MIRA INFORM REPORT
|
Report Date : |
08.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
ZEE ENTERTAINMENT ENTERPRISES LIMITED (w.e.f. 12.02.2007) |
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Formerly Known
As : |
ZEE TELEFILMS LIMITED EMPIREHOLDINGS 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 : |
25.11.1982 |
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Com. Reg. No.: |
11-028767 |
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Capital
Investment / Paid-up Capital : |
Rs.21130.000 Millions |
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CIN No.: [Company Identification
No.] |
L92132MH1982PLC028767 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMZ00074E |
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PAN No.: [Permanent Account No.] |
AAACZ0243R |
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Legal Form : |
Public limited liability company. The company's shares are listed on the Stock Exchanges. |
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Line of Business
: |
Subject is engaged in business of Broadcasting of Satellite Television
Channels uplinked from |
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No. of Employees
: |
1826 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (72) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is one of India’s leading television media and
Entertainment Company with a wide viewer base of over 730 million across 169
countries. It is a well-established and reputed company having fine track
record. The rating reflects company’s long track record in the
media and entertainment industry supported by large bouquet of channel
offerings covering a wide genre of entertainment and positioning of the
flagship channel ‘Zee TV’ amongst the top Hindi General Entertainment Channels
(GECs) in terms of Television Viewership, and platform for distribution with
a wide subscriber base. Further rating also takes into consideration company’s
comfortable financial risk profile characterized by healthy liquidity position
and decent profitability margins. Trade relations are reported as fair. Business is active.
Payments are reported to be regular and as per commitment. The company can be considered good for normal business
dealings at usual trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities=AA |
|
Rating Explanation |
High degree of safety and very low credit
risk. |
|
Date |
11.09.2014 |
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Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities=A1+ |
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Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
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Date |
11.09.2014 |
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 DENIED
Management Non Co-operative (91-22-24815500)
LOCATIONS
|
Registered Office / Corporate Office : |
Continental Building, 135, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India |
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Tel. No.: |
91-22-24965609 / 11 / 16 / 24939011 / 66971234 |
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Fax No.: |
91-22-24964334/24931938 / 24900302 / 0213 |
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E-Mail : |
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Website : |
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Regional Office : |
Located At: ·
· Kolkata · Pune ·
· Chennai ·
· Noida ·
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International Office : |
Located At: ·
·
·
·
· Manutius ·
·
· UAE ·
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DIRECTORS
AS ON 18.07.2014
|
Name : |
Mr. Subhash Chandra |
|
Designation : |
Chairman and Managing Director |
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Address : |
Flat No.: 41, Hyde Park Street, London W22UW,
United Kingdom |
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Date of Birth/Age : |
30.11.1950 |
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DIN No.: |
00031458 |
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Name : |
Subodh Kumar |
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Designation : |
Executive Vice Chairman |
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DIN No.: |
02151793 |
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Name : |
Mr. Punit Goenka |
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Designation : |
Managing Director and CEO |
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Address : |
Bungalow No.1, Jolly Maker Apartments,
No.1, Cuffe Parade, Mumbai – 400005, Maharashtra, India |
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Date of Birth/Age : |
20.06.1975 |
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DIN No.: |
00031263 |
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Name : |
Mr. Ashok Kurien |
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Designation : |
Director |
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Address : |
252, Tannee Heights, CHS Building, Petit
hall 66, Nepean sea Road, Mumbai – 400006, Maharashtra, India |
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Date of Birth/Age : |
21.01.1950 |
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DIN No.: |
00034035 |
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Name : |
Gulam Kaderbhai Noon |
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Designation : |
Independent Director |
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Address : |
2-3, Polygon, 89 Avenue Road, London,
NW86JB, London, United Kindom |
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Date of Birth/Age : |
24.01.1936 |
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DIN No.: |
00391683 |
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Name : |
Vaidyanathan Ramamurthy |
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Designation : |
Independent Director |
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Address : |
No.226, Pandurang Nagar, Bannerghatta Road, Bangalore – 560076,
Karnataka, India |
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Date of Birth/Age : |
21.12.1951 |
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DIN No.: |
00221577 |
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Name : |
Prof. Sunil Sharma |
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Designation : |
Independent Director |
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DIN No.: |
06781655 |
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Name : |
Prof. (Mrs.) Neharika Vohra |
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Designation : |
Independent Director |
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DIN No.: |
06808439 |
KEY EXECUTIVES
|
Name : |
Mr. M. Lakshminarayanan |
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Designation : |
Company Secretary |
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Address : |
Flat No. 201, 2nd Floor, Subodh Park CHS, 17th Road, Chembur, Mumbai – 400071, Maharashtra, India |
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Date of Birth/Age : |
20.05.1962 |
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PAN No.: |
AGIPM2651D |
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SENIOR
MANAGEMENT: |
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Name : |
Mr. Punit Goenka |
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Designation : |
Managing Director and CEO |
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Name : |
Mr. Amitabh Kumar |
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Designation : |
Technology |
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Name : |
Arun Kapoor |
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Designation : |
Affiliate Revenue |
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Name : |
Mr. Ashish Sehgal |
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Designation : |
Advertisement Revenue |
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Name : |
Atul Das |
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Designation : |
Corporate Development |
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Name : |
Mr. Bharat Ranga |
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Designation : |
Content |
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Name : |
Debashish Ghosh |
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Designation : |
Digital |
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Name : |
Deepak Jain |
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Designation : |
International Business - Africa |
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Name : |
