MIRA INFORM REPORT
|
Report Date : |
17.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
MEDIA CONTENT AND COMMUNICATIONS SERVICES (INDIA) PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
301, 3rd Floor, Boston House, Suren Road, Western Express
Highway, Andheri (East), Mumbai –
400093, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
30.05.2002 |
|
|
|
|
Com. Reg. No.: |
11-136072 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.2914.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U92132MH2002PTC136072 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCM0507A |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
The Subject is in the business of content production and broadcasting three news channels through the television and digital media which includes internet, mobile and Direct-to-Home. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 1094000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a subsidiary of ABB TV PRIVATE LIMITED. It is an
established company having moderate track record. The rating is constrained on account of continuous accumulated losses incurred
by the company below average financial performance. However, trade relations are fair. Business is active. Payment terms
are slow but correct. The company can be considered for business dealing with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
BBB+ (Term Loan) |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
November, 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 DENIED
Management Non Co-Operative (91-22-66160200)
LOCATIONS
|
Registered Office : |
301, 3rd Floor, Boston House, Suren Road, Western Express
Highway, Andheri (East), Mumbai –
400093, Maharashtra, India |
|
Tel. No.: |
91-22-66630208/ 66630000 |
|
Fax No.: |
91-22-66661022/ 66631029/ 66160243 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
DIRECTORS
As on: 12.08.2013
|
Name : |
Mr. Arup Kumar Sarkar |
|
Designation : |
Director |
|
Address : |
20, Madan Mohantola Street, Kolkata – 700005, West Bengal, India |
|
Date of Birth/Age : |
16.08.1946 |
|
Date of Appointment : |
19.09.2003 |
|
DIN No.: |
00200053 |
|
|
|
|
Name : |
Mr. Dipankar Das Purkayastha |
|
Designation : |
Director |
|
Address : |
Flat-2A, 23-B, Ballygunge Circular Road, Kolkata – 700019, West
Bengal, India |
|
Date of Birth/Age : |
01.09.1947 |
|
Date of Appointment : |
24.11.2005 |
|
DIN No.: |
00194147 |
|
|
|
|
Name : |
Mr. Avijit Deb |
|
Designation : |
Director |
|
Address : |
1 Rajendra Deb Road, Bura Bazar, Kolkata – 700007, West Bengal, India |
|
Date of Birth/Age : |
01.09.1947 |
|
Date of Appointment : |
01.09.2005 |
|
DIN No.: |
00047233 |
|
|
|
|
Name : |
Mr. Aveek Kumar Sarkar |
|
Designation : |
Director |
|
Address : |
12/4, Ballygunge Park Road, Kolkata – 700019, West Bengal, India |
|
Date of Birth/Age : |
09.06.1945 |
|
Date of Appointment : |
19.09.2003 |
|
DIN No.: |
00224290 |
KEY EXECUTIVES
|
Name : |
Mr. Ashok Venkatramani |
|
Designation : |
Manager |
|
Address : |
A – 62, 6th Floor, Meherina Apartments, 51 C, Napean Sea
Road, Mumbai – 400026, Maharashtra, India |
|
Date of Birth/Age : |
24.02.1964 |
|
Qualification : |
BE(Mech), PGDM |
|
Experience : |
25 Years |
|
PAN No. : |
ADXPA6170D |
|
|
|
|
Name : |
Mr. Anupam Kumar Chugh |
|
Designation : |
Secretary |
|
Address : |
152, Kewal Kunj Appartments, Plot No. 46, Sector – 13, Rohini, Delhi –
110085, India |
|
Date of Birth/Age : |
01.09.1959 |
|
Date of Appointment : |
10.04.2007 |
|
PAN No. : |
AABPC8344E |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 12.08.2013
|
Names of Shareholders |
|
No. of Shares |
|
ABP TV Private Limited, India |
|
291399999 |
|
Siddhartha Ghosh |
|
1 |
|
Total |
|
291400000 |
Equity Share Break up (Percentage of Total Equity)
As on: 12.08.2013
|
Category |
|
Percentage |
|
Bodies corporate |
|
100.00 |
|
Total
|
|
100.00 |
