MIRA
INFORM REPORT
|
Report Date : |
04.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
INOX LEISURE LIMITED (FAME INDIA LIMITED AMALGAMATED WITH INOX LEISURE LIMITED) |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
09.11.1999 |
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Com. Reg. No.: |
04-044045 |
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Capital
Investment / Paid-up Capital : |
Rs.961.500 Millions |
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CIN No.: [Company Identification
No.] |
L92199GJ1999PLC044045 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELI03037G/ BLRI01880E/ MUMI04008E |
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PAN No.: [Permanent Account No.] |
AAACI6063J |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
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Line of Business
: |
Subject was engaged in the business of owning, operating and managing
multiplexes and cinema theatres. |
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No. of Employees
: |
4735
(Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (63) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having a fine track.
Financial position of the company seems to be sound. Trade relations are reported as fair. Business is active. Payments
terms are reported to be regular and as per commitments. 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.
INDIAN ECONOMIC OVERVIEW
NEWS
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift.
It highlights how as against 51 % in 2005, the emerging economies now account
for close to 56 % of the global purchasing power GDP as per the latest survey.
And with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the share goes up further in the
coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes that many things such as apartment
sales, luxury products, etc. were largely bought with dirty money. And it is
now beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991.
Real estate outperformed every other asset classes during the 23-year period
with an annualized return of 20 %! Equities came in second with annualized
return of 15.5 %! However, while these returns may seem mouthwatering, the fact
is that the return from equities adjusted for inflation came down to just 7.1
%.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
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
31-03-2014.
INFORMATION DECLINED
MANAGEMENT NON CO-OPERATIVE
Contact No.: 91-22-40626900
LOCATIONS
|
Registered Office : |
ABS Towers, Old Padra Road, Vadodara – 390007, Gujarat,
India |
|
Tel. No.: |
91-265-2330057 |
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Fax No.: |
91-265-2310312 |
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E-Mail : |
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Website : |
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Corporate Office : |
Viraj Towers, 5th Floor, Next to Andheri Flyover, Western
Express Highway, Andheri (East), Mumbai – 400093, Maharashtra, India |
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Tel No.: |
91-22-40626900 |
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Fax No.: |
91-22-40626999 |
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E-Mail : |
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Multiplex Cinema Theatre : |
71 Theatre all over the India |
DIRECTORS
(AS ON 31.03.2013)
|
Name : |
Mr. Pavan Jain |
|
Designation : |
Non-Executive Director |
|
DIN No.: |
00030098 |
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Name : |
Mr. Vivek Jain |
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Designation : |
Non-Executive Director |
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DIN No.: |
00029968 |
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Name : |
Mr. Deepak Asher |
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Designation : |
Non-Executive Director |
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|
Name : |
Mr. Siddharth Jain |
|
Designation : |
Non-Executive Director |
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Date of Birth : |
21.09.1978 |
|
Qualification : |
Graduate from the
University of Michigan – Ann Arbor, with a Bachelor of Science in Mechanical
Engineering and has an MBA from INSEAD, France |
|
Date of Appointment : |
10.09.2004 |
|
DIN No.: |
00030202 |
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Name : |
Mr. Haigreve Khaitan |
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Designation : |
Independent Director |
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Date of Birth : |
13.07.1970 |
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Qualification : |
Law Graduate |
|
Date of Appointment : |
22.10.2007 |
|
DIN No.: |
00005290 |
