MIRA INFORM REPORT
|
Report Date : |
09.06.2014 |
IDENTIFICATION DETAILS
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Name : |
ZEE ENTERTAINMENT ENTERPRISES LIMITED (w.e.f. 12.02.2007) |
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Formerly Known
As : |
ZEE TELEFILMS LIMITED |
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Registered
Office : |
Continental Building, 135, Dr. Annie Besant Road, Worli, Mumbai - 400018, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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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. 954.000 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 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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No. of Employees
: |
Information denied by the management.
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RATING & COMMENTS
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MIRA’s Rating : |
A (67) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Maximum Credit Limit : |
USD 130000000 |
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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 an established company having fine track record. Financial position of the company is sound. Fundamentals are strong
and healthy. The rating also take into consideration the company’s well-established
promoter group with a long track record in the media and entertainment
industry. Trade relations are reported as fair. Business is active. Payment
terms 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.
INDIAN ECONOMIC OVERVIEW
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may grow
4.7 % in the current financial year, lower than the official estimate of 4.9 %,
Fitch Rating said. The global rating agency expects the economy to pick up in
the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
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Rating |
Long Term Bank Facility = AA |
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Rating Explanation |
High degree of safety and very low credit risk. |
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Date |
13.09.2013 |
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Rating Agency Name |
CARE |
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Rating |
Short Term Bank Facility = A1+ |
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Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
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Date |
13.09.2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
Management Non-Cooperative (91-22-24900302 / 24900213)
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
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International Office : |
Located At
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DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Subhash Chandra |
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Designation : |
Chairman and Managing Director |
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Name : |
Mr. Punit Goenka |
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Designation : |
Managing Director and CEO |
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Name : |
Mr. Ashok Kurien |
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Designation : |
Director |
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Name : |
Dr. Mohammed Y Khan |
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Designation : |
Independent Director |
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Name : |
Mr. Gulam Noon |
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Designation : |
Director |
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Name : |
Prof. R Vaidyanathan |
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Designation : |
Independent Director |
KEY EXECUTIVES
|
Name : |
Mr. M. Lakshminarayanan |
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Designation : |
Company Secretary |
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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 : |
Amitabh Kumar |
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Name : |
Mr. Ashish Sehgal |
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Designation : |
Advertisement Revenue |
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Name : |
Mr. Atul Das |
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Designation : |
Corporate Strategy |
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Name : |
Mr. Atul Pande |
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Designation : |
Sports |
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Name : |
Mr. Bharat Ranga |
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Designation : |
Content and Creative |
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Name : |
Mr. Hitesh Vakil |
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Designation : |
Finance |
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Name : |
Mr. Nittin Keni |
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Designation : |
Production |
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Name : |
Mr. Rajendra Mehta |
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Designation : |
Human Resources |
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Name : |
Mr. Roland Landers |
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Designation : |
Corporate Brand |
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Name : |
Mr. Sharada Sunder |
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Designation : |
Content - Regional HSM |
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Name : |
Mr. Utpal Das |
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Designation : |
Commercial |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2014
|
Category of
Shareholder |
No. of Shares |
% of No. of
Shares |
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|
(A) Shareholding of Promoter and Promoter Group |
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|
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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|