K. Jayaraman |
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Designation : |
Distribution |
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Name : |
Mihir Modi |
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Designation : |
Finance & Strategy |
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Name : |
Mukund Cairae |
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Designation : |
International Business - UAE |
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Name : |
Neeraj Dhingra |
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Designation : |
International Business - UK |
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Name : |
Rajendra Mehta |
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Designation : |
Human Resources |
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Name : |
Rajesh Sethi |
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Designation : |
Sports |
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Name : |
Roland Landers |
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Designation : |
Corporate Brand |
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Name : |
Romil Ramgarhia |
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Designation : |
Commercial |
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Name : |
Sameer Targe |
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Designation : |
International Business – USA |
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Name : |
Sharada Sunder |
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Designation : |
Regional HSM |
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Name : |
Sunita Uchil |
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Designation : |
International Advt. Sales And Syndication |
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Name : |
Sushruta Samanta |
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Designation : |
International Business – APAC |
SHAREHOLDING PATTERN
AS ON 30.09.2014
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
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Bodies Corporate |
241403408 |
25.13 |
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241403408 |
25.13 |
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|
172266804 |
17.94 |
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|
172266804 |
17.94 |
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Total shareholding of Promoter and Promoter Group (A) |
413670212 |
43.07 |
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(B) Public Shareholding |
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|
13097570 |
1.36 |
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|
102693 |
0.01 |
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|
162790 |
0.02 |
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|
488298828 |
50.84 |
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|
1500 |
0.00 |
|
|
1500 |
0.00 |
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|
501663381 |
52.23 |
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|
20790013 |
2.16 |
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|
|
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|
17674829 |
1.84 |
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|
3460151 |
0.36 |
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|
3190134 |
0.33 |
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|
93952 |
0.01 |
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|
33838 |
0.00 |
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|
3690 |
0.00 |
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|
2623053 |
0.27 |
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|
435601 |
0.05 |
|
|
45115127 |
4.70 |
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Total Public shareholding (B) |
546778508 |
56.93 |
|
Total (A)+(B) |
960448720 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
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|
0 |
0.00 |
|
|
0 |
0.00 |
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|
0 |
0.00 |
|
Total (A)+(B)+(C) |
960448720 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in business of Broadcasting of Satellite Television
Channels uplinked from India, Space Selling agent for other television
channels, Sale of Television programs, films / movies and rights including
films / movies and program feeds and Production and distribution of films /
movies |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
GENERAL INFORMATION
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Suppliers : |
Not Divulged |
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Customers : |
Not Divulged |
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No. of Employees : |
1826 (Approximately) |
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Bankers : |
· BNP Paribas · Deutsche Bank · ING Vysya Bank Limited · Standard Chartered Bank ·
Yes Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
M G B and Company Chartered Accountants |
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Subsidiary Companies Wholly owned
(Direct and indirect subsidiaries) : |
·
Asia Today Limited ·
Asia TV Limited ·
ATL Media FZ-LLC ·
Eevee Multimedia Inc. ·
Essel Vision Productions Limited ·
Expand Fast Holdings (Singapore) Pte.
Limited ·
OOO Zee CIS LLC ·
OOO Zee CIS Holding LLC ·
Taj Television (India) Private
Limited ·
Taj TV Limited ·
Zee Multimedia (Maurice) Limited ·
Zee Multimedia Worldwide (Mauritius)
Limited ·
Zee Sports Limited ·
Zee Technologies (Guangzhou) Limited ·
Zee Telefilms Middle East FZ-LLC ·
Zee TV South Africa (Proprietary)
Limited ·
Zee TV USA Inc. |
|
|
|
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Others
– Direct : |
·
Zee Turner Limited (extent of holding
74%) ·
India Webportal Private Limited
(extent of holding 51%) |
|
|
|
|
Associate
: |
·
Aplab Limited (extent of holding
26.42%) ·
Idea Web Shop and Media Private
Limited (held through India Webportal Private Limited) (extent of holding
26%) |
|
|
|
|
Joint
Venture (held through Zee Turner Limited) : |
Media Pro Enterprise India Private Limited (extent of
holding 50%) |
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|
Other
Related parties with whom transactions have taken place during the year and balance
outstanding as on the last day of the year : |
·
Agrani Wireless Services Limited ·
Cyquator Media Services Private
Limited ·
Diligent Media Corporation Limited ·
Dish TV India Limited ·
Essel Propack Limited ·
E-City Bioscope Entertainment Private
Limited ·
Essel Corporate Resources Private
Limited ·
Essel International Limited ·
Essel Shyam Communication Private
Limited ·
Pan India Network Infravest Private
Limited ·
Pan India Network Limited ·
Real Media FZ-LLC ·
Siti Cable Network Limited ·
Smart Wireless Private Limited ·
Zee Akash News Private Limited ·
Zee Learn Limited ·
Zee Media Corporation Limited. |
CAPITAL STRUCTURE
AS ON 18.07.2014
Authorised Capital :
Rs.23000.000 Millions
Issued, Subscribed & Paid-up Capital : Rs.
21152.146 Millions
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000000 |
Equity Shares |
Re. 1/- each |
Rs.2000.000 Millions |
|
21000000000 |
Preference Shares |
Re. 1/- each |
Rs.21000.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.23000.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
960448720 |
Equity Shares |
Re. 1/- each |
Rs.960.000 Millions |
|
20169423120 |
6% Cumulative Redeemable Non-Convertible Preference
Shares |
Re. 1/- each |
Rs.20170.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.21130.000
Millions |
a)
Reconciliation
of number of Equity shares and Share capital
|
|
Number
of equity shares |
Rs.
In Millions |
|
At the beginning of the year |
953957720 |
954.000 |
|
Add : Allotted on exercise of Employee Stock Options |
6491000 |
6.000 |
|
Less: Shares cancelled on Buyback |
-- |
-- |
|
Outstanding
at the end of the year |
960448720 |
960.000 |
b)
Reconciliation of number of Preference
shares and Share capital
|
|
Number
of Preference shares |
Rs.
In Millions |
|
At the beginning of the year |
-- |
-- |
|
Add : Allotted on issue of bonus Preference Shares |
20169423120 |
20170.000 |
|
Outstanding
at the end of the year |
20169423120 |
20170.000 |
c)
Terms / rights attached to equity
shares
The
Company has only one class of equity shares having a par value of ` 1 each.
Each holder of equity shares is entitled to one vote per share. The Company
declares and pays dividend in Indian Rupees. The final dividend proposed by the
Board of Directors is subject to the approval of the shareholders in the
ensuing Annual General Meeting.