%20PRIVATE%20LIMITED%20-%20263349_MIRA%2017-Apr-2014_files/image013.gif)
BUSINESS DETAILS
|
Line of Business : |
The Subject is in the business of content production and
broadcasting three news channels through the television and digital media which
includes internet, mobile and Direct-to-Home. |
||||
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|
||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
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Bankers : |
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|||||||||||||||||||||
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Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
Bengal Intelligent, Park Building, Alpha,1st Floor, Block- EP and GP, Sector – V, Salt lake Electronics Complex, Kolkata-700091, West Bengal, India |
|
PAN No.: |
AADFD5357J |
|
|
|
|
Ultimate Holding
Company : |
ABP Private Limited U22219WB1922PTC004503 |
|
|
|
|
Holding Company : |
ABP TV Private Limited U92113WB2000PTC092157 |
|
|
|
|
Companies holding
substantial interest in voting power of the Company : |
Star News Broadcasting Limited (SNBL) (Upto October 20, 2012) |
CAPITAL STRUCTURE
As
on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
400000000 |
Equity Shares |
Rs.10/- each |
Rs.4000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
291400000 |
Equity Shares |
Rs.10/- each |
Rs.2914.000 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
2,914.000 |
2865.300 |
2865.300 |
|
(b) Reserves & Surplus |
(2640.457) |
(2379.315) |
(2508.994) |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
273.543 |
485.985 |
356.306 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
145.313 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
61.839 |
48.690 |
35.177 |
|
Total
Non-current Liabilities (3) |
207.152 |
48.690 |
35.177 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
112.885 |
49.791 |
85.308 |
|
(b) Trade payables |
429.245 |
435.441 |
504.614 |
|
(c) Other current liabilities |
217.704 |
224.624 |
285.664 |
|
(d) Short-term provisions |
16.764 |
6.239 |
2.579 |
|
Total
Current Liabilities (4) |
776.598 |
716.095 |
878.165 |
|
|
|
|
|
|
TOTAL |
1257.293 |
1250.770 |
1269.648 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
304.567 |
296.734 |
299.232 |
|
(ii) Intangible Assets |
5.192 |
5.537 |
3.461 |
|
(iii) Capital work-in-progress |
22.891 |
0.435 |
30.587 |
|
(iv) Intangible assets under
development |
0.398 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
161.801 |
97.116 |
109.122 |
|
(e) Other Non-current assets |
0.055 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
494.904 |
399.822 |
442.402 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
0.249 |
0.338 |
0.081 |
|
(c) Trade receivables |
585.141 |
548.295 |
639.236 |
|
(d) Cash and cash equivalents |
106.124 |
158.628 |
75.337 |
|
(e) Short-term loans and
advances |
68.869 |
133.237 |
106.895 |
|
(f) Other current assets |
2.006 |
10.450 |
5.697 |
|
Total
Current Assets |
762.389 |
850.948 |
827.246 |
|
|
|
|
|
|
TOTAL |
1257.293 |
1250.770 |
1269.648 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
SALES |
|
|
|
|
|
Income |
2443.623 |
2507.896 |
2288.500 |
|
|
Other Income |
66.927 |
105.270 |
47.800 |
|
|
TOTAL
(A) |
2510.550 |
2613.166 |
2336.300 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Employees benefits expense |
828.701 |
782.198 |
647.100 |
|
|
One time Expenses for Brand Migration |
141.870 |
1608.060 |
0.000 |
|
|
Other expenses |
1717.041 |
0.000 |
1500.400 |
|
|
TOTAL
(B) |
2687.612 |
2390.258 |
2147.500 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION
(C) |
(177.062) |
222.908 |
188.800 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES
(D) |
16.773 |
15.671 |
30.300 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(193.835) |
207.237 |
158.500 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
67.307 |
77.558 |
