MIRA INFORM REPORT
|
Report No. : |
306213 |
|
Report Date : |
06.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
SUN TV NETWORK LIMITED |
|
|
|
|
Registered
Office : |
Murasoli
Maran Towers, 73, MRC Nagar Main Road, MRC Nagar, Chennai-600028, Tamil Nadu |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
18.12.1985 |
|
|
|
|
Com. Reg. No.: |
18-012491 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 1970.423 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L22110TN1985PLC012491 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
Not Available |
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|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
|
|
Line of Business
: |
Company mainly provides broadcasting services and is engaged in the
business of broadcasting of various regional television and airing FM Radio
Channels. |
|
|
|
|
No. of Employees
: |
2032 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (68) |
|
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 |
|
Maximum Credit Limit : |
USD 91000000 |
|
|
|
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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Litigation : |
Not Available |
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|
Comments : |
Subject is a well – established company having fine track record. The rating reflects company’s healthy financial risk profile marked by
adequate liquidity position and decent profitability margins of the company. 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.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Mr. Babu |
|
Designation : |
Manager |
|
Contact No.: |
91-44-44676767 |
|
Date : |
02.02.2015 |
LOCATIONS
|
Registered Office : |
Murasoli
Maran Towers, 73, MRC Nagar Main Road, MRC Nagar, Chennai - 600 028, Tamil
Nadu, India |
|
Tel. No.: |
91- 044-44676767 |
|
Mobile No.: |
Not Available |
|
Fax No.: |
91-044-40676161 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. K. Vijaykumar |
|
Designation : |
Managing Director & Chief Executive Officer |
|
Name : |
Mr. Kalanithi Maran |
|
Designation : |
Executive Chairman |
|
Name : |
Mr. S. Selvam |
|
Designation : |
Director |
|
Name : |
Mr. Kavery Kalanithi |
|
Designation : |
Executive Director |
|
Name : |
Mr. J. Ravindran |
|
Designation : |
Independent Director |
|
Name : |
Mr. M.K. Harinarayanan |
|
Designation : |
Independent Director |
|
Name : |
Mr. Nicholas Martin Paul |
|
Designation : |
Independent Director |
|
Name : |
Mr. R. Ravivenkatesh |
|
Designation : |
Independent Director |
KEY EXECUTIVES
|
Name : |
Mr. R. Ravi |
|
Designation : |
Company Secretary and Compliance Officer |
|
Address : |
Murasoli Maran Towers 73, MRC Nagar Main Road MRC Nagar, Chennai – 600
028, Tamilnadu, India |
|
Tel.: |
91 44 4467 6767 |
|
Fax No.: |
91 44 4067 6161 |
|
Email: |
|
|
|
|
|
Name : |
Mr. C. Praveen |
|
Designation : |
Chief Operating Officer |
|
|
|
|
Name : |
Mr. S. Kannan |
|
Designation : |
Chief Technical Officer |
AUDIT COMMITTEE
|
|
|
|
Name : |
Mr. J. Ravindran |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. M.K. Harinarayanan |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Nicholas Martin Paul |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. R. Ravivenkatesh |
|
Designation : |
Chairman |
REMUNERATION COMMITTEE
|
|
|
|
Name : |
Mr. J. Ravindran |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. M.K. Harinarayanan |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Nicholas Martin Paul |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. R. Ravivenkatesh |
|
Designation : |
Chairman |
INVESTOR / SHAREHOLDER'S GRIEVANCE COMMITTEE
|
|
|
|
Name : |
Mr. J. Ravindran |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. M.K. Harinarayanan |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Nicholas Martin Paul |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. R. Ravivenkatesh |