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|
Name : |
Mr. Sanjeev Jain |
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Designation : |
Independent Director |
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Name : |
Mr. Amit Jatia |
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Designation : |
Independent Director |
|
DIN No.: |
00016871 |
KEY EXECUTIVES
|
Name : |
Mr. Alok Tandon |
|
Designation : |
Chief Executive Officer and Manager |
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|
|
|
Name : |
Mr. Miket Shashikant Bahuva |
|
Designation : |
Deputy Company Secretary and Senior Manager
– Legal |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.06.2014)
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
(A) Shareholding of Promoter and Promoter
Group |
|
|
|
|
|
|
|
|
46973928 |
48.70 |
|
|
46973928 |
48.70 |
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|
|
|
|
|
|
|
|
Total shareholding of Promoter and Promoter
Group (A) |
46973928 |
48.70 |
|
|
|
|
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
3179544 |
3.30 |
|
|
96118 |
0.10 |
|
|
1288553 |
1.34 |
|
|
4564215 |
4.73 |
|
|
|
|
|
|
|
|
|
|
11349635 |
11.77 |
|
|
|
|
|
|
|
|
|
|
5674549 |
5.88 |
|
|
4936278 |
5.12 |
|
|
|
|
|
|
22959149 |
23.80 |
|
|
419834 |
0.44 |
|
|
20252625 |
21.00 |
|
|
361145 |
0.37 |
|
|
1925545 |
2.00 |
|
|
44919611 |
46.57 |
|
|
|
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Total Public shareholding (B) |
49483826 |
51.30 |
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|
|
|
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Total (A)+(B) |
96457754 |
100.00 |
|
|
|
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|
(C) Shares held by Custodians and against
which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
|
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|
Total (A)+(B)+(C) |
96457754 |
100.00 |
(1) Indian
Bodies Corporate
Individual shareholders holding nominal
share capital up to Rs.0.100 Million
Shareholding of securities
(including shares, warrants, convertible securities) of persons belonging to
the category Promoter and Promoter Group
|
Sl. No. |
Name of the Shareholder |
Details of Shares held |
Total shares (including underlying shares assuming full conversion of
warrants and convertible securities) as a % of diluted share capital |
|
|
No. of Shares held |
As a % of grand total (A)+(B)+(C) |
|
||
|
1 |
Gujarat Fluorochemicals Limited |
4,63,86,467 |
48.09 |
48.09 |
|
2 |
Inox Leasing and Finance Limited |
5,87,461 |
0.61 |
0.61 |
|
|
Total |
4,69,73,928 |
48.70 |
48.70 |
(*) The term encumbrance has the same
meaning as assigned to it in regulation 28(3) of the SAST Regulations, 2011.
Shareholding
of securities (including shares, warrants, convertible securities) of persons
belonging to the category Public and holding more than 1% of the total number
of shares
|
Sl. No. |
Name of the Shareholder |
No. of Shares held |
Shares as % of Total No. of Shares |
Total shares (including underlying shares assuming full conversion of
warrants and convertible securities) as a % of diluted share capital |
|
|
1 |
Pavan Kumar Jain Vivek Kumar Jain and
Deepak Asher Trustee of Inox Benefit Trust |
19931570 |
20.66 |
20.66 |
|
|
2 |
Reliance Capital Limited Reliance Land
Private Limited |
6520000 |
6.76 |
6.76 |
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|
3 |
Aadi Financial Advisors LLP |
1436395 |
1.49 |
1.49 |
|
|
4 |
Kamal Shyamsunder Kabra |
1000200 |
1.04 |
1.04 |
|
|
|
Total |
28888165 |
29.95 |
29.95 |
Shareholding of
securities (including shares, warrants, convertible securities) of persons
(together with PAC) belonging to the category “Public” and holding more than 5%
of the total number of shares of the company
|
Sl. No. |
Name(s) of the shareholder(s) and the Persons Acting in Concert (PAC)
with them |
No. of Shares |
Shares as % of Total No. of Shares |
Total shares (including underlying shares assuming full conversion of warrants
and convertible securities) as a % of diluted share capital |
|
|
1 |
Pavan Kumar Jain Vivek Kumar Jain and
Deepak Asher Trustee of Inox Benefit Trust |
19931570 |
20.66 |
20.66 |
|
|
2 |
Reliance Capital Limited Reliance Land
Private Limited |
6520000 |
6.76 |
6.76 |
|
|
|
Total |
26451570 |
27.42 |
27.42 |
BUSINESS DETAILS
|
Line of Business : |
Subject was engaged in the business of owning, operating and managing
multiplexes and cinema theatres. |
GENERAL INFORMATION
|
No. of Employees : |
4735
(Approximately) |
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Bankers : |
·
Axis Bank "Vardhman
Complex", Opposite G.E.B. Office, Race Course (North), Vadodara -
390007, Gujarat, India ·
ING Vysya Bank, BKC, Bandra ·
YES Bank, Worli Branch ·
Citi Bank, BKC Branch, Bandra |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Patankar and Associates Chartered Accountants |