32398465 |
3.37 |
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|
85850 |
0.01 |
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|
377484 |
0.04 |
|
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|
460485666 |
47.94 |
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|
17515 |
0.00 |
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|
17515 |
0.00 |
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|
493364980 |
51.37 |
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|
29040022 |
3.02 |
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|
18404851 |
1.92 |
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|
2872089 |
0.30 |
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|
125 |
0.00 |
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|
3096441 |
0.32 |
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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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|
2694651 |
0.28 |
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|
270310 |
0.03 |
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|
53413528 |
5.56 |
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Total Public shareholding (B) |
546778508 |
56.93 |
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Total (A)+(B) |
960448720 |
100.00 |
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(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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Total (A)+(B)+(C) |
960448720 |
100.00 |
Shareholding
belonging to the category "Promoter and Promoter Group"
|
Sl.No. |
Name of the
Shareholder |
Details of Shares
held |
Encumbered shares
(*) |
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) |
No |
As a percentage |
As a % of |
|
|
1 |
Sprit Textiles Private Limited |
300 |
0.00 |
0 |
0.00 |
0.00 |
0.00 |
|
2 |
Essel Infraprojects Limited |
100 |
0.00 |
0 |
0.00 |
0.00 |
0.00 |
|
3 |
Veena Investment Private Limited |
100 |
0.00 |
0 |
0.00 |
0.00 |
0.00 |
|
4 |
Essel Media Ventures Limited |
10,28,88,286 |
10.71 |
0 |
0.00 |
0.00 |
10.71 |
|
5 |
Essel International Limited |
2,30,00,000 |
2.39 |
0 |
0.00 |
0.00 |
2.39 |
|
6 |
Essel Holdings Limited |
4,63,78,518 |
4.83 |
0 |
0.00 |
0.00 |
4.83 |
|
7 |
Cyquator Media Services Private Limited |
24,14,02,908 |
25.13 |
173091198 |
71.70 |
18.02 |
25.13 |
|
|
Total |
41,36,70,212 |
43.07 |
173091198 |
41.84 |
18.02 |
43.07 |
Shareholding
belonging to the category "Public" and holding more than 1% of the
Total No. 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 |
|
|
|
|
|
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|
1 |
Oppenheimer Developing Markets Fund |
82290969 |
8.57 |
8.57 |
|
2 |
Ontario Teachers Pensions Plan Board NP3A-All |
11800000 |
1.23 |
1.23 |
|
3 |
Oppenheimer Global Fund |
14003568 |
1.46 |
1.46 |
|
4 |
Government of Singapore |
16762907 |
1.75 |
1.75 |
|
5 |
New World Fund INC |
12420000 |
1.29 |
1.29 |
|
6 |
Goldman Sachs (Singapore) Pte |
18715668 |
1.95 |
1.95 |
|
7 |
Vanguard International Growth Fund |
13096669 |
1.36 |
1.36 |
|
|
Total |
169089781 |
17.61 |
17.61 |
Shareholding
belonging to the category "Public" and holding more than 5% of the
Total No. of Shares
|
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 |
Oppenheimer Developing Markets Fund |
82290969 |
8.57 |
8.57 |
|
|
Total |
82290969 |
8.57 |
8.57 |
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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GENERAL INFORMATION
|
No. of Employees : |
Information denied by the management |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
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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: |
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Others – Direct : |
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Associate : |
Aplab Limited (extent of holding 26.42%) |
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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. |
|
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1399200000 |
Equity Shares |
Rs.1/- each |
Rs. 1399.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
953957720 |
Equity Shares |
Rs.1/- each |
Rs.954.000 Millions |
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NOTES
|
Reconciliation of number of Equity shares and
share capital |
2013 |
|
|
|
Number of equity
shares |
Rs. In Millions |
|
At the beginning of the year |
958,707,007 |
959.000 |
|
Less: Shares cancelled on Buyback |
4,812,357 |
5.000 |
|
Add : Allotted on exercise of Employee Stock Options (Rs. 66,800) |
-- |
-- |
|
Outstanding at
the end of the year |
953,957,720 |
954.000 |
Terms/ rights attached to equity shares
The Company has
only one class of equity shares having a par value of Rs. 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.
Details of
aggregate number of bonus shares issued, shares issued for consideration other
than cash and shares bought back during 5 years preceding 31 March 2013.
|
|
2013 |
|
Equity Shares allotted as fully paid for consideration other than cash |
489,038,065 |
|
Equity Shares allotted as fully paid Bonus shares |
55,030,954 |
|
Equity Shares bought back and cancelled |
24,185,210 |
Details of Shareholders holding more than 5 % of the aggregate shares in
the Company
|
Name of the Shareholders |
2012 |
|
|
Number of equity
shares |
% Shareholding |
|
|
Cyquator Media Services Private Limited |
241,402,908 |
25.31% |
|
Delgrada Limited
(Renamed as Essel Media Ventures Limited, Mauritius) |
102,888,286 |
10.79% |
|
Oppenheimer Developing Marketing Fund |
86,953,280 |
9.12% |
|
Premier Finance and Trading Company Limited |
100 |
-- |
BUYBACK OF SHARES
Buy-back of the
Company’s Equity Shares through the open market route commenced on 27 July 2011
and concluded on 23 March 2012, wherein, the Company has bought back 19,372,853
Equity Shares of Rs. 1 each. All these equity shares stands extinguished by
execution of Debit Corporate Action(s) by the Company. Consequently the Paid-up
Share Capital of the Company as at 31 March 2012 stands reduced to 958,770,077
Equity Shares of Rs. 1 each.