64.200 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
(261.142) |
129.679 |
94.300 |
|
|
|
|
|
|
|
Less |
TAX
(H) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
(261.142) |
129.679 |
94.300 |
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(2379.315) |
(2508.994) |
(2603.300) |
|
|
|
|
|
|
|
|
|
BALANCE
CARRIED TO THE B/S |
(2640.457) |
(2379.315) |
(2509.000) |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
9.963 |
11.147 |
14.795 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
( 0.90) |
NA |
NA |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(10.40) |
4.96 |
4.04 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(10.69) |
5.17 |
4.12 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(21.16) |
10.37 |
7.61 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.95) |
0.26 |
0.26 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.94 |
0.10 |
0.24 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.98 |
1.19 |
0.94 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
2865.300 |
2865.300 |
2914.000 |
|
Reserves & Surplus |
(2508.994) |
(2379.315) |
(2640.457) |
|
Net
worth |
356.306 |
485.985 |
273.543 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
145.313 |
|
Short term borrowings |
85.308 |
49.791 |
112.885 |
|
Total
borrowings |
85.308 |
49.791 |
258.198 |
|
Debt/Equity
ratio |
0.239 |
0.102 |
0.944 |
%20PRIVATE%20LIMITED%20-%20263349_MIRA%2017-Apr-2014_files/image015.gif)
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
2288.500 |
2507.896 |
2443.623 |
|
|
|
9.587 |
(2.563) |
%20PRIVATE%20LIMITED%20-%20263349_MIRA%2017-Apr-2014_files/image017.gif)
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
2288.500 |
2507.896 |
2443.623 |
|
Profit |
94.300 |
129.679 |
(261.142) |
|
|
4.12% |
5.17% |
(10.69%) |
%20PRIVATE%20LIMITED%20-%20263349_MIRA%2017-Apr-2014_files/image019.gif)
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF
LONG-TERM DEBT
(Rs. In Millions)
|
Particular |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Current maturities of long-term debt |
4.687 |
0.000 |
0.000 |
|
|
|
|
|
|
Total |
4.687 |
0.000 |
0.000 |
|
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 |
Yes |
|
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 |
|
LITIGATION DETAILS |
|||||||
|
Bench:- Bombay |
|||||||
|
Lodging No:- |
SL/2100/2011 |
Failing Date:- |
25/07/2011 |
Reg. No.:- |
S/2195/2011 |
Reg. Date:- |
30/08/2011 |
|
Petitioner:- |
SPEAKASIA ONLINE PTE. LTD. |
Respondent:- |
MEDIA CONTENT AND COMMUNICATIONS SERVICES (I) PVT. LTD. AND 5 ORS |
||||
|
Petn.Adv:- |
PHOENIX LEGAL |
Resp.Adv.:- |
NEVILLE D. DEBOO (2) |
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District:- |
OUTSIDE MAHARASHTRA |
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Bench:- |
SINGLE |
Category:- |
SUITS FOR DEFAMATION |
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Status:- |
Pre-Admission |
Stage:- |
FOR DIRECTION |
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Last Date:- |
22/03/2012 |
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Last Coram:- |
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Act:- |
Code of Civil Procedure 1908 |
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UNSECURED
LOAN
(Rs. In Millions)
|
Particular |
As on 31.03.2013 |
As on 31.03.2012 |
|
SHORT-TERM
BORROWINGS |
|
|
|
Other loans and advances |
0.000 |
49.791 |
|
|
|
|
|
Total |
0.000 |
49.791 |
PERFORMANCE
During the financial year 2012-13, Companys total revenue has been Rs. 2510.500 Millions compared to Rs. 2613.200 Millions in the previous year, a decline of 3.93%. The Company registered a loss of Rs. 261.100 Millions as compared to the profit of Rs. 129.700 Millions in the previous year, a decline of 301.38%.This loss includes onetime expenses amounting to Rs. 141.900 Millions forbrand migration and break-up fee of Rs. 50.000 Millions paid to Star India Private Limited.