In the
event of liquidation of the Company, the holders of equity shares will be
entitled to receive remaining assets of the Company, after distribution of
preferential amounts. The distribution will be in proportion to the number of
equity shares held by the shareholders.
d)
Terms / rights attached to Redeemable
Preference Shares
During
the year, the Company has issued 20,169,423,120 6% Cumulative Redeemable Non-
Convertible Preference Shares of Rs.1/- each by way of bonus in the ratio of 21
Bonus Preference Shares of Rs.1/- each fully paid up for every one Equity share
of Rs.1/- each fully paid up and listed on Bombay Stock Exchange (BSE) and
National Stock Exchange (NSE) in India.
The
Company will redeem at par value, 20% of the total Bonus Preference Shares
allotted, every year from the fourth anniversary of the date of allotment. The
Company shall have an option to buy back the Bonus Preference Shares fully or
in parts at an earlier date(s) as may be decided by the Board. Further, if on
any anniversary of the date of allotment beginning from the fourth anniversary,
the total number of Bonus Preference Shares bought back and redeemed
cumulatively is in excess of the cumulative Bonus Preference Shares required to
be redeemed till the said anniversary, then there will be no redemption on that
anniversary. At the 8th anniversary of the date of allotment, all
the remaining and outstanding Bonus Preference Shares shall be redeemed by the
Company.
The
holders of Bonus Preference Shares shall have a right to vote only on
resolutions which directly affect their rights. The holders of Bonus Preference
Shares shall also havea right to vote on every resolution placed before the
Company at any meeting of the equity shareholders if dividend or any part of
the dividend has remained unpaid on the said Bonus Preference Shares for an
aggregate period of atleast two years preceding the date of the meeting.
e)
Details of aggregate number of bonus
shares issued, shares issued for consideration other than cash and shares
bought back during five years preceding 31 March, 2014
|
Name
of Shareholder |
Number of Shares |
|
Equity Shares allotted as fully
paid bonus shares |
489038065 |
|
Preference Shares allotted by
way of Bonus |
20169423120 |
|
Equity
Shares allotted as fully paid for consideration other than cash, pursuant to
Scheme(s) of Amalgamation / Arrangement |
55030954 |
|
Equity Shares bought back and
cancelled |
24185210 |
f)
Details of Equity Shareholders holding
more than 5 % of the aggregate Equity shares in the Company
|
Name
of Shareholder |
Number of Shares |
%
holding |
|
Cyquator Media Services
Private Limited |
241402908 |
25.13 |
|
Essel Media Ventures Limited |
102888286 |
10.71 |
|
Oppenheimer Developing Markets
Fund |
82290959 |
8.57 |
As per
the of the Company, including its register of shareholders / members and other declaration
received from shareholders regarding beneficial interest, the above
shareholding represents both legal and beneficial ownership of shares.
g)
Details of Preference Shareholders holding
more than 5 % of the aggregate Preference shares in the Company
|
Name
of Shareholder |
Number of Shares |
%
holding |
|
Essel Landmark Private Limited |
4120000000 |
20.43 |
|
Essel Media Ventures Limited |
2160654006 |
10.71 |
|
Oppenheimer Developing Markets
Fund |
1895913054 |
9.40 |
h)
Employees Stock Option Scheme (ESOP)
The
Company has instituted an Employee Stock Option Plan (ESOP 2009) as approved by
the Board of Directors and Shareholders of the Company in 2009 for issuance of
stock options convertible into equity shares not exceeding in the aggregate 5%
of the issued and paid up capital of the Company as at 31 March, 2009 i.e. up
to 21,700,355 equity shares of Rs.1 each, to the employees of the Company as
well as that of its subsidiaries and also to Non-executive Directors including
Independent Directors of the Company at the market price determined as per the
Securities and Exchange Board of India (Employee Stock Options Scheme)
Guidelines, 1999 (SEBI (ESOS) Guidelines). The said scheme is administered by
the Remuneration Committee of the Board.
During
the year ended 31 March, 2014, the Company did not grant any stock options. The
options earlier granted under the Scheme vested during the year and these would
be exercisable at any time within a period of four years from each vesting and
the equity shares arising on exercise of options shall not be subject to any
lock in.
The
options were granted to the employees / directors at an exercise price, being
the latest market price as per the SEBI (ESOS) Guidelines.
In
view of, there being no intrinsic value on the date of the grant (being the
excess of market price of share under the Scheme over the exercise price of the
option), the Company is not required to account for the value of options as per
the SEBI guidelines.
Summary of Stock Options outstanding is as follows:
|
Name
of Shareholder |
Number of Shares |
|
Options outstanding at the
beginning of the year |
6548800 |
|
Options exercised during the
year |
6491000 |
|
Options lapsed during the year |
57800 |
|
Options outstanding at the end
of the year |
-- |
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 |
21130.000 |
954.000 |
959.000 |
|
(b) Reserves & Surplus |
18551.000 |
32574.000 |
28992.000 |
|
(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) |
39681.000 |
33528.000 |
29951.000 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
16.000 |
15.000 |
10.000 |
|
(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 |
275.000 |
206.000 |
160.000 |
|
Total Non-current
Liabilities (3) |
291.000 |
221.000 |
170.000 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
1755.000 |
2264.000 |
1725.000 |
|
(c) Other
current liabilities |
2186.000 |
1643.000 |
1694.000 |
|
(d) Short-term
provisions |
3256.000 |
2429.000 |
1679.000 |
|
Total Current
Liabilities (4) |
7197.000 |
6336.000 |
5098.000 |
|
|
|
|
|
|
TOTAL |
47169.000 |
40085.000 |
35219.000 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