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 on 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 (Employees 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 2011 and 31 March 2012, the Company did not grant any stock
options. The options earlier granted under the Scheme shall vest not less than
one year and not more than five years from the date of grant of options. The
options granted vests in the ratio of 50:35:15 at the expiry of one, two and
three years from the date of grant and once vested, these would be exercisable
at any time within a period of four years and the equity shares arising on
exercise of options shall not be subject to any lock in. Upon exercise of
66,800 options, equivalent number of Equity Shares were issued and alloted
during the financial year ended on 31 March 2012.
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.
Stock options
outstanding as at the yearend are as follows:-
|
|
2013 |
|
- Options outstanding at the beginning of the year |
6,825,200 |
|
- Options exercised during the year |
-- |
|
- Options lapsed during the year |
276,400 |
|
- Options outstanding at the end of the year |
6548,800 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
954.000 |
959.000 |
978.000 |
|
(b) Reserves & Surplus |
32574.000 |
28992.000 |
28058.000 |
|
(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) |
33528.000 |
29951.000 |
29036.000 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
15.000 |
10.000 |
6.000 |
|
(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 |
206.000 |
160.000 |
146.000 |
|
Total Non-current
Liabilities (3) |
221.000 |
170.000 |
152.000 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
2264.000 |
1725.000 |
3898.000 |
|
(c) Other current
liabilities |
1643.000 |
1694.000 |
214.000 |
|
(d) Short-term
provisions |
2254.000 |
1679.000 |
2409.000 |
|
Total Current
Liabilities (4) |
6161.000 |
5098.000 |
6521.000 |
|
|
|
|
|
|
TOTAL |
39910.000 |
35219.000 |
35709.000 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
2199.000 |
1698.000 |
1444.000 |
|
(ii)
Intangible Assets |
61.000 |
74.000 |
104.000 |
|
(iii)
Capital work-in-progress |
69.000 |
201.000 |
8.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
5995.000 |
5923.000 |
5823.000 |
|
(c) Deferred tax assets (net) |
128.000 |
136.000 |
129.000 |
|
(d) Long-term Loan and Advances |
3809.000 |
976.000 |
635.000 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
23.000 |
|
Total Non-Current
Assets |
12261.000 |
9008.000 |
8166.000 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
4697.000 |
4679.000 |
4032.000 |
|
(b) Inventories |
9585.000 |
9930.000 |
11030.000 |
|
(c) Trade
receivables |
7171.000 |
6784.000 |
6191.000 |
|
(d) Cash
and cash equivalents |
2394.000 |
761.000 |
1539.000 |
|
(e)
Short-term loans and advances |
3668.000 |
4009.000 |
4733.000 |
|
(f) Other current
assets |
134.000 |
48.000 |
18.000 |
|
Total
Current Assets |
27649.000 |
26211.000 |
27543.000 |
|
|
|
|
|
|
TOTAL |
39910.000 |
35219.000 |
35709.000 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
25659.000 |
22040.000 |
21700.000 |
|
|
|
Other Income |
1189.000 |
1289.000 |
610.000 |
|
|
|
TOTAL (A) |
26848.000 |
23329.000 |
22310.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Operational Cost |
10703.000 |
10144.000 |
8814.000 |
|
|
|
Employees benefits expense |
1904.000 |
1573.000 |
1568.000 |
|
|
|
Other expenses |
4429.000 |
4054.000 |
3482.000 |
|
|
|
Exceptional Item |
0.000 |
0.000 |
(197.000) |
|
|
|
TOTAL (B) |
17036.000 |
15771.000 |
13667.000 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
9812.000 |
7558.000 |
8643.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
13.000 |
5.000 |
34.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
9799.000 |
7553.000 |
8609.000 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
280.000 |
215.000 |
167.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
9519.000 |
7338.000 |
8442.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
3112.000 |
2441.000 |
2678.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
6407.000 |
4897.000 |
