MIRA INFORM REPORT

Report No. :	337342
Report Date :	20.08.2015

IDENTIFICATION DETAILS

Name :	TAJ TELEVISION (INDIA) PRIVATE LIMITED
Registered Office :	Continental Building, 135, Dr. Annie Besant Road, Worli, Mumbai - 400018, Maharashtra
Tel. No.:	91-22-66623101
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	25.02.2002
Com. Reg. No.:	11-135002
Capital Investment / Paid-up Capital :	Rs. 1.000 Million
CIN No.: [Company Identification No.]	U92190MH2002PTC135002
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMT07656F
PAN No.: [Permanent Account No.]	AABCT5103D
Legal Form :	Private Limited Liability Company
Line of Business :	Providing of Broadcasting Services.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

A (66)

RATING		STATUS	PROPOSED CREDIT LINE
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a wholly owned subsidiary of Zee Entertainment Enterprises Limited (ZEE), one of India's leading television media and entertainment companies. It is well known established company having fine track record. Moreover, Taj Television is India's largest distribution agency with a suite of 47 leading television channels belonging to ZEE, Zee Media Corporation Limited and Turner International India Private Limited (Turner). Rating takes into consideration company's healthy operational risk profile supported by sound financial base and favourable profitability margins of the company. Trade relations are fair. Business is active. Payment terms are reported to be regular and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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 31-03-2013.

INFORMATION DECLINED

MANAGEMENT NON CO-OPERATIVE (91-22-24831234)

LOCATIONS

Registered Office :	Continental Building, 135, Dr. Annie Besant Road, Worli, Mumbai - 400018, Maharashtra, India
Tel. No.:	91-22-66623101 / 24831234
Fax No.:	91-22-66626290 / 24900302
E-Mail :	pushpal.sanghavi@zee.esselgroup.com Gopinath.shinde@tensports.com sanghavip@zeenetwork.com
Website :	http://www.tensports.com
Location :	Owned

DIRECTORS

AS ON 26.09.2014

Name :	Mr. Himanshu Pradeep Mody
Designation :	Director
Address :	1201/B, Gardenia Building, vasant Valley, Film City Road, Malad [East], Mumbai – 400097, Maharashtra, India
Date of Birth/Age :	28.12.1977
Date of Appointment :	28.12.2006
DIN :	00686830
Name :	Mr. Mihir Kirtikumar Modi
Designation :	Director
Address :	B/12, Daulat Vihar Society,, 57/58, Dadabhai Road, Vile Parle (West), Mumbai - 400056, Maharashtra, India
Date of Birth/Age :	19.07.1977
Date of Appointment :	10.12.2013
DIN :	03401046
Name :	Mr. Laxminarayan Mahadevan
Designation :	Director
Address :	Flat No.201, 2^nd Floor, Subodh Park CHS., 17t Road, Chembur, Mumbai – 400071, Maharashtra, India
Date of Birth/Age :	20.05.1962
Date of Appointment :	28.12.2006
DIN :	00682223

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 26.09.2014

Names of Shareholders	No. of Shares
Zee Entertainment Enterprises Limited, India	9994
Zee Entertainment Enterprises Limited, India Jointly with Lakshminarayanan Mahadevan	1
Zee Entertainment Enterprises Limited, India Jointly with Himanshu Pradeep Mody	1
Zee Entertainment Enterprises Limited, India Jointly with Hitesh Kantilal Vakil	1
Zee Entertainment Enterprises Limited, India Jointly with Anand Chalwade	1
Zee Entertainment Enterprises Limited, India Jointly with Pushpa Sanghvi	1
Zee Entertainment Enterprises Limited, India Jointly with Vinod Thakurdesai	1
Total	10000

Equity Share Break up (Percentage of Total Equity)

AS ON 26.09.2014

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Providing of Broadcasting Services.

Products :

ITC Code	Products or Services
9984	Broadcasting Services

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

Information declined by the management

Bankers :

Banker Name	Not Divulged
Branch Address	Not Divulged
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Loans taken for vehicles	0.852	1.496
Total	0.852	1.496

Auditors :
Name :	BSR and Company Chartered Accountant
Address :	1st Floor, Lodha Excelus, Apollo Mills Compound, NM Joshi Marg, Mahalaxmi, Mumbai-400 011, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAIFB4734C
Memberships :	Not Available
Collaborators :	Not Available
Holding Company:	Zee Entertainment Enterprises Limited , India [L92132MH1982PLC028767]
Fellow Subsidiary with whom the Company has transactions:	Taj TV Limited, Mauritius
Other related parties:	Asia Today Limited Dish TV India Limited, India [L51909DL1988PLC101836] Siti Cable Network Limited, India (formerly known as Wire and Wireless India Limited) [U29100MH1987PLC042972] Zee News Limited Rama Associates Limited, India [U63022DL1978PLC009193] Pan India Network Infravest Private Limited, India [U45201MH2001PLC133172] E-City Property Management Services Private Limited, India [U52190MH2005PTC155492] Smart Wireless Private Limited, India [U64202MH2006PTC166470] Zee Media Corporation Limited, India [L92100MH1999PLC121506]