|
Designation : |
Chairman |
SHARE TRANSFER AND TRANSMISSION COMMITTEE
|
|
|
|
Name : |
Mr. Kalanithi Maran |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Kavery Kalanithi |
|
Designation : |
Chairman |
CORPORATE MANAGEMENT TEAM
|
|
|
|
Name : |
Mr. Kalanithi Maran |
|
Designation : |
Executive Chairman |
|
|
|
|
Name : |
Mr. K. Vijaykumar |
|
Designation : |
Managing Director & Chief Executive
Officer |
|
|
|
|
Name : |
Mr. V. C. Unnikrishnan |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
Mr. Kavery Kalanithi |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr. C. Praveen |
|
Designation : |
Chief Operating Officer |
|
|
|
|
Name : |
Mr. S. Kannan |
|
Designation : |
Chief Technical Officer |
|
|
|
|
Name : |
Mr. R. Ravi Company |
|
Designation : |
Secretary and Compliance Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2014
|
Category of
shareholders |
Number
of Shares |
Percentage
of Holding |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
295563457 |
75.00 |
|
|
295563457 |
75.00 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
295563457 |
75.00 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
5940052 |
1.51 |
|
|
5484 |
0.00 |
|
|
25000 |
0.01 |
|
|
70700899 |
17.94 |
|
|
76671435 |
19.46 |
|
|
|
|
|
|
1370131 |
0.35 |
|
|
|
|
|
|
2227011 |
0.57 |
|
|
17599480 |
4.47 |
|
|
653106 |
0.17 |
|
|
245787 |
0.06 |
|
|
407319 |
0.10 |
|
|
21849728 |
5.54 |
|
Total Public
shareholding (B) |
98521163 |
25.00 |
|
Total (A)+(B) |
394084620 |
100.00 |
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
0.000 |
0.00 |
|
|
0.000 |
0.00 |
|
|
0.000 |
0.00 |
|
|
0.000 |
0.00 |
|
Total
(A)+(B)+(C) |
394084620 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Company mainly provides broadcasting services and is engaged in the
business of broadcasting of various regional television and airing FM Radio
Channels. |
|
|
|
|
Products : |
Not Divulged |
|
|
|
|
Brand Names : |
Not Divulged |
|
|
|
|
Agencies Held : |
Not Divulged |
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|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
2032 (Approximately) |
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Bankers : |
|
|
Auditors : |
|
|
Name : |
S.R. Batliboi and Associates LLP Chartered Accountants |
|
Address : |
6th and 7th Floor - 'A' Block, (Module 601,701,702), Tidal Park, No. 4,
Rajiv Gandhi Salai, Taramani, Chennai - 600 113, Tamil Nadu, India |
|
Tel. No.: |
91-44-66548100 |
|
Fax No.: |
91-44-22540120 |
|
|
|
|
Enterprises in which Key Management personnel or their relatives have
significant influence : |
|
|
|
|
|
Subsidiary Companies : |
|
|
|
|
|
Associates : |
|
|
|
|
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
450000000 |
Equity Shares |
Rs.5/- each |
Rs.2250.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
394084620 |
Equity Shares |
Rs.5/- each |
Rs.1970.400
Millions |
|
|
|
|
|
Reconciliation of the
Equity shares outstanding at the beginning and at the end of the reporting
period
|
|
March
31, 2014 |
March
31, 2013 |
||
|
|
Number |
Amount |
Number |
Amount |
|
At
the beginning of the year |
39,40,84,620 |
1970.400 |
39,40,84,620 |
1970.400 |
|
Issued
during the year |
Nil |
Nil |
Nil |
Nil |
|
|
|
|
|
|
|
Outstanding at the end of
the year |
39,40,84,620 |
1970.400 |
39,40,84,620 |
1970.400 |
b. Rights attached to
equity shares
The Company has only one class
of equity shares having a par value of Rs.5 per share. Each holder of equity
shares is entitled to one vote per share. The Company declares and pays
dividends in Indian rupees. The dividend proposed by the Board of Directors is
subject to the approval of the shareholders in the ensuing Annual General
Meeting.
During the year ended March
31, 2014, the amount of per share dividend recognized as distributions to
equity shareholders was Rs. 9.50 /- (March 31, 2013: Rs. 9.50 /-).