5764.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
13328.000 |
11602.000 |
11111.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
1500.000 |
1500.000 |
3000.000 |
|
|
|
Dividend |
1919.000 |
1438.000 |
1956.000 |
|
|
|
Tax on Dividend |
236.000 |
233.000 |
317.000 |
|
|
BALANCE CARRIED
TO THE B/S |
16080.000 |
13328.000 |
11602.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
1165.000 |
1666.000 |
1022.000 |
|
|
|
Broadcasting Revenue |
198.000 |
76.000 |
62.000 |
|
|
|
Other Earnings |
315.000 |
465.000 |
371.000 |
|
|
TOTAL EARNINGS |
1678.000 |
2207.000 |
1455.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1.000 |
0.000 |
0.000 |
|
|
|
Stores & Spares |
5.000 |
8.000 |
0.000 |
|
|
|
Capital Goods |
451.000 |
243.000 |
95.000 |
|
|
TOTAL IMPORTS |
457.000 |
251.000 |
95.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
6.71 |
5.05 |
5.89 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
23.86 |
20.99 |
25.84 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
37.10 |
33.29 |
38.90 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
28.23 |
25.34 |
28.38 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.28 |
0.25 |
0.29 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.49 |
5.14 |
4.22 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
978.000 |
959.000 |
954.000 |
|
Reserves & Surplus |
28058.000 |
28992.000 |
32574.000 |
|
Net
worth |
29036.000 |
29951.000 |
33528.000 |
|
|
|
|
|
|
long-term borrowings |
6.000 |
10.000 |
15.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
6.000 |
10.000 |
15.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
21700.000 |
22040.000 |
25659.000 |
|
|
|
1.567 |
16.420 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
21700.000 |
22040.000 |
25659.000 |
|
Profit |
5764.000 |
4897.000 |
6407.000 |
|
|
26.56% |
22.22% |
24.97% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF
LONG-TERM BORROWINGS
Rs. In Millions
|
Particular |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
Current maturities of long-term borrowings |
9.000 |
7.000 |
5.000 |
|
|
|
|
|
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
---------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
CORPORATE
INFORMATION
Subject is
incorporated in the State of Maharashtra, India. The Company has been mainly in
the following businesses during the year:
- 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;
- Production and distribution of films /
movies
BUSINESS OVERVIEW
The year marked the completion of 20 years of Brand Zee. In a year which was marked by considerable slowdown in the Indian economy, reflecting focus on superior performance during the year, the Company has recorded industry leading advertising revenue growth of 24% as against overall television advertisement spends which recorded single digit growth. The television media industry continued to grow on the back of better monetisation of subscription revenues. Financial Year 2013 was a defining year in many ways, the biggest transformation being the implementation of Digital Addressable System (DAS) in 42 largest cities of India in two phases. With exciting consumer offers being provided by DTH operators on premium channel subscriptions, Average Revenue Per User (ARPUs) on DTH is growing and the Company believes that a similar effort by digital cable operators will ensure more robust growth of the industry for all stakeholders.
During the year, the Company enhanced its product portfolios both in domestic as well as international markets, with the launch of:
- Zee Bangla Cinema : A 24-hour Bangla movie channel. With over 400 exclusive titles under its belt, Zee Bangla Cinema offers a mixed bag of commercial blockbuster and alternative cinema.
- Zee Q : India’s first edutainment channel, aimed at children in the age group of 4 to 14 years to address the educational need gaps through an engaging mix of home produced and acquired contents.
- Zee Alwan: An Arabic GEC channel. It is a unique channel aimed at Arab family audiences, showcasing a diverse choice of Arabic serials and popular Indian TV serials dubbed in Arabic.
