company has,
before the expiry of the license, approached the relevant authorities, who have
extended the validity for an interim period till the time final policy with
regard to the terms and conditions for renewal of DTH license are laid down by
the Government. The Company has given an understanding that they shall comply
with that policy during the interim period and any financial obligations
arising from the change in policy shall be honoured by the Company. According
to us, no significant financial adjustment is expected in this regard.
5. 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 2013 which is in line with revised utilisation
schedule approved by the Board of Directors. The unutilised amount as on 30
September 2013 is Rs. 1500.000 Millions.
6. 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".
7. Upto the quarter ended 30 June 2012, the exchange
differences arising from foreign currency borrowing to the extent that they
were regarded as an adjustment to interest cost, were treated as borrowing cost
in terms of AS -16, "Borrowing Costs". During the quarter ended 30
September 2012, pursuant to a clarification dated 9 August 2012 from the MCA,
the Company changed the accounting policy w.e.f. from 1 April 2011, to treat
the same as "foreign exchange fluctuation", to be accounted as per AS
- 11 "Effects of Changes in Foreign Exchange Rates", instead of AS
-16 "Borrowing Costs". This change has resulted into reversal of
finance cost of Rs. 706.800 Millions for the financial year 2011-12 and
increase in depreciation by Rs. 112.400 Millions for the financial year
2011-12.The aforesaid change, resulting in net gain of Rs. 594.400 Millions for
the financial year 2011-12, has been shown as 'exceptional items' in the
financial results.
8. The previous period/ year's figures have been regrouped / reclassified, wherever necessary, to make them comparable
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
Claims against the Company not acknowledged as debt |
48.300 |
48.300 |
|
Income-tax |
265.200 |
265.200 |
|
Sales tax and Value Added tax |
104.600 |
116.900 |
|
Customs duty |
79.500 |
79.500 |
|
Service tax |
572.100 |
16.700 |
|
Wealth tax |
0.200 |
0.100 |
|
Entertainment tax |
127.900 |
124.400 |
|
Legal cases including from customers against the Company |
Unascertained |
Unascertained |
|
b) During the
year ended 31 March 2011, the Company received a demand notice for income tax
and interest thereon aggregating Rs.405.600 Millions in relation to an
earlier year. During the previous year, the assessing authority had reduced
the demand to Rs.264.200 Millions on the basis of application for
rectification filed by the Company. The Company deposited Rs.40.000 Millions
during the previous year; and deposited additional amount of Rs.33.000
Millions during the year. The matter pertains to alleged short deduction of
tax at source on certain payments and interest thereon for delayed period. The
Company has disputed the issue and has filed an appeal against the above said
demand with the tax authorities. During the current year, the Company had
submitted with the tax authorities the requisite supporting documents/
clarification from vendors. The Company, supported by legal view in the
matter, is of the view that outcome of the litigation will not have
significant impact on the financial statements. c) The Company
has received notices in various States on applicability of Entertainment Tax,
for which no demands have been received. The Company has contested these
notices at various Appellate Forums/Courts and the matter is subjudice. |
||
FIXED ASSETS:
Tangible Assets
· Plant and machinery
· Consumer premises equipment
· Computers
· Office equipment
· Furniture and fixtures
· Vehicles and aircraft
·
Leasehold improvements
Intangible Assets
· Goodwill
· License fees
· Software
PRESS RELEASE:
DISH TV GETS EXTENSION AS TRAI BEGINS
CONSULTATION ON DTH LICENSE RENEWAL
October 7, 2013
Dish TV was the first Direct to Home operator
to start services in India, received its license starting 1st October 20o3. The
10-year period expired a few days back, because someone missed out on setting
renewal guidelines.
Broadcast regulatory
body, the Telecom Regulatory Authority of India, has started the consultation
process for setting guidelines for renewal of Direct to Home (DTH) licenses in
India. This move comes after the Ministry of Information and Broadcasting wrote
to TRAI, asking for the procedure to be set. At the moment, the DTH guidelines
do not have a set procedure for renewing DTH operator licenses, which have all
been individually issues for 10 years.
Dish TV was the
first DTH operator to get the license, back on 1st October 2003, and its
license period finished at the end of September this year. Because of any lack
of clarity on the renewal process, Dish TV has been asked to continue with the
services under the existing terms and conditions. However, once the final
policy is issued by the government, Dish TV will have to comply with those
rules, even for this interim period.
TRAI’s consultation
paper says, “Presently, there are six pay DTH operators in the country. M/s ASC
Enterprises (now M/s Dish TV India Limited) was the first DTH licencee which
got the WOL for starting its DTH services on 1st October 2003. The other five
DTH operators got the WOLs during 2006 to 2008. The first DTH licence was due
to expire on 30th September 2013. The DTH Guidelines are silent on the course
of action to be adopted after expiry of the 10 year licence period.”
At the moment, to
start a DTH operation, a company has to apply with the Ministry of Information
and Broadcasting (MIB). MIB, after checking that the company meets the
eligibility conditions, obtains the security clearance from the Ministry of
Home Affairs (MHA) and clearance for usage of satellite from the Department of
Space (DoS). Once the clearances are obtained, the company is asked to pay the
entry fee of Rs. 100.000 Millions. On payment of the entry fee, MIB
communicates its intent to the company to issue a licence. Next, the company
has to approach Wireless Planning and Coordination (WPC) for SACFA1 clearance.
Once the SACFA clearance is obtained, the company has to give a bank guarantee
of Rs. 400.000 Millions and sign the licence agreement with MIB. After this,
the company has to apply to WPC for obtaining the Wireless Operating Licence
(WOL). The duration of the DTH licence is 10 years from the date of issue of
the WOL. Licences to establish, maintain and operate the DTH platform are
granted under Section 4 of the Indian Telegraph Act 1885, and the Indian
Wireless Telegraphy Act, 1933.
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. 61.63 |
|
|
1 |
Rs. 99.94 |
|
Euro |
1 |
Rs. 85.14 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
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 |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
45 |
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.