2558.000 |
2199.000 |
1698.000 |
|
(ii)
Intangible Assets |
70.000 |
61.000 |
74.000 |
|
(iii)
Capital work-in-progress |
997.000 |
69.000 |
201.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
8080.000 |
5995.000 |
5923.000 |
|
(c) Deferred tax assets (net) |
172.000 |
128.000 |
136.000 |
|
(d) Long-term Loan and Advances |
6457.000 |
4036.000 |
976.000 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
18334.000 |
12488.000 |
9008.000 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
2000.000 |
4697.000 |
4679.000 |
|
(b)
Inventories |
11202.000 |
9585.000 |
9930.000 |
|
(c) Trade
receivables |
7980.000 |
7171.000 |
6784.000 |
|
(d) Cash
and cash equivalents |
1646.000 |
2394.000 |
761.000 |
|
(e)
Short-term loans and advances |
4911.000 |
2825.000 |
4009.000 |
|
(f) Other
current assets |
1096.000 |
925.000 |
48.000 |
|
Total
Current Assets |
28835.000 |
27597.000 |
26211.000 |
|
|
|
|
|
|
TOTAL |
47169.000 |
40085.000 |
35219.000 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
||
|
|
SALES |
|
|
|
||
|
|
|
Income |
30757.000 |
25659.000 |
22040.000 |
|
|
|
|
Other Income |
1845.000 |
1189.000 |
1289.000 |
|
|
|
|
TOTAL (A) |
32602.000 |
26848.000 |
23329.000 |
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
Operational Cost |
13101.000 |
10703.000 |
10144.000 |
|
|
|
|
Employee Benefits Expenses |
2238.000 |
1904.000 |
1573.000 |
|
|
|
|
Other Expenses |
5103.000 |
4429.000 |
4054.000 |
|
|
|
|
TOTAL (B) |
20442.000 |
17036.000 |
15771.000 |
|
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
12160.000 |
9812.000 |
7558.000 |
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES (D) |
72.000 |
13.000 |
5.000 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
12088.000 |
9799.000 |
7553.000 |
||
|
|
|
|
|
|
||
|
Less |
DEPRECIATION/
AMORTISATION (F) |
338.000 |
280.000 |
215.000 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
11750.000 |
9519.000 |
7338.000 |
||
|
|
|
|
|
|
||
|
Less |
TAX (H) |
4027.000 |
3112.000 |
2441.000 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
7723.000 |
6407.000 |
4897.000 |
||
|
|
|
|
|
|
||
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
15998.000 |
13328.000 |
11602.000 |
||
|
|
|
|
|
|
||
|
Add |
DIVIDEND (INCLUDING
TAX) ON EQUITY SHARES BOUGHT BACK AND CANCELLED |
0.000 |
8.000 |
0.000 |
||
|
|
|
|
|
|
||
|
Less |
UTILIZED ON ISSUE OF
6% CUMULATIVE REDEEMABLE PREFERENCE SHARES – BONUS |
2822.000 |
0.000 |
0.000 |
||
|
|
|
|
|
|
||
|
Less |
APPROPRIATIONS |
|
|
|
||
|
|
|
Dividend on 6% Cumulative Redeemable Preference Shares |
86.000 |
0.000 |
0.000 |
|
|
|
|
Tax on dividend on Preference Shares |
15.000 |
0.000 |
0.000 |
|
|
|
|
Proposed dividend on Equity Shares |
1921.000 |
1919.000 |
1438.000 |
|
|
|
|
Tax on dividend on Equity Shares |
326.000 |
326.000 |
233.000 |
|
|
|
|
Transferred to general reserve |
2000.000 |
1500.000 |
1500.000 |
|
|
|
BALANCE CARRIED
TO THE B/S |
16551.000 |
15998.000 |
13328.000 |
||
|
|
|
|
|
|
||
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
||
|
|
|
FOB Value of Exports |
1606.000 |
1165.000 |
1666.000 |
|
|
|
|
Broadcasting Revenue |
227.000 |
198.000 |
76.000 |
|
|
|
|
Transmission Revenue |
152.000 |
130.000 |
323.000 |
|
|
|
|
Commission- Space Selling |
109.000 |
118.000 |
117.000 |
|
|
|
|
Interest Income |
198.000 |
39.000 |
0.000 |
|
|
|
|
Others |
45.000 |
28.000 |
25.000 |
|
|
|
TOTAL
EARNINGS |
2337.000 |
1678.000 |
2207.000 |
||
|
|
|
|
|
|
||
|
|
IMPORTS |
|
|
|
||
|
|
|
Capital Equipment |
391.000 |
451.000 |
243.000 |
|
|
|
|
Raw Stock |
1.000 |
1.000 |
0.000 |
|
|
|
|
Software - Intangible asset |
7.000 |
5.000 |
8.000 |
|
|
|
TOTAL IMPORTS |
399.000 |
457.000 |
251.000 |
||
|
|
|
|
|
|
||
|
|
Earnings Per
Share (Rs.) |
|
|
|
||
|
|
-- Basic |
7.94 |
6.71 |
5.05 |
||
|
|
-- Diluted |
7.94 |
6.69 |
5.05 |
||
QUARTERLY RESULTS
(Rs.
In Millions)
|
Particulars |
|
30.06.2014 (Unaudited) |
30.09.2014 (Unaudited) |
|
|
|
1st
Quarter |
2nd Quarter |
|
Net sales |
|
7891.400 |
8176.800 |
|
Total Expenditure |
|
5023.300 |
5062.500 |
|
PBIDT (Excluding Other Income) |
|
2868.100 |
3114.300 |
|
Other income |
|
435.300 |
613.500 |
|
Operating Profit |
|
3303.400 |
3727.800 |
|
Interest |
|
05.500 |
01.000 |
|
PBDT |
|
3297.900 |
3726.800 |
|
Depreciation |
|
144.300 |
142.400 |
|
Profit Before Tax |
|
3153.600 |
3584.400 |
|
Tax |
|
1056.300 |
1229.500 |
|
Profit after tax |
|
2097.300 |
2354.900 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin PAT / Sales |
(%) |
25.11 |
24.97 |
22.22 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
39.54 |
38.24 |
34.29 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
30.99 |
28.09 |
25.34 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.30 |
0.28 |
0.25 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.01 |
4.36 |
5.14 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
959.000 |
954.000 |
21130.000 |
|
Reserves & Surplus |
28992.000 |
32574.000 |
18551.000 |
|
Net
worth |
29951.000 |
33528.000 |
39681.000 |
|
|
|
|
|
|
long-term borrowings |
10.000 |
15.000 |
16.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
10.000 |
15.000 |
16.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
22040.000 |
25659.000 |
30757.000 |
|
|
|
16.420 |
19.868 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
22040.000 |
25659.000 |
30757.000 |
|
Profit |
4897.000 |
6407.000 |
7723.000 |
|
|
22.22% |
24.97% |
25.11% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT BORROWINGS:
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
(Rs. In Millions) |
||
|
Current maturities of long-term borrowings |
11.000 |
9.000 |
NA
|
|
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 |
Yes |
BUSINESS
OVERVIEW
Subject
recorded a commendable advertising revenue growth of 21% in Financial Year 2014
though the year gone by witnessed a muted growth in the Indian economy which
had an impact on the overall television advertising spends recording low double
digit growth, that too in spite of the lack luster GDP growth of below 5%.