The Company’s flagship channel Zee TV improved its viewership share significantly during the year with the launch of several successful shows, including Dance India Dance - L’il Masters, Fear Files, Qubool Hai, Sapne Suhane Ladakpan Ke and India’s Best Dramebaaz. Pavitra Rishta continued its successful run and reaching a landmark of 1,000 episodes. DID L’il Masters got the highest rating in any non-fiction launch across all Hindi GECs. Zee Cinema continues to lead the Hindi Movie genre and strengthened its movie library. During the year, some of the Bollywood’s biggest blockbusters including Agneepath, English Vinglish, Joker and Agent Vinod were premiered on Zee Cinema.
Regional entertainment channels of the Company continued their strong growth in respective markets. Zee Marathi improved its viewership share and became consistent No. 2 player in Marathi GECs. World television premier of the movie Kaksparsh was hugely successful and had a TVR rating of 6.5 and a reach of 16.4 which was highest for a movie in Maharashtra Market. Zee Bangla had market leadership in non-fiction genre with 78% market share - driven by shows like Dance Bangla Dance Junior 2012, Sa Re Ga Ma Pa 2012 and Mirakkel Akkel Challenger 7 and continues to be a strong player in the Bangla GEC space and had the position of No 1 Bangla channel in Digital CS 4+ market at the year end.
Zee Telugu was the No.1 GEC channel in the weekday Primetime fiction band between 1800-2030hrs on the back of slot leaders like Pasupu Kumkuma and Muddu Bidda, and had bagged 4 State Nandi Awards during the year including a Golden Nandi for Pasupu Kumkuma. Zee Kannada has consistently been at No.3 spot in the viewership ranking in its genre with its top performing shows during the year Kaas Ge Toss, Mummy No. 1, Radha Kalyana and Parvati Parameshwara. Zee Tamil during the year maintained its No.4 position among Tamil GECs with its most successful talk show ‘Solvathellam Unmai’ and has improved its viewership share in weekday primetime band and is a No. 3 player in that band.
Zee Cafe has emerged as a leading player in the English Entertainment genre and has acquired some of the best entertainment shows in English genre including The Big Bang Theory, Vampire Diaries, Miss Universe 2012 and Gossip Girl.
Armed with telecast rights from 5 (five) cricket boards covering cricket matches of almost all test playing countries, the Company’s sports channels continue to enthrall viewers across the country. Some of the other major acquisitions during the year include US Open Tennis Championships, Brazilian Football League and WTA Premier Event Rights.
The Company continued its focus on expansion in International markets by signing several deals and launching several channels during the year that enhanced the penetration of ZEE network channels in international territories and these include:
- Agreement with Yupp TV IPTV platform in Europe
- Contract with Russia’s 3rd largest GSM operator Megafon for Mobile TV and with regional analog cable operator Barshinform in Russia
- Zing was launched on Rogers, while Zee Salaam and Zee Tamil were launched on Bell Fibe in Canada
- Seven ZEE channels were launched on the Indian Pack with TOT (IPTV) in Thailand.
In Africas, Zee TV became the first ethnic channel to be monitored by TAM in South Africa and was positioned within the Top 50 channels out of the 120 rated channel-list. In Europe, the first locally produced British Asian drama series ‘Cloud 9’ was launched on Zing channel and ZEE TV HD continues to stand out as the first South Asian channel launched in HD format in the US.
One of their key initiatives in the digital space, India.com which runs the 4th largest Indian Portal with 7.18 mm monthly unique visitors, owns and operates leading websites in key audience categories which include bollywoodlife.com, cricketcountry.com, health.india.com, oncars.in, travel. india.com, and bgr.in. India.com runs the largest original production content channels on YouTube and has launched 6 Original Programming Channels and uploaded 7,200 hours, 31,000 Videos in 2012. Their second digital initiative, DittoTV OTT platform launched last year has picked up significant traction in FY2013 and the platform is now present in over 250 countries and offering over 56 channels and boasts of over 1.5 mm users.
MANAGEMENT DISCUSSION
AND ANALYSIS
OVERVIEW
Subject (BSE Code: 505537, NSE Code: ZEEL.EQ) is one of India’s largest vertically integrated media and entertainment company. The Company was formed in 1982. ZEE was 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 670 million viewers across 169 countries.