|
Firm Reg. No.: |
I07628W |
|
|
|
|
(As on
31.03.2013) |
|
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Holding Company
: |
· Gujarat Fluorochemicals Limited |
|
|
|
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Ultimate Holding
Company : |
· Inox Leasing and Finance Limited |
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|
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Subsidiaries : |
· Fame India Limited (Amalgamated w.e.f. 1st April, 2012) |
|
|
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Subsidiary of Fame India Limited: |
· Big Pictures Hospitality Services Private Limited · Headstrong Films Private Limited |
|
|
|
|
Fellow
Subsidiary : |
· Inox Motion Pictures Limited |
|
|
|
|
Enterprises over which Key Management Personnel,
or his relative, has significant influence: |
·
Devansh Trading and Finance Private Limited · Sidhapavan Trading and Finance Private Limited |
CAPITAL STRUCTURE
(AS ON 31.03.2014)
Authorised Capital: NOT
AVAILABLE
Issued, Subscribed & Paid-up Capital: RS.961.500 MILLIONS
(AS ON 23.08.2013)
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
140070000 |
Equity Shares |
Rs.10/- each |
Rs.1400.700 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
96457754 |
Equity Shares |
Rs.10/- each |
Rs.964.578
Millions |
|
|
|
|
|
(AS ON 31.03.2013)
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
140050000 |
Equity Shares |
Rs.10/- each |
Rs.1400.500 Millions |
|
10000 |
Preference Shares |
Rs.10/- each |
Rs.0.100 Million |
|
|
|
|
|
|
|
Total |
|
Rs.1400.600
Millions |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
61895548 |
Equity Shares |
Rs.10/- each |
Rs.618.956
Millions |
|
333157 |
Less: Equity
Shares of issued to ESOP Trust but not allotted to employees |
Rs.10/- each |
Rs.3.332
Millions |
|
|
|
|
|
|
|
Total |
|
Rs.615.624 Millions |
FINANCIAL DATA
[All figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
961.500 |
615.624 |
615.574 |
|
(b) Share Capital to be issued |
0.000 |
345.622 |
0.000 |
|
(c) Reserves & Surplus |
4444.400 |
4119.372 |
2667.352 |
|
(d) 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) |
5405.900 |
5080.618 |
3282.926 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
2148.300 |
2237.376 |
2079.809 |
|
(b) Deferred tax liabilities (Net) |
290.100 |
227.557 |
194.120 |
|
(c) Other long term liabilities |
240.100 |
394.848 |
7.679 |
|
(d) long-term provisions |
41.300 |
39.015 |
18.797 |
|
Total Non-current Liabilities (3) |
2719.800 |
2898.796 |
2300.405 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
88.800 |
222.934 |
0.000 |
|
(b) Trade payables |
720.500 |
561.051 |
367.833 |
|
(c) Other current
liabilities |
932.200 |
947.099 |
405.740 |
|
(d) Short-term provisions |
210.600 |
258.478 |
80.927 |
|
Total Current Liabilities (4) |
1952.100 |
1989.562 |
854.500 |
|
|
|
|
|
|
TOTAL |
10077.800 |
9968.976 |
6437.831 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
6346.700 |
5502.855 |
3304.355 |
|
(ii) Intangible Assets |
0.000 |
24.689 |
26.919 |
|
(iii) Capital
work-in-progress |
0.000 |
422.573 |
241.424 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1506.700 |
1844.442 |
1792.540 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1443.300 |
1329.849 |
741.469 |
|
(e) Other Non-current assets |
22.500 |
24.896 |
19.253 |
|
Total Non-Current Assets |
9319.200 |
9149.304 |
6125.960 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
27.300 |
1.054 |
0.021 |
|
(b) Inventories |
85.900 |
54.648 |
31.185 |
|
(c) Trade receivables |
334.200 |
366.679 |
141.728 |
|
(d) Cash and cash
equivalents |
165.600 |
233.344 |
71.393 |
|
(e) Short-term loans and
advances |
127.600 |
137.392 |
62.890 |
|
(f) Other current assets |
18.000 |
26.555 |
4.654 |
|
Total Current Assets |
758.600 |
819.672 |
311.871 |
|
|
|
|
|
|
TOTAL |
10077.800 |
9968.976 |
6437.831 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
8688.300 |
7652.856 |
4187.324 |
|
|
|
Other Income |
89.400 |
36.246 |
60.438 |
|
|
|
TOTAL (A) |
8777.700 |
7689.102 |
4247.762 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Entertainment Tax |
1060.700 |
1020.408 |
520.600 |
|
|
|
Exhibition Cost |
2234.900 |
2099.427 |
1199.452 |
|
|
|
Cost of Food and Beverage |
466.400 |
425.909 |
222.624 |
|
|
|
Employee Benefits Expenses |
495.700 |
426.940 |
262.593 |
|
|
|
Others Expenses |
3211.000 |
2700.079 |
1441.770 |
|
|
|
Exceptional Items |
3.900 |
25.000 |
97.329 |
|
|
|
TOTAL (B) |
7472.600 |
6697.763 |
3744.368 |
|
|
|
|
|
|
|
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1305.100 |
991.339 |
503.394 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
276.300 |
266.977 |
175.885 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1028.800 |
724.362 |