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 all preferential
amounts. However, no such preferential amounts exist currently. The
distribution will be in proportion to the number of equity shares held by the
shareholders.
c. Aggregate number of
bonus shares issued, share issued for consideration other than cash and shares
bought back during the period of five years immediately preceding the reporting
date:
|
|
March
31, 2014 |
March
31, 2013 |
|
Equity
shares allotted as fully paid-up pursuant towards purchase
consideration on amalgamation |
5,92,64,000 |
5,92,64,000 |
|
|
|
|
29,632,000 equity shares were
originally issued at Rs. 10 per share as fully paid towards purchase
consideration to the shareholders of Udaya TV Private Limited and the erstwhile
Gemini TV Private Limited, pursuant to their amalgamation with Sun TV Network
Limited, these shares were subsequently sub-divided into 59,264,000 shares of
Rs. 5/- each.
d. Details of shareholders holding more than
5% shares in the company
|
Equity
shares of Rs. 5.00 each fully paid |
March
31, 2014 |
March
31, 2013 |
||
|
|
Number |
%
Holding |
Number |
%
Holding |
|
Mr.
Kalanithi Maran |
29,55,63,457 |
75.0% |
30,34,45,157 |
77.0% |
|
|
|
|
|
|
As per of the company,
including its register of shareholders / members and other declarations received
from shareholders regarding beneficial interest, the above shareholding
represents both legal and beneficial ownerships of shares.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2014 |
31.03.2013 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
1970.400 |
1970.400 |
|
(b) Reserves &
Surplus |
|
29747.600 |
26958.100 |
|
(c) Money received against
share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
|
0.000 |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
|
31718.000 |
28928.500 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax
liabilities (Net) |
|
259.700 |
284.400 |
|
(c) Other long term
liabilities |
|
35.200 |
41.700 |
|
(d) long-term provisions |
|
8.800 |
17.200 |
|
Total Non-current
Liabilities (3) |
|
303.700 |
343.300 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
0.000 |
0.000 |
|
(b) Trade payables |
|
317.800 |
291.900 |
|
(c) Other current
liabilities |
|
1353.200 |
1441.300 |
|
(d) Short-term provisions |
|
1093.200 |
936.300 |
|
Total Current Liabilities
(4) |
|
2764.200 |
2669.500 |
|
|
|
|
|
|
TOTAL |
|
34785.900 |
31941.300 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
7706.100 |
8232.300 |
|
(ii) Intangible Assets |
|
4712.300 |
3992.500 |
|
(iii) Capital
work-in-progress |
|
4.000 |
4.200 |
|
(iv) Intangible assets
under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
4623.800 |
4623.800 |
|
(c) Deferred tax assets
(net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
2417.200 |
3843.700 |
|
(e) Other Non-current
assets |
|
|
|
|
Total Non-Current Assets |
|
19463.400 |
20696.500 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
2142.700 |
54.600 |
|
(b) Inventories |
|
5.700 |
5.000 |
|
(c) Trade receivables |
|
5744.600 |
5353.000 |
|
(d) Cash and cash
equivalents |
|
5621.000 |
3886.300 |
|
(e) Short-term loans and advances |
|
1017.800 |
1177.500 |
|
(f) Other current assets |
|
790.700 |
768.400 |
|
Total Current Assets |
|
15322.500 |
11244.800 |
|
|
|
|
|
|
TOTAL |
|
34785.900 |
31941.300 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
|
20967.800 |
18176.200 |
|
|
Other Income |
|
83.500 |
195.300 |
|
|
TOTAL |
|
21051.300 |
18371.500 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
|
2701.900 |
1551.600 |
|
|
Advertisement and
marketing expenses |
|
91.500 |
46.700 |
|
|
Employees benefits
expense |
|
1925.300 |
1771.100 |
|
|