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.100/- each	Rs. 100.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.100/- each	Rs. 1.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	1.000	1.000	1.000
(b) Reserves & Surplus	269.095	198.002	126.026
(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)	270.095	199.002	127.026
(3) Non-Current Liabilities
(a) long-term borrowings	0.852	1.496	0.157
(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	16.594	19.288	10.453
Total Non-current Liabilities (3)	17.446	20.784	10.610
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	1062.582	934.900	804.297
(c) Other current liabilities	87.580	85.006	77.949
(d) Short-term provisions	4.907	2.244	1.871
Total Current Liabilities (4)	1155.069	1022.150	884.117
TOTAL	1442.610	1241.936	1021.753
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	7.532	38.857	38.992
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	44.108	12.013	0.000
(d) Long-term Loan and Advances	44.727	58.002	6.745
(e) Other Non-current assets	0.000	0.000	113.963
Total Non-Current Assets	96.367	108.872	159.700
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	802.416	732.042	462.686
(d) Cash and cash equivalents	440.994	253.814	276.277
(e) Short-term loans and advances	96.806	143.530	123.090
(f) Other current assets	6.027	3.678	0.000
Total Current Assets	1346.243	1133.064	862.053
TOTAL	1442.610	1241.936	1021.753

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	570.820	488.522	367.857
	Other Income
	TOTAL	570.820	488.522	367.857
Less	EXPENSES	467.769	382.786	344.435
	PROFIT/ (LOSS) BEFORE TAX	103.051	105.736	23.422
Less	TAX	31.958	33.760	7.191
	PROFIT/ (LOSS) AFTER TAX	71.093	71.976	16.231
	Earnings / (Loss) Per Share (Rs.)	7109.30	7197.60	1623.10

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	230.248	(44.457)	146.546

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	7.37	8.60	2.29
Return on Investment (ROI) (PBT/Networth)		0.38	0.53	0.18
Debt Equity Ratio (Total Debt /Networth)		0.00	0.01	0.00
Current Ratio (Current Asset/Current Liability)		1.17	1.11	0.98

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	1.000	1.000	1.000
Reserves & Surplus	126.026	198.002	269.095
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	127.026	199.002	270.095
long-term borrowings	0.157	1.496	0.852
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.157	1.496	0.852
Debt/Equity ratio	0.001	0.008	0.003

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	367.857	488.522	570.820
		32.802	16.846

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	367.857	488.522	570.820
Profit	16.231	71.976	71.093
	4.41%	14.73%	12.45%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	No
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

NOTE:

• Registered office of the company has been shifted from 403 Manish Commercial Centre 44th Floor, Dr A B Road Worli, Mumbai – 400025, Maharashtra, India to the present address w.e.f. 01.11.2010

· INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

COMPANY OVERVIEW

Subject was incorporated on 25 February 2002. The Company has exclusive rights to distribute various channels owned by Taj TV Limited, Mauritius including agency for on-air advertisement on various channels. The Company also commenced distribution of Zee Sports (the name of channel has been changed to Ten Action+ with effect from 23 September 2010) and Ten Cricket channels owned by Zee Entertainment Enterprises Limited from February 2010 and October 2010 respectively. Distribution of Ten Action+ channel discontinued from July 2012.

The Company has commenced distribution of Ten HD, Ten Golf and Ten Action channels owned by Taj TV Limited, Mauritius from October 2011, March 2012 and July 2012 respectively.

During the year ended 31 March 2011, 5,000 equity shares held by Tower Holdings were transferred to Zee Entertainment Enterprises Limited (ZEEL) thus making the Company a 100% subsidiary of ZEEL. Further, 6 equity shares held by ZEEL were transferred in the joint name of ZEEL with its employees /nominees on 9 March 2011.

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2014	31.03.2013
On account of Income tax
Disputed liability in respect of tax deduction at source, matter is pending with Commissioner of Income tax (Appeals) *	5.030	5.030
There are certain additions/ disallowances made in the assessment year 2010-11 and the department had raised a demand of Rs 1.077 Million(31 March 2013 Rs nil). Based on consultation with its legal counsel, the Company is proposing to file an appeal with the Deputy Commissioner of Income Tax. The Company has not accrued for the liability as it is contesting these matters and management believes that its position will be upheld	1.077	0.000
Note: * The Company has received orders under Section 201 of the Income Tax Act, 1961, with respect to TDS based on discrepancies found in the data available with the Income Tax department for the period AY 2006-07 (Rs 5.030 Million). The management has reviewed the demand and has concluded the demand is factually erroneous and has filed rectification applications along with appeals to contest the erroneous demands raised. The Company is confident that its position will be upheld in the appellate process.

FIXED ASSETS

Tangible assets

• Furniture and fixtures
• Vehicles
• Office equipment
• Computer equipments
• Other equipments

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 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.65.25
UK Pound	1	Rs.102.25
Euro	1	Rs.72.20

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	HNA
Report Prepared by :	KVT

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
--PROFITABILITY	1~10	7
--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	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		66

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	--

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.