Financial
Year 2014 being the landmark year for the television industry in many ways,
witnessed implementation of 12 minute advertising cap by majority of the broadcasters;
change in television measurement metric from GRPs to TVTs; formation of a joint
industry body Broadcast Audience Research Council (BARC), for nationwide
audience research; implementation of second phase of digitisation in 38 cities
of the country which, though has seen implementation delays, is a positive
development to boost subscription revenues; and the latest TRAI tariff order,
which permitted the inflation linked hike of 27.5% in Reference Interconnect
Offer rates (in two stages) and is likely to further provide a positive fillip
to the subscription revenues.
Subject
had a very successful financial year reflecting focus on delivering superior
performance with strong financial results. During the year, the Company
enhanced its product portfolio both in domestic as well as international
markets, with the launch of:
Zee
Anmol - a free-to-air Hindi General Entertainment Channel which is
the first channel in the Indian television space to be simultaneously launched
on mobile and television platforms. Positioned as ‘Dil Choo Jaaye’, Zee Anmol
is a channel that believes in touching people’s hearts through real, genuine
emotions that will be depicted through some of the best shows that Indian
Television has ever seen;
&pictures
- an interactive Hindi movie channel aimed at targeting the younger
mindset. This channel endeavors to build upon the existing film and digital
resources to create a continuing conversation with an audience that is
interested in staying connected and engaged with the world around them;
Zee
Bioskop – a 24/7 Bollywood movies channel in Indonesia, fully dubbed
or subtitled in Bahasa language;
Zee
Lamhe - a free-to-air general entertainment channel which was
launched in Europe showcases the best of South-Asian entertainment.
The
flagship television channel, Zee TV improved its viewership share
significantly during the year with the launch of several successful shows,
including Dance India Dance – Season 4, Jodha Akbar, Aur Pyar Ho Gaya, Do Dil
Bandhe Ek Dor Se, Doli Armaanon Ki and DID L’il Masters 3. DID Lil Masters
opened at 11.1 TVM, the highest opening TVT amongst all Non-fiction shows on
all Hindi GECs in the last two years. Also, another show Sapne Suhane Ladakpan
Ke continued its successful run and reached a landmark of 500 plus episodes.
Zee
Cinema continues to lead the Hindi Movie genre and strengthened its
movie library. During the year, some of the Bollywood’s biggest blockbusters
were premiered on Zee Cinema, which include Chennai Express, Race2, ABCD,
Ramaiya Vastavaiya, Besharam, Zanjeer and Phata Poster Nikala Hero. Regional
entertainment channels of Subject continued their strong growth in respective
markets.
Zee
Marathi, which premiered block buster movie “Duniyadari” - the
biggest World TV premiere on Marathi television in last 5 years, had an
impressive market share of 35% during the year and has been the consistent
Number 1 channel since August 2013.
Zee
Bangla, which is the market leader in non-fiction genre with 80%
market share driven by shows like Dadagiri Unlimited, Sa Re Ga Ma Pa 2012 and
Tumi Je Amar, continues to be a strong player in the Bangla general
entertainment space and became Number 1 Bangla channel in Digital CS 4+
markets.
Zee
Telugu, is the Number 1 Telugu general entertainment channel in
the week-day Primetime fiction band between 1900-2200hrs on the back of slot
leaders like Pasupu Kumkuma, Varunidhi Parinayam and Muddu Bidda.
Zee
Kannada garnered a 14% market share in the Karnataka market with top
performing shows like Bharathi, Radha Kalyana & Chi Sou Savitri. Zee
Tamil is a strong No 3 player during weekday core prime-time with popular
shows like Solvathellam Unmai, Luckka Kickka, Attagasam, CID and Top 10.
Zee
Cafe has emerged as a leading player in the English Entertainment
genre with a channel share of 18.4% and has acquired popular American shows
which include The Big Bang Theory, House of Cards, The Good Wife, Pretty Little
Liars and Gossip Girl amongst others.
With
telecast rights of 5 (five) cricket boards which ensure coverage of cricket of
all test playing countries, the Company’s sports channels continue to enthrall
viewers across the country. Some of the major acquisitions during the year
include renewal of South Africa, Zimbabwe and West Indies cricket rights, US
Open Tennis Championships, Brazilian Football League and WTA Premier Event
Rights.
During
the year, Subject continued its focus on expansion in International markets
with several deals which were signed during the year enhanced the penetration of
Zee Network channels in international territories.
These
include:
Zee TV
launched on several networks across Canada and is now available on every Cable,
Telco, Satellite and IPTV platform in Canada India.com was launched in the USA
and Canada In UK, a new locally produced show – Zee Companion – is launched to
interact with the local viewers and increase the affinity for Zee TV Zee Khana
Khazana launched for the first time in Africa on the Zuku platform to cater to
the East African countries Zee TV continues to be the Number 1 South Asian
channel both in terms of GRPs and Reach in the UAE.
Zee
Aflam was among the Top 3 movie channels in Kingdom of Saudi Arabia in terms of
reach, while the new channel, Zee Alwan, is growing its reach in the Middle
East market.