327.509 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
506.900 |
430.750 |
201.576 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
521.900 |
293.612 |
125.933 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
152.600 |
109.149 |
23.164 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
369.300 |
184.463 |
102.769 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
NA |
760.272 |
3.902 |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4.85 |
1.92 |
1.67 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
4.21 |
2.40 |
2.42 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.01 |
3.84 |
3.01 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.09 |
3.81 |
2.86 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10 |
0.06 |
0.04 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.41 |
0.48 |
0.63 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.39 |
0.41 |
0.36 |
FINANCIAL ANALYSIS
[All figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
615.574 |
615.624 |
961.500 |
|
Share
Capital to be issued |
0.000 |
345.622 |
0.000 |
|
Reserves & Surplus |
2667.352 |
4119.372 |
4444.400 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
3282.926 |
5080.618 |
5405.900 |
|
|
|
|
|
|
long-term borrowings |
2079.809 |
2237.376 |
2148.300 |
|
Short term borrowings |
0.000 |
222.934 |
88.800 |
|
Total borrowings |
2079.809 |
2460.310 |
2237.100 |
|
Debt/Equity ratio |
0.634 |
0.484 |
0.414 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from Operations |
4,187.324 |
7,652.856 |
8,688.300 |
|
|
|
82.762 |
13.530 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from Operations |
4,187.324 |
7,652.856 |
8,688.300 |
|
Profit |
102.769 |
184.463 |
369.300 |
|
|
2.45% |
2.41% |
4.25% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITY
OF LONG TERM BORROWINGS DETAIL:
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
(Rs. In Millions) |
||
|
Current Maturity of Long Term Borrowings |
NA |
349.627 |
227.383 |
|
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 |
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 |
No |
UNSECURED LOANS
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
|
|
(Rs. In Millions) |
|
|
Long Term Borrowings
|
|
|
|
Loan and Advance from related parties |
|
|
|
Inter-corporate Deposits |
|
|
|
-From Holding Company |
NA |
1917.000 |
|
-From Ultimate Holding Company |
NA |
110.000 |
|
|
NA |
2027.000 |
|
Less: Current Maturities |
NA |
349.627 |
|
Total |
NA |
1677.373 |
|
|
|
|
|
Short Term
Borrowings |
|
|
|
Loans and Advance from Related Parties
|
|
|
|
-Inter corporate Deposits from Holding company |
NA |
50.000 |
|
|
|
|
|
|
|
|
|
Total |
NA |
1727.373 |
MERGER
OF FAME INDIA LIMITED AND ITS SUBSIDIARIES WITH THE COMPANY: (As on 31.03.2013)
The
Composite Scheme of Amalgamation between Fame India Limited and its
subsidiaries, viz., Fame Motion Pictures Limited, Big Pictures Hospitality Services
Private Limited and Headstrong Films Private Limited (the Transferor Companies)
with Inox Leisure Limited (the Transferee Company) have been sanctioned by the
Hon’ble High Court of Gujarat vide its order dated 12 March 2013, read with
order dated 20 March 2013 and Hon’ble High Court of Judicature at Bombay vide
its order dated 10 May 2013 with an appointed date being 1 April 2012.
Consequent upon filing of the Order of the Hon’ble High Courts with the
Registrar of Companies, Ahmedabad and Mumbai, the merger has become effective
from 25 May 2013 and the Transferor Companies now stands dissolved.
Key
details of the said amalgamation are summarized as follows:
|
Appointed
Date |
01.04.2012 |
|
|
|
|
Effective
Date |
25.05.2013 |
|
|
|
|
Transferor
Companies |
·
Fame India Limited (FAME) ·
Fame Motion Pictures Limited (FMPL) ·
Big Pictures Hospitality Services Private
Limited (BPHSPL) ·
Headstrong Films Private Limited (HFPL) |
|
|
|
|
Share
Exchange Ratio |
5 fully paid up equity shares
of Rs.10/- each of the Company for every 8 fully paid equity shares of Rs.10
each held by such shareholder in FAME; and 1 fully paid up equity share of
Rs.10/- each of the Company for every 74 fully paid equity shares of Rs.10
each held by such shareholder in HFPL. |
|
|
|
|
Equity
Shares to be issued |
3,45,62,206
Equity Shares of Rs.10 of the Company will be issued to the shareholders of
the Transferor Companies. |
Pending allotment of 3,45,62,206
Equity shares to the shareholders of the transferor companies, an amount of
Rs.345.622 Millions is shown in “Share Capital to be issued Account” in the
Balance Sheet. The new equity shares will rank pari passu with the existing
equity shares of the Company in all respects. The Board is delighted to welcome
the new shareholders and look forward to their support to the Company in its’
endeavours to enhance shareholder value.