ZEE channel
portfolio, across various genres in the Indian market, includes:
i. Hindi Entertainment: Zee TV, Zee Smile, 9X
ii. Hindi Movies: Zee Cinema, Zee Premier, Zee Action, Zee Classic
iii. English Entertainment, Movies and Life style: Zee Studio, Zee Café, Zee Trendz
iv. Regional Language Entertainment: Zee Marathi, Zee Bangla, Zee Bangla Cinema, Zee Talkies, Zee Telegu, Zee Kannada, ETC Punjabi, Zee Tamil
v. Sports: TEN Cricket, TEN Action, TEN Sports, TEN Golf
vi. Religious and Alternate Lifestyle: Zee Jagran, Zee Salaam
vii. Music: Zing, ETC
viii. Niche and Special Interest: Zee Khana Khazana and Zee Q
ix. 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 29 dedicated channels in the international markets.
MEDIA AND
ENTERTAINMENT INDUSTRY
The Indian Media and Entertainment Industry witnessed a slow growth in 2012. The industry grew from Rs.728 billion in 2011 to Rs.821 billion in 2012, registering a growth rate of 12.6%. Television sector grew from Rs.329 billion in 2011 to Rs.370 billion in 2012, registering a growth of 12.5%. (Source: FICCI-KPMG Indian Media and Entertainment Industry Report 2013).
Total advertising spend across media was Rs.327 billion in 2012. Television contributes 38% of Media and Entertainment industry advertising revenues. In the light of continued economic slowdown, advertising revenues saw a growth of 9% in 2012 as against 13% in 2011.
FY2013 was a defining year for the television media sector in many ways. The biggest transformation was the implementation of Digital Addressable System (DAS) in the 42 largest cities of India. At the end of March 2013, there were an estimated 33 million digital pay TV homes on DTH and an estimated 16 million homes on digital cable, up from 29 million DTH and 4 million digital cable homes in March 2012. Digitisation of cable is expected to bring in transparency and increase subscription revenues for Multi System Operators (MSOs) and broadcasters. It is also expected to reduce carriage fees, building a case for the launch of niche channels and investment in content for existing channels. Developments and refinements in viewership measurement systems may affect the way advertising is distributed among channels.
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 32 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 29 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 amongst the top four channels with extremely dynamic channel rankings.
Zee TV continued to be a leading channel in the Hindi General Entertainment genre with an average weekly channel share of 19% amongst top six GECs and average weekly Gross Rating Points (GRPs) of 218. Key shows like Pavitra Rishta successfully completed 1,000+ episodes.
During the year, the channel launched various new successful shows in different genres. Fear Files, launched in the thriller genre, was very well received by the audience. India’s Best Dramebaaz was completely new format launched for the first time on Indian TV by Zee TV. DID Lil Masters-2 and Dance ke Super Kids were both weekend slot leaders garnering an average of 4+ GRPs during the season.
In the Hindi Movie Genre, ZEE has 5 channels, viz. Zee Cinema, Zee Premier, Zee Action, Zee Classic and Zee Cinema HD. 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 Agneepath, Joker, English Vinglish and Agent Vinod were premiered on Zee Cinema. Agneepath premiere was one of the highest rated premieres of this year amongst all Hindi Movie channels, with a rating of 4.7 TVR.
The Company’s sports offerings include 5 channels viz. TEN Cricket, TEN Action, TEN Sports, TEN Golf and TEN HD. TEN has 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 52% viewership share in FY2013. The sports business has contributed to over 13% of the Company’s top line this year.
Zee Café, Zee Studio and Zee Trendz are Company’s English language offerings. Zee Café has the rights to the latest series programming of superhot shows while Zee Studio has tied up with leading studios from across the globe. The channels continue to strengthen the network subscription bouquet. During the year, the channels showcased popular international shows and live mega events like Miss Universe 2012. 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, ETC Punjabi and Zee Tamil are regional language offerings and enjoy significant market share in their respective markets.