MANAGEMENT
DISCUSSION AND ANALYSIS
OVERVIEW
Subject
is one of India’s largest vertically integrated media and Entertainment
Company. Subject was formed in 1982. ZEE as the first company to launch a
satellite channel in India and from being a single channel for a single
geography today operates multiple channels across multiple geographies in
different languages and genres. The Company’s programming reaches out to over
730 Million viewers across 169 countries.
ZEE
channel portfolio, across various genres in the Indian market, includes:
1)
Hindi Entertainment: Zee
TV, Zee Smile, 9X, Zee Anmol, Zindagi
2)
Hindi Movies: Zee
Cinema, Zee Premier, Zee Action, Zee Classic, &pictures
3)
English Entertainment, Movies and Life
style: Zee Studio, Zee Café
4)
Regional Language Entertainment: Zee
Marathi, Zee Bangla, Zee Bangla Cinema, Zee Talkies, Zee Telegu, Zee Kannada,
Zee Tamil
5)
Sports: TEN
Cricket, TEN Action, TEN Sports, TEN Golf
6)
Religious and Alternate Lifestyle: Zee
Jagran, Zee Salaam
7)
Music: Zing,
ETC
8)
Niche and Special Interest: Zee
Khana Khazana and Zee Q
9)
HD: Zee TV HD, Zee Cinema HD, Zee
Studio HD, TEN HD
Apart
from the channels listed above which are available in India, the Company also
broadcasts 34 dedicated channels in the international markets.
MEDIA
AND ENTERTAINMENT INDUSTRY
The
Indian Media and Entertainment Industry witnessed a moderate growth in 2013.
The industry grew from ` 821 Billion in 2012 to ` 918 Billion in 2013,
registering a growth rate of 11.8%. Television sector grew from ` 370 Billion
in 2013 to ` 417 Billion in 2013, registering a growth of 12.7%. (Source:
FICCI-KPMG Indian Media and Entertainment Industry Report 2014).
Fiscal
2014 was a landmark year for the television industry in many ways. It marked
the implementation of 12 minute advertising cap by majority of the
broadcasters. Also, it saw the change in television measurement metric from
GRPs to TVTs and the formation of a joint industry body for nationwide audience
research, Broadcast Audience Research Council.
Total
advertising spend across media was ` 319 Billion in 2013 as per Pitch Madison
Advertising Outlook 2014, contributing to 40% of Media & Entertainment
industry revenues. In the light of continued muted economic growth, advertising
revenues saw a growth of 11% in 2013.
FY2014
also saw the implementation of second phase of digitisation in 38 cities of the
country. Though the implementation has seen some delay, it is a positive
development for the industry and will boost subscription revenues. Another
positive development on the subscription front was the latest TRAI tariff
order, which permitted the inflation linked hike of 27.5% in Reference
Interconnect Offer rates (in two stages) and is likely to further provide a
positive fillip to the subscription revenues.
BUSINESS
PROFILE
ZEE is
an integrated media and entertainment company engaged primarily in broadcasting
and content development, production and its delivery via satellite. The Company
has 33 channels that serve the widest array of content in India and is the
leading broadcaster across the country. ZEE is also the pioneer in the
international markets with 34 dedicated channels serving Indian content across
169 countries.
Leadership
across different Genres:
In the
Hindi GEC genre, Zee TV is the flagship product from ZEE. The Hindi GEC space
continued to see sustained competition between the top six channels with
extremely dynamic channel rankings. Zee TV continued to have a leading share in
the Hindi General Entertainment genre (GEC) with an average weekly channel
share of 17% amongst all GECs. Key shows like Sapne Suhane Ladakpan Ke
successfully completed 500+ episodes.
During
the year, the channel launched various new successful shows in different
genres. Jodha Akbar, a period drama launched during the year received
tremendous success and is the No.2 show in Hindi GEC space. India’s Best
Dramebaaz was a completely new format launched for the first time on Indian TV
by Zee TV.
DID
Season 4 was a weekend slot leader garnering good audience response and DID
L’il Masters opened at 11.1 TVM, the highest opening TVT amongst all
Non-fiction shows on all Hindi GECs in the last two years.
This
year we enhanced our GEC offerings with the launch of Zee Anmol, an FTA Hindi
GEC which is the first channel in the Indian television space to be
simultaneously launched on mobile and television platforms. Positioned as ‘Dil
Choo Jaaye’, Zee Anmol is a channel that believes in touching people’s hearts
through real, genuine emotions that will be depicted through some of the best
shows that Indian Television has ever seen.
In the
Hindi Movie Genre, ZEE has 6 channels viz. Zee Cinema, Zee Premier, Zee Action,
Zee Classic, Zee Cinema HD and &pictures. ZEE has the largest film library
in the country and its movie channels are a strong favourite with the viewers
as well as advertisers. During the year popular movies like Chennai Express,
Race2, ABCD, Ramaiya Vastavaiya, Besharam, Zanjeer, Phata Poster Nikala Hero
were premiered on Zee Cinema. Premier of Hindi feature film Chennai Express on
Zee TV was the highest rated premiere in the history of Indian TV with reach of
52.0 Million in HSM CS 4+.
In
line with our strategy of undertaking value-accretive investments, we launched
&pictures, an interactive Hindi movie channel aimed at targeting the
younger mindset. The channel endeavors to build upon the existing film and
digital resources to create a continuing conversation with an audience that is
interested in staying connected and engaged with the world around them.
The
Company’s sports offerings include 5 channels viz. TEN Cricket, TEN Action, TEN
Sports, TEN Golf and TEN HD. With telecast rights to 5 cricket boards, which
ensure coverage of cricket of all test playing countries, along with rights to
exciting properties such as UEFA cup football, WWE wrestling, US Open Tennis
etc., TEN is a clear leader in the non-cricket genre with a 64% viewership
share in FY2013. The sports business has contributed close to 15% of the
Company’s top line this year.
Zee
Café and Zee Studio are the company’s English language offerings. Zee Café has
the rights to the latest series programming of America’s leading TV shows while
Zee Studio has tied up with leading studios from across the globe to provide
the best of Hollywood movies. The channels continue to strengthen the network
subscription bouquet. During the year, the channels showcased popular
international shows and live mega events like Miss World 2013, Critics Choice
Movie
Awards 2013 etc. Zing, the music and lifestyle offering of the Company,
showcases popular Bollywood oriented properties. The content on Zing revolves
around the world of music, lifestyle, movies and celebrities. Zee Marathi, Zee
Talkies, Zee Bangla, Zee Bangla Cinema, Zee Telugu, Zee Kannada and Zee Tamil
are regional language offerings and enjoy significant market share in their
respective markets.
Channel
since August 2013. True to its brand value, Zee Marathi brought to the
audiences fresh and appealing shows through Juloon Yeti Reshim Gathi, Tu Tithe
Mi, Radha Hi Bavari, Honar Sun Mi Ya Gharchi, Foo Bai Foo and Sa ` Ga Ma Pa.