Other expenses |
|
1615.300 |
1037.900 |
|
|
TOTAL |
|
6334.000 |
4407.300 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
|
14717.300 |
13964.200 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES INTEREST AND DIVIDEND INCOME |
|
(663.200) |
(307.000) |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX,
DEPRECIATION AND AMORTISATION (C-D) (E) |
|
15380.500 |
14271.200 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
4533.400 |
4131.800 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX (E-F) (G) |
|
10847.100 |
10139.400 |
|
|
|
|
|
|
|
Less |
TAX (I) |
|
3677.500 |
3306.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
(G-I) (J) |
|
7169.600 |
6833.400 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Others |
|
6.100 |
0.800 |
|
|
Capital Goods |
|
256.000 |
3700.300 |
|
|
TOTAL
IMPORTS |
|
262.100 |
3701.100 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
|
18.19 |
17.34 |
QUARTERLY RESULTS
|
Particulars (Rs. Cr) |
Jun 2014 |
Sep 2014 |
|
|
1st Quarterly |
2nd Quarterly |
|
Audited / Unaudited |
Unaudited |
Unaudited |
|
Net Sales |
6335.800 |
5090.200 |
|
Total Expenditure |
2658.600 |
1132.100 |
|
PBIDT (Excl OI) |
3677.200 |
3958.100 |
|
Other Income |
197.000 |
222.000 |
|
Operating Profit |
3874.200 |
4180.100 |
|
Interest |
08.100 |
04.600 |
|
Exceptional Items |
0.000 |
0.000 |
|
PBDT |
3866.100 |
4175.500 |
|
Depreciation |
1389.900 |
1850.100 |
|
Profit Before Tax |
2476.200 |
2325.400 |
|
Tax |
819.800 |
780.700 |
|
Provisions and contingencies |
0.000 |
0.000 |
|
Profit After Tax |
1656.400 |
1544.700 |
|
Extraordinary Items |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
|
Net Profit |
1656.400 |
1544.700 |
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
|
34.19 |
37.60 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
|
70.19 |
76.83 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
35.97 |
37.12 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Net worth) |
|
|
0.34 |
0.35 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Net worth) |
|
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
5.54 |
4.21 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
1970.400 |
1970.400 |
|
Reserves & Surplus |
26958.100 |
29747.600 |
|
Net worth |
28928.500 |
31718.000 |
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
|
Total borrowings |
0.000 |
0.000 |
|
Debt/Equity ratio |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
18176.200 |
20967.800 |
|
|
--- |
15.359 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
18176.200 |
20967.800 |
|
Profit |
6833.400 |
7169.600 |
|
|
37.60% |
34.19% |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
two years |
Yes |
|
12] |
Profitability for last
two 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 |
No |
|
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 |
No |
|
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 |
No |
STATEMENTS OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED SEPTEMBER
30. 2014
|
PARTICULARS |
Quarter ended |
Half Year Ended |
|
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
Income from Operations |
|
|
|
|
Net Sales/Income from Operations |
5090.200 |
6335.800 |
11426.000 |
|
|
|
|
|
|
Total Income from
operations (net) |
5090.200 |
6335.800 |
11426.000 |
|
|
|
|
|
|
Expenses |
|
|
|
|
(a) Cost of Revenue |
404.300 |
418.600 |
822.900 |
|
(b) IPL Franchise Fees |
0.000 |
850.500 |
850.500 |
|
(c) Employee Remuneration and Benefits |
501.300 |
457.700 |
959.000 |
|
(d) Depreciation Cost |
1850.100 |
1389.900 |
3240.000 |
|
(e) Other Expenditure |
226.500 |
931.800 |
1158.300 |
|
Total Expenses |
2982.200 |
4048.500 |
7030.700 |
|
Profit from Operations