The first half of the year saw an investment in the acquiring of and building of the brand ABP - with a view to migrating the current equity of the channels from the old brand names to the new ones and ensure that the changeover of brand name from `STAR to `ABP does not impact the business:
a. The viewership of ABP News increased from a 6 month average market share of 14% before rebranding to 16% (6 month average) post rebranding. Similarly, the viewership of ABP Ananda, already the leader in W.Bengal moved from market share of 36% before rebranding to 38% post rebranding. ABP Majha, the No. 1 news channel in Maharashtra and in Mumbai, held firmly at the market share of 44%.
b. As per a third party research, viewers echoed the selling point with 92% of those surveyed saying other than the name, nothing had changed in the channel, thus indicating a successful migration of the brands from the old to the new names without any loss in equity.
Despite of change in the brand, the Company maintained the market shares and hence the market rates.
However, the anticipated benefits on account of digitization in terms of like lower carriage and placement fees did not fully materialize due to delayed implementation.
Though, the Company took proactive measures and cut costs to keep the increase to a minimum.
ABP News
ABP News revenue had a marginal growth of 0.89%. The pressure on revenues started from the beginning of the fiscal and gained momentum post the logo change. The Hindi channel had the biggest impact of the logo change. The channel was however able to bounce back quickly and monetize Elections, Olympics, new shows like Asar, Love Story and Second Opinion apart from the regular ones like Union Budget and Cricket. This was achieved despite a sharp decline in government advertising.
ABP Ananda
ABP Ananda had a tough year and registered a decline of 12.7%. While the channel showed double digit growth in revenue from Non FCT of 17%, and was able to monetize channel properties like Ananda Anchor Hunt Season 2 and Sharad Ananda, this was offset by drying up of government advertising revenue. The collapse and inactivity of Multi Level Marketing clients (chit funds and Non Banking Finance Companies) compounded the revenue pressures on Ananda. The market expansion activities contributed well to the revenue base from places like Raipur, Odisha, and rest of Bengal.
ABP Majha
ABP Majha showed single digit growth of revenue of 6.5% drawn by channel performance and being sold in combo with Hindi News.Growth in Majha came from rate increase of commercial time, utilization of more commercial time and encashing the non FCT properties. While the revenue growth contribution to Majha came from all parts of India, the channel leveraged its geographical reach by setting up revenue offices in different parts of Maharashtra.
Outlook for 2013-14
2013-14 is expected to be a tough year with the full impact of recession settingin and TRAI regulations on inventory restrictions. Most predictions of media industry growth by syndicated groups pegged the likely growth rate of industry to be less than 5%.
MCCS has targeted 15% growth to ensure that they grow faster than the market. Amongst the key legs of MCCS strategy is:-
- Driving new revenue streams through Non-FCT properties, events and special projects
- Additional revenue from elections (5 State election and 1 general election)
- Revival of DAVP business since industry level matter has been resolved between NBA and DAVP
- Revenue contribution of Punjabi Channel
- Geographical expansion focus on smaller towns and upcountry markets to generate retail revenue
- Reduction in carriage cost on account of benefit of DAS implementation in phase II towns
- Price increase to offset inventory reduction, backed up by strong content strategy.
It is expected that the implementation of the above strategies will help in achieving the desired objectives.
Background
Subject was incorporated in India on 30 May, 2002 and set up its business on 1 March, 2003. The Company is in the business of content production and broadcasting three news channels through the television and digital media which includes internet, mobile and Direct-to-Home.
FIXED ASSETS
- Leasehold
Improvements
- Plant and
Machinery
- Computers
- Office
Equipment
- Furniture and
Fixtures
- Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.23 |
|
|
1 |
Rs.100.79 |
|
Euro |
1 |
Rs.83.29 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
28 |
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.