The channel premiered block buster movie “Duniyadari”, the biggest World TV
premiere on Marathi television in last 5 years.
Zee
Bangla continues to be a strong player in the Bangla GEC space. It exited the
year as No. 1 Bangla channel in Digital CS 4+ market. Zee Bangla is the market
leader in non-fiction genre with 80% market share, driven by shows like
Dadagiri Unlimited, Sa ` Ga Ma Pa 2012 and Tumi Je Amar.
Zee
Kannada garnered a 14% market share in the Karnataka market with top performing
shows like Bharathi, Radha Kalyana & Chi Sou Savitri.
Zee
Telugu is the No.1 GEC channel in the weekday Primetime fiction band between
1900- 2200hrs on the back of slot leaders like Pasupu Kumkuma, Varunidhi
Parinayam and Muddu Bidda.
Zee
Tamizh is a strong No.3 player during weekday core PT (2000 – 2400 Hrs), with
popular shows like Solvathellam Unmai, Luckka Kickka, Attagasam, CID and Top
10.
Further
strengthening the performance of our niche/ special interest genre, our
edutainment channels ZeeQ, won the KIDZOOKA AWARDS 2013 for The Best TV Channel
– Edutainment. The most high rated show, Teenovation won the INDIAN TELLY
AWARDS 2013 and was the finalist at the PRIX JEUNESSE INTERNATIONAL 2014.
Zee
Khana Khazana our leading food & lifestyle channel is currently available
across all major DTH and digital cable platforms. The channels continued its
strong legacy of offering exciting content with 14 new shows like Bacha Party,
Urban Cook, Kifayati Kitchen, Jain Jalsa and Snack Attack.
Global
Presence
The
Company reaches more than 730 Million viewers globally and in 169 countries
worldwide. Internationally, subscription is a key driver of revenues for any
broadcaster and international subscription revenues contributed significantly
to ZEE’s total revenues in this financial year. Zee Network dominates the
International South Asian (SA) Business globally. Zee TV continues to lead in
US, Middle East & Africa’s in terms of viewership within the SA channels.
During the year, the Company undertook various initiatives to further
strengthen its dominance in the geographies where it operates.
Key
highlights during the year include:
Two
new channels Zee Bollywood and Zee Lamhe, were launched in USA.
Zee TV
was launched on several networks across Canada and is now available on every
Cable, Telco, Satellite and IPTV platform in Canada. India.com was launched in
the USA and Canada.
In
Europe, ZEE launched an FTA GEC channel Zee Lamhe, which showcases the best of
South-Asian entertainment and is also getting rated by BARB in UK.
In UK,
a new locally produced live show – Zee Companion – is launched to interact with
the local viewers and increase the affinity for Zee TV. This is being produced
in a new studio opened in London.
Zee
Khana Khazana launched for the first time in Africa on the Zuku platform to
cater to the East African countries.
Zee TV
continues to be the Number 1 South Asian channel both in terms of GRPs and
Reach in the UAE.
Zee
Aflam was among the Top 3 movie channels in KSA in terms of reach, while the
new channel, Zee Alwan, is growing its reach in the market.
In
Indonesia, ZEE launched a 24/7 Bollywood Movies channel, Z Bioskop, which is fully
dubbed or subtitled in Bahasa language.
STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER / HALF YEAR ENDED 30TH SEPTEMBER
2014
(Rs. In Millions)
|
Particulars |
3 Months Ended |
3 Months Ended |
Half Year Ended |
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
|
UNAUDITED |
||
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
8176.800 |
7891.400 |
16068.200 |
|
b) Other operating income |
0.000 |
0.000 |
0.000 |
|
Total
income from Operations(net) |
8176.800 |
7891.400 |
16068.200 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
2882.000 |
2735.300 |
5617.300 |
|
b) Employees benefit expenses |
656.000 |
700.900 |
1356.900 |
|
c) Depreciation and amortization expenses |
142.400 |
144.300 |
286.700 |
|
d) Selling & Distribution Expenses |
1175.400 |
1165.700 |
2341.100 |
|
e) Other expenditure |
349.100 |
421.400 |
770.500 |
|
Total expenses |
5204.900 |
5167.600 |
10372.500 |
|
3. Profit from operations before other income and financial
costs |
2971.900 |
2723.800 |
5695.700 |
|
4. Other income |
613.500 |
435.300 |
1048.800 |
|
5. Profit from ordinary activities before finance costs |
3585.400 |
3159.100 |
6744.500 |
|
6. Finance costs |
1.000 |
5.500 |
6.500 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
3584.400 |
3153.600 |
6738.000 |
|
8. Exchange Currency Fluctuation Loss/ (Gain) |
0.000 |
0.000 |
0.000 |
|
9. Profit from ordinary activities before tax Expense: |
3584.400 |
3153.600 |
6738.000 |
|
10.Tax expenses |
1229.500 |
1056.300 |
2285.800 |
|
11.Net Profit / (Loss) from
ordinary activities after tax (9-10) |
2354.900 |
2097.300 |
4452.200 |
|
12.Extraordinary Items (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
13.Net Profit / (Loss) for the period (11 -12) |
2354.900 |
2097.300 |
4452.200 |
|
14.Paid-up equity share capital (Nominal value Rs.10/- per share) |
960.400 |
960.400 |
960.400 |
|
16. Reserve excluding Revaluation Reserves as per balance
sheet of previous accounting year |
-- |
-- |
-- |
|
17.i) Earnings per share (before extraordinary
items) of Rs.10/- each) (not annualised): |
|
|
|
|
(a) Basic and diluted |
2.08 |
1.81 |
3.90 |
|
|
|
|
|
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
5468 |
5468 |
5468 |
|
- Percentage of shareholding |
56.93 |
56.93 |
56.93 |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
1662 |
1726 |
1662 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
40.19 |
41.72 |
40.19 |
|
Percentage of shares (as a % of total share capital of the
company) |
17.31 |
17.97 |
17.31 |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
2474 |
2410 |
2474 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
59.81 |
58.28 |
59.81 |
|
Percentage of shares (as a % of total share capital of the
company) |
25.76 |
25.10 |
25.76 |
|
|
|||
|
B.