before Interest, Exceptional item |
2108.000 |
2287.300 |
4395.300 |
|
Other Income |
222.000 |
197.000 |
419.000 |
|
Profit before Interest
and Exceptional item |
2330.000 |
2484.300 |
4814.300 |
|
Finance costs |
4.600 |
8.100 |
12.700 |
|
Profit/ Loss before tax |
2325.400 |
2476.200 |
4801.600 |
|
Less : Tax
Expenses |
780.700 |
819.800 |
1600.500 |
|
Net Profit/ Loss from Ordinary Activities
after tax |
1544.700 |
1656.400 |
3201.100 |
|
Paid- up
Equity Share Capital |
1970.400 |
1970.400 |
1970.400 |
|
Reserves
excluding revaluation reserves |
0.000 |
0.000 |
0.000 |
|
Earnings per share (of Rs. 10/- each) (not annualized) * |
3.92 |
4.20 |
8.12 |
|
|
|
|
|
|
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1. Public
shareholding |
|
|
|
|
Number of
Shares |
98521163 |
98521163 |
98521163 |
|
Percentage of Shareholding |
25.00% |
25.00% |
25.00% |
|
2. Promoters
and promoter group shareholding |
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
- Number of Shares |
18898047 |
18898047 |
18898047 |
|
- Percentage of Shares (as a % of the Total Shareholding
of promoter and promoter group) |
6.39% |
6.39% |
6.39% |
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
4.80% |
4.80% |
4.80% |
|
|
|
|
|
|
Non - encumbered |
|
|
|
|
- Number of
Shares |
276665410 |
276665410 |
276665410 |
|
- Percentage
of Shares (as a % of
the total shareholding of promoter and promoter
group) |
93.61% |
93.61% |
93.61% |
|
- Percentage
of Shares (as a % of
the total share capital of the company) |
70.20% |
70.20% |
70.20% |
|
|
PARTICULARS |
Quarter
30.09.2014 |
|
B |
Investor
complaints (Nos.) |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
6 |
|
|
Disposed of during the quarter |
6 |
|
|
Remaining unresolved at the end of the quarter |
Nil |
STATEMENT OF
ASSETS AND LIABILITIES
|
SOURCES
OF FUNDS |
30.09.2014 (Unaudited) |
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
(1)Shareholders' Funds |
|
|
(a) Share Capital |
1970.400 |
|
(b) Reserves & Surplus |
31911.300 |
|
Total
Shareholders’ Funds (1) + (2) |
33881.700 |
|
|
|
|
(3) Non-Current Liabilities |
|
|
(b) Deferred tax liabilities
(Net) |
235.200 |
|
(c) Other long term
liabilities |
38.500 |
|
(d) long-term provisions |
35.700 |
|
Total
Non-current Liabilities (3) |
309.0400 |
|
|
|
|
(4) Current Liabilities |
|
|
(b) Trade payables |
436.800 |
|
(c) Other current liabilities |
1997.300 |
|
(d) Short-term provisions |
214.600 |
|
Total
Current Liabilities (4) |
2648.700 |
|
|
|
|
TOTAL |
|
|
|
|
|
II.
ASSETS |
|
|
(1) Non-current assets |
|
|
(a) Fixed Assets |
11424.800 |
|
(b) Non-current Investments |
4623.800 |
|
(d) Long-term Loan and Advances |
2361.800 |
|
Total
Non-Current Assets |
18410.400 |
|
|
|
|
(2) Current assets |
|
|
(a) Current investments |
2677.900 |
|
(b) Inventories |
4.700 |
|
(c) Trade receivables |
6278.000 |
|
(d) Cash and cash equivalents |
7503.000 |
|
(e) Short-term loans and
advances |
781.000 |
|
(f) Other current assets |
1184.800 |
|
Total
Current Assets |
18429.400 |
|
|
|
|
TOTAL |
36839.800 |
CONTINGENT
LIABILITIES:
(Rs. in millions)
|
PARTICULARS |
31.03.2014 |
31.03.2014 |
|
Income Tax |
2768.600 |
2039.800 |
|
Customs Duty |
636.300 |
615.800 |
|
Total |
3404.900 |
2655.600 |
The Company received
demands of income tax disallowing the manner of allowance claimed by the
Company for certain expenses. The Company’s appeal in respect of various years
has been allowed by both the first and the second appellate authorities in the
current year. Accordingly, management believes that based on the favourable
judgment as well as relying on judicial pronouncements and other arguments, its
position is likely to be accepted by the revenue authorities.