- Zee Marathi improved its viewership share and became consistent No. 2 player in Marathi GECs with average weekly GRPs of 188 and market share of 27% for FY13. True to its brand value, Zee Marathi brought to the audiences fresh and appealing shows through Uncha Mazha Jhoka, Maharashtrachi Lokhdhara, Mala Saasu Havi and Tu Tithe Mee. The channel premiered block buster movie “Kaksparsh”, the highest rated movie across all GECs in the year 2012.
- 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 78% market share, driven by shows like Dance Bangla Dance Junior 2012, Sa Re Ga Ma Pa 2012 and Mirakkel Akkel Challenger 7.
- Further expanding its share in the Bengal market, the Company launched Zee Bangla Cinema, a 24-hour Bangla movie channel. With over 400 exclusive titles under its belt, Zee Bangla Cinema offers a mixed bag of commercial blockbuster and alternative cinema.
- Zee Kannada GRPs garnered 222 GRPs with 18% market share, thereby retaining the No. 3 position in the Karnataka market with top performing shows like Kaas Ge Toss, Mummy No. 1, Radha Kalyana and Paravathi Parameshwara.
- Zee Telugu is the No.1 GEC channel in the weekday Primetime fiction band between 1800-2030hrs on the back of slot leaders like Pasupu Kumkuma and Muddu Bidda. It also bagged 4 State Nandi Awards including a Golden Nandi for Pasupu Kumkuma. The Nandi Award is the highest award ceremony for excellence in Telugu Cinema, Telugu Theatre and Television, presented annually by Government of Andhra Pradesh.
Further strengthening their position in the niche/ special interest genre, the Company launched ZeeQ, India’s first edutainment channel, aimed at children in the age group of 4 to 14 years. The channel will address the educational need gaps through an engaging mix of home produced and acquired content. ZEE will manage ZeeQ’s broadcast operations, while Zee Learn will look after the content and channel management.
This year the Company brought in a refreshed avatar of its 24-hour food channel Zee Khana Khazana with the tagline ‘Ab Khana Sawal Nahi, Lajawab Hai!’ featuring shows that define and refine the culinary expertise that has become synonymous with “Food”. With a content of new shows Breakfast Xpress, Food Ka Mood, Bacha Party and Ab Har Koi Chef, Zee Khana Khazana is One-stop destination for Food for all.
GLOBAL PRESENCE
The Company reaches more than 670 million viewers globally and in 169 countries worldwide. Internationally, subscription is a key driver of revenues for ZEE 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 and 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:
- In the US, ZEE TV HD continues to stand out as the first South Asian channel launched in HD
- Zing was launched on Rogers, while Zee Salaam and Zee Tamizh were launched on Bell Fibe in Canada
- In Europe, the first locally produced British Asian drama series ‘Cloud 9’ was launched on Zing. A new agreement was signed with Yupp TV IPTV platform.
- In Africas, Zee TV became the first ethnic channel to be monitored by TAM in South Africa and was positioned within Top 50 channels out of the 120 rated channel-list
- In Middle East, following the success of Zee Aflam, the Company launched Zee Alwan, an Arabic GEC channel. It is a unique channel aimed at Arab family audiences, showcasing a diverse choice of Arabic serials and popular Indian TV serials dubbed in Arabic.
- In Russia, the Company signed a contract with Russia’s 3rd largest GSM operator Megafon for Mobile TV and with regional analog cable operator Barshinform
- Seven ZEE channels were launched on the Indian Pack with TOT (IPTV) in Thailand
INDEX OF CHARGES
|
S.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 - 400018, INDIA |
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 charge modification
FIXED ASSETS
- Leasehold Land
- Leasehold Improvements
- Building
- Computers
- Plant and Machinery
- Office Equipments
- Furniture and Fixtures
- Vehicles
- Software
- Trade Mark
AS PER WEBSITE
PRESS RELEASE
ZEE ENTERTAINMENT UP
6.5%, RBI ALLOWS 100% FII INVESTMENT
Jun 03, 2014,
Shares of Zee Entertainment Enterprises gained as much as 6.5 percent intraday on Tuesday after the Reserve Bank of India allowed 100 percent investment by foreign institutional investors.