Investor Complaints |
|
|
|
|
Pending at the beginning of the quarter |
0 |
|
|
|
Receiving during the quarter |
9 |
|
|
|
Disposed of during the quarter |
9 |
|
|
|
Remaining unreserved at the end of the quarter |
0 |
|
|
STANDALONE
STATEMENT OF ASSTES AND LIABILITIES AS ON 30.09.2014
Rs. In Millions
|
SOURCES OF FUNDS |
|
|
30.09.2014 (Unaudited) |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
21152.100 |
|
(b) Reserves & Surplus |
|
|
24909.400 |
|
(c) Pending Call Money |
|
|
0.000 |
|
Sub-total Shareholders’ |
|
|
46061.500 |
|
|
|
|
|
|
(2) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
13.400 |
|
(b) Deferred tax liabilities (Net) |
|
|
0.000 |
|
(c) Other long term liabilities |
|
|
0.000 |
|
(d) long-term provisions |
|
|
319.300 |
|
Sub-total of
Non-Current liabilities |
|
|
332.700 |
|
|
|
|
|
|
(3)
Current liabilities |
|
|
|
|
(a) Short
term borrowings |
|
|
2220.800 |
|
(b) Trade
payables |
|
|
0.000 |
|
(c) Other
current liabilities |
|
|
2097.100 |
|
(d) Short-term
provisions |
|
|
23.300 |
|
Sub-total of Current liabilities |
|
|
4341.200 |
|
|
|
|
|
|
TOTAL |
|
|
50735.400 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
3637.700 |
|
(b)
Non-Current investments |
|
|
7975.200 |
|
(c) Deferred
tax assets (net) |
|
|
271.100 |
|
(d) Long
term loans and advances |
|
|
6731.900 |
|
(e) Other
non-current assets |
|
|
0.000 |
|
Sub-total of
Non-Current Assets |
|
|
18615.900 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
|
2000.000 |
|
(b)
Inventories |
|
|
12130.700 |
|
(c) Trade
receivables |
|
|
9426.800 |
|
(d) Cash
and cash equivalents |
|
|
675.700 |
|
(e)
Short-term loans and advances |
|
|
7549.000 |
|
(f) Other
current assets |
|
|
337.300 |
|
Sub-total of
Current Assets |
|
|
32119.500 |
|
|
|
|
|
|
TOTAL |
|
|
50735.400 |
NOTES:
1.
Effective April 01, 2014, the Company
has changed its method of accounting for expenses incurred on development of new
television channels till the time it is ready for commercial launch as
Intangible assets, as permitted under AS 26, instead of charging it to
statement of profit and loss. Accordingly Rs. 100 million of development
expenditure has been capitalized and Rs. 1.5 million has been amortized during
the period. Had the Company continued to use the earlier method of accounting
the profit after tax for the current period would have been lower by Rs. 65
million.
2.
In consolidated financial, due to
change in arrangement with various operators across territories, subscription
revenue for the current period is accounted net of Subscription Management
Service cost. This change has no impact on the profits for the quarter and half
year ended September 30, 2014. Accordingly previous periods figures are not
comparable with that of current period.
3.
The Scheme of Arrangement for Demerger
of Media Business Undertaking of Diligent Media Corporation Limited (DMCL)
vesting with the Company was approved by Hon’ble Bombay High Court vide Order
passed on September 12, 2014. Upon filing of certified copies of order with
Registrar of Companies, the Scheme has become effective on and from September
26, 2014. The above financial results are after giving effect of the said
demerger. Further In accordance with the Scheme, the Board of Directors of the
Company at the meeting held on September 26, 2014 had allotted 22,273,886 - 6%
Non-Cumulative Non-Convertible Redeemable Preference Shares (Class A) of Rs. 1
each to the Shareholders of DMCL. The said Preference Shares will not be listed
on the Stock Exchanges and shall not rank pari passu with existing Listed Bonus
Preference Shares of the Company.
4.
Consequent to the enactment of the
Companies Act, 2013 (the Act) and its applicability for accounting periods
commencing after April 1, 2014, the Company has reworked depreciation with
reference to the estimated economic lives of fixed assets prescribed by
Schedule II to the Act or actual useful life of assets, whichever is lower. In
case of any asset whose life has completed as above, the carrying value, net of
residual value, as at April 1, 2014 has been adjusted to the Reserves and in
other cases the carrying value has been depreciated over the remaining of the
revised life of the assets and recognised in the Statement of Profit and Loss.
5.
The Statutory Auditors have carried out
a ‘Limited Review’ of the stand-alone financial results for the quarter/half
year ended September 30, 2014.
6.
Previous period/year figures have been
regrouped wherever necessary.
7.
The Company mainly operates only in one
segment namely “Content and Broadcasting” and hence segment details are not
required to be published.
8.
The above unaudited financial results
have been reviewed by the Audit Committee and approved by the Board of
Directors in their meeting held on October 17, 2014.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10196184 |
29/12/2009 |
500,000,000.00 |
AXIS TRUSTEE SERVICES LIMITED |
MAKER TOWERS 'F', 13TH FLOOR, CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
A77309854 |
|
2 |
10184111 |
16/09/2013 * |
500,000,000.00 |
YES BANK LIMITED |
9TH
FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,, DR. ANNIE BESANT ROAD, WORLI,,
MUMBAI, MAHARASHTRA - |
B86412277 |
|
3 |
10020837 |
27/09/2013 * |
500,000,000.00 |
ING VYSYA BANK LIMITED |
22, M G ROAD,BANGALORE, BANGALORE, KARNATAKA - 560001, INDIA |
B88445432 |
*Date of modification Charges
FIXED ASSETS:
·
Leasehold Land
·
Leasehold Improvements
·
Building
·
Computers
·
Plant and Machinery
·
Office Equipments
·
Furniture and Fixtures
·
Vehicles
·
Software
·
Trade Mark
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.85 |
|
UK Pound |
1 |
Rs.96.72 |
|
Euro |
1 |
Rs.76.53 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Analysis Done by
: |
KRN |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
72 |
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.