The Company has received demand
of income tax disallowing certain expenditure claimed in Assessment Year 2008-
09. The Company has made an appeal against the said demand and based on the
legal advise obtained by it, the management believes that the Company's claim
is likely to be accepted by the appellate authorities.
The Company has received
demand for differential customs duty aggregating to Rs. 5.0 million on account
of incorrect classification of certain assets imported during FY 2007-08. The
Company has gone on appeal against the said demand, and based on its arguments
at such appellate proceedings, management believes that the Company’s claim is
likely to be accepted by the authorities.
@ Further to enquiries by
the customs authorities on customs duty exemptions availed by the Company in
the previous year, the Company has received a formal show cause notice
containing a provisional demand of Rs. 631.3 million. Then the Company has
filed its responses to this notice and has also deposited a sum of Rs. 610.8
million under protest pending final resolution of the matter. The Management
has been advised by senior counsels that appropriate legal remedies are
available to the Company in this matter and is accordingly confident of
recovering the duty paid.
The Company is involved in certain
legal proceedings and claims in relation to civil and criminal matters. These
legal proceedings are currently pending adjudication before various courts and
tribunals. Based on a review of the relevant facts and judicial precedents and
as advised of its legal counsels, management is confident of succeeding in
these litigations and consequently no provision has been made in the financial
statements.
FINANCIALHIGHLIGHTS
The total Income for the
year ended 31st March 2014 was Rs.21759.900 Millions as against Rs.18726.400
Millions during the previous year ended 31st March 2013. Profit before Tax was
Rs.10847.100 crores as against Rs.10139.400 Millions in the previous year.
Profit after Tax was Rs.7169.600 Millions as against Rs.6833.400 Millions in the
previous year.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Investors are cautioned
that this discussion contains forward looking statements that involve risks and
uncertainties including, but not limited to, risks inherent in the Company’s
growth strategy, acquisition plans, dependence on certain businesses,
dependence on availability of qualified and trained manpower and other factors.
The following discussion and analysis should be read in conjunction with the
Company’s financial statements included herein and the notes there to.
INDUSTRY
The Indian media and
entertainment (M&E) industry is one of the fastest growing industries in
the country. Its various segments—film, television, advertising, prints media
and music among others have witnessed tremendous growth in the last few years.
The industry grows with each passing day and plays a significant role in
creating awareness on many issues that impact the masses. India's population
which is over 1.2 billion give the M&E industry in India a tremendous opportunity
for growth. The alignment of entertainment, information and telecommunication
is increasingly affecting India's overall M&E industry. Launch of more
advanced media devices over the last decade has facilitated access of the same
content on a variety of media platforms. This is helping in emergence of new
business models and revenue streams, not only for content providers, but also
for a variety of new players becoming a part of the new media ecosystem. With
all these factors well in place, the M&E sector certainly is marching
towards new horizons of growth. Evolution of sophisticated digital production
and post-production techniques, along with the factors such as entry of
international corporate houses across the film value chain, growth of digital distribution
and exhibition, primarily through increasing penetration of multiplexes are
majorly influencing the sector in India. Moreover the Ministry of Information
and Broadcasting (MIB) introduced several initiatives with a view to harness
the power of technology and create a framework to drive growth in the existing
broadcasting landscape in India. Regional media in India has demonstrated
strong growth over last few years and continues to have a positive outlook.
Given the size and diversity of the Indian market, media owners and advertisers
are increasingly adding a regional element to their strategies. As a result,
regional markets have grown in size and importance. Key media players are
focusing and expanding their presence in regional markets based on higher rates
of advertising revenue growth, and better insulation from the slowdown.