"Foreign institutional investors (FIIs) can now invest upto 100 percent (revised from earlier limit 49 percent) of the paid up capital of Zee Entertainment Enterprises under the portfolio investment scheme," says RBI in its circular.
FIIs held 48 percent stake in the company while promoter and promoter group's shareholding was 43 percent as of March 2013.
RBI further says, "The purchases could be made through primary market and through stock exchanges and would be subject to regulation of FEMA notification and other terms and conditions stipulated by the Reserve Bank."
This proposal was passed by the company at its board of directors’ level on May 22, 2013 and a special resolution by the shareholders at the Annual General Meeting held on July 25, 2013, agreeing for enhancing the limit for the purchase of its equity shares and convertible debentures by FIIs.
According to RBI, this approval is given subject to the condition that the onus of compliance with FDI policy and FEMA regulations including downstream investment would continue to remain on the Indian company, Zee Entertainment Enterprises.
Expect Zee
Entertainment to hit Rs 295-300: SP Tulsian
Jun 03, 2014
SP Tulsian of sptulsian.com told CNBC-TV18, "Post Q4 numbers, Zee Entertainment Enterprises has corrected significantly. If you recall on the result day the stock moved to a level of Rs 295 and from thereafter though the results were not bad, you can say that the results were dull but thereafter stock corrected to a level of Rs 260-265.”
He further added, “The Reserve Bank of India (RBI) yesterday has allowed 100 percent foreign institutional investors (FII) investment under the portfolio management scheme (PMS). At present 48 percent is held by FII, 43 percent by the promoters and about 3-3.5 percent by domestic institutional investors. Now, of the remaining float of about 5 percent, 3 percent is again held by the high networth individuals (HNI) who are not seen exiting from the stock. So, very low float of less than 2 percent, in fact 1.5 percent."
“It is a very good stock and the best part is that it is ruling at its low levels. The share is now ruling at about Rs 265 which almost is at its low level. I won’t be surprised to see a level of about Rs 295-300 in this series itself, but look for a level of Rs 285-286 in the near term," Tulsian said.
MOTILAL OSWAL NEUTRAL
ON ZEE ENTERTAINMENT; TARGET RS 275
May 22, 2014
Zee Entertainment’s 4QFY14 PAT grew 21% YoY to INR2.18b (vs est of INR2.31b). While non-sports EBITDA was significantly below estimates, it was offset by sports business profitability led by syndication revenues.
Revenue grew 20% YoY to INR11.6b. Ad revenue grew 22% YoY to INR5.82b vs our estimate of INR5.5b.
Subscription revenue grew 2% YoY to INR4.64b vs our estimate of INR4.94b. While YoY numbers are not comparable due to one-off element in 4QFY13, we note that domestic subscription revenue has been flat for Zee at INR3.3-3.35b over past three quarters. EBITDA grew 29% YoY to INR3.12b (v/s est of INR3.05b). Margin improved 175bp YoY to 26.9%.
Zee reported sports business EBITDA of INR351m (vs est of INR100m loss), aided by syndication revenue (first instance of EBITDA profit in the past sixteen quarters). Non-sports EBITDA declined 2% YoY to INR2.77b led by increased content investments and new channel launches. Non-sports EBITDA margin declined ~430bp YoY to 28.7%.
Valuation and view: "ZEE has guided for muted domestic subscription growth in FY15 given 1)Bulk of phase I/II benefits are already in-place, 2) Phase III/IV upside likely only from FY16, and 3) Discontinuation of Media-Pro – its distribution JV with Star. However regulatory nod from TRAI to increase RIO rates should offset these. We are downgrading our FY15/16 revenue estimates by ~3%, EBITDA by 2-5% and PAT by ~12% to incorporate lower domestic subscription growth and outlay towards preference dividend (6% coupon). The stock trades at P/E of 28.7x FY15 and 22.5x FY16. Maintain Neutral with a revised target price of INR275 (vs INR300 earlier) based on 21x FY16 EPS", says Motilal Oswal research report.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.19 |
|
|
1 |
Rs.99.51 |
|
Euro |
1 |
Rs.80.83 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
67 |
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.