As per the Scheme, in
respect of the equity shares of Fame India Limited held by the Company,
2,44,31,570 equity shares of the Company will be issued to the Inox Benefit
Trust, set up pursuant to the Scheme, for the benefit of the Company.
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE 2014
(RS. IN MILLIONS)
|
Particulars |
Quarter Ended 30.06.2014 ( Unaudited) |
|
|
|
|
1.
Income from operations |
|
|
a) Net sales/ Income from operation (net of excise duty) |
2236.800 |
|
b) Other operating income |
86.900 |
|
Total
income from Operations(net) |
2323.700 |
|
|
|
|
2.Expenditure |
|
|
a) Direct Cost |
|
|
Entertainment Tax |
285.700 |
|
Exhibition Cost |
584.000 |
|
Cost of Food and Beverage |
122.500 |
|
b) Employee Benefits Expenses |
136.900 |
|
c) Property rent, conducting fees and common facility
charges |
386.400 |
|
d) Depreciation and amortization expenses |
180.900 |
|
e) Other expenditure |
514.600 |
|
Total expenses |
2211.000 |
|
|
|
|
3. Profit from operations before other income and
financial costs |
112.700 |
|
4. Other income |
8.300 |
|
5. Profit from ordinary activities before finance costs |
121.000 |
|
6. Finance costs |
64.500 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
56.500 |
|
8. Exceptional item |
(5.000) |
|
9. Profit from ordinary activities before tax
Expense: |
51.500 |
|
10.Tax expenses |
5.700 |
|
11.Net Profit
/ (Loss) from ordinary activities after tax (9-10) |
45.800 |
|
12.Extraordinary Items (net of tax expense) |
0.000 |
|
13.Net Profit / (Loss) for the period (11 -12) |
45.800 |
|
14.Paid-up equity share capital (Nominal value Rs.10/- per share) |
961.600 |
|
15. Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
-- |
|
16.i) Earnings per share (before extraordinary
items) of Rs.10/- each) (not annualised): |
|
|
(a) Basic and diluted |
0.60 |
|
ii) Earnings per share (after extraordinary items) |
|
|
(a) Basic and diluted |
0.60 |
|
Particulars |
Quarter Ended ( Unaudited) |
|
|
30.06.2014 |
|
A. Particulars of shareholding |
|
|
1. Public Shareholding |
|
|
- Number of shares |
49483826 |
|
- Percentage of shareholding |
51.30% |
|
2. Promoters and Promoters group Shareholding- |
|
|
a) Pledged /Encumbered |
|
|
Number of shares |
NIL |
|
Percentage of shares (as a % of total shareholding of the promoter
and promoter group) |
NIL |
|
Percentage of shares (as a % of total share capital of the
company) |
NIL |
|
|
|
|
b) Non Encumbered |
|
|
Number of shares |
46973928 |
|
Percentage of shares (as a % of total shareholding of the promoter
and promoter group) |
100% |
|
Percentage of shares (as a % of total share capital of the
company) |
48.70% |
|
|
|
|
Note:
Public shareholding includes: |
|
|
Shares
held by Inox Benefit trust Exclusively for the benefit of Inox Leisure
Limited |
19931570 |
|
Shares held by ESOP Trust Not yet allotted to employees |
295001 |
|
|
|
|
B.
Investor Complaints |
|
|
|
|
|
Pending at the beginning of the quarter |
Nil |
|
Receiving during the quarter |
01 |
|
Disposed of during the quarter |
01 |
|
Remaining unreserved at the end of the quarter |
Nil |
INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10468397 |
05/03/2014 * |
1,303,300,000.00 |
Axis Bank Limited |
"Vardhman
Complex", Opposite G.E.B. Office, Race Course (North),, Vadodara,
Gujarat - 390007, INDIA |
C01131705 |
* Date of charge modification
FIXED ASSETS:
Tangible Assets
·
Land (Freehold)
·
Land (Leasehold)
·
Building
·
Lease hold improvements
·
Plant and Machinery
·
Wind-Mills
·
Office Equipment including
·
Computers
·
Furniture and Fixtures
·
Vehicles
Intangible Assets
·
Software
·
Film Distribution Rights and Prints Cost
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 records exist to suggest that subject is or
was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.85 |
|
|
1 |
Rs.102.69 |
|
Euro |
1 |
Rs.81.46 |
INFORMATION DETAILS
|
Information Gathered
by : |
HTL |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
63 |
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.