In television industry
several regulations including the ad cap and notifications around aggregators
were announced, that will likely change how the industry does business.
Digitisation has yet to deliver its promise with set top boxes seeded in Phase
I and II cities but with packaging and ARPU increases yet to kick in. The
future looks promising, with efforts being made to introduce channel packaging,
implement subscriber management systems and raise the ARPU initiatives that are
likely to benefit all the stakeholders in the television ecosystem.
The Radio industry
outperformed all other traditional media segments. Currently, clients are being
forced to evaluate their media mix as their advertising budgets are constantly
under pressure. There has been a tendency to shift focus from nationwide pure
brand-building to more tactical, local, focused promotional targeting.
Sun TV Network Limited (Sun
Network) maintains its dominant position in the southern states of India as one
of the largest television and radio entertainment Company in India with a
portfolio of Satellite Television Channels spread across four languages and in
genres of GEC, news, music, action, life, movies, kids and comedy. Sun Network
also has a large network pan India in the FM Radio broadcasting segment along
with its subsidiaries. Sun Network continues to consolidate its leadership
position, built over the years, by fortifying its hold over key aspects of
pricing and access to quality content. Sun Network has a distinct advantage in
the southern regional markets on account of its insightful understanding of the
regional preferences and with key competitive strengths including that of a
large movie library of regional languages. Sun Network is the preferred choice
for content providers as it is the only player with maximum reach in the areas
it operates.
OUTLOOK
Sun
Network with its presence across genres like general entertainment, movies, music,
news, kids, action, and life and with a dominant market share in the four
southern states of India (Tamil Nadu, Kerala, Karnataka and Andhra Pradesh)
ensures continued and sustained viewership and prominent role in the Media and
Entertainment Industry. A steady flow of highly popular programs and a dominant
share of audience viewership have given the network tremendous pricing power
vis-a-vis competitors.
The
drive initiated by Government towards digitalisation and addressability for
cable television would help Sun TV Network, being the largest regional
television network to be one of the major beneficiaries of the recent growth in
the DTH space, it is expected that this new stream of revenue for the Company
arising from the increased DTH subscriber base in South India would maintain a
positive momentum in the coming years.
CORPORATE INFORMATION
Sun TV Network Limited
('Sun TV' or 'the Company') was incorporated on December 18, 1985 as Sumangali
Publications Private Limited. The Company is engaged in producing and
broadcasting satellite television and radio software programming in the
regional languages of
South India.
The Company is listed on
the Bombay Stock Exchange ('BSE’) and the National Stock Exchange ('NSE’) in
India. The Company currently operates television channels in four South Indian
languages predominantly to viewers in India, and also to viewers in Sri Lanka,
Singapore, Malaysia, United Kingdom, Europe, Middle East, United States,
Australia, South Africa and Canada. The Company's flagship channel is Sun TV.
The other major satellite channels of the Company are Surya TV, Gemini TV and
Udaya TV. The Company is also into the business of FM Radio broadcasting at
Chennai, Coimbatore and Tirunelveli. The Company’s film production / distribution
division ‘Sun Pictures’ undertakes production / distribution of movies in the
Tamil language. The Company also has the license to operate an Indian Premier
League (‘IPL’) franchise “Sun Risers Hyderabad”.
FIXED ASSETS
Tangible Assets
- Buildings
- Plant and
machinery
- Computer and
related equipment
- Furniture and
fittings
- Office
equipment
- Motor
Vehicles
- Freehold Land
- Leasehold
Improvements
Intangible Assets
- Computer
Software
- Licenses
- Goodwill
- Film and
Program Broadcasting Rights
- Film Production
Costs Distribution and Related Rights
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.87 |
|
|
1 |
Rs.94.07 |
|
Euro |
1 |
Rs.70.19 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
RCH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILITY |
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 |
|
68 |
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.